Page
MESSAGERIES MARÍTIMES
M
"EPINAL"
"AURAY
ARRIVALS from Europe
from Japan SAILINGS
M
PASSENGER/FREIGHT SERVICE
"LA MARSEILLAISE" .... to Japan "LA MARSEILLAISE” .......... to Marzollies
"AURAY"
"GRENOBLE”
"QUISTRERAM" "MEKONG"
FREIGHT SERVICE
Cik July 11th July
9th Aus. 22nd Aug.
N. Africa & Europe 13th July .N. Africa & Entope 31st July .N. Africa à Europe 18th Aug .N. Africa & Europe 6th Sept.
for
PORT SAID, TUNIS, MARSEILLES, ALGIENS, ORAN, TANGIER, CABABLANCA, HAVRE, DUNEIRE, ANTWERP & ROTTERDAM,
CIE DES MESSAGERIES MARITIMES
A LIMITED COMPANY IN CORPORATED IN FRANCE Queen's Building
Tel. 26651 (Three Lines)
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA, vis SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. "ANNA MAERSK"·
M.S. "LEISE MAERSK"
M.S. "GRETE MAERSK"
M.S. "GRETE MAERSK"
M.S. "OLGA MAERSK"
ARRIVALS FROM U.S.A.
M.S. "LAURA MAERSK❞
June 30 July 16 July 30
June 29 July 19 Aug. 9
THE CHINA MAIL, TUESDAY, JUNE 26, 1951.
Replacement Of Tonnage In Britain Imperilled By HONGKONG
Heavy Taxation
LINER COMPANIES DENUDED OF
THE ESSENTIAL FUNDS
Liverpool.
In their report for 1950 just issued, the Liverpool Steam Ship Owners' Association state that the task of replacing “stop-gap" tonnage built during the war and ships 20-years old and over is being imperilled by the extent to which the Government, through taxation, is denuding the shipping companies of the funds they should be accumulating for that purpose.
Errors and miscalculations of Government departments, particu- larly in respect of bulk buying, which have hampered and prevented owners making the best use of their fleets, and have caused serious dis- location of regular services are strongly criticised.
The report also draws attention to the dis astrous consequences of delays in turn-round in ports at home and overseas,
NO ANSWER
Authorities have from time to
As in previous years the through taxation, is denuding the ¦n country which deponds, in country's oversens
liner companies of the funds that peace and in war, on ftå marítimo, trade
they should be accumulating for economy. position is surveyed. On the purpose. At the same time, this it is pointed out that the best use of the existing ships although considerable pro-in the interest of
their owners and of the nation Is being gress has been made in the hampered and prevented by the restoration of export trade errors and miscalculations the costs of production con- Government departments and by tinue to increase and because unnecessary delays in ports, here
and abroadi. of devaluation will now, be the subject of further With the heavy increase.
of
the
SHARE MARKET
(From Our Correspondant)
Dualnors dona on the Stock Exchange this morning w valued at $384,849. Noon prices and the morning's transactlóns:- SHADES ZUYERN AKLLERS BALES BANKA
RK Bank.. 1400 1450 73 @ 1430 INSURANCES
240
R.I.L
ROYAL INTEROCEAN
Dato
To Port
Si Jaty 4th July 18th July
17th July 20th July
Bu Jun.
9th July
15 @ 720
8th July
18th July
133 149
21st July
3rd Aug
2015
Underwriters HK Fire**
DOCKS, ETC. * Whart N. PL Wharf $44.00 2000 a 4,30 Dock
153 1038 Provident
S'hal Dock. 245 2.25 1300 ₫ 2.10.
LAND, ETC.
Hic Land
S'hai Land: 15
UTILITIES
Tram
Star Ferry
600 3315
Date
11th July
End July
Mid August
12
500
C. Light (0) 505 E. 6.05
Light (N)
Electric
Cement
The answer that the Revenue
time made to these contentions on dustry is that shipping as an INDUSTRIALS
the part of the shipping in- Individual industry
no special
Rogo claim to tax relief on earnings set aside for replacement of the STORES, ETC. tools of its
Its trado and that Dalry
if sound, apply and be
This appears to the
NATIONAL OBLIGATION The obligation which
shipping industry is that of must be ensuring the continuing existence a whole.
end of financial aid from national interest places on the proposed to industry n
1000
0349400849 49309
..... 241 24}
Telophono
...
10
500
1000 10.10
1312
1:24 13 500
2000
Watson
10.45
500
2
ENVO
€450
Exchange Rates
America the nation is now faced with the fact that its of an adequate and competitively association to be no answer at COTTONS
tint standards of living are and efficient mercantile marine. Since all. If the statement la true
maintenance of the present in- must be those which are the coming of the steamship and
earlier, that obligation has been cidence of taxation must in time, earned and no more.
met and, in the coming of war.
war and within war
a comparatively Commenting on the decline in an instrument essential to victory short space of time, deprive the which are coal exports the report observes has twice been placed at the nation of the ships
disposti that the failure of the conlin-nation's
by Its essential to its existence, it is
Busincks system that dustry to place at the country's shipowners. In its report a year no defence of the
sold that
other Industries arc being diposal for export any more ago, the association
similarly imperilled. than a quarter of the coal ex-the level at which taxation was
Shipping is, however, specially Was such *B disservice.
gravely to imperil the future placed not only by reason of the capability of the Industry to per-
fact
island nation that, for an such form this essential duty.
as this with so large a The losses of ships by war risks population and so incapable of in the Inst war were paid for supporting itself from its own
For Freights and Further Particulars please apply to: ports in 1929 is a grave national being imposed
AGENTS:
JEBSEN & CO.
Pedder Building
}
PEACE BID
SHATTERS
GROSS TONNAGE
In the course of the report it
was dono in the local unonicial exchange markot this morning at the following "rates:- Sterling note (per £1)
30.07 U.S. dollar (per $1.
Siam tleafs (per 100) Singapore (Straits) FIC plastres (per 100)
Indonesia gulders (per 100)
Ship
"BUYA"
ARRIVALS
“TJITJALENGKA" "VAN HEUTSZ" "RUYS "TAŠMAN"
TJIWANGI"
"BUY"
From
LINES
8. Amorien, #. Astics, Singapore d
Balgon
MACEMAT, JAY Ports & Bingapore Belawan Dell, Penang & slögapore Jabra
Japan
Machtiar, Java Ports & Blogapore
SAILINGS
"TJITJALENGKA"
"VAN HEUTSZ" "RUTO"
"TASMAN"
"THWANGT
Japan
To
Kingapore, Java Porta & Macausar Japan
MADUR. – FIBRADore,~~#." Africa
8. America
Ringapore, Java Porte dr. Macassar Singapore, Java Porta & Macasmr
Agents: HOLLAND EAST ASIA LINE
Skin
"KIELDRECHT" "AAGTEKERK” "AAGTEKERK”
17th July
End July Mid Aurast
"KIELDRECHT" HAAGTEKENK"
"AAGTEKENK"
ARRIVALS
From
Japan. Entope & Singapore Japan
SAILINGS
To
Mantis, Storapate & Europe. Japan via Ariella
Manila, Singapore & Europe
SKINGS BOLDINGZZTELETIONIST PROTESTONES:
PATTISON ORIENT LINE.
LIMITED
SAILING TO NEW ZEALAND
8.205
3.30
37 on
1.700
13.495
S.S. "VALLES”
and tonnage required to carry the
Is stated that the gross tonnage by the State in terms of com- internal resources, a healthy goods where they were required
entered in the association at the beginning of the
Tel. Nos. 86066-9.
Wall St.
ot
Takes A
NY COTTON Beating
New York, June 25.
peace move
New York, June 25. The stock market drop- Cotton-prices-shattered under the impact of the week-end ped sharply early ̄ ̄today in Korea, then in one of the worst breaks of the the rallied haltingly at the close. since
start New crop months hit new lows Korean
but war,
re- with nearby October plummet- Ing to 38.30 a pound which was the lowest since Nov. 29, 1050 and 705 points under the season a high established on March 8, the day trading was resumed after the January price freeze,
bounded in a late recovery which recouped only half of the losseI,
de
to its existence,
year 1951 | Pensation designed to reimburse | Prosperous shipping industry in due time. So, although there
to their owners sums represent-sential This ing the fair value of the ships at by liself in the matter of com- market, the tonnage positions of
but the
at Shipping stands in a special class were fluctuations in the freight Inby
In
no
In
#
trade
any rate capable of
forecast by the prudent
totulled 4,253,728 tons.
Gres with the total the dates of thoir loss. Azure, compares
4.374,785 1ons entered at the general, the values fixed undeni netition The seas are free to the iners and tramps were at beginning of 1950, and of If 4.511,300 tons at the beginning the War Risks Insurance Scheme all-and the shipping of 1930, the latter figure being did fairly represont such value, open to competition from every
made
Nowadays, the position schema
quarter. There is no home adjusted for comparative pure provision af all for a rise in market in shipping to be pro-
incalculable. Buik purchasing poses to take into account the
value taking place between date
tected and sheltered.
in one country inevitably leads to fact that new members have
in far greater degree than in bulk selling in another, and so, joined the association during and of loss and date of ultimate re- most other industries, the ship- instead of sales being made for since the
placement. war. The reduction
In the case of the majority of ping Industry has all its capital commercial consideration, in the entered tonnage for 1851
form of fixed osadis, losses, the rise in building costs
its tics and nationalism inter,. is almost wholly due to the with- over the period from the out. ships, which
are subject to a As the
As the planners are always drawal of one member.
short life
secretive In and to periodic secre In their break of war to date of loss was renewal at great cost. A ship is spert cannot forecast at all what heir actions, tran- With the level of the entered less, and in many
of members showing considerably less, than the rise not a piece of "plant" in the same is going to be required of it. In- change in the course of the
is machinery in nt 62190 from date
aquiries as to intention are re- over the period it would seem that
Few
In factory. year
A ship is both the ceived with relicence and dislike. during the year tonnage
result, war riske insurance
and its contents, and is The oven flow of trade is liable taken care of replacements and
short monies fall substantially War losses havu in of those. no more.
required to replace decoy requiring its renewal as without warning, very largely
a whole
a because in their unwisdom they but these losses. the main been made good,
over a period of a balance had limited number of years. es. The
The have not exercised the foresight only by the inclusion of war- to be found by bullt
owners from ships which standard
Vessols their resources,
arise to be dealt which would have come naturally Depreciation for which can only at best, be con- tax purposes had ben allowed with the next period of to the merchants of old.
Granted that the world is dis-
tonnage
typa
Kingdom. inst
cases very
Dg
LOADING HONGKONG JUNE 20
SAILING FOR
AUCKLAND & WELLINGTON JUNE 27
12-14 Queen's Road C.
The
Rubber Markets
London, June 20. Pricca of rubbor futures closed here today pa follows: Number 1 rubber, in cents -por Ib.
July
July/September October/December
has 20ss to date of replacement. infect as a whole, to wear and to be disturbed by the planners January/March
Tonnago
the
misuse which
done in the
the
SINGAPORE
·
43 4515
4215-43
371-2
-Untied Prera.
MARKET Singapore, June 25. Prices of rubber futures closed here today as follows:- Number 1 rubber, per b.
Juno July
August
Number rubber, June Number 3 rubber, June ...** Number rubber, June Spot rubber, unbaled Black crepe
No. 1 pale crepo
3
144-745 134-130
Tel: 25840.
LONDON TIN DECLINES
London, Juno 25.
The tin market fell again at the morning session, but steadied at the lower level. Turnover was 100 tons of which 10 tona were for cash,
Prices closed at the end of the official morning session o follows:-
Spot tin, buyers
Spot to sellers
Business done at
Miroe-months tin, buyra
Tree-months tin, sellers
uriners done at Settlement
910
910
ATH
D7G
-United Press. New York, June 26. Copper, leact and zinc futures
130-140 closed quiet, no sales-Associat 134-333 ed Press.
123-127
132-154
107-100 104-201
-United Press.
Grain Prices
Decline
2,45%
New York Sugar Futures
New York, June 25. World sugar futures closed today 60 to 99 points lower, with sales totalling 60 con- tracts.
Contract No. 0 closed 31 to 38 points lower, with sales totalling 723 contracts.
Contract No. 4 (world) 2
September January (1931)
Karel
September
Contract No. January (1952)
5.33
hiny
2.33%
July
7.3712
2.405-
Spot
March (1992)
2,43
May
Corn Spot
| September
July September December
March
Any
as stop-gap tunnage over the life of the lost ships fore the war, and a tax system turbed by wars and rumours of
repare those built be The fastest turnover in oversidered EIX
Orss with a considerably faster rate months during the
on their first cost and no more, which assumes that they have than October delivery moved up 30 day to 2,440,000 shares, making built to owner' specification ending cost of replacement was in terms of their pre-war cost cannot excuse in any way thr
hour lifted the sales for the of depreciation
and in this respect the factor of depreciated and are depreciating | Warg, and strategical needs must.
inevitably upset markets, that points from the low on covering it the most active session sincs requiring, therefore, replace-
not taken into account at all is based on an entirely fallacious ment at an earlier age there stil May 24.
than by day traders, but
by the Revenue Authorities,
failure irresponsible
of measure of their annual shorten- normally would be the case. appeared plenty of cotton for
of Fuel and Power In the overseas trodo of the sale at the 30.60-cent level, A flood of sell orders camo
Miniatry of life. REPLACEMENT GAP Ing
to disclose,
before reached at the
or the end Anat
Computation of profit for tax November, in at the opening in the first United
year,
Allowances for depreciation Traders questioned the depend market reaction to the Russian British ships represented over and interest in requisition rates purposes which assumes that no shortage of coal that led to the the then critical ability of Russia's cease-fire pro- suggestion of cease-fre in two-thirds of the tonnage enter of hire ikewise took no account more has to be
As the other posal but the weakness in the Korea.
nationsing and clearing the ports of the of rising values, but were related malier of replacement of these the American coast in December urgent demand for tonnage on long list of other commodity opened the way to full dis- United Kingdom with
cargo.
to first cost or, in the case of ships than to set aside amounts and January. markets as
well as the drop in cussion, prices dropped sharply. Outward tonnage, concerned to the older ships, their pre-war related to a first cost which has securities touched off a broad-By 1 pm, nearly $2,500,000,000 carry the export trade, was, values for war risks Insurance no true relationship to current
COMPLETE DISTURBANCE scale Hiquidating movement. in valuations were wiped from to 70 per cont British, and this
purposes. In consequence,
ence, the replacement cost is inevitably Bearishness was increased on the list.
carrying trade is primarily the
resources of the shipowners had depriving the Industry of the
эле Timely recognition of the that score by fears that any
concern of the British liner com- largely to be used to bridge the resources essential -to Is necessity, unwelcome as its dis- truce in Korea may slow down Then, however, some firmnese | panies. Those companies. lost. gap between war risk insurance existence
The remedy is to closure might be to the planciers the military demand for textiles, developed and in the last hour during
the war and by war recoveries and the cost of re taxable profits carnings properly the importation of coal into the exclude from the sphere of who had brought it about, for
Chicago, June 26, With the promise of an abun- the emphasis turned to peace risks, approximately half their place
Whoat futures closed 29% to placement of the lost ships, dant crop this year, any let down shares with heavy demand for pre-war ships and when the war Thereby, the problem of replace and necessarily set aside for the coun
country, would not have caused
lower. Soybeans were- 5% in consumption warrants a new
new televisions.
ended, they embarked upon the
ment of the ships which survived maintenance
to 9 lower. Prices of grain July of the business and the complete disturbance of the appraisal of the supply picture, The market averages showed replacements of those losses.
the war has been aggravated.
so used. In applying such cartying trade which In
fact,
futures clooct as follows:-- sellers felt. July delivery showed substantial losses at the close.
Wheat price per bushel As was pointed out a year ago, remedy, every safeguard against resulted from the way in which FOREIGN-GOING LINERS
Splt the best resistance. Spot month The general average was pared
the capital replacement of ships misu
the Government the situation was handled. As
July rallied smartly after A Tower $1.55 with the biggest losses
Figures which the General necessarily requires an earning can and should impose will be it the sudden insistence on
September Dit was, start.
rails
Tho and Industriale.
December coal at short Council of British Shipping has capacity in excess of the current fully acceptable to the assocla-ships to import close ranged from losses at the
The safeguard The market opened off 30
a share with compiled show that, of the trad-needs of ship operation and the ton. to over $2
demanding other trading operations on a to 60 points and closed off 0 to
some running as high as $9. Of ing vessels of 100 gross tens and accumulation and provident in association is itself gehien the notice resulted in dislocation of
vestment of
tment of the surplus.
the Government 40 points. Prices closed as 1,198 issues
For from
la ono wide scale. Ships to carry timber upwards, registered in the United traded, 958 follows:-
and and 145 Kingdom on June 30, 1950, 1,092 this reason, the association has gathat the gradual but certain from America grain to 95 advanced clined, 40.00 nominat
of 8,104,000 gross ton
of the competitive India fell short, and major dis- that a destruction 44.00-$131 were unchanged.
Im-"profit" for
seg power of British shipping. turbance purposes
therefrom. resulted were in the category of foreign-
57arch (1089)' 30.45-33.60
Dow Jones averages at the
More minor disturbances result-May proper going liners as being in the has end of the session stood
iinor companies,
ed in connection nics, provision for the ownership of
with other
July follows:-
trades and other commodities. september These figures, however, Include
lude placement of the tools of the At the same time na the future The carriage by the lines 75,15 Dpproximately two million gross trade has been made, and that of the shipping industry is thus export trade of the country wa
the shipping industry cannot, in being imperilled by excessive affected and delayed, since ships tons of shipping built
during the
that the years and now in
the long run, curry. on if it taxation, existing carrying power which would otherwise have war ownership. The greater part of suffers taxation at high level on Is being misused and this war-built tonnage consists that part of its so-called taxable necessarily
un been employed in its carriage wasted. In days were diverted to these of ships of standard type, such proflis which it necessarily re-gona by, the pattern of trade
bullt | ining day the business for replaod- | was Government
was largely governed by the needs, which
to the ment purposes. TEXTILE MARKET "Empire" ships,
laws of
of supply and demand. De-
Such is the upheaval resulting In fact, the phareholders who mand in any country for goods from the inability of the planners liner.com
companies represents only stop-gap tonnage. Further,
boon and services was controlled in even to co-operate effectively. As the business have own
Treasury position: Luer fleets contain a substantial deprived of the profits of their its turn by the intrinsic value it is, we inove from one crisis Total debt. The colton textile market, was oortion of old ships, there| venture in order to permit of the of the currency of the country to another, each ono, requiring
above continuance of their business in concerned. Supply, on the other to
surmounted dull today. The Russian pro- total 24 million tons of
existence, of shipping
long as such hand, was trubject, so far as traordinary action by Central posal for n
produce Was concerned, to Authority in the diversion, or created a good deal of prepara- now 20 years of age and more. ment, is in fact so used and
In the supplies
and tonnage to meet the tion in the market for the Notwithstanding, therefore, the never accrues to the shareholders main to the
vagaries of the occasion. No measure, however, taken of the cost of correcting NEW YORK BANK possible impact of this develop- fact that the war losses have in the form of distributed profits,
on military buying, of j been now largely replaced it were profit available for da- tions were carefully studied byens ment
by it should
be taxed as thoughi In those days, those facture the initial errors of the buying cotton goods,
new building, there remains on were QUOTATIONS
"ros | tributilon,
department in the Government "The wool goods market was enormous tank of further assessment of prouts to taxation, | Hvlig in dealing in the corn- counts are published to show up, i market here closed today suite 100% katoeni
The present basis of the merchants, who made their that cause the shortage. No ace The New York Quarter placement within a decade 5 coupled wibs thoʻrajo of taxation | modities concerned, and quiot, master purchasing office invited so, of stop-gap
by their incficiencies; the cost goin | bids on 0.300,000 yards of serge tonnage. The performance of loved, will before many years their, skill foresaw the demand lost in the all-ombracing torm of cloth for the army.
that risk over the years that laya: bestod lead to a gradual for the produce in question and mubaidies de in the overall loss. Rayon goods were slow:-ha- | Ilo alioand la being imperfiled by but arousing retuction In the they, in turn, in the wisdom of nutained --**** ·Hättōnailsed sociated Press,
the extent to which Government, size of the mercantile marine in their experience, sought the industry.
July
Spot
October
December
March (1963) ..............
May
July
October
December
30.30
30.43-30.44
30,31
25.99 nominal 30 Industrials 34.27-34.52 20 Rails 54.00 bid
15 Utilities United Press.
40 bonds
NEW ORLEANS MARKET
Spot
July
October
December
Maret (1962) May July Clober
December
Clorind rate June 20,
30.45
30.33-36,20 SONO 2023 bia 25.02 bid
34.30 bid
34.00 bid
United Press,
New York, June 25. Closing bank quotaitons;
Tild asked 2014
Bank of America
Class National National City
45%
Ussociated." "Prom
as
42.47
100,57 United Press,
DULLNESS
New York, June 25,
as
tho
not
rankistently ruined
arison t
Te
SUPPLY AND DEMAND
comprised
in the
truce in Korea iniši in 1980 and carller, and money, sa sot aside for repiace iluations attribulable
Bo
and older
not
seasons.
bo.
of
the
OLLE July September
other
1.0916
1.04-1
1.5016
1.0012
1.0112
1.07%
1.7014
New York flour-per 200 lb. Back. $12.03 -United Press.
U.S. TREASURY
Washington, June 25,
1768258,430,064,094
by 4.az.
Ê TINT So Gold reacta A year ago
July September Spot
7,01 nominal 7.50 usiced
0.74 0.74
4.00 nominal 5.00 traded
0.40 nominal
8.50 nominal
B.80 nominal
3.52 nominal 0.15
United Press.
Japanese Bonds
London, June 25,
“A” (4 s, of 18001 "E" (4 #, of 2010)
*ER, (1 a. of 1936) "E" (3}{*. of 1034)
United Press.
Japan, bonde
Gas Pepper Price Holds
“Amociated Prem,
Now York, June 25. Black pepper prices helt alendy to firm desplie the weakness in other markets resulting from the Korean, waaro moves. Local dealers quoted epot pepper. at around $1,72 a pound on exdock basis--United Press.
on
Seeds And Oils
New York Juno: 25. Prices in the seeds and oils
changed" "with" "the" following exceptiona;LAMPADAN VARP). [New York, June 20.
Castor. Seed, per long tón, Dealers quoted copra nominal- F.O.D., Brazilan pari, 2.83—13 at $170 per short tota United PresN,
United Press.
་ :
I