TRADE and
THE CHINA MAIL, FRIDAY, APRIL 22, 1955.
COMMERCE SECTION
Canada Reduces On Large Incomes
10 PER CENT CONCESSION
FOR INDIVIDUALS
Ottawa, Apr. 21.
Mr Walter Harris, Canadian Finance Minister, in his Budget speech announced that corporation tax on large com- pany incomes was to be reduced while incentive tax conces- sions for oil, gas and mining industries, now temporary, would be made permanent.
The reduction in corporation tax lowers tax on large com- pany incomes to 45 per cent from 47 per cent, effective January 1, 1955; tax remains unchanged at 18 per cent on small company incomes (under 20,000 dollars).
The reduction is estimated at a rate estimated to produce a to save companies 28,000,000 budget balance i Canada had a dollars this fiscal year and 43.7gress national product' of about
26.000.000.000 dollars.
World Rubber 000.000 in a full lax year.
Markets
Singapore. Apr. 21.
The rubber market firmed on United Kingdom and Cuntinent acceptances in active dealings. Futures:
No. 1 rubber per Jh. May
No. No.
No 4
91-9114 Jurie 901-0012 July unquoted rubber per 1h. May 15-90
87-88
2115-82
91-825 95-07
Sect, rubber unbaled
Blanket ere
No. 1 pale crepe
NEW YORK
Futures today closed 20 to 60 points higher with sales of 308 contracts.
Intra-dealer switching, opera- tions accounted for about one third of the total business: boosted Speculative
accoum prices at the close. Spot rubber business was limited with buyers and sellers keeping to cent apart in their price views. A small
included four sheet for July delivery at 30% cent and four ambers for June at 274 cents. Spot No. 1 Rss were quoted at 32 cents a pound.
nominal.
business
Futures:
May
July
September
December
March May
LONDON
52.25
31.90-32,00
31,50
31.25
30.75
30,43
The market was steady. Prices pence per pound as closed in follows:
No. 1 R spot
Settlement house term:
May
June.
July/Sept.
Gel/Dec.
Jun/Mar
2674-24
2674-20′′ 263-1820
24-26
General marketa, elf baris, ports April
May
Estate Crepe thick May
Estate crepe thin May
AMSTERDAM
The market was steady. Prices closed in gullders per kilogram,
eif May today, as follows:
No. 1 rubber
No. 2 rubber
2.04 paid
2. buyers
No. 3 rubber
2.02
2,75
-United Fresx.
No." I crepe
New York Sugar Market
· New York, Apr. 21. World No. 4
sugar futures
closed today unchanged with sales of some 50 contracts.
Personal income tax will be 1 reduced by an average of 10
per cent effective July 1.
|
*1
He did not look for 28.000,- 000,000 dollars this year but calculated this would have been the 1955 total if Canada's growth
Tak cuts total 148,000,000 dollars for the current 1955-56 iscal year, or an estimated 207,- production had kept expand 000,000 dollars for a full year.ing since 1953 at the pre-1953 The Government forecasts rate.China Mail Special. 160,000,000 dollars Budget de-
Deit in 1955-56.
A
OTHER HIGHLIGHTS
Others highlights are:
The Government will set up
royal commission to survey Canada's Economic prospects. Budget revenue is forecast at 4,202,000,000 dollars; expendi- ure, 4,382,000,000 dollars. Ear- lier cstimates of 3.1954-55 budget deficit of 148.251,000
dollars are revised to 194,000,000: dollars.
Shipbuilding
Competition
Slackening
London, Apr. 21..
A Government spokesman
was
Corporation Tax Export Import Reciprocal Trade
Bank Deal
Washington, Apr. 21. The Export Intpert Bank announced today a credit totaling $20,000,000 1, the Instituto Mobillare Italiano 10 finance the purchase of United States machinery; and equipment for metal working, chemical and other industrial firms, -- United Press
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hongkong, Stock Exchange this moming amounted 16 $241,265, Noon quotations and the morning's transactions:
Pact
Extended
- Washington, Apr. 21.
The Senate Finance Committee has tentative ly approved President Eisenhower's request for a three-year extension of the Reciprocal Trade Pact Act after narrowly rejecting ■ Republican pro- posal to limit the President's tariff cutting powers.
By an 8 to 7 vote, the Com- mittee turned down n GOP- sponsored provision that would have given Mr Eisenhower authority to lower tariffs 1 maximum of 10 per cent over a two-year
period. They tentative
the ly approved by voice vote authority
Mr requested by Eisenhower and already proved by the House, to lower tariffs 15 per cent over a three- year period..
30-
PUBLIC ANNOUNCEMENT
The Committee amended the House-approved bill to require the Tariff Commission to make public
immediately any recom- mendations It may
submit. to the Senate for approval. An- 1545 400 1525 other provision approved by the
Committee
would require the tariff commission to report to
SHARES BUYERS SELLERS SALES
BANKS
HK Bank East Asia
INSURANCES
Unior.
Lombard
SHIPPING
Waterboat
DOCKS, ETC.
K Whart Bock...
Provident (014) Wheelcek
LAND.
HK Hotel MK Land Shai Lind
Humphreys
Realty
210
1020 1030
30
10 in 105 Congress anally on the effect of the Reciprocal Trade Pro- gramma on domestic industry.
13
- 600 19,20
19
2414
1.10
Senator Russell B. Long east the deciding vole against the GOP
limit tariff- proposal to cutting powers to 10 per cent and two years. He voted by telephone from New Orleans
after committee members here had deadlocked 7 to 7-Reuter.
NEW YORK
STOCK
MARKET
New York, Apr. 21. Stocks in special situa- tions continued to feature market activity today, with The Senators agreed to strike the general list turning a bit out of the House bill language easier after a string open-. which has been interpreted es validating to some extent US ing, including Du Pont, up participation
General nearly 3 points, and Mon- Agreement on Tariffs and Trade (GATT) the International
п the
17.19 17.30 1000 @ 11.20 agency which handles multi-
16.00
2.03 2.10 2000 @ 2.10
20.30 2015 1003 @ 20.10
UTILITIES
Tram
Ferry 107 106
. Light (0)
XD
...
18
13.80
Electric
3116
now
Ad-
The special 15 per cent excise said today the competition (N) tax on new motor cars is re- duced to 10 per cent, effective to British shipyards from immediately. The
Telephone 10 both German and Japanese special per cent excise tax on tyres and shipbuilders
INDUSTRIALS tubes is repealed immediately.
Cement
2814 28.10 slackening.
Rope D... 15.70 A tariff of 7% per cent is
STORES, ETC. imposed for the first time polyethylene resins, effective miralty, Mr J. P. L. Thomas, immediately. "The tariff board is told the Ecuse of Commons that
on
The First Lord of the
while German and Japanese
to inquire into tariffs on primary yards had competed very suc- iron and steel and potatoes.
cessfully with British builders
in
Mr Harris' forecasts of In both price and delivery revenue were based on
"competi- an the past two years, analysis that the gross national tion, I am glad to say, is now product-value of goods and slackening and thinks are even- services produced in Canada ing out." would reach 15,250,000,000 dǝl- lars this year. In 1954. it fell by about two per cent to n estimated 23,985,000,000 dollars.
SET TAX LEVEL
In deciding to cut taxes. Mr Harris said. he set the tax leve:
World Cotton
Markets
Labour Member asked the Mr Thomas spoke after a
Dairy XD 20.10 L. Crawford 23.30
COTTONS
Textiles
MISCELLANEOUS
Yengtsze
6.15 6.30
100 1500
22.20 15.80
Singapore-
lateral..
it
tariff-cutting agree ents. The Committee had in-
that previously planned to take up separate legislation
dealing with US participation in GATT. and to- day's vote was intended only to
there make sure that
wws nothing in the trade bill bearing on the question.
Government
Issues Hit
In London
London, Apr. 21.
Fears the Government contem plates tighter credit restrictions, including a possible rise in the
Government were aware that Stock Market bank rate recked the London
Norwegian shipowners had placed 73 shipbuilding contracts in Norway, Sweden, France and West Germany between Oct. 12, 1959, and March 31, 1955 but none in Britain.
Singapore Apr. 22. Brokes day quoted the fol- lowing stock prices: British Bomen. Petroleum
Syndicate
Mr Thomas said British ship-Consolidated. The Smelters
Ord yards now bad about two years Flaser & Neove Lid Ord of work on the books and re- Fraser & Neave Lui., 74%
cum. pret ................. $ 6.00 jected the suggestion that the Hongkong & Shanghai Bark-
Sa15 heavy orders on the Continent
threat to employ presentes ment in the shipbuilding indus try. In any event, he added, had placed Norwegian owners
Liverpool, Apr. 21. three orders in British yards in Cotton future closings. Ameri-the past thrze can middling. in pence per lb. Press.
were as follows:
July/Aug.
Oct/Nov. Den./dan
30.07
30.00
29.80
SAO PAULO Closing prices, in cruzeitos per kilo were not available-holi- day.
In the United States, the i average of 15/16 middling cotton Main Interest in the domestic at ten designated spot markets contract centred on final evening was not available. Sules at these up operations in the May concentres totalled 4,181 bales. tract. Futures:
Other cotton prices were not
Contract No. 4 (world)
May
July
September
March
Mary
July '
Spot-(cents per in, föh Chiba)
Contract No. 6
2848732
received
Press,
weeks.--United
Swedish Trade
Delegation
For China
Stockholm. Apr 21.
A five-man Swedish trade leave delegation is due to
ing Corp Malayan Brewerica Rames Hote singapere Cold Storage South British Insurance
Ltd.AR
Straits Trading Strags Steam hip United Engineers Ord." Wrame Bros. Hongkong I
Tla Petaling Tin Lib. Batu Lintang
Lid.
Kempas Ltd, Luna Rubber Now Serandah
Ite
rum div
Rubber Co.
Estates Lid Rubber Co
stock market today.
British Government took a severe pounding. ranged to 28s in this group..
santo, more than 3 higher.
Trading Hghtened on the de- eline to 2,810,000 shares from 3,090,000 yesterday. This was seen as
favourable factor, lending weight to the feeling that the selling represented only" a routine setback after recent sharp gains.
Of the total 1,204 Issues traded today, 547, were lower while 400 were higher..
Activity again" centred in Libby, McNeill and Libby and Budd Co...
The New York Stock Ex- change bend volume was $5,070,000.
The American Stock: Ex- change volume was 930,000 shares-Ufilted Press.
Chicago Grain
Prices
issues Losses
Chicago, Apr. 21. Prices per bushel in cents:
313
1.78.
Slocks declined, too, as the Wheat, No. 2, red
apat wave of selling spread to other day 218(H) 312(L) sections. Many traders stayed
$ 3.80
was
$ 2.67
$1.78
home, apparently to study the Sept. Budget message published in provincial newspapers. What Corn, No. 2, yellow they saw
a tight credit Spot policy in the offing to head off
10777
Dec.
331
May
$25.00
any inflationary tendencies in Sept. the economy?
July
148:1
Dec.
$24.50
Rye
$14.40
$ 7.40
32.77
What surprised some vetera: May market observers was the way
July
73 3d
83.37
such hot favourites as War May
Oats
Loan and Old Conbols were hard. | July
1,34
1,38
Leading *industrial stocks Spot
1.30
generally were marked downi
six pence to a shilling-United | Sep Press.
-Ching Mall Special,
LONDON METAL PRICES
London, Apr. 21. The tin market, was steady
this morning.United shortly for Communist China, it whis ether markets were quiet
London Foreign
Exchange
May
351
July
September
5.80
Norember
5,30
Manch
5.44
New York
May
544
Montres!
Spot-cents per 18. elf NY
ex-duty)
-United Press.
Amsterdam
5,29 Brussels
US NEW RUBBER CONSUMPTION.
The..
Copenhagen Lisbon Stockholm West Marka. Parke
Press.
London, Apr. 21.
2.79 11/18-2.7922 2.75 2.75 18/16 30.045-10.64% 1311.5214–139 DTI
19.4074-0.41 60.15-80.30
14-547-14.55 11.785-11.784%
20.01%-20.01 unchanged-Unlied
new NEW YORK SILK
New York, Apr. 21. consumption of rubber in the United States soared to a new all-time high of 134,887 long tons in March, the
Rubber Manufacturers clation reported today.
Assu-
FUTURES
was learned here today.
•
hit by the same bursts of selling. Soyabeans. No. 2, yellow
Birley, Spot
Lithium Under New York flour,
Licence
10211⁄2
23834
140-157D
200 in. sack
$14.50m United Press. WINNIPEG GRÁIN PRICES
Winnipeg, Apr. 21. Prices of grain futures closed today in Canadian cents per bushel as follows:
Prices closed in sterling per long
Washingtoo, Apr. 21. The Commerce Department The
reton as follows: delegation which
Buyers Sellers today placed lithium, one of the presents different branches of
7281 719% lightest metals, on the list of Sweden's industry will study in spot
3-month
strategis commodities which re Dats with the Chinese Communist
Copper spot
quice separate perice 3month authorities the possibilities
each shipment to a trade exchanges Lead 2nd establishing.
country..
between the two countries,
The delegation expects
month in China. 1 spand France-Presse,
London Wooltop
Market
cf
719
311 104% 1040 10434
720 324
Zme 2nd hal
to
-Unded Prest
London Apr. 21. The wooltop market closed today steady. Turnover, totailed 85 lots. Prices in pence per lb.
were:
New York, Apr 21, Old contract silk futures today May March consumption marked closed 1 cent lower to 2 cents July.
an increase of 13.8 per cent overigher with sales of two con- September
Feb. and 23 March 1954.
per
20
trnots. Closing bids.. were as cent over follows:
Máy
Oktober
October December Jantiary -March
Mity July 433 September
October
·Proms,\"
The previous monthly peak for new rubber- éstdlinption was' March 1953, United Press.
December
*
Canadian Dollar
Spot: close
Low Future: 30%
Rate
New York, Apr. 21, buyers sollers 101-23/64 1.01-23/64 1.01.25/32
1.01-
30-day 1.01-22/04
24/64
-25/84
monár: 101-22/64′′ 1,04-23/04
United" PICSE, »2
for May
foreign
July October Kye
Kay
Lithium is widely used in |alloys.u
July
October
Barley
May
July October Maxseed May
July
October
United Prem
The Department said controls en lithium commodities are be Ing. tightened, effective April 28, "to protect the national security."-United Press.
MESSAGERIES MARITIMES
| P.O. Box: 33 - Queen's Building Tel: 26651
FAST PASSENGER/FREIGHT SERVICE O
Exchange Rates "CAMBODGE"
Busines was done in the local unofficial exchange
market Lbis
"LAOS”
sailing May 21st Balling Jan, 18th
FAST FREICHT SERVICE
21.30 "BIR HAKEIM?!
inbrning at the following rates:- ULB. dollar Xper #150gnof 0.79 Sterling notes, (per.L1) 15.73
Indonesian rupiah (per 100) HARPEIRO
Biban Healy (per 100)
Singapore (Sizalts)"Mekara 1 80 Indo-China; plastres (per. 100) * 2.35
sailing May 15th sailing June 25th
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
"PASSENGER/FREIGHT SERVICE
atwarin "CARTHAGE” "CORFT" "CANTON"
Leaves London Due Hongkong-
Salled
20th Apri
25th May
"ČARTHAGE" 2nd Jear
And May
30th May
סתטע לול:
4. 29th July
Via Senthampton, Port kald, Aden, Bombay, Colomba, Penang & Singapore
Leaves Hongkong Due London
Homewards **CHUSAN”. 2nd May
"CARTHAGE"
"CORFU"
"CANTON"
30th Mar
3th May
5th June
3rd Jme
*
5th July
1st August
1st July
* Via Singapore, Penang, Colembe, Bombay, Adam,
Port Sald & London
Also calls Marssillesi
"SUNDA"
FREIGHT SERVICE
dne 28th Apr. trom UK. & Straits loads 205 Apr. for Koba & Yokohama "SHILLONG" Bonds /th May for 'pore. P. Swette-
bau
Pessing, Colembe, Ades. Port Said Alegan- da Genor, Marseille Havre, London, Antwerp Rotterdam & Hamburg
With Wherty to call at Belawan before or after strafts Ports and at Bombay it inducement offers. Tanks avaliable for carriage of Oll in Bulk... Space for refrigerated carzo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD. "SIRDHIANA"! - due $3rd Apr. from Calcutta. Bangoon
salts 4th Apr.
"PENTAKOTA"dur 27 Apr. -WARORA"
Strate
for Japan
from Rangoon & S'pore due 28th Apr. from Japas sally 27th Apr. for Singapore. Ratgeon
& Chittagong
P.&O./B. 1. JOINT SERVICE
“ORMARA”
“ORNA"
eur 30th Apr Sails
May
7th May
"OZARDA"-
amiku Alay de th Mar salt 19% May
from Jappa
for SHLARDOTY Port
Sweteran Colombo, Karaca, Bastan, Kher ramskaðir & KUWEL
from Karuchi, Boabay, Cocadde. Colemhe Straits
for Japan
trom Japa
for Singapore, - Pesa. Maceras. Karneal Bas- rah Abadan,- KhorraK2~ Shake & Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
· “'EASTERN” “
*EASTERN"
In Pori
23rd Apr due 12th bay
salli 19th May
from Australia for Japan
from Japa
for Sandakan. Brisbane. Sydney, Melbour Adelaide
All vessels have liberly to coll at any ports-on' or off the route & the roule & sailing, are subject to change or amendment with or without notice.
For Full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
EVERETT
LINES
EVERETT ORIENT LINE
-
Fast regular freight refrigerator
service passenger
to Korea, Jayan, Philippines, Indo-China, Siam, Malaya Rangoon, Calcutta and Chittagong.
“LENEVERETT"
Arrives Sails
Apr. 23, from Manila, Apr; 26. for.. Singapore,
Rangoon Chittagong Calcutta.
-“REBEVERETT”.
Arrives Sails
May 4
May 5 for Robe & Yokohamaa,
(Accepting cargo for transhipment 'Kobe/Pussa and Kobe/Okinawa);
EVERETT STAR LINE
Fast regular freight -- refrigerator service. to Japan, Malaya, Colombo, Hombay, Karachi and Persian Gulf.
(Subjeci la inducement for direm call Korea)
"STAR ALCYONE”
Arrives May 8. from Singapore, Sails
"THAI"
Arrives Salls
May 9 for Kobe & Tokohains,
May 18 from Japal,
May 19 for Singapore, Part Swet- tenham, Madras, Colombo, Karachi Barha Kuwalt & Bahrein,
(LIMITED PASSENGER ACCOMMODATION),
(Accepting carro, for tramahiyme
Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A
(Inesyporated in the Republic of Panama".
Chinese Department: Telephone 28293. Queen's Building, Telephone 37206.