THE CHINA MAIL, MONDAY, JUNE 23, 1952.
MESSAGERIES 17 MARITIMES THE BURDEN OF TAXES
MOM Curtailment Of Production And Savings
Arriving
Leaving. Outward For
Robe & Yokohama Japan
Homeward For
"DIR HAKET.” ............June 28 "LA MARSEILLAISE” ..June "MEKONG"
Juty 2 Japan
1
July 15
July 21
**MONKAY"
June 29
July 12
**MEKONG"
..Aug. ...ARE.
3
Aug.
B
Aug. 10
“LA MARSEILLAISR“ Inly 11 +DIE HAKEIM”
For Passenger and Freight.
N. Atrien & Europe Marseilles via Balgon N. Africa & Europe 27. Afzien & Europe
† freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles and West Africa by Transhipment, Madagascar by transhipment in Saigon or Djibouti.
Bubject To Change without Notice,
CIE DES MESSAGERIES MARITIMES P.O. Box 63, Hongkong
Tel. 26651 (3 lines). Queen's Building (gr. floor)
EVERETT
LINES
EVERETT ORIENT
LINE
Fast cargo and passengers service refrigeration space available for Korea, Japan, China, Philippines, Indo-China, Siam, Malaya, Burma and East Coast Indian Ports.
"LENEVERETT"
Arrives
In
Port from Singapore. . Sails June 28 for Japan.
"NOREVERETT"
Arrives June 80 from Manila. Sails
July 1 for Singapore, Penang, & Calcutta. Rangoon
EVERETT STAR LINE
Fast cargo and refrigeration spaces available for Koren, Japan, China, Philippines, Indo- China, Slam, Malaya, Ceylon, West Coast Indian and Persian Gulf Ports.
FIRST CLASS PASSENGER ACCOMMODATION M.S. "STAR BETELGEUSE"
Loading June 24
Sailing June 25 for Singapore, Madras, Colombo, Bombay, Karachi, Basrah Bahrein.
EVERETT STeamship coRPORATION S/A ÷ Queon'■ --Building, Tolophone 31206... Chinese Department: Telephono 28293.
Upswing In Cotton In New York
Cotton
New York, June 22.
week on higher ground,
list
Substantial Orders For Textiles
Japanese Ship Silver To New York Market
New York, Juno 22.
Govern- The Japanese mont consigned to the Chase National Bank in April large amount of silver for sale on the New York silver market, a bank spokesman sald today.
*
This is believed to be the rame 3,200,000 ounces referred to in s report out
earlier of Tokyo
today, The Bank spokesman. clined to comment on whether the shipment has already been disposed of.
do-
Doring BAY, Messrs
Handy and Harman, the cuit the bullion dealers price of foreign sliver in New York to 80% cents an punoe. The arrival of Japanese sliver is holleved to have been one of the factors contributing to prise reductions. -- United
·Press.
Indonesian Trade With America
from
GAIN IN APRIL
Washington, June 22. United States imports
Indonesia
gained sharply in April and that country now ranke second after British Malaya among Asiatle suppliers to this country, the Conimerce Department revealed today. Imports from Asiatic countries in April were generally lower than the previous month or in April 1951,
Trade with Japan, the Philip pines and Pakistan was at lower levels than a year ago, United States imports from Indonesia in April were $28,100,000 compared with $21,000,000 in March and $10,800,000 in April 1951. Exports to Indonesia in April were $10,000,000 against $1,500,000 in March and $15,800,000 in April last
year.
Imports from British Malaya in April were $42,300,000 against $05,300,000 in March and $48,- 300,000 in April last year. Exports to British Malaya wore
General Condemnation By Accountants Congress
(FROM OUR OWN CORRESPONDENT)
London, June 22. Discussing the financial problems today of individuals and nations alike, accountants this week had a word-or rather two words-for it all. The two words: high taxation.
Accountants-men not normally given to philosophies and fancies, preferring facts and figures-presented a unanimous front in papers they presented to the session in London of the International Congress ou Accounting.
They agreed that taxation at present levels curtails production and savings and drains away the spirit of enterprise and initiative.
Overseas
temporary
INVESTORS UNEASY
Of some comfort, perhaps, to established itself in those chiefly worded by Sterling markets, will and must stay. Area finance was the contribu~ | there whatever tion of a United States accoun-vicissitudes it might suffer here tant. He declared that at today's or there. rato of hle Government's spending it was impossible for the mass of American taxpayers
He concluded: "It would be to pay annual taxes sufficient to
harmful to prestige and dan- close the gap between revenue
gerous to the balance of pay- and expenditure,
menta
position to hint at Doncit financing and long-restricting industry every time term borrowing were inevitable there was a seasonal, local or and, he added, the United temporary recession in trade." States
could economy
not Whatever plans the Govern tolerate any material increase ment may have for achieving over the current tax burden, external equilibrium
in the Accountants from Britain second half of this year, it would and other parts of the Common-seem from a study of the market wealth, and from European coun-situation during the week (hat tries
contributed their own investors are in a a mood of un- questioning mist puts it, condemnation of high taxation Othe
In their respective countries,
In keeping with their views they query whether the Govern
COITCZ-
HONGKONG
SHARE MARKET
(From Our Correspondent)
Business on the Stock Ex-
change this morning was valued at $155,301.70. Noon quotations and the morning's transactions:-
BEARER BUYERS SELLERS SALES BANKS
ROYAL
"TJIPANAS"- TJIWANGI"
"TASMAN"
July
"TITJALENOKA"
July July
"TJIPONDOK"
Jaly
"TJIFANAS" "BUY"
July
*ESILUWAR** “ISTRAMFEK"
***TJIWANGI"
"EASTWAY"
"DOISSEFAIR"
| "THEJALENGKA"
DESIBADAME2-* *TJIDODAS"
*TJILUWAH*
INTERO
BAILINOB
AUE
AVE. IT
ADE. 16
***TA BMAN" *ETHART
Aug. IL
"TJWANGP
Sopi.
#TJIPONDOK"
*EOISSEVAIN”.
Bept.
霉
Bopt.
D
MAKASSAR" Bep.
***JILUWAK"
"IJIKAMPER" **TJITANĢI"
"ТПРАНАЯ **TIIWANOT*
Sept. 10
Sept. 23
Oct.
2
BIKERDOTI. Djakarta,
"Burabola & Micanst
Bezatang,
„Kingapore, Petang à Belawan Debl
Djakarta Kilerton, SOMDIATE-
guzabala, & BİBORMAT Manila, Gingaporej,
#. Africa
Pacang
Bingaporn. Afaustins, 2. 5, Africa & 8. Amaries and Апгароге.
Djakarta, Gemarans, 100 Sürabula à siacassar Djukarta, a Tiirebon, -
Burábala a Firenasar Blogadors.
Jakarta.
Staisia & Miscatiar,
Bemarang,
Gemarang,
Singapore, Pehing & Balawan Dell,
Singapore. MACMIXA
Mantia.
8. Africa & S. America Japan DJakarta,
****Tirebon,
(Barabala ATZEMENT
Bibespora. KEKSPER
Buradala, & "Macauiar
Semarang,
Semarang,
Singapore, Penang & Belawan: Deli
Japan
Burupore.
Djakarta.
a. Semarang,
Auravala do níacasser
#jakarta
Tireon.
ZÉSIKITEST IN VIRGEMA.
SIAKAPOTY Mauriting
"E." "Africa" "d" 8, America
Singapore, Djakaria, Bomaramy
"surebala a BARGENT
Djakarta, Tilson Bemarang,
Buradata & Macassar ·
Singurore, Djakarta. Semarang.
Marshals i diacamar
ARRIVALS
In Port
Joha 23
**TASMAN" "RUYA"
July
Jnty
"TJITJALENGKA"
July
From
6 Africa, Samfiina & Singanore Macama, Barabais,
bjakarta & Singapore
Espaci
Japan
B. Amaries, 君,
~Mauritius ✯ Singapore
General Agents.
HOLLAND EAST ASIA LINE
Bemarang,
8. Afric
SAILINGS TO`EUROPE
"DLITAR"
July
Mic Bank East Asia
1370
00 23 1370
"ALMKERE”.
Aug.
"ARENDSKERK"
"KIELDLECHT“
Balls
745 10 @ 740
SAILINGS FROM EUROPE
Batteriam
Arrives Tiongko
"ALMKERK"
Halled Moy
July
"ARENDSKÆRK“
ADE.
1011
77 17014
05
*KIELDRECIIT
Sape.
"RIDDERKERK
Oct,
NOV.
Union
K. Wheef
Dock
Provident
is the comment yesterday of anment's object is accomplishabic INSURANCES "Investor's Chronicle"
without further storn measures pondent, who writes: "The ring to secure the diversion of ex- fence we have established in ports to hand currency markets DOCKS, ETC. Britain
and to to prevent capital from moving abroad acknowledges
to hold back faternal de- wes mand. clearly enough that taxation is One encouraging feature of too high but it is also testi- the week has been the revival mony to the authorities' detar of Interest in forelim bonds. LAND, ETC.
While gill-edged issues began mination to keep it too high
the week fairly well, prices regardless of the consequences."
were jumbling by mid-week.
THE FINANCE BILL
COLONIAL ISSUES In a week in which British
Equities moved down under investory have shown no inthe zatem et gilt-adged. clination to be chored, despite Stendier, conditions prevailed the improved gold reserves post-westerday in the Colorent mar- Lon-War Loan fell 17/4d in Icet Colonial Government day-this question of the ing issues became firmer on Thuus- fluento of taxation on business day on the appearance of cheap has been further brought to buyers. mind with the conclusion of the
report slage. of the Finance
עם
Wheelock
HK Hote HKC Land
ik Land (B) 14.30
UTILITIES
ram
Blar Ferry
10.00
+3
10 2500 g 10
C. Light (D) 8 835 700, G# 8,35 1000 8.30 C. Light (N)_51}, Electylo 21 20 21 40 1600 et 2130 Telephone 15.70 15.00 500 35,00
INDUSTRIALS
Coment 14.40,
stope
STORES, ETC.
Tat.
Ewo
1730
10.601620 200 @ 16,70
TK
1000
1760 @ 4.00
Soveral Australian Issues rallica a quarter, a movement in the House of Commons also seen in Kenya 4% per cent
The Financial Times dis.
ocifp to a 2 discount. cussing again today the' implica- tions of the Bill in respect of company taxation, says that changes in this taxation,
excapt for the arbitrarily exempted class of companies (those that do not pay the Excess Prodis Levy), have raised the rates of taxation Although the Stock Exchange
South Rhodes 3% per cent COTTONS 1.50 1905-70, however, fell a half to 73%.
“BROODY”. MARKET
against $3,800,000 and $50.900 to a new and even more danger- | seemed to
London, June 22.
be much поте ous level than balore.
"broody after possible trade United States Imports from modernise is becoming increns strangely urgent selling by in- The need for companies to setbacks, there was heavy and other Asiatic countries in Apringly...more..obvious... bist.. thedustrial companies.
compared with
MISCELLANEOUS
Yangtze 4.05
Cotton Prices
Advanced
Japan $14,000,000 Excess Profits Levy, which Calls The Investora. Chronicio" The Raw Coffon Commission' in,200,000; Hongkong, ing companies, the "Financlat light of the swift change in the prices for American cottons:
against about one million in each period; India $25,600,000 against $32,200,
· London, June ·22:- with special severtly on expand ventured a suggestion that in the panounced today that the selling Times" continues, will deplete reported Courtauld's position it have advanced generally by B
com-halfpenny a pound.
A reserves.
000, and Pakistan, $1,800,000 "In against $5,800,000.
THE DANGER
"The danger is that the end
a period of inflation," the may be that industrial Journal concludes, "British In-Danes need enth, not to carry
of
The Brazilian Sao Paulo new stocles Uralbod States. exports
to dustry has managed to increase materials but to
TW high priced thesa countries in
meet actual crop, however, has advanced Appl Its capital and modernise some of
twopence a pound and Africans as compared with it but only by saddling Itself trading losses. this year
The 214 the same month last year: to with a great deal of debt."
Egyptians remaintd per cent "Daltons" 11⁄2 pence.
Peruvian Tangula fell 27/60, deel nationalisation unchanged. Japan $63,500,000- against $73,- 200,000; Hongkong $2,300,000
shillin and Old Consols have advanced a penny a pound, 27/04 against $3,400,000; India $44,000,-
War Loon fell 20 ahillings.Unlied Press, 000 against $30,000,000 and of inflation will show by how | All of these wore new lows since Pakistan $2,700,000 against much high taxes have prevented the cheap money period perish- $2,000,000-Belted Press.
a complete modernisation; and ed under the then Chancellor, that, unless rates are reduced, Mr Dalton, in 1948. -- TALKS WITH JAPAN
growing competition will trave Courtaulda closed with a net the United Kingdom farther
of 1/3d. at a new low Djakarta, June 22. The Indonesian-Japanese trade negotiations currently being held here are progressing favourably, the United Press understands.
President Sukarno las received the Japanese delegation feader, Mr Katsumi Ohno.
New York, June 22. futures closed last Colton goods mills booked a con- substantial volume of business quarter Linuing the upswing which got for nearby and third under way about a month ago. delivery last week.
close, the At Friday's
Overall tales fell below the wiled 30 to
02 points $1.50 to estimated 75,000,000 yards sold ruled $3.10 & bale-higher than the the previous week but a wider constructions were number of week. Previous
the current trade, The dominant trading feature involved in
persistent including print cloths, shretings period was of the
ways earnestly studying strength in nearby July delivery and twills.
The finished goods business means to increase purchases of also showed improvement. Buy-Indonesia products. Japan was ing was not heavy.
as traders prepared for the first nice day on Tuesday.
Spot month rose on Friday, establishing a high level since carly
Apri
or more.
and
£10
Mr Ohno sald his delegation by the Chairman of per cents were up
and
of
Rubber Futures
-In S'pore
farther behind in the race for 30/10d. Dunlops and Vickers each lost nino pence and several problems apart,
issues lost six penco but Ford
Singapore, June 21. who are thos
think Motors, Imperial Chemicals, and Prices of rubber futures closed
tooreign bonds
other Jost nothing.
today as follows:- British Industry will have
were active. | Number 2 rubber, per ih. reviso its thinking to tackling
July Japanese32; world competition.
1930' gained pearly August deal of interest has
Beylember to £132; 1010 were good
Number rubber, July £67. Tokyo 5 attached
to 10 this past week's up
20 to £84. Number rubber, July Number rubber, July while gains of three and four Spet rubber, unbaled Chemical - Industries in London that Industry faces a pounds wero superous.-Ualted Blanket rene
No. 1 mais urfac prepared to show how
Indonesia with buyer's and not a seller's market Press,
now.
The Government is reported to be anxious in the new export drive to see new lines pursund in the effort
-to save Sterling and reilore the country's gold and dollar reserves.":
Metal
machinery, hydro-electric equipment, inco motivos, evil and military craft and tractors are regarded as lctly gond markets.
and
alr
technical A
of mills number
were recor withdrawing or | capiini_KOA
cantini goods. hesitant about
Mr Ohno stressed that Japan Open contracts in July as holding for advances of 1
fully respects Indonesia's inten- "antional the week aloned were estimated cents
10 Manufacturers ignoring offers Lan to build up The at around 420,000 bales.
Both sides werk certificated Block amounted to for fourth quarter business sald economy,"
they did not care to run the risk working together in a spirit of 72,516 bales.
the mutual co-operation.. orders until Strength in July
aided new of booking
cap Earlier, Mr Ohus pointed out erop positions that later in the price trend in raw cotton
thal Japan's imports from week that section of the list be botter, evaluated.
reported better Indonesia Tart year were 83 per in the form of Yorn spinners met opposition
the amount realising
and hedge calling en demand on a Armer price basis, cant higher then
STEEL ALLOCATIONS “ by the favourable Expert inquiries were reported agreed upon while Indonesia's from the South American and imports om Japan decrerood
This may rate a question allocations, months of this year.
regarding clee)
these bo rovised Mr Ohno suggested that a Should solution would be to increase order to support time within
Export Arade Stop Japanese imports from 'Indomealato
up the rather than decrease exports along new lines? from Japan--United Press.
couraged
Lonor of crop news.
The Eastern bali and south-
the Far Fast markols. United 35 per cent in the first three
western section have sent in on", Press.
increasing number of complaints
about Insect infestation and actual damage but private crop reports Baick darmus
generally well supplied with poison and would use it to com
the insect Infestation bet United Press.
Oil Drilling In
Taiwan
Consumption Of Wool
Washington, June 22. US. consumption of raw wool averaged 8,300,000 pounds in April, unchanged, from Sands.
Peru's Exports
Of Cotton
threatened
of
Oxython to much..
in
United Pres
*BLITAR"
MAERSK LINE
FAST FORTNIGHTLY. SEÏVICÉ TO:
NEW YORK, BOSTON, BALTELOZE – PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT_SAILINGS
M.S. "GRETE MAERSK" M.S. “OLGA MAERSK”" M.S.. "JEPPESEN MAERSK”
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M.S. "JEPPESEN MAERSK” M.S. "HULDA MAERSK” M.S. TREIN 'MAERSK”.
July July 16 July 80
June 27 July 20
Aug.
B
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BUSINESS REGULATION ORDINANCE
1952
Good News For Exchange Rates Copies of the prescribed
Philippines
3.12
Business was dono in the local un- official exchange market this morning at the following, rates:—
U.S. dollar!(per $1); Washington, June 22. Biering, note ther All The tone Ways and Means Indonesia gulders (per 100)
Blum "ticals (per 100) Communica decided today to open Singapore (Straits), hearings on Tuesday, on Tho | FIC" Blastres (per 100) Bill to eliminate the three cents a pound excise duty on Philip- pine coconut oil processed in the United States.
•hold
Forms 1(a) 1(b) and (c)
Now On Sale at
5. C. M. Post, Ltd.. Hongkong and Kowloon
TEN CENTS EACH
Tel: Nos. 36060-9.
To ADVERTISERS
SUNDAY POST-HERALD. for commercial. Apace advertising should bo booked: möt, later: 'than- poon on Wednesdays. D
For the SOUTH CHINA MORNING POST and the CHINA MAIL, 48 hours before date of publication,
Opoclat Announcements "Tand. Clame}find Advertienė
"monte as usual.
Pacific Far East Live, luo.
Fast Regular Trans-Pacific Service
DIRECT
SAN FRANCISCO, LOS ANGELES
ASK OVERLAND _NEW-YORK-CHICAD MONTREAL AND AIS, AMERICA:
HAM OFFIEM
Guam, Marinas Kalendo, Micronesian: Islands - Regular Marvien dirent or with ten
Philippines sources cald re}} presentatives of lending Ameri-|||||| There may, bo opposition can labour organisations, ro from exporters who night be
with cula la thelate Deportment and tho De
of Interior are to existing allocations |
testify in
in favour of the Bill. use Committee's decision to
polley
bearings came after four has been copressed already by uscator Carlos Romulo and
of conferences between Apparel tool consumption: In-
the Roctes motor var chief in u creased two per cent but this was
reply An article members of the legislative offset by a five per cent decrØRSO
published rem Lima, June 32.
In "The Economist
99% Members of
both Cab in carpet wooËN SLO
Official statistics showed that Ho deplored the suggestion American Fedemtion of Labour US, total consumption of raw
-on industry ran
ustry ran and the Congress of Industrial wool In the January-Adell period || Póru exported 7,590 tons of that whees in anlling ...:1ks | Organisations; LTE
Interested BW 110,200,000 pounds compared colon during the Orst three
Workers in sistant director for the Mutual with 105,000,000 pounds In the hs of 1992, more than twice
the Becurity Agency: (MBA)- in the| samo period of last year, o Busquent shipped in the same yehicles abroad there, hould be coupÓ UNY KEPAecessing?' plonta' MWILIJAI, LUCJENUATU,
a conseqther Industries that depend benent of
cut in steel for the West Coast Far East, today watched the dealine of 23 per cent
period of last year. start of oil drilling, operations Consumption of apparel wool Britati, traditionally, the big could use it more. in Northwest Formats.
for the four months period was gest barres of Peruvian cotton, could use it more profitably copcanut! all.
Economist corrcapu-
Achimon, and Drie: Dakar grivni *trorni 10,000,000, pointis pgainst 16,700- yielded first place this your 10
the Interior Secretary, Mr ORUT Manlia yesterday for a six-day 000 and of carpet wool 1,000,000 survey of MBA activities in pounds against $4,000,000 pounds.
United Preki Formosa, Associstant Press,
Taipei, Juno 22.
Dr Clarence E Decker,
Into
Ad
Lag
al
France, with Chile third Dene dent had put it.
Tho motor ~ Industry, the Chapman, both favour the mea-
mark fourth and the Valles Rootes chief argued, having: Fire-United Press. States thUnited Preis.
Antiras
June 20,
~June (30) San Francisco de Los Arizvien
For full particulam, enli United : Biales: Láncs“ Co., General Arcais, Queen's Dialling. Tel: 28198.