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THE CHINA MAIL, WEDNESDAY, MARCH 4, 1953.
Synthetic London Stock
Rubber Industry
Transfer To Privato Ownership
Washington, Mar. 3. Transfer of the United States Government synthe- lic rubber industry to
private ownership, officially recommended in a report here yesterday, will take about 15 months to com- plete after Congress hus approved the measure.
Industry.
This was disclosed today by Mr Morton Yohalom of Eve Reconstruction Finance Corpora- tion, who will be in charge of selling arrangements for the 29 wants which comprise the
transfer plan Under the Government disposal opency would negotiate sales with prospective buyers-presumably the present occupying firms- and agree on a fair price.
Such sales would be subject
A
In Congressional approval.
The proposed sale would be the disposal advertised and agency would ask for offers within 19 days of the adverting- inent's appzarnice.
GIVEN 60 DAYS After a safe had been urranged Congress would be given time, probably 60 days, to object fore the deal became frial.
Exchange Lifts Veil
GALLERY FOR PUBLIC
(FROM A FINANCIAL CORRESPONDENT)
The London Stock Exchange has come far since the days when stockbrokers met to transact their business in Jonathan's Coffee House, in Change Alley.
But though the history of dealings in com- pany shares in Britain goes back to the end of the 17th Century, the Stock Exchange, and every- thing connected with it, remains to many, an impenetrable mystery.
This mystic vell will soon be lifted for work is about to begin on the construction of a gallery, overlooking the floor of the "House" from which members of the public will be permitted to watch something of the workings of this famous institution.
Inanciers" perform mysterious rites to Maminon,
This concession to our inquir» | "wicked ing age marks a break with the Stock Exchang's long tradition of exclusiveness.
can
stili
The older generation of stuck- brokers
recall the ignominious fate which overcame strangers who violated the privacy of their "House."
In those days, there were be-exnelly 1,300 members. The presence of a stranger in their midst gave rise to the ery of "Fourteen hundred!" whereupon business stepped, the interloper was seized, one too gently, and viceted,
As for the significance of all he sees, this is beyond the scope of this article. But some of the misunderstanding which still attaches to the activities of the Stock Exchange may be cleared up if the market place analogy is carried a little further.
}
The fancing of industry en the scale that we know it today requires vast amounts of money, which must be forthcoming in a fairly constant stream. It must, moreover, he directed various concerns by which it
into the
Oflends of the Blesastruction Finance Corption declined to say what the Government hopet to get for its synthetic rubber
dustry Republican Congressman Paul his minus, as often as not, needed-anti, once there, it must
trousers.
on the
Shafer, leading advocate of the Stockbrokers leath.
le, Jinel
Curlier suggested whole, a fairly quiet 1e, and something in excess of $350 this break froin the usual routine millione
of the "House"
was no doubt an amusing and
Yesterday's report from the Reconstruation Finance Corpora- tion, which administers the in- ustry to be offered for sale, said the selling price of synthetic privately-owned plants offered a wide area for Speculation but there was no way at present of making an accurate forecast of such a price.
rubber 1:cm
"It would seem likely, tow ever, that for some period of time | ubsequent to disposal, the price of privately-produced synthetic culier would execed the Govern- ment selling price, if the Govern
pent's present pricing
policy continues to prevail," yesterday's apport said.
The
NO THREAT
RFC selling price for synthetic rubber is 23 ecata a pound, while natural rubber at New York is about 27 cents.
The report noted that Л
Malayan rubber industry publi-
|
elcomed us
harmless diversion.
But it did nothing to inspire public confidence in an institu- tion which directly or indirectly affects the lives of millions of innocent "strangers,"
MISTAKEN IDEA
011 the contrary, its rough treatment of outsiders confirmed many people in the belief that the Stock Exchange had some- thing to hide.
tonk hold, it
Once that idea
own members
not be withdrawn.
The basic requirement is com- mon to all business ventures, whether they are small enter- prises, needing only 12 fow thousand
pounds, or vast concerns needling millions. But, except in rare cases, capital on the required scale can only h obtained by, inviting individual savers, large and small, to lend their money to people they have seen, or perhaps even heard of, in return for a promise n share in the profits of the business concerned.
Provided the hopes of reward to offset the are great enough risk of
of capital foss, the investing accept an public will usually offer to buy shures in a business
never
ut rising generation
resent naturally
it
are
Jap Mission To Persia
day
Daghdad. Mar. 3.
A Japanese Government Economic mission Jett to. for Teheran after a four-day survey of Iraq's trade and economio situa-
tion.
It will return for officiat Begollations on a trade and barter spreement with Iraq afler similar surveys IT Perla and Turkey-Reu- ter.
HONGKONG
SHARE
MARKET
(From Our Correspondent)
Business done on the Stock Exchange this morning amount ed to $452,124.25. Noon quotations and the morning's transactions:
SHARES DUYERS SELLERS SALES
BANKS
UK Bark XD East Asia.: INSURANCES
Uniun Underwritera SHIPPING
Asta Nav.. DOCKS, ETC.
1. Wit
N. P Whart Dock
Provident Wheelock
LAND, ETC.
TK Bot
763 7.30 3004 20 HK Land (3)
Stival Land
1.05 Humphreys 13 1 1500 14 UTILITIES
Tram
TOURIST
TRADE RECEIPTS
OFFICIAL NOTICE
Proposal to change
Ship's name.
MESSAGERIES.
M
Butwards