1953-07-10 — Page 9

THE CHINA MAIL, FRIDAY, JULY 10, 1958.

Freight Rates Nearing The Lowest Levels

Experienced In 1952

Although it is true that the freight market has experienced ap proximately six months of relative stability, immediate prospects are such that the advantages thereby gained are now to be heavily offset and the ultimate line of retreat is not yet in sight.

Freight rates are now hovering perilously near to the low levels recorded in August last year.

For British owners, the present outlook is far from satisfactory. They have not only to contend with a limited field of employment, but also severe competition from foreign fing vessels, whose owners are in receipt of Government support.

HONGKONG SHARE MARKET

(From Our Correspondent)

Owners in Britain would have; tom. After a lull of about two undoubtedly got together in days shippers rdlurned to the consolidated endeavour to check market with three mare in- the falling nway in freight quirles for August loadings, and rates, but there is little point in within a matter

of but a few making such atteinpls at unity hours these were covered at the when it is confined exclusively elteaper rate of 728 Gd per ton. to one flag.

to

13.

3d

50 fuck-Wer employment.

Size Of

American Merchant

Marine

Since there are

many ship-

ping and military interests in

1

Gibraltar Has First Year

Of Income-Tax

For the first time, an income-tax is to be collected this year in Gibraltar.

It has been

the United States who have for created to replace the Trades Tax, which repre

sented about 4 per cent of the Budget of the Colony.

ro- ita

monthis past prosecuted

with vigorous, campaign

the object of persuading the Gov- a larger fleet of crament that a

ips is urgently ships ted, and of gala Anancial support to expand the present feel, it may seem sur- prising that a prominent Ameri- can stilpowner has stated that,

A

in his view, larger fleet

could not be economically justi fied and "there is no long-term commercial justification for A fleet of US, tramps.".

S.

as a

of

It is possible that Mr Tuma!,

president of Lakes Brothers Steamship Company, U.K. Ministry ut Food

who expressed this opinion, If an owner has a vessel, say charterers took July tonnage at will be accused of adopting for instance, on the Pacific Coast, 71s 3d per ton, against 72s G

what is sometimes regarded. he would be foolish to turn down previously, and indicated 67% Ou bed nut only in America,

typical liner owner's a rate which at face valan re- per ton for August landing. And

attitude presented a

ton so the story of failure must per

towards the tromp section KD decline, if he knew fully well on; two vessels Axia Japan any particular shipping indus- that a foreign owner was waiting) ot $8.50 per ton, a decline of try, the contention being to the

crnts Busines done on the Stock

effect that Ule par ton, while U.K.

more tramps Exchange this morning amount jump in the moment he re-

Far better shippers interested in, working there are for the available car- ca to S825,810.00. Novu quota-under those circumstances to get vessels on fio, basis for lumber goes, the less trade there will tions and the morning's trans-at least some revenue to help and general cargo quoted the be for liners. actions:-

Tate lower run the vessel back hume.

72s Git

toll Nu

special comment is needed compared with 759 17

Unfortunate is the owner com- Chamber of in

respect of the 1106 Shipping index number of tramp mitted to Eastern ports, for the shipping freights for May whichi, prospects of pleking, up return at 07.4, represents a decline of cargo are thin to the point of 3.5 points. There has been a being distinctly threadbare. Aus- 143 115 143 marked change in freights since tralian grain shippers have to that month and little is to be nil intents and purposes com- 130.

from

academic pletex their gained

operations, analysts of the past. The future, though a little better outward

all-important.

movement of coni is reported in the direction of South Korea. Japanese-flag vessels are very much in evidence,

SHARES BUYERS SELLERS SALES BANKS

IWM 1510

HK. Dank

EXT AN

INSURANCES

Cantor Lisian JK Fire

SHIPPING

Asta Nav

DOCKS, ETC.

K. WIRT!

Dock

Provident

120

137

785 *253

220.70

12.10 12.20 1500 500

12

is

1.05

What thick 12

Wheelock... 8.15 #20 ICU

LAND, ETC.

HK Hotel.... 7.30

K...

กรร

S'hal Lond. 130 Humphreys 10.30 10 Realty

UTILITIES

245

5000+

(JR

11.20

2000 or 793

4 BOKO N

03 2002

any

*

1

This argument is fallacious, and if Mr Turman's remarks.

without considered

any are

will be prejudice or blas it

much admited that there is te support his point of view.

MESSAGERIES

P.O. Box 68. Queen's Bldg.

Outwarda

M

Page "

MARITIMES

Tel: 28651.

M

PASSENGER/FREIGHT SERVICE

Leaves Marseillen

"FELIX ROUSSEL” -Balled "LA MARSEILLAISE” ↑ July "VIETNAM"

Tom Warde "FELIX ROUSSEL”

Hongkong 10-11 July 2-4 Aug.

D-10 Aug.

For Yokohama Balgon Yokoham

Due Marselijos Via

17 July Leaves Hongkong 25 July

25 Aug.

*1

Aut. 14 Sept.

LA MARSEILLAISE" August "VIETNAM”

Manila

Baigon saigon

via Marseilles to all Mediterranean & West Africa porta. via Djibouti to Madagascar.

Outwards "MEKONG"

FREIGHT SERVICE

Leaven

- - - Europe-Kalied

"COURBEULLES...Europe-Halled

Homewarde

"MONKAY"

Leaves ...Kselung→16 July

Hongkong

For

23.24 July

Japan

29 Augurt

Japan

13 July

For

↑

4 Augint

Hongkong

There are as yet no statistics which could be used to make an estimate of the product of the new tax.

Statistics are practically unknown in "SILVERSANDAL"

..Keelung-2 August Gibraltar, and until quite recently it was impossible "MEKONG"

Keelung-ia Augu 20 August "COURSEULLES". ........Keelung-2 Delober 1 October to get any figures of imports and exports. "Gibral tar is traditionally a free port and it was not until import and export licensing was introduced during the recent war that any attempt was made to com- pile figures.

Gibraltar residents have never before. They consider that the before been called on to declare expenses lavolved in collecting their income, Except for most the tax (Including the fees for businessmen, the people In an Income-tax expert whom general have not bothered to Gibraltar hud to appoint for record their income, even for

some Ume, und who

now private purposes.

organising the collection of the Because the income situation tax) will be greater than the in Gibraltar is unknown. 1953 expenses involved in collecting

considered as

un ex- the trades tax. perimental year. A loken figure of only £20,000 has been set down as the yield of income- tox in the Gibraltar Budget for 1933. This is half the product in carlier years of the suppress- cd trades tax, because in 1053 the frat will захрусты

pay only the

of instalment of tax, in respect

can be

the year of assessment 1953-54. The second-instalment i re spect of that year, and the first of the in respect Irutalment

year of assessment, suceeding will be payable in 1954.

They also believe that there was no necessity to create Bn income - tax. The Gibraltar Budget is well balanced. Revenue for 1953 is estimated at 030,373, and expenditure at £1,000,658.

.

TWO VIEWPOINTS

The creation of an income-tax.

↑ Saigon, Marseilles, Algiers, Oran, Tanglers, Casablanca, Le Havre, Antwerp, Rotterdam & Dunkirk. Subject to change without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO:

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

NEXT SAILINGS

M.Y.

"CHABTINE MAERSK”

July

21

m. V.

MTV.

“THEIN MAKRSK"

Aug.

"MAREN MAKUSK“

Aug.

17-

ARRIVALS FROM U.S.A.

July

$1

July

14

Aug. 3

For Freight and Further Particulars please apply to:-

was mostly favoured by workers, clerks,

civit m.v. "TREIN MAERSK" employees and

M.V. MAREN MAERSK” servants, who will pay little or no lax.

m.v. "OĻUF, MAERSK" Some of the smaller- scale businessmen, who expect RATE FOR COMPANIES

that the Income-tax will be less standard rate of the important for them than the The

Income-tax is 2s in tradies tax, are Gluniltar

also not in the pound and applies without opposition. is

and companies

A married man, with one variation

hla no tox ic partnerships, etc. The rates ap child, will pay plicable to individuals vary up income is wholly earned and less to 4s is the pound.

The

A MISCONCEPTION Existing U.S. trade, he said. can maintain profitably 430 dry 02 passenger cargo ships and RIVER PLATE POSITION

and cargo liners. Apparently The Hiver Plate market has the

there are now about 430 cargo us distinction of being able to lay

the U.S. Merchant 2000 W 8.15 claim to individuality: it To-

EASTERN BUSINESS

Marine at present operated by North China shippers are ap-

subsidised and unsubsidised 1000 9.20 presents the only steady section.

2003

witch shipping Such a position is due entirely to parently not interested in work-

concerns,

which about half the number the fact that the River Plate is ing tonnage with mixed cereals

Wilson, R. E. and though Rear-Admiral not in the normal run of events to the Continent, 500 625 tramp.ship market. Supply of reports continue to be received deputy-commander of the U.S.

suitable tonnage is momestarity of expanding trade. between

Military limited and shippers are having China and Japan, here again the

commensurate to Japanese

Bog predominales. 24.100 pay rates

are unable to long inward trips with ballast British owners 12.20 and cover against possible delays compele effectively in such a keen 1240 in obtaining despatch.

The tonnage position will, of market and, as time goes by, the are that their competing ability will be even less, irrespec- 914 on account of the increase in ton-tive of ay material expansion in 500 ft 120000)

200 ## 28.30 proceeding to the Plate with international trade. GB or 2020 Welsh 1000 25.30 arrivals

Trun246024.00 21.0 Star Ferry

118 122

Clatit, 101 12:30 1215 1000

1300

500 12: 2000 $2.00

to

C. Light (85 % 83 4000 of 1.20 course, improve in the near future

Electric

..... 20

Telephone INDUSTRIALS

Cement

.....

1200 20.00

20.50 27.20 1000 1160

18 10.20 2200 35

1 500

Hope 1995

STORES, ETC.

AGKC

eral

cargoes.

These)

chances are

Indian shippers are to the fore- should,

in theory, front with inquiries at the present 500 26.40 coincide with the availability of time, concerning principally the

from for expart carriage of ore cargoes across lo 20.00 matte cargoes

the United States. Argentina-but, here again, it

Tonnage business from 18.20is not only a question of maize fixex for such

In Bombay to the Northern Range 1750 tonages being produced

suficient quantity for shipment at $0.25

per ton, and from but whether or not Vizagapatam at $8, while salt 22.30 abroad, 2000 22.40 foreign importers will be able to was arranged from Bedi Bunder

afford them.

to Japan at 47s ed per ton, free discharge.

Dalry ....... 22:30 225; 1030

Watson..... 24.70

1. Crawford 2345

COITONS

Textile

52224.80

212.45 1500 cz.35

1500 or 61

MISCELLANEOUS

Entertain.

hent

100 - 11.

...... 17.70 Yangisze (0) 6.50 6.70 300 -(N) 3,90

The Rubber

Markets

vessel June/July

was

Other business reported in the arranged for light grain cargo on U.K. account from the River Eastern hemisphere concerned Plate at the steady rate of 87s od two sugar cargoes from Mauritius 16s per ton. measurement, to Montreal at 0.70 per ton for 0511,

and four carriers booked for phosphate from Safaga Bay in

unchanged heavy

Japm at 52s 6d per ton, rice-from- "Et"the" rate of 75s per ton. Reports are Whampoa to Colombo at 49s Od. current that quite a good ines, to Piracus at 00s per ton, fo.b. and cotton sced from Port Sudan circulates for Argentine oilcakes, but export sales for the most On 31 comparative basis, level of netivity with- Is always the danger from the

change in standpoint, that out any discernible tromp owners' liners will carry the bulk of freight rates. There has been a tendoney for shippers to use the trafic.

"N. AMERICAN GRAIN larger type of trump vessel for North American rain trades shipment of ore cargoes to U.K. 911-47 offer very little in the way of and Continental ports, reflecting employment and with few orders the increased number of ships

of the registration pressing in sight,

employment a further declines rates of limited market. Grain tonnages Inevitable. U.Koffer in better volume from Black freight

Singapore, July 9. Prices of rubber futures closed today as follows:-

rubbor per 1.

No.

July

August

Sept.

No. 2 rubber per lb. July

No. 3 rubber per lb. July

No. A rubber ber 15, July

Spot rubber, unhaled Blanket crepe

No. I pale crepe ..........

0792

€212

04-07

37-38

02

The take-off overseas market steadied. Sellers for lower grades were served and prices closed fully stendy-United Press, LONDON MÄRKET

London, July D. Prices of rubber futures closed today as follows:-

No. 1 rubber

in pence per ib.

101-10%

101-10

August .........

SepDecember

January/March April/June

part are slow to mature and theranean trades displayed a

in

for

011

Stated service, has

of nas

It must

bo

ls-

the requirements tional defence make it desirable to have in being a large, fast tramp fleet, Mr Turman at the opinion that largely. If not entirely supported

It by military

cargoes, since would not be practicable for it in to be profitably employed

trade on a ordinary foreign commercial basis, is "It

general he sald, "that conception," merely putting more vessels in service will guarantee a greater participation in the movement of foreign trade."

What It would create would be the need for more public funds

nds in the form of subsidies to be used towards maintaining the ships in service, and in this Mr Turman observed connection that there

bottomless is no well into which the US. Mer- chant

Marine

can dip merely by subsidising "The operation

construction of vessels." Cargo

The volume of

or

carried

by American merchant ships cmployed in foreign trade has been declining for some time, so that it would merely serve to make matters worse; not only lor American shipowners but for those of other

mari time nations if more, and pre- sumably larger and faster, ships were placed in commission.- Liverpool Journal of Commerce.

to

Д

תמנון

not

£782, and there are many in Gibraltar who have an income at this level, exceeding £15 per week,

personal allowance is £150 for a wife, £400, with and £75 for each child. Earned Inecme relief is 4s in the pound

be- Those holding this view of set earned income, with

lieve that when the lax is pald maximum relleft of £300.

Deductions are not allowed in in full in 1064 it may prove to respect of "disbursements or ex-exceed the yield of the former penses net wholly and exclu-trades tax, and the token figure £20,000 stated in the Budget. sively expended for the purpose of

tax do not Opponents to the incomo-or of acquiring

will happen, how- any sum employed in improve- believe

to ever, for several reasons. Voluntary gifts ments." charitable institutions, hospitals, most obvious is that, as in any as private other part of the world, tax- etc., are considered expenses, and deduction is not payers have a natural tendency te look for all possible means of escaping income tax.

"

allowed.

the,

to

11

this

LEGAL WAYS

The

Where Income is subject tax both in the UK. and Gibraltar, relief will be given

In Gibraltar, the only legal to Gibraltar residents up to the limit of the lower of the two way of doing so is to increase taxes. Оп

other hand, advertising expenses, the

stoff

ex- Gibraltar will give no relief

contribute to a pro- penses, or untess to U.K. residents,

the vident or other fund for the Gibraltar tax exceeds the com- benefit of the employees. There bined U.K. Income-tax profits is also the possibility of having "tax and excess-profits-levy.-

most of the business conducted. outside Gibraltar In a less Lax- minded territory, providing that The financial year in Gibraltar

part of the income is not re is the calendar year-that is,

ceived in Gibrallar ond

could the Budget is prepared for the not be considered

ད twelve months of the calendar

FINANCIAL YEAR

as derived ony respect, car. However, the income-tax from Gibraltar in

An important company which years runs from April 1 to the had branches in Morocco found following March 31, and the

it more convenient to have its normal basis of assessment is branches connected with a ro the amount of the income the year preceding the year of the tax.

Where accounts of a business

private shippers bave apparently Sea and Turkish ports for Grain Prices up to some

completed their requirements for, to U.K. and the Continent, but the time being, and were only business Talher slow to mital mildly Interested in arranging develop

Lawrence

grain tonnage from the St CONTINENTAL INQUIRY.

ton, at 43 0d per

Continental

have shippers which indicated a drop of an seemingly covered the greater part of their current commit- other is ad per ton,

Gulf operators arranged two ments in fertiliser cargoes, and t vessels for West

In Chicago

Chicago, July 9. Prices of grain futures closed today as follows:-

rod,

per

Spot

Wheat (No. 2, Italy on the is noticeable that the steady rate

bushel in cents). basis of $0.75 tmd $6.85 per ton of $9.50 per ton for trips out to during the week, compared with Japan has continued to be paid.

July volume of miscel- $8.25 paid about a month ago, A moderate (unroceived) while heavy grain and/or soyos laneous inquiry remains within fixed to Japan at $11 and $11.25 the area, but is not, unfortunate- per ton, which rates show no

to of sufficient proportions ly change.

offset the slackness in bulk com-- Another discouraging feature modity markets.

The rubber market was steady with No. 1 RSS quoted at 194 compared to yesterday's close of 10% United Press.

NEW YORK MARKET

is that there is little prospect of American coal charterers any material improvement in the virtually dominated chartering

New York, July 0. Prices of rubber futures closed volume of coal tonnage coming operations, three vessels being today as follows:-

July

Sept.

Dec.

March 1904

May

July

13.23 nom,

23.80 traded

23.80 nom.

23.30 noto.

10.49 nom

the f

September December March (1054) May

Corn (No. 2, bushel in cents);

Spot

July

September

December

March (1934).

May

cents). July

10034 1972- 200 204-20416

2124-1 yellow, per

10171

148-2

1403-16

1404

Itye-(price per bushel

July

out of America during the sum-arranged for Holland at from mer months. While some new 30s to 20s Bd per ton, some

10. having

be 23.30% traded orders were posted on European, significance

account in the week. In actual attached to The fact-

that former Agure wes Lerms of vessels engaged, these

for pald September

Oats (price per bushel · in will have no effect whatsoever September-October londing. The Futures closed 10 to 15 points on the present weakened freight lower rate of 31s was pald

cents). for

7376-70 lower on sales of 18 contracts. In

Several carriers closed July shipment to Hamburg, and--September position. the spot market, dealers quoted for Jupan at rates ranging for closed for Japan at $0.00 per

В similarly positioned carrier Soybeans(price per bustiel No. 1 ribbed smoked sheets - $0.55 to $8.75 per ton for loadings

in cents). changed at 233% cents per 12. through to the end of the year, ton

Spot

270 nom, There was practically no interest while the cost of shipping coal to

July

273-2731% August

20016 with factories, and dealers re the Continent dipped to

2013-201 corted "out of the market" low level of 203 Dd per ton, com-

25434-253 United Press.

pared with 328 6d

2011 Od previously.

22021 The Cuban

Barley (price per bushel in cents). couraged by the cheaper rates grain leading in the River Plate.

130-160 obtainable, shippers at Santo

New An oil-bumer was taken for

flour 200 ib. mack, UA312.30United Press. Domingo covered two orders for the trip out to Japan from West Ceylon on the bails of 808 3d Coast Florkin at 22s, while a for June-July and 858 for July, Liberty-type steamer was fixed

LONDON TIN

MARKET

London, July 0.

new

The only business reported on vage basis concerned a July carrier loading grain in the U.S. Northom Range for the UK. at market is 434 Od per ton, gross terms, and

also devoid of ion, En- tho repetition of 70s for heavy

September

November

January (2004) Manch

Spot

Prices of tin closed today at while a similar number closed for threa to Ave months trading. London Foreign

the ent of the official morning

Bession as follows:-

Spot tin. buyers

Boot tin, nollers

Business done at

615 (30

for Casablanca, at from $0.50 to following July, delivery · $9.25

per ton. Heavier

of ballast pressure tonnage moving across from

tagnant Eastern parts caused

at

Gibraltar.

Exchange Rates

от

017-620 on the Pacific Coast to move stil

in the local Flasiner was domas Lunofficial ship-

skelangs Market thin

Three months tin, buyers 028

Three months, tin, sellers 6273 freight rates for grain loadings

Sisifies done et Settlement

Exchange

New York Montreal Armsterdam Brussels

No

firmor further to the advantage of The fin. market was with spot marked up 11 per ¡péra. July requirements forming at the following rates-Zurich

j. dollar (perf. 1 ton to £027%, and three months India were completed at the un-Sterling note (per 19 20204 changed rate of 77: Ed per ton, Indonesian guidern (per 100) 20.00 marked up £121⁄2 to Turnover was 130 tons with 30 and the switch to August quickly mols (per 100)

Singapore (StraUs) fond in cash-United Press., brought a reduction of 25 od per IC platres (Der.100)

1329

Coilerhagen "Park" Sicckholm

Deutsche Mark Bleeked Mark

$1.00

London: Jaly D.

2.7936-3.7037

10.8851-10.553

130.93-139.85

10.0834-19.501 13.101-12.101f". IPAJ-1934 900+B80

10.0137-14.82 11.097-11-701 18.11/10.00 United Press.

cently created Tangier company. if this idea Is followed, the Gibraltar income-tax could very

new companies in the income-

or profession are usually made well mean the creation of more date other than tax-free neighbouring territory the Income of of Tangler. The Financial the year terminating on that Times. date in the year preceding the

Year

of Assessment would normally be accepted ад the

income of the year preceding JAPANESE BONDS the year of the tax.

Japaness Bonds

"A" (46 of 1090) "" of 1910) "C" (be. of 1007) "D" (63. of 1030)

As may be expected, those in business oppose the income-tax. They fear that a higher rate may be levied in the future, and then and that already it is Involving more troubles, papers, Consols forms, and waste of time, than

London, July 2

0424

7155

12314

14535

10%

United Press.

M.V. "FELIX ROUSSEL"

WILL SAIL FOR

YOKOHAMA and KOBE

EMBARKATION:

BAGGAGE:

ON

Saturday, 11th July, 1953, at Noon

Passengers are requested to board the vessel-between-9-and_11_n.m on Saturday, 11th July. Baggage room, hold and cabin luggage will be registered at the Kowloon Godowns,: Godown No. 50 (No. 2 Gate, Canton Road entrance) from 9 a.m. to noon, and from 2 to 5 p.m. on Friday, 10th July, CARIN BAGGAGE: cannot be accepted on board before embarkation time. Passengers will therefore havo to collect their baggage from the godown between 9 and 11 a.m. during which period cabin, baggage may also be re- gistered.

Passengers are requested to noto that ALL BAGGAGE must be registered as prescribed above. :

Compagnie Dos Mossagorios Maritimos Queen's Building.

Tel: 25051.7-.

AGENTS:

JEBSEN & CO.

Pedder Building.

Tel. Nos, 36066-0

Chinese Freight Booking Office 27, Connaught Road, C.

Tel. 20461

Dales and rotsilon, subject to change without notice.

A liberty to proceed via other ports to load/discharge cargo,

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Slam, Malaya, Rangoon, Calcatta and Chittagong.

"BRADEVERETT”

Arrives Sails

July 17 from Manila. -July-18—for......_Singapore,......Penang,-

Rangoon & Calcutta,

"REBEVERETT“

Arrives Sails

for

Yokohama,

July 20 from Singapore. July 20

Kobe &

(accepting carro for transbipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

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

"THAI"

Arrives Salts

July 11

July 12 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Khor- ramshahr,

Bahrein.

"STAR ARCTURUS”

Arrives Salls

Basrahı

July 22 from Singaporo July 23 for Naha & Japan

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

EVERETT STEAMSHIP CORPORATION S/A Queen's Building, Tolophono 31206. Chinoso Department: Telephono 28293.

BUSINESS REGULATION

ORDINANCE· 1952 ·

Copies of the prescribed Forms 1'(a) 1(b) and 1'(c)}

Now On Sale at S. C. M. Post, Ltd. HONGKONG AND KOWLOON

TEN CENTS EACH