1955-04-21 — Page 9

+$325

300

250

225

200

Federal Taxes Per Capita 1789-1950

Changing Sources of Federal Revenue

1810

INCOME TAXIS 2.17%☛ Lenrporate)

EXCISES

CUSTOMS

175

150

125

100

75

50

25

1935 ·

INCOME TAXES

1950

INCOME TAXES

ין

(personal and corporate) (personal and corporate)

CUSTOMS

CUSTOMS AGX

Changing Source of

Personal Income Revenue

INCOMES ABOVE $30,000 INCOMES ABOVE $ 60,000

$70

AP New features

1015

-INCOMES-

$50,000

'AND BELOWƒ

1951

1789-91 1800 10 20 30 40 50 60 70 80 90 1900 10 20 30 35 40 45 50

Want

To Feel

THE CHINA MAIL, THURSDAY, APRIL 1, 1955.

Worse?

Look At The

Taxes Of Yesteryear

By FRANK O'BRIEN

TRADE and COMMERCE SECTION

US Opposition Textile Imports

AMERICA UNABLE TO

COMPETE WITH

LOWER WAGE LEVELS

By John Morka

New York, Apr. 20.

Page

To Japanese

The Japanese textile industry-possibly more so than any other appears to be bearing the brunt of some of the most violent American opposition to any further US trade concessions or tariff reductions to promote Japanese exports.

American textile mills are busier now than in almost

There is concern. two years. However, the industry is worried. about its competitive position, abroad, and in its own home market.

Once the world's leading gramme, In their opposition to out. It recalls profit margins of textile shipper, the US is now any further excouragement for 4.8 and 85 per cent in recent in fourth place, behind Japan. Japanese textiles, American jobs. India, and Great Britain

the

spokesmen insist that the only area of competition in the textile In the US domestic market, industry is in the wage level. Japan is the No. 1 supplier, more Raw products, cost about than all the other eqmbined. same everywhere. And, what's morc, American

same modern money- the textile spokesmen say, lower-prices and higher qualities saving machinery is likewise

. The

Foreign Capital

'Craze' In India

Ahmedabad, Apr, 19. Shantilal Mangaldus. President of the Federation of Indian" Charabers of Commerce, has criticised the "erage" for Magelan capital in India. He plead- ed for a wider scope for indigenous capital,

Не said, there was no paucity of capital in India. The question was one of channeling it into the in- dustrial field.

He suggested that the Indian Government should provide incentives for in- digenous private caplial to enter the field of industry by adopting 遇 definite policy towards the problem

Encouragement

For Sweden's

Export Trade

Stockholm, Apr. 20.. Sweden's economic acti- vity is more pronounced this year than in the past [few years, said the Swedish Minister of Trade, Mr John Ericsson. In a speech last week.

Employment is on a larger scale and the shortage of many power is becoming" apparent

once more..

The industrial production in

of banking.China Mail....||January was five per cent aborte Special.

the level in the same month of 1954.

Restrictions On Recalling that Sweden's

Insurance

Cologne, Apr 19. The Federation of German Industries has called on the West German Government

ports during recent years have been liberalised to a large ex- tent and that tit Wis generally agreed that imports should be allowed to increase further at

the pace set by the continuous improvement. In the standard of to living, Mr Ericsson emphasised litt restrictions on German that such a development wis Artns taking out insurance entirely dependent upon the policies abroad.,

country's ability to step up her exports.

those

The Federation asks that the Accordingly, many see little restrictions be lifted in chance of much improvement in sections of lasurance connected this connection, insisting that with German export trade the Insurance of machines, con- Japanese competition and

prices exert the strongest downward struction works and building

projects and firm insurance pressure on American prices.

Main reason for the Federa- "Many mills have

turned to

tation's appeal is that premiums consolidation as one answer to

Many have of foreign companies are usually of many Japanese products are available. But American textile their problems."

pushing American items people insist, the Japanese wage already turned their plants and much less than those of German out of its own market; and all scales-about one-tenth that pre-investments to altogether new firms-China Mail Special. this, are under the current tariff valling in the US is the deter. Helds outside the realm of tex- tiles. More than 100 mills, schedules. Any further reduc-minent factor in cloth prices

the admittedly more employing about 40,000 workers, tions, as proposed under pending Every Mégislation or else arising from efficient American mills cannot have been absorbed into larger the current three-way negotia offset this price advantage, it is organisations to cut costs and to perform further flexibility in the tions at Geneva under the pointed out.

last two years. „‚“ General Agreement on Tarifs and Trade (GATT), might mean

even

.

GLOBAL VIEW

White, viewed globally, the total volume of investments is now so large that any further increase is out of question, it is a matter of general interest to facilitate such moderate Invest- ments within certain fields the export trade as may result in increased exports.

Oslo, Apr. 19. The Norwegian Journal of In the period 1948-51 priority Commerce and Shipping reports was given to investments cal that Norway will probably ob-culated to further the country's tain a 25 million dollar loan exports. Experience has shown from the World Bank and will that this was a rational measure, also raise a series of loans total- and one that contributed to the JAP DEVELOPMENTS The American textile industrying 15 million dollars on the ample supply of goods which we the demise of much of the indus has shown some improvement, of ls. particularly worried about open market in the US.-China have had in recent years, Mr.

Ericsson concluded Mail Special. late, it is conceded. Backlogs the rise in Japanese industry are now stretched out to upwards developments in the last two

try, it is emphasised.

SPECTRE RAISED ·

SOME IMPROVEMENT

The American textile industry

of 13 weeks working time. But, years. more importantly, textilers say,

volume of cotion" con-

square

AL retent tariff hearings, American textile spokesmen have is the narrowing profit margin sumed in Japan last year, for raised the spectre of a flood of within which American mills are example, rose 48 per cent above Japanese textiles along the pro- being squeezed.

totalling 48,588,305 sq portions seen in 1936-38, which A year ago, according to one yards, compared to less many ascribe as the major factor survey, the rate of return was seven million in 1952. This Washington, Apr. 19. Įciples of liberty." The Taxation of income had for the biggest, American textile only 0.9 per cent of sales. trend is said to be continuing

The current Industry-wide and some 50,000,000 If anyone ever decides to famous Whiskey Rebellion, been demonstrated to be depression. raise a monument to the in the frontierland of south-quick, easy and productive, Opposition to President Elsen-profit ratio is put at slightly yards are expected to be landed less than 2 per cent. That is there doring 1955. United best-loved US Congresses, a west Pennsylvania, resulted. but it was not until the eve Hower's foreign trade programme not enough, the industry points Press. pair of extremely popular

of the next big war-1913 calling for more liberalised world The Federal Government when the income tax that trade is linked closely to oppo- nominees would be the 7th

called out the troops and

sition to GATT and the.prospect and the 15th.

is still with us (but very multilateral trade arrange- They have the unusual once and for always asserted much grown up) was writ-ments affecting Japan.

distinction of voting to abolish all internal revenues in the years 1802 and 1818. Unfortunately for today's taxpayers, neither decision was permitted to remain an

the books.

Dig Down

+

its authority. But the tax, as a revenue measure, was a

flop. It brought in only $422,000 in 1793.

ten.

14.

The United States, as part of its overall programme to pro- Since 1913, the income taxmete Japanese exports, is now has played a large, but still engaged negotiations at whereby it will grant hard to assess, role in social Geneva

first inset shows, as recent-

الم

STOCK EXCHANGE QUIETLY STEADY

certain trade concession to those Little Business In Holiday Week

SEGMENTS RALLIED

Eisenhower's SCOLOMÉC

DISCOUNT TIME

-FOR BILLS.

Istanbul, Apr. 19.

By A Special Correspondent

ta

from

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On June 5, 1794, Congres laid a tax in carriages, snuff, and economic changes. countries which in turn make refining of sugar, and auc-

Along with excises, the concessions to Japanese products, tion sales. This move, in-

income taxes have all but has been prepared by the US A list of nearly 200 commodities Fcluding further taxes 00

A small flow of "nervous capital," from homes, land and slaves en completely eclipsed that old for possible tariff cuts. Textiles. During most of the years acted in 1798, was another standby of the early days in just about every form appear

overseas Chinese kept the Hongkong Stock Ex customs receipts. As the on the list. since the government was disappointment-it failed to

change quietly ticking" over in another short holi- set up in 1789, US citizens bring in expected revenues. ly as 1910 customs account- have had to dig down for But customs collections were

In the numerous trade hear day week. internal taxes of one sort or doing fine. By 1801 the cd for nearly three-quarters ings incidental at proposed tuit

Before the Ice House Street are regarded on the market as of total Federal revenue.legislation, the American textlig exodus fr Fanling began something pretty close another. However, as the Treasury had a 3% million Income taxes climbed to industry, for the first time in yesterday afternoon, the mericet "git-edge."""With remittances

dollar surplus. accompanying chart of per

nearly one-third of the total years, has been able to rally its showed virtually no change continuing to come in capita Federal taxes show, Next year,

the 7th Con- take by 1935 and now run many segments in a concerted from last week's rates and abroad they are likely to keep it is only in comparatively gress thankfully abolished near the three-quarter mark. drive against such tariff roduc about the only point of interest fairly high.

tions as envisioned under the during the week-but it could In the Utility section here recent times that they have the whole embarassing busi-

pro-hardly be called a market have been no significant move- had to dig so deep. It wasn't ness of internal revenue. The second inset shows

feature was a sale of Wharves ments, and prices are fairly until after 1900 that total Congress re-enacted about another shift, concerning

at $78.

steady. There was a very slight Federal taxes climbed above the same internal imposts personal income taxes alone.

Somebody must have wanted buying

yesterday pressure $10 a head, and they broke in 1813 and 1814 to pay for In 1915 the well-to-do paid

those sharps badly! When the morning and some prices moved through the $100 mark only the War of 1812, but in 1818 almost half the revenue

dividend was parsed in March up fractionally-to the tune of in the past 15 years.

it again wiped out

they fell from $10 to $82. So about ten cents-but it was not all derived from personal in

that in the last month, they've sustained and they slipped back The long story of Federal internal taxes.

'come taxes. But by 1951-

The Turkish Central Bank gained $16 which, for a company again. although still paying the may debt and taxes started when

in future be allowed to promising no bright prospects Yaumatis drifted a little lower. in-in the immediate future, is but this is another share I favour the first Congress assumed 3 Per Cent highest rates the share of discount bills drawn on

24 a "long shot.”- Economic the 75 million dollars of

total personal income re.dustrial concerns, mining and quite a jump.

realities tend to militate against steel The tax repeal of 1818 venue derived from persona days compared with

companies for up to 120 There

Interest in the cross-harbour tunnel scheme foreign and domestic ob-

.20 days ligations incurred during the lasted right up to 1861-to making more than $50,000 timertos change is cons Wharves shares yesterday and eventuating and as, is the were quoted investigation of this schems that Revolutionary War, But that the Civil War. But when dropped to 15.9 per cent....

rained in a set of new bankine and they.

is affecting them at the first Congress didn't forget internal revenue came back, In 1915 it would cost the regulations which have been minally at $78, their last sale

price. submitted to the Turkish Na- that taxation was a major it came with a bang that Government about a sixth of tonal Assembly for approval.

Providents, bave alipped back moment, I feel they are a safe.

investment at the current rate. a slightly and appear ready for cause of the war against still echoes when paychecks its income tax revenue to

Another

regulation new

a riso spon. These shares are

EXCELLENT PROSPECTED England and it started the are opened. Along with a abandon taxation of incomes amends the amount of money a good buy at $1136, especially nation off tax free the lengthy list of sales taxes, over half a million dollars a which the Bank can

Cements continue strong af advance In view of the increased trade to the State up to 15 per cent in the first quarter of this year, around the $23 mark and with Government was supported the Civil War code intro-year.

of the annual State Budget, The prospects are that this im- excellent prospects of even entirely by customs duties duced the first Federal in-

Previously * fixed BITOTT provement will be maintained better earnings this year they on foreign goods.

come tax, on people, and Same Amount 220 million WDS Der during the summer months.. F

Pro- should come In · fox": However by 1792 interest business.

vidents will certainly benefit demand in the next few weeks. could The Government

from

this

and they

should on Revolutionary War, debt Congress imposed a tax of

Farms are quoted ex Dairy show higher earnings in the divided at $2012 which is was running 60 per cent of 8 per cent on incomes above have wiped out all income.

about 30 cents lower on the Federal spending (interest 800 to help pay for the war. taxes on those big incomes

week but these shares, with the on the Federal debt now Successive raises brought in 1951 and it would have

UNIONS' BISE

majority of the Utilities, even at runs 10 per cent. of total the rates up to 5 per cent on lost less than 2 per cent of

present yields are not d Wheelocks Rome, Apr. 19.

22 remain (quletowfully exciting: biy M Or 10 outlays), so with consider income from $600 to $5,000 the personal income tax able trepidation Congress on and 10 per cent above yield. In 1951 the Govern- The Foreign Trade Ministry and a good buy at around put it another way-they are safe and steady but unspecia- March 3, 1791, laid on taxes $5,000. The current basic ment collected just about the has instructed banks that they $7

may freely negotiate free cur- Hotels, at $17.30 are about cular p of 9 to 30 cents a gallon on rate is 20 per cent, although same amount of tax on rencies and EPU currencies re steady on the week while Lands

have been "spirits." (Nowadays the the effective tax on lower incomes between $750 and mitted in settlement for Italian have slipp $1.50 to $84; quietly duil and there has been Bin either a incomes today might be $1.000 as it did on incomes expect sole provision is that Unling ufter rising to $1,035 market prices or rdw. material

exports.

Megan wal Banks are steady while little movement whisky tax is 10.50 gallon.)

about the same due to of 1 and 11 million each stoms, documents proving the and a new peak, are back to rates in Singapore

bracket yielding

CPETHO Immediately outraged exemptions. cries arose that any internal The Civil War tax was million dollars Associated woods have been exported are $1.020, not week's price. These The avengo, dally turnover

made available to the Mindstry shares, of course, have a definite has been fist over the ma "BIR HAKELE Press Newsfestures.

-China Mail Spécial “

peab to the big investor and mark whi tax controverted the prin abolished in 1872.

about 50

mitted.-China Mall Special.

con-

was no

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