MESSAGERIES M
**L. MARSEILLAISE"
THE CHINA MAIL, FRIDAY, SEPTEMBER 21, 1951.
MARITIMES Another Siamp Tory Victory Would
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CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong
Queen's Building (gr. fnor) Tel. 26651 (3 lines).
Gaitskell Gives
Unions Something
To Think
Think About
London.
In Wool
Wellington, Rept, 20.
Wool pelerk slumped Agala today. · Buyers 'gen- erally held off, with tealers being moni active and local mille occasionally lakb -better Unra.
Halfbred clutchlugs were 10 to 20 pence per pound below last week's prices. Fleece, halfüred, Corrie- dale and merhus were & to 10 per cent below the A little Dunglin vela.
Ruper was sold at over 00 pence, the best price being 1216 pener.-Winfied Press.
Rush To Buy In London
BOOM IN PRICES OF SHARES
London, Sept. 26. About £90,000,000 was added on to the value of British industrial shares plane today as traders rushed to buy shares that they expected to benefit from the qutcome of the general election.
More millions were theke! on to the value of these over
coppers which stund to benest from the disappearance of the proposed dividend freeze, had been even higher.
This moming. the advances
Mr Gaitskell threw out at the Trades Unioneas shares ch is rubber aux Congress at Blackpool, as an idea to be "chewed over," the suggestion that a remedy for what he described as the still far too uneven distribution of property might be found in some form of partner? ship by workers in individual firms or in industry through the distribution of bonus shares from rises in undistributed profits.
The "chewing-over" process began privately and informally among trade-union leaders when the Chancellor of the Exchequer had gone, and produced some interesting notions.
In five days of making this were more
and was the only idea that emerged down
Re-education
than enough high- fy-blown catch- as an escape, or partial escape phrases of the old sort at this from exploded Socialist theries Congress. He and other leaders on short cuts to better living,
that the trude-union greeti In a spouch which everybody movement has to face up to a admired, but nobody scenied 10 re-education that will be difficult
Del upon, the Le prepared to
and painful. of practi- Chancellor disposed erlly every one of them, cape cally higher taxation of pro
ils and of the incomes of the subskies, and #rich," higher
frui wates extract upulent corperations.
Nevertheless, Congress, able to get away tom tradi- afterwards to tion proceeded demand, in effect, more sub- sidies,
more effective
more
"control" of profits.
of the trade- union movement after half a century of one-way propagandu is not cast and the leaders who recognise the need for It must go carefully, for they take their
unrade-unish yes in their hands,
HOW THE WIND BLOWS The informal discussion C.T
the Chancellor's idco produced
the.
following
suggestions.
Though they must not be re-
Corn Leads Upturn In
Page
Tory Victory Would R.I.L.
Undo Socialists'
Control Of Dividends
(OUR OWN CORRESPONDENT)
London, Sept. 20.
If the Conservatiyes are returned to power at the general election they are expected to undo two recent Socialist measures restricting the freedom of companies registered in this country buf operating in the Colonies.
The first of these measures to control divi-!· dends during the period of rearmament -was
first proposed by the Chancellor of the Exchequer, NY Cotton
Mr Hugh Gaitskell, during the economic debate on July 26.
The proposal has not yet become law.
HONGKONG SHARE MARKET
(Our Own Correspondent)
1
Makes Good Comeback
While a Tory government would remove this. threat-ot | dividend control, the effect would not be the sume on all
New York, Sept. 20.- sections of the market.
Those
Cotton futures mate a snappy charca which suffered
most comeback after a shaky stut. heavily when the proposal wea Scared shorts ran out on hold- first
announced will register the log movement reports, biggest gains. Shares of com-phasised by newa that a
panies, operating overseas-par-hundred Congressmen had ad- ticularly tin and rubber.com-vised farmers to withhold the dividends would 1051 crop from the market until panies whose be drastically reduced if the the price rises. proposal ever became law—will find more favour with investors
than they have done in the past wus few weeks.
Business done on the Stock Exchange this morning valued nt $752,502.50. Noon
prices and the tnorning's trans- actions:-
Stockpiling
talk, plus plans to expand short-term cotton lcans to foreign collon users and inflationary sentiment, tent
In fact these shares were the Impetus to the inlly. Late trade
WDB concentrated first to react yesterday on rum-demand
SARES RUVERS SELLERS SALES ours that a general election was nearby months.
BANKS
HK Bank
The marktel was.crowded half | INSURANCES
an hour before the official opert ing time and dealings were | wño. But Inter
nud people prices becanic calmer.
Any general election intro- duces some uncertainty. Under any government Britain faces
1530 15530 17 ta to take place in October.
Fast Asia
122
Union
750
10 GD
RK Fire DOCKS, ETC.
1:05
K. What N. P. What 0.05
04 200 13 M
500 1500
Dock
17.40 Provident. 34% Wheelock
serious problems and a dimeilt LAND, ETC. winter.
At the close buyers were pausing. Prices in many 6CC- tions were off the top but still well up on the day. In addi. tion to British industrials and rubbers, coppers and some oils
Kars were flimly held. and
Foreign
bonds had a cherp Int shake-out in the morning
argumenti rallied later on the
merlis that they have
other
than mere immunity from n Brith dividend freeze.
27
2000.
NOW
POSSIBLE EFFECT
and
on
Favourable crop news and dullness in the texile markets also made buyers cautious at
It will be recalled that Mathe start. Although recent layan tin producers and rubber aidespread rains over the belt
other oversens have reduced volume of mar growers
tradera 3.na mining companies have already ketings,
felt that 510 submitted protests against their molsture would beneẞt the crop 5.10 inclusion in the 13 00017 dividend
proposed in the long run. control. These may prove to have been
The market opened 6 43 12 un-
points lower, it dipped to Another Conservative victory
in the the points
forenoon, then polls is that the new measure tallied in The last hours 03 1500114 Incorporated in
the Finance holding movement talk. 1
Anished 23 points higher 330 13.33 Act which makes it unlawful
for conipantes resident in this October and 8 points higher to country to remove the sea! of 8 lawer on the other positions.
Kotel. 0.30 #45 1000 0.33 Decessu possible effect at a maximum losses of 15 to 20
HK Land XD S'hai Land. Humphrey's UTILITIES
Tram Punk Tram 18
(01
Star Ferry
*
C. Light (B) 0.25 Electric XD, 3414
3200 #1: 8.40
a'
on
ROYAL
Data
zia Rept. 22 Rapt
etch Dept. 29th Sept.
1st Oct
3rd Oct. 910 Oct.
12th Oct. JÉTH Det Zud. Nov,
22rd Sept.
1st Oct.
I net.
4th Oct. Ain Oct. 121h 14 Oct 17th Det. 18th Net.
Date
net. 11st net. 11th Nav.
Skip
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KING'S, BUILDING, STELLPHONESİ"28015; 40 (28017
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FAST FORTNIGHTLY · SERVICE TO:
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NEXT SAILINGS
2)
C. Light (0) 0.45 C. Light IN 5.39 5
303 204 # 191
3000
B
the control to the country of
500 55
their overseas activities without
Price closed as follows:-
3000 or 5.0
the consent of the Treasury,
of
1000 4.35
2000 ar 5.40
6000 or A) 1000 G 34 12,
ay now be removed from the December statute book.
October
Blarch
(1902)
33.23-33.24 29.10.33.11 25.10
M.S. "TREIN MAERSK"
M.S. "PETER MAERSK” MS.
NICOLINE MAERSK”
34.01-34.02
300
200
341
34,40 debate on the Finance Bi
Purpose of the clause was to
October December March (1953)
23.01
13.55 bld -United PrePF.
MLS.
"NICOLINE MAERSK”
M.S. "SALLY MAERSK”
Telephone
14
Typically, German Dawesi bonds, which were. below 20 few menibs ago and touched INDUSTRIALS
yesterday, fell below 62 0714
Cement ..... 13.05. this morning but closed at over
The Conservatives vigorously May 100 34.40 contested this clause during the July
14 000 131; prevent companies wilt over- scas Interests emigrating to
the heavy burden .escape
U.K. taxation,
Rope STORES, ETC.
Dairy Watson LA Crawford
New Ewo ....
3400 a 13.00 215. 1000 10
17 11 200 @ 17
2.00
55.
News of the election benefited Sterling in overseas free mari kels where it has lately been COTTONS webk
Pound notes In
York rullied.-Reuter.
NEW YORK MARKET
New York, Sept.-20.
issues le
slock
Specialty
garded as considered judgment Grain Prices prices higher under the influesice
they do show
blows.
1-Industry
and generally
buffer
ትና
how the wind
should create a
in
would
suggested.
of various news development.
Trading was partlendárly ce- live in the last hour with total volume reaching 2,100,000
shares.
ན
Chicago, Sept. 20. bl central rund, by levy or Corn led an upturn in grains taxation, to be used to main on the Board of Trade today, tain wages
or pay subsidies, advancing around two cents at
Specialties ran away from the to be employed one time before giving up some
main lis. Ralis hati some good in difficult times. the ground gained,
Trade This would, it is admilled, be
reports that Spain, goins bui oils and steels were Ireland and Great Britain were inixed. Molors, firmed. Me als additional charge on
Utilities briskly. but dustry,
inquiring for cash comI Industry
Have tose
within a-narrow range. derive some advantage from some strength to this grain.
1,159 Issues Traded, 147 It was The fund.
Trade reports that Mexico was should
administered by in the markot for around 1,000,- declined, 438 advanced and 244 be
were unchanged, independent body.000 bushels of wheat as well as some joint
Dow Jones averages at the end delay Ira harvesting the and not by the State.
2-Dividends should be limit-Canadian crop because of bad
of the scaston sicod as follows 30 industrials cd
reasonable amount, weather helped firm the bread to a
20 rails distributable surplus cereal. and aux
15 utillies beyond what was required Ir.
and Oats. rye
soybeans moderate gains. Price 40 bonds trends in lard were mixed,
11
this should be divided between scored shareholders and workers.
3-Any such partnership - Wheat clered unchanged to
to be accom-gher. Stolember 62.41; December
rangement ought
LONDON TIN
MARKET
London, Sept. 20. The tin market was frin.
OEEC WARNING
30.21
33.00
NEW ORLEANS MARKET
of
-
Bpot October December Aarch
Parts, Sept. 20.
34.09
33.10
33.00-33.01
35.21 Dia
United Press.
A warning against the limita-
BUREAU REPORT tion of dividends is contained in a report of the Organisation
Washington, Sept. 20. For European Economic Co- The Census Bureau reported operation. -giving-ndvico-lo today that U.S. cotton consumg- Western European countries oftion in the crop year ending the
of encouraging July 30 totalled 10,081,060 bales, capital movements in the form compared with 8,850,888 bales of Intra-European Investments. In the previous crop year.
The report approved here to- Council
meas
day by the OLEC
Cotton on hand in the son-
Turnover was 110 tons, includ-sloted that the need to stimulate suming establishments on Sep- ing 5 tons for cash.
intra-European investment had as increased in recent months,
the official morning session
Pelces closed at the end of
spot is buyers
follows:- held Spot tip, sellers
Business done at Three-thontlik tia.
buyers
sellers Settlement Business done at
274.10 35.34
Three-mantha tin,
040
ALCO
145
005
010-07
United Press,
tember 1, was 1,033,401 bales, compared with 1.147,000 bales u
Less capital was likely to be year earlier. available
from the
United
WOR
that
The Bureau
reported cotton, exports in this crop
Cotton on hand in public 1,402,235 bales, Stales owing to American de-storage
compared with 4,078,265 bales fence considerations,
a year earlier. To remove or reduce the ob- Active cotton spindles totalled. foreign investment, 20,755,000 compared with 20,- stacles to the report urged the main- $32,000 a year ago. tenance of Internal financial stablility,
guarantees against U.S.
risks anci Itransfer or expat just com- year amounted to 416,975 bales, |
legal assurances Ponsation would be paid to the compared with 5,771,449 bales pwner in the event the previous crop yezṛ---
United Press. "Lenders should not nitach conditions to loons which would have the effect of preventing the borrower from using the loan to his best advantage," the [report said.
13.30 Rubber Futures ion
180 80
United Press.
sanfect by a workers' share in 321-10. Afarch $2.48 May $20 New York Sugar
management; the workers, it
July
Corn was Pp-2!4 high.
September
Oats were 1-1, higher. September 012-3
Bye, new style, was one to 75, 4-State enterprises run at a higher. September $1.7034, profit (Ul Post Omve, old styles, September, 51.60. example) would have to divera comparable partnership status September $2.7632Asmelated Press. to its employees, and something
was said, have been disappoint- $1.733-1 ed by the fallure of State ownership in this respect.
would have to be
for done
Soybeans were cãe to 3% higher.
workers in State-owned key Advice To US
ndustries run at a loss,
5-There must be no impulf-
ment of the power and freedoms
the trade unions.
of the
OLD BELIEFS DESTROYED
Incidentally, if the
Investors
Futures
In Singapore
Singapore, Sept. 20. Prices of rubber futures closed today as follows:- Number 1 rubber, per lb.
September New York, Sept. 20.
October Worki
clored sugar futures
November today 6 to 10 tower, with valce Number istalling 1093 contracts.
September Number
Contract No. 6 'closed 3 12 5 lower, with sales totalling -120 centraets.
Prices closed as follows:- CONTRACT NO. 4 (world)
January (1032)
2. preti
New York, Scpt, 20. Chan- Mr Wilfred May, an American | July"
cellor's idea is developed--and economist and
the Executive September
5.20 nominal
D.II traded
5.11
$12 nominal
4.12
5.45
CONTRACT NO. G
8.30 hald
5.34 bid
the "chewing-over" process will Editor of the Commercial and spat doubtless be continued formally Financial Chronicle of New York by the T.U.C. General Council today advised American Investors later-the Government must to wait for the Israel pound January (1039) expect renewed criileism of its devaluation before investing in | Match
May
July
action in extinguishing, under Israel. nationalisation, the successful profit-sharing system formerly enjoyed by many workers in trade section of the New York the privately owned gos
gas com: Beard of Tride, Mr Moy panies.
Profit-sharing has been frown-numerated the advantages, and deterrents of foreign capital
Speaking on the possibilities in September srael before the international Sp
....
Sends And Oils
ed on by the traile unions in investment in Israel.Unlteå the past, and is, still suspect, Press. The Informal conversations at Blackpool showed tha; auspicion still exists, som
. some Union leader sald proat-sharing would not work, anyway. But the cam try's circumstances have changál, and many union leaders now realise iijat, paal palicles mus be reviewed in the light of in escapable farty
New York, Sept. 20. Prices in the seeds and oils marked closed today unchanged with, the following exceptions,
Linrega
*
2
Number 4
rubber.
September
September
rubber.
Spot rubber, unbaled
Black crepe
No. 1 palé crepe
of
ADVICE TO FARMERS
Washington, Sept. 20. Democratle Represena ive Franks Smith of Mississippi revealed today that a group of 100 Congressmen have advisca TIMEE FACILITIES
cotton farmers to withhold 1951 "Countries should as far as crop from the market unil the 153-184 posible provide the Interna- prices rise. topal Bank for Reconstruction"
and he and cher 14734-140% and
House sponsor-
120-1681% 10012-157
Mr Smith
Development with The members of the are proposing
14114-14215 following facilities.
15144-1502
1164110 170-170 United Press.
Weekly Bank
Statement
Ing
"(a) The use of the 18 per that farmers place at least half cent capital subscriptions in their crops in Commodity Credit their currency.
Corporation loans as a tocans of their taking it out of trade channels. of 1.B.R.D.
"(b)-Placing on
markets
capital
bends
"(c)—Purchase with
flands
at
He said, "Demand factors present apparent in the supply the picture rake it clear that the
so acquired of national current price for cotton is not Currencies acquired by
the, fair. If the farmera will act I.DR.D."
"Restrictions placed by coun- irles on the activities of foreign London, Sept, 20. companies working in their ter
through The Bank of England sinte-ritery 5.40 nominal ment for the week ending branches should be reduced to
4.30 bid
3.40 bid
5.49
-Unlied Press.
U.S. TO REMOVE IMPORT CURBS
Washington, Sept. 20.. The Senate Banking Com- milles eday approved legisia- on to repeat the drastic now our which Congress put on
fals, qlla and
canuts last July:
permanent
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to exercise control of the market SOUTH CHINA MORNING POST
there is hope of getting a fair price."United Press,
September 10 Ankle na minimum and should not be INDIAN COAL
blia depasi Government securities
Private deposito
follows:
due to protectionist considera- Notes In elreutation £1,348.285.000 tions," the report raid.
"19,400,000! "No excessive obstacle should 204.001,000 he put in the way of invest- *30,867,000
47,010,000 merit of local funds. In com- .63 315,000 | panies controlled by foreign
capital."Bruter. United Press.
* Other securities
Receipta Hankruto
13.0
Imporis of predu and Exchange Rates
The
would
Business, was done in the Tacpl
market or how mesure the way
biggor uncrcial exchange Oil, in tank cars, cheese imports Shipments have more at the following rates!
Mertuis, nokā been called drastically as 8 B74298ars
10.74
FOR
BRITAIN
London, Sept. 20. Britain is to import limited quantities of coal from India -dext_winter, for use by "gax- works, principally In the Lon don area, the Minister of Fuct 'end· Power: onnounced today,
The move is being taken ip reduce, the risk poxt' winter pf having to supply gasworks at to $105 per zhort dan asked, the expense of the hourp coal Coconut oil was quoted,. at 14 market, tj. kader vansk
Copra Quotation
New York, Sept. 20. Copra was quoted at $137,00
Can'ar." Seed, per long''ton, Promily Sethi -ban 1 and more orionidia, "ilidora (b9r 109) W09/cenia Marked, but: dealersvine }} Buch imperts. Would ImprOVA
One distinguished, trade-inion New York, ner lb. 16.0 cents. leader summed It up in a phrase: kingpanday zblowąd. Well, there geminal, United Beads have protested
countries naper. (Stralis);
""Our high-flown phrases have F.O... Brazilian Port 930 than 4 1074LS12 Red "Prene.""" TIC) piesires, (per 100) |
Balented: that Businma: inlgbt be the prosperity of canta supplies ...ff done on a bid of 11-% cunha for så Siltish --- householder".
· 1965 United From.
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