1957-04-16 — Page 9

THE CHINA MAIL, TUESDAY, APRIL 16, 1957,

TRADE and

COMMERCE SECTION

BUDGET PROPOSALS ANALYSED Liquidation On

Nothing To Encourage

Industrial Output

Nor Gurb Inflation

From RONALD BÖXALL

London, Apr. 15.

At a press conference immediately after the Budget speech, American correspondents asked Mr Enoch Powell, Financial Secretary to the Treasury, how he would sum up the Budget for a newspaper headline.

Mr Powell thought for a moment and said: "It would depend on which newspaper I was writing it for."

“À little bit off the top” -Daily Mail.

he top bross Budget -News Chronicle.

WORLD

RUBBER

MARKETS

New York, Apr. 15, Rex rubber contract closed to- day 35 to 50 points lower with sales of 40 contracta,

May July

Sept

Nov, Jan,

Mar. May

1.20

31.20

33.48

3120

30.00

Standard contract closed 35 to

30 points lower with no males.

May

July

Sept.

Nov

Mar

May

31.75

31.70

31.45

31.20

33.78

30.00

Lower London Singapore In a few Next Thorning

due to be revoked newspaper

advices, plus the continued in core. weeks--or days-in any readers took their pick from the following:

And reduction in entertainments difference of domestic consumers liquidation before the was balanced and duty on cinemas

passover and succeeding Easter by increnon in television duty.

weekend holidays helped the There were several useful tren:. Most of the limited bud- economic paposes to which this passa represented intin-dealer were 200 million of tax relicts could idjustments, Shipments "It means more for those have been put. Mr Thorneyeroft derate but prices too high to Interest local buyers. Spot No.. with most Daily Herald.decided to concentrate iederly: Ras was quoted at 31% conts.

"Cheer 'em up Budget"

lleving surtax payers,

AMSTERDAM Lax- payers income tax -Daily Mirror.

of parents

older paying "Pete's pop bills-Daily children-all for sound economic Skotch.

retions. Once he had decided on this the reduction in the pur-

"The got thɗad Budget” -Dally Express.

"Relief for carted in- comes over £2,000" Dally Telegraph.

and

on "pots and pans" chase tox followed as a political "must."

Passive Resistance

The rubber merket was ensler. Prices closed today in guilders per kilogram, elf May as follows: 2.02 buyers 2,00 buyers

No. 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe

237 buyers

2.80 buyers

SINGAPORE

The market and

I

quiet was very

..f

TRADERS TAKE TIME OUT TO SURVEY MART

New York, Apr. 15. Stocks moved irregularly today in a technical interruption to a three-week advance that has added close to four billion dollars to stock values. Activity slipped off to the lightest level in a week as traders took time out to view the market in the light of recent gains and entered their tion on a scant handful of special issues.

Goodyear Tyre Gult on

Turnover of 2,010,000 shares shares behind on 360,000 Friday.

Paper stocks were among the with St Regis chief features

ding out in its reaction to Int'l Business Machines

New York Cotton Market

New York, Apr. 15.

Cotton futures today turned irregular after a steady start, with the far forward positionê be coming relatively easy on the Detback.

Clowing prices ruled up 3 to off | Sany

17 points. The market opened october Up 1 to 6 points New Orleans December altood

March

unguoted

Page

HONGKONG

STOCK EXCHANGE

(From Out

+ Coirespondent).

Business done, on the Hong- kor Stock Echange this

morning amounted to approxi mately $445,000, Noon quota- tions and the morning's teens- action:

BANKI

HK Dande

In the United States, the year atten-prouts quidation and techni. average price of ene-inch cotton need

at 14 designated markets deferred $3.86 ents

October

1 to off 8 points. Uncertainty

over the farm for programme

next

end realizing in the

after months 7015

duplicated the season's high at 15 the opening.

120

Hayden Newport Carp.

Homestake Mining Co. Ingersoll-Rand Inland Steel Co. Interchemical Corp.

19

450

30

1001

331

30

Int'l, Harvester Internațional

International Paper int? Tel: Tel

John-Manville Co.

dividend cut and favourable earnings report. St Regla, the most actively traded

$33. Issue, lost 3% to

Motors

Kanmi C, Power & Light firm, were

olis Kennecott Copper virtually unchanged,

Specialazzott Meyers Tod

Lockheed Alternit such as Addressograph, New-ews Incorp, port Newa Building, Libbey- Lone Star Cement Co. Owens-Ford, Palloo, Aluminium, Lowenstein & Sons, Burroughs General Tyre added around a point.

Industrials Down

Industrials ng

A

of

group were

average

group in

lenfureters today. There down 08 paint on average at was a slight Australian enquiry 485.84. Rails lost 31 to 140.20 But there are other even more with most operators idle. Future with most changes on important economic aims. Main closings were:

outside the average erlilcim about the Budget La No. 1 rubber per 15. May 0371-97 rails, central

Georgia that it did nothing positive

June 12-featured with a gain of close to No. 2 rubber per lb. May No, A entourage higher industrial out-

2 put or curb inflation, which with No. 4

Blanket crepa wages rising and production Spot rubber unbaled stognating, is once again getting | No. 1 pale crepa. the upper hand.

to

"

LONDON

07-8115

"

#2-0231

9135-02

99-101

The rubber market was quiet with spot quoted at 271⁄2 pence, down 1⁄4 of a penny. Prices: No. 1 Ras spot

27-2714 Settlement house term:

27.2016

T

points.

McDonnell Airersit

(Am Stock Exge.)

Mesabi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Ing National Cash Reg.

National Dairy Prod.

National

Lead National Steel Corp.

New York Centrul

in Mathieson Otis Elevators

Owen-Blinista Claus

Pacific Gas & Ficc.

Paramount Pictures Parke Davis, Co Penny 3. C. Co Penn. Sait Co.

A loss of over a point in Pen-Pan American Airways handio Eastern Pipe Line helped pull utilities down by .00 to 71.58, The 06-stock composite average was off 20 point at

Out of a

Whatever it was, it was not

Budget to

deep passions. Chancellor

Thorney- croll decided what he would do and went ahead and did it. If his Budget appeared to be the work of a Tory that is because be in a Tory. At least be re- sisted temptation to entch votes.

it he had been inclined

Admittedly it was unnecessary

170.81. to

A "purist" budget risks, Mr Thornycroft to produce

than it that took away mon éduid have produced a popular

But Mr Thorneycroft Buget, Reducet Government gave expenditure and rising revenue should have designed his Budget proposals to encourage Industry gave "ordinary sph in the Bud- to make itself more efficient. get accounts bofore the tex changes

A whoker Chancellor fight have decided to give nway more than a mere £100 million of this in tax reliefs. He could certainly have distributed them differently.

of

a £660 million

The Mass

But Mr Thorneycroft con- centrated on helping the upper piddle-class those who cern The £2,000 a year and over.

people got very maes of the little indeed. A third of what be- they are supposed to save

cause of lower purchase iax on household goods will go to pay the higher cost of television licences. Nor are they likely to save much on the higher income Allowances for

older children. Marky-possibly even most_worlding-chuss men who qualify for this relief do not earn enough to pay Income tax in any cred

trac

TENC

MOS July/Sept

June

Oct./Dec.

Jan Mar

26%-20% General maticets, elt basis, ports:

203-27 April, May and June ...!! Theo ngô tin hay n bas

thick... unquoted

United Prom.

As it is we have a Budget that is polstenlly honest and finan clally sound but one that falled economically to put first things first.

ent New York Sugar

Market

Danger is that Governament may have given up trying wage active war ogulrot inflation and resorted to passive ance.---London Express Service.

resist-

New York, Apr. 18.

futures World No. 4 sugar

today 2 to 30 points closed

Steels Active higher with sales of 2,080 con-

On London Market

London, Apr. 15. Steel shares featured the London Stock Exchange today,

Shipping shares had selective increases.

Elsewhere in the in These criticisms have of dustrials there were numerous cothes been made and made) dil declines, Royal Dutch lost vehemently-by the Socialists. 6/- and Shell Transport was off But they miss the point of 2 shillings.

Government what Mr Thorneycroft was trying

bondis were

A fresh exodus from the long overdue action to shed a governmente lowered War Loan little of the load from the heavi. 10/- und Old

to do, in giving a quarter

of

weak.

ail tax relicta to the surtax

payer, he was not only taking

est taxed community in world--he was also

good economic sense

the

shillings.

Preas.

Consola some 7

tracts.

Domestic No. 6 sugar tutures closed unchanged to point higher with sales of 340 co- tracts.

Strength in the raw market, and Ar expanding foreig

brought demand,

broadscale covering and commission house buying as the world contract reached new highs,

The

United Kingdom ድሮ portedly purchased 60,000 tons of Cubans with the price to eased on the average epot price for May/October. Dealer - pected Germany to buy another 30,000 tons of raw about mid- week. France also was ex- pected in the market for about 35,000 tons,

Japoneso issues were firm in May displaying the foreign bond section-United September

July

October "Oun objective is

is opportunity

March and

sald expansion,"

Kiny Mr tax system Thoffieyard. "A which offers the minimum in- to those with the ducement morunum responsibility 15 -

this COLLIFICER with

alm,

Exchange Rates

050

new

The passover observance and the ensuing Easter hoildays at the week-end helped to

cut

down mnikot Participation.

Omer traders transcoured aften- tion to becurities phd the faster-, moving commodities like sugar, grains, wool, rubber and cocoa, in the May Evening up delivery, mticipating

notice

dingApril

19 another feature.

Kufuru Waiter, False

adio 1080

But Alda, .... iNGURAŃCAS

SKUPING Wheelock DOCKS, ETCS Sales totalled 12,007 balus K Wharf

Doelz Jnited Press.

wha

LAND, ETC. HK Hotel

14.30

London Foreign Exchange

London, Apr. 15.

Closing rates were:

first New York 24-Was Montreal

ww | Amsterdam Open May Brussels...

contracts today totalled 252,400 Copenhagen bales. The certificated stock rankfurt

Mimi Lambor remained at 10,117 balea How- MILAN

2.70 13/16-2.781 2.67 11/10-2.07 13/10 19.0896-10.65 2/3 140.07-140.90 19.45 13-19.451⁄2 11.7635-13.7574 80.00-400.15 27503-1700 19.00-20.00

14.51-14.811%

72.63-72.86

34ever, some quarters are anticl- Dain

pating

increase following Stockholm

Vichna Zurich 12 reports of new certificatione nt

Charleston

Other unchanged. traders estimated around Now

18732

35

66

Ring

60

per

in

at

12.27-12.37%

York Exchange

ratés

cent of the long position were unavailable-United Presh

for was, commected with a

spot frin

Atlanta reported a quiet mil

for spot cotton Inst

week. Most manracturers m

dicated they are buying only

11% after receiving orders för födda and were very pessimistic, over busines. No interest was kłówn

the new C

Month

Volume Open. Interest

istues

Procter & Gamble Co. Philip MorTİN

Pittsburgh Plate Clans Publicker Industries Fore of ftadio Corporation Hepüble steel,

47

78

传到

May

13,000

153 | July

8,000

20,700

December

18,600

5,900

May

9,000

1,700

12400

100,000

Reynolds Mosai Shat ol. C

total 1,148 traded, 487 were lower, 411 higher, 250 unchanged with 88 at now highs, 32 at new lows.

Sales today rose to 1,090,000 shares from 1,020,000 on Friday. Sinclair

Volume total $3,610,000.com-| Socony Mobilai

Solar Alcraft.......... pared with 14,400,000 on Friday.nity Edarto led Sugar

closing averages Bouthern National Gas

Dow-Jones

wetc.

30 Industrials

20 rails

15 utilities

65 tooles

40 bonda

S Ho Papor

Bouthern Railway (Com) 485.84 Etandard:Branda 145.20 Blandard on of

71,388tandard Oil of Ind. Standard Oũ of NJ. Steep Hook (Toronto Exge. Sterling Drug Do.. Blokety-Van Camp.

Awift & Co.

Tide Water Asan. Ofl

170.81

Comm. future price inde

180.30

Closing Prices

Studebaker-Packard Corp.

Alden Inc. Acy.

#1716

Texas Co....

Allied Chemicals

All Chalmers

34

Twenty Century Fox Film

American Airline ...

18

Union Carbide

American Cable & Radio Corp.

5

Union Pacific Railway

American Cyanamide Co.

781% United Adronkit

Amer, & Forgn. Power Am. Mach. & F'dry

101

DA. 7611. "3"

316 UA. Cypam

UB. Line Co,

60%

U.8. Rubber

177

U.S. Smelting

749%

American Metal American Emeiting American Tel & Fai American Tob. "" Anaconda Copper Armco Steel

Armour.... Atlas Cans, Mining Baldwin-Lima-Ham, Baltimore & Ohlo Beneficio! Finance Bendix Aviation Corp. Benguet Con

Bethlehem Steel

Boeing Airplane Borden (The) Co. Burrouglu Add Machine

Canadian Pacific R.

Co.

Caso (J. 1.) Cat. Tractor Celanego Corp.

C. 1. T. Financial Corp, Chase Manhat. Bank Chrysler Motors

| Climax Molybdenum

Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Flec. Consolidated. Edison

Continental. On of Dei.

Crown Zellerbach

Douglas Aircraft

Contract No. 4 (world)

6.62

6.34

Cuban Amer. Sugar

495

492

Diamond Alkali

July

492

September

4,010

Dow Chemienia

Spot cents per lb. feb Cuba) 076 Open interest: 10,001 contracts.

Dupont de Nemours

Contract No. 6 (domerilo)

thi

0.21 10.42 12.65 10.00 2003

May

634

July

5,32

September

At

November

540

General Foods

Spot (conta per lb. E NÝ

Generi Motors

́ex-duty) · ******

6.00

Gen. Pub. Util.

Open interest: 3,824

contracts—

1.80

United Prem

Goodrich (B. F.) Co.

Business was done in the local Ti10 AAM | unofficial exchange market point for murtax repre- moming at the following rateni sents the income range of the US dollar (per $11

Sterling notes (per (21) very men whose activities decisions de most to determine Australian notes (per £11...

Siden seul (për-100) indonesian rupiah (per 100).. Singapore (Strafta)

and

our note of economic expansión to their hands rests for good or ill, much of the future of the national economy."

Bitt given the amount of which it was deemed prudent to reduce the prospective sur- Plum question is not whether this was the right place, le con- centrato personal tax reliefs but whether there 'should have been any personál tax rollery at all.

'Give Away'

Fow quamel with the decl- sion to exept United Kingdom reglatched companies which operate entirely, overetus from United Kinèndides Income trvāts taxes. That reddfim whi sho long, overdue. Nor do

object

to the decision entertainments

anyone

So the living thestre abcount for over n

to

two proposals

cost of the revendus or áll

congestions...

his own

thủ thu

to

Teori Pakdw, wild, hobethide in The region of £200 million

ve tway in this finche

not count bobnim it wa

ELEGENE

(Telephone Germproofing Servion)

PROTECTS YOUR HEALTH

Guaranteed by Commonwealth Govi. Analysis Sole Contractors to H.K, Telephone Co., Ltd.

TELEGENE GIVES PROVED PROTECTION

LOOK POR

Eastern Airline

Eastman Kodak

El Paso National Gia

Family Finance Corp.

Firezione Tyre & Rubber

Ford Motor

General Electric

Glidden Co.

TELEGENE SERVICE CO. (HK), Tal: 25675.

US. Steel...

Wärner - BrO STANLAN

Westinghouse. Electrio Western Union đầu có West Va. Pulp & Paper Woolworth

Ame

July

October

184

Total

NEW YORK

262,400

187,400

Prices of cotton Futures closed

today as follows

3368EF88

HK Land

Humphreys Ruboen

હું રે .

جمہ

1000 30 4 240

10071%

7.00

14507.03

250 1000 17 YO

800 24,40

Amelg..... 156 1.475.0000 @ 1,4755

UTILITIES

Tram......

Youmat

...

2130 21

301

21,70

C. Light (0) Enectio Talephone

(0) ..... INDUSTRIALS. Cert

STORES, EC Datry XD Webs Kent, COTTONS

20 2020

5211 3434

2000 2431

700 @ 13.10

do 00 1000 à 2.15

20

PO B·I EA

COMPANIES

PININSULAR O ENTAL 5.N

PASSENGER/FREIGHT SERVICE

Outwking's

"CHUBAN"

34.00

34.08

Homewarda KOBUBAN *CARTON" "CORP!

LIVERPOOL

future closings,

ponke, per, lb, were as follows:

Boot

July

Mar

July

Cotton

timited Prem.

'bia 'Contract May/June

July/Aug

Oct/Nov.

Dec/Jan.

Mar/Apr.

May/June

July/Aug.

Oct/Nov.

Dep./Jan.

WYYApr.

SAO PAULO

NAMESAKES

Answer:-1 Glamour, 2 Bulle,

3 Projection, 4 Attractive, 5 Naw contract May/June

Italy. 6 Location, 7 Films, 8 Jealousy, Hollywood, 10 Brend, 11 Rome, 12 Sica, 13 Photo- graph, 14 Sicilians, 15 Dreams, 18 Cinema,

Gina Lollobrigida.

.

Leaves London

galled

adin Adell

zith Mad

4th July

17th May

6th June

"BURAT

"BORAT”

dpo 1st May

load 10th May

►

Due Hongkong

4th May

30th May

9th July

To de navišed

Due Leaden

17th June

NEW ORLEANS

Prices of cotton futures closed today as follows:

Closing futuries in cruzeiroš

per kilo were as follows:

*UANTON "CORFU” "CARTHAGE”

Via Southampton, Colombo, Penang & imgaporù,

Leaves Hongkong,

13th July

13th July

To be advised

Vía “shkapõře, Fenang "a" Colorsbo, FREIGHT SERVICE

from UK.

for Shore, M. swetten- ham, London, Hamburg, Rotterdam, Antwerp à Grangemouth

ALL VESSELS outwards anD HOMEWARDS WILL PROCEED BY THE

CAPE

OF GOOD

| HOPE UNTİL, TURTHER NOTICE,

BRITISH INDIA S.N. CO., LTD.

1989 - A HUNDRED YEARS OF SERVICE — 1950

"BANTIVA" do 10th Apr:

'cann

"SANGOLA" étan 5th May

sails 6th May

*TTRIA"

from Japan

for Bingapore. Fatang, Rangoon & Calcutta

from Calcutta, Rangoots

da Straits, for Japati

P. & 0./B. 1. JOINT SERVICE

due 18th Apr. falls 17th Apr.

due 17th Apr. salts 10th Apr, HIBMAILA" due al Apt.

tall 3rd Apr.

from Karachi, Bombar Jc B'por for Japan

from Bombay, · Karachi, Be S'pore for Japan.

from Japan

for Singapore, Febians, Codin Bombay Kurucht

for Singapore, Bombay. Karachi, Barah, Khar 'rushalir de Huvalt

SOUND ADVICE

for the man with a sense of responsibility

Start a Savings Account this month

THE CHARTERED BANK (Incorporated in England by Royal Charter in 1858) 3 Queen's Road, HỒNG KONG

INTEREST on your money at 2% per annum, compounded half-yearly. ABSOLUTE SAFETY for your money. EASY FACILITIES for lodgments and

*OBRA"

*

VOKRA"

due

BAUS 190

EASTERN & AUSTRALIAN 5.S. CO., LTD. YEASTERN" DES (oth

"ABAFURA”4ur of May.

from Tipan

for Labuan, handeloan, Bohayan,. Wallnow, ZMY, Farm, Rabsal, Bria bene ByoOUNT. Kembia, Mobourne Adelaide.

from Australia

All vissels have liberty to exh is shy ports on ur off the route in the Poltáˇk Malling are subjeès to change or amendoient with or Withält noller,

For full particulars apply to: MACKINNON, MACKENZIE & CO. US YONG KONG LIB. Telephone Nos: 27721 4.

•