THE CHINA MAIL, TUESDAY, APRIL 16, 1957,
TRADE and
COMMERCE SECTION
BUDGET PROPOSALS ANALYSED Liquidation On
Nothing To Encourage
Industrial Output
Nor Gurb Inflation
From RONALD BÖXALL
London, Apr. 15.
At a press conference immediately after the Budget speech, American correspondents asked Mr Enoch Powell, Financial Secretary to the Treasury, how he would sum up the Budget for a newspaper headline.
Mr Powell thought for a moment and said: "It would depend on which newspaper I was writing it for."
“À little bit off the top” -Daily Mail.
he top bross Budget -News Chronicle.
WORLD
RUBBER
MARKETS
New York, Apr. 15, Rex rubber contract closed to- day 35 to 50 points lower with sales of 40 contracta,
May July
Sept
Nov, Jan,
Mar. May
1.20
31.20
33.48
3120
30.00
Standard contract closed 35 to
30 points lower with no males.
May
July
Sept.
Nov
Mar
May
31.75
31.70
31.45
31.20
33.78
30.00
Lower London Singapore In a few Next Thorning
due to be revoked newspaper
advices, plus the continued in core. weeks--or days-in any readers took their pick from the following:
And reduction in entertainments difference of domestic consumers liquidation before the was balanced and duty on cinemas
passover and succeeding Easter by increnon in television duty.
weekend holidays helped the There were several useful tren:. Most of the limited bud- economic paposes to which this passa represented intin-dealer were 200 million of tax relicts could idjustments, Shipments "It means more for those have been put. Mr Thorneyeroft derate but prices too high to Interest local buyers. Spot No.. with most Daily Herald.decided to concentrate iederly: Ras was quoted at 31% conts.
"Cheer 'em up Budget"
lleving surtax payers,
AMSTERDAM Lax- payers income tax -Daily Mirror.
of parents
older paying "Pete's pop bills-Daily children-all for sound economic Skotch.
retions. Once he had decided on this the reduction in the pur-
"The got thɗad Budget” -Dally Express.
"Relief for carted in- comes over £2,000" Dally Telegraph.
and
on "pots and pans" chase tox followed as a political "must."
Passive Resistance
The rubber merket was ensler. Prices closed today in guilders per kilogram, elf May as follows: 2.02 buyers 2,00 buyers
No. 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe
237 buyers
2.80 buyers
SINGAPORE
The market and
I
quiet was very
..f
TRADERS TAKE TIME OUT TO SURVEY MART
New York, Apr. 15. Stocks moved irregularly today in a technical interruption to a three-week advance that has added close to four billion dollars to stock values. Activity slipped off to the lightest level in a week as traders took time out to view the market in the light of recent gains and entered their tion on a scant handful of special issues.
Goodyear Tyre Gult on
Turnover of 2,010,000 shares shares behind on 360,000 Friday.
Paper stocks were among the with St Regis chief features
ding out in its reaction to Int'l Business Machines
New York Cotton Market
New York, Apr. 15.
Cotton futures today turned irregular after a steady start, with the far forward positionê be coming relatively easy on the Detback.
Clowing prices ruled up 3 to off | Sany
17 points. The market opened october Up 1 to 6 points New Orleans December altood
March
unguoted
Page
HONGKONG
STOCK EXCHANGE
(From Out
+ Coirespondent).
Business done, on the Hong- kor Stock Echange this
morning amounted to approxi mately $445,000, Noon quota- tions and the morning's teens- action:
BANKI
HK Dande
In the United States, the year atten-prouts quidation and techni. average price of ene-inch cotton need
at 14 designated markets deferred $3.86 ents
October
1 to off 8 points. Uncertainty
over the farm for programme
next
end realizing in the
after months 7015
duplicated the season's high at 15 the opening.
120
Hayden Newport Carp.
Homestake Mining Co. Ingersoll-Rand Inland Steel Co. Interchemical Corp.
19
450
30
1001
331
30
Int'l, Harvester Internațional
International Paper int? Tel: Tel
John-Manville Co.
dividend cut and favourable earnings report. St Regla, the most actively traded
$33. Issue, lost 3% to
Motors
Kanmi C, Power & Light firm, were
olis Kennecott Copper virtually unchanged,
Specialazzott Meyers Tod
Lockheed Alternit such as Addressograph, New-ews Incorp, port Newa Building, Libbey- Lone Star Cement Co. Owens-Ford, Palloo, Aluminium, Lowenstein & Sons, Burroughs General Tyre added around a point.
Industrials Down
Industrials ng
A
of
group were
average
group in
lenfureters today. There down 08 paint on average at was a slight Australian enquiry 485.84. Rails lost 31 to 140.20 But there are other even more with most operators idle. Future with most changes on important economic aims. Main closings were:
outside the average erlilcim about the Budget La No. 1 rubber per 15. May 0371-97 rails, central
Georgia that it did nothing positive
June 12-featured with a gain of close to No. 2 rubber per lb. May No, A entourage higher industrial out-
2 put or curb inflation, which with No. 4
Blanket crepa wages rising and production Spot rubber unbaled stognating, is once again getting | No. 1 pale crepa. the upper hand.
to
"
LONDON
07-8115
"
#2-0231
9135-02
99-101
The rubber market was quiet with spot quoted at 271⁄2 pence, down 1⁄4 of a penny. Prices: No. 1 Ras spot
27-2714 Settlement house term:
27.2016
T
points.
McDonnell Airersit
(Am Stock Exge.)
Mesabi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Ing National Cash Reg.
National Dairy Prod.
National
Lead National Steel Corp.
New York Centrul
in Mathieson Otis Elevators
Owen-Blinista Claus
Pacific Gas & Ficc.
Paramount Pictures Parke Davis, Co Penny 3. C. Co Penn. Sait Co.
A loss of over a point in Pen-Pan American Airways handio Eastern Pipe Line helped pull utilities down by .00 to 71.58, The 06-stock composite average was off 20 point at
Out of a
Whatever it was, it was not
Budget to
deep passions. Chancellor
Thorney- croll decided what he would do and went ahead and did it. If his Budget appeared to be the work of a Tory that is because be in a Tory. At least be re- sisted temptation to entch votes.
it he had been inclined
Admittedly it was unnecessary
170.81. to
A "purist" budget risks, Mr Thornycroft to produce
than it that took away mon éduid have produced a popular
But Mr Thorneycroft Buget, Reducet Government gave expenditure and rising revenue should have designed his Budget proposals to encourage Industry gave "ordinary sph in the Bud- to make itself more efficient. get accounts bofore the tex changes
A whoker Chancellor fight have decided to give nway more than a mere £100 million of this in tax reliefs. He could certainly have distributed them differently.
of
a £660 million
The Mass
But Mr Thorneycroft con- centrated on helping the upper piddle-class those who cern The £2,000 a year and over.
people got very maes of the little indeed. A third of what be- they are supposed to save
cause of lower purchase iax on household goods will go to pay the higher cost of television licences. Nor are they likely to save much on the higher income Allowances for
older children. Marky-possibly even most_worlding-chuss men who qualify for this relief do not earn enough to pay Income tax in any cred
trac
TENC
MOS July/Sept
June
Oct./Dec.
Jan Mar
26%-20% General maticets, elt basis, ports:
203-27 April, May and June ...!! Theo ngô tin hay n bas
thick... unquoted
United Prom.
As it is we have a Budget that is polstenlly honest and finan clally sound but one that falled economically to put first things first.
ent New York Sugar
Market
Danger is that Governament may have given up trying wage active war ogulrot inflation and resorted to passive ance.---London Express Service.
resist-
New York, Apr. 18.
futures World No. 4 sugar
today 2 to 30 points closed
Steels Active higher with sales of 2,080 con-
On London Market
London, Apr. 15. Steel shares featured the London Stock Exchange today,
Shipping shares had selective increases.
Elsewhere in the in These criticisms have of dustrials there were numerous cothes been made and made) dil declines, Royal Dutch lost vehemently-by the Socialists. 6/- and Shell Transport was off But they miss the point of 2 shillings.
Government what Mr Thorneycroft was trying
bondis were
A fresh exodus from the long overdue action to shed a governmente lowered War Loan little of the load from the heavi. 10/- und Old
to do, in giving a quarter
of
weak.
ail tax relicta to the surtax
payer, he was not only taking
est taxed community in world--he was also
good economic sense
the
shillings.
Preas.
Consola some 7
tracts.
Domestic No. 6 sugar tutures closed unchanged to point higher with sales of 340 co- tracts.
Strength in the raw market, and Ar expanding foreig
brought demand,
broadscale covering and commission house buying as the world contract reached new highs,
The
United Kingdom ድሮ portedly purchased 60,000 tons of Cubans with the price to eased on the average epot price for May/October. Dealer - pected Germany to buy another 30,000 tons of raw about mid- week. France also was ex- pected in the market for about 35,000 tons,
Japoneso issues were firm in May displaying the foreign bond section-United September
July
October "Oun objective is
is opportunity
March and
sald expansion,"
Kiny Mr tax system Thoffieyard. "A which offers the minimum in- to those with the ducement morunum responsibility 15 -
this COLLIFICER with
alm,
Exchange Rates
050
new
The passover observance and the ensuing Easter hoildays at the week-end helped to
cut
down mnikot Participation.
Omer traders transcoured aften- tion to becurities phd the faster-, moving commodities like sugar, grains, wool, rubber and cocoa, in the May Evening up delivery, mticipating
notice
dingApril
19 another feature.
Kufuru Waiter, False
adio 1080
But Alda, .... iNGURAŃCAS
SKUPING Wheelock DOCKS, ETCS Sales totalled 12,007 balus K Wharf
Doelz Jnited Press.
wha
LAND, ETC. HK Hotel
14.30
London Foreign Exchange
London, Apr. 15.
Closing rates were:
first New York 24-Was Montreal
ww | Amsterdam Open May Brussels...
contracts today totalled 252,400 Copenhagen bales. The certificated stock rankfurt
Mimi Lambor remained at 10,117 balea How- MILAN
2.70 13/16-2.781 2.67 11/10-2.07 13/10 19.0896-10.65 2/3 140.07-140.90 19.45 13-19.451⁄2 11.7635-13.7574 80.00-400.15 27503-1700 19.00-20.00
14.51-14.811%
72.63-72.86
34ever, some quarters are anticl- Dain
pating
increase following Stockholm
Vichna Zurich 12 reports of new certificatione nt
Charleston
Other unchanged. traders estimated around Now
18732
35
66
Ring
60
per
in
at
12.27-12.37%
York Exchange
ratés
cent of the long position were unavailable-United Presh
for was, commected with a
spot frin
Atlanta reported a quiet mil
for spot cotton Inst
week. Most manracturers m
dicated they are buying only
11% after receiving orders för födda and were very pessimistic, over busines. No interest was kłówn
the new C
Month
Volume Open. Interest
istues
Procter & Gamble Co. Philip MorTİN
Pittsburgh Plate Clans Publicker Industries Fore of ftadio Corporation Hepüble steel,
47
78
传到
May
13,000
153 | July
8,000
20,700
December
18,600
5,900
May
9,000
1,700
12400
100,000
Reynolds Mosai Shat ol. C
total 1,148 traded, 487 were lower, 411 higher, 250 unchanged with 88 at now highs, 32 at new lows.
Sales today rose to 1,090,000 shares from 1,020,000 on Friday. Sinclair
Volume total $3,610,000.com-| Socony Mobilai
Solar Alcraft.......... pared with 14,400,000 on Friday.nity Edarto led Sugar
closing averages Bouthern National Gas
Dow-Jones
wetc.
30 Industrials
20 rails
15 utilities
65 tooles
40 bonda
S Ho Papor
Bouthern Railway (Com) 485.84 Etandard:Branda 145.20 Blandard on of
71,388tandard Oil of Ind. Standard Oũ of NJ. Steep Hook (Toronto Exge. Sterling Drug Do.. Blokety-Van Camp.
Awift & Co.
Tide Water Asan. Ofl
170.81
Comm. future price inde
180.30
Closing Prices
Studebaker-Packard Corp.
Alden Inc. Acy.
#1716
Texas Co....
Allied Chemicals
All Chalmers
34
Twenty Century Fox Film
American Airline ...
18
Union Carbide
American Cable & Radio Corp.
5
Union Pacific Railway
American Cyanamide Co.
781% United Adronkit
Amer, & Forgn. Power Am. Mach. & F'dry
101
DA. 7611. "3"
316 UA. Cypam
UB. Line Co,
60%
U.8. Rubber
177
U.S. Smelting
749%
American Metal American Emeiting American Tel & Fai American Tob. "" Anaconda Copper Armco Steel
Armour.... Atlas Cans, Mining Baldwin-Lima-Ham, Baltimore & Ohlo Beneficio! Finance Bendix Aviation Corp. Benguet Con
Bethlehem Steel
Boeing Airplane Borden (The) Co. Burrouglu Add Machine
Canadian Pacific R.
Co.
Caso (J. 1.) Cat. Tractor Celanego Corp.
C. 1. T. Financial Corp, Chase Manhat. Bank Chrysler Motors
| Climax Molybdenum
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Flec. Consolidated. Edison
Continental. On of Dei.
Crown Zellerbach
Douglas Aircraft
Contract No. 4 (world)
6.62
6.34
Cuban Amer. Sugar
495
492
Diamond Alkali
July
492
September
4,010
Dow Chemienia
Spot cents per lb. feb Cuba) 076 Open interest: 10,001 contracts.
Dupont de Nemours
Contract No. 6 (domerilo)
thi
0.21 10.42 12.65 10.00 2003
May
634
July
5,32
September
At
November
540
General Foods
Spot (conta per lb. E NÝ
Generi Motors
́ex-duty) · ******
6.00
Gen. Pub. Util.
Open interest: 3,824
contracts—
1.80
United Prem
Goodrich (B. F.) Co.
Business was done in the local Ti10 AAM | unofficial exchange market point for murtax repre- moming at the following rateni sents the income range of the US dollar (per $11
Sterling notes (per (21) very men whose activities decisions de most to determine Australian notes (per £11...
Siden seul (për-100) indonesian rupiah (per 100).. Singapore (Strafta)
and
our note of economic expansión to their hands rests for good or ill, much of the future of the national economy."
Bitt given the amount of which it was deemed prudent to reduce the prospective sur- Plum question is not whether this was the right place, le con- centrato personal tax reliefs but whether there 'should have been any personál tax rollery at all.
'Give Away'
Fow quamel with the decl- sion to exept United Kingdom reglatched companies which operate entirely, overetus from United Kinèndides Income trvāts taxes. That reddfim whi sho long, overdue. Nor do
object
to the decision entertainments
anyone
So the living thestre abcount for over n
to
two proposals
cost of the revendus or áll
congestions...
his own
thủ thu
to
Teori Pakdw, wild, hobethide in The region of £200 million
ve tway in this finche
not count bobnim it wa
ELEGENE
(Telephone Germproofing Servion)
PROTECTS YOUR HEALTH
Guaranteed by Commonwealth Govi. Analysis Sole Contractors to H.K, Telephone Co., Ltd.
TELEGENE GIVES PROVED PROTECTION
LOOK POR
Eastern Airline
Eastman Kodak
El Paso National Gia
Family Finance Corp.
Firezione Tyre & Rubber
Ford Motor
General Electric
Glidden Co.
TELEGENE SERVICE CO. (HK), Tal: 25675.
US. Steel...
Wärner - BrO STANLAN
Westinghouse. Electrio Western Union đầu có West Va. Pulp & Paper Woolworth
Ame
July
October
184
Total
NEW YORK
262,400
187,400
Prices of cotton Futures closed
today as follows
3368EF88
HK Land
Humphreys Ruboen
હું રે .
جمہ
1000 30 4 240
10071%
7.00
14507.03
250 1000 17 YO
800 24,40
Amelg..... 156 1.475.0000 @ 1,4755
UTILITIES
Tram......
Youmat
...
2130 21
301
21,70
C. Light (0) Enectio Talephone
(0) ..... INDUSTRIALS. Cert
STORES, EC Datry XD Webs Kent, COTTONS
20 2020
5211 3434
2000 2431
700 @ 13.10
do 00 1000 à 2.15
20
PO B·I EA
COMPANIES
PININSULAR O ENTAL 5.N
PASSENGER/FREIGHT SERVICE
Outwking's
"CHUBAN"
34.00
34.08
Homewarda KOBUBAN *CARTON" "CORP!
LIVERPOOL
future closings,
ponke, per, lb, were as follows:
Boot
July
Mar
July
Cotton
timited Prem.
'bia 'Contract May/June
July/Aug
Oct/Nov.
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Dep./Jan.
WYYApr.
SAO PAULO
NAMESAKES
Answer:-1 Glamour, 2 Bulle,
3 Projection, 4 Attractive, 5 Naw contract May/June
Italy. 6 Location, 7 Films, 8 Jealousy, Hollywood, 10 Brend, 11 Rome, 12 Sica, 13 Photo- graph, 14 Sicilians, 15 Dreams, 18 Cinema,
Gina Lollobrigida.
.
Leaves London
galled
adin Adell
zith Mad
4th July
17th May
6th June
"BURAT
"BORAT”
dpo 1st May
load 10th May
►
Due Hongkong
4th May
30th May
9th July
To de navišed
Due Leaden
17th June
NEW ORLEANS
Prices of cotton futures closed today as follows:
Closing futuries in cruzeiroš
per kilo were as follows:
*UANTON "CORFU” "CARTHAGE”
Via Southampton, Colombo, Penang & imgaporù,
Leaves Hongkong,
13th July
13th July
To be advised
Vía “shkapõře, Fenang "a" Colorsbo, FREIGHT SERVICE
from UK.
for Shore, M. swetten- ham, London, Hamburg, Rotterdam, Antwerp à Grangemouth
ALL VESSELS outwards anD HOMEWARDS WILL PROCEED BY THE
CAPE
OF GOOD
| HOPE UNTİL, TURTHER NOTICE,
BRITISH INDIA S.N. CO., LTD.
1989 - A HUNDRED YEARS OF SERVICE — 1950
"BANTIVA" do 10th Apr:
'cann
"SANGOLA" étan 5th May
sails 6th May
*TTRIA"
from Japan
for Bingapore. Fatang, Rangoon & Calcutta
from Calcutta, Rangoots
da Straits, for Japati
P. & 0./B. 1. JOINT SERVICE
due 18th Apr. falls 17th Apr.
due 17th Apr. salts 10th Apr, HIBMAILA" due al Apt.
tall 3rd Apr.
from Karachi, Bombar Jc B'por for Japan
from Bombay, · Karachi, Be S'pore for Japan.
from Japan
for Singapore, Febians, Codin Bombay Kurucht
for Singapore, Bombay. Karachi, Barah, Khar 'rushalir de Huvalt
SOUND ADVICE
for the man with a sense of responsibility
Start a Savings Account this month
THE CHARTERED BANK (Incorporated in England by Royal Charter in 1858) 3 Queen's Road, HỒNG KONG
INTEREST on your money at 2% per annum, compounded half-yearly. ABSOLUTE SAFETY for your money. EASY FACILITIES for lodgments and
*OBRA"
*
VOKRA"
due
BAUS 190
EASTERN & AUSTRALIAN 5.S. CO., LTD. YEASTERN" DES (oth
"ABAFURA”4ur of May.
from Tipan
for Labuan, handeloan, Bohayan,. Wallnow, ZMY, Farm, Rabsal, Bria bene ByoOUNT. Kembia, Mobourne Adelaide.
from Australia
All vissels have liberty to exh is shy ports on ur off the route in the Poltáˇk Malling are subjeès to change or amendoient with or Withält noller,
For full particulars apply to: MACKINNON, MACKENZIE & CO. US YONG KONG LIB. Telephone Nos: 27721 4.
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