TRADE
THE CHINA MAIL
and
TUESDAY
JUNE 26, 1956.
COMMERCE S SECTION
Relief For Pioneer Industries
British Govt Bonds Make Headway
London, June 25. British Government bonds highlighted a gen- erally firm session of the London Stock Exchange today, but overall volume was small.
Governments mariest as much
13 shillings, with War Loan a highlight Numerous issues added between £ and £4.
Industrials were Fonty quiet with a good Anished
{
number
of fractional guins, Hudsons By
strong WIEK A
spot, and Unilever added close
to a Philling.
DUTCH EASE
British Petroleurn datured i moderately actives oli group,
addling about three shillings on tree share issue reports that a may be declared.
Royal Dutch caseri
about
£4, Trinidad Oi was strong at limes. and Shell managed a small gain.
ul
German bones advaneeri Japanese were quiet and un- changed in the foreign section. Greck lens showed some gains.
Dilar stocks moved narrowly in quirl trading.
Gold
firm
managed appearence
a generally but interest
was small. Coppers edged higher.
---United Press.
Tyre Sales
Will Be Up
and
Akron, June 25, Sales of the General Tyre Rubber Company In the fiscal year ending November 20 are expectedă to be 25 to 30 per cent greater than the
record volume of nearly $296,000,- 000 In the provious fiscal largely due to Ita your, Aerojet - General Division, which doce rocket and other defence work for the US Governmerk,
This division announced that it would build for the Air Force a $13,000,000 ex- panaton of its Sacramento for (California) facilities Increased production and testing of liquid-propelient rocket engines China Mall Special.
Exchange
TRINIDAD OIL COMPANY
DEAL REMINDS GOVERNMENT OF ROYAL COMMISSION
From Ronald Boxall
London, June 25..
It was three years ago that a Royal Commission on Taxation acting on an urgent request from Mr R. A. Butler, then the Chancellor of the Exchequer, recommended action to bring British companies setting up business in the Common- wealth and colonies on to an equal footing with their Foreign rivals. But in spite of the illogicality of the present position nothing was done.
this
ro
AUSTRIANS
FOR PEKING
Vienna, June 25.
A group of 25 Austriaŭ exporter and Importers ham left here privately for China, it WEB Mladowed here today.
The aim of the Austrias Industrial, mission will be
• to `· sludy-on-the-spot the 'poastbilllies of creating a flow of trade between
China Austria and which Austrian
capital goods will play a lar part
Tho
indus. Austrian trialists will spend : three days in Moscow on their way to China. In order to moet Bundan teglinidam, ----France-Presso.
HONGKONG STOCK EXCHANGE
Nothing, that is, until Toxaco | And whom the British wate is the Government will introduce _countries|logistation next year to deal with their $177 | bigher than that of came along with million offer for the Trinidad where their
have their the bigger questions Royal rivade Oli Company.
Then within a headquarters is ability to com-Commission's tremendous fortnight Mr Macmilion an-pete with them la reduceri. commendation" as the Chancellor
The London Foreignounced the Government would
on called it. Royal Commission look afresh at the whole problan Taxation made recommendations But in any case the Govern
(From Our Correspondent). of taxation, VI companies to gel over
dumculty mont will act upon the smaller qperating overseas and in any The effect of those would be lo question the frustration of
Business done on the Hing caso act on the Royal Commis-relieve companies operating over-pioneer Industry Tellefs and
it apply to pronts an Stock Exchange this morn 2.60-1/10-180-3/10 son's recommendation concern- seas from all liability to British will make 2.76%4-4,703%
taxation on their trading profits earned this year. As Mr Mac-mounted to approximatoly ing plonce industries.
$550,000, Noon quotations and so long as they were retained in millan remarked "I could hardly the moming's transactions: the company. Only that part of do more if I were introducing their profits which were dis-legislation this your." tributed among shareholders in Britain would be taxed at the
New York
Montreal Amsterdam Brussels
Copenhagen
Paris Stockholm Zurloch
London, Juano 24.
10.0415-10.84%%%
139.8234-132.0715 19.35-10.3514
0001-080
14,4034-14.409 12.10-12.007; -United Press.
New York Foreign
Exchange
Australia New Zealand South Afrien
Pakistan
2165
Fell Behind
There was no direct link be- tween the Trinidad oil deal and the Chancellor's staternent
on
OVOTSTAR.
full United Kingdom rates.
49= | involve
Real Progress
!!
doubitul
shares Buyers Balleru DANKS
Water
.
HK Bank 1080 1000 East Asia..
243
INSURANCES" Undian 4 Lombard Underwalters
SHIPPING Wheelock..
K. Whart
The Chancellor explained that tax liabilities of companies this would crying on bustness
This measure will remove ond uld cost the Exchequer about 275 million in loss of re- of the main causes of contention The fate of the Trinidad com-
colonies operating the balance between venue, overthrow pany-whkh Parilament was to of the budget and very
relief whomes and the con- pioneer anilam the next day was une aiderably affect the balance of
of British Treasury. But we cannot New York, June 20 questionably in mind when he payments. Moreover it would claim to have made much head- Canada
1,01 25/2reminded the House that "broad- England official
2.00 3/10
other large questions Way against the problem of over DOCKS, ETC. 30-day futures..
investment until the larger Dock 2.70 1.1/10 by speaking the future of our "wider than the mere taxation o 90-day futures.. 27023/2 investment oversens, whether in problem."
issue is tackled. 22032 the colonies, in other Common-
But 2.791
short of something along
however, wealth countries or in any other the lines of the Royal Commis- whether this can be done except. Prov. 2000/10 2103
countries depended upies the
sion recommendation it is dim-within the framework of a com- provision of sufficient savings cult to see how Britain can hang prehensive overhaul of British through Our own economic on to overseas investment like taxation. Otherwise tre Govern- eferta to make these vest the Trinidad Oil Company let ment might find that it has en- ments practicndle, That is the
alone expand them.
couraged overseas investment at fundamental problem..........”
Whether I was mere co-home by giving what one com in incidence or because the Governmentator called a "bonus to the The British money sunk the Trinidad Oil Company was ment was more deeply shocked export of capital." The only way to avoid that situation is to re- originally on eminently practi- by the Trinidad episode than
cares to
Mr MacmBlanduce the total burden of taxa- ceblo investment. But the com-
admit
action. The tion. When that is 'done we will pany fell behind in the highly has now promised
making real progress.-- of payments and the be and balance competitive needed massive injections and budgetary situations permitting London Express Service. capital to bring It within striking distance of the leaders.
United Press.
Wall Street Stocks Neglected In Losing Session
By Dorothea Brooks
New York, June 25.
Stocks lost ground today in a slow session which reflected neglect rather than any pressure against the list.
Traders apparerally preferred
the aldelines
evidence
us they awaited definite
Te
trend to the market.
Tumover dipped to 1,500,000 shares Orom 1,640,000 traded on Friday and was the lightest
week. in nearly
Crown Zellerinoh Cuban Amer, Bugner Diamond Alkodá Dow Chemicals
Dupont de Nemours
Enstrat Kodak
El Paso National Gas Erte Railroad
Family Finaños Corp. Ford Motor General Electric General Foods General Motors Gen. Pub. U. Getty Oll Glidden Co.
All major groups lost ground on average bul there were some wide movers on the up- side, and o a few sharp declines. Industrials fell 1.52 on average,
Goodrich (B. F.) Co. Goodyear Ting radis 1.15 and the utilities 0.34.
Heyden Chemical Steel shares
went down at Hoinstake Mining Co. With National off 1%. Ingersoll-Rand
Inland Steel Co. eally wanged around
the
ira
a point in Atlantic Court Line,
in Aberalls, losses ruth to 2 points in Douglas,
2
Oils had losses of as much as Monts
The Socomy Mobli.
in
WUB sonne ceiling non-ferrous metals which dropped Alcoa andi International Nickel around a point
Motors were mixed,
Of a lotal 1.107 isues traded, 360 were lower, 200 higher.
New York Stock Exchange bond volume was $3,010,000.
American
Interchemical Corp. Int'l Tsince Miche Int Harvedior International Nickel International Popet
Int'l To & Tel John-Manville Co.
Kansas C. Power & Light" Kennecaft Copper ... Liggait Moyers Tob, Co. Lockheed Aircraft Loews Incorp.
Lone Star Cement Co,
Mesabi Iron Corp.
sufficient
oli
business
So the
out to
Trinidad company, which had in-
savings, cold Texaco which bod savings ерате.
ما
The problem which confronted the Trinidad company is shared by all British companies which rate overseas. Basically it is
how to save enough after the tax collector has had his shore in
their profits to fluance further
644 | investment. To some extent this
50
1814 is the problem all businessmen face. But it becomes much more cute in the case of a company that has to compete against other Arms in the same country who
my less in taxes to their govern-
Equal Footing
HK Products Shown New York
In
The
WORLD RUBBER MARKETS
New York. June, 25.
New York, June 25, Arst International The No. 1 Ra rubber futures Housewares Show
gat under contract today closed 135 to 185 way hene today with some points higher with sales of 278 10,000 buyers from the US and contracts. Canada expected to attend the week-long event,
than 20,000
The standard contract closed 155 points higher with products 123 to
Closing prices. occupying over 510 booths are salca of 30 contracts,
displayed. Exhibits ro- presenting products from fifteen nations
shown. 2170 being France leads the list with B the other represented
Britain, Italy, Saveden
exhibits. Among nations
Take a British company which Idwelded to set up business in one Czechoslovakia,
of the several Commonwealth Fortugni,
Poland,
32.00
4372
Fare
New York Cotton
Trading Slow
New York, June 25.
Cotton futures trading today followed a slow and narrowly irregular price pattern.
+
July
Apart from July contract; Mar. adjustments, Incident. to fret May notice. day. trading lacked a bet. particular feature,
off 1
1300.
4,600 3,809
* 700
K0.200. 3.456,400. Balre
NEW YORK
Prices of futures closed today
follow
The market opened up 8 to Total.
Orleans pelut New closed up 2 to 7 points, ju
A further decrease in the certificated stockt and
the bolstering effect of the Gove ment loan programme combined to offset favourable crop nowa, plum disappointing textilo trade accounts and continuing uncer tainties in the Government ex-
port programme, -
Spot July October December March May
July
October December
NEW ORLEANS
Prices of futures, alosed today
as follows:
Spot
Judy October
the absence of delivery notices,
ces, July opened 35 cents a bale higher, but gave up moat of the
gain subsequently. Liverpool December brokers were small buyers of March
May the nearby months. Hedgo sell y Ing and Uquidation supplied most October
December of the contract.
Eastern
privato сгор bolt accounts said beneficial showers broke droughty conditions exist- ing there for several weeks with labe planted fields new up to excellent stands.
In the central bolt, perfect with warm general rains fo growing conditions developed towed by clear and hot days and nights. In the Rio Grande vai- lay, the crop made good progress. Ginning is expected to be gen- eral thero in the first week of July.
Open July contracts today totaflect 128,600 balca. The certi ficated stock declined 500 bales to 8,130 bales,
Volima Open Interest
12,000 123,000
Month
0
July
Oct.
Dea.
9.30 9,40 2000 @ 035
3014
1415 14.70
[0] 14.30 1435
LAND, ETC. HKS Hot.. HK Land. Realty
RUBBE Ama
J
Trust
UTILITIES Trath
1.50
1800 40
500 3411 200 8 40
1000 @ 14,00
20,000 @ 1,823
1.1475 1.00 11.000 9 116
Star Tr
Yournati
24 24.20 3000 @ 24,10
139 100
176 130
107111
350 @ 120
24.30
C. Light (0) 24.70
C. Light (N} "2455 20
Electric.... 3016
.
Donu 3136
Bu 2160 21.00.
Telephone. 200
INDUSTRIALS Cement
Dedry
1000 621.90
600.22.35
*
15,800
10.000
284,000
401,000
LIVERPOOL
Future closings, in pence pèr Ib. were as follows:
Old contract
July/Aug. New contract
July/AuR. OLESNOV. Dec/Jan
Mar/Apr Egyptian Harda
July/Aug.
25.60
2140
2003
37.80.
.BO PAULO Future closings in cruzeiros per kilo were as follows:
July
.Dec.
Mar.
May
$5.00
28.00
In the US, the average price of 15/10 middling cotton at 14- designated
spot markets? - wka 35.03 conta: Sales: totalled 7,209 balen-United, PreKZ
PO B·I E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CARTILAGE"
"CANTON"
"CORFU":
"CARTHAGE"
Luaves London
Bellod
18th July
18th August
12th September
Das Hongkong
In Port..
20th · Augus
17 September
15th October
Via Southamptod, Fort Sald, Adam, Bombay, Colombo, Penang Singapore, p
Homewards Lester Hongkong Dao Londoia "CARTHAGE"
3000
R19. 24 14.10 4303
*
*
SOMES, ETC.
30
400 a 36.78
*
13.00 10.00 500 @ 1AB0
11.80
*
5.30
Allied H.K. & FE
COTTONS
5.40 Textiles Nanyang XD 70% 7.00 INVESTMENTS
1000 1.08 0.05 ....11.30 11,40 300 140
"CANTON"
*
"OORFU"
+
VIA Kingapore, Fenals,
Port Maid
WA Ładn
CHICAGO GRAIN
MARKET
Grain
Chicago, June 25.
futures prices closed
higher on the Board of trijo to-
No. 1 Res
September December
30.06 29.332
020
Standard Contract
July
31.60
day.
September Becornber Manch
29,00
Support in
23.77
Henry, Cabot Lodge J
Hay July
27.45
27.00.
Most of the energy on the
countries or colonies which give Western Germany, Switzerland,
coercessions
Da so-called the Netherlands are
and Japan.
infant industries." The purpose
63 Lax
974
490
of these concessions-and 194 range from comparatively miner Mr
13 relicis to complete exemption
US Ambasador to the UN
officiated
at
tho
opening ceremonies at the New York
30.60
wheat induced significant risen in feed grains and soybeans..
31 from taxation on profits in the Coliseum. A feature of the terminal market 401first five years of the new Drm's exhibit is the showing of 1,500 gher trend at Singapore and meat from Gult ports. 125 Bro-is to encourage foreign hand mado artides
pital to go to these countries Taiwan,
Cambodin
21
and help in their development. Thailand and
8314
Louisville & Nezhvillo R. Lowenstein & Sons,
Our British company
United ProGN,
*
21
success and it makes a profit.
20
But as an "infant" industry It
#15%
42||
profits to the colony in which fi
does not pay any tax on the New
434
3011
is operating. So far it is on an equal fooling with rival
CO→
Minelan Development
| Monsanto Chemical Co.
Montgomery Ward
Motorola Ina.
National Dairy Prod.
Stock Exchange National Cash Reg. "A"
volume was 640,000 shares,
Dow Jones cl-sing averages National Lend
wero:
30 Industria
National Birel Corp.
New York Central”
486.43 Olin Mathieson
16037 Ots Elevators.....
03 25 174.00 Owen-Illinois Class
Comm. future price index 157,100 American Airways
at pantos whose headquarters are
601 in other countries. The com→ is happy; the colonial governanent is happy.
561 pany
*
70
404
from
710,000 Israel purchased reflected the bushels of wheat for July ship-
London, with most dealers at a Vietnam, 19 to explain the ric
other
Both spring and winter wheat Hongkongthan
ares slated for rain in the next of speculative reports Delivity in the Far East where Ave days. European interests are believed. lo be short.
In the
York Sugar Market
*
29th June 24th). August
Jist July - 24th September 21 September 22nd October
10th November Colombo, WADAY,
"CARTHAGE" 19th October
*
"SURAT"" "SURAT""
*
*
Wheat closed up % to 1% centa; soybeans up 1 to 2% cont
CLOSING PRICES
Prices of grains all in cents per bushel: Wheat, No. 2, red
shipment market, Thailand reported good-sized offerings but at "rich" prices, Three sheets for July shipment Noy. York, Jazzmo 25,
offered a 30 cents, or World No. 4 sugar future about 70 points over our mar- today closed unchanged with no ket. Indonesia, sold moderate adies reported.
avourite. of three ambers al But becauİSE the company Li Domestic No. 8. sugar closed 2412 cents and four ambers at 10 registered in the United King- one point lower with sales of 244 certs, both shipment cost Corn, No. 2, Yellow
dom and has to pay the full four contracts. Unked Kingdom rate of taxation
In world mawr, Germany is wherever Ila business is located expected to be in the market all of ite proflls now increased for a substantial volume of
20 rally
10 utililea
65 stocks
40 bonds
Facific Gas & Elec
Comm, pot pries Index
303.03
Paramount Pictures
Moody's index
41409
Parke Davis Co.....
04
Closing Prices
Perm. Salt Co.
63
Philip Morris
Allied Chemicals.
$112
Procter & Gamble Co.
Alle M Inc.
All Chalmers ...
323
331 Pure Of ...ì
Pittsburgh Plate (inas
BUT
42
219%
4
43
.co.
no
American Allina
American Cable & Radio Corp.
Cynnamalde
Ambert
Am. Mach. A 2 dry,
Amnejčan Matal
American melting
Am. Burar Rof.
American Tol TE
American Tob, "B" Anaconda Copper Anco Bbcel Armour
Baldwin-Lim-Ham.
Baltimore & Oblo
Bendix Aviation Corp.
Benguet Core.
Bethlehem Bloe)
Horden (The) Co.
Burrough Add, Machind
Ondian Pacio il. ELE
Cams (JL) - Coi
CAL TYROLO
Celanoma Chuỹ.
CIT, Financial ·Códp.
Choralar Motor Ve
Commmerakad Crucii.
Continental Gát of the??
Radio Corporation
Republie Bleol.... Reynolds Metal
Bhem Oit Co. ****
Sinclair Dil
Paper
Bocory Mallo
179ng | Bouth Puerto Rico Bugne
Southern Nation C
Southern Railway (Com.)
63% Standard Bes
Bierkleurd 13 of:
Standard Olf of 'Indi
Atandard Oll of NJ. Sterling Drug, Co
17%). Blakely-Van Camp,
196ju Studebaker-Packard Corp.
W198 gwint & Co.
Texas Co. ME
Title Water Ammu, Oil, Owenly Century Fox-Tin
10% | Union Cafpjie 0154 | Union. Padina hil 1834 United: Airveäfi US dy
10engaplarig
dealer wald
Spot
July 2003 (H) 2075%(L)
sept.
NOV.
Mar.
No. 1 Res and freight. Spol bus, qtroded totalrial 32 cents a pound,
Spot
July
Sept.
Nov.
Mori
LONDON
Ryo
July
to the extent that it has been suger next week. Meanwhile rolleyed of colonial taxation
Holland reportedly in interest The marked was sostor offer Date are taxed in Britain.
Abo, I company gains nothing and the was
which
colonial money government would have received scheduled purchase of 43,000 pero per 16. Prices
tons of refined sugar,
No. 1 tam #polí in taxation is in effect, the price
Juk
the
So the it that an tight pantum in with spot quoted at 20-11/18 |
In domestic raws, the vestment, geen to the British que announced by Exchequer,
quota, Agriculture Departme
pays to encourego foreign in- tons incretics in the r000
Larger Questions
murfost effeck. It was anticipated and hypartally counted Futures?
10
Unfortunately Belsh
com panics – operating oventosaru | Jul loften, still, at a disavantazo to Bepriémber
Datober their rivals when they "eeney", tó
March [be "lexfant" ·Industries nach,' the
May
Contruci Na, 4" (World)
under the double laxation system- photo-hight of the two rates of taxatiort to which it is Uoklonite, colarilah sikayogene Frehersales vetrid · thá÷British 20 m The Fritlih rato l'hitherau (uleiderk” miwezensktronik. kopen vaziy ladvantage of operatii dveríensi
15%
July
Sept
239442395
Betilament hotme termi
Soybeam, No. 2, yellow
Spot July
ለ.
Nov
Jan
Jun
Aur
· AMSTERDAM
Bartcy,
New York flour,
Spot
200
· 915.0001
Exchange Rates
*
& London
FREIGHT SERVICE
Sut 30th June loads 17th July.
"SHILLONGrims' Aist July en tih Ang. "ADEN" - "SHILLONG" İonës 16th Aug.
from UK.
Los Bingtapos, P. ‚Swet- Periang. Aden, tenham
P. Said, Londors, · Hany
burst
Австр from U.H
from U
for Blogapore P. Swet- tenham, Fetisig. Aden, F. Bald, Havre, London, Hamburg, Rollerdam Antwerp
BRITISH INDIA S.N. CO., LTD.
A BUNDRED YEARS OF SERVICE -- "SANTHIA" July
from Japan
"VULTALA” due 19th July 1914 20th July "SANGOLA” que 20th July Lalis Ales July
· 1956 ·
for Singapore, Penang
Rangoon & Calcutta. from Jepara.
for Singapore,
· Rabydon & Calcutta
from Calcutta
for Jepan
P. & 0./B. I. JOINT SERVICE
"IKAUNA"
"TTOLA"
"UMARIA"
"IKAUNA"
malis
dae 5th July 7th July due. 16th July Kalin zith, July
At 25th July sodis 27th July
Aue 20th July alle 27th July due'' 111h Aang, palla. Iškis Aamu,
from Bombay
for, Japan from Japan for Singapore, Bonbay. Sa Karachi from Japan tor Singapore Colombo, Cochin
Karachi, Kaurah.
& Kuwait from Karachi FOR THE
from Japan
for Bingapore, Bomber, Karachi,
Khorramshałw &z Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
dus 7th July, from Australia' "NANKIN": "NELLORE. Ada - 8th July, from Jaders E
anila 8th July for: Benidateng, – Fabát
Brisbane Bydney, Mel
For on thé komis2& the routé à selling arY, FURJOER. 'fo change dr konendimana peith or without
for fall particulars apply fa MAGKINNON. MACKFIZIL & 30.
AT HANG KANG ANA
..
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