MESSÄGERIES
MARITIMES
MM
ARRIVALS
"LA MARSEILLAISE" from Marmelle "QUISTREHJAM" ..... from Julian. -
SAILINGS
PASSENGER/FREIGHT -BERYICK
to Japan
to Marseilles
*A MARSEILLAISE”
*LA MARSEILLAISE”
FREIGHT SERVICE ·
"QUISTREIAM”
"MEKONG"
"MEINAM"
6th Apr. 16th Aug.
tih Ask. 22nd Aug.
„N. Africa & Europe 17th Aug. N. Africa & Europe 30th ALE ..N. Africa & Europe 27th Sept. for
FORT SAID, TUNIS, MARSEILLES, ALGIEES, ORAN, TANGIER, CASABLANCA, HAVRE, DUNKIRK,
ANTWERP & ROTTERDAM
"ALEXANDRE DE RHODES" to Saigon
9th Aug.
CIE DES MESSAGERIES MARITIMES
A LIMITED COMPANY IN CORPORATED IN FRANČE ******* Queen's Building
Tel. 26651 (Threa Linas)
Battle Over Big Business Controls In United States
+
New York, Aug. 6. The question whether a clique of insiders runs the big business of this country through interlock ing directorates is up again in Congress.
THE CHINA MAIL, TUESDAY, AUGUST 7, 1951.
West Germany U.S. Steel Companies
Outdoes Hitler
Bonn. Aug, 0.
The total volams of ex- porta from West Got many whe more than twice greai as a monthly averago of exports from Eller Germany In 1938, oficial fitures showed on Monday. The demands erested by the Korean war shot Ger- man shipments abroad to a post-war record of $207, 000,000 in June, Fifteen Naxi rana or Years Ago,
palley re- butter export gistered a monthly average of $113,000,000, compared with $100,000,000 in Leat September. United Press,
DEADLOCK
OVER
TIN FEUD
A
feud
over the
"give the key States treaty" cartel.
•
11.F.C. Administrator, Mr Stuart Symington, is spear- heading a US campaign to drive the world tin prices down. He describes the opposition as "interlocking directorates and. exercised by a tight control, few groups in tin producing industry."
And tied with it is the question whether & corporation should be run by à board of directors made up exclusively of its own executives. Some contend it is better to have the board heavily Mr Symington is willing to weighted with "outside" directors from corporations and financial institutions to keep an eye on how the affairs of the company are being run by management.
pay
Bollvin other
which supplies about half of all tin concentrales
Senator Humphrey, Minnesota | directors pay larger salaries to Democrat, has a bill in
the their executives than this com- Senato to prohibit multiple pany does." directorships in large
The chairman went on to say corpora- tions that is, to prevent the that oil compáry directors executive of "one corporation should devote their full time to sitting on the board of one or the job, should sce that more olher companies. Like
subsidiaries have competent and other opponents of interlocking efficient management, and have directorates, he contends that intimate knowledge of personnel them directors can Interlock tha and petroleum industry prob. affairs of their companies
and loma.
He doubted if outside stifle competition.
directors-bank presidents and examples, the opponents the like-Alled the bill. As point to the board of a large
Another stockholder, steel company which has re- presentatives of three railroads, award shares for 40 years, ended
that particular
who
with:
debate They note that transportation is the minute you put some out- one of the steel industry's im- portant problems. And four oil side directors on this board who difference know the on don't companies are represented the board of one of the nation's between kerosene and gasoline, largest banks known for its I will sell my stock." close financial ties with the oll industry.
to the U.S. at $1.12 a pound for tin. This is 67 per cent higher than the pre-Korean war price of 70 cents a
a pound. But so far bas no takers. Price of tin shot up to $1.83.a pound, during
he
Earning Less While Output Is A Record
HIGHER TAXES CUT DOWN PROFITS
Pittsburgh, Aug. 6.
American steel companies earned less money in the second quarter of 1951 than in the same 1950 period while producing at record levels and sclling more steel.
Quarterly income statements by all leading producers tell the same story. Steel executives cited higher taxes as the biggest factor in the profit decline. Increases won by workers also played a part.
The amount of money steel firms felt they had to set aside to pay their Federal income taxes rose sharply this year,
same
Quicksilver sagged as demand continued virtually absent, and
the week at the racial closed $200 to $205 a flask, 70 pounds nominal, “compared with
last week's $205 to $210.
TIGER SITUATION --
HONGKONG SHARE MARKET
(from Our Correspondent)
Union Underwriter 30
105 .2K Fire
DOCKS. ETC.
•
K. Whart 80% N. P, Whart 4 Provident 1134
Wheelock
+ ·
.. 24.70
25 @ 1470
1000 @ 3.70
5 300
490
Bethlehem Steel, the second | Reconstruction Finance Corpora- largest steel producer, said pro-lon. The new level in the sam Washington, Aug. 0.
vision for income taxes in the as was quoted by the RFC from the end of world War II until six-month international! Brat half of 1951 claimed up to
late In 1919. American in $87,100,000. But in the first six purchases appeared to be dead- months of 1950, a provision of locked as the Government only $42,500,000 did the trick. slood Arm on its refusal to The company made $23,020,- to the United 770 the last quarter compared to the world with $31,007,643 for the
Business оп the Hongkong period in
Stock Exchange this morning. United States Steel, producer
following the holiday, Was of about third of America's
Noon $237,941.40.
quotations India Manganése ore continuzd | and steel and the biggest sted mak-
tha transactions during er in the world, told the same to edge higher in a strong morning were: story. "Big Sicci's" scoond quarter income was 158,133,716 market and was up four cents a
long ton unit (22 pounds) at BAMES DUYERS BELLERS, -BALES this year as against $09,861,400 | $1.15 to $1.22.
BLANKS for 1930's second quarter.
Other metal notes: The ex-
HK Bank HD 1405 in key US Steel shipped a ricord-tremely tight situation
Kost Amla ..1091. breaking 6,430,653 tons of steel metals was pointed up this week products last quarter. The pre-when the National Production INSURANCES vious record was 6,000,892 tons Authority banned the start of set during the preceding quarter. virtually all new large industrial
Republic Steel's second quar- and public construction projects. ter earnings siipped from $21,- until October 1, when they may 080,742 in 1050 10 $20,058,110 or may not receive metal allo- this year.
cations
under CMP.
of realdenccs, The majority RECORD EXPECTED
those in the luxury class except But before any provision for and other small projects which the first 8 months of the Korean Federal income and excess
pro- and war when the United States its taxes were made first half can get along with sharply limi ted amounts of steel, copper and $85,729,403 this aluminium, may go ahead. was buying heavily for defence earnings were needs and to build up its stock-year compared with $68,702,078
NPA
Administrator Manly pile. But when it was learned the year batore. Federal taxes Fleischmann also announced that that a large quantify was being 200.000 in the first six months withid controls to manufac totalled $59,000,000 against $31,- formal order will be issued few days extending of 1950.
rst $1,000,000,000 year in his-autos, refrigerators and television
Republic expects to have its
ef civilian goods like turers would no longer play.
tory this year. First half sales set
sets, effective
October 1, Tin purchase by the govern volume was put at $31,843.925. Until then, users must continue meni
and was suspended
The 1950 six-month figure was to hunt for their metal supplies week later, the R.FC. ипа
$418,901,773.
without priority help. named, a sole agent for both the. Jones and Laughlin Steel, the Th
The Atomie Energy Commis. tinJonck government and" private
United fourth largest company, reported sion announced that US uranium transactions in the
ted second quarter profits of $8,870,- output increased appreciably in con-
Hope States. Only a dribble of
000 this year. The second quar- the past year. This country centrates came into this country ter of 1950 yielded $11,005,000. new 15
only to the Bel- STORES, ETC.
· since then.
second None has been im-
And Mr said Its
National Steel Corporation glan Congo in uranium produc- ported from Bolivia.
net earnings for the fin
the Soviet orbit. outside Symington has declared an open
second quarter dropped from
697guros on uranium behind the world market with tin produced by the government-owned smel- this year. That company set Iron Curtain Associated Press.
side only $10,780,000 for Income taxes in the second quarter of 1950 but this year upped the @gure to $24,- $25,000,--Associated Press.
hold on the world market for sale to the United States at $4 a pound, the government said it
cersen
on
But elsewhere the debate goes price war by underselling the $16,814,351 in 1950 to $14.00 The Commission said it has no
on and on, and probably will came up again at next year's
Federal Interlocking meeting of that oil company's directorates-a whipping boy stockholders.-Associated Press,
"INISTER" of
Opponents
of the 1930's-profess, to sce something sinister In this. Those who believe in the system may is only natural, and to the benefit of all, that thoge
with similar interests and special skills should tackle problems together. They insist that those who have special
of the business make poor directors.
Senator Humphrey
knowledge
NEW YORK
по
COTTON
FUTURES
hns
estimated that his bill's pro- hibitions would affect one or more directors leading
manufacturing
Last
Brm
ter in Texas. Today, the R.F.C.'s price is $1.03 a pound. United
Press,
New York Stock Exchange Rise
at
New York, Aug. 6.
to
on the stock ex- |
of
LABOUR UNCERTAINTY
NEW YORK FOREIGN EXCHANGE
US$0.08 1/10
2.89 18/10 2.50 bisi 2.50 ogled 2.8012
U
unofficia}
30-day futures
D0-day futures
23032
2.232
ANA 2005
01094
.1439
00253
4.20
2030
110032
,1403
0350
0263
DU33
-NEW - YORK;--Aug-5.—-- Uncertainty over the prospects for labour peace and continued high production in the copper, lead and zinc industries do- Closing rate. August 6.
My Canada "(dollar) minated the metals news. lnst England-off week. An estimated 80,000 mem- bers of the International Union Mine, Mill and Smelter Prices ran up in fractions 'New York, Aug. 6.
Workers (Indiperdent) were Australia (pound) hour strength in the over a point
(pound) change market, moving indus-voling on whether to authorise New Zealand
South Africa (pound) in about 200 stock market and covering trials to the best levels in over their leaders to call strikes.
and early
Belgium (franc) sellers brought
is the bargaining Denmark (drone) The Union 21 years. mining corporations and 25 re- close of cotton futures. The
Trading was moderately active agent at most of the major cop-France (frame) tail corporations. It applies to activity was limited and prices
1,100,1
0,100 shares. The House Permings, refineries and smel-German Deutcherna
Holland (gullder) backed and filled within a range companies with capital,
ters in this
country, as well as tais-official most of the Appropriations Committee ap surplus and undivided profits of 8 points for
some large session.
traders Outside exceeding $1,000,000.
mark-proval of a huge defence
and zinc and sers of lead Norway, (drone)
important Portugal (escudo) number penditure plus a American Instituteed time, pending the govern penditu But the
milis brass
in Connecticut The Spain (peseta)
The Sweden (drone) Wednesday.
favourable corporate reports Union decided to stek strike au- Switzerland-free of Management of New York ment report on is advising its members today Most business was originated bolstered the market.
thorisation on on lodustry-wide Middle East Oll shares led the industrial basis after months of negotia- Egypt (pound) Jocal among that interlocking
professional talent direglorates
higher. Motors Anished per with a small contributory selling sector are held by some 10,000
in emerging the form of liquida higher. Steels improved. Utili-ion falled to bring agreements Tran (rin) in 10,000 leading cor
on many of its labour contracts, ac dinner) sons
ties were dull and virtually un-which expired either on June 30 Latin America tion and hedge offerings. porations. And it looks that all
changed. of 1,116 issues trad-
Argentine-oficial bill's more private crop surveys might come under the
the indi-ed, 571 advanced, 301 declined or July 31
Among peared. One placed
the Union demands are Brazi (eruzeiro) ban.
bales and 244 were unchanged. cated yield at 10,830,000
a 20-cent an hour wage boost Chile-free
Bolivia (boliviano) "INSIDE" BOARDS
Dow Jones
at the avorage other. at 17,135,000 bales. contends that However, The institute
and increased pension benzilts. Columbia ipeo) session #tood
16 Results individual end of the some
of the companies with "inside" boards traders still think
balloting were Cuba (peso) that
the follows
expected to be announced with Mexico (peso)
Peru-dren in the next few days.. Wide Uruguay (pes) spread
work stoppages in the veneruala (bolivar) metal mining and fabricating Far East Acids could seriously affect the India (rupee)
and Pakistan (rupee) carmament programme civiilan Industry, and upset the Netherland East Indies Government's tledgling Con- Singapore
rolled Materials Plan for par OF
celling out short supplies of key metals. Members
will be favoured.
and
Two
20 Rails
These chose figure would be around 18,000,- 30 Industrials all, or mast, of the directors 000 bales or even higher.
of their own from the ranks
The market opened 13 lower 15 Utilities executives. The bill would leave these boards intact.
to 2 points higher, it dipped to 40 Bonds losses of 11 to 17 with "outside" maximum Companies directors not otherwise
points, then it closed 2 higher neeted with the firm, save per- to 3 points lower. Prices closed lops as owners of stock, would today as follows:-
con-
suffer most, Banks and Insur Spot
October
ance companies have the largest December percentage of outside directors, March (1952) but many large industrial and May
utility corporations have a ma-
July
October
jority of outside men on their December boards. These outside directors usually have posts with other corporations, and
the needs,
265.21
€2,00
45.43 178.82
United Press.
36.22
SURPLUS
34 29-34.34
34.30
3420-34,30
3429
34.00
34,62 -32.55 32.47
United Pres.
IMPORTS
Stockholm, Aug
thus know New York Sugar 54140,000)
plans and Interests of both.
special
Futures
New York, Aug.:6.
another the United Steel Workers, Congress of Industrial Organisa- llors, 5.
Turkey
(line)
Jongkong
Japan
200
.00125
2,01
3275
,0720
0850
0150
100
.1255
0000
43257
2003
2103
2031
.1754
3040:
LAND, ETC. HK Hotel
4.85
Land
38.70
1.10 1.20
400 m 3A%
20 @ 30
S'hat Land..
UTILATIES
R.I.L.
ROYAL INTEROCEAN
Date
In Port
Di Ang.
11th Aug. 17th Aug. 22nd Aug. 20th Asx.
1st
Sept.
11th AuX. 11th Aug.
10th Aug.
Brd Aug.
20th Aug.
28th Aug.
GI Rept.
Date
131 Auz.
10th Aug ith Repl. ild Sept.
2nd Werk Oct.
(5th AUR
ARRIVALS
*VAN KEUTS27"
TJIRADANE"
"TJITJALENGKA" "TASKIAN" *THBESAR" *NOKSEVÄIN” "THWANOP",
VANIRUTAZ "TJIBADANE" "TASMAN"
Japen
LINES
From
We America, 8. Afrien, Singapore &
Manila
Macamar, Javá. Pozta & Ringapore Japan
8. Africa, Mauritius & Ringapore
Macassar, deva Ports & Singapore
SAILINGS
UT JETJALENGKA”
"TJIDERAB"
*BOISSEVAIN"
"TJIWANGP
To
Kingapore, Penang ✯ Belawan Dell Vokolama & Japan Posta
Singapore, Semarang, Tiirebon,
Djakarta & Belawan Dell Singapore, Java Porta & Marsukar Yokohama & Japan. Porte Manila, Bingapore, B. Africa & 8.
Americm)
Singapore, Java Ports & Macassar
Agents: HOLLAND, EAST ASIA LINI
Ship
"AAGTERENK" MALMKERK" "ALMKERK" "ITOONKENK" "LOOGKERK"
"AAGTEKERK” "ALMKERR" "ALMKERK" "FOOOKERK"
tint Aux.
17th Bapt
Stlā nept.
2nd week Oct.
"HOOGKERK"
ARRIVALS
Japan
Europe Japan
From
Europe & Singapore Japan
BAILINGS
To
Manila, Bingapore & Europe Japan via Manila
Manila, Singapore & Katope Japan via Manila
Manila, Blogapore & Europe
FUKING'S ALABANG, TELEPHONES/:2081FATO: 280122.
C. Light INI
7.06 1.10 500 1.03
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW-YORK, HOSTON, BALTIMORE & PHILADELPHIA, vis
SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS
M.S. "OLGA MAERSK”.
Tram
131 13.00
400
P. Tram
10
Star Terry
7036
C. Light (0)
C Light (0) 6.00 6.99
Electric ... EK
1000 2716
Telephone 1140 · INDUSTRIALS.
M.S. "GRETE MAERSK".27 de 4
Aug. 7 Aug. 14
M.S.
"LAURA MAERSK”
- Aug, 20
ARRIVALS FROM U.S.A.
14.30 14.60 3300 @ 14.30 10.25 1000 10.75
M.S. "HULDA MAERSK” M.S. "TREIN MAERSK" M.S. "PETER MAERSK"
Aug. 20
Sept. 8
Sept. 14
Coment.... 1740 141 500 11.10 2000 11.20 10
Dairy
Wetors
WYPIONS
Ewo
500 1.20 For Freight and Further Particulars please apply to:-
Cotton Textile Market Dull
.
New York, Aug. 0. The cotton textile market was dull today. Buyers and sellers appeared to be awaiting' the first government estimate of the 1051 colton crop to. be issued on Wednesday,
The 'size of the erop figuze, It was felt, will help to shope the trend in coiton goods prices, although some dealers emphasised that there is
demand for aggressive
gray
cloth.
מם
The wool goods market was virtually stalemated, rofleeting the absence of civilian demand,
Rayon goods wero easy, with talk of some further curtail- ment of production by gray month-As- foods mills this Bociated Press,
Pepper Prices
New York, Aug. 6.
The black pepper market remained dull with buyers and sellers still holding off. Dealers Indicated on a nominal basis at 81.69 a pound for spot and near- 300 yan to US$1 by delivery and October ground United Press.
51.88 a pound. August/Septem- ber
shipment was quoted at round $1.67 a pound, but some sald the business might quartere bo possible on a lower basla with firm bid. White pepper was quoted on spot at $2.00 and ofloats due around mid-August
ended their four-wock Chicago Grain
Futures
AGENTS:
JEBSEN & CO.
Pedder Building-
Tel. Nos.: 86066-9.
M.V. "LA MARSEILLAISE"
will sail for YOKOHAMA and KOBE
via MANILA
on
THURSDAY THE 9TH OF AUGUST AT 10 P.M.
Passengers are requested to board the vessel with their cabin baggage on Thursday the 9th, of August: between 5-PM, an{ 7 PHI
Baggage Room and Hold' Baggage will be registered at Kowloon Godown No. 50 (No. 2 Gate Canton Road, Entrance), on Wednesday the 8th of August, between 9 AM and NOON and 2 PM and PM Imperatively. No Baggage will be accepted for Registration after this time.
CIE DES MESSAGERIES MARITIMES SA LIMITED COMPANY INCORPORATED IN FRANCE: Tel. 28861 (3 Linea) Queen's Bldg.
at between $2.50 and 255 A SOUTH CHINA MORNING POST
pound-United Press,
Blow expo Exchange Rates
closed
Sweden's foreign trade in May strike at the Garfield, Utah, cop. resulted in an import surplus pir smelter of American Smelt- of Kr $1,000,000, exports ing and Refining Company ind
.. Kr, totaling
785,000,000 went back to work pending an
imports investigation by
Chicago, Aug. 6. and
the
Wage Kr. 840,000,000 (£60,340,000).
Stabilisation Board.;
Chicago grain futures closed The bill would leave the "in-.
STRIKE EFFECT
weak and encountered hedge or respectively Kr. 327,000,000 sido, boards comfortably intact,
and Kr. 355,000,000 more than This strike was estimated to selling against increased receipts
have taken 24,000 tons of copper demand Wheat with the management ́securely
the following in May last year. in the saddle and representing and directing itself," the Instl
For the January-May period out of production channels. Trade World sugar closed today five the value of exports amounted authorities estimated at least higher to lower, soybeans Auto says.
gher to 18 lower, with sales to Kr 2,927,000,000, or Kr, 887,-two months would be required to were to lower. Corporalions, however," "are totalling 80 contracta.
Prices closed today as follows: divided on the merits of sharply
Contract No. 6 closed today000,000 more than for the same restore the copper to the market.
Deliveries of copper made during What-price per bushel Inside and outside directorates. with sales totalling 60 contracta period of 1950.
About. 70 per cent of the in-July will total about 115,000 tons September The matter constantly comes up
Consumer orders for August Desember crease relates to forest pro at annual stockholders'
ducts about 11 per cent to fron shipment placed so far under March (1952) ings.
and steel and approximately five Controlled Materials Plan pages May 821 nominal per cent to machinery, while gate around - 40,000
meet-
CHAIRMAN'S STAND
you tell me, Mr. Chair
"Will:
man," asked
one
which has an entirely
March
Prices closed today as follows:
Contract No. 4 (world) September
500 traded Jaguary (1052)
*3,60 traded. 921 traded
May
a stockholder of Beptember of the largest oil companies Spot
inside
Contract No. board, "how you can
decids September
January (1968) your own salary and thlak of ch the stockholders first and your May solf second?"
Boptember
The chairman replied that p many companies with outside
831
8.31
H
6.90
5.37 blo
B41 traded
Exports of farm produce, have shown apme decline.*** Imports
Allaration ons(10) Spot -
Corn....
August
shipment: slappedred December
for the hyo-month period total in volume this week Som? tard), (1052)
total members of the industry ald May
Kr., 3,071,000,000, as against the allocation apparently totale sul Kr. 21228,000,000, 11 January, led more than the supply avall. September
4 min May 1950:: LAIKY
0,00
14
0.02 nominai
United PremĄ.
recorded for textiles, fusis, from Prico eliana this week Tint And
steel, automobiles and was trimmed three cents a pound foodstuffs.
Įto $1.03 on August-1 by the i
2407-4 2.42-12 *2.42
1,003)
1.70 asked
Businear was done in the local unoticial OXCIURIO markot this sterling, note (per 1) morning at the following rates US. Dollars (per
Indonesia puikiona, (per 100)
Sjam tiesls, (per 100)
· Singapore · (Straits)
FIC plastres (per 100)
43024
Copra · Offerings
12:00
New York, Aug. G
· Copra offerings at $182.00 per short ton met: Indifferent buyer inforest, buyers and reportęci. Coconut oil was quoted.: K conta a pound,
300 Lb. Back lower at 1345
nominal-United Press.
THE CHINA”. MAIL
SUNDAY POST HERALD
THE MOST EFFECTIVE ADVERTISING MEDIA LOT) 99 25}TIQOMMOD DENAD
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