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in liOiiJWon & COMPANY L [• -IT- -,' \ I ■port Dollar Value Decrease-Less Borrowing (IE USED CARS I fQRCED SALE of every ■ mothine > • own NOW ON THE DAILY NEWS Vol. 64. No. 203 ST. JOHN'S, NEWFOUNDLAND, WEDNESDAY, SEPTEMBER 18, 1957 ip,,,. 5 «„. Charles Hutton & Sons And Reported caim]jnjon Qffjcja| Forecasts Vote In Favour Of Seamen's Strike Would Tieup liter Bloodless Coup I tAN(iKOK, Thailand—Reuters—Thailand was reported calm Tuesday alter _. s roup led by Field Marshal Sarit Thanarat ousted pro-Western Pre- p. rihulsonggram. llihoiifli martial law was declared when the army struck Moniay night ,, pihiilsonggsam's refusal to resign, Bangkok went peacefully about iU ar-old Pibhlsonggram was reported to have headed toward Cam- Anotlicr former strongman, police chief Fhao Sriyanond, flew to exile iv afternoon in a Geneva-bound plane. Another report said Pibulsong- iose regime was re-elected by a slim majority in elections last Feb- as fleeing in a fast car to Malaya. ^Demands for Phao's ouster made by an army rebel group led by the 44- TrM Sarit brought on the coup. Plbulsonggram to r e t u r premier. These officials said they expect no change in Thailand's policies toward the West or the Southeast Asia Treaty Organization, which has headquarters ln Bangkok.) ' Sarit said it might be necessary to dissolve parliament tnd hold new elections. An Interim provl- Leaves Canada fcupps or Montreal .. i;!ity ol developing :i> in the Ungava .. northern Quebec. f! meet _ ebec Pre- Canadian- n on to the c conference at *> Ocl. i- !| go to Un- e lo himself," . hc also is go- porting ores to Europe li complicated because Ungava Bay 1: open to shipping only two or three development of Ungavi Bay u mining centra would b* coi . and would hava to be backed br iteady markets. Ke said tha Iron Ore Company oi Canada undertook a multi-mil- lion-dollar operation south ot Ungava Bay only alter 11 American steel companies guaranteed purchase ol 10,000,000 torn of iron ore year for SS years. The Manchester Guardian said ist week that Krupp know, that industries ln Europe will need to import iron ore to keep their steel planti running. "Doubllesi ht would prefer to invest in a country Ilka Canada, which may ba eoniide ed politically a better risk than others >» north and welt Africa," "-- Guardian laid. i Suggests: sory Board On nmonwealth Trade ., J) MORRISON R»"«i Stall Writer "MCP)-Creatlon of ""«* to help direct 1 ireaer flow of '» U«i United States. ™» SlS.000,000,000 corporations have 'mineral explora- '• and put up "' housing American American Investors I Hirer, sed Cana- "t bonds but also Radian firm, J^e lrectlon of l»_,|ll_.«» in _<_m 6,7' ^"ladlan pl, iL^ta deflcl _l> i« * J "'"'rt' «l ISm J*.r ««»"»> l_ »«_ iUle'1 "P"'1 _P hi, ? Cm"rv»Uve ___ .Veiled «>• ___.«<-r?"P« An>«H ■ ^ I?*/1 d,'« Indus- ■ <**« and Invest H hit JJ country. ■ H** »Uo ii,l been a large foreign Investor but the Second World War lapped som« of ber financial strength. In recent yeari her investment ln Canada bai increaied. Last year it rose to a post-war high of $2,- «75,000,000. Canadian authorities are hopeful that as Britain Increases her economic strength, more of her capital will move to Canada and that this In turn will initiate tiers for mort British goods. Th* heavier the Sow of Canadian orders In Britain, the more dollar* Britain will have for possible Increased purchases from j But that, officials here feel, li only part of the problem. The Commonwealth is a vast but partially underdeveloped market. It holds some 6SO,000,000 persons, but many In the underdeveloped — .as live at the edge of poverty. t Is not just a problem of chanting capital to Canada but to (Continued on page If) | sional government wai being considered. Sarit said Thailand will her alliances with tha West. He sent emissaries to US Ambassador Max Bishop to te him " Thailand's foreign poll y will Sarit said his group till is < slderlng the question of the coming session of SEATO, scheduled to meet ln Bangko k in two days. "There ihould be a overnment to receive delegates but lt would b* a pit; to postpone K he added. On* of Sarit's first acts wai cable Prince Wan Walthayakon New York to inform hm ht still | is Thailand's UN representative. Prlnct Wan, ttli country's foreign minister, la the retiring president of tha UN General Assembly. He hat just been desig-1 nated the special UN representative to seek eompllanct with UN resolutions on Hungary, present crisis wai brought head by a dispute which flared up Aug. U whan Sarit and four other army men pull*. -■*' of tht government in * row Phao. Th* amy demanded an edganb* the eiblnet oddrrrl Plbulsonggram get rid of Phao and reorganii* tht cabinet — else resign. Plane Crash Only One Reined after landing to pick np Ihe the mining twin-Jet B_7 The Irvine'reported the had taken the SA-16 In tow aad wai remaining in the began tailing toward the converted minesweeper after picking np the airman and reporting ah* was not abl* to take off. The rescued man wai Identified by the USAF Tue. day night at First Lieut. William Stevenion, JJ, the copilot. Still milling are Capt. Ray T. Cable, 31, the pilot and Capt. Paul Pascal, 42, navigator-bombardier. VERONA, Italy—A 450-pound copper angel Is gently lowered into place atop the 190-foot church tower of Sacile (near Udinc) by a southern European Task Force helicopter crew. The sixteenth century tower originally bore a wooden angel which was destroyed by earthquake and bombardment. The new angel, bought by contributions of devout townspeople, was mounted atop the tower by an Army H-34 helicopter piloted by Capt. William M. Strawn, Jr., of Morgan- town, W. Va., with First Lieut. Ramon F. Warner, and SF/C Richard L. Boyd, inside the craft directing the workmen in the delicate task. More than 4,000 persons turned out to watch the operations—(I.N. Photo). DOLLAR DIPS: As Canadians Shave Borrowings By UAROL. MORRISON Canadian- Press Sta I Wrller OTTAWA (CP) - The Canadian | dollar has slipped from its perch and perhaps no groi. more relieved than the govern- But the nature of the premium's decline—by about two cents in less than a month—indicates that it may be only temporary, federal authorities sai Tuesday. For some weeks the meander- ings of the powerful currency have been watched with some concern by cabinet officials. Main! _s that tl._ ..... . ... ium would curtail exports—one on the economy's major props. Riding high ever since it freed in 1950, the dollar last Aug. 21 reached a record $1.06 in relation to U.S. currency porters rejoiced. Exporters Then the dollar began drifting downward, dropping to a 1957 low of $1.03 25-32 last Monday. Tuesday it closed at $1.04. ' The decline was caused by a variety of factors, offclals said. They had noticed thot recent Canadian borrowings in the U.S were not as heavy as In the past The high premium may have frightened Canadian municipalities, provinces, corporations and other organizations from the American money market. Another factor is the increased] stability of the European _" cial situation. Officials here said one cause of the spectacular rise of th* dollar last month was the ■flight" of some European ca tal to Canada. There was some speculali -alued tl it the B Apparently temporary scramble get their fi ire stable cui the effAt of ing the flow of foreign ci. Canada. But Britain soon knocked s in the devalual on rumors perhaps some of this "flight" capital was returned to the home Local Shipping OTTAWA—CP—A top union official said Tuesday he anticipates that employees of the Newfoundland steamship service operated by the CNR will vole "overwhelmingly" for strike action next week. W. J. Smith, nation-1 president, of the Canadian Brotherhood of Railway Employees CLC, said, however, a strike will not be called until the federal government has an opportunity lo review the dispute. A walkout would bring about Uie most serious disruption in federal transportation services since the Progressive Conservative government took office on June 20. ference that he has authorized! distribution of strike ballots to start at midnight Friday. The result of the vote was expected to be known within the following The government-owned steamer | service operates among New-1 foundland outports and links the | province with the mainland It: operates the 8,273 - ton William Carson and 15 other vessels, pro-| viding the only regular scheduled o lhe rr i and is lated outports ORDERED VOTE I The brotherhood ordered a strike vote Sept 13 among 424 employees after rejecting the majority report of a federal conciliation board which investi gated a contract dispu e with the Mr Smith added "Ihcrc CNR-operatcd ferr) operating between Yarmouth, NS, and Bar Harbor, Me It also asked a $4 25 monthly company contribution for each worker into a health and welfare plan The company in negotiation.' which started last Anni offered a flat 10 per cent wage increase and said it would pay 10 cent? a day per worker for a health- For l. the involved, unliccnsc The majority report of the condition board recommended a lage increase of 13 per cent for inhcensed personnel and 10 per ent for engineers, pursers and thers It proposed a company j plojccs ol the Newfoundland service and those on the Blucnosc Hales of pay and wo/king con- The contract disoute involves termined to sec that Canadians engineers, pursers and seamen on residing in Newfoundland receive the same consideration as other other vessels. Canadians working in that part of The union h:d aske< for wage Canada," Mr Smith said parity between ships, in the New- Bulk of employees in the New foundland service are residents nose, the government - iwned, of the island province. IN BRITAIN: Comment On The Cabinet Reshuffle By ED SIMON Canadian Press Stat Writer Some observers in Britain h predicted that Prim Minis' Macmillan would produce a n jor cabinet reshuffle to cope w his party's clouded political fu- : little the cards, ipatcd. the dy: Lord Hailsham was freed the education portfolio am pointed lord president oi preparation (or his | Strong Indications AVRO'S Will Buy Dosco iday that A. id Is well on the majority of , th« Dominion Steel and Coal Corporation to buy controlling interest in that hr- "--"■-- ■-•■- ' trial complex. laid the, majority of Doko direetori approved the offer and * "lubstan- tlal number" of Dosco shareholders have already turned their | shares over to transfer agents indicating their w-Ungnaii ti --. t the stock trenifer offe He also slid that Avro pecta" te have the requir« per cent of outstanding Dosco iharti committed by the Oct nld, of ct ie, be e I he laid. The Avro ipokeiman would not iy how many Dosco iharei have et been committed but Alan Armstrong, financial editor of The Star, uld in his column Tuesday that about 40 per cent of the total now hat been accounted for and "acceptances are continuing at a atlsfactory rate." NO CONWBMATION Deiplt. newspaper reports in>; Montreal that United States Inter- would attempt to outbid MonlrUl. A Dosco spokesman in Mont-1 real said the newspaper reports were the first he had heard of the American, interests. The. Avro spokesman here said he knew nothing whatever about reports Americans were Interested in Dosco or that their representatives had met in Montreal Monday, as the Montreal papers reported. ' '. formal offer made Aug. 7 (o Dosco's board of directors was 1V4 Avro shares plus $10.25; for each outstanding Dosco com- ".. .' ind a slmiar trading offer for Dosco convert hie deben- MAJORITY APPROVE After a Dosco directors meeting in Montreal Sept. 11, Dosco president Charles B. Lang said "a majority in number of the directors of the corporat on holding or controlling a substantial number of shares and debentures had expressed their intention of accepting" the .'vro offer. Dosco has never said formally, how —iy dire .rs actu.l y support sale but The Star said here Tuesday that "12 of the 14 Dosco | directors have taken up the Roe offer and this represents a substantial block of shares" *" to.oppose the move are idrey and F, H. Sobey, Nova Scotia. They re- | ported they sent letters to Dosco | shareholders asking for authority to represent them In votingl against accepting the ffer. The sprawling Dosco empire, considered Canada's biggest industrial complex, empoys 30,000. It operates Canada's most important coal mines in the Maritimes, the world's largest submarine Iron ore workings off-the co '' -' Newfoundland, and In its and fabricating plants across the Maritimes produces a greater variety of steel products than any other Canadian firm. Dosco has authorized capital!- ition of 5,000,000 common shares I which 2,240,835 were issued at Dec. Sl. Common shares closed Tuesday on- the Toronto Stock Ex. change tor $25.50. In addition its I convertible debentures total SIB,- 000,000. "• In a letter last week to Dsco shareholders, president Lang described the t"~) offer as "fair A. V. Roe Canada L holding company which tlioi-.h only 12 years old has become one of the country's leading designers and makers of aircraft In recent j years It has spread its interests Into production and sale of buses, rolling stock for railways, forg- ings, castings and many other products. It was among a group Including German and British interests which bought control last April of Algoma Steel Cdrpora- L-on. Avro is controlled by the Hawker Slddley Group Limited of London, England, which holds t of Avro 1 sued com- The other changes are aptly des- t scribed by The Daily Mail as i "lidying up." Geolfrcy Lloyd. V dropped without explanation by1 { Sir Anthony Eden two years ago, i returns to the cabinet as educa- , tion minister and a series of mi- -, nor upward moves result from : the retirement of the ailing Den- I 5 Vospcr as health minister. ,: Paymaster • General Reginald jl Maudling, the minister respora- "lie for Britain's negotiations ith her prospective fellow-mem- j. ers of the European free trade >' rea, has been elevated to cabl- ' CHEEK LEADER '. flamboyant Hailsham '. will succeed the comparatively < colorless Oliver Poole as party ? liairman has excited the most His dual role as a party func- ; onary and a member of the i government is seen as an effort strengthen the government's ! with Conservative organlza? s across the country. Crltie'i he government have suggested i he Is to be a cheerleader to' Is ter flagging Conservative While party spokesmen protest that HaUsham's job 1, of consld-. erably greater Importance, the partv undoubtedly could use a lit; Ue eheerleadlng ln thc wake of a lone series of byelection etbac_lf HaUsham's experience is a teler personality -and vigorous, speaker could go fqr toward filling the bill.
Object Description
Title | The Daily News (St. John's, N.L.), 1957-09-18 |
Date | 1957-09-18 |
Description | The Daily News was published in St. John's from 15 February 1894 to 4 June 1984, daily except Sunday. |
Subject | Canadian newspapers--Newfoundland and Labrador--St. John's--20th century |
Location | Canada--Newfoundland and Labrador--Avalon Peninsula--St. John's |
Time Period | 20th Century |
Language | eng |
Type | Text |
Resource type | Newspaper |
Format | image/tiff; application/pdf |
Collection | Daily News |
Sponsor | Centre for Newfoundland Studies |
Source | Microfilm held in the Centre for Newfoundland Studies. |
Repository | Memorial University of Newfoundland. Libraries. Centre for Newfoundland Studies |
PDF File | (6.39 MB) -- http://collections.mun.ca/PDFs/dailynews/TheDailyNewsStJohnsNL19570918.pdf |
CONTENTdm file name | 11867.cpd |
Description
Title | Cover |
Description | The Daily News (St. John's, N.L.), 1957-09-18 |
PDF File | (6.39MB) -- http://collections.mun.ca/PDFs/dailynews/TheDailyNewsStJohnsNL19570918.pdf |
Transcript | in liOiiJWon & COMPANY L [• -IT- -,' \ I ■port Dollar Value Decrease-Less Borrowing (IE USED CARS I fQRCED SALE of every ■ mothine > • own NOW ON THE DAILY NEWS Vol. 64. No. 203 ST. JOHN'S, NEWFOUNDLAND, WEDNESDAY, SEPTEMBER 18, 1957 ip,,,. 5 «„. Charles Hutton & Sons And Reported caim]jnjon Qffjcja| Forecasts Vote In Favour Of Seamen's Strike Would Tieup liter Bloodless Coup I tAN(iKOK, Thailand—Reuters—Thailand was reported calm Tuesday alter _. s roup led by Field Marshal Sarit Thanarat ousted pro-Western Pre- p. rihulsonggram. llihoiifli martial law was declared when the army struck Moniay night ,, pihiilsonggsam's refusal to resign, Bangkok went peacefully about iU ar-old Pibhlsonggram was reported to have headed toward Cam- Anotlicr former strongman, police chief Fhao Sriyanond, flew to exile iv afternoon in a Geneva-bound plane. Another report said Pibulsong- iose regime was re-elected by a slim majority in elections last Feb- as fleeing in a fast car to Malaya. ^Demands for Phao's ouster made by an army rebel group led by the 44- TrM Sarit brought on the coup. Plbulsonggram to r e t u r premier. These officials said they expect no change in Thailand's policies toward the West or the Southeast Asia Treaty Organization, which has headquarters ln Bangkok.) ' Sarit said it might be necessary to dissolve parliament tnd hold new elections. An Interim provl- Leaves Canada fcupps or Montreal .. i;!ity ol developing :i> in the Ungava .. northern Quebec. f! meet _ ebec Pre- Canadian- n on to the c conference at *> Ocl. i- !| go to Un- e lo himself," . hc also is go- porting ores to Europe li complicated because Ungava Bay 1: open to shipping only two or three development of Ungavi Bay u mining centra would b* coi . and would hava to be backed br iteady markets. Ke said tha Iron Ore Company oi Canada undertook a multi-mil- lion-dollar operation south ot Ungava Bay only alter 11 American steel companies guaranteed purchase ol 10,000,000 torn of iron ore year for SS years. The Manchester Guardian said ist week that Krupp know, that industries ln Europe will need to import iron ore to keep their steel planti running. "Doubllesi ht would prefer to invest in a country Ilka Canada, which may ba eoniide ed politically a better risk than others >» north and welt Africa," "-- Guardian laid. i Suggests: sory Board On nmonwealth Trade ., J) MORRISON R»"«i Stall Writer "MCP)-Creatlon of ""«* to help direct 1 ireaer flow of '» U«i United States. ™» SlS.000,000,000 corporations have 'mineral explora- '• and put up "' housing American American Investors I Hirer, sed Cana- "t bonds but also Radian firm, J^e lrectlon of l»_,|ll_.«» in _<_m 6,7' ^"ladlan pl, iL^ta deflcl _l> i« * J "'"'rt' «l ISm J*.r ««»"»> l_ »«_ iUle'1 "P"'1 _P hi, ? Cm"rv»Uve ___ .Veiled «>• ___.«<-r?"P« An>«H ■ ^ I?*/1 d,'« Indus- ■ <**« and Invest H hit JJ country. ■ H** »Uo ii,l been a large foreign Investor but the Second World War lapped som« of ber financial strength. In recent yeari her investment ln Canada bai increaied. Last year it rose to a post-war high of $2,- «75,000,000. Canadian authorities are hopeful that as Britain Increases her economic strength, more of her capital will move to Canada and that this In turn will initiate tiers for mort British goods. Th* heavier the Sow of Canadian orders In Britain, the more dollar* Britain will have for possible Increased purchases from j But that, officials here feel, li only part of the problem. The Commonwealth is a vast but partially underdeveloped market. It holds some 6SO,000,000 persons, but many In the underdeveloped — .as live at the edge of poverty. t Is not just a problem of chanting capital to Canada but to (Continued on page If) | sional government wai being considered. Sarit said Thailand will her alliances with tha West. He sent emissaries to US Ambassador Max Bishop to te him " Thailand's foreign poll y will Sarit said his group till is < slderlng the question of the coming session of SEATO, scheduled to meet ln Bangko k in two days. "There ihould be a overnment to receive delegates but lt would b* a pit; to postpone K he added. On* of Sarit's first acts wai cable Prince Wan Walthayakon New York to inform hm ht still | is Thailand's UN representative. Prlnct Wan, ttli country's foreign minister, la the retiring president of tha UN General Assembly. He hat just been desig-1 nated the special UN representative to seek eompllanct with UN resolutions on Hungary, present crisis wai brought head by a dispute which flared up Aug. U whan Sarit and four other army men pull*. -■*' of tht government in * row Phao. Th* amy demanded an edganb* the eiblnet oddrrrl Plbulsonggram get rid of Phao and reorganii* tht cabinet — else resign. Plane Crash Only One Reined after landing to pick np Ihe the mining twin-Jet B_7 The Irvine'reported the had taken the SA-16 In tow aad wai remaining in the began tailing toward the converted minesweeper after picking np the airman and reporting ah* was not abl* to take off. The rescued man wai Identified by the USAF Tue. day night at First Lieut. William Stevenion, JJ, the copilot. Still milling are Capt. Ray T. Cable, 31, the pilot and Capt. Paul Pascal, 42, navigator-bombardier. VERONA, Italy—A 450-pound copper angel Is gently lowered into place atop the 190-foot church tower of Sacile (near Udinc) by a southern European Task Force helicopter crew. The sixteenth century tower originally bore a wooden angel which was destroyed by earthquake and bombardment. The new angel, bought by contributions of devout townspeople, was mounted atop the tower by an Army H-34 helicopter piloted by Capt. William M. Strawn, Jr., of Morgan- town, W. Va., with First Lieut. Ramon F. Warner, and SF/C Richard L. Boyd, inside the craft directing the workmen in the delicate task. More than 4,000 persons turned out to watch the operations—(I.N. Photo). DOLLAR DIPS: As Canadians Shave Borrowings By UAROL. MORRISON Canadian- Press Sta I Wrller OTTAWA (CP) - The Canadian | dollar has slipped from its perch and perhaps no groi. more relieved than the govern- But the nature of the premium's decline—by about two cents in less than a month—indicates that it may be only temporary, federal authorities sai Tuesday. For some weeks the meander- ings of the powerful currency have been watched with some concern by cabinet officials. Main! _s that tl._ ..... . ... ium would curtail exports—one on the economy's major props. Riding high ever since it freed in 1950, the dollar last Aug. 21 reached a record $1.06 in relation to U.S. currency porters rejoiced. Exporters Then the dollar began drifting downward, dropping to a 1957 low of $1.03 25-32 last Monday. Tuesday it closed at $1.04. ' The decline was caused by a variety of factors, offclals said. They had noticed thot recent Canadian borrowings in the U.S were not as heavy as In the past The high premium may have frightened Canadian municipalities, provinces, corporations and other organizations from the American money market. Another factor is the increased] stability of the European _" cial situation. Officials here said one cause of the spectacular rise of th* dollar last month was the ■flight" of some European ca tal to Canada. There was some speculali -alued tl it the B Apparently temporary scramble get their fi ire stable cui the effAt of ing the flow of foreign ci. Canada. But Britain soon knocked s in the devalual on rumors perhaps some of this "flight" capital was returned to the home Local Shipping OTTAWA—CP—A top union official said Tuesday he anticipates that employees of the Newfoundland steamship service operated by the CNR will vole "overwhelmingly" for strike action next week. W. J. Smith, nation-1 president, of the Canadian Brotherhood of Railway Employees CLC, said, however, a strike will not be called until the federal government has an opportunity lo review the dispute. A walkout would bring about Uie most serious disruption in federal transportation services since the Progressive Conservative government took office on June 20. ference that he has authorized! distribution of strike ballots to start at midnight Friday. The result of the vote was expected to be known within the following The government-owned steamer | service operates among New-1 foundland outports and links the | province with the mainland It: operates the 8,273 - ton William Carson and 15 other vessels, pro-| viding the only regular scheduled o lhe rr i and is lated outports ORDERED VOTE I The brotherhood ordered a strike vote Sept 13 among 424 employees after rejecting the majority report of a federal conciliation board which investi gated a contract dispu e with the Mr Smith added "Ihcrc CNR-operatcd ferr) operating between Yarmouth, NS, and Bar Harbor, Me It also asked a $4 25 monthly company contribution for each worker into a health and welfare plan The company in negotiation.' which started last Anni offered a flat 10 per cent wage increase and said it would pay 10 cent? a day per worker for a health- For l. the involved, unliccnsc The majority report of the condition board recommended a lage increase of 13 per cent for inhcensed personnel and 10 per ent for engineers, pursers and thers It proposed a company j plojccs ol the Newfoundland service and those on the Blucnosc Hales of pay and wo/king con- The contract disoute involves termined to sec that Canadians engineers, pursers and seamen on residing in Newfoundland receive the same consideration as other other vessels. Canadians working in that part of The union h:d aske< for wage Canada," Mr Smith said parity between ships, in the New- Bulk of employees in the New foundland service are residents nose, the government - iwned, of the island province. IN BRITAIN: Comment On The Cabinet Reshuffle By ED SIMON Canadian Press Stat Writer Some observers in Britain h predicted that Prim Minis' Macmillan would produce a n jor cabinet reshuffle to cope w his party's clouded political fu- : little the cards, ipatcd. the dy: Lord Hailsham was freed the education portfolio am pointed lord president oi preparation (or his | Strong Indications AVRO'S Will Buy Dosco iday that A. id Is well on the majority of , th« Dominion Steel and Coal Corporation to buy controlling interest in that hr- "--"■-- ■-•■- ' trial complex. laid the, majority of Doko direetori approved the offer and * "lubstan- tlal number" of Dosco shareholders have already turned their | shares over to transfer agents indicating their w-Ungnaii ti --. t the stock trenifer offe He also slid that Avro pecta" te have the requir« per cent of outstanding Dosco iharti committed by the Oct nld, of ct ie, be e I he laid. The Avro ipokeiman would not iy how many Dosco iharei have et been committed but Alan Armstrong, financial editor of The Star, uld in his column Tuesday that about 40 per cent of the total now hat been accounted for and "acceptances are continuing at a atlsfactory rate." NO CONWBMATION Deiplt. newspaper reports in>; Montreal that United States Inter- would attempt to outbid MonlrUl. A Dosco spokesman in Mont-1 real said the newspaper reports were the first he had heard of the American, interests. The. Avro spokesman here said he knew nothing whatever about reports Americans were Interested in Dosco or that their representatives had met in Montreal Monday, as the Montreal papers reported. ' '. formal offer made Aug. 7 (o Dosco's board of directors was 1V4 Avro shares plus $10.25; for each outstanding Dosco com- ".. .' ind a slmiar trading offer for Dosco convert hie deben- MAJORITY APPROVE After a Dosco directors meeting in Montreal Sept. 11, Dosco president Charles B. Lang said "a majority in number of the directors of the corporat on holding or controlling a substantial number of shares and debentures had expressed their intention of accepting" the .'vro offer. Dosco has never said formally, how —iy dire .rs actu.l y support sale but The Star said here Tuesday that "12 of the 14 Dosco | directors have taken up the Roe offer and this represents a substantial block of shares" *" to.oppose the move are idrey and F, H. Sobey, Nova Scotia. They re- | ported they sent letters to Dosco | shareholders asking for authority to represent them In votingl against accepting the ffer. The sprawling Dosco empire, considered Canada's biggest industrial complex, empoys 30,000. It operates Canada's most important coal mines in the Maritimes, the world's largest submarine Iron ore workings off-the co '' -' Newfoundland, and In its and fabricating plants across the Maritimes produces a greater variety of steel products than any other Canadian firm. Dosco has authorized capital!- ition of 5,000,000 common shares I which 2,240,835 were issued at Dec. Sl. Common shares closed Tuesday on- the Toronto Stock Ex. change tor $25.50. In addition its I convertible debentures total SIB,- 000,000. "• In a letter last week to Dsco shareholders, president Lang described the t"~) offer as "fair A. V. Roe Canada L holding company which tlioi-.h only 12 years old has become one of the country's leading designers and makers of aircraft In recent j years It has spread its interests Into production and sale of buses, rolling stock for railways, forg- ings, castings and many other products. It was among a group Including German and British interests which bought control last April of Algoma Steel Cdrpora- L-on. Avro is controlled by the Hawker Slddley Group Limited of London, England, which holds t of Avro 1 sued com- The other changes are aptly des- t scribed by The Daily Mail as i "lidying up." Geolfrcy Lloyd. V dropped without explanation by1 { Sir Anthony Eden two years ago, i returns to the cabinet as educa- , tion minister and a series of mi- -, nor upward moves result from : the retirement of the ailing Den- I 5 Vospcr as health minister. ,: Paymaster • General Reginald jl Maudling, the minister respora- "lie for Britain's negotiations ith her prospective fellow-mem- j. ers of the European free trade >' rea, has been elevated to cabl- ' CHEEK LEADER '. flamboyant Hailsham '. will succeed the comparatively < colorless Oliver Poole as party ? liairman has excited the most His dual role as a party func- ; onary and a member of the i government is seen as an effort strengthen the government's ! with Conservative organlza? s across the country. Crltie'i he government have suggested i he Is to be a cheerleader to' Is ter flagging Conservative While party spokesmen protest that HaUsham's job 1, of consld-. erably greater Importance, the partv undoubtedly could use a lit; Ue eheerleadlng ln thc wake of a lone series of byelection etbac_lf HaUsham's experience is a teler personality -and vigorous, speaker could go fqr toward filling the bill. |
CONTENTdm file name | 11851.jp2 |