1951-07-30 — Page 9

WY

THE CHINA MAIL, MONDAY, JULY 30, 1951.

MESSAGERIES MARITIMES DAY TO BE REMEMBERED

M£200,000,000 Wiped Off Share

M

ARRIVALS

"LA MARSEILLAISE" from Marseltles

"OUISTREHAM"

from Japan

SAILINGS

PASSENGER/FREIGHT SERVICE

to Japan

to Marseilles

“LA MARSEILLAISE"

"LA MARSEILLAISE"

FREIGHT SERVICE

"OUISTREHAM”

“MEKÜNG"

"MEINAMI"

Bil Aug. 14th Aug.

Dth AK. 22nd Aug.

‚N. Africa & Europe 15th Aur. N., Africa Europe 30th Aug. ..N. Afrien & Europe 28th Sept, for

PORT SAID, TUNIS, MARSEILLES, ALGIERS, ORAN, TANGIER, CASABLANCA, HAVRE, DUNKIRK, ANTWERP & KOTTERDAM,

"ALEXANDRE DE RHODES" „to Salzen ..........

Extra Cotton For Japan

were

Wasllorton, July 29. The Government har earmarked another 325,000 bales of collon for the Far East, priuripally India and Japan. The new allocatious to the bu ndalikan preliminary allocations an wooned on July 11,

Under the announced in- Jepan will get addition bales In the 487,400 originally allocated. India will get

The 110,000 balen. allotments for the other Eastern

countries Are Formona 8,000, Indo-China 5,000, Indonesia 4,000. Philippines 3,000. Korcz 8,000 and Austraila 2,000.

United Press.

7th Aug.

104,000

to

CIE DES Messageries MARITIMES A LIMITED COMPANY INCORPORATED IN FRANCE Queen's Building

Tel. 26651 (Three Lines)

PENINSULAR

& ORIENTAL

QQUIS

NOS SEPARABIT

STEAM NAVIGATION COMPANY

R. M. S. "CANTON"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

THURSDAY the 2nd August at 5,00 P.M. for the UNITED KINGDOM via Straits, Colombo, Aden and Port Said.

ALI, passengers baggage must be sent to the Hongkong & Kowloon Wharf Co.'s Godown at No. 2 GATE. CANTON ROAD ENTRANCE BY NOON Wednesday the 1st August.

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

New

US Aid

Plans For Asia

Share Values.

Violent Critics Of Policy

Of Dividend Limitation

(FROM OUR OWN CORRESPONDENT)

London, July 29.

It has been estimated that som thing like £200,000,000 was wiped off the market values of industrial ordinary shares on Friday following the Chancellor of the Exchequer's announcement that the Government pro- poses to introduce legislation to limit dividends during the next three crucial years.

...

it was not only the severity of the blow but the arbitrary method by which maximum dividend distributions are in future to be calculated that gave the Stock Exchange a day it will long remember.

According to the White Paper outlining the terms

of the proposed new legislation, dividends for the next three years are to be limited to the average of those distributed for the last two accounting periods for which a final dividend had been declared before last Thursday.

Obviously, therefore, the companies which will he the worst hit are those which increased their dividend most steeply when the voluntary restraint policy was abandoned.

these

the drst of criticisms-that Investors will now seek to remove their capital beyond the reach of the Govern→ телі.

Those companies which con- reflects

restraint inted 10 show

in dividend distributions will have to make a propostionally sinaller cut-back.

DENIAL

HONGKONG SHARE MARKET

(From Our Correspondent)

R. IL.

ROYAL

Date

Fast 21 July

3rd Aug.

61) AUL

14h Aut.

17th Aug. 22nd Aug. *9th Aug.

Wa Ang.

AUL

all

St Aug.

Яth Aur 20th Aug.

23rd Auz.

20th Ang.

31st Aug.

Date

13th Aug. 13th AML, Mid. Sept.

15th Auc Business done on the Stock 19in Anz. Exchange this morning was Mild. Rept valued at $404,950. Noon prives and the morning's Iransactions:- BUARES BUYERS #ELLENA SALER |

TREASURY

Incidentally, in the midst of Friday's confusion came the WAS much rumour

that the Government | DANTS · previous dismay recommend Colonial

Shares which suffered the severest slump in price were those in rubber companies whose last dividend-in most cases a substantial one greater than the iribution.

Washington;. July 29. Plans for United States economic aid to South Asin in the coming fiscal year include technical and were financial assistance for the development of resources by

Ceylon, Afghanistan

in

and Nepal.

This will be the first time that

HK Bank XD 1450 East Azla

100

INSURANCES

4

745 700 300 150

more

TIK Fire... 1:34

DOCKS, ETC.

Union

Whorf

N. Pt. Wharf 4.00 1000 € Provident

Shal Dock Wheelock

LAND, ETC.

8214

4.95

1 11 1000 ☎ 11 2.40

to take similar since the last distributions governments

limit dividends steps to

dis- intended to take into

tributed companies under

by the fact that account

little or their control, but the Treasury no dividend had been paid out werded this.

many rubber companies Second, and perhaps since the end of the war, sharevaild, criticism is that the com- holder's in this acction feel a panies will now have grent particular grievance.

dimculty in attracting the It remains to be seen whether necessary risk capital to finance these three small South Asian the Government intends to make expansion and development at countries will be direct reci- allowance for special circum-today's inflated costs. pients the United States stances like these when it in. But this will take longer to Government air programme. roduces its Bill giving effect to

make its full effect felt, though The aid is part of an $80,000,000 the proposal in the Autumn.

yesterday moming there was rubber shares were by nows that one capital bastle has plan for the area included in the But $11,500,000,000 mutual security means the only ones to suffer legislation now before the Con-reverses. The Financial Times already been abandoned and the gress.

crdinary shares index fell 4.8 money returned to subscribers,

if Industries are to ba 'points in one day—one of the developed as tho India and Pakistan are expect. I

must be if record--and I! to receive the greatest partest drops on

applied decline

Star Ferry 75 80 economy is to meet the ex- to all

C. Light (oj placed upon Shares in the various sections new capital must be forth-

panding demands compose coming in sufficient quantities.

It the market which or his index, it represents a fall in it does not come from people

values of about £200,000,000.

of the funds.

and

Projects for the three smaller countries, however, will important to their economic development.

EMBARKATION: Will take place on THURSDAY the

2nd August between 2.30 P.M. 4.00 P.M.

US Planning To Improve Pakistan Farming Methods

Washington, July 29.

is

REVERSED

the rearmament

TRENDS EЛTeuf

Mr Gaitskell's of In Ceylon, for example, the

was to reverse the aid is designed to supply expert bombshell aid for prograinmes planned and trends that have been

apparent financed largely by the Cey in the share markets since the lonese Government. Technicians beginning of will advise that Government in setting up an agricultural extension programme, in making water resources surveys and in the production of educational and training Olms.

The Government

of

אין!

our

Increases

has

10C Hotel

4.90

1000 2000

4.95

1000

HK Land S'hai Land Humphreya

UTILITIES

Trans

1.10 15

1152

Ship

INTEROCEAN

ARHIVALS

"THWANGT "VAN BEUTAZ" "00198RVAIN"

"TJIBADANE"

**TJITJALENGKA” "TASMAN"

TJDEBAR" *UQIBSKVAIN"

"TJHWANGF "VAN 'HEUTA20 "BOISSEVAIN" "TJIBADANK" "TARMAN"

LINES

From

Machasar di Jaya Porta Japan

8. America, R. Africa,

Salzon & Manlia

Singapore,

8. Amertem, 8. Africa, Singapora &

Mantia

MACKERAY, JAva Ports & Blagapers JAPAR

8. Aftien. Mauritius & Singapore' JAPAN

SAILINGS

* "TJITJALENGKA"

TJORBAR"

DOTABBVAIN"

To

Djakarta Java Porta & Macaciar Singapore, Paning & Helswan Dell Yokohama & Japan Porte

Yokohama & Japan Forts

Sematang

firedan

Singapore,

Djakarth & Belawan Deli Ringapore,. Java Porte de “Machaut Yokohama & Japan Ports

Manix, Singapore, B. Africa à 1.

America

Agents: HOLLAND EAST ASIA LINE

Ship

"AAGTEKERK" "ALMKENK" "ALMKERK"

ARRIVALS

"AAGTEKERK". #ALMKERK" "ALMKERK"

Japan

From

Europe & Slagaporn Japan

SAILINGS

Tos

Manus, Singapore à Xurope Japan via, Manila

Manila, Singapore & Europe

KINGS BUILDINGSELETRONESTEBRON FERRO

MAERSK LINE

FAST FORTNIGHT LY SERVICE TO IN

NEW YORK, BOSTON,, BALTIMORE & PHILADELPHIA, vis

SAN FRANCISCO, 108 ANGELES AND PANAMA

NEXT SAILINGS

M.S. "GRETE MAERSK”

13.30 1871 2000

13.50

1.20 500 1000

7.10

7.03

4.50 4.40 650

Light

Electric

433 0.00 2000 to 8.00

203% 27%

27.

Telephone

M.S. "OLGA MAERSK"

Aug. 4. Aug. 14

M.S. "LAURA MAERSK”

Aug. 80.

ARRIVALS FROM U.S.A.

Aug. 20

Sept. 3

Sept. 14

INDUSTRIALS

Cement

STORES, ETC.

.....

14 115

$15 34.40 7400 e 14.30 500 m 14.0 10 10% B00 g 19

L. Crawford 2234 COTTONS

Jewe

430

Weekly Bank Statements

risk willing to

a loss, in the hope of returns large enough to Investment worth- make their while, the companies will be driven to increase their borrow- ings from the banks.

Dairy But this door, too, has been industrial boom and more pur-closed-or at least it will not in

Watson ticularly since the Budget rather the future be so readily opened— also disclosed surprisingly failed to make any for Mr Gaitskell

is to be a Lighter proposal regarding limitation of that there dividends but sought instead to check on bank advances.

the achieve this purpose by increas It is diffent to justify ខ្វះទេ. the

0:1 distributed Nepal profis

proposal in regard to dividends. Their inflationary significance Is has shown great interest in in- All shares which had risen vn very small-certainly smaller

its agricultural ercasing

pro- justifiable

fears of inflation than the effect of the

the recent duction and in tapping its un-suffered lossus on Friday, while

and their Wage developed mineral resources,

xed interest securities, which psychological effect 00 wage-

learners are always

probably unpopular

beep Under

Agri- prescut plans, cultural experts will go there times of inflation, benentted in grossly over-estimated.

it, nevertheless, the proposal Lo help local officials in raising some small measure.

in and The the present law yields

industrial becomes law and it results fall in the mineral experts will ald inthares index took place side by slowing down expansion of in- determining the extent of side with a modest rise in the dustry without having any de- Nepal's mineral resources and Government

securities index, terrent effect on wege demands, the feasibility of their develop- thus reversing

attempt to Government's movement the ment.

during the recent share boom placate is own rebel factions

went when-industrials

ahead may create a situation far more Gold shares, another recently claims to be tackling. neglected

made its efforts to develop its mineral gains,

section, also In the ease of Pakistan, India ton of fun but also will pro-

resources. It will be concen- areas for and Ceylon, aid is planned as a vide

shures, which were trated on assuring the distribu-

on fears of in- supplement to the development large number of the 5,000,000

tion of coal for heating and already weak

competition, projects

the indigent refugees now such a set up under

manufacturing purposes in the greasing Japanese burtion to the Pakistani econo- Commonwealth Colombo Plan.

further, and Kabul area where shortages are felt even

elvaras, hitherto now hampering economic deve-modity

favourite Inflation "hedge," came lopment United Press.

un offer.

Modernised farms and improved roads will be the main aims of United States economic aid for Pakistan, proposed for the coming fiscal year, a review of aid plans disclosed today.

This aid is part of an $80,000,000 economic de. velopm programme forPakistan, India, Ceylon, Afghar

n and Nepal, contained in the $8,500,000,- 000 mu security legislation now before Congress.

my.

homesteading

The money will be used to pay part of foreig exchange eusts of projects planned by the Pakistani Government and will portant because it would im-

Improvement of roads in Pakistan is regarded my im-

distribution facilities country. Farm produce

be administered by the Econo- prove mic Co-operation

Administra- that

in

tion through a small mission would move more rapidly and In Pakistan. Most of the local expensively from country to currency costs will be borne by

the Pakistani Government.

In explalaing aid to Pakistan

to the House Foreign Affairs Committee Just week. Mr McGhee, Assistant George Secretary of State for Ne

Asian

Eastern

n

South

Affairs, said: "Outside economie aid

Increase is needed 12 agricultural production and diversify the economy of the mation so us to raise the standard of living and create staule in- ternal economic conditions.

MODERNISED FARMS

city and distribution of manu-- * factured goods would be lu- trex-United Press.

Synthetic Wool In America

A

the

In the case of Afghanistan, and gilt-edged stocks slumped. serious than that which it now

the proposed old is aimed ut helping the Government with

World Output Of Tin

Textile

com.

a

the

US Textile

Market

Marks Time

New York, July 29,

SELLING NOT HEAVY Friday'a confusion In Stock Exchange, however, did not reflect any heavy selling. It will be several

days at least before the markole adjust then-

The cotton textile market con- selves to the new conditions tinued to mark time last week hrust upon them, and there is with buyers still in a mood for lime yet for investors to decide bargains in gray goods. Selling to unload shores whose values in print cloths was sporadic with The Hogue, July 29.

been drastically un hava

da- prices fuctuating over a narrow The

latest available

preciated.

range and moving most lower. statistics issued by the Interna-

The uproar which greeted the A feature was a moderate de- tional Tin Study Group in The

of announcement

dividend mand for sheetings from the bag lague show a world mine pro-limitation may not, however, give trade as one mill came down a duction of 15,000 long to an altogether true Impression of few cents a yard. May as compared with 14,500

the present state of the markets. quoted prices to stimulate de tons in April.

The spectacular rise in share murid for fourth-quarter goods. values that followed the Budget There was an increase in out-

to slow Action in other items such as put in all important producing had already begun countries In Malaya to 4,830 down-largely as a result of broadcloths, drills and twills was tons, in Bolivia to 3,802 tons, in foreboding of what has now practically dormant.

come about-and in some cases Indonesia to 2,713 tons and in

Deftaticmiary influenced con- Irend the Belgian Congo to 1,442 tons, the upward

had been tinued to work in the market with a manufacturer of bed reversed.

lowering prices therefore were shoots The mai

Krue that

from last

for

London, July 20. The Bank of England state- ment for the week ending July 25 reads as follows

$7,001,000 303,232,000

307,033,000

in elreviation £1,350,070,000 Notes Public deposits Private deposits ...... Government securities Other securities Receipts

Bank retin

01,480,000 20,007,000

United Pres

5.0

Paris, July 29. The Bank of France state-

ment for the week ending July 18 rends as follows:-

Total gold holdings Tolat of other cur-

rencien

Sight balance abroad Advance to currency

Fr. 1,448,570,926

3,515,150,400 134,275,723,9

stabilisation fund 149,000,000.000 Bilik discounted In

France and abroad 422,020,965,360 Notes in circulation 1,089,100,552,280 Current accounts and

deporits

Exchange

U.S. Dollars (per $1)

180,583 500.404 -United Press.

Rates

M.S. "HULDA MAERSK” M.S. "TREIN MAERSK" M.S. "PETER MAERSK”

For Freight and Further Particulars please apply, to:-

AGENTS:

JEBSEN & CO.

Pedder Building

Tel. Nos. 38066-9.

BEN LINE

FAST SERVICE TO UNITED KINGDOM AND CONTINENT

BY

S.S. "BENVORLICH"

LOADING HONGKONG 31st JULY

FOR

LONDON, ANTWERP, NOTTERDAM AND HAMBURG

VIA

MANILA, CEBU, SANDAKAN, STRAITS, ADEN AND PORT SAID.

Business

was done in the local imofficial

market exchange morning at the following ratre:-

Sterling note (per 40

tita

15.08

4.30 3.30

27.50

W.R. LOXLEY & CO., (CHINA) LTD.

1.703

12.70

York Building,

Indonesie gulidars (per 100)

Ram ticals (per 100 Aingapore (Straits)

Fic plastres (per 100)

Tel. 84165 & 08710.

Pacific Far East Line, Inc.

Fast Regular Trans-Pacific Service® 5 ; $250

OVERLAND

NEW YORK-CHICAGO DETROIT-TORONTO, MONTREAL AND ALL AMERICAN & CANADIAN - CIZIES.

"There is every

to reason belleve

Washington, July 29. that, once the initial

The Government plans a vast impetus İs given, internal capital will be encouraged to increase in synthetic wool pro-

Figures for Jule are available The markets further duction to meet a third of U.S. participate in making

wool demands,

from Malaya (4,050 tons), extremely vulnerable to any at-August-September delivery four progress."

Indonesia (1,400 tons), and the lack on dividends. Friday's to 10 percent. The Defence Mobiliser. Mr Belgian Congo (1,328 tons).

slump was sensational since Wool goods were practically a Charles E. Wilson, is expected

stand-off Civilian In the realm of modernised to designate artificial wool as World production of tin metal happened in the course of a few complete

still buyers showed no Interest in higher than their fabrics. Awards on considerably

Govern farms for Pakistan, U.S. aid essential to the defence pro- in May was 14,400 tons against hours, but it left prices would be used to introduce gramme and open a way for a 14,000 tons in April. Malayan

ment orders for merge and shirt- pre-Budget levels. and Netherlands production was

MIL American agricultural extension $500,000,000 Government aided

It is

more selling Ings were still pending. lower at 5,179 tords and 2,001 methods, improved implements synthelle wool programme. and wider use of fertiliser..

tons, respectively, US produc- may occur next week than took were not expected to set prices Mobilisation officials disclosed

place on Friday, and prices may on Spring 1952 Experts here belleve greater that Mr. Wilson has nlready-de- tion was estimated at 2,000 tons fall further, but the immediate until, sometime in August, soods goods, continued to repetion in prices was not add grav.

criticism

under the Weight 01 | "PHILIPPINE DEAR" Five companies, ed through use of mechanised production.

Consumption of tin metal in violent as the tone of

of the Chancellor's action might lange Inventory and production equipment, principally tractors, including Du Pont, are plan the UK increased sigrily to

have led one to believe.

with mills attempting to balance which would achieve optimumning the Investment of $500,- 2,203 tons in May.

Nevertheless Friday's reaction the situation by curtailing out- utilisation of logger tracts of Government defencongoncica 000,000, officials said, and the

World production of tinplate shows that some of the criticism put. Highlight of the week was land.

are prepared to, grant them increased to 493,000 tons in May is amply justified. The rise in further cuts in acetate

on Canadian | viscose ruyon yarns by ̈n tow Reclamation plans are reallocations of steal, machinery against 450,000 tons in April. the premium

and in the price of producers reflecting fat-down- garded as doubly Important and other items as well a tax The US produd) 353,131 tons in securities

shares In those copper-producing nothe demand for yarn.— | Fər full pertionfare call United States Linea Co., General-Aronia, futen's Baudiog, Tel: 2411. here, for they will not only put concessions to build production May anil the UK 60,500 tom- more. Iehu Into greater produce | facilities /United Frealispies Agrociated Press, duke companies which have smigrated

form production will be achiev-cided to boost synthetic wool

Associated Prest.

Vasel

DIRECT

BAN FRANCISCO, LOS ANGELES

From

Arrives

San Francisco

Aug. 19 Aug. 11.

Bus Frogglad" & Los Angeles

San Francisco

San Francisco

Oct. 31

Bept.

Not

San Francisco de Lpe Angeles

via YokohamJE.

Ban Tandaco "&e Ine Angelon

via Yokrobarya_s

***, TA LUCKENBACH"

And "CHINA DEAN"