THE CHINA MAIL,
MONDAY, APRIL 22, 1957.
TRADE and COMMERCE SECTION
AMERICAN ECONOMY SURVEY STOCKS FINISH
Taxes Main Topic But STEEL OUTPUT OF SOVIET UNION
No Signs Of Immediate Relief
BY JOHN MORKA
Now York, Apr. 21. Taxes were the main topic of conversation and concern during this pre-Easter US business week shortened by the Good Friday holiday.
April 16 was the deadline for payment to the Federal Government of income taxes for 1956, and by Monday midnight some 60 million Americans had sent in their cheques. By June 30 when corporations pay their taxes on a fiscal year plan. individuals and companies will have paid out more than 100 billion in Federal, state and local taxes.
US TEXTILE LAWS
NOT TO BE TESTED
Washington, Apr. 21.
The Justice Department has decided not to try to test the legality of state laws in the United States which aim at discriminating against the sale of Japanese textiles, it was reported today.
A spokesman for the Justice Department said the Japanese textile situation had been studied and it was decided to close the case without taking action.
Secretary
10
line
ol
With a per capita tax burden of $36, the general clamour for Federal tax reduction grew louder, but observers show signs in Washingtom of any im- mediate relief.
no
The Wall Street Journal re- ported that Alf In wmakers agree major tax cuts must be made before the 1858 congrES- sional elections, but that renators not in as much of hurry as were
The financial the Congressmen.
newspaperA conclusion Wüs Bad tax rellet legishailon MAY go through the House this year
is unlikely to get through the Senate before next year.
Business Picture
GOOD AS ANY COUNTRY
Pittsburgh, Apr. 21.
The Soviet steel industry has advanced to a high point of emelency and now compares favourably with that of any two British other country, Iron and steel authorities sald today
E. W. Voice and S. Klemustaski of the Brigh Iron and Steel Research Association aald that ply iron production in Russia is expected to increase from 33,300,000 in 1955 to 53,000,000 tons by the end of
the sixth five-year plan in
1980.
П
In a paper presented before
conference of the American Institute of Mining, Metal- Jurgical and Petroleum En-
US COTTON
GOODS MARKET
New York, Apr. 21. The Passover and Easter week holiday spirit last curtailed
activity in an already duli market for cotton grey goods finished fabrics and yarns.
Worth Street miili ngent and brokers said buying of basic fabrics continued on a hand-to-
basis, for
quick and nearby needs, with pointedly avoiding engagements into the third and fourth quar ters,
Taxes are vital part of the mouth business picture because:
', They operate drastically against net chrnings, sharply reduclog the return from hard- won sales increases,
for
consumers
of Sue Julin for a five-year period in an Foster
effort Dulles early this year
to lessen criticism Department Japanese competition in the US. asken the Justice
investigate advisability of
The Japanese tool this action Aling suit to test the validity
Buyer indifference persisted in because they feared the effects of laws pasted in South Caro of such action as was taken in 2. They help to spur union face of industry-wide produc
and Alabama directed South Carolina and Alabama, demands
ever-increasing tion outbacks, and the apparent against Japanese texitles.
and also wore worried by rising wage scales, which, in turn, determination of producers The South Carolina
and demands in Congress for quotes either
or stop "turning goods out for the reduce net profits Alubeinn Jaws require shops
result in
and to case "pro- product warehouse" upping of selling Japanese textiles to against Japanese texilles.
The Japanese asked the State
indiationary
ducing to sell at a lass" cyclo. prices in an vertise that faci prominently Department, in return, to take 3.
Taxes are In signs posted on the front of "all feasible steps" to forestall in the higher wa
are so confiscatory wage brackets the premises,
restrictive actions in the U.S.
con-
Dulles sald of a press ference on March 3 he had wrlften to the Justice Depart- ment asking them to investigate the advisibility of fling suit validity of い stule
lawa.
Proceedings
Since he had not received in- formation to the contrary, he
announcement
Validity
to
The curtaliment production that weaning away of an execu-programme which started early Live from another
cannot
this year, over since.
has been spreading Some of the indus-
comes,
con-
BALD
gineers here, the steel officials (They noted that the Soviet aald "the likelihood of this Union has "almost unlimited"
supplies of manganese and is well provides with olher raw materials for iron
target being reached may be Judged from the fact that pre- viom five-year plans have been realistic."
They said their enclusions were based on information obtained during rerra visiia to Eng- land by Soviet and Western European technicians, and trom Ruslar: technical NiSru- turg.
In
"Though Ha early days foreign influence played a considerable part, the Soviet iron-making industry is con- ident of its ability to raise productivity and officiency even higher," they said.
Authorisation On Cotton Purchases
T
Where labour is { supply, they sald, the most advanced automation equipament is being installed by the industry.
HIGH ON WALL STREET
By ROBERT SHORTAL
New York, Apr. 21.
Stacks finished in higher ground for the fourth straight week, thanks to a late spurt in Thursday's final session.
Railroad shares were the laggards all week and finished lower, Industrials were lower going into the final session, but a good rally in steels, oils and metals pulled that group up for the week. Utilities improved, touching a new 26-year high.
weakness
They reported that Russia today has about 180 blust furnaces,
emphasis on Large capacity furnaces. "This Tags furnace policy! they said,
as Armly
Despite the embarked
in | American Home Products, up than four billion 33⁄4; A. M. Byers, off 2: comparatively recently and trails, more
Couper-Bessemer, up 3; Jby adoption against considerable dollars has been added to mar
in the past four Manufacturing, up 54; National criticism was having capacities ket values of about 45,000 to 50,000 cubic weeks.
Acne, up 4; Philadelphia & Reading, up 3% and Samgamo reet"--United Press.
Electric, up 4%.
NEW YORK
COTTON MARKET
REVIEW
Thero wene A number of studiouta to the list this
· holiday - sherbenod wook.
The Dow-Jones averages last week showed Industrials UP Addressograph-multigraph ren 131 points to 488.03; ralis oft 1.25 at 145.08; utilities up 0.01 Pat 72.23, and 65 stocks up 0.23 at 171.38. Industrials and utill-
17 points to 187 in stock split tumours. Lukens viled more Brewerks, jumping 114 on the work and extend ing its guin for the year to $281
A dividend cut and an un- favourable earnings report sent St Regis Paper down 3. Other paper, stocks took their
lower, Chespenlos & Ohio lost 1 in the sulls. Others generally Westem Mary- lost fractions. land countered with a gain of 3%. However, it is not used in compiling the averages.
Washington, Apr. 21. Contracting and delivery dates have been extended
| By WILLIAM T. PLUNKETT St Regis and moved an a $9,900,000 cpitan sraz- chase authorisation to
New York, Apr. 21. Burma, the US Department
Cotton futures ended « of Agriculture aald today.
holiday-shortened week The authorisation, pounced ANE. 29. 1856 with a mixture of gaine Provides for Burma
and 19
losses, turning ir- exchange the dolion with.
regular after most 'do- Japen for cotton farn or
liveries had nudged to new other cloth needed la Burna. Japançag Importere seasonal highs.
see to comitract for the
to
an-
cotton in the United States for direct shipment Japan
Tho Departmans aguncement today said that the terminal date for the
Scoring period has been
Trum March 30
to April 10, 1987, and the final date for delivery from April 30 to May 31, 1987.*** United Press.
LIBERIA
WANTS CAPITAL
close
until
Ease Controls
The oils made one of the best showings in the industrial list, The New York and Now reflecting President Elsenhower's Orleans cotton exchanges support of a bill to caso Federal
gas pro adjourned business after Thura-controls over natural
Monday ducers. Belier the Suez Canal ciny'a morning for observance of the soon will be operating at Easter season
pre-crisia level also buoyed this standout, jumping 5%. Getty ended the week up 8% on the strength of
4 a better than
on point gain
4. Thursday. Beaboard Oll rose Many issues in this group were up 1 and 2 pointa High-priced
Prices at Thursday's close group. ruled 21 points higher to 17
*
Gulf
Was the
points lower, or up 1.05 to off 85 cents bale compared with the precoding week.
The dividing line between old and how crop months separated In the later part of the period Nearby
developed Superior Oil of California tacked strength on anticipating first notice day on It is the highest priced issue on Wedsday while July shorts the "big Board."
their
ties finished .at
highs and rails at the week's low.
Of the 1,871 issues traded Last
507 week, 600 advanced, declined and 204 were changed. New highs were set by 13 sus and new lows by 68.
-United Press,
un-
DAI NIPPON CO GETS SUGAR TENDER
Colombo, Apr. 21..
Dai Nippon Sugar Co of Japan has agreed to train Ceylonese workers in the Government's proposed Gul Oya sugar project in South Ceylon, reliable sources sald today.
A Japanese firm, sources said, was the only bidder that offered to act up the refinery without asking for financial partner ship.
The project exported to cost
dei May, on 105 points to close at 1,495. 30,000,000 rugees (US$8,250,000)
calls for machinery capable of company accomplished be Dulles effort to get the Justice
by
crushing 2,500 long tomu, od cape to file suit to test offering him more money. Atry's biggest mills have curtall-
competed for limited offerings Aluminium, which introduced a day during the peak season. Department
with buying credited to Wall a new method for mass pro ed operations to four days a means
An initial "4,000 nerds of cane the validity of restrictive state $25,000 yearly increase
many eliminating
chart readers,
ducing seamless alumínium cans, will be planted. Flannery “Ex- part of his plan to nothing to a man earning $100,- week, with laws was
Sousening tendencies in new spurted 91⁄2 to spark the non-pect a yield of 35 tons pr full the US side of the bargala 000 because the Federal Govern the Saturday schedule.
lle can
crop monthus reficcted con-ferrous metals. A bright ship- The Federal government has, ment takes most of it
The Dai Nippan Company, however, succeeded in blunting only be moved by a
"Unsatisfactory market con-
tinuing uncertainties over farm building outlook was mirrored reportedly one of the biggest in superlor
is the ditions,"
legislation some
unanimously
and pending other
efforts to restrict | pension plan, a better expense
ain
In Newport News 8% point Asia, will manage the project ciled reason for the cutbacks.
clearer view of future govern- gain.
and train Coylonesa, workers sales of Japanese products innecount arrangement or somo
Producers wam present buyer other inducement not subject to
ment price support plans.
The outlook for improved asking for financial partner- assumed they were juveceding, this country.
Indifference to the curtalled It persuaded domestle menu-
taxes.
BACKWARDNESS business this year helped the during the preliminary phase of he added.
facturers to drop demands for
tyres. US Rubber jumped 31⁄2 the operation. rate of production could change 4. Corporations However, today's Justice De-higher import duties on some more and more
are doing overnight. When the return to
Backwardness of new crop and Goodyear and Goodrich Dal Nppen and 77 other of the govem confidence partment
dis exiles after Japan announced ment's work at their own ex-sumers decided to take a posi→
arti
New York, Apr. 21.
preparations, seeding and de- more than 2 each. Chrysler firms had submitted blds to closed that after Investigating the self-imposed quota.
The Liberian Govern volopment because of excessive armed in the autos on a slow-manage cultivation #rad pro pense, with the staffs of ac-on for two to three months all the factors concerned, it had
It also ruled that Japanese countants and bookkeepers en ahead, "they are going to
ment today appealed for rains and cold temperatures, in- ing first quartor carnings report duction when the project is been decided not to proceed. tuna entering the United States gaged
to new but General Motors In preparing tax dala surprised," 13 The Japanese governinent
odo foreign capital to help de parted a firmer moto way
Gat Os Dévélarment 10 announced
Board has agreed to buy Dai January
Its in- low
Chemical shares were mixed. prices to damage the Government beglaning to
15,000 tention
quotas on domestic
farm legislative uncertainties, Eastman Kodak jumped 14 and Nippon to impos
Industry, United
rupees present a larger and larger por- shipments of Japanes textiles Press.
low of payroll burden.
until production up pointed
by news the ad-Du Pont armed. But Allled month ministation is taking out a new and Dow both lost more than 1. underway
plus an additions cach acre of cane long-ranged programme, Re-United Aircraft, was the stand- rupee for cent
in the
planted. hope to swalt out in its group, losing 34. In specific administration legal the steels, Armop lost 2% and Thereafter the Board will tive swoposals.
allow the Japanese fim profita Inland gainet 8. Evening-up operations in May
features Other
Included at three rupees a ton for occupied main attention. Amorten Sugar Refining, up 3: specified period-United Press. Open contracts at the week-end approximated 100,000 bales,
on
the
be
was not being sold at sufficiently and other forms for the Federal executive summed the situatian. | velop the country's grow-Hop months for a time. Later, than 1 and Ford 2 lost more may, it was reparie
TOO MUCH TALK: LITTLE
BUSINESS IN LONDON
By C. T. HALLINAN
London, Apr. 21.
Tax Reduction
TC-
son, Managing Director of the
the
BAG SHEETING
determined
been
an early break-out of the six
said his
of
the demand ebbed in faco
the
welcome applications from new king in the largest open posi
in a spot month during Leading spot interests were re- ported to be long well over half Sherman was 000 of the of the outstanding position. Liberiar delegation to the
The Census Bureau reported in third day: raw Sixty nations are exhibiting an 600,027 bales. The guro come
cotton during March which is shown the the thir: domestic consumption estimated $500,000,000 worth of bout 20,000 bales ahead of expectations and pompared with products.
$84,360 bales used in February and 915,170 bales used in March last year.-United Proce
DOUBLE TRADE
ing diamond industry.
Arthur Sherman, director
of mines and Liberia's Burenu geology, told a press conference Bag sheeling producers,
that although Liberian export of "Tax reduction, of course, could claimed they have been losing from less than 2,000 carats per fending curtallment schedules, diamonds has already increased only be accomplished by a curb-
between 4 and 10 per spindle Jug of Government spending per week and are
tour years app to more sune businesses directly bene-to shut the machinery down, or the 770,000 in 1958, this role of fing from that spending con switch to other fabrics. Some
growth would continue. He tinued to applaud, but the tide osnaburg makers have
government would of sober opinion opposing it is turning machinery
over to the
cancera interested A short but rather meaningless week. Indus- growlog.
production of drills and drapery diamond in bin mining the last four delivery periods. Addressing the epenomic and fabrics. trials were bought, with the index rising nearly social council of the United 3 points from 198.4 to 201.0, but the better-known Nations last week, Mr Jarobs- Market observers looking for blue chips mostly rose only by 6 pence or International Monetary
for an improvement shilling, and the market spent more time in pointed out that the depression postation usiness full based ex-
the 1930s taught the lesson on; talk than it did in bold confident opera-that'
Government expenditures should be increased during tions; there was also a good deal of selling.
4 1. A pickup in soft gooda time of economie depression but consumer sales; Hudsons Bay led with a rise | Foreign bonds were active | decreased during boom times,
Mr Jacobsson of 10 chillings last week on top without arousing much comment.
elled
2. Reduction in supplies being of the previous weeks' gain of 6 The German Young Loạn, both Netherlands 13 .one of the accomplished through mill cur-
John W. Cooper, Secretary of shillings. But this was not the nosented and non-asalented, lost countries which has recently tallment of grey goods
Agriculture and Commerce who fur-bearing Hudsons Bay of 2 sterling cand the Dawes Loan arranged to cut down govern-
of is also Chairman of Liberia's yesteryear but an energetic non-asserted lost 1% sterling.ment expenditures and Institute
delegation to the fair, predicted digger of uranium and a driller Potash Loans were idle except certain curbs
that the West African nation. for oll.
ascented added; Shipping
shares, for the 8% percents
Detroit, Apr. 21. breweries
may double ita trade with the miscellaneous which jumped 2 storling. Chinese
General Motors President Issues
4. The stock market's upward US in the next five years. He usunily overlooked, were idle, most lost 1 sterling.
Grow Enormously
Harlow H. Curtice took on and reversal;
joined with other members furnished some good rises with In the Japanese list the non-
his delegation in enlisting the 580,800 drop in inoome Inst year, out arresting much attention assculed. seemed to be wanted
with the 1024s up sterling and "For such a fashion to ba 5. Inereazing hopes for a tax aid of firms interpstod ip con- was revealed today.
cessions for a development of a Board Chaimin Albert "Brad: But the biggest "cût was QM Associated Electronic Industries the 1007s and the 1500s up firmly established it is probably reduction at the new year. wide range of products. was the most active of the atomic sterling. Assenteils were Jess necessary, however, that some |·
ley's. His salary with bonuses or losing only extra-European countries atta The long decline has boot
that the and stocks, was sliced from Ha pointed out and that improve The Czech Loan gained 1 particularly the United States mocked menediately abroad the Libering trade officials bad 5691,425 (u. 1958 to 1341,20p 15st sterling to 03 sterilng.
shoubi partake in the move. Exodus of "fight monoy" kitoment.”
Confidence was based on reports reprived mong Qup 100 inquiries year of do increased inquiry for from prospective investone and of $13,043,190 1935 while 14 connued last week with mark ment
Ten directors received a total American and Canadian, issues But the Central Govern- Imited fabrics Jara, and in-nor interested tab can directora shared in lite $13,879,-
of the United States dications that
orders placed
during the first two days sharceroso 3 shillings #pence ed affect upon prices. The ew enormously during the several months ago on other lát, tha: tyd-weeks 'fair. Cooper 1979 stock, bogus and'#glory.pot
but they monopolised atten- premium commanded by Ameri
presidency of Franklin tion Shell
cans rose from 71% per cent to Transport
D. counts are préctically exhausted, described" ihdep inquiries were idle and 0°
he set up now United Press, British Fetroleum wei
Facciolip' and promising. per
and instituted Increased bureaus ment in those Trans-Atlantic
cptmtry's economic develop closed unchanged.
was in International
spending to sparić "business into falled to react to issues
ment Sucz the dally ration of Suez Canal Nickel which Jumper porte during World War I. Reduction
Canal
10. IC swelled
further OVETY 2184 points, iho news and closed a bit canier,
highest for down 4 sterling to 49% sterling past 12 months,
plodge
and
power shares, gaining a shillings active gaining
6 perice, while C.A. Parsono rose | 1⁄447 1 ahilling & pence.
Among the oils, Royal Dutch and the two Canadian Eagles
beater shares and registered
and consent. The biggest move" | 44000avell us
Brilian Governments had an-
announcement
on credit, but
of Goverrument octopus was a but
la based on patronage
amount
3. Dwindling finished fabrics in the consumer pipeline;
+
NAMESAKES
The Budget
Walworth,
of their rolapses which that taxes were lifted from the and woo bilde the politician other one of carried the index down from profits, carmed, ghrood by-British 80.92 to 80.10, lowest it has been companies and caused a lot of who has no jobs with which to Daster Tayout, ainge
parly January War Loan contaion for until the govern reward the fallhful, *
ment white paper is published,
Angwerw
Mayor, d Loridos
the Richard
end Old Console Ipat 20 philling? ▼ Thang lo, no way of knowing Hów |Enited Blated Is In the apering
Most observers #groo 4 percent Console 17/0 and Rall- way Waliorialidation stock rose the larms are defined. United bullrides uri, donglif sume 12/0,
Press
occurs-United Press.
Wodaybed pantis revolt),
فلم
GM CHAIRMAN INCOME SLICED
Lost
year. Uply four directors the $800,000 mark in 1953 while eight made more than half a million dollars in 1955.
Curtice received, a total of $080.109 Test of Copper BALL
survey.
amointed to $495,000, payable la economia, growth; expected fo result from a current nine year al instalments over live
The highest
paid GM Tisa lan development pro- officer, Curtice's boarna perionisa drama showal: "bay and readon included: $120,288 in cash and Gable doubt that mitput at fron 560,737 in suc
dra diamonds, timber, bangmag
The Corporation gunounced and that its shareholders mexe monių Modusta will polow the bonus plan för LAGGIA's the top excclliver by incide
stock option plan.Unlied Press,
per
OPHOON MAP
with revised codes in force as from
$50
1st April, 1956.
MOUNTED
$4 INMOUNTED
South China Morning Post Ltd.
KOWLOON.