1947-04-19 — Page 9

Are You Sure?

(Answers on Page 10)

1. The allor pictured on a packet of Player's cigarettes has the name of his shilp on hie hatband.

Dreadnought, Nottingham. Hero, Flagrant, Nelson?

2. What dors the initiat aland for the following. Names=

In

Clement R. Allice, Darryl_F. Zanuck, Charles B. Cochran?

2. A

lest from the Test country. In what States are—

Melbourne, Sydney, Adelaide, Brisbane?

Name the

4. Two mouths,

men,

5.

เป

One of these breeds cattle has no horns

Hereford, Ayrshire, Kerru», Aberdeen Angus, Jerséƒ?

G. What have these in com.

101-***

Glistener, mousetrup.

finch, quid, stranger?

vold-

to

7. If you had to Alsatia in London you would go to

Soho. French Embassy, dis trict betweg Fleet-street and Themen, office of Chancellor of Duchy of Lancaster, Cruft's Dou Showe?

8. Into which of these dors the Danube flow-

Adriatle Atlantic, Black Sen, Mediterranean, Baltic?

9: Writing to an archdeseon you

would address the

velope- The

en-

Most Reverend, The Venerable, His-Grace, The Very

Reverend?

had hax

a

10. Germany bumper harvest of acurns. Good news for squirrels and—Why?

THE HONGKONG TELEGRAPH, SATURDAY, APRIL 19, 1947.

The great family businesses Were You At Stanley? are passing to the people

OME of the wealthy indus-

trial families of Britain are selling out. They are giving small people up and down the country an opportunity of taking a financial interest in. businesses which have been strict family preserves for any thing up to a couple of cen- turies.

Mr Dalton announced the other day that in the past eight months the Treasury had saur tioned the raising of £94,000,000 of new capital in the City.

It would be a fine thing for the country if all this money were to British be spent on re-equipping industry am so enabling it to pro- duce more efficiently.

considerable part of that L04,000,000 bas merely been trans- ferred from the packtets of ordinary of investors to the bank balances owners of private business.

In itself it has done nothing to enable us to produce a single addi- tlonal nut or bolt.

Why are the old owners selling? Some of them are attracted by the high prices of securities on the Stock Exchange and believe that now is a favourable time to "unlond" on the British public.

Outlook not

is

50 rosy

With their specialised knowledge they do not believe that the outlook for British Industry is as rouy N booming stock market prices would suggest.

Others are finding it more expen-

sive to run a business. By sell part

of their shareholdings and obtaining a Stock Exchange quola- tion for the shares they can raise the new capital they need,

There are others who do not want to sell but are being forced into it.

ÄÄNNERUNNERVEZETTEERIN|| by Mr Dalton.

TAX CAUSES

SUICIDES

The Tokyo newspaper, Asahi, says that Japan's new properly tux ranging as high as 10 percent has enused 10 Japanese to commit suicide since the first of the year.

It quotes city authorities as predict. ing "much mare suleide in the near fulure,"

"A case in point is Templetons, of Glasgow, which ranks as the biggest carpet manufacturing business in the British Empire.

It was founded in 1809 by a Pals- ley shawl manufacturer, whose great- grandson is the present chairman.

Magnitude

of taxation

Thughout its history the entire The property tax is a special levy | capital-nov valued at nearly designed to help reduce profiteering. £5,000,000-has been owned by the -Associated Press.

working directors.

By Bernard Harris

"The magnitude of present day taxation," the company announced the, other day, "makes it impossible fur thin policy to be continued.'-

This, business has made Scotland world leaders in dredging plant, The Suez Canal was excavated with Lobnitz dredgers, and n large part of

world's Un is recovered "Younger employees promoted to the

with the directorate are quite able to them. accumulate

capital acquire an adequate interest in the business.

suficient

to

"The question of 'death duties, coupled with the problem of repay- ments to deceased partners, has made inevitable the sale to the public of part of the capital,"

I doubt, too, whether Bentulla,, the Kingston store, would have been made a public company but for the estate duties-- heavy burden around £300,000-which followed the death of the founder, Leonard Hugh Bentall,

of

Other companies have been com- pelled to switch from private pubile form by surtax.

Effect on efficiency

Another Scots business to invite the public in is George Doble and Son, which storfed tobacco manufae ture in Paisley as far back as 1609.

In Lancashire and Yorkshire there has been great activity in the con- version of privately-owned textile businesses.

Sell out part of their stake

They include the largest card world, in the business clothing to centred in Huddersfield, which has

been privately owned since 1701.

But not all the conversions relate to old-estabilshed concerns. Ocen- sionally, enterprising peoplo have built up a prosperous business in quick time are selling part of their stake in I

A privately-owned concern making £180,000 a year profit can incur a tax liability for lis chief proprietor of up to Ĺ95,000.

If it becomes a public company the tax liability may be no than income tax at the standard rate,

£45,000.

1¢¥r

豫

reserves

who

as Town

In a family business, where Aunt Maggle or Cousin Tom may have the biggest say, It is ometimes Im- possible for a promising young out- alder to get on.

Ja oblitics fre all too often ignored in favour of a much less competent member of the family. Slackness is thus created and the business inevitably declines.

No one is the right to criticise the management or machinery.of a 'private company, ́În a public com- pany every

that shareholder has

That right-and often exercises it alone tends to keep the management on its toes.

►

Workers made shareholders

It never forgets that the Anaurinl results have to be made knowh to the world every year and that, once year, the directors have appear at general meeting to be shot al, if need be, by the shareholders,

Another advantage that the public company enjoys Is this-it becomes much easier for it to give its workers a direct stake in the fortunes of the business by making them share- holders,

K

7

A CROSSWORD FOR EX-INTERNEES (Others won't find it very difficult)

[2]

·Contri bulvd. "

ACROSS

What you were (Two words) (7.0).

These you hoped would come agnin (Two words) (4, 5).

You did well if you displayed this in the LEAN times (4).

It has been proved time and time again that direct participation by workers in ownership restores pride 10 There must have been at least in the job and nets as a considerable Incentive to effort.

Special facilities have been given

their workers

Seventeen years ago Mr and Mrs Hector M. Frazer, of Leeds, invested £3,000 In a small clothing factory, more The business they built from those by some of the companies who have

2.). a publie recently converted into public cun- beginnings, now known Tailors, Ltd., has become concern and the Frazers have sold cerns to enable part of their interest in it for just over £500,000.

The husband remains as chaleman while his and managing director, wife, Sarah, will continue to look after Inbour and welfare side of the enterprise.

in

Clearly, a "sturlax" enterprise must fall behind in the race for eflciency, it is greatly handicapped accumulating

to provide new machinery and equipment.

Some of the companies which are letting the public in as shareholders have a history going back almost to the dawn

Britain.

of Industrialisation

11

Among them is Alexander Stephen and Sons, who were building ships on the Dee and the Tay as early us 1750.

Famous liners

of the Clyde

A century inter they moved to the Clyde, where their yards have pro- duced famous iners for our passen- ger fleets and aircraft carriers and éruisers for the Navy.

Working On the same river is another century-old business, Lobnitz and Company, which has also Intely become a public company.

Is it in the national interest that old family businesses should become more widely owned? On balance it probably is.

Concerns.

littered

become shareholders.

or

the

9,500,000 shares made available to the

public in James 14 Nelson, Ltd., the Lancashire cotton manufacturers, spinners and rayon more than 1,000,000 were taken up by its workers.

If miners had had a

stake

23 This

sort of hotel charges was not exacted for your uc- commodation (Two words) (8,

I.

DOWN

Merely what most of the ruinours were (13).

2 Extra mealtime if you were

luchty (4).

might

Everyone adopted this literary

role about the camp (6).

A lake I mixed describe your existence in the camp (4).

Your daily diet ending in your resultant colours? (4, 3, 6)...

7 The frequent result of 6 (9).

a Feeling in the camp that was

sometimes false`(9).

A fish delicacy you did not get (5).

12 What you might have done ou a hot day with the beer you dki not get (Two words) (3. 2).

16 From which your mats were

made (0).

one girl name thus (4).

*

3

What you were required to do throughout (8).

11

What you had to do with your did not like the food if you look of it (Twụ words) (3.

4

་་

13

Literary work unwelcome in the camp (d).

The trade the Japanese stole

from Lancashire (0)..

10

Gaudeamus...

You when it was over (6).

17 What you hoped

tea your would come in but nobody would call you (Two words)", -(3, 3).

did

11

Your assumptions about your jailers had to be this (5)

Describes your condition then (Two words) (2, 2) (4))" One

of your poker players.

Behaviour we hope was practised in the camp (6, 3). - (Solution o

17

game

This was often told in conney- tion

1 with

down. (Two words) (3, 3).

20

not

21

the camp (4).

n Page 10).

The head of our most prosperous colliery group once told me that we should never have been reduced to nationalising the mines if the miners 18 had only been given a worthwhile stake in the industry.

.

The companies I have mentioned are outstanding examples of efficient

private ly run and well-managed

But I have no doubt that there is a much higher proportion of ineficient private companies than there Is of public companies. Our industrial history is

"If I had had my way," he said, 19 with examples of enterprising men "I would have opened an office at who have built up successful busi- the pithead where they could have 21

who bought and sold shares in the mine nesses and left them to sons worked less hard, while the grand- gons have hardly worked at all.

And in the end the shutters have gone up.

to their hearts' content.

"I'll wager we wouldn't have had 22 much absenteeism by miner share- - holders.'

→

Three (Malay) (4).

Operatie song rarely heard in

VIGNETTES OF LIFE

WHAT HAPPENED TO THE EDITORIAL

PAGE"

AS STUFTED WITH FOOD AS A

BOA CONSTRICTOR...AND NOT HALF AS ENTERTAINING:

་

EDITORIAL PAGE

HE'LL WANT THE EDITORIAL PAGE FOR THE FIRST TIME IN HIS

LIFE.....SOME RAINY SUNDAY -

WHEN BORED THERE'S ALWAYS A WINDOW TO STARE OUT OF... THEREBY BECOMING EVEN MORE SO.

| छ

"Rainy Sunday"

R KEMP STARRETT

*IF YOU DIDN'T SMOKE ALL OVER THE PLACE THERE

WOULDN'T BE CO

MUCH DIST

YOU CAN ALWAYS WANDER ABOUT THE HOUSE LOOKING FOR TROUBLE ..

A LITTLE DOST FRINSTANCE.

IF YOU WANT SOMETHING TO DO WITH YOUR- SELF WHY DON'T YOU GET BUSY ON THIS ANTIQUE YOU BOUGHT TWO YEARS AGO...

AND WERE GOING TO RESTORE'S

RAINY-SUNDAY-DESPERATION OFTEN ROUSES THE OLD. URGE TO CREATE ... AND WHEN HE STARTS TO PUT UP A SHELF YOU'D THINK HE WAS BUILDING 4 BARN.

GET NICELY SETTLED IN BATHROBE, PAJAMAS AND A TWO-DAY GROWTH AND SIDE AS DEBT SOME FOLKS YOU HAVEN'T SEEN IN THREE YEARS

VILL DROP IN.

"Ludger Syndicate

BETTER BE CAREFUL WITH THAT TALK... ABOUT NORING? TO LOL...

14.6*

ཅང་