THE CHINA MAIL, MONDAY, APRIL 25, 1955.
•
ין
Will The Ghost
Of The Opera Reappear?
Malta, Apr. 24. Opera "lovers here are hoping that the new Prime Minister, Mr Dominic Min- toff, who is an architect, will see to the rebuilding of the Royal Opera which was razed during
World War II.
TRADE
and
COMMERCE
SECTION
BUTLER'S BUDGET A COMPROMISE
House N.Y. COTTON
With it will rise again, prg
sumably, the Ghost of the
Opera, a hooded figure, believed,
to be a monk, which reputedly
wanders through the corridors
late at night.
Many people saw this figure in the old Opera House.
One
at least saw it fit past him on more than one occasion.
The apparition is believed to be the ghost of a monk from the nearby Vittoria church, who is walking until unsaid Masses for the Dead have been said.
The
Opera House ghost is not the only ghost of Malta. The island, indeed. has what is perhaps the only ghost to ap- pear in a police report. It came about like this:
In the village of Mosta, whose cathedral boasts ore of the Jargest unsupported domes in Europe.
one of two brothers disappeared mysteriously just before the other emigrated over- seas. The next tenants of thei house reported to the police that they had heard groans coming from the vicinity of the front doorstep.
*
HEARD GROANS
Police who investigated also heard the groans. front doorstep 1:25
The taken",
up, and the bones of a mau were found beneath the stones.
MARKET
REVIEW
By William Plunkett
New York, Apr. 24.
prices operated
Cotton
from a defensive position this week in spasmodically active dealings.
At the close the list showed net losses of 3 to 26 points, or 15 cents to 31.30 a bale lower than the preceding week.
May contracts dipped to 32.98 cents a pound while the average price for spot cotton at the 10 southern markets went about
one-quarter cent a pound under those points. Trade buying
the
Government loan rate for
steadied the market in later trading.
A contributing influence on
decline, the
market experts thought, was the Agriculture Department's consideration accepting proposals to allow the swapping of privately owned cotton for cotton held in the Government stocks.
ment
Traders said bearish" senti- ment increased with Agriculture Secretary Me Benson's endorse- of the suggestion by Senator Vastland that price A priest, who was called in. supports for cotton be lowered for looser Govern- performed a service on the spot in return and the bones were givenment controls on production
Christian
burial. No
more
moans were heard. The Knights Hall, one of the longest rooms in Europe, built on the bastion overlooking the Grand Harbour, wa used as a hospital by the Knights of the Order of St John.
Since then, it has beer. used as a military hospital during World War I, and as a stable and garage by the Malta Police. ---At-present-it-is-theatre
with a ghost, unseen but very definitely heard. One man went there recently and hammered on the stage door for admission during an evening dress TC- hearsal.
On
Listening at the keyhole, he heard the sound of approaching footsteps.
looking but through he saw that there was ne one there. Yet the footsteps came to the door and retreated. No one was seen.
as
United Press.
U.S. Textile
Market
New York, Apr. 24. Catton grey goods declined in sympathy with the recession of raw cotton last week. The 80- square four-yard, cotton cloth however, steadily maintained at 18 cents a yard throughout the week.
St
Sting Taken From The HONGKONG
Socialist's Argument
But The City Is Dubious
From Ronald Boxall
London, Apr. 24.
STOCK EXCHANGE
"(From Our Correspondent}
Business done on the Hong- kong Stock Exchange this morn- ing amounted, to $431,925, Noor quotations and the morning's
transactions:
Singapore N.Y. STOCK Singapore Stock Market
Singapore, Apr. 25. Broker's today quoted the following "stock"prices: "
British Bomes · Petroleum,
Syndicate Consolidated Tin Smelterà
Ord.................
30 6d. Prades & Neave · Ltd., Ord. $1.80 Fraser de Neave Ltd, 74%
cum pred.
Hongkong & Shanghai Bark-
ing, Corp. *** Malayan Breweries Raes, Hotel
SHARES BUYERS SELLERS SALES BANKS
HK Bank
10. 1533 1330 1548
11340 Singapore Cold Storage Bast Asla 2:0
South British Insurance Co. INSURANCES
Ltd.... Union
1085 1040
3012
Mr Butler's fourth Budget turned out not unexpectedly to be a compromise between economic prudence and political SHIPPING opportunism.
This implies no criticism of the Chancellor's judgment. In the circumstances his policy is no doubt the right one. By giving away half of his prospective surplus (on the basis of existing taxation) he has given the public a measure of tax relief that he hopes will be matched by greater effort. And by retaining the other half he has taken the sting out of. the Opposition's argument that he is "bribing" the electorate."
From the political viewpoint Chancellor
exceptionable.
But the economie
is
more ob-
Uration, and personal
to
the
Asla Nav DOCKS, ETC.
K. Whart Dock Providest (0) Wheelock
LAND, ETC:
HK Hotel HK and
Shal land N Humphrey's
X RA UTILITIES
Tram
The
* $ EL·
3888
$0.60
$3,80 $2.67
$1.77
$36.00
MARKET
REVIEW
New York, Apr, 22. Prices on the stock mar- ket finished the week alight- ly higher as a result of a selling drive on Friday.
A number of special issues, however, registered
wide
cbanges either way.
Market experts were alarmed ever the late Friday drop. They pointed out the list was way $55.00* [¿ver-due for selling because of
the recent upsurge in prices. Business continued
the favourable side as many of the corporations held their annual shareholders meetings last week, Stockholders generally were told that this was going to be a good ¡year
business and the nation's econorhy on the whole is better.-United- Press,
$2:40
Straits Trading
Straits Steamship
$14.50
United Engineers Ord.
Wearce Bros.
$11.50
Hongkong Tin Ltd
78 3d
1000 เค
Petaling Tin Lod... 7.10 7.20 5000 7.10-
Batu Lintang Rubber Co. Ltd. 41.39 500 + 7.15
Kemper Ltd. 17:30 1111⁄2 3000 de 17:30 | Lungs Rubber Estates L4d... $1.88.
or 6314 New Serendah Rubber Co.
Lid.
63.05
#130
14 315
• Cum. div.-China Malt Special.
1
13.00
20.30 20.40
500
Yaumat! FarTY
707-
C. Light (0)
XD
C. Light (N).
XD
Electric
13.80 14.10
35
Telephone INDUSTRIALS
Cement Rope XD STORES, EIL Derry XD
314432
15.70 15.00
... 201
148 27.40
IN)..
134
500 13.40
6 1000" 5.90
4.00 5.01
Watson
29.30
had given more new refrigerator-by making it
borrowi Mr Butler's Budget un- evidence to support his judg more expensive
I will prove ment. As it is they entertain money than by taking the money! difficult for the Socialists to considerable doubts that things away altogether in the form of argue on the hustings that the will turn out as the Chancellor taxes, Chancellor has put Tory Party hopes.
.This before the nation's "interests
The success or failure of Mr
policy generally is pre- method economic interests and at the Butler's budget policy will de ferred to the Socialist.
But its im- of direct controls. same time accuse him of being pend primarily of course, on
be
ignored. con- plications cannot measly in his concessions.)
in the year ahead. Already the City of London is economists feel
talk about less beginning to vulnerable to jections. The Chancellor's critics optic than the Chancellor Possibility of another rise fall into two categories: those
1. Crawford 25.30 the prospects for produc- the bank rate later this year to who belleve that he has been tion and more pessimistic about offset the inflationary
tenden- COTIONS too generous and those who feel the trend of personal consump-cies of last week's Budget-
London Express Service. that he might have done more. tion. Some commentators Seemi to They point out that the in- held both these viewpoints at crease in production last year ence; but on the whole in was achieved mainly through formed opinion comes down on the rise in the labour force. the side of the "too generous" With full employment and fewer school.
new workers expected to eater industry this year further rises in production, will depend more and more on higher output per man-hour.
·
HAD TO BE SIMPLE
With only two or three weeks left of the life of the present Parliament, the Budget had to be short and simple. Propos als
egolving compucated fiscall
give
CONSUMPTION SIDE
Textile Corp. MISCELLANEOUS
Alliest
€ 3888
Strange Behaviour
Of The
London Markets
From Our Own Correspondent
London, Apr. 24.
To a layman the behaviour of the London
It greeted the tax concessions in the Budget not
On the consumption side con- were out of the cern is felt at the fact that extra question. The Chanceller solved themes far this year are al- Incomes generated by wage Other segments of the grey
this by concentrating his co- goods ruled quiet and sheetings cessions on income tax. The ready greater than the increase
Cor standard rate was reduced were also at concessions.
by from this source in the whole of
last verters and piece goods buyers sixpence to 8s 6d in the pound
With this year.
extra continued to operate cautiously
wer available and and adjustments were made in spending power while evaluating wholesale and personal and children's allow with the money now given back relat! business prospects.
ances to
proportionally to
to the taxpayers economists find chill descended
on new areater relief to family men, it difficult to share Mr Butler's buying interest, brokers suid, by The only other tax change was hope that personal consumption Stock market last week must have seemed strange. retail trade returns showing designed to help Lancashire in will rise less rapidly this year post-Easter buying in depart-
its present difficultiesa reduc- than list. post ment stores throughout the country last week dropped 13 tex per cent from a year ago how- sales for the year through ri: 16 still hell, six per cent over 1954.
The spectre of Japanese om
feature petition continued to background market discussion. Influential sources kept urging some sort of quotas on Japanes imports of grey goods and gar
recalled
was
tion in purchase tax on certain There is, of course, a reason-
of the as he might have expected by raising its prices, textiles.
that some able hope money given back in tax rellets but by putting them down.
especially the part that bene-
companies will be
saved. Chancellor seemed
ce than ancentive effect of the conce
But
to
When a stage-hand opened the door, and at least five minutes after the footsteps had faded
.enquiries away,
to their sources produced yet another
The result of these changes ghost story.
to reduce. a prospective It appears that
few
surplus of revenue. not 고
over ex- its Phave
This was not because the market was dis heard the footsteps. people One frightened stage-hand one
penditure from £282 million to
148 million, This compares regard this as being of less in appointed with the Budget. On the contrary the night even reported that he had
the probable in-reduction in income tax was more than most with an estimated surplus of portance held back by an been
£10 million in 1054/55 and an hand is he went along the side
actual surplus of £433 million. Nevertheless there can be no people in the City had expected. If Mr Hugh verrider.
From the economic viewpoint denying that the economic situ-
Gaitskell is right, £45 million of the £100 million the tax concessions accordation in Britain today
that changes in the tax rates will cost goes to This means that more will be" companies. available for distribution to shareholders whose! share of profits will in turn bear less tax.
unseen
Who or what the ghost is, no eine has yet ascertained. But the footsteps are still heard.- China Mail Special.
Large-Scale Nuclear
Reactor Wanted
Washington, Apr. 24. The Atomic Energy Commission tonight, asked private industry to finance and build a new large-scale nuclear reactor by early 1957,
Urging a reactor: capable of
testing larger materials than
ments.
Statisticians that in the 1936-37 period Japanese goods imports were close to 150,000,000 yards. United Press,
--
The Bank Of France Statement
Paris, Apr. 24. The Bank of France state- ment for the week ended Apri! 14 reads as follows:
Total gold holding Total other currencies
Franc 201281,501,420
11,048,540,953.
and
concessions,
more.
strangely with the situation that inflationary than it was a year has been developing in British age. In view of this most ob- economy. In the second half of servers find it hard to reconcile last year the
om the fact that this year United Kingdom
the sunk into deficit on its balance Chancellor has given the nation of payments and the deteriora £134 million of extra pocket: tion has almost gone, certainly money that last year he further in the first few months gave away nothing at all.. of this
The root of the year.
LESS IMPORTANT ROLE trouble is over-consumption home and to combat it the Clearly the Budget is taking Chancellor carlier this year
a less important role as an in- twice raised the bank rate
and strument
of economic, polley reimposed restriction on hire purchase deals,
•
PRIME TASK
at
Why then year when the Sight balance abroad 107,380,564,458 nation's prime task is to raise its exports to match its increas- Advanced to Curr.
Stabis. Fund...... 198.000.000.000
ing imports should the Chancel- Bank note in circula-.
2,563,523,906,990 lor give away £134 million to tion........
add its weight to the pressure Current accounts and
deposits******* 129,029 504,420 of internal demand? Total bills discounted 1,202,002,313,960
-United Press.
is now possible, the Commis- The Bank Of England'
sion suggested one with eleven holes holes ranging from three inches square to nine inches square, with a core flexible
core
:enough to insert specimens up
to 15 inches in diameter.
The plant will be used to
determine 'materials from which to build repolors cap- able withstanding terrific radiation in future power in- stallations, the announcement said.
TEST REACTOR
It will be "an engineering test
than it did in the days of the and the door is lableding. But this did not, materiais.
a
gjit-
the
The failure of the market to ened railway strike. Gilts were respond to this inducement was inactive on Wednesday the day due to its belief that the Chan following the Budget and in cellor has put all his anti-dustrials were marked up in "Inflationary weapons in one anticipation of a wave of buy-
"polley." If the extra and industrial shares finished spending should result in
available Ittle changed on the day. power now Stafford Cripps and Mr Galt-to
to the public:
"On Thursday, however, and of inflation-and skell. Direct controls over the fresh round economy have been largely ex- some experts fear that it will edged began to slide and changed for indirect ones and Mr Butler will have no alterna- movement gathered momentum these are being concentrated in tive but to tighten credit once on Friday when losses up to 223 6d were recorded. Indus- the monetary field. Dagain through the use of
Mr Butler's polley is to ear bank rate.
especially those of cinema, tex-. trust the taxpayer with more effe
tile, PARTLY EXPLAINED exercise
and brewery companies his own money
whose hopes of tax concessions overall control over the economy This reasoning partly ex were disappointed. Losses
Interest better,
and
the
the
for
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A NEW COMPANY?
trial shares were similarly weak From the word
The purpose of the modern by manipulatipe he says, to cut plained the fall of prices on the Friday ranged, to 2s.
rate, It is
market following: the Budget.
The dominant factor in the amarket at the moment, however;
budget is not to achieve 2 balance between the Exche- down consumption--whether it quer's revenue and expenditure is by an industrialist laying in but between supply
and
de stocks of raw materials or mand of national resources. On private individual by buying the demand side the Chancellor estimated that Government ex- London, Apr. 24. The Bank of state-penditure would be "about the
Statement
NEWSPAPTES UP
on
The feature of the industrial'
is not the Budget but the ap- shate market last week was a- proaching general election. The modest rise in newspaper shares. market, is expected to remain on the ending of the London this thin while the parles do strike the increase the
expectation of a Con--
ment for the wolke england pats same this year as last; invest Singapore Rubber battle on the hustings, but the price of London evening papers
reads as folfows
Nate in circulation Publie deposits
Private deposits. Government securities Other securities Recripta Ratio
ment would increaza "by about
the same amount," stockbuild
1.763 954-385 ing "will not take more of our
sterling
22,138,337
Market
South African gold shares ory should keep have been depressed by 'political | prices, relatively film.
worries, rubbers found, support" The change was quiet before on some good dividend an- resources than last year and
Singapore, Apr. 24. the Budget and the only move nouncements; teas. were weaker 141459,396 personal consumption would rise
The market ruled quiet on ment of note was the fall in on lower auction prices and oils. 31300 as rapidly than it did last year.
49375,050
closed 20.277.114 Taking all, these things together Saturday. Prices
in gilt-edged prices on the threat were down.
June
91-915
7.9 M Mr Butler jud
judged that the Straits cents per lb. fob Malayan United Press. Increase in temne demand should ports as follows, be appreciably less than it has No. 1 rubber May been in the last two years."
July On the other hand, he wreat No. z rubber. May on, the scope for increased No. 3 rubber May production is at least as great Na rubber May as it has been in the past, if not spot rubber unbated
reactor to develop reactor U.S. RAW COTTON components for military andí eivim muclear power projects.
EXPORTS The Commission said it would
greater."" New York, Apr. 24. ' contract with owner and
-Raw- operator for substantial use
exports by of the
reactor's radiation destination as reported in bales: capacity in its first five years by New York Cotton Exchange
for the 1954-55 season of operation, F Setting up a tight construction April 10 were as follows:
schedule the Commission called for Bide, by July 1. Construction is envisaged by Canads
Britain Continent Orient
October
by and operation March 1957-outer,"
cotton
to
1301
2,304,456 2421,939
INCREASED PRODUCTION
MESSAGERIES MARITIMES
| P.O. Box 53 - Quéen's Building#Tel: 28651||
FAST PASSENGER/FREIGHT SERVICE
Sailing May 21st Bailing Jan. 18th
Exchange Rates "CAMBODGE"
It comes down to this with increased production, sufficient Budness WAL dono in the .locald resources should be available to ocial change market this
morning at the following rates meet extra: demands at home US dollar per 31) and still leaxe, enough for the sterling notes (per 1 requisite increase in exports. Indonesian rupiaht (per 100)
Many economists would feel meals (per 1001
| Singapore (Straits) happier about this if the Indo-China plastoes (per 100)
#LAOS"
o
FAST FREIGHT SERVICE-
£15.26.
13.30 КРЕТНО"
2750 BIR HAKELT!
Bailing May 12th Bailing June 25th
Total for period Same period last years
90 excluding intors-United" "Press.
CO".
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