1952-05-19 — Page 9

MESSAGERIES

MARITIMES

THE CHINA MAIL, MONDAY, MAY 19, 1952.

EXCESS PROFITS LEVY

MM Critics Of Measure Still Not Satisfied

"DIR HAKEIM”

**FELIX NOUBBEL"

*"DEAUVAIS"

Arriring Leaving

June 20

Outward For

June 26, Japan

May 23

.May 23 ย

May 23 May 24

PLAKE. MICHIGAN”.........„June, June 11

For Passenger & Freight.

Homeward For

Marsellion via Manila

N. Africa & Europe

N. Africa & Europe

1 freight for Saigon, Alexandria, Tunis, Genoa, Marseilles, Algiers, Oran, Tangler, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marsellles.

Madagascar by transhipment in Saigon or Djibouti.

Subject To Change Without Notice.

CIE DES MESSAGERIES MARITIMES P.O. Box 53, Hongkong Queen's Building (gr. floor)

EVERETT

Tel. 20651 (8 lines).

LINES

EVERETT ORIENT LINE

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

"NOREVERETT"

Arrives May 29 from Singapore. Sails May 30 for Japan.

"REBEVERETT"

Arrives Saila

June 6 from Manila.

June 7 for Singapore, Penang, Rangoon & Calcutta.

EVERETT STAR LİNE

Fast cargo and refrigeration spaces available- for Korea, Japan, China, Philippines, Indo- China, Siam, Malaya, Ceylon, West Const Indlun and Persian Gulf Ports.

FIRST CLASS PASSENGER ACCOMMODATION M.S. "THAI

Loading May 20 Sailing

May 21

for Singapore, Madras, Colombo, Bombay, Kara- chi Peralan Gulf

Ports.

M.S. "STAR BETELGEUSE”

Loading May 24

Sailing May 25 for Japan.

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

TOKYO-YOKOHAMA-KOBE OSAKA SEOUL PUSAN

M/V FELIX ROUSSEL

Will sail for MARSEILLES

via

MANILA, SAIGON, SINGAPORE, COLOMBO, DJIBOUTI, SUEZ & PORT SAID.

on

Friday May 23rd, 1952, at 10 p.m. Passengers are requested to board the vessel with their cabin baggage on the 23rd May between 5 and 9 p.m. Baggage Room and Hold Baggnge will be registered nt Kowloon Godown No. 50 (No. 2 Gate, Canton Road entrance) on the 22nd May between 2 and 6 p.m, and on the 23rd May between 9 a.m. and Noon.

No baggage will be registered after the times in- dicated above,

COMPAGNIE DES MESSAGERIES MARITIMES

Queen's Building,

Textile Trade's

Hopes

New York, May 17.

The dallness in the colion

Tel: 26651.

Aluminium From U.S.

Washington, May 18

The Commerce Departmend has announced that commercial

Japanese Views On

China Trade

Osaka, May 18. Two Leftist Socialist that leaders said today Japan should trade with all countries of Asia, including Red China, if it hopes to stand on its own feel,

And

Hirao Wadia

Sclich! Katsumaia,

top-ranking bath members of the Leftist Gocialist Party, revealed their views to the Press after conferring with economie leaders in Osaka yos- terday.

They could not agree with ihe idea that resumption of China trade with Communist

and aid to Japan Bg long 05 some measures are worked ou*

which will enable Japan to cx pert to Red China non-strategle materials such as spinning

machinės.

——Their" party, therefore, WTS hoping 10 hold an Asian

·Economic Conference

Ac-

Serious Objection To The Choice Of Base Years

(FROM OUR Own correspoNDENT).

London, May 18.

The Chancellor of the Exchequer's" amendments to the sections of the Finance Bill dealing with the Excess Profits Levy have been welcomed in business circles as a means of removing some of the anomalies and in- justices of the Bill as originally drafted." But the main objections to the Levy remain unanswered.

Criticism, mainly from within the Conservative Party, has been concentrated on three main issues. First, there are serious objections to the choice of base years on which "standard" profits are to be computed. As the Bill stands a company's standard profits are taken as the average of those earned in the years 1947 to 1949. Profits above this level will be chargeable under the Excess Profits Levy at a rate of 30 per cent.

Chief objection to these three base years is that they were for companies years of mony reconstruction

and reorganisation fullowing their conversion back to-peacetime production. More over, they include a year-1041 In which many industries were celerate trade with Red China, partially paralysed by the effects

of a fuel crisis. France --

Mr Butler,

his

Budget in speech, said

that he was not the bring into prepared to average the profits of 1950, still less those of 1951, because profits

the

HONGKONG SHARE MARKET

ROYAL

THPAÑAS"

Page

Interocean Livıs

RAILINGS. To

25 Salfoft, Dzzakarta, Titzebari, SemaranE,

Burabala & Macassar,

May Juba .2

התוול

(

"THIHALDEK"

"RUY!" "TJIWANGI"

"TEGELDENG”

|"THEODAS”

{"BASTWAY"

June 2

June 70

12

*ENLUWAY"

June

TASMAN"

Just

21

TJTJALENGKA”

Jun

K

"TIIWANOL",

July

"TJITONDOK"

July

July

July

|"THLUWAH"

July

10

"TJKAMPER"

July

23

"EASTWAY" "TJIWANGF"

July

Aug.

Aug.

"THTJALENGKA" Aug. #TJILUWAII"?

"TJIPONDOK" "THIWANDI "DOISŘEVAIS

1

Aug. 18

ARE. 23

(From Our Correspondent)".

"NUX8"

"TJBODAS

¤

Sept. 2

Sept..

D

Зарай

Singapore, Dinkaria, Bemarang,

Horabala Macassar

Manlis Singapore, Alauritius,

H. Africa 8, America Djakarta. Tjirebon, Semarang

Rorakala & Macatarata Singapore, Penang & Belawan · Deli Bingapore, DJAKATIA, Rematang,

Sutubala & Maraziar Ringapore, Penang & Stelawan Dell Japan

singapore, Djakarta. Remarang,

Búrabali di Marassat Bjakarta, Tilrebon, Bemarang,

Butabala di Machasa?

Bingapore. Africa

Bingapore,

Manila,

Amita.

Penang

8. Africa & 8. America Bingapore, Djakarta,

Surabala de Macassar

*

Hemarang,

Djakarta, Tjirebon, Bemarang,

Buraba & Alacakar

Slugapore, Penang & Belawan Doll Ringapore, Djakarta, Bemaraby.

Burabala & Atacansar

Djakarta, - - Tjirebon, Semarang,

Burahata & Macassar Manila, Bingapore, Mauritius,

D. Africa &ti, America -

Singapore,

Djakarta. Bemarang,

Surabats & Macassar Djakarta, Tiirebon, Semarang

Surabain & Macassar

Singapore.

Djakarta, Bemarang,

gurabila de Macassar

Mania. Singapore. Mauritius,

Africa & S. America

ARRIVALS

“THIKAMFEK" "NUYS"

"TJIWANGr"

"TASMAN"

May 24 May

May

20

Japan

From

8.

9. America, 8. Airlea, Mauritius,

Singapore, & Manila Bacanar, Surabafa,

Djakarta & Singapore

Semarang,

Penang. Belawan Dall & Singapore

May 31

General Agents,

·HOLLAND EAST ASIA LINE

An alternative method of Effect of the amendment will calculating standard profits-by be to give an extra allowance on reference to

share. borrowed money at the rate of paid-up

to companies tour per cent per annum, This capital is open whose proits during any of the means that if a loan bears ave may loss American sympathy three base years were unduly per cent Interest the allowance will be nine per cent, or only low.

cent less than one per allowance on share capitul.

Yet another amendment put by the Chancellor has the down effect of excluding about and third of all companies llable for Excress Profits Levy under the original. terms of the Bill.. it is

The Stock Exchange started

BAILING TO EUROPE now proposed that the minusum standard be raised from £2,000 off the week with a slow session to £5,000,

that

this morning, means

only $144,605 AAGTEKERE" which

smail of thousands

businesses worth of shares changing hand". | "BLITAR"

"ALMKERK” will be relieved of all liability. Noon quotations and the mora-

"ARENDSKERK" Those amendments,

welcome. Ing's transactions;—

short though they are, go only a way

towards meeting the many crificisms that have been aimed at the Levy, particularly by members of the Chancellor's own has been built up against thee proof of the feeling within choice of buse years. It has been plated out, in answer to Mr the Conservative Party that the Butler's objection to extending Excess Profits the base period beyond 1949, that with anomalies is the fact that 37 pages of amendments have profits measured in pre-devalue- tion Pounds-that is to say, those earned before September 1949- have little relevance to profits ex- pressed in

they

concluded.

Presse,

BURMA VENTURE

Rangoon, May 10. A group

of Japanese and Burmese merchants and in dustrialists have formed a private company called The Japan-Burma Economic Cor- poration.

$. Kokubu. representing Japanese industrialists, said that Jepan would first supply it with two schooners and." låter with occan-going vessels.

This is the first Burmese en-

terprise in navigation and much Interest is being down in it by Burmese business circles. - France-Presse.

Chile Mine

Suspends Operations

copper treaty with the United Sintes,

in both those

years

"inflated by the events the outbreak of war in

Nevertheless

everit

Pounds.

formidable case

post devaluation

One way of remedying this, It has been suggested, would be to include 1050 as one of the of yenry. A bose

number amendments to this effect have been tabled, and will be con- sidered when the Excess Profits proposals are discussed in Parliament during the committes stage of the Finance Bill this week

INVESTMENT TRUSTS,

Levy is riddled

been Dut down by private members, most of them Govern- ment supporters.

But objections to the Levy go even deeper than the number of amendments suggests. There is a widespread feeling that the Levy is fundamentally wrong. both in principle and practice.

The "Financial Times," which reflects the opinion of the vast majority of businessmen in this matter, has therefore campaigned for total abolition of the Excess Profits Levy,

it

Wall St.

Arrives Hongkong

June

July

ABK.

Rent,

Balla

SHARES BUYERS SELLERS SALES

BANKS

SAILING FROM EUROPE

"BLITAR"

Rotterdam

Balled Apr.

June

"ALMKERK"

May

Jus

1370 140

"ABENDSKEDK"

ฝ่ายร

Ant.

Aug..

Sept.

Sept.

Oct.

FK Bank East Ana INSURANCES

Uclon

Underwritera

DOCKS, ETC.

K. Wharf N. P. Wharf XD Dock .... Wheelock

LAND, ETC.

HK Hotel

HK LOK UTILITIES

750

5.60 5.00

14

5.00 4.90

41:4

16.00

500 @ 413%

1.20.2.49

Tran-16.80 14.20 1300-E» 16 Ster Ferry

C. Light (a) 3:15 0.30 :

C: Light (0) 8.33 619 2100 @ 840 Electrio

200021.10 Telephone 14.00 1000 @ 18 INDUSTRIALS

Cement

14.20 14.00

16.20

21

Crawford

Dairy ... Watson

COTTONS

Exα.....

180 21.10

22.15 2500 a 2

Taiwan Plan

The Chancellor's amendments, STORES, ETC it says, "do nothing to meet the The other two major criticisms | over-riding criticism that the of the Lovy concern the special Excess Proẞts Levy is a tax on Antofagasta, Chile, May 18, The big American-owned position of investment trusts and enterprise, efficiency and growth rubber producing companies. and as such should And no place copper mine near here suspended operations yesterday as the re- Neither of these has been dealt in the country's tax system."

in the Chancellor's amend sult of Chile's concellation

of with

ments.

Under the

present proposals The police said the manage the income of an investment- mert of the Chuquicamata Mine, trust will be subject to double

the operated ly an affiliate of the taxation while in

case of Anaconda Copper Company, was

companies ordered to shut down when standard profits will be based agente of Chile's Central Bank on average darnings during a arrived to take charge of ores period when most companies awedting export.

were still recovering from the effects of wartime occupation by the Japanese and the price of rubber was artincially depressed.

Chile recently cancelled the treaty requiring it to sell 80 per cent of its copper output to the United States for 274 cents per pound, apparently hoping to force up prices.

Communications to Chuqui- camata were paralysed for a

rubber producing Unperturbed For Disposal

By Decline Of Aid Fund

New York, May 18. Picea declined in frcellons to Despite these shortcomings, more than a point on the Stock however, the concessions granted Exchange this week in one of by the Chancellor go some way the fullest periods since 1949. towards removing some of the All departments joined in the more glaring

Oil equities were the hardest

2 anomalies of the sell-off.

Talpei, May 18. The Nationalist government asked for Washington hay approval to spend the balance, amounting to US$13,000,000, of economie nid funds for sent 1051-52 on the purchase of industrial materials and equip- for Formoso, it offelally revealed today.

fortnight earlier this month by a original proposa Important athlt. Some volatile issues in this ment

strike. Miners returned to work on Tuesday.

serious dollar Press,

to

One of the most

the

WOS

United States economic ald for Formosa for scal 1951-52 amounted 10. US$178,700,000. However, about US$13,000,000 out of this money has not been used due to various seasons,

these concerns companies whose group showed wire declines. Earlier, It had been announced

derived from wasting Rails also met some selling. in Santiago that imports of profits freign films were suspended argets. Thus metal, oil and Ullikles generally were neglect- until September, possibly in asbestos producing companies cd, and finished practically un- anticipation of United States qualify for relief under a new changed.

decline, Despite

Wall hoycott of Chilean copper that clause whereby an increase in would increase Chile's already "normal" pronts resulting from Street quarters are not alarmed deficit.--United a rise in cutput "csazaful in the because of the small volume. national interest" will not be The market started the week on

The Nationalist government, Hable to taxation under the a mixed note and strengthened Excess Profits

on Tuesday but this mind up-

with the assistance of American Levy,

Ald organisationg bere, has Effect of this clause will be swing was of short duration,

In the latter part of the week, mapped out plans for the use of exempt companies from the Investors definitely decided to Excess Prants Levy where they lighten their holdings somewhat.

the balance, Tho Chinese plan have increased output above the all shares were!

to dispose of the money before exceptions to Ascal 1943 sets in on July 1 standard period provided the rate of profit on the increase is tread in the latter part of this year. the week. the "normal"

Steels continued to be big news no higher than rate,

in the bustors world. While the PROMISE FULFILLED-

Supreme Court is working on the But where a company's profits care of the steel mills against the have been increased because of Government seizure, the rate of in rise in the price of their pro- steel production stepped

duct, the difference between the nearly to the level before the raw materials and other equip. actual rate and the standard rate sirel wage problem brought con-ment.. of pront will still be subject to fusion.

Rubber Futures In S'pore

Singapore, May 17. Prices of rubber futures closed today as follows: Number 1 rubber, per .

BO-41 June July

8415-80 August

3436-05 Number rubber, June 0315-8415

tubper

June 10-1

Number Number Apoi rubber, unbaled

Blanket éreps No. 1 pale crepe

8414-17

04 -07 210-15

United Prera.

QUIET TREND IN

Chicago, May 17. '

по

AID

Under the Nationalist plan, which has already been relayed: to Washington, more than half would be of the $13,000,000 used in the purchase of power industrial geheralors, cotton,

"KIELDRECHT" "AAGTEKERK”

------

MAERSK LINE

FAST FORTNIGHTLY SERVICE. TO: NEW YORK, BOSTON, BALTIMORE & FHILADELPHIA VĒS SAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "LEXA MAERSK" M.S.

In Fort Buoy A2

June

June

17

ARRIVALS FROM U.S.A.

"LAURA MAERSK".

M.S. "LEISE MAERSK”

M.9. "GRETE MAERSK”

M.S. "OLGA MAERSK" M.S. "JEPPESEN MAERSK'

June

June 17

June 29

For Freight and Further Particulars please apply to:

AGENTS:

?

CO.

Tel:. Nos, 36066-0.

JERSEN

Pedder Building.

PATTISON ORIENT LINE

LIMITED

S.S. "LAURE PATTISON"

In Port

Sails For:

DIRECT Pusan & Kobe May 22nd.

12-14 Queen's Road, Central

Tel. 25840.

15

Bronss Profits Parently in the steal situation was

One favourable development Power pinnt equipment pur- thechase in high on the Nationalist

the

This concessio designed to

either for

CHINESE AGENTS:

businesses thet that damage resulting front list primarily due to a shortago OVERSEA CHINESE STEAMSHIP CO., LTD. which are the fast shut-down by the steel of power which is retarding

Panda prty minerals moment or workers' walk-out is not as bagindustrial progress, - United

them.

48, Bonham Strand, West, Tels. 26127, 31118 & 31110.

Pacific Far East Line, Inc.

Fait Regular Trans-Pacific Service posted

DIRECT SAN FRANCISCO, LOS ANGELES'

for the pulpose of correcting our as at first estimated. As a result, Press. GRAIN MARKET balance of payments position the companies pushes ope:ction: trom being deterred from ex- to nearly 101 per cent of rated onding output · Prices of grain futures were of the capacity, a jump-off of 16 points from the level of a week before, quiet and steady. Exporters Another amendment gives

Elsewhere on the business said that foreign demand for effect to

to the Chancellor's promise front the motor-cur industry US. grain remained inactive to introduce a third method of held to high schedules during although there were indications calculating standard preßts. ** the week and prepared to ex that

Germany may; zoon buy

Thus companies will be allowed pand

Employment a North American rydz

to base their standard profits on riang and a gain of 40,000 In Wheat futures closed to 1 capital employed in the business employed workers is forecast th higher, Corn way to i rather

than on

Michigan as a result of the pold-up share removal of the credit higher and soybeans 4 to 1-4 capital. They may now opt to remov lawer. -- United Press.

tionb. ko ́eight per cent of the excess tako of Meir acto's over lizblities at Despite romo

favourable the end of 1948 kr -1901 as on corporate developments this

week, alternative: standard)

investors continued to contro their attentions on with the objection to

the Brst

quar Uusicéry was done in the local ment of borrowed money under chimings reports 'unofficial exchango market this the original proposals, in the

with flower- In morning at the following æblek?—— U.8. dillar. (pet-#1) 9.2726,61 | Bill as it stands, borrowed money: 12 Market experts: expe front zuiderber 100) 310 although interest on je is allowed the Supreme Court makes a Bierling hota (pt",#1) GEN:35,80 | IN ›not 'iegated. nou part of coditn), market to move pimlessly Samviumlak pega00) $1.00

nespostojalidega usne 129 a deduction from standard decision on the sound...of the steel Industry,--United Press, ........

The Department salf this Exchange Rates This amendment the rest. jorge number of

goods tnarket this week Was exports of 1,078,000 pounds of Felleved to some degree by ex- aluminium had been Usensed pressions of ́hent among indus- fry leaders that a furn fa the 14-nst the third quarter export

quota. month-long depression might be at hand. “

The licensed exports are for 31 countrici. Hertwig. MayCharles C. President of the American, leaves 112,000 pounds of dia

Inakuta Colon Manufacturers-

minium still to be licensed volead: thoildes at the Institutes garet 1,100,000 pounds set galde third annual meeting when he for regular commerciel exports. Bull that the inchiatry had gonea. The remainder will die. Üremed through its "blackest days and to exports of specially doigned thas an adjustment between prodazte muklly made to pela supply and demand we now nestipra Force relatly low closer to reallly,United Preis: customerasʊnked Press

sic pilates (per 100),

OVERLAND

NEW YORK-CHICAD U-DETROIT-TORONTO' MONTREAL AND ALL AMERICAN & CANADIAN CITIES

Opam Marinas Talands, Micronealan · Islanda - Regular Service, directos with transhipment'

Astives Li . kitto 」

Vedel

Front

WILKESRE, LUCKENDAON",

wete HAWAIT, DEAR”

Ban, FranciiCO

Manila

June

most like the uWILLIA

For full de

'. Justin)

-June 185

June 24

Juno" 25%

For

Singapore, Penang & Part:

Swattention VIRT

fian Franelsen & Inn Angeles

Ban Francised & Los Angeles

-vin Kobe

"call" Uplied Blatòr” Zand"08/Ggueral Agents, Qubon's 'Rusijhë, TA 23108,