The Guardian from London, Greater London, England • 10

Itie tvuncntster Grartflan i PROGRESS Safety comes first, ot course, "hat is the banker's primary duty. Then conyenience. Every facility provided by a Bank has been contrived so as to make the handling of money easy for you. For hundreds of years the services you enjoy to-day have been slowly. evolving, improving, quickening, and as lime passes there will be further progressive changes to meet new requirerrfents.

Whenever vou enter the Bank, now or tn the future, the services you receive will be the finest that skill and long d. district BANK LIMITED Finance and Industry THE MANCHESTER GUARDIAN, TUESDAY, FEBRUARY 3, 1959 There are no finer springs A.t man springs uj ADIEU! 8ILEY ITD.HIUtnONE SMINO WORKS. KOCHDM.E.'M.KOCHBAU lOTP.UrelVGimi: llOiMUN51-MCH0AlE Ttlf COMPANY AFFAIRS w. --o nm CITY COMMENT STOCK MARKETS MANAGEMENT NOTES Conflict and control STANDARD "RIGHTS" ISSUE The board of the Standard Bank of South Africa proposes to raise new capital by a one-for-five rights issue in 1 shares at 37s a share. The direc RECOVERY BY TJ.S.

BORAX Borax (Holdings) has some better news for its shareholders. The operating company, United States Borax and Chemical, reports a snarp recovery in the December quarter. Net sales were a record at $14,523,578, against $11,736,353 for the same oeriod in the previous year. Cltv Office 43 Fleet Street. E.C 4 Tel.

City 5050. Gilt-edged in favour A new line on steel shares London: Recovery in equities The week started welt on the Stock Exchange yesterday. Government stocks were still in demand, interest in equities revived, and gold shares were strong, though they closed below the By an Administrator to whom his subordinates find it most difficult to tors expect to be able to recommend a final dividend of 9 per. cent on the increased capital, against Ti per cent. An unchanged interim dividend of 5 Well, on your instructions, we and a net loss of $141,940 was turned into a net profit of $1,093,248.

Demand in both domestic and export markets was generally strong and the future per cent nas already Deen paia. i cation has been made for a quotation on the London and Johannesburg stock issued List K4 about the procedures for checking preparation sheets and we made it as clear as we could just where the programme planners'5' take over from the electrical engineers. outiooK tor ooron products is aescrioea days highest levels. Gilt-edged were helped again bv hopes of a fall in interest rates, and there were sains of as encouraging. An increase in potash exchanges.

By our Financial Editor up to half a point. The new Barbados But none of us likes it; its Trinidad Central's Canadian interests Trinidad Central Oilfields has trans even worse than I said it- would be at ferred its Canadian assets to a new the conference, havine to explain it all at least four times to Old and to per cent loan was very strong in dealings at up one point premium, and the P.L.A. issue reached a premium for the first time. Greek bonds were supported in the foreign section and dollar stocks were.generally firm. Among industrials, electrical, textile, brewery.

Canadian subsidiary company, Tricentrol The gilt-edged market is attracting buyers, institutional and individual, in increasing numbers. How long prices will remain firm is anyone's guess, but this market has had a long enough run for the modern advice to buy equities and only equities to sound a little show every storekeeper personally what pages to chance in the old Oils, with an authorised capital of S3 millions. Treasury consent has been obtained. Gross sales of oil and sas manual. I can speak only for myself, of course, but if I were you.

there's still time. In a competitive economy a firm needs not only a vigorous sales policy and an imaginative designer; it needs to know whether it is doing what it sets out to do. An elaborate budget is useless if its programme of action is not continually matched against the facts of achievement. This comparison is the managerial function of control, and is ill-understood by the brave men who are always talking about snoopers," or making bonfires out of controls or by those who think that control is simple economy, like switching1 off lights on leaving the office, or having soft instead of lump sugar in the canteen. In the United States, most large concerns have a vice-president, called the controller, often an accountant by training, to help every operating department to make its annual forecasts, and hence its budgets.

But he is, in fact, much more than an accountant, in the sense of bookkeeper, treasurer, or auditor he does not merely detect discrepancies but joins in explaining them, with the operating Or! nan nrt msvro cav hi fr in Canada are now running at the rate of approximately SI million a year and the Canadian properties were valued last year at $2,261,283. Among the aWllX "CX. liVl Ml ail V1IV 411411 one's remark to him in the middle of reasons the directors give for setting a board meeting and, wnat up a Canadian company is that the exchange control authorised a maximum more, you ve eot eez on your ehm. lAjtn-u andics were strong, witn Imperial Tobacco, whose final dividend is due next week, up Is ljd at 56s d. Steels rallied from last week's depressed and the market in commercial television shares was active.

Kaffirs opened well on London buying, but in tne absence of support from the Cape the best levels were not always held. Kubber issues were little changed. but as. Oil shares were weak. 15-11.

compared with 10.997 on Friday and 16,537 a week ago. an 3- Der cenf rose i to 67i and Treasury 3 per cent i to 59 J. Gains l-16nto i issues ranged from But the culture pattern that -allows investment ot sa muiions. witfi tne stipulation that the maximum use (let alone encourages) the voicing of opinions, contrary to those of the- snould be made of borrowing in Canada. Bank loans of $1,200,000 have been paid off from this pnnntrv and Trirentrol is free from encumbrances.

directors does not breathe the air of that those who are: contradicted seem to think. A discriminating outsider invariably finds the works council or the joint consultative- committee of interest not for what it -discusses, but for the issues and impose import quotas, raise tariffs, stimulate exports by various means, cut foreign aid, restrict the right of converting dollars into gold, and raise interest rates to lure capital across the Atlantic. Institutional shareholding Share prices may fluctuate from day to day for an infinite number of reasons a good company report, a bad night on Wall Street, a hot tip from a broker or a newspaper, or a Latin-American revolution. One of the most important long-term influences is the inflow of money from institutional investors. Few attempts to measure this inflow have been made.

An article in the latest Midland Bank Review has left the gap unfilled, but it has drawn together much of the available information about institutional investment. The insurance companies are by far the biggest corporate investors, although the combined equity holdings of the pension funds, the unit and investment trusts, and such bodies as the Church Commissioners may be almost as great. Their equity holdings are nearly five times as large as in 1938, and now form 15.9 per cent of total assets, compared with less than 10 per cent twenty years ago. There appears to be a close relationship between this growth and the amount of new money raised since the war the insurance companies subscribe heavily to most new issues. The institutions are increasing their sales, it is stated, was largely due to the offer of lower prices which was made to induce buyers to take early deliveries.

Crown Zellerbach's earnings The Crown Zellerbach Corporation reports a net income of $33,234,000 for 1958. about SI million, or 3 per cent less than 1957. Earnings per share amounted to $2.32, compared with $2.39 for the previous year. Even so, sales of $468,813,000 were approximately 2 per cent higher than in 1957, and exceeded by $6.4 millions the company's record sales of 1956. But production of paper and paper board fell by 1.9 per cent to 1,587.000 tons.

Commenting on the results, the president. Mr A. B. Layton, says that production, sales, and earnings were adversely affected in the first half of 1958 by the business recession and the six-week stoppage of work in British Columbia. He points odt that Crown Zellerbach's earnings have generally been somewhat lower during the first and fourth quarters.

Earnings in the last quarter, however, went against the trend. At $9,794,000 the net income was the highest earned in any quarter of the year. XV. H. Dorroan and Co.

The terms of the acquisition by W. H. Dorman and Co. of W. G.

Bagnall, the Stafford locomotive engineers, were released yesterday. W. H. Dorman will issue 850,000 A ordinary 2s shares to the Heenan Group and a 235,500 cash payment includes the discharge of a loan of 137.804 made by the Heenan Group to W. G.

Bagnall. East African Estates to sell As it is no longer possible to carry on business, the directors of East African Estates have decided to take immediate steps to sell the company's land holdings in blocks or as a whole. It is expected that the amounts realised will fall short of the values shown in the balance-sheet which, were based on the nouow. as aiways it pays to oe discriminating. There are several factors' behind the demand.

First, is the' strengthening belief that bank rate is about to fall. Secondly is the query against long-lerm rates of interest. Will the authorities through their funding activities continue to keep long-term rates up or will rates be helped down as part of a policy to get the economy moving A third factor story is perhaps a better word is talk that the Government is thinking of putting definite redemption dates to War Loan' 3i per cent and Old Consols. Industrial shares had a better day yesterday. Electoral and other uncertainties have crept in and buying will be highly.

selective until the way ahead is clearer. Television shares made most of the running as a result of the profit forecast by Associated British Pictures. More intriguing than television is steel. Several leading, steel shares had good rises yester Tij- me umiDea states sud-siojiairv and 1c 5M ic departments mxo wnose pians iney mn-rsnnatflWAnri Ti -s nA 'nrsniAiinlii have crept The controller is to the lVImpey's proposed distribution The directors of George Wimpev and Company propose the distribution of 315,000 standing to the credit of the account for non-taxable surpluses from fixed assets. If approval is obtained, this sum will be distributed to ordinary shareholders at the rate of 3S 1.8d a share for each ordinary share held.

Midland Iron's results The final of 30 rer cent which is beine forbidden to it There was once a accountant what tne ounerenuai calculus is to arithmetic, interested not beggar persuaded by his friends that he was King, and. for a brief period He lived the sunshine oi their', flattery. But one day he went to the palace demanding a royal salute, -and was put to death most miserably' by paid by the Midland Iron and Hardware only in what is but how it changes. Effective control demands reliable information, proper to particular situations at particular times. This means that it needs to be harvested regularly at specified points, by qualified persons who understand what it means.

Industry employs large numbers of specialists who earn their the euards. There are not. a few company ttraaiey laeatn) maintains tne dividend at 45 per cent for the fourth British business men to-day in, the year in succession. The group net profit a shade lower at 135.335, against 137,405. but this is after 136.023 (167,379) for taxation.

ANGirt-FREIVrH PHfKPRATr livings dome just this, inspectors same over-exaited isolation; it is not only the champion who is lonely at the top. But with the managing director solitude is more serious an uncritical insistence upon formal schemes that pass uncriticised may produce every attribute of adminis resDonsible for passing work of such 30 p.c.) also Int. dlv. 10 for current year. Profit 22.977 (48.638) arte lax or 28.950 (68.3501.

day and these may be merely uie tore-taste of what is to come. As every schoolboy must know the immediate future of steel shares is closely linked with' the" outcome of the next' general election. In the past steel share values have been acutely sensitive to each and such a standard only may form one-tenth of the production force; of the shares held In Cornpasrue Francaue des Pbos- pnares ue mceonie were sow aurtng toe year. Almost auditors inquire into expenditures or an ids sales wero Deiore ine payment oi a uit. on tne sbares and tots caused cbe lane fall In profits.

Direc trative perfection short of actual achievement the consumption or stocks progress tors expect to complete realisation, of assets soon. ALDERS (TAM WORTH). Final dlv. 15 p.c. malting 21 p.c.

(22i p.c). Net profit, after tax. 141.245 140.037. men ensure that foremen will get work out of their sections by specified dates. equity investment at the expense of the individual.

In consequence the HUGHES JOHNSON STAMPINGS. Int. dir. 10 p.c. xUthough not exactly a control market in good ordinary shares is becoming very narrow.

But is it true also, as the Midland Gallup poll. A Conservative win would send prices soaring, but a significant new element in the market's attitude' is a feeling that a Labour victory maynot be, in this context, so bad after all. It mav he wishful thinking on the specialist, like the auditor or the quality inspector, the ratefixer complains if men do not reach the. times verv dinerent conditions of 1948. January Kaffir profits Free State Geduld which recently announced details of a rich strike at the mine's No.

1 shaft, returns slightly higher profits for January. The mine crushed 55.663 ounces, asainst 54.554 in Bank suggests, that because institu tions usually avoid holding a large proportion of any company's equity ISLE OP MAN STEAM PACKET. Net profit 82.648 (90.9871. Dlv. 5i D.C.

6 P.O. MALAY RUBBER PLANTATIONS. Final tlv. 4d. making od per 3d stock onlt (prev.

year Int. div. 1 l-5d per 2s stock unit was paid prior to cap. redaction and final dlv. 7id per 3d stock unit, plus tax-free dlstrlnu lion of Is per unit).

Net profit 114,647 (21.278) after tax. of 13.060 MILLS AND ROCKLEVS. Dlv. 121 p.c. (some).

Consolidated profit 70.1126 (90.951) alter tax of 96.759 (120.444). depreciation 41.375 (43.439), and transfer to reserve for renewals of fixed assets and fax equalisation 7.175 (6.266). All freehold and leasehold FOREIGN EXCHANGES Sterling in demand The- foreign exchange market was active yesterday. Sterling was in demand and was firm throughout The, spot rate on New York appreciated 3-32 cent to 2.81 1-32 and the pound improved 7-32 to 2.72 27-32 Montreal. The pound also gained he regards as reasonaoie.

Jne Duying department checks that the firm is being supplied 'with what it bargained and. preier not to interiere with ior; ana so iorin. December, and returns a profit of 405,205. against 397,484. President Brand's profit hardly changed at 602,320.

compared with 602,330. Other profits given in the January statement management the tendency may be towards some lessening of shareholder activity in the affairs of companies Few people may in future stand up at the annual general meetina to com Scope for hostility i-lectaca were strong a. 28s 4Jd on the agreement wi-th Phdlco, but Enfield Cables reacted Is 3d to 19s 3d. Among steels Stewarts and. Lloyds rose Is 4Jd to yhlle Jo1 Summers and United Steel put on Is and 6d respectively.

Both Band and Orange Free State mtiries were strong amongN Kaffirs. Stjilfontein rose Is, while other Hand mines usually put on 3d or so. Orange free' State Investment Trust gained 2s. bP Free State Gedula finished 5-32 down t7 inij 3- "sh5'V Transport closed Is 10 Jd down ait 7 9-32, while Ultramar, arofash Petroleum, and Burmah were all a few pence lower. Manchester High yields sought Markets were generally steady or firm, sustained by the continued improvement in gilt-edged securities, which were increasingly favoured in expectation of a lower bank rate and of a gradual fall in long-term interest rates.

There was a demand for some first-class industrial equities offering relatively high yields. Bargain-hunters' appeared for certain textile issues, particularly Bleachers, which advanced a further 9d to 14s on consideration of the potentialities of the combine's plastics and other outside interests. Lancashire Cotton Corpora-titon recovered 6d to 36s 3d, but a decline of fid took place in Calico Printers to 37s Armitage and Rigby met with support up to 46s 3d and Barlow and Jones at 15s 6d. Presumably last week's rise Ernest Scragg to 22s 6d had discounted the increase in profit and dividend because, allowing for the price adjustment, the shares were virtually unchanged around 18s in their ex capitalisation form the new were quoted around 17s 9d. Imperial Tobacco advanced Is to 56s, as did British-American Tobacco to 55s 9d.

Marks and Spencer A strengthened further to 51s 9d, but Great Universal Stores A were slightly reactionary at 32s 9d. Turner and Newa.tl lost fid to 70s. Dunlop Rubber 4id to 22s IOJd. and Imperial Chemical 3d to 33s 10id. S.

and W. Berisford were 3d lower at I4s, with a drop of 6d in the new to Is 6d premium. G. Brady fell 6d to 30s 6d and the A 6d to 29s 6d. Demand was insistent for Walker and Martin, which responded with a rise of 9d to 23s, and Squirrel Confectionery gained 3d to 4s 3d on further consideration of the results.

Dealings started in Godfrey Davis (5s shares, issued at 9s 6d) around 10s 3d. properties have been revalued and surplus carried to cap. reserve. SACKYTLLE ESTATES. Directors forecast final issued ov trie aiieio American corpora grouna against me uuicn.

"FVmipri nnrl Rouicc frnnnc onrl All this may seem obvious, and acceptable. But it also introduces scone for hostility between the or p.c. malting in p.c. (same) and special Int. or 2, P.C A dlv.

of not less than 10 p.c fa forecast for 1959. tion of South Africa include the plain about dividend policy, but it is TAP AND DIE CORPORATION. Second Int. dlv. the.

Scandinavian currencies. n.c. tsamci. OSWALD T1LLOTSON. Dlv.

a w.r. (cn.v following January. December now standard practice lor the directors of a company to sound out checkers and the checked, between the inspectors and the inspected. Some Preliminary figures will bo available In three to four Saturdx7a England Liime 1 scares institutional shareholders before embarking on a maior change of firms encourage this just to keep Deoole on their toes others deplore, 2.807,-1.81 2.72 2.72 His 10.5911-1093. policy.

DaBealontcIn 243.147 249332 President Stern 191.059 144,321 South African Land 54.166 55.17a Vaat Herts 203.484 Western-. Holding 460.5 436.523 Western Reefs 75.375 72.7811 Shield units as an unavoidable the 2.81-2llj6 I. 72 Uis- 2.72 10.59H-10.S9l2 140.421:- 140.4711 lJ7Ja-lJ77a II. 80.15-S0.25 1.745C-1.746 10.4S-10.SO 137.96-142.05 19.06 11.S0U.11.OI1, NEW ISSUE Radio Rentals. Underwriting has been completed 'for the one-for-five "rights" issue at 15s a share announced last monifh Holders mav apply for excess shares.

Full details will be posted on Friday 140p-14jo5 I9J7ii-19J73s 11.73 80.1S4U1.3S feeling of insecurity that control must necessarily produce. What is interesting to the student of management is the idea that these troubles Thf, resriorico to the offer of five New 'issues in January The capital market last month was distinctly more active than a year ago. 79.I7l2-Sl.83l2 1.74511-1.74 million units of the sfneid unit Fund indicates that it has heen well received. 20.033s-20.03Ss Chacrra. Zurich.

do not arise from the control function City's part, but the conviction is spreading that renationalisatioh steel would not proceed along the same lines as before and that compensation paid would be much higher than is generally assumed. It is suggested that Labour must- be seen to be fair in its nationalisation policy if it is riot to forfeit every shred of foreign confidence. If this seems to be thevsame old bogey which Conservatives are fond of invoking, one can only say that Labour leaders have been falling oyer backwards, to reassure not only Zurich, bankers, who may be part myth as well as part menace, but also the Americans, who have a very big say in our economic future. In contrast with last week gold shares did not race ahead yesterday, but the undertone in this market remains very firm. The most important single influence in keeping prices up is the possibility of a rise in the price of gold.

This the United States Administration has publicly set its face against and the size of the American gold reserve, in smte of a drain of $2,500 millions in 1958, is virtually a guarantee against any early change. If America continues to lose gold at last -year's rate a day of reckoning, maybe in eighteen months time, will surely' come. However, it is as well to -'be clear about what the United States could do to halt' inflation or au.ua 13.77 l4.13.T7U 14J3ta.14-533s Unite will remain available at the fixed 4. 43-4. 19.71-20.03 12 t3.6220.I4.0265 71.72 11.94-12.54 7a 13.77 J4.la.-7B 14.53 14 71.S4-72.87 11 Jl '2 price of IDs per unit until the lists close According to figures compiled by the Midland Bank the amount of new as such, but that the exercising of it simply provides one more occasion for It at A p.m.

to-morrow. THE MONEY MARKET Some borrowing from Bank the display of a latent discontent, ready to break out at any time. Thus, The hid for Balstone, Cooke The seasonal flow of funds to the Vantona Textiles, the Manchester while one needs to limit the occasions of conflict arising from control (by, revenue department and heavy calling manufacturing and distributing group, has made the bid already reported for made conditions difficult in Lombard tne snares 01 tsaistone. uooice ana for example, an expansive policy of automatic measurement that does away FORWARD RATES (one month) New York 0.12c. to 0.10c.

premium. Mootreal sc. to lic premlmn. Amsterdam lie. to ic.

premium. Brussels 5c. to 10c. dlsconm. Frankfort I to 1 pfennig- premlnm.

Milan 1 2 lira discount. Paris ic. to lie. discount. Stockholm i ore premium to par.

Vienna 5 aroscnen premium to pax. Zurich lc. to ic premlmn. SECURITY STERLING. 2.8031.2.I014.

money raised was 41.4 millions, against 24.6 millions in January last year. Among new issues were those of English Electric (10.4 millions). Gallaher (8.9 millions), Fife County Council and Port of London Authority (each 5 millions). Only in one month in 1958 (February) was this total exceeded. This is an encouraging beginning.

One of the signs that industry is Ravonese. the textile merchants, of Street yesterday. A large amount of Manchester. The offer is 3s 9d for each witn numan this alone is 1 preference share and 3d for each 5s not enough thfe general morale of official help was passed on by the banks in loans at 34 per cent but some ordinary stock unit Offer for Bath Cabinet Makers discount houses had to borrow a small The directors of Bath Cabinet Makers expect to receive a formal offer for the amount at bank rate. Bill- business was restricted by the cash position.

Gold was id higher at 249s 6Jd per fine ounce. Silver remained, at 76jjd taking a more confident view of the future will be a return in some force ordinary stock units which they wiU be aDie to recommend. Meanwnile. thev advise Holders not to sell. ior spot ana voga ior lorward.

to the capital market. From the narrow stock exchange point of view a spate of new issues would be helpful improve its external payments position without It could revaluing gold. Stock Exchanges in relieving the general shortage of good stock. Account opened January 28, ends February 10. Settlement February 17.

WALL STREET DOWN New York, February 3. Wall Street closed heavy, with a majority of mostly fractional declines. Persistent profit-taking cut morning gains. Copper shares were firm in early trading on a one cent rise in the producer price of copper. Assorted steels also advanced, reflecting reports that steel buying was the best for two and a half years.

However, profit-taking later affected both sections. Sales totalled 3.610.000 and comprised 1,246 bines, or which 443 rose. 553 tell, and ISO were unchanaad. London closing prices tne undertamng needs to be examined. Touchiness, manifest through management's perfectly legitimate right to know how it is getting on, depends on many things, but it is frequently a symptom of too elaborate an interpretation of management theory.

Ordinary and unheroic people. Radius that they are in a minefield of administrative procedures, are happy that others should do the rescue work. We should know more than we do of these frontiers between individual initiative and administrative constraint But who will equip the expeditions Who will encourage the explorers For recent industrial research is showine not only that the tautness or flexibility with which the firm is run depends largely upon the personal qualities of the man in charge but that he is usually the last to know the true feelings on the floor. cause of the personal isolation in which he must necessarily be wrapped. For the managing director who shows the greatest enthusiasm for formal organisation is just the man Growing use of credit cards by U.S.

travellers BRITISH FUNDS, ELECTRICAL AND RADIO A.E.I. 549 Gen. Electric BerlreTev 1 ro Stocks Price do 6 iif.h 103 Johnson PROPERTY II LC F'holfl 29 (M. Est. P.

-06 A. Peachcy 2nd Canv G. Auto TeL City Centre 536 C. ot Lon RP 396 146 423 190 140 Lanes oyno. Mornhv.Rlch.

rt iy 2s a 1..1. B.S.R. 809 466 333 256 4. a securities' 210 'Murphy Parsons C-A. Plessey 535s 74 9916 68 M9Ia MISCELLANEOUS Brit.

Relay. Brook Mot's. 4 ao 2 Conv 58-59 3i do 1961 3i do t'J6! 5O4.I2! II "2 Agar Cross Amal. Metal Aspro Hs iOI 3 326 03 259 423 186 16412 480 720 1411 12 139 323 403 366 03 270 -06 870 -03 153 2SJ12 101 IlHl 112 400 03 Chloride Cole. E.

K. Cossor Crorr.ptcn Pk Bpuiaara ua rwri inaices tsyas-j- eauaii lui wne; For 425 indUStriiH. 5S.S9- (59.121c for 25 railways. 34.90 U5.07); for SO mUMcs. 43.62 (43.73).

Tne Dow Jones averages were: For 30 indrjstrrals. 592.23 (593.96); for 20 railways. 161.57 (161.91); for 15 utilities. 90.72 (90.88). EXCHANGE RATES.

To-day. Pnrr. day. London Cables 2.S1 2.S1 ts 2.S0 "us 2.B1 Montreal on London 2.72 i 2.73 2.72 "ji 2.72 N. York on Monrr'l 14)1 "is 1.02 1.03 ia 1.033j- TORONTO STOCK EXCHANGE The Toronto market was stronl'ln active trading.

Closing prices: Alsom (J rani am 15, Braz. Trac. 6is. 101 ")1 By a Correspondent It is estimated that there are now several million credit cards in use in 41 do 1962 43 do 1963 51 do 1 97-1 1 4 do 1964 (1 1, Gas Gaum-Hric Gen. Kclrac.

Glaxo GriET. Hughes Henry a Hoover A Hudson's B' yy "is LLOYDS PERMANENT BUILDING SOCIETY Stop Paying Half your Interest back In Tax. Invert tafclf. Invert trfisfy. uccca E.

Mice I. 000 183 6 '9 120 390 536 173 193 583 263 A.W. (S'tlcs: rye va i Radio Ac AUM Radio RedilTuston Relay Reyrolle Tel. Rentals. Thorn Elec.

Ulira West- Brake. Rise Rise or Stocks Price or FP Fall 14 3 Sav. 55-65 923s 14 3 do 60-70 82 'i 3 do 65-75 761s -U tU 21 Treasury SOU -Ms is 3 do S9'4 12 3i do 77-80 78 -His 3i do 79-si 77Js -Pie 4 Victory 96 12 's lis 3 War 55-59 1003)3 116 3i do 67) 3s 3 Elcc 68-73 7934 1)2 3 do 74-77 76 5j IM 'l 31 do 76-9 795s t's 1S 41 do 74-9 891 ls 3jl 4t do 67-9 955s 4 3 Gas 90.5 68)4 14 31 do 69-71 'B6it 1 4 do 69-72 894 ls 's 3 Trn 68-73 791t His 3 do 78-88 68 1 His 4 4 do 72-77 86 '4 1 ETMott-Auto rjarrow Mcpt Barrv St 2 Excb I960 Zi do 63-J 3 do I960 9V'ie 9312 101) Is the United States. Americans travel 06 -03 -13 03 -03 11J Bccchams Blrmld da b23 tnneia EnalUh Elec. Ericsson Ever 51 do 1966 I mora Imp.

Chem do 51 Ln. Icaa. C. Gas 234.12 2 Fdfl 56-61 nnr. Am.

uu 444. ay4. i-ons. min. Z44, 97 I'M do 59-6 Br.

E. 60 246 18412 H2 2010 483 39 I 2934 -ll'i I 7H2 223 230 -ll2 740 H3. 1011012 369 10 61012 436 09 509 1016 12412 11 la 36 133 15711 -IHi 113 326 1. 230 -112 659 I -son STORES. CATERING.

FOOD nuttson nay 02. int. rtiescei yo, rtoranaa tvunes 57'a, Royal Bank Can. 77. Steel ot Can.

73. Steep Rock Iron 15. Triad Oil 5.70. SO Contract Sbm ling abroad expect to use these cards and have all the advantages overseas which they enjoy in their own country. In the coming season, the British tourist industry expects that there will Br.

Ind Plas. 3 do 66-61, 3 dn 99-iij 499 LentVs lorr. 16)1 12 1 1, 1 Monsanto Rank Organ Sun (Hdi.) 4 do 60-90 urtr. Ala ten Br. Oxygen B3 '2 85 Ue 72 Tt 921 102)4 675s 85 '2 600 4.IC4JI8S 54 do 82-4 Allied Bkrs A Ass.

Bids A do 6 deb Boots Bavril 103 03 -06 -03 I Smith A Npb 3 Rcdempt'n 286 750 473 446 Manbre G'Vrj Maples 12412 IHj 83 38712 rO3 410 226 fllj 3513 569 1789 161011 -tllj 331012 -KJ3 118 403 3S9 153 109 03 183 -03 1141, 626 06 706 111 12 9219 016 1073 20 489 3316 I 599 153 171s -'l 7M -3j2 6is l( 270 43i His 606 -03 360 nm. xiopcs Burco Dean BulHns Cable Zi aav. oi-. Iiuung Turner A N. 23 piiniiiiiiiiiffliiBiiiiimiiiiiiHim be a further substantial increase in the numbers of American visitors using I uaanaa Brit.

Sirs Brooke Bond CORPORATIONS AND BOARDS Mac-nin and Webb A Starlcv A A 127 la Unilever cape Asbesl Cementation INCOME TAX PAID BY THE SOCIETY Ecrnn to 80301 gross where standard rate applies ORDINARY SHARES 4 Income tax paid bj (he Society -4121 111 91 It 97 Is II4 4 credit cards in this country. For a tourist, a credit card estab- 199 643 8412 9412 300 36 67 lj 290 21 IS 280 43(6 De La Rue 411 03 di B'm 67-70 5 do 73-5 5i do 74-6 1 Unilever NV United Glass Utd Molasses 6 LCC 75-78 3 MIc 5843 3 do 31 Mersev 1113 ivtecca Nat. Canng. New Day Ranks uurion Can. A Ens.

do ntfd. Ccrebos Currys Debenhama Dracrea 319 220 636 126 196 630 230 vencsta 105 933 55 72 103)4 63 03 i-O6 3 Liv. 54-64 3t do 61.GS lishes the holder's identity and credit worthiness and enables him, on 9ZZ4 90 94 14 Dk 70-80 HeckT. cm 51 CO 7C-8 OIL Pa de 03 Met W'i'r 11027, SEantmr LIQUIDITY STABILITY 4i do 70-74 51 do 74.6 3i LCC 68-73 5t do 77-81 Mercantile Bank Ltd. 18412 1 121011 Klo Flour Schweppes Somen 11 II II -II 1, fikarn noi fluchiatm 150 453 533 3 Ei OI 5C0T 77-80 Exp Dairy A 3mit.

A. Gratt Analo-Ecuad. Apex (Tr'd). B.P. do 6 10312 04u 480 Stn.

J. P.I presentation of his card, to charge to his credit account his expenditure in hotels, shops, restaurants, and on other services. There are many 06 Ryl Dutch -06 Shell Shell Tr'd -03 Tr'd Central 108 late Lvle. DOMINION AND COLONIAL (jr.U.S, A Harrods United Blsc. Burmah Can.

E. Br. 7Sb 543 I-OI3 -7l2 -06 j-06 -01s 21 Alls -09 Trln Pet. Dr 40 1 266 673 706 630 369 1813 476 101 3 Uld. Dairies.

141012 69)4 82 7i 88 4.3a is Hir'ds B. A.1 Hame Col Hse ot Fras A advantages in this. The traveller does LobLcos Lon A T. H. -IHt Ultramar -til WakeBeld uta.

urapery 31 do 65-69 31 do 61-66 60 211 12 340 11411 vrmte, limy Idjy 813 I 6 F.R. 76-79 31 N.Z. 81-84 4 do 76-78 6 do 76-80 31 S.Af. 65-7 21 S.R. 65-70 Mc Oil Rcf, 7634 84 14 10434 86 13 74 Int.

Tea 034 nooiworiB 51 do 70-2 6 do 74-6 14 14 101 Is 106 Is Write for free explanatory brochure to Department M.G.15. Branch Office 1-3, CLARENCE STREET, ALBERT MANCHESTER 2. CENIral 79135. HaoiJOfllee: FALL MALL, LONDON Tel: WHItehall 8501 (10 Una) RUBBER AND TEA 5iE.Af 77-82. 9711 STEEL AND ENGINEERING Angla-Cey IJorehaut Tea 171 111 Acrosr 440 Metal Box FOREIGN BONDS AND RAILS 06 -03 Allen Edrar.

Malayalatn Petal's Rub AMofas Ordl Konv. Ser. A. Z7J 3B0 276 300 229 49 2ll4 289 6S3 Ceylon Tea Con. Tea Lds.

Grand AlHed 41 iv 230 1334 Metal Indus. Neepsend Perkins F. Plat, RroL 14 14 90 99 la 3I10I11 Asa Brit Es -4i Foiasn 7 Greek -4t Henin Brazil '89 A do '27 A 1'4 41 lj Stand Tea Co 680 436 336 169 430 193 23(6. 256 413 U3 not have to carry large sums of money, and is saved' the trouble of continuously changing one currency into another. On his return, the holder receives an itemised account of his expenditure, and pays in arrear.

This method is particularly useful for business people travelling on an expense allowance, as it gives them a full statement for later use in charging their expenses. The use of credit cards abroad was MAX. KUO Jokal 101 ATcang Babcack i' 06 441 4 Powell D'flr'n. U.S. belong.

101 177 2734 102 167 "4 191 115 64 58 6 Chile 1926 -413 Beyer P'co'k 41 HamburR 5 Jap 1907 51 do 1930 6 do 1924 uuaicast 4ti 4I2 I 470 I 86 373 336 390 424 8 1134 MINING FINANCE Kaoiarion 1-03 -09 Renald Chain. 13 A. Brown Brown. Gen Mining. 0(4 (-una liz China Boxer.

Ger. Dstves Ger. Youiu1 131012 107 184 J'burs Inv 4 31 Uruguay Rieoards'n Rustan 576 413J1 500 Cammcll Ld I Rand Mines. SIO'2 10lOij 441b 9712 AT. Ac Europe Ansla-Am Anglo-Am I Cen.

Mlnins. Cons Gdrds. Cons Sel. C.A.S.T. Oe Beers at.

800 834 10)4 796 663 4319 159 6 )2 Rand Sel. Rio Tinta Assenua CANADIAN STOCKS 10 711 ll 1S 03 03 09 03 1)1 06 403 For over a hundred years the Mercantile Bank and its predecessors have been intimately associated with the principal commercial centres of the East, and with a network of branches in Asian countries is well equipped to give expert guidance on all matters affecting Eastern Trading supplemented by a comprehensive banking service. Head Office 15 GRACECHURCH LONDON E.C.3 West End Branch: 123 Pall Mall, London S.W.i. India, Pakistan, Ceylon, Federation of Malaya, Burma. Singapore, Hongkong, Mauritius, Thailand, Japan.

Every description of Banking Business transacted. Trusteeships and Executorships accepted. 58 Hi 1044 ll Siman-Cnrves. t-onen Colvillea Conceit Cory. Craven Bros.

JUU 199 553 jSelec. Trust. Vercenfsln? Aluminium -03 Sth. Durham -u 14 530 77 id 296 289 109 lj 241) 21 16 a logical development of its domestic -(1 ill union tarp. 016 ll 40 19 Davy Be Utd 00 6 p.c.

Ln. Stavelev S.C.O.W. UD 03 RAND MINES -is 141 Slew acLtmd 264I2 Braz. Tr BrlL-Am Rand Leases MANCHESTER ROYAL EXCHANGE provides excellent opportunities of PERSONAL CONTACT with representatives of every section of the TEXTILE INDUSTRY of LANCASHIRE and its numerous ANCILLARY TRADES. 16 Dorman L'ns.

Doxford Enfleld Roln Guest Hadfielda use. The Diners Club was the hrst in this field in the United States. Now its cards are accepted all over Europe. By an agreement, holders are able to 03 03 Randfont 1 iu 403 summers jn Swan Hunter B. Co).

Pwr, BBU 286 796! 466 513 189' 246 250 389 -06 30 1 5K9 76(0 256 LSIllls Snrlnn 1 (41 -03 103 1-03 norland W. 10 T4 -is H2 His HIS Hi UID 03 Cala Sc Ec Can of Can Pac On Cons Paper. Hollinser Head W'gVn 344 Iji lube Invest United Steel Vlcketm Warn. W. Whessoe use the full facilities of the Finders 544 3634 I 54(9 Imp Oil 81 34 I 19s -3is Int.

Nickel 163 i 2414 lis 23 12 1 ma 's Psdllc Petrol 1 80 12 4-34 Price Bros. 91 70 -Ij Roc. A. V. 22)4 I 12I4 Kyi of Can 28 lis 207j Shawn's'B 60 1 54 li Tor-Dom B.

19 is 80i2 12 Triad Oil 1014 57 ij 12 Wooast Tran 38 ij UNITED STATES STOCKS 416 17 Gillette 80 .96 2 York Gen 494 921a Shell Oil 152 IOI 12 standard Oil 99 lj 9612 U.S. Steel 170 86 I WoolworLb 97 03 ncrocn A. Lanes Stllfonteln Isub Nine Vaal Ventersnost Voselstrlbt -013 281 ll H2 04O 316 596 70 259 210 20 479 153 386 163 176 87 ll 5 23j2 253 526 57,6 303. 210 233 53 463 173 2S6 299 1510 1 513 526 239 4313 650 173 630 1711 510 lj ni-vyrul'z -Brakpua FlulTelsCleln .1 Cons Reef Crown Mines Dossal ont Dora. Reefs rjoomTtein Durban Deep East Gediilb.

East Rand Geduld Prop. Grootvlel Hartebeest Klerk, dorp P-taie'suust -viacner Whctch'd IfDj Service this country. An introduction 03 kl3 03 MOTORS, AIRCRAFT, AC 13 Assoc M'eve Beth. St Chrysler 57li iMW -t 34 4-1 Hawker Sldd Henleys 06 03 unc W. R.

Cons. Witwafd. W.R.I.T. w. Reefs Wlntceln'lc Other services used by American tourists are Travellers' Credit Service, which was formed in 1953, and offers a -06 33711: 329 1 410 1 136 4S6 2341, jaguar Kennlnsa 'mil '12 Leyland Mur.

-03 H2 fl'l -03 -I lh selected list of restaurants, shops, and Premium on United States and Canadian stocks nil based on United States rate of S2.81 and Canadian 403, 186 97 12 136 1413 170 176 70 523 66 A. C. Vehicles Blackburn Bristol Aero B. M.C Car Mart De BavUUnd Fairey Folland Ford tiandley Page O.FA MINES 1016 776 Blinkooort 1-05 O.F.S.I.T 1210 -03 clubs throughout the whole of Europe, It has acted as a method of introduc Raleigh lna. Rootcs Rover Stand.

Westland rate or "i per l. BANKS AND DISCOUNT HOUSES F.S Consols 31 ii 4'2 7(6 163 8 1011 83 F.5. Ged. -'31 111 896 686 353 570 93 2113 6ia tion to all leading establishments in Alexander 1 12 -03 ,03 F.S Saaipl's -ii U4 71- fres Pres St Helena VEnrfma Welkom w. HdBS MEMBERSHIP TICKETS Available to DEC, 31 are now being issued.

SUKOOPTldN 14.10.0 Applications for membership should be sent to the Master, Royal Exchange, Manchester 3. Aua. N.Z. 7vji 176 430 333 69 1916 09 is Barclays do D.C.O. narmrjny Lorsine Merrieapr'c Middle Wit.

Europe and has enabled its cam holders to charge their purchases for goods and services. Travellers Credit COMPONENTS 423 1 -Slintns MtrslllU 94ii Smith S. 06 I Dowry Lodae Plugs. Brit DC ME, 2910 Martins 23r6 4-1 lj 389 Midland 846 -06 543 Not. Ola.

B. 439 379 316 52fi Nat. Frov. 899 -013 439 N. S.

Wales 31 693 Ryl. of Scot. 673 45 ti Ha Stand of SA 393 40)3 449 -016 Union 606 03 226 Weetm'ter A 439 326 -013 do 526 -06 44io I ijnncex aviv COPPER z-ucas, j. INVESTORS IN THE FIXED TERM SHARES OF City Prudential Service has received the official Pressed Steel I 243 IWilmot-Br. ..1,110 Sel.

Tr.inlOliI UMi-ccrca District Moot Lloyds I Lomhfcrd endorsement of the American Society t4 293 773 SJji Bancroft Chartered Messina -03 Rbbkana 29 12 -3)2 iRcan 81012 NEWSPAPERS AND PAPER -111 of Travel Aeents. and its cards are sold Lon SJU 183 Newnea Ass News dl in 14 langanynca aio 103 833 27J0 Odh'ms Press R. S57J to the public through travel agents in 16 10 la TIN FINANCE HOUSES Asuejr Indus. I 220 I 4 tjl Mercantile 22(0 Bcnrmakcr 3716 -H7ilUtd Dom Tr 1 1230 tne united states, rae cnarge ior wis is S15 a year; and the agencies receive Malai-an 136 52 490 220 mortals Reed. A.

Smith CW.B.) Spice rs Sunday Pic. 460! 105 14 56 453' 237l 790 129 536 Ayer Hltem, Beralt Tin now-ater do 51 Br Coated Dly Mail Trl Daily Mirror: Dickinson. J. Inveresk -Kemsley 309 266 20J3 Pahang Cons -0(3 711 310 lj 610 12 INSURANCE a commission on the sale of member -H2 tO3 -Hi 101011 Br Tin Im 11 1 Building Society Hl 03 44 ll -lamese lln. S.

Kinta Tronoh Alt'nce fnewli aoiu Wiggins 1 pc 03 IS9 123 nonflkong London Tin. -Jill an 12 ship. In 1958 the American Exnress Com OTHER MINES 14 -09 -03 pany entered this field with -its own -'l RECEIVE YIELD OF Broken Hill I Lake 409 Nw Rr. Hill Aire Wool 460 110 309 640 Amal Cotton credit cards, available Both domestic-allv in the United States and for over 30 1 357li 743 91 12 173 436 656 1149 I91s 101, 406 125, 849 806 806 8 His 15 14ia Brit 4 Northern Pearl I Ph'nlx 1 pd Prudential A do Refuge A Royal Royal Ex. Scot.

Un. A Sun Ins. Sun Life 'Yorkshire 890 823 6ls 419 816 9 'a 386 600 9 Sis 433 65ts 613,6 -0(3 N. Br Hill -0(6 Rhod B. Hill uap bird C.

Frov Cons Zinc Fresnillo Atlas Britannic Com. Union Eagle Star Fmployers Equity L. Gen. Accid't Guardian Legal Gen. London Ass.

Lon A Lanes Lon Mcr -s -11 1 03 -03 A NETT 41 A NETT Am-oier Aristoc Bleachers 4Z0 IKhod 111, tx bnnus Ex rights seas traveL Another new-comer is the Hilton Hotel Group with its card which 06 -lu E-t blvldcnd Ex capita' Brad fyerg. -)412 0 Ex all I Ex drawings Brifht. Jonn. Brit A 111, urit Enlca Calico Prnr. BREWERIES AND TOBACCOS -OH RECENT ISSUES Costa.

Crob Mills 11 1 -nil. Ind Coo oe PhltffrM -03 10 MANCHESTER STOCK EXCHANGE Mid. closina 223 90 6101; 126 131011 I6IOI2 103 36 40, 373 221712 7jl0.ll I6MOI2 324ti 89 250 89. 253 531 190 46 61 12 413 25 16 HoUicis Wm. .240 Horrocksea 310 Hoyle.

Josb. 16 Illlnw'tb 44ii Jute Ind. 116 03 Kctsall A 220 Lanes Cotton 366 101 Lansll 136 Linen Thread 283 -4I2 Lister A Co. 109 06 M'ley I 139 03 Nelson J. 010 Oldh'm Twist, "'69 P'k'and Mir 146 Pasolds A.

306 Pat. A Bald. 363 Port-Ills A Sc 413 Sails (S'tah-e) 56 Tootal 263 Weirdie A 159 Riding 489 4I2 Whitehead 16 Whit A Mil 49 Wook-ombcri. S30 09 choral, r. Courtaulda Taylor Wirt Tatlev.

J. -013 Crosses A 453 559 319 463 390 243 493 40411 129 160 330 380 636 650 690 499 780 Tbrclfall-S Crossley Cpt BtU Brit Am Tob Carreras B. Charringfn Courage Distillers Friary Metix. Gallaher do 6 p.c. Ln.

Guinness Imp. Tob Issue Paid price tip. E. Comme 15(0 50 Susan Small 127ii 40 Fife 5ii p.e 99 li 30 Eng. Eke.

5 O.C. deb. 97 25 P.L.A. 51 P.C 99 li 10 Godfrey Davis 96 50 Premium. price, on osy.

17lOlj 143 1 lid "is is 17, lis is 104 lj emu wool Enst SewLmr 03 -03 41i -013 -06 09 03 06 06 Tob. iecurs Vaux Walker Cain Watney M'n. Whltbrcad A Wilson H1 Because the Society pays the income tax, the gross return, where income is subject to tax at the standard rate, is 7 7 10 per aimiim. Interest accrues from the day of investment, and there are -no charges to pay on investment or withdrawal. Details of these Fixed Term Shares, and of the Societv's ofhsr invectmranf- fur-ilific vxrlll V4 Fdlrrs J'son.

Fine Spinners 101 1(1216 -03 553 561 ta 479 J11 is known as Carte Blanche." Credit services operate internally in Britain, and two1 working in this field are Club, Ltd. and Finders, Ltd. They are being increasingly used by business executives in restaurants, hotels, and for a variety of other services. Once a month a bill is rendered and provides proof of expenditure incurred. Owing to exchange control restrictions these cards may be used abroad only for car-hire, and the purchase of travel tickets when travelling abroad.

British travellers' will have to wait on a move from the Chancellor before they can enjoy the full advantage's of a credit card abroad. Plans are ready to meet such a change 1 I4xa. Hls-hams Hirsoh. R. Holdcn.

I. BUILDING. CEMENT, PAINTS A Roadstone 11 333 620 Members offer taclllties tor the snanr of Urge or smell amounts in all classes of securities. A brochure explaining how you can Invs.t your money through Members of the Exchange may be obtained on application to the Secretary at 6, Norfolk Street, Manchester 2. rhe Visitors' Gallery Is open to the public Monday to Friday, from 10-15 a-m- to 12 noon and 2-15 om.

tp 3-15 om. 334 li 5010 41012 LIm. Trio. London Prfc) Marley Marxian B'k A.P. Cement Bergcr Lewis -03 til 'J WI'J 12412 Br t.

ra nts Bn'c. Plas. iN'euchatc) iPlnchin John -013 -03 Kill 1 1 jo 399 193 280 900 220 -03 STOCK EXCHANGE PRICE INDICES The following indices are compiled by Renters from London Stock Exchange prices. The basis for gilt-edged is par. for uranium shares July 31.

1953, and rhat for the otbers the price paid on December 31. 1934. Feb. 2. Jan.

30. Jan. 26. Gtlt-edgcd 76.8 76.6 76.0 Industrials 256.8 256.1 258.3 Kaffirs 78.8 78.7 78.6 Uraniums 70.9 70.8 70. Gold producers 122.9 120.7 111.6 Ruaby Cm.

-03 1-03 10 14(4 210 640 99 460 51 IS 293 136 169 Britain Brfr. CWth. Calm Line Coast Lines Court Line Cunard France Ps't Furness Wy. Heet. Wb'lna 176 Indo-China df 403 443 -03 Liner 469 129 L.O.F 199 256 Mllford Dks.

429 136 A IJefd. 359 181 11 -JH2 R'don Stnllb 173 349- Ryl. Mail 230 343 -0(3 Stanhope 156 60 Tank Inr. 134 li Tarmac Taylor Wr'w FT 444 tsv 0441U 11 request. Write, call or telephone 38 DEANSGATE, MANCHESTER, 3 (DEANSGATE 7985) Chief Offica: 131132 PARK LAME, LOKOM, W.l (BtlAYFaUR 9i) Costaln Crltull Eastwood Eng China Goedl'aa Wll Inter Jenx-a ic die 23712' -Hi -03 03 1016 utD- VaJ de Tray's Wallpaper jao 850.