1954-01-25 — Page 1

Shares Firm After Bout

Of Profit-Taking

By Our Own Correspondent

London, Jan. 24.

A bout of profit-taking overtook the London stock market last week and prices in several sec- tions drifted lower. The undertone however remained very firm and signs of recovery became evident before the weekend.

Monday was the market's busiest day for almost three years but this was mainly due to the boom in South African gold shares following good development news from some of the uranium producers. Industrials were depressed at first because of the labour situation-the Electricians staged a one-day token strike on Monday--but later in the week the tone of the market improved.

down

Gilt-edged prices were jan the work. The factor in this case is the immunence of a Goy- ernment operation to deal with the £412 million of maturing national

war bonds 1912-54. ÎL

115 rumoured the operation may

take the form of a further issue

ut 3 pc. exchequer stock 1982- 03. The market is also expect-

US Utilities

Highest

ing to hear news shortly of the For 31 Years

irst Dominion Loan since the Sydney Canterence.

New York, Jan. 24. Utilities

rose to a new

22-year "high" in the stock market during the the

past

The annoucement of the TC- ults of the Lancashire Stel issue came after the market and closed for the weekend. As expected the response from public has been very poor. K week. applied for unly half the 4,500,- The utilities average closed 000 £1 ordinary

inary offered at 22/- the week at 53.88, Its highest ench. Its reponse to the offer since Sept. 4, 1931, ret lost 13. The gain for the of 1,500,000 £ 4 pc. prefer- March ence share at

21/ cach was week was a small one-34 cents. better but not good So far this year the average HK Bank .. 1035 1840 30 1640 rather

enough to make the issue a has risen 1.23

points, INSURANCES

success without the heavy up-

BANKS

Lombaid.... Union.

SHIPPING

Waterbost Asla Nav

DOCKS, ETC K. What

Doak Provident

(Old) Provident (New) S'hat Dock Warelock

57

940

Incustriais 1590 2.93 points to

port of a consortium of Issuing close at 289.65, a new high houses which had guaranteed since March 20, bringing the the whole amount,

NOT

TO THE PUBLIC

gain for the

year

to 8.14 points. Rails gained 2.24 points t Thi; prompied the Financial 100.32, a new "high" since Aug. the 21, bringing their average gain Times

commen! Government had sold back to to

to

that

points

for 1954. The

13,70 private interests the second of average for 85.stocks rose 1.41

the nationalised steel companies points

10 110.19, since March 30, but it could hardly claim to have bringing the gain so far in 1954

old Luck to the public. Both 4,15

100 @ 20 1.30 1.000 1.17!

82 800 03

#

33.70

730

13

1000

18.00

1.10

20 8.30 400 ki

2500 ji 13300

84

1000 8 0.20

LAND, ETC.

IIK Hotel 4.00 B Tik Land... 70% S'hai Land. 1.30 Humphreys 19.10

3,800 2.10 points 21.30 2015

100 28.40 Light 101 14.70 14.00 1,500 1140

UTILITIES

Trans

Star Ferry

103.3.

point?. to 3.05

Mc A. W. Tuke of Barclays Bank: "It is a horrifying thought that nearly ono-third of the whole national product now falls into the maw of the Govern- ment....There's hardly any limit Lord Balfour of Burleigh puts to the evils which flow from forward a plea for reason in his excessive taxation," statement as Chairman of Llord's | Bank. "I wish it could be more address 0

Mr D. J. Robata in his mulden of the Chairmin generally understood by labour that abnormally high profits are National Provincial Bank: "Every. the product of inflation just us in year since 1946 my predecessors 10 the drawn the wages spiral which steadily have

620 ordinary and preference shares Some of the rising momentum lowers the purchasing power of inherent in the present level of throat to enterprise and initiative

are expected to open at a dis-represented optimism over pro- the pound. Ove cannot blame

count when dealings begin lospects for a modi@cation of werkmen for secking her wage ever such qualities ore essential taxation and now more than

morrow.

double taxation on dividends. Lest to compensate for hight costs of

Monday's gold bocm General Motors helped the gain living or shareholders for similar if we are to survive in an in-

caused the Financial Times Gold by announcing billion-dollar reaction about dividends. But creasingly competitive world."

Really *** 2.01% 2.1215,000 2.07, Development Index to rise 2.8 expansion programme. what must not be overlooked la

Hitl Frefi-

Douglas aircraft with a weekly Chancellor of the that profits are not merely the

features Exchequer

tho would

taking obscured the trend of the gain of 81% points doubt they

and aircraft section. roward of a shareholder;

Others of the But

market later in the week are also the ultimate source tree with all these views,

gained The adreraft section prices my

cved erratically. his diffevity is that reduction of

up to risk capital which alone can laxation "must be matched by a

week's biggest goin was in Free more than 2 points. Oits enjoyed National

200 of 14.70 Th:

but will expedajen have not overlooked Australian

ably succeed.

provide the basis of future in-an

States Guid reduction of every

corresponding stand-by

C. Light (N) 11.70 11.00

11.70 dustrial progress,” he said. Antarctic Research Expedition, relleve members of the expedi- the great

Government expenditure. Could

1000 11,80 11/10 to 03/0. known more popularly us the ion of much of the toll and polar journey. It everything else

Electric advice of Me

30% 30% 2,200 or 3011⁄2 fuc! it tracks bust and

follow the But higher wages are just one he left danger inherent in polar exploru-talls,

Elec. 10.40 Kista

Micto expedition,

there

for cxample Even it Tuke Trezzia and wheels rct,

aspect of the problem.

and

Telephone 15.80 Melbourne on January 4, 1951. tion.

Will Mill be sure

elvil ex- INDUSTRIALS sturdy Norwegian-

curtail the most spectacularly equipped

workers accepted Lord Balfour's "ruthicexly" Norway

Cement 00 20 2.500 argument und State of built dug sledges pulled by the

decided to make penditure Including local Govern-

Rope ever to leave Australia for the Sweden, the United

inent anding without evoking skis, ETC 10.0 but sometimes ΔΗΜΩΚΟ do on their present wages, would south polar ragions. Its task is America and, of course, Aus- hardy

strong political opposition?

The this enable Britals to carn the

26.60 26.10 000 @ 26.70 18:00 26.00 the greater £300 million which is the target political danger is all set for the balance of payments?, if it is considered that economies CONS

of Obylously

the order needed to enable What is needed loa is a drive effective cut in taxation could

ve not be made

reduch without to eui noi throughout

industry costs. This pinduction

hes derived MISCELLANEOUS means various benefits it

from the welture

For sinte. primarily a higher rate of invest- ment in new and more effelent bankers regard the defence pro- machinery. It means that the gramme a sacrosanctat feart nation as a whole must consume until the threat of aggressioti hay loss than It produces-in other been removed. In any case, as

Mr Tuke words save. But who these days

rightly points out New Pound-Yen "necessary

defence expenditure can afford to save?

which properly includes our responsibilities in the Empire.... is the most important element in social security."

Dan

France,

Britain.

12.

125.

loads 20 or 30 miles a

day Three

to establish a third Antarctic tralis, have contributed rquip- huskies that will pull 700 to 800 base, this tane on the mainland inent know-how to the venture. of the Continent Australia's For instance, far type of huis

Heard and will be trected. A living other bases aro on Macquarie Islands.

Mapping

geological

surveys,

blological

research Occupy

and und

and

and

first be

In

a

on a minimum of lead. hut, teams of these dogs, numbering Inade of string wrest in Norway, in and trained over the last in all 30 hunkies, have been will contain sleeping, messi exploration, and recreation quarters; a pre- three years at Heard Island, une

tig radio, fabricated hut will house

ગ other two bases Australia geophysical abri

for sclentille established Kiaclulogical met

equip bas meteorsgalicni and survey

and economic ex- meteorologicul

ment, a rungery and a darkroun; observation and recording. will engine room

room and workshop will ploration on the

great white the expedition's

established

pre-cut continent. year at the base. Gold and coal timber hul; and all stores and Mr

F.R.G.5., Phillip Law, are known to exist, and the con- equipment will

director of the Antarctic Division Occupy tinent contains

vast

of the Department of External food galvanised lan

laun siructure.

the Australian Affairs in in

French eiderdown jackets and Government, is in charge of the scals, sh, whales,

Geophysical Swedish plankton and birds.

stover will repel sub- investigation will keep an eye zero temperatu.28, while Au- Kista Dan expedition. His res- on the possibility of radio-active timian Wind-proofs Norwegian ponsibility is to select the site the materials, and the meteorological ski-buote and Australian wcolles and supervise the prection

establishment, surveys will reveal, In

make tiny and winter boots will what effect this great frozen work in the open more bearable, initiate smoothly running pro mass exerts on weather con- The winter boots, manufactured grammes of exploration and re ditions in southern Australia. In Melbourne, are of

Before the pack ice English search, The land mass of Australia is

Alpine Toughide of the type closest again, fr March, ne

of will return to Australia. only slightly larger than its area usod

resources

just

time,

by the conquerors OL

of Influence in the Antarctic Mount Everest. Impervious to

of

and

continent; with the potential moisture, it remains supplegat -Oldest Is 40

resources

05

Two Orange Planes year-old ex-commando has

10

Cart from the fact that he was

it wouldn't.

in

A SPIRAL REVIVED

But the Chancellor's difficul-

on the

Dairy

Walsen

10.00

22.10 2000 22.40

Ewo

Textile Dorp

9.10 000 K

11:00

5.03

9.

4003 M

0.03

1.006

£30

J40 141

300 or

200

14:

Yanglaze

Yaumati

Rate

spurted

which

a good week as sales of fuel oil rose to the point where higher Another feature of the market prices were sat in several sec- has been the fall in tea whares tions. The gain ranged to more

Jower

three auction thun

General points. following the prices. However investment sup-Motors was a strong spot in lis port was renewed once proft-section.

Trading

increascu to the taking was over and the market

heaviest of the year on

daily ended the week on a firm note,

averagy basis. Eles averaged 1,803,600 Fazres. 1,617,020 In the previous

Banker Says

Japan Will Get More US Capital

New York, Jan. 24.

the

agains week:

und 1,419,558 in the first week of

1954. United Press.

LESS PESSIMISM

New York, Jan. 24,

US business pc simism les rened this week.

*programme.

Backing up its faith in the abilliy of the US to manufacture - A prominent American and consume,

General Motors, banker today predicted that largest manufacturing company, substantial American capi-this week announced plans for ONE ANSWER—TAXATION

expansion fal would be invested in huge Not industry Itscif. As Mr

Tokyo, Jan. 24. Haruld A Bibby of Martins

The Gevernment announced Japan following the amend. The stock market reacted con- Bonk pointed out funds left in

today that the Pound ex- ment of its foreign invest-fidently and moved higher to the peaks of last May, led by rails, Industry after taxation were nol

rate against change

the ment law,

steelf, bil

oils, chemicals and sufficient

Taking even to replace its

into account

electric equipment issues follow- ericts. worn out

Could the ties are not entirely political, Hie Japanese Yen will be increased

to 1,011.60 Yen per Found tremendous opportunity for re-ing in the advance. middle clasica-the investing must also consider the effect of effective on Monday.

for: growth in post- building and

General Motors crilai public-all the gap? Mr Bibby reduction of taxation

The current 1,008 Yen par war Japan, there seems little Expenditure of $1,000,000,000 in thinks not. "Even if the public level of domestic consumption.

to the next two years for pleut and 360 Yen per Dollar

and the the American investors an at equipment improvement, with a their own high

taxes there is shops would this not draw goods $2.80 per Pound rates stipulated tractive

field," Mr Robertposalbility of 监理 Adonal Hito

to encouragement

into put

the home market and thus

the agreement of the Inter- Hall, partner of Bache & Co., $500,000,000 during the

cigal depleted ravings into business hamper the export drive?

And in

investment brokers and bank-Jean period 1840 through 1933. national Monetary Fund. which if it is

wouldn't this in turn load to successful and

Mr Harlos R. Curtice, Pre- revival

Japanele Fanelal Ministry er, sald. of the vary Inflation that makes

"the mident, described the programm: brofit

azuin to

in

said, nt cffcet, he hos suffer the penalty of taxation," the Government for two offelais said the now Yen-Pound

present time, the foreign investas a measure of faith in the he says.

trying to eliminate? rate was colded became the yeara been

United Kingdom har råspted a ment law of Japan provides future of the United States. He Until

has been Is the answer then to reduse

now taxation

that system of convertibility between noured mainly as a disinflationary the Pound and Delier in the hold a stock which he has pure Message, with lis emphasis on

foreign investor must foresaw no depression. flankers

President Eisenhower's Budge: taxation?

weapon. But a stage has been London markets which cange chased for two yours before he

has cash available after paying If it fed to more sponding in the Pound rate was based on the question that she presents

13x

have

Q

I doubt it is. Here is what they reached where. it is defenting its | freen $2.76 to 52.82 per Peurd is able to sell any part of this comrny and proposed tax re-

die-as

Wo

tion of taxation

lead

a

new bout of rising prices the the pretent

dollurs ductions, was

DI 2,473,000

square tomperatures as low

DIS: 25 miles. virtually unexplored

below degrees

zero, British After his departure, Aco territory

the prize,

New this!

tents will also be part of the Dovers, of Wollongong.

South Wales, will be in charge enterprise ranks as one of the team's equipment.

This 31- most important over to leave

of the new station. the shores of any country.

It takes its popular name from

h prior claim to the ico. the

Danish

Kista motership

Two Austor aircraft, of the Dan, which is on charter to the

used by the surveyor with the first Aus- Australian Government for po successfully

generally art- Norwegian Swedish British ralion party to pass & winter say.

Mr Bibby: "High taxation in own end. Fear old had to siree November 1851. They said holding and putain polar exploration.

expedition of 1980. will accom-on Heard Island in the 1947-48

cipated and was, viewed at con- market thereto, Evan Lension

at the end of Godmother of extravagance and Government has been reluctant i Dollar-Pourd rato stands at $2.0) } these two years, he may obtain tributing to an overall clinois From the Crow's Nest pay the Kista Dan and will sucson, he is son of that George the negation of thrift, the Fairy

milde her through the icefields. Dovers who was a

TOIE the advocate of 'Let's eat, drink continent, Bir Douglas On the Antarctic

trillars for only 20 per cent of which would promote cominue Mawson' with

business expenditures this year, These officials said however ahir total holdings. Built last year for work in

will ald

Among other recommended inx and be merry for tomorrow we take the step that bankers per Found Antarctic expedition. in locating a

consider necELBATY, die

new Pound-Yen rate will not be Industrially Greenland, the Kista Dan is of suitable ba

Lean of 10. Includes a and In

relled the President proposed His recon-

shall unless

FLEXIBILITY SOUGHT elfciency, But Its polley has caused in-set at every change of tha displacement, and neitring the 2,500 tons

more liberal depreciation low- coastlino, Con-meteorologist, a medical officer,

at another Dollar-Pound rale, It will be to appear and the will to expand flatlon knots when siderably mudified for service is radio operators, anginner. The and the elimination of waste are overtabig savings has forced Dollar rate change took place, has a speed of 12

carpenter, M

For the shortage of made only when a major Pound- "The American Investor who ances and 13 other changes in

to accustomed

roady tax mies to encourage businers fully loaded. She is powered by local condition, they can be goologist, directly

reversible Gaylinder files with eithir floats or ski, 10 have oll carefully encouraged

liquidity in his, investment does expansion.

A Meanwhile, Balfour; "The

of number diesel engines; her proptiler arid and have been painted a ight selected; health must be perfect,

not rellen boitig locked in dis

the present large and mail firma announced rudder are specially protected orange for caster identification with not an appendix amongst weight of taxation remains market instead

schedules and› against damago by toe, and her in the white snowheids which them, and dispositions must be one of the chief obstacles to our term basis from the

Kays

evitable under

hay-offs, which provelet ·teig hull is strongly reinforced. She will be their stamping ground absolute isolation. In this small

survive future stability and progress.""" dufficiently amiable to

cald, Sir Bric A. Carpenter of

level union demands for can be navigated from the for the next three

or four

Doncong Bank! The largely neutralised the restrice

"His hasliancy is ineensed by While House meziint to deal grow's nest when neceimary, and months.

further lack of flexibility, in- America's contribution is the out are young

budget Inst

Thera equipped with the mast

unemployment, herent in the present provision with men-the small but welcome reduction of it comes back to the same modern radar, syro-compass and sweet," a tracked vehicle not

Industry, mining, tolevi echo sounder Her rango of inlike bren-m Carrior, oldest

only 40 and all have taxation but (that) won't prove thing. We must take our lead the hand

wine of enough to enable this country from the United Blates action is 14,500 miles, and she which was developed during sipped

fullroads ant hps accommodation passengers,

for

boen

Lord

dond- to raise funds

An Public. Asi

on the money they raid, of on a long

Joppnese business circles did Roberts,

not forbres any great changes in Sterling bloc as a rojult of the

LINK Lexpenditure "had trade, Bobioen, Japan, and the Juparco law," his statement curtalled work

senjement törin fullä vaara-with- | Willams le brolight a tion of credit in other field 2000) rate cliengo, -Whiled Press

mall

J

Wald

of the law. There is no :- were addional 3ay-offs in the sepurity or industry to anoller

to lack up to the struggle in the must prove and cheapen pus Exchange Rates vision for switching tremeno 24 World War 11. With range of adventure in many part of the

200

"All of them look forward export markets which is certainly methods of production miles, they will be used to be or with burleen coming. To us in the scentral everybody

heul - Anistrullin-made: caravans, | to

The last Artarotie expedition | "Astenaped - structures, ön skid), knowing periEps, fine, they gin: think of course matter of life.

feled when the WYBİR FAD, A

in

the living quarters of ploneers ship inadequate for the task, thephony pack Tee and mepedition members on long-which

tremendous T had to turn back. Den it only one at the machenléti But for all its up-to-date on Milenko Bat qartanom, last this effort will equipment; the planners of the work,

:B

ma darth, and the cation

provides

that

(dolag:

many,

Henry Ford II, President of

during the two-year walling others, som the oral period. In other words, thould

This thekinvestor soll his original stock Ford Motor Corald many-of 121 hod buy some other" stock with the lay-offs in the „Detroit rcda ikkii the yan proceeds, the repairia:ion were only temperary, and privilege which pitachedia to nie od Arganmeldung kempingo

Sei United Přená:

«China plekids (per 100)

Valted 'Press.