1951-04-12 — Page 9

MESSAGERIES

M

"LES GLIERES”

ARRIVALS

from Europe

SAILINGS

THE CHINA MAIL, THURSDAY, APRIL 12, 1951.

MARITIMES || PI Businessmen

M

·PASSENGER/FAKIGHT SERVICE

1st May

**LA MARSEILLAISE" Zu, to Japan via Maulla .......... 8th May PLA MARSEILLAISE” to Marsellies vla Manila 19th May \FELIX ROUSSEL” ... to Marsellies

23rd June

“ODT DORISE" "DREST""

**BAINT VALERY"

FREIGHT SERVICE

....N. Africa & Europe 8th May .N. Africa & Europe 14th May N. Africa. & Europe 23rd May for

PORT SAID, TUNIS, MARSEILLES, ALGIERS, OBAN, TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & ROTTERDAM.

-"BEST"

.... to Yokohama & Kabe

15th Apr.

CIE DES MESSAGERIES MARITIMES Queen's Building

Tel. 20601 (Three Lines)

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

L

J

Worried

New York, Apr, 11.

The Commerce and In- dustry Association of New York sald today that cabled reports received by Now York firms from business. men in the Philippines in- dicated grave concern there over the cancellation by the Import Control Board of all outstanding import Moences for which letters of credit opened.

been

| POSSIBLE BUDGET SEQUEL

OVERSEAS COMPANIES RIL MAY TRANSFER HEAD ROYAL

OFFICES OUT OF

(OUR OWN CORRESPONDENT)

UK

London, Apr. 11.

One possible effect of the Budget proposal to increase the tax on undistributed profits may be to start a rush by companies operating over- Manager of the Associa seas-to-tranfer their headquarters out of London to escape the higher

United Kingdom taxation.

Mr Jacques Bramhail,

Hen's Export Division, sald the

contradlet reporta statement by the American

In Manila in res Embassy ponse to protesta by the Association that “a survey of the American business community falls to reveal the concern evidenced in your telegram.", - United Press,

Price Rollback Forecast

Palm Beach,

This subject is in the minds of many companies some of which have been wavering on the brink of "such a decision for some time.

But before a company can transfer its seat of control nearer the scene of its overseas interests it must obtain Treasury approval. The question now is: will the Trea- Bury tighten up its regulations governing the transfer of capital out of the country?

by

The opinion I formed talking with a Treasury spokes- man today is that they will.

What will happen if a number of companies now seek permis- don to transfer their scot of The control abroad? I asked. answer implled that the Tree- this not overlooked sury has

Budget possible effect of the proposal

Mr

13

Buoyancy In London

מבזק

BURLAP SHORTAGE

•

INTEROCEAN,

SINGAPORE JAVA PORT and MACASSAR

"VAN HEUTAZ” •.

**TJITJALENGKA”

#TITWANGE"

ARRIVALS

12th Apr.

..27th Apr.

..11th May

• only to Bingapore, Penang '& B. Dell.

MANILA, EAST &

SOUTH AFRICA and

SOUTH AMERICA

“TEGELBERG **TILMENTENG" *THIKAMPEK"

JAPAN

IN AMERICA TEGELBERG

Washington, Apr. 11.

Price control oficials hope

to reach some solution of

the

ARRIVALS

LINES

SAILINGS

16th ADT. 11 May 17th May

8th Max .20th May

ARRIVALS

.11th May In Port

SAILINGS

13th May

SAILINGS

14th Apr. -11th-May-

22nd May

HOLLAND EAST ASIA LINE

"TJIBODAB” *TJIMENTENG **TJIKAMPER"

+ via Manila,

problem of rising burlap prices Agents:

at a meeting on Thursday.

Burlap

stocks have been

shrinking in the U.S. and with❤

prices

of the

product from India rising above U.S. domes tic ceiling prices, there has been little or no buying to re- place short suppiles.

London, Apr. 11. There

Keneral huovanov in the London Block Exchange today in view of the softer-than- expected tax Increases of the new national budget.

Domestle Indastrial-

Burlap bags widely used in sacking agricultural commodi learn shot up sharply.

rot, British

are needed badly now Government

with fractions

Euch crops bonds

as potatoes shed

ready through much of the list.

for harvest in some States. Brokers attributed rening to the uncertain inter- national eitusiion. As-

"It would be better to wait -Florida, Apr.-1·1%- and-see"-the-spokesman-said- A top Government price

Gaitskell's Budget control official said today clearly designed to check inda that a general manufaction. Its chief aim is to draw spending power not soon to be issued in only by Increasing the tax on distributed profis from 20 per Washington will in effect cent to 50 per cent but also by

sociated Press. tax and the roll back prices have risen more than costs

tax on certain "luxury"

since Korea.

NEW YORK, BOSTON, BALTIMORE & PILADELPHIA, vis turers' pricing regulation off exces

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "TREIN MAERSK"

M.S. "PETER MAERSK"

M.S. "LEXA MAERSK"

ARRIVALS FROM U.S.A.

M.S. "SALLY MAERSK"

M.S. "CORONA"

M.S. "ANNA MAERSK”

Apr. 19

Apr. 30

May 15

May 8

May 19 May 80

aim

which the income

fact

the

the

articles

That these measures are less drastle than some people ex- The order, the official said, pected is undoubtedly due to will

restoring

emphasised in pre- the Koren price-cost relationships. Economic Survey for 1951 that But for those who co-operated the rise in prices which is bound in efforts to hold down prices, to occur

This year

will have he said, there will be some in-much the same effect on spend- creases.

ing power as further increases in taxation without the latter's sudden impact..

The statement was made by Director Harold B. Wess of the

For Freights and Further Particulars please apply to:-Offee of Price Stabilisation's

AGENTS:

JERSEN & CO.

́Pedder BuildingTM

PENINSULAR

QUIS HOS SEPARABIT

Tel: Nos. 26661-8;'---

& ORIENTAL

STEAM NAVIGATION COMPANY

R. M. S. "CORFU"

BAILS:

NOTICE TO PASSENGERS

BAGGAGE:

FRIDAY the. 13TH APRIL at NOON for the UNITED KINGDOM Straits, Colombo, Bombay, Aden and Port Said.

HONGKONG

he

Senator Dworshak, Idaho Re- publican, disclosed

had taken the burlap bag situation up with

acting Price Director Edward F. Phelps, Jr.

At present, the landed cost of burlap from India is 30 cents a yard. This compares domestic highest

with

the

REACTS TO ceiling of about 34 cents and an

MACARTHUR

DISMISSAL

Stock market prices were up this morning, and còm- went down. mercial gold

domestic ceiling ΟΙ 28 cents. O.P.S. officials

sult have

hopes the Indian prices will

They said

this would

be the biggest step in providing ample supplies here, since Americans then could buy and realias sumielent margins to operate,-Associated Press.

and MALAYA

EUROPE via MANILA

ARRIVALS

SAILINGS

18th Apr, 15th May

20th Apr, Mid. May

Mid. Jane

"ALMKERF"

"LANGLEESCOT"

"ARENDSKERK”

-Through—Bs/L– fasted_10_

Meillerṛantan and Northern European Ports,

JAPAN

"ALMKERK” +

"LANGLEESCOT” “ARENDSKERK” †

† via Manila,

ARRIVALS

18th Apr. ........Mid. May

..............Mid. Jang

SAILINGS

21st Apr.

24th May

KINGS BUILDING, TELEPHONES?280GETD828017

A Thousand Million

Dollars

Sliced Off

THE RUBBER Wall Street Values

May op-

June

MARKETS

2014-34 0871-6934 80%-15

022-4

BIG INCENTIVE consumer goods division, in a speech prepared for a joint

But in ensuring that not 100 is available 10 convention

of the

American much money Hardware Manufacturers Asso- purchase fewer and dearer goods, elation and the

Southern some observers think Mr Galts Wholesale

kell may have inflicted further Hardware Associa tion.

damage on Britain's position as This was the reaction the financial capital of the world. Hongkong to the dismissal He said the manufacturers The increase in the tax on die of General MacArthur. pricing regulations will be the tributed profits will provide

In the market generally, second broad order closely powerful incentive for com- there was

a feeling of con- .unilored to the needs of the panies to put profits to reserve major segments of business. Instead of to dividends, said Mr fidence and a belief that the

London, Apr. 11. The first was an order apply Goltskell. This may be true of much lessened.

threat of general war was now

Prices of rubber futures closed ing to all retailers of consumer most companies operating in the goods such as clothing, home United Kingdom but it is being change was bullish,

The trend on the Stock Ex-here today as follows:

Number 1 rubber, in cents an all- furnishings, houseware

per lb. and angued that it may have o sporling goods. ---- Associated diferent Influence in the board round bettering of prices being

registered. Brokers were rooms of companies registered timistic. in this country but engaged in Commercial gold tell moré producing commodities over- than 10 points Yesterday's opening was 3244. The news Some companies, particularly of MacArthur's dismissal came Rhodesian copper companies, after the market closed in the have already transferred their afternoon. When it opened this

But seat of control.

31214 Wos many morning, the rate companies operating overseas Later it sank to 308 but re- are still registered in this coun-covered to 311 at noon try. They include a number of

SHARE MARKET - rubber, tin and tea_companies Volume of trading on the besides the African copper com- Stock Exchange showed a con- panies still here.

value siderable increase,

of Some companies which have shares transacled

during the proposed removing their head- morning being $844.070. Noon quarters out of this country closing rates: inve met Opposition from SHARES BUYERS SELLERS SALES shareholders who are reluctant

Prass,

NY Cotton Futures Quotations

Cotton

New York, Apr. 11.

futures closed

here

today as follows

via

Spot

May

July October December March (1932)

July

NEW ORLEANS MARKET

Closing rate April 11, 44.91

ALL passengers baggage must be MayY Bent to the Hongkong & Kowloon Wharf Co.'s Godown at NO. 2 GATE, CANTON ROAD ENTRANCE by NOON on THURSDAY the 12TH

APRIL.

SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Whorf Co.'s Godown for loading on board by ship's slings only.

́EMBARKATION: Will take place on FRIDAY the_13TH APRIL between 9.80 a.m. and 11 a.m.

$.S. "LAURE PATTISON"

Direct for

PUSAN

LOADING THE 12th APRIL SAILING THE '14th APRIL

For Freight and Particulars, please

apply to

PATTISON ORIENT LINE, LTD.

12-14 Queen's Road C., 4th Floor.

Tel. 25846

or Chinese Agenta:

ISEA CHINESE STEAMSHIP COMPANY, LTD.

48 Bonham Strand West., 1st Floor.

Tola, 26127 & 811101

seas,

40.00 nominal 45.39 bid to let control pass out of their 44.72 nominal hands to a board situated thou- 30.32-39.53

sands of miles away. The in- 38.73 nominal crease in the tax on distri 23,54

buted profits, which will affect 36.14 nominal the amount of dividend a com- United Press.

pany will be able to pay out, might now cause these share- holders to overcome their fears.

45.35 bid

44.85 bid

39.4

38.71

Spot

May

July

December

October March (1952)

May

July

38.00 bid

-United Prest.

30.60

30.41 bid

ECA, FUNDS

DISPUTE

Grain Market

Upset

Chicago, Apr, 11.

of

BANKS

New York, Apr. 11.

An estimated $1,000 million was sliced off stock market values in early trading in Wall Street- today following the news of General Douglas Mac- Arthur's dismissal.

Sales of so-called "war issues" were heavy. 50-60% Observers felt that General MacArthur's removal might serve to open the way for talks on a Korean peace settlement.

July/September October/December United Press.

SINGAPORE MARKET

There was a marked recovery from the lowest paint of the day, however, and higher prices were paid for so-called peñoe stocks.

Losses were limited to about $1.25 a share, and gains ran up to as much as $1.75 among the

Singapore, Apr. 11. Prices of rubber futures closed here today as follows:- Number 1 rubber, per lb.

193 -199 Apru May

103 -100 June

192 -193 Number 2 rubber, April 187 -188 Number rubber, April 170%-100% Number 4 rubber, April 175 -178 Spot rubber, unbaled. 1083-1984 | leaders, ---- Black crepe

153 154 No. 1 pale crepe

218 223 United Presa.

#

two-10- But minus signs had one edge over plus marks Out of the 1,112 Individual issues 566 traded, 278 advanced and

FOR declined.

DEMAND

IX Bank .. 1355

50 1350

00 @ 1350

50 1300

TEXTILES

103

24 0 22 130 € - 13

Fast Asia .. INSURANCES

Union IK Fre, XD 134 SHIPPING

72

5.20 1000

100 124

Asia Nay..... DOCKS, ETC. -** K. Wharf XD N. PL. Wharf Dock XD Providat XD Shal Dock.. 200

ETC.

LAND, BA

HK Hotel

HK Land UTILITIES

Tram

0.00 3915

400 40

13 12.30 900 @ 11%

1000 @ 11%

200, 114

4000 @ 12.

700

כל ח

Colonies

At Rubber

Conference

London, Apr. 11.

Trading presented a complex A British colonial and de- picture. This is the fourth pendent territories delegation to hit the Rubber Study Group will time the market has been hard

and forced down by attend tire eighth meeting rumours of impending peace in which opens in Rome on April New York, Apr. 11. Cotton textiles were quiet Korea or a belief that a cease-18, it was anounced here to- and steady. There was a fair fire might be in the making. night. buyer interest in re-sale 80- Each time there has been a square print cloths, with prices recovery. tending to move up to levels.

Today was no ex- coption, although the swing back didn't begin to wipe out The goods market was quiet, all of the loss. Washington reports indicated

STRONG GROUPS

the

Sir Gerard Clauson will lead the British colonial delegation and Mr A. Heywood Wadding- ton will be the other delegate. Advisers

will be the Tuon that the Office of Price Stabili-

Sheikh Ahmad Bin Sheikh

Mr K. Frazer, Mustapha, sation was considering another

President Truman's dismissal Khoo Telk-Eo, Dr R. B. New- interim order on yarn and wool fabrics which would take into of General MacArthur found ton, Mr Eric Miller, Mr R. 1

P. account cost increases since the the British ready to negotiate Hamilton, Mr E, G. Holiday. 124 turn of the year.

cease-fire in Korea with the and Mr W. J. Richards and Chinese Reds

Secretary, Mr K. B. J. Groups notable for instances fecting the poor converter: de of strength were radio-televi- / Huijsman, will also be present.

air lines, oils, slon, distillers,

The Rubber Study Group. and utilities. These particular was formed in 1944 by the groups are generally classed his Goverments of The Nother- the

ones that should benet lands, the United Kingdom and most from a peace economy. the United States, and was later

Transfers were 1,420,000, Joined by France. Stumblers Included Chesa- peake & Ohlo, Northern Pacific, American Cyanamal, American Woollen, Douglas Aircraft and Lockheed.

Ghar Torry

Rayon goods were easy,, rom

073.

C. Light (0) 636 6.20

10 mand-Assoclated, Press.

6500 @ 6,13

C. Lht (N)

C. L4ght (B.)

Sectio

to

· INDUSTRIALS

Gemeit

Rope

The grain market was upset by the surprise dismissni General MacArthur from his Prices Far East commands. cased, but did not drop sharp- Paris, Apr. 11. ly. Wheat closed from one Belgium has till April 30 to one and one-half lower. provide Greece with $7,000,000 May worth of Marshall Aid funds or July that amount will be cut from l'a|September current allocation of $58,700,000, the Economic Co-operation Ad- ministration announced hero

today.

$2,47-2.40%

2.40% to 4 2.49% to 6. Cora: unchanged to 1⁄2 lower. Oats: % lower to % higher. Rye (old style): 1 to 1% lower.

Boybeans: tinchanged to one

Mr Hungtington Gilchrist, of cont lower-Associated Press.

the ECA Mission to Belgium,

to

made this clear today in a note:

the Belgian Minister of Foreign Commerco.

A· «Belgian court recently *trozt $7,000,000 worth of funda-due to bo used by Greece for payment of a 25- year-old debt-Router.

Big Order For Hamburg Yards

Hamburg, Apr. 11.

STORES, ETC. Dady JD

Watson......

COTTONS

* 88*88*888 888888888888:

2500

1214

13 1000

13.70

3.00

TIN MARKET EASIER

~London, Apr.11..*. The tin market closed easi was 58, toms, all for the months. Prices closed today at the end

A Hamburg ablpbuilding firm at

is to start work on a 40,000-ton tenker-the biggest ship' placed the- -war-it was announced here today.

Exchanges In NY in Germany alace the end of

New York, Apr. 11. Closing, foreign exchange: The verso, together with Canadian

04.00 three 18,000-ton tankers, is to Belgium

1.98% be delivered to Panamanian Others unchanged. “Associat= | shipping" interests by the end of ed Press.

1902-Reuter

Ship Movements

1 Low Alignes, Apr. 11).

Ship departures: Grove. City Victory, for Yokohama: "Evené this, for Yokohama: Binghampw ton Victory ION Associated

Copra Price Up

the morning ccssion. Turnover

of the official morning session, as

follow

fipot tin,, biyers Spot tin, salern Businam done at Three-monthe din

Bustos, donc at

1,100

Dited Press.

Exchange Rates

[23ustraum) was done New York ADK 11 whomel leghen

morning, at the following rate Dealers quoted copra nominal», sterling #notext per a patter dicat: $310 per, short 'tonyuup: 303/dollars fook $2.603). Ceccanit all was bitated frdenesh fruidvat

New York Sugar Futures

New York Apr. 11. Domestic sugar futures. No. Six closed one lower, May!

*5:21 nominal July

5:44 bid September

World sugar futures No Four closed two higher. lower.

May

July

September March

May

By the beginning of 1950, 15 governments had joined. The Group has no exocutivo fime- tics but aneo's "periodically to Among

watch developments and pro- the gainers

continued Information Zenith Radio, Eastern Airlines, vicles. Grumman Aircraft, American relative to the whole position

of rubber---Reuter. Airlines, and Anderson-Prichard

were

to five oil.

542 nominal:

5.44 bid

Dow Jones averages,ehti Stocks

91.90

20 Industrials

249.76

844 bid.

Railroads

81,59

10 Uullties

42.67

Japanese Bonds Again Up

5.00 nominal 5:04 bld How sugar mat: 3.70 nom. Associated Press,

NEW YORK BANK

QUOTATIONS IN

Now York, Apr. 115)

Closing bank. quotations:

Router and Associated Pres.

Russia Repays.

Canada

Offawa, Apr, 11,

Bank of America: 26% bid, Russia has fully, repaid, ligr

28169arked

Chafe National: 2819 baked, HOVE,

National City: 47

2040 $2,000,000 Canadian Toan granted 30% bid, after the end of the second Cursory: World War, the Finance Minis-

Japanese bonde

London, Apr:

"of 1809) -1910) 1907)

"" los, of +1934)

Consols

➡United Press," New York, Apr. 11.

! The murpridy switch in the Her

at brought fuctuations is the Foreigne dollar bond; sections moelly.cn the downside in,

bid, 40% fer, Mr Douglas Abbott, als Japanese and Austrálian Issues, a

dored tonight in his Budget for the greatest drop in Lapsatse

Tokyo-Chy Ds Jout

A poem China” Crichpalova.” Lardie, Loseus of a point or moto

|ment (56#, STOLNADIA

Metals

Vorway all paid off part of Tol kia, France, The No harsands were taken by Orient Develope Pand·

Ipons from Canada to purchases tained fractionany,

Tottro City goods and services here. Indo and

the Government Jiebla was the only foreign major.

overnment that made no repay.. ¿York; mînt in the" facal,year"" ended (and the '33⁄4ás dropped

March 31Reuter, 1120

the metal market