1951-09-21 — Page 9

MESSAGERIES M

**L. MARSEILLAISE"

THE CHINA MAIL, FRIDAY, SEPTEMBER 21, 1951.

MARITIMES Another Siamp Tory Victory Would

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M

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.Det, 20

"LES GLIERES”, Nov. JI

Ort. 21 Noy. 17

Jameward for.

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Sept. 27

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+rl. 23

Repl. 24

Del. * Oct. 25

N. Africa & Europe Phanri & Salzon

*"LA MARSEILLÄINE"

Nov. +

Nov. 3

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freight for. Saigon, Port Said, Tunis, Algiers, Oran, Tangier, Casablauca, Havré, Dunkirk, Antwerp &

Rotterdam.

Subject To Change Without Notler

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong

Queen's Building (gr. fnor) Tel. 26651 (3 lines).

Gaitskell Gives

Unions Something

To Think

Think About

London.

In Wool

Wellington, Rept, 20.

Wool pelerk slumped Agala today. · Buyers 'gen- erally held off, with tealers being moni active and local mille occasionally lakb -better Unra.

Halfbred clutchlugs were 10 to 20 pence per pound below last week's prices. Fleece, halfüred, Corrie- dale and merhus were & to 10 per cent below the A little Dunglin vela.

Ruper was sold at over 00 pence, the best price being 1216 pener.-Winfied Press.

Rush To Buy In London

BOOM IN PRICES OF SHARES

London, Sept. 26. About £90,000,000 was added on to the value of British industrial shares plane today as traders rushed to buy shares that they expected to benefit from the qutcome of the general election.

More millions were theke! on to the value of these over

coppers which stund to benest from the disappearance of the proposed dividend freeze, had been even higher.

This moming. the advances

Mr Gaitskell threw out at the Trades Unioneas shares ch is rubber aux Congress at Blackpool, as an idea to be "chewed over," the suggestion that a remedy for what he described as the still far too uneven distribution of property might be found in some form of partner? ship by workers in individual firms or in industry through the distribution of bonus shares from rises in undistributed profits.

The "chewing-over" process began privately and informally among trade-union leaders when the Chancellor of the Exchequer had gone, and produced some interesting notions.

In five days of making this were more

and was the only idea that emerged down

Re-education

than enough high- fy-blown catch- as an escape, or partial escape phrases of the old sort at this from exploded Socialist theries Congress. He and other leaders on short cuts to better living,

that the trude-union greeti In a spouch which everybody movement has to face up to a admired, but nobody scenied 10 re-education that will be difficult

Del upon, the Le prepared to

and painful. of practi- Chancellor disposed erlly every one of them, cape cally higher taxation of pro

ils and of the incomes of the subskies, and #rich," higher

frui wates extract upulent corperations.

Nevertheless, Congress, able to get away tom tradi- afterwards to tion proceeded demand, in effect, more sub- sidies,

more effective

more

"control" of profits.

of the trade- union movement after half a century of one-way propagandu is not cast and the leaders who recognise the need for It must go carefully, for they take their

unrade-unish yes in their hands,

HOW THE WIND BLOWS The informal discussion C.T

the Chancellor's idco produced

the.

following

suggestions.

Though they must not be re-

Corn Leads Upturn In

Page

Tory Victory Would R.I.L.

Undo Socialists'

Control Of Dividends

(OUR OWN CORRESPONDENT)

London, Sept. 20.

If the Conservatiyes are returned to power at the general election they are expected to undo two recent Socialist measures restricting the freedom of companies registered in this country buf operating in the Colonies.

The first of these measures to control divi-!· dends during the period of rearmament -was

first proposed by the Chancellor of the Exchequer, NY Cotton

Mr Hugh Gaitskell, during the economic debate on July 26.

The proposal has not yet become law.

HONGKONG SHARE MARKET

(Our Own Correspondent)

1

Makes Good Comeback

While a Tory government would remove this. threat-ot | dividend control, the effect would not be the sume on all

New York, Sept. 20.- sections of the market.

Those

Cotton futures mate a snappy charca which suffered

most comeback after a shaky stut. heavily when the proposal wea Scared shorts ran out on hold- first

announced will register the log movement reports, biggest gains. Shares of com-phasised by newa that a

panies, operating overseas-par-hundred Congressmen had ad- ticularly tin and rubber.com-vised farmers to withhold the dividends would 1051 crop from the market until panies whose be drastically reduced if the the price rises. proposal ever became law—will find more favour with investors

than they have done in the past wus few weeks.

Business done on the Stock Exchange this morning valued nt $752,502.50. Noon

prices and the tnorning's trans- actions:-

Stockpiling

talk, plus plans to expand short-term cotton lcans to foreign collon users and inflationary sentiment, tent

In fact these shares were the Impetus to the inlly. Late trade

WDB concentrated first to react yesterday on rum-demand

SARES RUVERS SELLERS SALES ours that a general election was nearby months.

BANKS

HK Bank

The marktel was.crowded half | INSURANCES

an hour before the official opert ing time and dealings were | wño. But Inter

nud people prices becanic calmer.

Any general election intro- duces some uncertainty. Under any government Britain faces

1530 15530 17 ta to take place in October.

Fast Asia

122

Union

750

10 GD

RK Fire DOCKS, ETC.

1:05

K. What N. P. What 0.05

04 200 13 M

500 1500

Dock

17.40 Provident. 34% Wheelock

serious problems and a dimeilt LAND, ETC. winter.

At the close buyers were pausing. Prices in many 6CC- tions were off the top but still well up on the day. In addi. tion to British industrials and rubbers, coppers and some oils

Kars were flimly held. and

Foreign

bonds had a cherp Int shake-out in the morning

argumenti rallied later on the

merlis that they have

other

than mere immunity from n Brith dividend freeze.

27

2000.

NOW

POSSIBLE EFFECT

and

on

Favourable crop news and dullness in the texile markets also made buyers cautious at

It will be recalled that Mathe start. Although recent layan tin producers and rubber aidespread rains over the belt

other oversens have reduced volume of mar growers

tradera 3.na mining companies have already ketings,

felt that 510 submitted protests against their molsture would beneẞt the crop 5.10 inclusion in the 13 00017 dividend

proposed in the long run. control. These may prove to have been

The market opened 6 43 12 un-

points lower, it dipped to Another Conservative victory

in the the points

forenoon, then polls is that the new measure tallied in The last hours 03 1500114 Incorporated in

the Finance holding movement talk. 1

Anished 23 points higher 330 13.33 Act which makes it unlawful

for conipantes resident in this October and 8 points higher to country to remove the sea! of 8 lawer on the other positions.

Kotel. 0.30 #45 1000 0.33 Decessu possible effect at a maximum losses of 15 to 20

HK Land XD S'hai Land. Humphrey's UTILITIES

Tram Punk Tram 18

(01

Star Ferry

*

C. Light (B) 0.25 Electric XD, 3414

3200 #1: 8.40

a'

on

ROYAL

Data

zia Rept. 22 Rapt

etch Dept. 29th Sept.

1st Oct

3rd Oct. 910 Oct.

12th Oct. JÉTH Det Zud. Nov,

22rd Sept.

1st Oct.

I net.

4th Oct. Ain Oct. 121h 14 Oct 17th Det. 18th Net.

Date

net. 11st net. 11th Nav.

Skip

INTEROCEAN

ARRIVALS

"TJIRADANE“ ***TÄRMAN” NTHTJALENGKA“

"STRAAT

MAKASIAN" TJIKASPER" *VAN HKUTSZ" "TEDELIBRC"

"THWANOP".

**IJIDERAT”

"STRAATE

Japan

LINES

From

itelawan Doll, Penang & Bingapore Marakkar, dava Porta & Singapore

Holland (Maiden Voyage) 8. Aftica singapore

Japan

8. America, S. Africa, Singapore

Manita Macassar, Javs Porte & Bloganore Japan

MAKABLAR”. Japan

*THIBADANE"

SAILINGS

TJITJALENGKA" "STRAAT

MAKANRAIL"

"VAN. HEUTEZ" "TJIKAMPER"

"TARMAN=

"TKOELNERE"

TJANDI' "TJIESAR"

To

Alagapore, S. Africa & 8. America Singapore. Java Portu & Macassar

Japan Fort

slagapore, Penang & Relawan Dalk..... Japan Polis

singapore, Panang & Belawan Deti, Japan Poria

Ningapore. Java Ports & Slackstar Manila, singapore. E. £ 8. Afetex

8. America

Agents: HOLLAND EAST ASIA LINE

ARRIVALS

Ship

*HOOOKERR! *ARENDSKERK" ARENDOKRAK"

2nd week Nov. "KIELYRKENT"

7th Oct, 14621 Oct. 12th Nov.

"HOOGKERK" "ARENDSKEDK" "ARENDSKERK"

Japan

From

Kurobe & Singapore Japan.

Europe & Singapore

To

SAILINGS

Mantia, 91ngapore & Europe Japan via Marin

Manila, Hingapore, & Europe.

KING'S, BUILDING, STELLPHONESİ"28015; 40 (28017

DILÈNESE LAGENE STALE CON NAHISITURO SAë (LITIAL PH SPASE-

MAERSK LINE

FAST FORTNIGHTLY · SERVICE TO:

NEW YORK, DOSTON, BALTIMORE & PHILADELPHIA, via

SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

2)

C. Light (0) 0.45 C. Light IN 5.39 5

303 204 # 191

3000

B

the control to the country of

500 55

their overseas activities without

Price closed as follows:-

3000 or 5.0

the consent of the Treasury,

of

1000 4.35

2000 ar 5.40

6000 or A) 1000 G 34 12,

ay now be removed from the December statute book.

October

Blarch

(1902)

33.23-33.24 29.10.33.11 25.10

M.S. "TREIN MAERSK"

M.S. "PETER MAERSK” MS.

NICOLINE MAERSK”

34.01-34.02

300

200

341

34,40 debate on the Finance Bi

Purpose of the clause was to

October December March (1953)

23.01

13.55 bld -United PrePF.

MLS.

"NICOLINE MAERSK”

M.S. "SALLY MAERSK”

Telephone

14

Typically, German Dawesi bonds, which were. below 20 few menibs ago and touched INDUSTRIALS

yesterday, fell below 62 0714

Cement ..... 13.05. this morning but closed at over

The Conservatives vigorously May 100 34.40 contested this clause during the July

14 000 131; prevent companies wilt over- scas Interests emigrating to

the heavy burden .escape

U.K. taxation,

Rope STORES, ETC.

Dairy Watson LA Crawford

New Ewo ....

3400 a 13.00 215. 1000 10

17 11 200 @ 17

2.00

55.

News of the election benefited Sterling in overseas free mari kels where it has lately been COTTONS webk

Pound notes In

York rullied.-Reuter.

NEW YORK MARKET

New York, Sept.-20.

issues le

slock

Specialty

garded as considered judgment Grain Prices prices higher under the influesice

they do show

blows.

1-Industry

and generally

buffer

ትና

how the wind

should create a

in

would

suggested.

of various news development.

Trading was partlendárly ce- live in the last hour with total volume reaching 2,100,000

shares.

ན

Chicago, Sept. 20. bl central rund, by levy or Corn led an upturn in grains taxation, to be used to main on the Board of Trade today, tain wages

or pay subsidies, advancing around two cents at

Specialties ran away from the to be employed one time before giving up some

main lis. Ralis hati some good in difficult times. the ground gained,

Trade This would, it is admilled, be

reports that Spain, goins bui oils and steels were Ireland and Great Britain were inixed. Molors, firmed. Me als additional charge on

Utilities briskly. but dustry,

inquiring for cash comI Industry

Have tose

within a-narrow range. derive some advantage from some strength to this grain.

1,159 Issues Traded, 147 It was The fund.

Trade reports that Mexico was should

administered by in the markot for around 1,000,- declined, 438 advanced and 244 be

were unchanged, independent body.000 bushels of wheat as well as some joint

Dow Jones averages at the end delay Ira harvesting the and not by the State.

2-Dividends should be limit-Canadian crop because of bad

of the scaston sicod as follows 30 industrials cd

reasonable amount, weather helped firm the bread to a

20 rails distributable surplus cereal. and aux

15 utillies beyond what was required Ir.

and Oats. rye

soybeans moderate gains. Price 40 bonds trends in lard were mixed,

11

this should be divided between scored shareholders and workers.

3-Any such partnership - Wheat clered unchanged to

to be accom-gher. Stolember 62.41; December

rangement ought

LONDON TIN

MARKET

London, Sept. 20. The tin market was frin.

OEEC WARNING

30.21

33.00

NEW ORLEANS MARKET

of

-

Bpot October December Aarch

Parts, Sept. 20.

34.09

33.10

33.00-33.01

35.21 Dia

United Press.

A warning against the limita-

BUREAU REPORT tion of dividends is contained in a report of the Organisation

Washington, Sept. 20. For European Economic Co- The Census Bureau reported operation. -giving-ndvico-lo today that U.S. cotton consumg- Western European countries oftion in the crop year ending the

of encouraging July 30 totalled 10,081,060 bales, capital movements in the form compared with 8,850,888 bales of Intra-European Investments. In the previous crop year.

The report approved here to- Council

meas

day by the OLEC

Cotton on hand in the son-

Turnover was 110 tons, includ-sloted that the need to stimulate suming establishments on Sep- ing 5 tons for cash.

intra-European investment had as increased in recent months,

the official morning session

Pelces closed at the end of

spot is buyers

follows:- held Spot tip, sellers

Business done at Three-thontlik tia.

buyers

sellers Settlement Business done at

274.10 35.34

Three-mantha tin,

040

ALCO

145

005

010-07

United Press,

tember 1, was 1,033,401 bales, compared with 1.147,000 bales u

Less capital was likely to be year earlier. available

from the

United

WOR

that

The Bureau

reported cotton, exports in this crop

Cotton on hand in public 1,402,235 bales, Stales owing to American de-storage

compared with 4,078,265 bales fence considerations,

a year earlier. To remove or reduce the ob- Active cotton spindles totalled. foreign investment, 20,755,000 compared with 20,- stacles to the report urged the main- $32,000 a year ago. tenance of Internal financial stablility,

guarantees against U.S.

risks anci Itransfer or expat just com- year amounted to 416,975 bales, |

legal assurances Ponsation would be paid to the compared with 5,771,449 bales pwner in the event the previous crop yezṛ---

United Press. "Lenders should not nitach conditions to loons which would have the effect of preventing the borrower from using the loan to his best advantage," the [report said.

13.30 Rubber Futures ion

180 80

United Press.

sanfect by a workers' share in 321-10. Afarch $2.48 May $20 New York Sugar

management; the workers, it

July

Corn was Pp-2!4 high.

September

Oats were 1-1, higher. September 012-3

Bye, new style, was one to 75, 4-State enterprises run at a higher. September $1.7034, profit (Ul Post Omve, old styles, September, 51.60. example) would have to divera comparable partnership status September $2.7632Asmelated Press. to its employees, and something

was said, have been disappoint- $1.733-1 ed by the fallure of State ownership in this respect.

would have to be

for done

Soybeans were cãe to 3% higher.

workers in State-owned key Advice To US

ndustries run at a loss,

5-There must be no impulf-

ment of the power and freedoms

the trade unions.

of the

OLD BELIEFS DESTROYED

Incidentally, if the

Investors

Futures

In Singapore

Singapore, Sept. 20. Prices of rubber futures closed today as follows:- Number 1 rubber, per lb.

September New York, Sept. 20.

October Worki

clored sugar futures

November today 6 to 10 tower, with valce Number istalling 1093 contracts.

September Number

Contract No. 6 'closed 3 12 5 lower, with sales totalling -120 centraets.

Prices closed as follows:- CONTRACT NO. 4 (world)

January (1032)

2. preti

New York, Scpt, 20. Chan- Mr Wilfred May, an American | July"

cellor's idea is developed--and economist and

the Executive September

5.20 nominal

D.II traded

5.11

$12 nominal

4.12

5.45

CONTRACT NO. G

8.30 hald

5.34 bid

the "chewing-over" process will Editor of the Commercial and spat doubtless be continued formally Financial Chronicle of New York by the T.U.C. General Council today advised American Investors later-the Government must to wait for the Israel pound January (1039) expect renewed criileism of its devaluation before investing in | Match

May

July

action in extinguishing, under Israel. nationalisation, the successful profit-sharing system formerly enjoyed by many workers in trade section of the New York the privately owned gos

gas com: Beard of Tride, Mr Moy panies.

Profit-sharing has been frown-numerated the advantages, and deterrents of foreign capital

Speaking on the possibilities in September srael before the international Sp

....

Sends And Oils

ed on by the traile unions in investment in Israel.Unlteå the past, and is, still suspect, Press. The Informal conversations at Blackpool showed tha; auspicion still exists, som

. some Union leader sald proat-sharing would not work, anyway. But the cam try's circumstances have changál, and many union leaders now realise iijat, paal palicles mus be reviewed in the light of in escapable farty

New York, Sept. 20. Prices in the seeds and oils marked closed today unchanged with, the following exceptions,

Linrega

*

2

Number 4

rubber.

September

September

rubber.

Spot rubber, unbaled

Black crepe

No. 1 palé crepe

of

ADVICE TO FARMERS

Washington, Sept. 20. Democratle Represena ive Franks Smith of Mississippi revealed today that a group of 100 Congressmen have advisca TIMEE FACILITIES

cotton farmers to withhold 1951 "Countries should as far as crop from the market unil the 153-184 posible provide the Interna- prices rise. topal Bank for Reconstruction"

and he and cher 14734-140% and

House sponsor-

120-1681% 10012-157

Mr Smith

Development with The members of the are proposing

14114-14215 following facilities.

15144-1502

1164110 170-170 United Press.

Weekly Bank

Statement

Ing

"(a) The use of the 18 per that farmers place at least half cent capital subscriptions in their crops in Commodity Credit their currency.

Corporation loans as a tocans of their taking it out of trade channels. of 1.B.R.D.

"(b)-Placing on

markets

capital

bends

"(c)—Purchase with

flands

at

He said, "Demand factors present apparent in the supply the picture rake it clear that the

so acquired of national current price for cotton is not Currencies acquired by

the, fair. If the farmera will act I.DR.D."

"Restrictions placed by coun- irles on the activities of foreign London, Sept, 20. companies working in their ter

through The Bank of England sinte-ritery 5.40 nominal ment for the week ending branches should be reduced to

4.30 bid

3.40 bid

5.49

-Unlied Press.

U.S. TO REMOVE IMPORT CURBS

Washington, Sept. 20.. The Senate Banking Com- milles eday approved legisia- on to repeat the drastic now our which Congress put on

fals, qlla and

canuts last July:

permanent

·ARRIVALS · FROM U.S.A.

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Sept. 30 Oct. 16

Oct. 31

Sept. 26

Oct. 20

Nov.

7

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ONLY SAC OPERATES TO PENANG. Leaving Hongkong

Every Tuesday Overnight stop at Bangkok

Every Wednesday

Ceneral Agents:

Arriving Penang

SOUTH EAST ASIA TRADING CO., (SIAM) LTD.

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Booking Agents:

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CHIANG HUAT HONG

340 Queen's Road, West, Tel: 36204

to exercise control of the market SOUTH CHINA MORNING POST

there is hope of getting a fair price."United Press,

September 10 Ankle na minimum and should not be INDIAN COAL

blia depasi Government securities

Private deposito

follows:

due to protectionist considera- Notes In elreutation £1,348.285.000 tions," the report raid.

"19,400,000! "No excessive obstacle should 204.001,000 he put in the way of invest- *30,867,000

47,010,000 merit of local funds. In com- .63 315,000 | panies controlled by foreign

capital."Bruter. United Press.

* Other securities

Receipta Hankruto

13.0

Imporis of predu and Exchange Rates

The

would

Business, was done in the Tacpl

market or how mesure the way

biggor uncrcial exchange Oil, in tank cars, cheese imports Shipments have more at the following rates!

Mertuis, nokā been called drastically as 8 B74298ars

10.74

FOR

BRITAIN

London, Sept. 20. Britain is to import limited quantities of coal from India -dext_winter, for use by "gax- works, principally In the Lon don area, the Minister of Fuct 'end· Power: onnounced today,

The move is being taken ip reduce, the risk poxt' winter pf having to supply gasworks at to $105 per zhort dan asked, the expense of the hourp coal Coconut oil was quoted,. at 14 market, tj. kader vansk

Copra Quotation

New York, Sept. 20. Copra was quoted at $137,00

Can'ar." Seed, per long''ton, Promily Sethi -ban 1 and more orionidia, "ilidora (b9r 109) W09/cenia Marked, but: dealersvine }} Buch imperts. Would ImprOVA

One distinguished, trade-inion New York, ner lb. 16.0 cents. leader summed It up in a phrase: kingpanday zblowąd. Well, there geminal, United Beads have protested

countries naper. (Stralis);

""Our high-flown phrases have F.O... Brazilian Port 930 than 4 1074LS12 Red "Prene.""" TIC) piesires, (per 100) |

Balented: that Businma: inlgbt be the prosperity of canta supplies ...ff done on a bid of 11-% cunha for så Siltish --- householder".

· 1965 United From.

THE CHINA MAIL

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