1952-07-18 — Page 9

A THE CHINA MAIL, FRIDAY, JULY 18, 1952.

MESSAGERIES MARITIMES French Gold UK. Overseas Mines:

M&M

"MEKONG" "GRENOBLE"

*BIR HAKEKA!"

+""MEKONG"

Arriving Leaving.../Outward For

....Tuty

20 July 21 Japan

8

1+

Aug. 10 Europe

··Xicineward For

July # N. Airtex & Europe Aug. 16 N. Africa & Europe Aug. 18 Marseilley via Manila

CHANE. **FELIX ROUSSEL” ...........ATE, 18

For passenger and freight. † Freight for Saigon, Alexandria, Tunis, 'Genoa, Marseilles, Algiers, Orun, Tangier, Casablanca, Havre, Dunkirk, Antwerp, Rotterdam & all Mediterranean ports via Marseilles and West Africa by Transhipment, t Madagascar by transhipment in Salgon or Djibouti

Subject To Change Without Notice.

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

Tel. 26651 (8 lines).

Queen's Building (gr. floor)

EVERETT

LINES

EVERETT ORIENT LINE

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

"LENEVERETT"

Arrives July 26 from Manila. Sails

July 27 for

"REBEVERETT"

Port Singapore,

'Penang, Swettenham, Rangoon & Calcutta.

Arrives Aug. 5 from Singapore. Sails Aug. G for Japan. (Accepting cargo for transhipment Kobe/Fusan)

EVERETT STAR LINE

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

FIRST CLASS PASSENGER ACCOMMODATION M.S. "NORDSTJERNAN”

Loading July 21 Sails

Kobe.

Shimizu

Osaka, &

for July 22

Nagoya, Yokohama. (Accepting cargo for iranshipment Kobe/Pison)

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Telephone 31295. Chiposa Department: Tolophono 28299.

Admitting

Japanese

PROBE OF ALLEGED

To Malaya OIL CARTEL

No Objection By Local Traders

Singapore, July 17.. Singapore Chinose and Indian businessmen yesterday said that there could be no real objection to allowing Japanese traders to reside temporarily in the Colony or Federation,

Officials of the Chinese Cham- ber of Commerce said that it would bo harsh to bar any Japanese who had legitimete

Washington, July 17. - The

Attorney-General, Mr James P. McGranery, announced tonight that a Federal Grand Jury will investigate a reputed international oll cartel involving seven of the world's largest oll companies.

The

Loan Closes

Paris, July 17. ~~~Premier “Antoine Pinay's

"avo

the frand" rold- backed loan, launched on May 20, will close this evening, the French Journal Official announced,

No Metal Bgures are ex- pected before about a week ou the results of the loga which was aimed af. coax- Ing consideraud quantities of gold out of privalo hoards all over France. financial alteles estimated The subscriptions to Jotal about 400 thousand million trancs (£400,000,000),

Bat

about half of it în Alagid funda-Krater,

Curbs On

Trade With

Red China Tokyo Efforts Relaxation

At

Tokyo, July 17. The Ministry of Interna- tional Trade and Industry today decided to exert its almost efforts to relax the existing curb on trade with China.

The Ministry, at a high-level conference, also decided to establish a Government-operated South-East Asia Development Company.

Tax Relief Necessary

To Preserve Industry

SUBMISSIONS

BY ASSOCIATION

· London!

If the British overseas mining industry is to

be preserved it must be put into a position from Indo-China

which it can successfully compete with local enter- prise, says the "Financial Times.

The clearest way of achieving this would be for the UK. Revenue to forgo taxes on profits

ploughed back overseas. This is among the more

important of the many submissions made by the British Overseas Mining Association in a

•Price Increases

Saigon, July 17. During the first week of

memorandum to the Royal Commission on Taxa- July, the pady market

tion.

in-

ROYAL

BVÁŃ. BIRUTRZNI

"TJIWANGr

"NOISREVAIN" - "THITJALENGKATM

"STRAAT DANKA"

"TJIBADANE" "THIBODAS"

"TJILUWASI”

"VAN HEUTSZ” "TRAAT

NAKASSAR”- "TIIWANGI

TJIPONDOK“

"DOISSEVAIN”

*TJILUWAHI

"ТЛКАПРЕ

"TEGELBERO” "TJIWANGI

TEROCEAN

SAILINGS

July 2

ES

Ndikbala dr Macausae - singspora, Djakarta,

**Japan

Makirts,

ADI. *

Aug.

Aug.

D

Atabala & Machsiar Japan (via Manila)

Semaja

Semarang

Hingapore, Mauriting, B. Africa

America

ingraafsenang, Belawan Pell, Mombaa, Tange, Zainibar, par

6-Balann

American

Aug. Aap. 12

Japun

Aug. 10

Singapore,

Λαμ. 21

Best. 1 Bopt. 2

. Sept.

Sept.

ร

Bept. 12

Bept. 23

བྷཱུ ཀྶཾ -ཨ བྷཨཾ

'Africa

jakarta, Tigbon, Semarang.

surabala Nacaviar

Djakarta,

surabala & Macassar

Nomarang,

#taghiore, Pawng & Aglawap Vell

Jaban

Bingapore, Djakarta,

Surabala & Macassar Djakarta, Krekon,

Burabais & Macariar

Singapore,

Semarang,

Bemarang,

Mauritius,

Africa & 8. America

Djakarta, Semarang,

Ringapore,

Burabala ♫ Minensiar Djakarta,

jirebon,

Surabala & MRCKSJAY

Bemarang,

Birigapkere, Diskarta, Semarang,

Surabala Macassar

Kingapore, Penang Belawan Dell

Singapore,

Mauritiu

B. Antica & 8. America

Djakarta,

Tjirebon, Bemarang

Oct. Dei,

"VAN HEUTS2"

Oct.

*STRAAT

Oct.

MAKASSAN".

"TIMODAS

Oct.

Oct.

16

ARRIVALS

From

July 13

Djakarta,

Kemarin,

Surabala

A

MACARE

prices have increased by "TILUVAN" about two plasters per 100 kilos.

The BOMA also asks, among operating there have little hope they curvival other thing, that

unless percentage of

Rice No. 1 and No. 2, as well depiction allowances should be enigrate. In other cases, over- as cargo vice, kept on a study granted against mining profits; scas mining companies have re-level. that methods of valuing stocit mained in the United Kingdom In Promper Cambodia, that from choice when the altarna between July 1 and July 8, rice should be less rigid and

of transferring control shaft minking expenditure, other tive

and Hs by-products remained than the capital element

abroad was open to them; the steady in price: Pepper, the volved in original shafts, should introduction of this section was price of which had gone up a be allowed as a revenue cost. a singularly ungracious gesture ittle, is now declining. Kapok towards such companies." Jost 30 plasters per pleul within the same period. On the other hand, sed maize went up by dve reached 130 piastres plustres, and per 100 kilos.

Allowances on the cost of ac quiring properties, it is sug- gested, should not be limited to the price paid by the first UK purchaser.

It also urges that full unila- teral relier from double taxation of should be given in respect all taxes imposed overseas; and that section 408 of the Idrome Tax Act, 1952, which restricts of companies, the emigration should be repealed,

COMPETITION FACTOR

HONGKONG

SHARE MARKET

The conference, was held to to bc It's draft

plans, Own

overall the into integrated

economic Government

policy currently being formulated.

Regarding the casing of the trade restrictions with Chlas, the

to Ministry's eventual goal is bring down the current restric tions to the level, or within the scope, of the Battle Act.

Only a few countries, including Japan and the Philippines, are punies, and in many territories, quotations and the morning's

enforcing the trade embargo

(From Our Correspondent)"

Chinn Lights

On the question of ploughed-

(Old), Lands, memoranduma back profits the submits that in most territories Trams and Hotels were most in British mining companies com-demand on the Stock Exchange this morning, when total turn- over was $516,272.05. pole with locally owned

com

with American companies.

Payment of taxes to the Bri-transactions tish Government, it is stated,

against the Communist countries. The Japanese Government has asked the United States Govern-is viewed (by overseas Govern- ment for its views on Japan's ments) in almost as adverse a excessive with- plan to remove the ban on the light as the

Ave non-dratocritary.

drawal of profts from the ter export oľ

China, but the materials to

The profits of overseas min- Government United States

ing companies centrolled from refused to comment on the grounds

the UK, it is held, should that the matter should be decided between all the United Nations, taxed only to the exteriz members enforcing a trade cm-they are remilled to this coun- bargo Rist the Communist try. Babas. Franco-Presis.

PACIFIC ISLANDS

f

Takyo, July 17. Japan is planning ways and means of developing the South

falards she Pacifu World War II, according to the

Mnuchi newspaper

INEVITABLE, TREND

+

Meanwhile, the coefficient of home consumption of Europeans in Saigon has again forepsed by two per cent in comparison with last May. Taking the 1949 co- emelent "100" as the base, the June 1952 co-efficient reached 142. This co-efficient was only 127 in December, 1951, 112 in June 1951, and 103 two years ago. Food products were parti- cularly hit by the boom. For French bean prices intensed by 160

cont, bezt per 100 per cent, and sugar is per observers think

Noon cent.roducts will settle

SHANES BUYERS SELLERS BALEB

BANKS

HK Bank

INSURANCE9 ·

Canton Union "Underwriters

be

UK The

that

SHIPPING

Dealing with 'depletion al- lowances the: memorandum states:-

*།

"It may seem that, it the

mine is of a lost in original cost

amprised over its working life, Accountancy the principles of and equity are satished and the

Shimbun

were preparing a plan

which, if spproved by the Cabinet, would' be presented to the United States as present

"Asia" Nay. .. DOCKS, ETC.

150..

14

N. Pt. WhatÉ 0.05 Dock....

230

that these down on more stable levels in the near future.

IMPORTS P

During May Imports Into- Indo-Ching road to $7,000 tons, representing a value of 770,000, 000 reached

*TSIVANGE

*YAN REUT82" ATJIKAMPEK" 110188KVAIN" “TJISADANE" "TJTJALANOKĄ" APK. 7

Adr.

Surkkala & Macassar Singapore, Djakarta, Semarang,

Surabain & Macassar

2. Africa, Diauritius &- Singapore Карап

B. America, 5. Afries, Blauritius,

Lingapore & Manila

E

$. America,

Mauritius & Stugapore

Japan

MAERSK LINE

FAST FORTNIGHT LY SERVICE TO:

Africa,

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

NEXT SAILINGS

M.S. "OLGA MAERSK”

M.S.

"JEPPESEN MAERSK”

plasters

while export

M.S.

76,000

HULDA MAERSK”

tons, amounting

to 630,000,0 During

plasters,

4M.S.

TREIN MAERSK”

M.S.

PETER MAERSK

M.S.

first quarter of 1952, the total import we3 229,

1090 @ 1.30i 200

3.30

...

22 500

A 1500

12

Provideni ... BUDO Shal Dock Wheelock LAND, ETC.

HK HOLD Ark Lord НК

S'hat Land Humphrey

Really

bc-

ir

P. Tam

א) מודלים

2

12 10 20 500

400 Gr 10.1

200 1

worth

against 120500,000

3,154,000,000

iona plustera

worth during the first quarter of 1951, Export figures were: 167,700 tons, worth 751,300,000 plasters, | pgainst

103,400 tons, worth 079,600,000 plasters, during the same quarter of the previous

year.

The deficit of trade balance during the first quarter of 1952

to amounted

17,818,000,000 plasters against 475,000,000 during the corresponding perio in 1951. It was thought that the increasing Aood of : jimported 35,79

| products" jvya pertly due to C. Light (0) 440 3.29 1000.7

0002 American economic assistance, 700 0.60

Bin.reality, according to the. pp.

Dgures 6.00proximate

available, 22.30 23.10 3000 23 American assistance, which 17,90 1500 13.00 materialised during the first Quarter of 1952 can bė esilmated at 342,000,000 planters on 12.30 Cement 150 1000 174 for free assistance", and 171,-

today.

The report said that Govern-stability of the mining industry UTILITIES Is assured. leaders, including the

"This, however, is not to Minister, Mr Katsuo

the infla- cause, apart from tionary londency, there is the field of mining exploration inevitable tread towards an higher cost at all times, since the easy ands have been made and new one-bodies will be dis covered only through expensive pared exploration programmes modern methods.

of the islands..

zizen, are stated to be backing the plan, which would restore lucrative pre-war enter- prisca of sugar and capra cul- tivation, uma and pear fishing we submit that there should and phosphate gathering, for- merly employing, more than be a tax-free allowance in re- spect of mining profits similar 100,000 Japanese.

to the percentage depletion de ductions allowed in the United States, Canada, Australla Scythern Rhodesia,"

The Islands involved include Saipan, Tinian, Truk and Pulau. --Reuter,

Fiscal Year In

Taipei Changed

Taipei, July 17.-

A Nationalist Cabinet meet-

And

of

arad

DOUBLE TAK BELIEF On the general question doductions for outgoings expenses, BOMA invites the Commission to consider admit- ting the amortisation of capital overseas expenditure by new mines on the "emerging proft" basis.

This rocans that pre-produc- loa and initial capital expen- diture should be written before a taxable profit emerges

off Anglo-Iranian Oil Coming decided yesterday to change

trade claims to reside temporari. | anti-trust action designed to end } American' system make the land, Northern Rhotesta ed in

асси-

Full

from

"C." Light ́IN)" 5.70

Plectric Kladno Elec. Telephona

INDUSTRIALS

Rope

STORES, ETC.

Distry

10

00.00 19.10 Walso

13.30 19000-25 D. Crawford 22.30′ Lane Crawford

714

COTTONS

END ........ 210.

Silica Sand

For Japan

000,000

The trade value of rubber ins declined. It brought m only 03,000,000 plasters in spite of tho much greater (about 4,900 more tons) ex- ported.

On the other band, there wan an increase in the price of rice and its by-products

dial for "commer

(which

volume

exceeded $8,000,000

plusters), although the volume exported was up by only 5,000 lons, The percentage of carby rice exported was larger, and the

percentage of white red exported smaller, France Prease,

LONDON TIN

The

ARRIVALS FROM USA.

NICOLINE MAERSK"

July 19

July 89

Aug. 16

Aug.

G Aug. 11

Aug. 29

For Freight and Further Particulars please apply to:-

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36066-9.

JAPAN'S ROLE IN

WORLD ECONOMY

Washington, July 17.

The Commerce Department, in a review of the Japanese economy for 1951, said Japan has again assumed a role of major importance in the world

economy.

"The year was characterised by an almost complete return of economic, commercial and financial authority from SCAP to the Government, by the acceptance of Japan in a number of inter- national economic and commercial organisations and by a marked rise in production, foreign trade and shipping activity over 1950," it said.

came at

Japan's gross national product, "This development

to estimates of the the very time when U.S. aid according Economic Stabilisation Board, in- shipments to Japan were being terminated and resulted in a creased from $11.250,000,000 1950 to $14,300,000,000 in 1951. deficit of about $880,000,000 in the dollar area. Adjustment for changes in price trade with

Japan received levels from 1950 would redure Offsetting thie, the 1951

The Commerce

total toepartment04,000,000 for invisible exports

and special procurement ex- of U.S. military said: "This sudden resurgence, penditures of the economy

very

that Japan

Singapore, July 17. pany was among the companies the old Chinese scal year

Cargo boats will arrive in the named.

system, and bring it into line

If a company so elects; subienear future in the waters around Mr McGranery told a news with the Americae fintionalist quent capital expenditure should Pulau Tekong, an island about two miles off Changi Point, ha

MARKET . conference that he proposed to

Provisions on these Singapore, to carry sand to The change to the general cock criminal indictments and at Gent's budent began on wed for 1x as and when

in Japan. lines are already

London, July 17. the same time will file a civil January 1.

tin market was was force In South Africa, New Zea-

The sand will be used to manu atcady on a turnover of 55 tons ly in Singapore.

facture glassware and lenses. monopolistic practices and no purposely fondo to

Taiwan budget at more other territories.

of which no less than 50 tons "relict rately with American ald

Ships will ply between Singapore unlinferal Dr S. Y. Wang, Secretary of straints of trade.

Pricts closed the Chamber, said that im-

Ho named

the end of the official, the companics The Cabinet decision is ex-

years and carry 360,000 tons of at mediate considerations of an ex-

In respect of all taxes imposed and from the island at the rate morning session as follows:

tnxation

Spot tin, buyers garding trade with Japan fusti-whose activities will be investi-pected to be approved during double taxation should be given and Japan for the next three were for cash,

grand jury sitting the present emergency session overseas, and double

Spot, sellers ded the entry of bona fldo caled by a

agreements, says the memoran- of 10,000 tons a month. reve ns: Standard Oll of New of the Legislative

Huinest done Japanese merchants.

Mr. Philip Hollin, owner of the Three-quatithe a buyers daus, should be so extended as Jerrey, Standard Oil of Califor- France-Pressp. "The whole pazition was clearly nla, the Texas Company,

Overseas ter island, said that arrangements Three-months tin, sellers Bocony.

to bring in the explained to the Chinese com- Vacuum, and Gult Oll all

ritories of both contracting have been completed to transport susigess, dono et munity by Mr' Malcolm Max-United States concerns, and two

parties and the agreements the can A Japanese land Settlement Donald,

Commissioner-General, foreign groups, Royal Dutch

made fully mullateral. expertwill, shortly arrive In on his return from Japan." Shell and Anglo-Iraolan Ou

Singapore to inspect the sand. UNGRACIOUS GESTURE Dr Wang added that

There da an almost inexhaustible. of Referring to Action 408

land.Reuter. the Income Tax Act, 1952, thepply of spiga sand on the association submild that where

0

thore Company vas no question of a quo'n for Mr McGranery zaid Mr G. J Japanese until after trude Emmerglick of the Justice pe- agreement had been signed bepartment's Third Division will Sveen Britain and 'Japan.

Official of the Indium Cham- take charge of the grand jury ber of Commerce said that the Presentation.

Japanese

the flow of trade rom Japan against an aluminium company

about six years ago.--Reuter,

Reuter

Yuan

Restriction Of

Sugar Crop

does not mean personnel stationed in or touring has

regained its Japan and official dollar outlays. full strength, lost during world by the Occupation authorilles."

II. War

Major and

vital

IMMEDIATE AIMS problems continued to exist, to some of which solutions are not With the restoration of readily apparent."

economic sovereignty, Japan's Some of the major goins re-immediate objectives will be to ported in Japan during 1951 are maintain or increase the standard of living and finance the national Industrial production as a

defence.''

972

DIY

072/1

070

ns follows:

10%

DID

P12

United Pres.

whole was '40 per cent-greater

average.

and 34 per cent The review said the domestic In 1951 greater than the 1932-30 dnnual prices of steel in Japan rose rapidly above the world level in Japan rose to second place the latter part of 1951 as a result

demand and

dealers among the nations in shipbuild-of Ing.

loss of its competitive

Rubber Futures former today left by the liner predominant than

In

S'pore

futures

Washington July 17. The Agriculture Department British companies are working

deal consideratione often de o called attention to the moved today to reduce Puerto natural resources overseas, poli-

Rico's Auger by.restric- Topy of restricted numbers of fact that Mr Emmerslick con- 1953-53, s crops to mand zorio meture of partner

into Malaya was a chicted the Government's

The attempt by section 80, to logical consequence of increasing cessful anti-trust,roceduru 1,100,000 Longed 20 per cent cut ship with local interests:

from this year's production,

The Department look this make the pattern of control In

Singapore, July 17. decision in

the UK Treasury has created the proposed an atmosphere of hostility and formula by bouncing the Bexible and subject, to vote by

Prices of rubbar could be distributed resentment abroad which may closed today as follows:

among Puerto have unfavourable repercussions ible = your asal, davantage which the pro The Aluminium Company, of surplus of about 123,000 tons hibitions in the section seek to America Loday saked Did Gove above, ila 1961 quota, Trade preserva for the United Ising crpment for a price mere droles estimate that by the and dom. vasaras R.BT of about 10 par cent the of this year, the surplus will be pain! some cases, political conpat rubber, unbaled - Maa

325,000 tons-United ditions in overseas territoriesquen erapy 1.74 aluminium turned out by the about

are ruch that British companies.

United Fross -21.074 | entire knłustry --United Press,

Exchange Rates

Want Price Incropso

Business was done in the local Washington, July 26.

Muhte

Unofficial exchanig“- market morning at the following, inter:-* : V.A. dollar iper $1) kek nem

8.47 Sterling nolan (perita)

30.0

Biam ticals (per 100)

Indonesia guilders: (per 2003

31.00

| FIL"pinairen; (per 100) ***

Singapore filtraita);A

A fuerte Bico | får?oulwolghing the narrow | Number 1 rubber; per b.

Press,

“Augent

September October

B0-0014

Number rubber, August as Number 3 rubber, August 2011-14 Number 4 tuliber. August

Blanket crepe-

100-114

ΤΟ

to satisfy commercial. export despite arurances by most

To Study U.S. Farm Methods

"The textile industry expanded significantly, although its role in position led to increased interest Tokyo, July 17. Twenty-five young Japanese tho total economy was less inte in 1001, particularly on the In the pre-part of the three largest steel for the war years.

producers, in the joint develop- President Cleveland

ment of raw material sources in IMPORTS FROM PS United States to study Amert-

the Philippines Much of Japan's Increased Goa, methods and the

Malay Can darming

of American farming national product in 1851 went and the other

the other Southeast Asian Camilies.

the called at The farmers.

for the U. N. Armed Forces in U.S.engineers that improve American Embassy before

Kotop parture,

They will spend two months About to menta in grojuellon techniques per cent of Japan's 'and machinery would lower conta Imports, which were far more than ability to purchase billeted with Japanese-American total formera in Colfornia, and will £1,500,000,000, came from North cheaper raw materials, manu then be

with Amarigan- || Amerien, such a raw cotton, facturere were

were still Camem

They are expected to stay about 10 per cent of the total ex- materials from nearby arcae In In the United States six months. ports of $1,400,000,000 went to cluding the Chinese mainland,

United Press.. the same dollar area.

mand and special, procurement

Gres and petroleum, where only supposedly chosenTER DI