1953-11-30 — Page 9

Full View For Young Train Spotters

THE CHINA MAIL, MONDAY, NOVEMBER 30, 1953.

TILADE sandi COMMERCE SECTION

Par

Tax Reduction Hopes Butler's Warning In Next Year's Budget

Industrial Fading Fast

Boom In Scotland

New York, Nov. 29. Scotland, having reversed its migratory tides for the first time in 300 years, 'Įs now the theatre of an in dustrial boom which, if any thing, should experience further growth next year, rather than recession.

This was the concensus at a gala luncheon sponsored by the US. Committee of the Scottish Council (Development and In- dustry) at the Weldorf-Astoria recently, in honour of Lord Bildland of Kinrara, president of

(FROM OUR OWN CORRESPONDENT).

London, Nov, 29,

Hopes of further tax reduction in next year's

¦

Casts Gloom Over Exchange

(FROM OUR OWN CORRESPONDENT) »

London, Nov. 29. 'Mr Butler's - warning last week-end that British exports had been steadily losing ground, in world markets, coupled with the continuing.

workers next Wednesday, cast a gloom over Stock Exchange last week. ..

Budget are fading fast. At this, early stage the threat of a token strike by engineering London

most optimistic forecast that can be made is that at least no additional burdens will be imposed.

But since Mr Butler's last speech in the House of Commons there can be no certainty of even this. The Chancellor seemed to go out of his way to prepare the British public for Budget

shocks. trains

Young train spoilers get grand opportunities at Shifnall, Shropshire,' where locomotives merge Into full view as they cross the main streek of the town. The reason for the coming out into the open on to, this fine "grandstand" is the replacing of a hundred-year-old

bridge with a new and improved type-Neuterphoto.

Shipowners

Appeal For Early

Relief From Tax Burden

London, Nov. 29.

An appeal for early Government action to lighten the tax burden on British shipping has been made by Mr R. G. Grout, a director and secretary of the General Steam Navigation Company. Addressing the Institute of Transport, he underlined the dangers to Britain's economy Arom a decline in the size of the merchant navy, resulting from owners'

inability to pay for replacements.

He asserted that the actual survival of the fleet in anything like its present form was very closely linked with the problem of replacement, "the paramount question in the minds of shipowners today.”

To Be A Farmer's Wife

Pointing to the decline in the proportion of British owned tonnage to world tonnage over the past fifty years from over one-half to about one-fifth he said that it was imperative that there should be no further re-

duction in the absolute size of the merchant navy, for if there were, the effect on the national economy could be little short of disastrous.”

If this were to happen, the unions aro prohibited by their £150 million per year of in-constitutions from Issuing strike visible exports camed by ship order without first consulting thơ-

would dwindle away to rank-and-nie. ping London, Nov. 20. fortner's wife

With few exceptions, observers The

nothing and be replaced by con- Ja 110

to foreign believe that the proposed stop- ordinary woman, She has

siderable, payments to

to bring imports into page will have little effect on cope with both home and farm-swners.

the

decision employers

and Usually the yard.

is selected Britain.

to stiffen their With taxation at its present some expect with care from the daughters of neighbouring farmers for it level, he declared, shipowners attitude.

British shipyards had 2,025,000 vilai to the prospective pre finding it impossible to set

of shipping under bridegroom

knows inside adequate funds to protect gross tons that she

for construction

the

end how to churn a satin-smooth their future by providing

of buiter end to make replacement vessels. Few, if any, September: the amount laid down. Belden mellow cheeses,

other industries were faced with, was 67,000 tons and the amount

This minkes

to Admiralty statistics. rural wooing pletely renewing such costly tough. Heart and head often plant every 20 to 25 years.

12

DE

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tageous an investment climate as American business can find any-

conded by

and in this he Was th:ce top executives of U.S. business machine com- punler.

They were Stanley C. Allyn, president of the National | Cash Register Co.; John C. Colt- man, president of Burroughs Adding Machine Co.; and Thermos J. Watson. chaltman of the board of International Businers Machines.

He warned against too hopeful a view "just because we have reached a normal and satisfactory half year,” Yet at this time last year when the state of the Budget was anything but normal and satisfactory, the Chancellor was in a far more cheerful state of mind than many people thought justified.

HONGKONG SHARE MARKET

for

Both gilt-edged and industrial shares were affected, though the former recovered some of their early losses under a stimulus of institutional buying, In the industrial market selling was on a small scale, and price movements were mainly confined to a few pence."

de-

Paus Plisation of the steel in-

Unexpected Demand

For Tin

Markets have alko been Worried by an apparent swing in favour of the Socialists, re- vealed In the Holbom by- election. Though too

much the Counell and choinnan of 1:5)

should not be read into the executive committee, who is nowhowever, before the reason for shock.

There wasn't long to wait, lished. And its size came as a result of a by-election, the fact having a four-week tour in the

thot the Bocialists are stili very Mr Butler's United States of America,

warning became The Ministry is seeking an

In the running, has Derasfoing his country's post- clear, This work the supple- additional £127 millions for the revived the fear that the Con wer development

mentary crimate for the Min-current Budget year, thus more servalve Government's "without parallel." Lord Blisland sal ity of Food, of which he had than doubling the original cell- offers as hospitable and advan- given advance notice, was pub-mate

millions. RIJD

may one day

be

reversed.

New York, Nov. 20. Ther

are several reasons These tears were reflected In The accent Increase price why the Ministry now ands it-

the pri

price of the new United of spot tin over the last ten self in need of mire money. It Step charts, the first to be days was ascribed to an un- must make provision its lasued to the public under the expected. more demand from purchases of sugar to replenish

aith denstionalization measure. Al-Europe, particularly from national stocks prior to dera- though the Issue price

where was England

consumption tioning. Moreover, as the Chan- pkched purposely high to dis has jumped around 409 tons cellor has already pointed out, count the risk of future menth, according to the New the sale of the Ministry's stocks denotionalisation, the stock York World Telegram of cereals is proceeding, more finished the week at A small Sun. slowly than forecast and the fall in world

was originally discount.

A published article noted to- prigs of cereals has led to un-

SPECULATIVE SILARES day: "European buyers have expectedly large

been bearish for some time expenditure in (From Our Correspondent) supporting the domestic harvest.

The featuro of the market with the result that they have Jast week But huge though

was the revival of allowed their inventories the Minis-

interest Business done on the Stock try's supplimentary estimate is. The Savoy Hotel incident" ly, they are reported now hid- In speculative shares, shrink excessively. Consequent- Exchange, this morning amount it isn't the in some

only reason why bruke into front page, headlines degree preparatory to the Scot-od to $782,287. Noon quotations the Chancellor chore this

eding against one another but and the morolog's transur-

statement from hrid next September 2-18 in AS BUYERS SELLERS SALES to expect "magic" reduction central figure in several recent Noting that the Geneys tin ment to warn the country not Directors that. Mr Charles Clore for how much longer no one

knows." unde Many of the severzi

15 éliber direct or indirect American businessmen

taxation. He pointed out that attending it had participated in

there was other expenditure some degree in the rapid ex-

7.30 that he would have to meet in pansion

of Scottish industry

7.50 regard to purchase tax and since the last exhibition

Income tax concersions. heal

over four years ago. During that period over 500 new factories or major factory expansions have been

com- pleted. Scotland no longer de- pends on is heavy industries, and on wallens, linoleum, hip- bullsing, hesicry. carpitz and whisky to the extent she did in the past. Her newer industries embrace riuminium custings, typewriters. Accounting ma-

Alexander Brackenridge, chairman of the US Committee presided.

EXHIBITION

The meeting was

tish Industries Exhibitón, to be

DANKS

HK Bank i. 1570 "TA ) INSURANCES

Halen XD Underwriters

BOD

буда

DOCKS, ETC..

Dock

200 1909

Provident

(Old)

12.70 Wherlock ID 8,75 5.30 2000 ₫ BIL

8.23

HK Intel. 0.40

HK Land

74

01: 2004

1.4

4500

2.45

300.

1900

10.

100.

70.

200

77,

Humphreys 27.00 18.20 2000 19 Healty XD

LAND. ETC.

the absolute necessity of com- delivered 74,000 tons excep / Renerally, refrigerators, laundry UTILITIES

tionally, no tankers

were

Jaldac

point in opposite directions. After last week's criticism down during the month, so that

1-the-farmer-known-nool the Treason bank in this category, the total for 1

-Out-

for

chines and business machines machines, ogricultural equip ment, heating and ventilation units, watches and clocks—ail the with the delivery of 64,000 tone of which will be exhibited

the fair. suit restrictions can

foreign shipowners lenkers under construction fell marry a gil credits 0

ank just

below the Rebbeck, Frederick Sir

1,000,000-ton Ly u Larmyard

Chairman of Harland and level. Wolff, comes the announcement City and in the House of Commons that County Councils have come Mr Butler, Chancellor of the

ordinary

housewife

Jilm. Ile must

who can run

well as a house,

Now Nollingham

to the aid of the former who Exchequer, is considering the

a new

REPAIRS Vessels undergoing repair or acnversion In UK parts at the end of September totalled 1,089,- 000 tons gross. The total at the

of Transport statis

"merchant relating

to the

In the Bri

the consent of the Capital Issues | tlali Commith show that.

BANKS WILLING

of

the

picks a clly girl. To the cur quesionerdal inks are able end of August was 1,964,000 fans. riculum of e Nottingham. Agriculturni Institule thuyto lend moncy 10 Gnance Ministry have added

than ties more course, building-where framing to be a farmer's wife. £50.000 is involved only if shipping

From different parts of Committee is obtained and on turing September, there was a England, eight girls, one a city terms

which this Institution net decrease of 15,000 tons in typist, have nireads one to work lays down.

the combined British Common- on the Institute's 400-nere farm.

wealth fleet to 19,710,000 tons gross They will learn 'domestic

Shipyard news received dur Sir Frederick stated in lis ing telence and rural housecraft,

the week included the cooking and preserving home speech that he knew the banks Lunch by Austin & Son Ltd, of grown foods, dairying, poultry- | were ready and willing to Sunderland

Frederick keeping, laundry work, bee- give credit facilities," but they John Evans, a 4,060 ton dw keeping, farmhouse gardening were unable to do so because single-scrow all buring steamer and book-keeping. The technique of Treasury restrictions.

for the North Thames Gas gathering grain

The problem crops,

great Board. The single-rew tanker importance, cince although UK Caltex Manchester has complete yards have an order book worth ed trials. Buit' by R & W around 500 million at current

Leslie Hawthorn,

and Co. of rates for about 100 vessels aggre- Hebburn-on-Tyne,

vostel gating 5.75 million tons, the carrics a deadweight of somo inflow of new orders this year i# 17,450 tons. A speed of over 15 expected to reach a post-war Inots was attained on trial. low level of 800,000 tons against Owners are Overscas Tankship

current launching rate of 1.25 (UK) Ltd, of London. million tons.

Following acceptatier trials. Meanwhile the shipbuilding the cargo steamer Maralyn employers

has been handed. over

of

potatoes, and sugar beet will be explained to them.

The prospective wives will graduate at the end of one your, Others will be wailing to take their placez-Express Service,

British Shipyards”

Backlog

¦

is of

مرنا

MOST IMPORTANT Lord Ellsland, described the expension of light industry 25 one of most important post-wor developments in Scotland.

Mr Allyn said that carly in 1954 his company will begin manufacturing at its Dundee plant the latest of its account- ing machines, on operation of considerable complexity, the ex- port of which add several million dollars a year to

to The British ссовому.

and XR. 1.00 (and RTS) .85 els.

Tram 20.00

Stor Ferry.. 141 C. Light

mo-

with

conference

10

now studying the

had property deals, approached them with view to securing a scat on the Board. This caused advisability of limiting world for production is apparently exerting new speculative demanda shares which advanced a further Bomo Influence on tin prices, the

article continued: "Tin Bs. to 54/0d.

brokers

here, however, tre nelled to

BETTER TURNOUT

A boomict in gold shares doubt the ability of the pro- The Budget, moreover, has continued with Interest again ducing countries to arrive at an 8.30 benefited this year from various

centred on uranium producers, jagreement, en output when, the | "non-recurring" factors. For

Especially favoured was Rand-price is around 80-cent level. one thing, better mid-year fontein, which put on a further The situation

was different turnout reflects in part the re- 14/3d. to 53/9d.

during the period of the frat 7415duction in advances to focal

agreement signed during the 30's

the price:

natural its

DUMPING

authorities by the Public Works In other markets, rubber-when Loans Board. A good deal of forged ahead on hopes that the cents, they saw only 30 new capital expenditure by United States will shortly 5000 € 1.85 local authorities has now been modify

rubbor "The feeling among zome Ananced loans raised in the policy, and less carne back into benkers is that U.S. would only

by 2006 25.80 London market, thuy relieving favour on higher auction prices. dump on the market any addi 1300 2099 part of the taxpayer's burden:"

tional in it might buy from. Indonesia during the remaining contract with think,; country þes cayse,

But more important from the Chancellor's point of view, is

(Old) XD. 12.00 14.10 603 the increase in expendhure that Bank Of France year of a three-year purchase

C. Light

(New) Electric

-XD 10.20

1000-14

300 € 20,80

3000 ⇓ 20. Mang Elec. 10,40 10.80 Telephone.. 26.00 19 200 0 21.

4000 27.

INDUSTRIALS

Coment Rope STORES, ETC.

Dairy

18.60 16

16.10

23.70

Watson "................ 21,40 COTTONford 19

Ewo

Both Mr Coleman, and Mr Allyn spoke highly of Scottish

Textile Corp. 3.45 labour, and of the favourable MISCELLANEOUS conditions under which their Yangime:,... 636 plants in Scotland were operat- ing. Including British policy to- wards remittance of profits and Investment capital.

Lord Bilstand also stressed this factor and added the follow- advantages regarding plant location in Scotland (1) Avall-

o more metal

he will have to face next year.

Despite the recent easing of

Paris, Nov. 20. the moment determina- 200 28.90 the International tension, de-

stockpile The Bank of France state- fence is expected to cost more.ment for the week ended tion. Even if the gross bill is no Nov, 19, reads as follows:

of A price. Is holding up nigher however, the net east of Total gold holding 201-281,591 424 scheduled to come here from delivery of the 20,000 tons defence will rise because portion of the total cost offset by | American aid will be smaller 23.60 than in the current year...

Even assuming that the țof social services can be held at its present Tevel, the Chancellor will, therefore, have very—ilitio 20scope for further lightening of 1000 2.00 the tax burden,

23.70 21.00

· 2000 @ · 8.40

:

Weekly Bank Statement

sterling

VARIETY OF FACTORS

Advance to · Cur,"

Stable. Fund

Total other currepelen 7,558,419 504

under the Sight balance abroad 11,337,168 sui Indones:z

control. II Indonesia must sell at tho 19,100,000,000 market price, anyhow, it would Bill discounted in

Prance & abroad .. $17.797.358,008 be better off to try to dispose costata in circulation 2.181,07 7,228 | pf Ka lin in the marked itself,

Current accounts and

brokers say." United deposits

were

· This year's concessions made possible by a variety of factors. For example, Mr Butler could count on revenue coming for the first time from his excess profits levy at the same time as the Exchequer

was

817.30 allowance must be made, for the 247,910014 effect of tax reductions in the

124,548,328,033

the

-United Press. Pro

Secret Of Colombo

Plan's

Success.

London, Nov. 29.

Mr Reginald Maudling, Economic Secretary to the Treasury, has a simple definition for the vast and complex Colombo Plan: "It is the old story of making two blades of grass grow where only one grew before."

London, Nov. 29. beginning to мар tho full abilty of skilled labour and the ment for the weeks ended Nov.

The Bank of England state-beneft of the abolition of initial of union leader-

But depreciation allowances. responsibility ship

(2), standard plant rentals:

ntals 25, reads as follows:

bo no riext year there will of alc. per square foot; (3) low Notes in circulation.... 151 vondon large additional revenue while production cost; (4) Rocoss to Fublic deposit ་་་་་་ raw material

350.057,794 ond (5) trung Privala deposite ... portation facilities by sea, Bit Oiler securities are Dovernment jecurities

21647001 Iast Budget. rail and' highway-United Receipts.

387.600 Modern budget-making, how- PruBS.

Bank ratio

United Fress.

ever, len't simply a question of balancing the national accounts, Consideration must also given to a part that the Budget plays in determining the day to the [day economic, fortunes of th

country.ROVIN

retiral to the unions demand owners, the Walmar Steamship Anglo-Japanese

for a 15 per cent wage incresse. | Co., by the

builders, Messr

As a result, executives of the John Redhead & Sons Ltd, Confederation af Shipbuilding South Shields. Trials have London, Nov. 29. and Engineering Unions, who taken place of the Patonga, While order on the books are were awaiting the shipbuilding built - for; the F & O line by sumcient to keep British thip-{ employers" decision before Messrs Alexander Stephen yards working for a long time | taking further Retion, have Sons on the Clyde. Gross ton- ahead, the running down of the decided by a. majority vou nage is about 10,000 tons. The backlog

has become more to call a 24-hour national strike vessel is 409 feet long, and has noticeable and gives no indicator Desember 20.

turbincs developing 9,000 shp. tion of an early change in

Scheduled servico speed is 10 knots.-China Mali Special....... course... ¡

pe

་ དྷྭ་

World's Largest Oil Tanker

* PREVIOUS.PROPOSAL This is the previous proposal, The current order book, ac-[of the Almagamated Engineering cording the JP.L. Thomas,

Union. Others were that this Best Lord of the Admirsky, Is strike, should be combined with a for 6.8 million tohs, compared ban on overtime and piece-work, with the June, 1962 backing perk or that an official Court of Enquiry be sot to examing of 7 million tons, t

the wage claim,

Leaders of tho Confederation to produce this 17 have stated that they expect all world and the third la

A number combined

of factors

have

"Hamburg, Nov. 29, The largest" oll«tabicer in the

allout the

plup

per cent drop, such as the satis the 39 uniona to instruct their (dispiacement 60,000 tone) was foction of the post-war türgent [memang - to down tools on

in shipbuilding and launched here today, demands for ⠀ thips; • Intresse

The vessel, caution by silp owners in order the appointed day

However, It world atte ing new tonnage for replace appears doubtful whether there Quern "EDUN ment, and Increased commodee will be 100 por cent support ry, will be mentat Belikh:vardə due to The two General Workers' the Shell Petroles calor raw material supplies, Unions have already strongly for her maiden United Press,"

objected to the plan. Other Middle East-Tra

Trade Talks

75

Canadian Income

And Expenditure

Oltawa, Nov. 29,

And Bir Maudling, who has - "This presents new problems just returned to London from to all the countries of the the Colombo Plan meeting in Colombo Plan area," Mr Mpudi

"And they wero the Plan's success, Italy," he faced, fairly

Inspiration and Delhi

be Delhi, discovered: the secret of ing continued, squarely at, the.

The Plan has made

great

lance; “ipe): contributing!

But

in the quiet pride of the scientist who the conclusion we reached

meeting shows you a handful of seed was clearAid from outside Kine and says. With this seed the area has been, and will be of London, Nov. 29. The Government's locerae has „ÍMPORTANT, BEARING

farmers who live in the fields) tremendous importance, both) the Anglo-Japanese trade and 280,000,000 du: the first soven has it in his power to manipulato twice as much food as they over officials said today outrun latexpenditures - by: On Budget Day: the Chancellor around are now growing "just

"and" technical

Payments negotiations would months of the 1953-54. fiscal year, taxes in such a way start here on December 3. They Finance Minister Douglas Abbots or stimulate demands to reduce produced before countries will continue to make

every effort to help. sakt officials from the Tn Me Alabots reported the purplus | important bearing on that "pars | progress. In India: aline."-" food" | "AND

sunounced last night, mantel AMA.

has: And this obviomly

foreign aid cannot be cibelélve Board of Trado, Bank of

increased effort land and Commonwealth Rela was (831,000,000. lets than in the tion of the national production | producilon is now 3 million tons

from the under- needed Hons Omice would participate for exponing period of April that is left free, for texport year more than when the developed countsler themselves. the talks with a' delegation from Ostofer, last year T

GEORDS of the to arrive here totalled

Budget Plan started."

MAIN MESSAGE GREY Revenue during the period ask

task will present one of the

have been The main message of the. Chancellor'" mark difficult prob-

But dimculties treenaast year, and lems for Indica lipishave up agreed, Mr. Maudling sald, but

Dolbl meeting was not that to is understood that the talks 480,300,000

encountered, Benton, Wed6 Awes will lost about three weeks and

5,000,000 beared that

· efforts would be needed;): home

but that they would be for

Abanforth- of $100,200,000 (con laat: Lak be conducted under three main

by absorbing most of the recent is greater part of the mecoming hoading

Increase in production, has been found by the HOUDEN

for development plans has to he hamporte the patic

S

1The tinkwal or

the existing trade and

Pire

cement which I

the end brin

Dorisistent

selves from

The Economie Socrotary, con- éluded! *1* letto Delhi:: deeply.

mutuâr