THE CHINA MAIL, WEDNESDAY, MAY 1, 1957.
TRADE and COMMERCE SECTION BRITAIN'S FINANCE BILL WORLD
J.
Overseas Trading Companies To Be Exempted From Tax
By SYDNEY $. GAMPELL
London, Apr. 30.
Britain's Finance Bill_published today outlined details of the scheme announced in the budget for giving special tax treat- ment to British companies which trade abroad.
HONGKONG
STOCK EXCHANGE
kong
(From Our Correspondent). Business done on the long
Stock Exchange morning amounted to approd- mately $328,000. Nuon quota- transactions:
Varia
And the
Sharea Buyers Sellers BANKS
HIS Banks .. East Ama
Union
They are to be called Overseas Trade Cor- porations. Their trading income will be entirely INSURANCES exempt from British income tax and profits tax, except when paid as dividends to their share- holders.
CHATTER ON WALL STREET
New York, Apr. 30. Reynolds & Co believes that
on a strictly short term basis the rise in stocks "has gone far enough."
to
Le
The compunles will thus able to re-invest profit abroad without paying British tax the profits. They will also be able to all profits from one overweus country to another (66) at present) incurring tax on the money in transit through Bri- tain,
Tin and rubber companies in Melaya, for example, which at present pay heavy British tax, will not themselves have to pay From dividends any in future.
to their shareholders they will have to deduct and pay income tax at the British standard rate, lets the rule of tax that the com-
Edmund W. Tabell, Walton pany has paid abroad.
near-
& Co, analyst says the torm technical outlook continues
In love's suggest higher
although the individual insuco general market is entering #11 area of heavy overhead supply
E F. Hulton & Company's John F. Roche holds that tem
continues to porary weakness
although
Д
appear probable cious decline is not indicated.
that Abraham & Cu notes Borden
940 Co looks for a million volume in 1057 and 1 Hain
#
and States Lo the United several
the countries other general tax rate is as high as the British rate. Even in these cases, there may still be a benent if the company cen get any special tax relief in the overstas coun- try, such as rehef for depletion of minerals, or industry.
43
pioneer
Same Position
On his dividends from a Bri- lish overseas trading corpora- tion, an overseas shareholder will be in exactly the same posi- tion as if he invested in an over- seas company.
in
Britain. But
#
billion in 1958, estimates in share earnings over the 5.01 of last year and says modest liberalisation of the
current 2.00 dividend is possibility... Magnavox 1956-57 net should An Overseas trading corpora- have any trading in tion must not against 3,64 approach 4.50 fiscal 1853-58....Western Mary- netivities land Common appears attrac-company which operates both in Britain and abroad can seperate tive as a businessman's risk.
Lie overseny activities into an CHEMICALS
overseas trading corporation. If the corporation buys uything hom the British parent com- pany, it must pay a fair market prices so as to avoid any element af export subsidy, or of avoiding tax on activities in Britain,
alore, Forgan & Co in a pamphlet analysis of Marshal Bled estimates 1957 net between $3.85 and $3.05 against $3.54 in 1950.
An oversons trading corpora- minerals Smith, Barney & Company's tion which produces ethical drug index rose 10.1 peror commodities abroad will be cent in March while chemical entitled to sell them on the com- industry index armed 23 per modity markets in Britain, cent. Schering, up 184 per cent led the drugs; American Potash, up 8.7 per cent, the chemicals.
Lumbard SHUPING Asta Nav Wheelock
DOCKS, ETC.
1003
248
PTA
morning's
SPECIALS ACTIVE
ON
IRREGULAR
NEW YORK MARKET
New York, Apr. 30.
The stock market remained a highly selective affair today with a handful of specials moving widely in either direction while the main body of stocks held in a narrow, frregular range.
Issues such as Gulf Oil, up 63% points to $137, ex-dividend, on a stock split rumour, held the spot 1000 light.
Balan
200070
3 970
av 970
Olls were among the best of Southern Railway (Com) the groups. Motors were firm. Standard Branda Rails were casier.
Standard Oil of Cal. Standard Oil of Ind. Standar] On of NJ.
38
Measured by the averages, Steep Rock (Toronto Expe.) 1.30
industrials 145
were at their best Sterling Drug Co.
Stokely-Van Camp. levels since Jun. 10, up 41 point studebaker-Packard Corp.
5:00
41.323 7.40 3000 735
600 69 7.35
8350 7.40 5000
110
300 * 100
12.50 12.40
309 12.20
K. Wharf .. 100 LACK
Provident LAND, ETU HK Hotel
K Land..
14.90 15.20
30% 1063
(a) $0.40 10,50
1475 1.40
eally RUBBER Amalg
Urris'
Tran
Star Forry
Yauniati
Ligh
1.30 1.573
21.40
136
102 103
X All
18.30 20 40 Electric
20.10 Macao E. XD 0.85
25.10 23.30 Teleptone
INDUSTRIALS Cement Repe
Watan
7.40 404.30. Falls dropped 54 to Swift & Co.
145.84. Uulitjes
334 1223 10:30 50001375
100 a 21.6O
edged up .05 Texas Co.
to 73.01, their best, since March Aldo Water Arm. Oli
The 05 stocks cum-Twenty Century Fox Film 20, 1031.
to Union Carbide
posite average 173.14.
.04 1090
Union Pacifte Raliway
Of a total 1,146 issues traded, 440 were higher, 480 lower, 225 unchanged with 70 at new highs, 24 at new lows,
Trading was at the lightest two weeks, tolalling
pacu
1000 13.30 2,200,000 shares against 2,290,-
000 on Monday.
NY Stock Exchange volume was $3,970,000,
bond
United Aircraft
United Gas Corp.
US, Foli "D"
9. Gypsum
U.S. Line Co.
US, Rubber
US. Smelting U.S. Steel Warner Bros.
RUBBER MARKETS
Singapore, Apr. 30,
The market opened cesler on overseas advices and eased fur thur on sonic Federation liquida- tion today.
Prices closed as follows;
No. 1 rubber por 1b.
May
June
0093-01 91-01
No. 2 rubber per ib. day 29-00 No. 3 rubber per No. 1 rubber par
Spot rubber uniraled No. 1 pale crepe
Blanket creDE
May 60-80
May na-07
DO DI al-03 07-19
LONDON
The rubber market with spot quoted at pence per lb. Prices:
General markets, elf bosis, ports:
NEW YORK
Rex rubber contract closed today unchanged to 10 points higher with sales of 168 con- tracts.
BY
COTTON MARKET
DOMINATED
EVENING UP
New York, Apr. 80.. Evening-up operations in the expiring May delivery dominated cotton futures trading, today. After backing and filling over a range of $1, à bale, the list closed net 3 to 4 points higher, Opening prices were up 1 to off 2 points. New Orleans closed up 2 to 6 points.
20/5
In
the largest Individual; 200 Pubjab roller, sin transaction in montis, leading Orleans spot firms and New interests' switched block of 10,000 bales between May, and at 50 points differences, July with the spread later narrowing down to 43 points.
JAW In win SAO. PAULO Sao Paulo prices were got available.
Spot interests sold the May against July purchases, appar ently to
to transter a long position forward. New Orleans Interests covered May shorts to transfer a hedge position forward
Delivery notices for 300 bales against May were promptly talen up by the trade. May open con tracts
today 1otalled 110,900 bales. The certifented stock TC- mained at 11,205 bales.
Higher mid-April parity price unfavourable crop report, plus comment from Southwest, where planting continued, to be delay- ed by excessive rains, helped to firm the forward deliveries after a faltering start.
was dull 28.15/16
No. 1 Raw apot
2016-27
Settlement house term:
June
2013-77
July/Sept.
2016-27
Oct./Dec.
2010-2
Jan./Ms.
2016-2011
Apr/June
261-20
May
July
20-11-201 2011-201
Estate crepa
thin June
2014
thick June
3741
11522
2014
2016
May
20%
431
Juky
31.90
0214
September
31.05
November
31,40
2414
January
31.20
Bach
31.00
591%
18%
May
30.00
444
Used Prem
Standard contract closed un- changed to 10 points higher with no sales reported.
May
May
32.15
July
2,800
165,100
July
31.00
October
8,300
178.100
September
31.08
December
7,500
160,200
November
31.40
March
4.100
92,800
January
31.29
May
3,100
91.000
March
31.00
July
$.700
5,300
May
30,80
October
3,100
39,500
Total
30,000
Prices firmed after the Lon- don market
closed responding
NEW YORK
to dealer buying on
balance
Westinghouse Electric Western Union Tel Co. West Va. Pulp & Paper Woolworth
Exchange NEW ZEALAND
Dow-Jones closing averages
500 25.20
..
Any Cana STORES, ETC. Dairy
13.10 39
American
14:00 14.00 200
500 111⁄2 11.70
14.80
Stock volume was 760,000 shares.
OU
14.70
14.20
WETE:
30 industrials
U20 3000 K B
15 utilities
65
mock
1,20
fi 0.20 4.45 4.35
10
Nanyang MISCELLANEOUS
Entert
INVESTMENTS Yatra təza ABIed
ik & FË
livest
New York Sugar
World
Market
New York, Apr, 30.
futures No, 4 sugar closed today 22 points lower to with sales of
5 points higher 1,408 contracts.
20 rada
jo bonde
Comun, future price Index
Closing Prices
Radio
Alden Ing., Acy, Allied Chemical Ailled Mills Inc. Allis Chalmers American Airlino American
Cable Corp. American Cyanamide Co. Amer. & Form Power... Am. Gas & Electric Co. A Mach. & dry. American Metal American Smaiting Am. Sugar Bef, 19 American Tel & Tel American Tob, "B" Anaconda Copper Armes Steel
Armour
Domestic No, sugar futures closed unchanged to 1 point A Cons Mining higher with sales of 75 con- Baldwin-Lima-Ham.
tracts,
in Weakness deliveries reflected
Balinore the Ohio Beneficial Finance
nearby world Bendix Aviation Corp.
Benguet Cons. the com-Bethlehem Steel
bination of May liquidation, Doeing Airplane
Borden (The) Co. and plus a lower raw markel
Burroughs Add Machine expectations for a higher Cuban Campbell Soup
Canadian Pacific R. crop.
Case (J.L.) Co.
Cat. Tractor Celanese Corp.
at CIT. Financial Corp. tons, Chase Manhattan Bank
Chrysler Motors Calmax Molybdenum Colgate-Palmolive Co. Colombian Carbon Co. Commercial C
Cuban crop While the 1957 has been offcially decreed 5,150,000 Spanish long private estimates have ranged up to 5,350,000 tons, with some Certain types of overstig
quarters even contemplating the business are excluded from the possibility of a 5,400,000 tons scheme. They are banking, hire-yield this year. Homblower & Wocks says purchase,
Anance, dealing in recent price advances are ex-securities, insurance, shipping pected to enable American Canand air transport, professional atay to raise Act to around 3.30 a
and dealing in copy- July share in
1957 against 2.92 in services
Electric arst rights, China Mall Special. 2956. .Sangamo
quarter rise in not 9 scen
es à favourable omen for 1857
... lack of H. C. Bohack mer-
ger with either Safeway American stores has been
vived....disappointing net for
fret
Stocks Irregular
quarter for commercial On London Market
solventa casts doubt on 1957, re- covery above $1.20 camned inj 1950-Uniica Prem,
NEW YORK METAL FUTURES
New York, Apr. 30. Prices of metal futures closed today in cents per lb, as follows:
10.00b 14.85b
Lead May
Zind
QUAL JUDE
June
May
Copper May
Tin
11.90b
136
on
London, Apr, 20. Stocks ruled irregular in moderately active dealings the London Exchange today,
Blue chips moved up and down by @pence to a shilling. Oils were weak. managed to close unchanged, but British Petroleum, Burmah' and Shell Transport had losses ex- tending to more than 2 points.
Contract No. 4 (world)
Commonwealth Eire. Consolidated Fillson Continental Oil of Del. Crown Zellerbach Cuban Amer, Sugar 620-21 Diamond Alkali 1.28
Douglas Aircraft
0.27-29 Dow Chemionis
Dupont de Nemours
General Electric
September October Marely May July
6.28
4.30
Eastern Airlines
4.72
Eastman Kodak
4,80
E PARO National Gae
September
4.60
Spot-cents per 1b. fub Cuba) 8.35
Firestone Tyre & Rubber
Ford Motor
Open Interest: 1,408 contracts.
General Foods
Contract No. 6 (domestic)
General Motora
Con, Pub, um.
July
6.81
Getty Oil
September
5.58
November
ex-duty)
Spot-feente per lb. cif NY
5.00
Open Interest;
3,298 contracts
United Prost
Royal Dutch New York Foreign
C. P. Parson met selling in the nuclear power group, yielding about a shilling.
Exchange
New York, Apr. 30.
Closing rates were:
Canada British Government bonds England official dropped as much as 7 shillings 07505 (standard)]0 pence in Old Console.
Foreign bonds were mixed with casinoru ini Germán issues and firmner in the Japanese 1st Doflar stocks were lower,
United Pross.
JULO
May
17.00b
May
98,50b (strait)
·June
United Press.
LONDON METAL
PRICES
London, Apr. 30.
1.04-13/32
2.79-3/10
2.70-29/32 12,75-13/32
EF
30-days 90-day
Australia New Zealand South Africa
233
2.5845/10 2.70-9/20.
Belgium
Argentina
07/0
Uruguay India Pakistan
2004 2004
Others unchanged-inited Press.
Polish Zloty Devalued London Foreign
Porta, Apr. 30. Thio. Polish zloty has been
Prices of moins closed today devalved by one-third in rela
in sterling per long ton as on to the Ruedan rouble, the
follows:
Tin pot
3-month
Follsh PAP news Agency
Buyers Bellés reported today.
Truely
Exchange
Glidden Co.
Goodrich B, F. Co.
Goodyear Tyre
Gulf Oil
Heyden Newport Corp. Homesick Mining Ingersoll-Rand
Inland Stool Co.
Interchemical Corp.
Int'l Business Machinco Int Harvester 2.
International Nickal
International Paper Inti Tel de Tel
Jolm Manville
Kansas C. Power & Light Kennecol
Copper
Llangott "Meyerm Tob. Co.
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Lowenstein & Sona.
Co.
McDonnell Aircraft (Am.
[Suck_Exg6)
Membi Iron Corp.
Minnesota Mining Mission Development Monsanto Chemical Co.
Montgomery Ward
National Dairy Prod. National L
National Steel Cop
New York Central
Öle Mothlor
Otis Elevators.
Owe Lilino Chánh Pacific Gas & Elec. Pan-American Airwayn Paramount Pictures Parke Davis Co. Penny 3. C. Co. Pam, Balt. Co. Philip MortİE UREKA Procter & Gamble Ca, Pittsburgh Plate Glámi Publiciser industasem Pure Osthe Stadio-Corporą klori Hepublic Strel 2/10 Reynold Metal 21/10) shell ONC
Emina «Tunga Peper Jewry Italok, Bindlair, Oil
London, Apr. 20.
Closing rates were. New York The agency mid the zloty, Montreal whielt, hack, bees, normally or 4 Frankfurt far with the rouble, had been Lisbon 2014 devalued by the Pola Nadional Milan
Stockholm Bank at 1.0 zlotys par rouble.-
Totany Mobifoli
Bolar AurorKIT MERTA kaltad" Mouth Puerto Rico Southern NationM)
494,35.
14504
73.01
15.14
20.01
185.33
ECONOMIC
OUTLOOK
Melbourne, Apr. 30.
which in turn coloured reports
of
17% from the downward, pres-higher prices.
In the US the average price of one-hich cotton at 14 do- signated spot markets was not available.
Total soles at these, 13 marketa was 23,200 balos-United, Press.
GENERAL
TIRE PLANT
Tel Aviv, Apr. 30,
of the six Nearly one third
dollars output of the 15 million
The Department of Agricul- ture reported the April parity price for cotton at 37.00 General Tire plant here in 1956 This compared was exported, it, was reported conta a pound. with 30.99 centá a month pre here. Exports in 1938 totalled vious and 35.22 in mid-April $1.8 million against $1.2 million in 1955 and $0.8 million in 1954. last year.
Volume Open interest
$,100 114,100
Month
December
sure upon advances to pri- thought there
demand froin factories for May
July
October
Export orders received so far this year amount to $1.2, million and have come mainly from
Burma, Yugoslavia,
Belgian Congo, B11,000
35 Jón
38.21
34.84
TOKE
Norway.
the
Turkey, Finland, Iceland, Poland,
and Denmark.
1 expected African rod that trade with Aslan countries will improve li
to Isrnell shipping.
33.70
pects
$3.00
2.90
31.30
Is Installing The
company ntw equipment costing $2.5 MX- million to its plant and
exports
increase to further when this expansion has been completed. A new depart- ment for other rubber goods, such as rings for pipes and rail- way track appliances has also Mail opened. Chim been Special.
Prices of cotton futures closed the Gulf of Aqaba remains open an underlying demand from today as follows:
Spot and reflecting | May "The extent to which
factory interests be afforded light shipment offerings at July relief may
Some dealers October was a potential March vate industry and indivi- several hundred totis at around duals” says A.N.Z. Bank cent. in its current Quarterly Survey "depends largely upon whether the Govern sament can contain its own the new expenditure in financial year".
The Bank points out that "if cach successive modification of the pressure
manpower
upao
on-
NEW ORLEANS Prices of cotton futures closed
of switching Intr-dealers sept./July contracts was other trading feature. Locally, today as follows: spot No. 1 Res was quoted ai 32.corifs a pound..
21.34
Amsterdam rubber market was closed for holiday-United Prosa.
Spot May July October December March May July
October
LIVERPOOL
Cotton future closings, pence per Ib. were as follows:
Old contract -
1p
20.52
20.3
OGL/Nov
20.22
Dec/Jan.
were
Mar/Apr.
New contract
May/June
July/Aug.
Oct/Nov.
Dec/Jan,
Мог/Арт.
and materials, which is achieved CHICAGO GRAIN through credit restraint on the private sector, is offset by ex- panding public expenditure financed by Reserve Bank credit, monetary policy is unlikely to be effective."
24%
1514
00%
4416
Jays,
4
ment
Referring further to govem
expenditure, the Survey "Housing loans by the State Advances
Corporation have reached new record levels end the National Roads Board
to dip further into expects
instead
ead of achieving its reserves, budgeted surplus. Similar trends 001 may be evidenced in other fields
governament activity
4516
32
42% of
for,
MARKET
Chicago, Apr. 30. Grain futures. prices irregular on the Board of Trade today.
The
market
Liquidation of May wheat futures caused declines in that month's lees, but other con- tracts held about stendy to slightly lower most of the day. Soybeans were mostly higher reports of pending export
per maund were as follows: news in vegetable oil.
4F Sind roliger gin Wheat closing range: old of 2007 Sind roller gin
saw gin contract to 2% cents; new
27 although funds have been pro- myvided by savings banks, gover- 00% ment borrowing from the Roff
serve Bank has again intressed,
and easter
labour
conditions
bave enabled many sectors of 90% government activity to obtain 03% urgently needed workers."
"Further useful progress. In Now Zealand's over-sea reserves is being mad? | ás the current export scuson develops" states the Bank.
427
3 re-building
"From the viewpoint of pro-
to 1 cent.
Soybeans
26.17
DUTCH RUBBER
COMPANY SUFFERS LOSS
Amsterdam, Ap
30.
Resuls of the. General Tire and Rubber Company of ‚Hoi- 20.18 land during 1955/56 were again very disappointing, according to 28.83 a recent report. A loss was suffered of 1.7 million guilders 26.25 against a loss of 1.8 millions in 2011 the previous year.
20,44
KARACHI
was dull with restricted trading due to holiday Prices in rupees bust-feeling today.
closing range: up
to off. cent.
Prices per bushel in cents:
Wheat No. 2, red
Spot
May 222 (1) 22011⁄2 (1)
July
Wheat new contract
September
December.
July
September
December
March
67duction, the season, promisca 10 Corn, No. 2, yellow
572
be an excellent one. Diver- gent price trends, for New Zea- 591 land's major experts have re- the uncertainties emphasised always associated with, thurkel- primary produco but, overall, it seems that to motor
112
Spoi
July
September
December March
Bye..
May
July
16 change in current economic Ot
May.
policies is dictated by prosoa Berbeans, No. 2, yellow
tivo
export Hoturg..
tion in the coming months can
be directed at, maintaining the May more balanced conditions
Spot
which have been, attained in the
at cloter economy and ordination....,of marietary policies,"
40-
July Exptember November Jantary
fiscal
and
Exchange Rates
Busintas, was "done; là tíše. Local urotileinki ekhong market this
Barley, Boot New York four
200 lb. mci mukanagja
1173
130-140
$15.00
„United Press.
WINNIPEG PRICES
Winnipeg, Apr. 30, Prices of grain futures closed today. In cents per bushel as
morning at the following rates:- follows:
US. Coś (per B1)
Autoalan nota (per & 3)--
Tridonwušies suplaky (per 100), ...
14:20
hotica (per 100)
Singapore (Mitralta)
bet. 100 Ryc.
Juy
NAMESAKES
Factory
时
9116
Results of the first three fiscal months of the 1935/57 year were substantially better than last year, and the manage ment expects that the imperiope ment
will continue. --- China Mail Special:
TYPHOON MAP
With Latest Amendments
00
$50° MOUNTED
from
$4. UNMOUNTED
South China Morning Post Ltd.
HONG KONG & KOWLOON
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