1953-03-04 — Page 9

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THE CHINA MAIL, WEDNESDAY, MARCH 4, 1953.

Synthetic London Stock

Rubber Industry

Transfer To Privato Ownership

Washington, Mar. 3. Transfer of the United States Government synthe- lic rubber industry to

private ownership, officially recommended in a report here yesterday, will take about 15 months to com- plete after Congress hus approved the measure.

Industry.

This was disclosed today by Mr Morton Yohalom of Eve Reconstruction Finance Corpora- tion, who will be in charge of selling arrangements for the 29 wants which comprise the

transfer plan Under the Government disposal opency would negotiate sales with prospective buyers-presumably the present occupying firms- and agree on a fair price.

Such sales would be subject

A

In Congressional approval.

The proposed sale would be the disposal advertised and agency would ask for offers within 19 days of the adverting- inent's appzarnice.

GIVEN 60 DAYS After a safe had been urranged Congress would be given time, probably 60 days, to object fore the deal became frial.

Exchange Lifts Veil

GALLERY FOR PUBLIC

(FROM A FINANCIAL CORRESPONDENT)

The London Stock Exchange has come far since the days when stockbrokers met to transact their business in Jonathan's Coffee House, in Change Alley.

But though the history of dealings in com- pany shares in Britain goes back to the end of the 17th Century, the Stock Exchange, and every- thing connected with it, remains to many, an impenetrable mystery.

This mystic vell will soon be lifted for work is about to begin on the construction of a gallery, overlooking the floor of the "House" from which members of the public will be permitted to watch something of the workings of this famous institution.

Inanciers" perform mysterious rites to Maminon,

This concession to our inquir» | "wicked ing age marks a break with the Stock Exchang's long tradition of exclusiveness.

can

stili

The older generation of stuck- brokers

recall the ignominious fate which overcame strangers who violated the privacy of their "House."

In those days, there were be-exnelly 1,300 members. The presence of a stranger in their midst gave rise to the ery of "Fourteen hundred!" whereupon business stepped, the interloper was seized, one too gently, and viceted,

As for the significance of all he sees, this is beyond the scope of this article. But some of the misunderstanding which still attaches to the activities of the Stock Exchange may be cleared up if the market place analogy is carried a little further.

}

The fancing of industry en the scale that we know it today requires vast amounts of money, which must be forthcoming in a fairly constant stream. It must, moreover, he directed various concerns by which it

into the

Oflends of the Blesastruction Finance Corption declined to say what the Government hopet to get for its synthetic rubber

dustry Republican Congressman Paul his minus, as often as not, needed-anti, once there, it must

trousers.

on the

Shafer, leading advocate of the Stockbrokers leath.

le, Jinel

Curlier suggested whole, a fairly quiet 1e, and something in excess of $350 this break froin the usual routine millione

of the "House"

was no doubt an amusing and

Yesterday's report from the Reconstruation Finance Corpora- tion, which administers the in- ustry to be offered for sale, said the selling price of synthetic privately-owned plants offered a wide area for Speculation but there was no way at present of making an accurate forecast of such a price.

rubber 1:cm

"It would seem likely, tow ever, that for some period of time | ubsequent to disposal, the price of privately-produced synthetic culier would execed the Govern- ment selling price, if the Govern

pent's present pricing

policy continues to prevail," yesterday's apport said.

The

NO THREAT

RFC selling price for synthetic rubber is 23 ecata a pound, while natural rubber at New York is about 27 cents.

The report noted that Л

Malayan rubber industry publi-

|

elcomed us

harmless diversion.

But it did nothing to inspire public confidence in an institu- tion which directly or indirectly affects the lives of millions of innocent "strangers,"

MISTAKEN IDEA

011 the contrary, its rough treatment of outsiders confirmed many people in the belief that the Stock Exchange had some- thing to hide.

tonk hold, it

Once that idea

own members

not be withdrawn.

The basic requirement is com- mon to all business ventures, whether they are small enter- prises, needing only 12 fow thousand

pounds, or vast concerns needling millions. But, except in rare cases, capital on the required scale can only h obtained by, inviting individual savers, large and small, to lend their money to people they have seen, or perhaps even heard of, in return for a promise n share in the profits of the business concerned.

Provided the hopes of reward to offset the are great enough risk of

of capital foss, the investing accept an public will usually offer to buy shures in a business

never

ut rising generation

resent naturally

it

are

Jap Mission To Persia

day

Daghdad. Mar. 3.

A Japanese Government Economic mission Jett to. for Teheran after a four-day survey of Iraq's trade and economio situa-

tion.

It will return for officiat Begollations on a trade and barter spreement with Iraq afler similar surveys IT Perla and Turkey-Reu- ter.

HONGKONG

SHARE

MARKET

(From Our Correspondent)

Business done on the Stock Exchange this morning amount ed to $452,124.25. Noon quotations and the morning's transactions:

SHARES DUYERS SELLERS SALES

BANKS

UK Bark XD East Asia.: INSURANCES

Uniun Underwritera SHIPPING

Asta Nav.. DOCKS, ETC.

1. Wit

N. P Whart Dock

Provident Wheelock

LAND, ETC.

TK Bot

763 7.30 3004 20 HK Land (3)

Stival Land

1.05 Humphreys 13 1 1500 14 UTILITIES

Tram

TOURIST

TRADE RECEIPTS

OFFICIAL NOTICE

Proposal to change

Ship's name.

MESSAGERIES.

M

Butwards