1952-12-15 — Page 9

ROYAL INTEROCEAN LINES

BAILINGS

VAN HÊUTI "TASMAN" "TIILUWAIT”.

Bingapore, Djakarta. *Semarang,

Bursbale & ́ASAFARERU

Djakarta Semarang, Buradais

MACHOTAK

Manila,

Kingapore.

痛

Diskarta

Mauritius, B. Atrien à 8. America

- Singapore, Reunion a It. East Africa Singapore, Penang Belawan Dell Singapore,

Diskets. Semerang

To

*THTJALENGKA“

DRC. -15

Mkalla, 'Japan

1

**T JILUWAII”

De Is

Hingapore, Djakazła,

Semarang:

flurebala Macassar

"RUYS"

DEC.

17

Гаран

"DOISEVAIN"

Dec,

23

Jepun

TJIMENTENG"

Dec. 24

Japan

"TASMAN"

Dec.

Ларка

"THWANGI"

FRIL 2

"TJBODAS"

Jan

7

"KUTAN.

Jan

JAD. 10

JAN, - 19. Зап.

10

**TJITONDOK"

Jan. 23

Macassar

“TJIBANTJET"

20

Зараш

"IHWANGE

Feb.

Slagspora,

"Birrabala & "Stackstar

"TASMAN"

Fab.

Japan

"STRAAT

МАКЛЯВАН "TJTJALENGKÂTM

Feb.

#

Zapa

Feb.

9

Singapore, Djakarta,

"THIKAMPEK“

Feb. 9

“TJLUWAH"

Feb.

10

*TJIMENTENG"

**IJIDANTJET"

FED. Feb. 23

12

"TASMAN"

Pcb.

20

#THWANGI"

Mar.

"STRAAT BOENDA" Star.

"HOIBBEYAIN"

"THIKADANE"

"TIILUWAH"

"THLUWAU"

"

Surabels & ATACESANY

Sematadk Sorabala Djakarta

Djakarta, Bemaran

Mauritius.

Africa & Amertes Dinkaria, Bemarang, Surabala

Macassar Singapore. Djakarta, Bemarang.

Curabala de bincesere Mania, Bingapore, E. & 1. Africa Djakarta. Semarang, Borabala

Machar

Singapore, Penang & Belawan Delt slocapere, Dinkarta, Semarang,

furabala di Kecknar

Japan

Manila. Singapore, Djakaria, Mauritius, B. Africa R R. America

4

Mar.

?

Mar. 10

Japan

Мага

黑箱

Bingapore,

In

Port

"TJTJALENGKA" In Fort

"TJIMENTENG"

"BOMBEVAINTM

Dec. 23

Dee. 24

Jakarta,

Surabala & Macassar

ARRIVALS

Machest.

From

Semarang.

Burbal, BERATADE,

Djakarta & Singapore

8. America, S. Africa, Mauriitus &

Singapore

8. Africa. Siauritius, "Djakarta Singapore

8. America. 8. Africa,

Singapore & Manila

KING'S BUILDING, Ground Floor

#

Mauritius,

TEL. 28015/18.

CHINESE AGENTS: 82 CONNAUGHT RD. C. TELS. 31190, 25133.

E

EVERETT LINES

EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger service to Korca, Japan, Philippines, Indo- China, Slam, Malayn, Kangoon, Calcutta and Chittagong.

"REBEVERETT”

In Part

Balls

Loading

Dec. 15 for

-"LENEVERETT"

Arrives Sails

Rangoon

Singapore,

&

Penang, Calcutta.

Dec. 17 from Singapore. Dec, 18 Kobe, Hirohata.

Osaka & Kobe,

(Accepting cargo for transhipment Kubo/Pusan and Kobe/Okinawa)

EVERETT STAR

Yawala,

1

LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porta.-

M. S. "THAI”.

Arrives Salis

Dec. 20 from Japan. Dec. 21

for Singapore, Fort Swetten- ham, Madras, Colombo, Bombay, Karachi, Kharram- shahr, Basrah & Bahrein,

M.S. "STAR BETELGEUSE”

Sails Arrives

Dec. 30 from Singapore, Des. 29 for Kobe & Yokohama (Accepting cargo for transhipment Kobe/Puian and Kobe/Okinawa)

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

Jap Firms To Extend Ship Run

Tokyo, Dec. 14.

Two Japanese chipping firms have decided to extend their rún

IMPORT

LICENCES

EXTENDED

General

THE CHINA, MAIL, MONDAY, DECEMBER 15, 1952.

Secret Decisions Believed

Japan's Trade To Have Been Taken

With P.I.

Manila, Dec. 14.

Possibility of increased trade between Japan and the Philipploce may

discussed at the fortboom-

Ing meeting here between Janguin Fareira Secretary

high-ranking

Ellmide and

member of the Foreign Office.

Japanese

Trade between the two countries since the war has ou under a been carried barter agreement conclud ed with BCAP during this occupation. There has been a move here to negotiate a new treaty on a bilateral basis to include a greater exchange of goods and uso of foreign exchange for payment.

The Philippines so far tina enjoyed a favourable balance in trade with Japan-Associated Press,

Private Companies' Hardships

At The Empire Talks

REVELATION AWAITS RESULT OF

CONVERSATIONS WITH AMERICA

(FROM OUR OWN CORRESPONDENT)

· London, Dec. 14.. Inevitably perhaps the Commonwealth Economic Conference has left behind it a sense of anti-climax. This was only to be expected..

So much was said and written about the conference before it began that the impression had been formed in many people's minds that the Prime Ministers were about to produce some miracle cure for all that has ailed the Sterling Area economy since the end of the war.

J

In the event, the conference produced no panaceas but only a formula for harder work and greater sacrifices.

Those motsures

to the

BASIC CONDITIONS

known

appear to be behind Problems

us and that if the Com monwealth Economic Conference means anything to the investor, it is that an expansionist in place of a restrictionist era lles ahead.

And that should Zavour long- term investments. This is likely to be a plant of slow growth, however."

The markets this

past week have been extremely quiet but on the whole they have remain- ed fairly firm.

have been What of 1053? The Financial It had, one felt, all been said

extent that Times market expert writes: before. In fact, the final com-successful munique contained only one they have enabled the Sterling "It can be said in favour of the item of hard now--the United Ara to win a "breathing prospect of firm markets during Kingdom Government's deci space." But that is not to say 1943 that the worst of the

must be regarded as a dion to permit capital profits on they

of Sterling foreign investments in Britain permanent Leature and the Colonies to be re-Ares trade policy. patriated rest was known.

The

On the contrary. The Com- This, however, is no reflec-monwealth Conference made it tlon whatsoever on the work of perfectly clear that its alm was the Prime Ministers' conference, in extend "a multilateral trade One of the first decisions and payments system over the London. Dec. 14. Five steps to relieve hardships made was that the world should widest possible area."

small private bo kept as well informed as suffered by the

they were company are recommended in a possible of what

doing. ol report Issued by the Institute Directors. The report, which has been prepared by a com- mittee under the chairmanship of the Right Hon.

William Mcbane, has been the basis of the Institute's representations to the Royal Commission Taxation of Profits and Income and to the Chancellor of the Exchequer.

The report recommenda (1) That direct taxation on private companies should be on scale related to the amount of profits rising from 50 per cent on profits of £12,000 to the full

profits scale where the

£25,000 or more;

aro

(2) That the limit of de

ductible remuneration in respect directors of director-controlled of companies, subject to limitation, should be raised to £10,000 OF 25 per cent of the profits with a limit of £5,000 in the case of any one director; the salaries of part-time executive directors to be allowed to be included this figure;

But this objective can only be The conference was, of reached after certain basle con- course, private but the Press-ditions have been fulfilled. And and through it the public was the most important of these is kept almost constantly aware of that the Sterling Arch must what was going on. As a re- earn an "adequate and stable" sult, the final communique was surplus with the rest of the anticipated in almost every-world.

Wor thing but its actual wording. At present the surplus is But there is an obvious limit neither adequate nor stable. The to what can be said even now serves are still too low, the Prime Ministers sald, to warrant about certain matters, especially

any those which affect the interests of other countries.

-

The real significance of the conference, therefore, may well

com-

rest on decisions that were not

in the oven mentioned munique.

What,

60

"substantial" relaxation of

the restrictions on imports from outside the Sterling Area.

Investors appear to have been walling the final communique of the Commonwealth Confer ence but when it came It did not make much difference business.

market

to

has

The gilt-edged been overshadowed by the pros-

£20

MESSAGERIES

M

“FRY-JULL"

· Page 0

MARITIMES

Arriving Leaving

·Tan, 24

*LA MARSEILLAISE" In Fort *+"MONKAY"

+ BREST

d

...at. 0 Feb.

Dec 16 Jan. Feb. 20

* For passenger sed freight.

·

M

Outward For

Japan

ttomeward For

Märseldies vin Manila

N. Africa &. Kucope

N. Africa/Khrops

For freight to Saigon, Marseilles, Algiers, Tangler, Casablanca,.

Havre, Dunkirk, Antverp & Rotterdam. Accepting cargo:

Via Marseilles to all Mediterranean & West Africa Porta.

-vlu Djiboull to MadagaseET.

Subject To Change Without Nutler,

CIE DES MESSAGERIES MARITIMES P.O. Box 58, Hongkong Queen'a Building (gr. floor)

Tel. 26661 (8 lines).

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

NEW YORK, BOSTON, BALTIMORE &· PHILADELPHIA VĒS BAN FRANCISCO, LOS ANGELES AND PANAMA.

NEXT SAILINGS

M.S. "GRETE MAERSK" *M.S. "JEPPESEN MAENSK"

MS. "OLGA MAERSK”

• CALLING

VANCOUVER

ARRIVALS FROM U.S.A.

M.S.

"OLGA MAERSK”

M.S. "HULDA MAERSK”

M.S. "PETER MAERSK"

AGENTS:

Dec. 17

Jan. 2

Jan. 18

Dec. 19

Jan.

.3

Jan. 163

For Freight and Further Particulars please apply to:-

JEBSEN

neet of next week's big knues. The Anglo-Iranlon Of Com- pany is expected to issue million of

Pedder Building. debentures, and new It will obviously be some time mother £20 million of coal before they are considered

#tock (in comection' with com- strong enough to allow unre-pensation to former colliery stricted imports of dollar goods, owners) is also due to be But what of Imports that do issued on Monday.

cast dollars?

not

ITA

have

CO.

Tel. Nos. 86066-9,

Dates and rotation mbject to change without notice.

it herty to proceed via other parts to load/discharge cargo.

& ORIENTAL

NOS SEPAR

STEAM NAVIGATION COMPANY.

PRICE OF GOLD

Apart from a few selected The Prime Ministers' view for example, was the responsibility for restoring issues, industrial shares

as been neglected. Olls Ructuated decided about the price of gold? unrestricted trade depends

more firm note on a This is a question of supreme much on the creditor countries throughout the week but finished PENINSULAR on the debtor on a Importance to the whale Sterling It does

optimistle reading of the Persian Area yet not one word appeared couplication of their statement situation and rumours of Anglo- in in the communique to indicate hat "action

that the Prime Ministers

(to remove the Iranian's forthcoming debenture much rush as touched upon the sub-import restrictions) will be re-issue.

gulred by both creditor and lect.

dbblor countries" is quite clear

Heterothe

na to regain Sterling expect countries unrestricted access to the

markets they must import Consideration of other coun- more from the Sterling Area- trics interests no doubt com- necessary by switching some purchases from the peiled the Commonwealth of their prime Ministers to remain silent United States to Commonwealth

about other matters that they countries. discussed.

(3) That subject to satisfactory safeguards the basis of valuation of the shares of the deceased director shareholder should not exceed the normal Stock

Exchange valuation and that there should be the right of op peal to a tribunal;

(4) That the arbitrary limit of five years in the case of gifts inter vivos should be subject to gradation; and

(5)

That ail executive directors.

This is as it should be, for the question of the official price of gold affects the vital interests of countries which were not repre- eented at the conference.

AN ESSENTIAL

of private limited companies at the tendency in Cortain In other words, balanced

whether full-time

ما

Mr R: A Butler's indignation

or part-time public talcmenta under trade is an essential prerequisito should be allowed to participato estimate what has been achiev- of unfettered trade. for taxation purposes in pensioned is therefore understandable It is no part of Sterling Area

"How do youl expect us to schemes arranged by their com-

permanent policy to maintain announce our plans before we restrictions on imports from any punles.

have consulted

Tash our friends in

self- the United States and Western recular Commonwealth coun- Europe?" he has neked, To try is free to remove these which one can only echo: How restrictions as soon as it thinks

At. indeed?

· A DISASTER

The report expresses the view that "the disappearance of the private limited company would be a disaster of the first magni- tude."

Unless, says the report, legisla- tion which handicape private companies is not amended, the development of such companies will be frustrated and "the con- tribution they make national economy seriously prejudiced."

will

be

But certain countries-par-

· DEPENDS ON U.S.

ticularly thom which are in the | Everything now depends, on process of developing their

of the

Common economics-will have to retain the success wealth's ultimate approach to them longer than others.

For thes countries, import the United States

In the matter of trade, for restrictions are more than just

ace, the Prime

of Ministers a means balancing trade to the anvisaged

"positive interna (though that, of course, is an tional action for the progres important consideration in pro- Kive removal, na circumstances sent circumstances).

They

are also necessary to The effect of the distributed permit, of the import restric Profis-tax and the methods of ens imposed for the purpose enable developing Industries to Estate

external gain a firm fooling before they Duty valuation are of bringing a

to competition exposed described as the "two major accounts warned, the spood from lamported goods.

But they factors menacing the continuity

Progress towards unrestricted private with which these restrictions of director-controlled

Will Nerefore be faster Together could be abolished would depend trade limited companies."

toward in some Commonwealth coun- tries than in others. But the Prime Ministers' clear enough. It is to create the condition in which trade bo-

they make the building up, of on financial resources to provide for Estate Duty "virtual im- questionable."

t

"tha

advance

equilibrium between the United States and the rest of the world." In other words, the Arst lask is to close

"In these circumstances, the keep it close dollar gap and And this will clearly require the help of the United States.

reward for taking risks is highly questionable."

The limit set on the amounts

companies may out it, convertibility: munt

a distant hope. which private

gold Strengthening of the deduct as directors' salaries is described as "particularly harsh." reserves must, therefore, con

Dro

purpose

is

HONGKONG SHARE MARKET

(From Our Correspondent)

R.M.S. "CANTON"

SAILS:

NOTICE TO

Business done on the Stock BAGGAGE: Exchange this morning amounted to $102,285. Neon quotations and the morning's transactions SHARES BUYERS SELLERS SALES INSURANCES

Canton

- Union

HK Fire ...

SHIPPING

235 200 730 200

10

140 1.00 AuA NAY.

Provident Wheelock (ft.).

783

DOCKS, ETC.

K

2016 9135

13.90 2500 32.60

631 @ 1015

LAND, ETC..

7.25

KL (Ö)

80%

HK Land (N)

Humphreys.

14.30

UTILITIES

22.30 600 @ 22.10

Star Ferry

C. Light (0) 94 935 500 a 0.35

Lishi (N),

Electrio ... Macao Elec.

Zelephone.... 17,70)

Tri." (Rim.). INDUSITUALS

tween the Sterling Arca and the rest of the world can ex-STORES, ETC. pand for the beneft of all.

THE STOCK EXCHANGE

The Bow Stock Exchange Re-

the

the Block

Ceinenta Hope t

Dutry

El Crawford COTTONE

20

23.70 11.20

100030

4.10 100 · 4.03

1100 V

19:20

18.00 10.40 24.40

33

200 24.40

2.3713000 @ 135

Colombo, Dec, 14. import licences on Japan and Germany issited to 10 Bahrein despite their recent Ceylonese registered Importers Men running private companies, tinue to have first priority, count, which began on Wednes. ·

New Year. For practical pur| Rubber Futures excluidon from the Japan have been extended by the Con- It is suggested, would command Since the end of March, 1933, Y will continue Into

therefore, In the Sterling Aron's gold reserves pace, salaries very considerably

year has already In S'pore excess of the present chargeable have risen by $185 million, Part Exchange

of this improvement is accounted ondied. total.

for bo defence aid from the It has been a year of con- United States)

Eiderabla Buctuations in both gilt edged and industrial stocks Because of the effect of Estate

|`BALANCE" ACHIEVED .........

but prices are now well above Duty, directors are occupied far

More important, however, has the low levels of mid-Suramer. too much with the problemas

recovery in Sterling British Government securities which will arise on their deaths, been the

·; ESTATE DUTY

Singapore, Dee, 14. Prices of rubber futures closed today as follows Number 1 rubber, par 1b..

#January (1: February March

Pakistan Full Freight Controller of Imports up to the end ference, according to the Kyoto of March next year. News Service:

These licences were originally The Kokusai Shipping Line valid only to the end of the and the Shin Nihon Marine current year. Importers, how- Company were members at the ever, cannot import Items such Japan-India-Pakistan Freights spirits and liquor, cotton Conference which recently piecegoods and woollen

WAB

manu con-fac reformed into the hew

factures,

Bilks and linen manu- ference.

factures and motor-cars or

German the report states. In many cases Aroa trúdo -- with members of /lokt some five and a hall per coNumber 1 rubber. January The two organisations plan to station wagons from Licences they have now been led to regard the European Payments Union, up to the end of the first hair umber rubber; danWNEY

mon these

which has recently resulted in year hub now show only e amall Import

their business an inerent in Teences proste with considerable Individual import

arm, largo gold

payments to the are: fal

The Financial Taher Index of be obtained Import-

by have to be

wol- theap men grow older, and There is also been a wel glodged prices stood at 94.97 TAI o month the Shin Nihan once month-era if they wish to indent. for

on Aeday.ccmbarach with 90.23. as their businesses increase in come Insprovement is trade anil

other non-Sterling coun-

of Jube pchleval Ares as a whole' has

Industrial balance with the rest of the donat

But these too have re- Kirk toward a good part of the lowes

place ships on this route from next January with the Kokumi making two sallings

ly The

enteral

| any of theso Items, which num- prosperity, as they may reagon-Web As a result, the Storing a year ago and 90.22 at the end

ines ping to reduce ber over 30. This restriction ably, hope, their case becomes tries two

10 to 15 per does not apply to these goods if worse so long as prosent freight rates by cent on the route in order to they originate from Japan.

ond methods of

alde, they world.

counter the freight conference'a

In the case of Germany; re- Estate Duties Valuation:

strictions have been imposed, as are at present. The more their

.10 per cent roding Line is it comes within the scope of the i profits inergass, the more curiain | R

The Kokusal

formed by European Payments Union with dots it become the they pleti, tuo lahl bryler and alter coup Shipbirir: Nissan Stemmable sid tries of the Sterling Area have precipitate i brisin Toho Navigation Company been showing an unfavourabio cause the collapse of Franco-PresseLIFE

balance of trade. United Press, business.”

Number rubber anus Spek rubber, unbales Bankers [16.'s pals crépe

tered Exchange Rates

SPECIAL NOTE:

PASSENGERS

FRIDAY the 19th December at 12.00 Noon for the UNITED KINGDOM via- Straits, Colombo, Bombay, Aden. and Port Said.

ALL passengers baggage must ba sent to the Hongkong & Kowloon Wharf Co.'s Godown at NO. 2 GATE, CANTON ROAD ENTRANCE by NOON on THURSDAY, 18th Decem ber, 1952.

With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co.'s Godown for loading board by ship's slings only. BAGGAGE COOLIES WILL BE REFUSED ADMITTANCE TO THE WHARF.

on

EMBARKATION: Will take place on FRIDAY, the 19th December, 1952 between 9.30 am, and 11.00 a.m.

m.v. “LA MARSEILLAISE”

will sail for

MARSEILLES

via

`MANILA, SAIGON, BINGAPORE, COLOMBO, DJIBOUTI, SUEZ & PORT SAID

on

Tuesday, December 16, 1952 at 10 p.m.

Passengers are requested to board the vessel with their cabin baggage on the 16th December between 5 and 9 p.m.

Baggage room and hold baggage will, be, registered

at the Kowloon Godown No.50 (No. 2 Gate Canton Road Entrance) on the 15th December from 10 am to Noon" and from 2 to 5 p.m. and on the 16th December from : 10 a.m. to Noon only.

No baggage will be registered after that time, COMPAGNIE DES MESSAGERIES MARITIMES

(12/per

of Coms! the yout have amo

bout the ner orn

digin to loal (per 400)

Queen's Building."

Tel: 26651 (8` lines),;