1952-04-29 — Page 9

Page

THE CHINA MAIL, TUESDAY, APRIL 29, 1952.

MESSAGERIES MARITIMES New Move By Excess Profits Levy

M

Ariting Teaving

"LAKE MCHTIGĂN” .... May

"ÐIR HAKEIM“

†"BEAUVAIS”

June 10

M

Mitward For

Japan

May June 22 Japan.

May 19

2.

May 20 May TI

* June

"FELIX ROUSSEL", May 21 "LAKE MICHIQAN“ June

Homeward For

N. Africa Enteps Marseilles via Manila N. Aliten, & Karapa

Genoa,

† freight for Saigon, Alexandria, Tunia,

Marseilles, Algiers, Oran, Tangler, Casablanca, Havre. Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles,

་་་

Madagascar by Transhipment in Saigon or Djibouti Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES P.O. Rox 68, Hongkong

Queen's Building (gr. floor) Tel. 26851 (9 lines),

EVERETT LINES

EVERETT

ORIENT LINE

Fast cargo and passengers service refrigeration space available for Korea, Japan, China, Phillppines, Indo-Chinn, Siam, Malaya and East Coast Indian Ports.

"REBEVERETT"

Arrives May 8 from Singapore. Sails May 9 for Japan.

"BRADEVERETT”

Arrives May 12 from Manila. Salls May 13 for Singapore, Penang, Calcutta. & . Rangoon

EVERETT STAR LINE

Fast cargo and refrigeration spaces available for Korea, Japan, China, Philippines, Indo- China, Slam, Malaya, Ceylon, West Coast Indian and Persian Gulf Ports.

FIRST CLASS PASSENGER ACCOMMODATION M.S. "THAI”

Loading May 19

Sailing May 20 for Singapore, Madras, Colombo, Bombay, Kaja- chi

Gulf & Persian Ports..

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31206. Chinese Department: Telephone 28293.

OFFICES AT

TOKYO-YOKOHAMA-KOBE-OSAKA

SEOUL PUSAN.

NEW AID

Foreign

PLAN BEING Exchanges

DISCUSSED

London, Apr. 20.

in to A front-page message day's Financial Times said that the possibility of United States aid for the Schuman Plan and the European Delence - nity was being discussed in Washington.

The paper's correspondent

Canaria

In NY

New York, Apr. 28. US$1 62-1/10

England-oficial

unoficial 20-day futures 90-day futures Australia New Zealand South Africa Belgian Denmark Washington France

The West Germany

-Holland possibility of allocating some of italy"

States Norway next

United year's

Portugal foreign aid funds to the nascent

Spala European superational organl- Sweden sations namely, the Schuman Switzerland elcel and coal pooling plan and MIDDLE EAST the European

wrote:

The Administration

welcome the opportunity to use Brazi

2.81

251 bid/ 2.34 asiced

2.80%

2.701.

2.31

2.8014 2.0

01081)

.0328-0/16

.20

.0014

.1405

America

London, Apr. 28. The Wasitingion car- respondent. of the Finan dial Times today wrote that it was learned that high- three of the five

4. synthetic rubber pro< ducing plants, owned by the United States Govern- ment, will be closed by July 1.

"This marks the begin- ning of a move by the Re- construction Flaanee Cer. poration, which controls the plants, to restrict the af Government output rubber styriens, to a re. latively low cost form of rynthetic

rubber, derived from petroleum butadiene, the correspondent adited,

- Reuter.

Ruhr Gets Big Orders From Egypt

Dortmund, Apr, 28. West Germany's booming steel industries, after two years of intensive under- cover work in Egypt, have new victory announced over British contractors for sicel mills in Cairo and As- Buan.

0.

Man behind the German drive is ace Ruhr engineer, Dr Walter Resland, former diretor-gineral of the Rhineland's maramath United Steel combine.

German business spokesmen confirmed tonight That Rohlend has secured an order from the Egypilan Gove.nment to plan steel mills with a yearly capacity of 160,000 tons in Cairo and Assuan.

He will also be responsible sub- blueprints covering cidiary installations, transport arrangements, staff, and future supervision of the entire project.

This German success Egypt-ore in a Held that has been dominated by British enterprise and energy since the turn of the century-opens up new prospects for the Egyptians in the Nile Valley.

Dr Rohland has been instruct- ed to link the plan for the Assuon plant to the neighbour- ing deposits of iron ore and the hydro-electric

power sources in development on the Nile dams.

ru-

IN FOUR YEARS "We Germans," said spokes- mon of Ruhr Industries, "are confident that this planning contract will mean orders for of some us up to the value

£18,000,000. We сап have these steel mills producing with- in four years."

vir..

"German experience and en- terprise in steel production," gaid other officials, "is now bearing fruit in markets tually closed to us before."

Alited trade experts tonight repeated their previous state- ments

German industrial expansion in Britain's overseas markets,

"As long as Britain sacrifices her exports to build arms for the defence of Germany and the West," they said, "this sort of thing will happen time and time crain.

11

con-

The Allies should see to that German steel industries are called upon to make some tribution 10 the defense of Western Europe and the German people theemselves." - London Express Servize.

Prices

Grain

Stage Rally

Chicago, Apr. 28. Wheat futures closed-1 to 1% higher and soybeans to 2% higher. Prices closed today as follows:

"Concessions" Annoy

British Mining Firms

Called Totally Inadequate

London.

British mining companies operating overseas are bitterly disappoint ed with the "concessions" they have been granted under the terms of the new Excess Profits Levy.

These concessions, they say, are so small as to be totally inadequate to meet the special needs of the mining industry.

Briefly, their problem is that of any industry whose assets are gradually and when it "wasting." A mine or an oil well cannai 'go on producing for ever. stops its owners will have lost a valuable asset,

potential future output--which the Bill recommends as a means

of computing life depends GOLD PRICE

largely upon metal.

the price of the What vice copper in 1970, Mr Butler:"

Another weak point of the new

levy, pointed out by the same tinguish between observer, is that it fails, to dis- excess profits due to rising prices because of róarmement and "excess" profits due to the norinal development of a mine.

DOWN IN

S. AFRICA

Johannesburg. Apr, 28. Down, down, go the prices of African gold shares: South But undoubtedly the

must wiped out in most instances is valid criticism of the levy, as the average 45 per cent, risc

affects Britain's dwindling over-tat followed Sterling devalua- seon investments, in the distreen-host in 1943, tive effect it will have on new development.

The Finance Bill, which it out the terms of the Chancellor, Mr R. A. Butler's new E. P. L.. recognises this faclor and tries to make allowance for it. But the mining companies believe it has failed even to scratch the surface of the real problem.

The eencassions, for EP purposes, relate to "standard" profits. Mining and oil com- ponies have been allowed to

adjustments make upward their "standard" profits accord- ing to the estimated remaining of their mine or oil well.

-na) The new levy (30 per cent n will be charged on the sunnunt by which current prolis exreeri "standard" profits. Obviously. therefore, the method by which standard profits are computed is

the utmost importance. of

Mr Butler decided to make

ducers....are this standard the average of a

Finance

Bill company's profits in each of the nonsense of

chose Butler's 1047-49-49. years these years because proft: In

developing the Empire, "The Empire will 1950 and 1931 "were inflated by the out- the events following

developed without capital," It continued, "and unless we wish to resign its development to others the capital can come only from British individuals Brush firms. Yet the Chanceler. does his utmost to remove the inducement of either group to previde London Expics Ser

Ife

break of the Korean war." the

This

-

cent

becomes average normal standard, but there is an alternative method of calcula- Iton open to a company who profits were unduly in any of the base years. These con- panies may, if they choose, bring into the average eight per of their paid up share capital for any one or two of the base years, or 10 per cent if all three years were bad. Other allowances are mude for prails retained in the bustness and for new capital raised.

ANOTHER CONCESSION

The "concessions" granted to mining and oil producing com- ponies in recognition of the "wasting" nature of their assets allows a company, which chooses the "substitute" standard, to in- creuse these percentages by four per cent if the estimated re- maining life of its mins or oil la less than 30 years. It its well estimated remaining life is more than 30 years but less than 60 years the percentage is increased by only two per cent.

10x

The Financial Times, in one of Rs strongest editorials on the commented: "These

subject, has for commodity pro-

vire,

the facts in the which mckes

And there is no sign yet that the market has reached luc bottom. Johannesburg's Stock Exchange has seldom more depressed than now.

looked

It does.

The market has reached the stogu ot Fomi-paralysis in Mr which few dealers see anything

to go for."

coeeches by

about

not

HONGKONG SHARE MARKET

be

(From Our Correspondent)

on

Business continued to be slow the Stock Exchange this morning, only $185,225 worth of Noon shares changing hands. quotations and the morning's transactions:

+

The smallest selling order 19 enough to lower quotations an- other notch.

Finance men

blame the two years of Nationalist rule cul- minating in the present cunsti- tutional crisis.

10

Ta the lust six wooks gold shares have fallen by more than per cent: so have South African industrial shares,

Working profits of the not-90- rich mines have tumbled in the last 12 months,

This, gold men say, is due to labour shorluges and the rise in working costs-Landan Express Service.

The Rubber

Markets

Singapore, Apr. 28. Prices of rubber futures closeu

- Page 9

ROYAL INTEROCEAN LINES

***TIISANGS" ITÄSMAN"

TIPONDOK"

"STRAAT

MAKASSAR" ***TEGELDİR" "JILUWAIF" "RUYA" "THIKAMPSEK"

A SAILINGS,

To

Vingapore, Djakarta.

Semarang.

Bussbala. 4. MARNAvar. Ringapore. Cenang Belawan Delt enjakarta, - 'Titrabnu,

Surabala & Mackar

Xanim.

Singapore, Mauritius,

8. Alrița & 8. Ameilea, Japan...

Djakarta, Semarang, Kingapore,

Mursbäia. A Macnasar.

Tiirebon,

Buradala & Matanzar

Japan Singapore.

Djakarta, Burzbala & staraning, Manila, Bingapore,

B. Africa 8. Americ *Djakarta, TJirebon,

May

May

May DIN

May May

„OTARMAN" "TIWANGI"

*TCOELDENO"

"THIBODAS"

1 H

ATRY 26th May 23th ATAY 14 June and

June 913

Juha 134-

Japan

Jakarta,

“TJĮLUWAJĘ*

June 16134

#TITJALENGKA" June 251h

"TJIWANGI"

July

July

2nd

ZtIt

Manila,

July 611

Djakaria

July

bita

"STRAAT SOENDA" July STIILUWAH"

Барад

July 16th

"TJPANAS"

"TJIPONDOK"

RUTS"

KDIRSEVAIN" "TIANGI"

"STRAAT BANKA"

**TJJTJALENGKA"

"TEGELDRNG"

**TJILUWAD"

July 28th

2nd

Aug. 9th

Aug. 14th

Surabala & Macassar Singapore, kart,

Sprabila, Maruxsat ~Jakar

Singapore,

Djakarta,

Surabala 4. Mengant

Bingapore,

P&H Africa

Sentang.

Semarang,

Semarang,

Semarang.

Semarang.

Penang

Tjirebon, Semarang.

Barabain & Mineksent

Manila,

Бондароте,

18. Affen & H‚'Amèrica

Singapore.

Djakarta,

Surabāla de Maenisat

Здрап

Singapore, Djakarta,

Nurabila & Marastar

Mauritius.

Semarang,

Semarang,

Manila, Singapore, Mauritis,

8. Africa & 8. Ameslea. Singapore. Djakarta, Semarang,

sugabala & Macassar

ARRIVALS

May 6th

May 1211

"RUXS"

"TJIWANGI"

May

May

24th

General

HOLLAND

"KJELDAECITH

"BLITAR"

From

3. America, 8. Africa, Mauritius

Singapore, Diskarta & Manila, Macassar. Burabola, Gemarang

Djakaşta & Singapore

A. America, 8. Africa, Mauritius,

'Bingapore & Manifa

Maengahr, Barabain, Semarang.

Djakarta & Singaporo

Agents.

ASIA LINE

SAILING TO EUROPE

May

"AAGTEKERK"

Juna 2007

July

ith

"ALKERK"

Asg. 2

falls

Arrives

SAILING FROM EUROPE

Rollerding

*Hongkong

"AAGTEKENK"

Aalled

Apr.

#th

May.

14th

Apr.

29th

June

7th

May

2801

attly

4th

July

Zod

Aug.

1th

ABE. 2nd

sept.

"DLITAN"

"ALMKERK?

"ARENDURERK:

"KIELDRECHT"

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

cday as follows:- Number 2 rubber,

par th. May. June

1003-2

100-1091

July

Number 2 rubber,

May Number 3 rubber,

May

M.S. "SALLY MAERSK"

107-2

204%-%

M.S.

LEXA MAERSK❞

M.S.

LAURA MAERSK"

Number 4 rubber,

1380

10 1300

May

100-101

140

Spot rubber,

100-1101%

Blanket crepe

731-BU

743

SHARES BUYERS HELLENA BALEN

BANKS

HK Bank East Asia

Union

Unterwinera

IK Fica XD

140

Asia Nav.. $ 1.70 DOCKS, ETC.

K. Wharf XD

N. Pt. Wirt 6.60

Dock XD

Fruvicent

... 16.30

... 18 Shal Dock..

Another tax concession relates to the method by which a com- pany's ability for income is calculated. Most mining and INSURANCES oll producing companies, faced with an ultimate loss of assets through the "drying up" of mineral

undertake deposits, costly operations

in search of Hitherto. new producing areas. the cost of these operations- even when, as was often the case, they proved abortive-have not been chargeable as an ex-

From pense against income lux.

current beginning of the Anancial year, however, these "will" be allowed to companies deduct, for tax purposes, ex- penditure on unsustersful ex- ploration,

the

come

Certain other expenditure by mining and all companies will in future rank for relief from in- tax. For example, ex- penditure on machinery and plant used for exploration, on buying land outside the United Kingdom which

likely 12

Lo become when the concession valueless comes to an end, and on con- tributions made by mining com- papies

and welfice 10 public services in

the country of their operations Bill all rank for relief from income tax.

E:P.L. has come under fire from many quarters, but no section of industry has attacked

.0378

.003.5

Egypt Defence Com- Iran munlly - is now under dis- Traq cussion here (in Washington),

Would

2.001%

,03125

Apot

Turkey

5375

May

LATIN AMERICA Argentina

Hollvia

July

0.43.6

September

Wheat price per bushel

2431 nominal 2.40%-9

2.38

December

2.4215

.8500

Corn

Spot

1.82

4025

May

1,00

July

.1153

September

December

1,6011⁄2

31700

Ryc

.2005

May

July

3110

Ústa

2030

1750

MAY

1.0876 1.05

7814-24

2015

1300

300 yen to US$1

July

New York flour-per 200 lb. Sack $12.15 -United Press.

DEVALUATION YEAR

In

United Press.

in this way a certain amount of Chile. Mutual Security Agoncy appro-Colombia priations for the fiscal year of 1933,

Cuba Mexico. Peru "But for various reasons the Uruguay possibilities are limited"FAR EAST

Reuter,

AID FOR PAKISTAN

Pakiston

Karachi, Apr. 28.

and the United

Nations today, signed, an agrée-

ment calling, for total expendi-

Venezuria

India

Pakistan

Ilongkong

Indonesia

Bingapore Japan

it

more bitterly than the mining companies. (Rubber companies, especially those operating in Malaya, also have a strong case for special treatment, but this is outside the scope of the prezent article.)

Wheelock

1

2000 1.55 100 $2 42%

No. palo crepa

127-132 --United PrOKS.

NEW YORK MARKET

New York, Apr, 28.

Prices of rubber futures closed today unchanged to 20 Jower,

September

34.78

34.27 nominul

October

3000

15

November

33.78 noininni

December

33.30 bld

January (1653

33,00 nominal

600 7 4134. February

32.30 nomirını

800 42,

March

32,40 narindl

LAND, ETC.

HK Hotel..

April

$2.10 nominal

7.00

2000 4 7.60

May

2300 7.75

Juna

FK Land

July

4

14

1.40 5000 -

1,34

11

(Rts)

S'at and 1.2

Humphreys UTILITIES

Trom... 15.70

10 100 15.80

Star Ferry hols ₫. Light, (0)

0.20 8.35 FCDO C. Light (N)

XD 8.00 Electric

8.30

....20 20.70 300 30.00

INDUSTRIALY

Cement... 14.20 151 200 m:14,20 200 14,30

200 er 20.30

Macao Electric Telephone XD 141⁄2

11.70

200 '14,40

500 @ 14,50

STORES, ETC.

Dairy XD.... Watson Walmost Lane

(RI)

Crawford..

Ewo

3512 COTTONS

230 235 MISCELLANEOUS

Yangje..... 184.

33 26

LONDON TIN MARKET

The tin

London, Apr. 20, market closed quiet common with other businesses, the mining companies but. barely steady, Turnover was

Resistance to wise technical New York Sugar JAPANESE BONDS have pointed out first of all that only 20 tons, of which five tons

Mr

this nation.

Arthur Goldschmidt,

Director of Planning and Co-

ordination for the Technical Assistance Administration, sald the UN would contribute be-

World Sugar futures closed

tween $500,000 and $400,000 today 3 to 5. higher with sales

while

Pakistan would raise. 500,000 rupees (about $180,000)

fiscal year

for the current Asgpelafed, Prest.

New York, Apr. 28.

Copra was quoted

today at

totalling 55 contracts.

three base year include the were for cash. Prizes closed as year in which Sterling was follows devalued. And, as the Financial Times-ane of the Government's

'orities. outspoken

remarked, profits: -devaluation measured in

in pre Pounds have practically no re- levance at all to profits expressed

Futures

New York, Apr. 28.

London, Apr. 28. Japanese bonds

"A" (48. of 1899) of 1910) 31 (45. "C" (51.

of 1007) "D" (53. of 1034) "E" (5s of 1934) Consols

United Press.

874 67%

1354

most E.P.L.-has

89%

144 GD%

-4.30

Seeds And Oils

Contract No S

Contract No. 6 closed un changed to 1 higher with sales totalling 180 contracts.

Contract No. 4 (world).

May July September November Spat $120 per short ton, nominal. July Coscerat cil was quoted today at September

•Neveinter 10" dia's pound, usked United pot -Prods.

nited Press,

in post-devaluation Paunda..

The second

major

On

. Spott, buyers

Spol in. sellers ... 0831

D4516 Business done at ... Three-months tin, buyers, 16515 Three-months Un, sellers, BAZ

D&#!+507 Business done at Settlement.

United Press,

alor criticism

calculating, with any accuracy

of the remaining te A minera

Atypical comment deposit,

concerns the obvious difficulty of Exchange

Rates

Business was done in the local markot this undicial exchange

0,405

New York, Apr. 28. Prices in the peeds and elle concerns the life of any US dollar ther 31) market closed today, unchanged copper mine, "Not only." with the following exceptionally a hazard to guess the ex-

of ore reserves." Peaput oll, per, b. F.O.B. New tent York 13:cents-United Press, abserver has written, but the

one

31.40 nominal.:

United Press.

LONDON MARKET

London, Apr. 28.

Prices of rubber futures closed

today as follows-

Number 1 runder,

In pence per b June

July/Sopteinber October/December January/March

22.3714

31-3114

201.30 2812-20 -United Press.

Cotton Prices

In New York

New York, Apr. 28. Prices of cotton futures closed today off 25 to 52 points follows:-

July

03

40.50 nominal

392-3,00

20.01-39.03

35.71-38.73

34.00 nominal 35,60

34.23 bla

Spot

May

October

December.

March (1933) July

36.38 30,22

October

United, Prešu,

NEW ORLEANS Spot

MARKET

3000

May July October December

39.06-0.40

23 02-300,50

25.05

36,30

March (1033) May July October

30.20 bi

30.03

35.53 bld

34.24, bid

United Press,

NY Stock Exchange

·New York, Apr. 20.

Stock. exchange prices auf-

May May 17

June

ARRIVALS FROM U.S.A..

M.S. "LAURA MAERSK"

M.S. "LEISE MAERSK"

M.S. "GRETE MAERSK”

Apr. 30

May 13

June, 7

For Freight and Further Particulars, please apply to:---

AGENTS:

JERSEN

· Pedder Building,

& CO.

Tel: Noa. 86086-9.

Eastern & Australian S.S. Co., Ltd.

S.S. "NANKIN"

direct for

PÓRT MORESBY, BRISBANE, SYDNEY, DUNEDIN, LYTTLETON, AUCKLAND.·

LOADING 6th - 7th May. SAILING 8th May.

For Freight and Particulars please. apply MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD.

Agenta.

Telephone: 27721—4,

PRESS PHOTOGRAPHS

Coples

of photographs

fered a general decline ranging taken by the South Chin St. John Ambulance from functions to 2. paints in Morning Post, South China one of the slowest Sessions in Sunday Post-Harald,

months.

Oža dropped a point-or

ono

Brigade

and China, Mail. : Staff Photo- Free Ambulance Service" for issue losing Ove. graphnis are on view in Emergency Accident, Cases

the Moming Post Building,

with Aless Steels enged, fractionally. Deal

13 Ings were 980,000 shores. Of 3.00 1.077 Isrues traded, 487 dc- make 200 elined, 321 advanced and 201 110 were unchanged. Upited Press,

Herling note per 2 Indonesia guilders (per 100) Siam Heal feer 109) #dingphore - (Biraltz)

IC, DIASITES (PTY: 100),

́ORDERS – BOOKED.

Tel, Hong Kong 35035 Tal, Kowloon

52222