SHARE SALES IN AUSTRALIA

Press, Volume LXXVIII, Issue 23581, 7 March 1942, Page 7

SHARE SALES IN AUSTRALIA

SOME RELAXATION OP PROHIBITION DEALING WITHIN LIMITS TO BE PERMITTED (Received March 6, 11.30 p.m.) (U.P.A.I CANBERRA, March 6. Important modifications in the Federal Government's national economic mobilisation plan are to be made to permit the resumption of some dealing in shares, stock, and land. The Government has accepted the recommendations of a joint committee of both Houses, appointed to report on the plan. Regulations embodying the modifications will be gazetted in a few days. The Government is to amend the regulation limiting profits to 4 per cent., exclusive of tax, so that it will take effect from a date to be fixed by Parliament, but no earlier than July 1 next. The sale of shares which have been registered in the seller’s name for not less than five months is to be permitted, and the Stock Exchanges have undertaken to fix maximum and minimum prices within which a sale may be effected. The transfer of shares and land by gift is permitted. Investors and brokers welcome the modifications of the regulations. It is hoped that a flow of share business comparing favourably with that recorded before the ban on free trading took effect will be possible. Actual trading in company snares will not be resumed until the scale of maximum and minimum prices has been fixed by stock exchanges, and some time is likely to elapse before the schedule is prepared. Share prices will be allowed to • fluctuate 10 per cent, above and below the rates ruling on February 19, or such basic price as is determined by the exchange committee to be in line with the market at that date. Provision will be made for I periodical revision of prices in the light of changing factors. It is understood that the onus will be on sellers to comply with the five months holding requirements. Sales of country land will be permitted where the selling price is nipt more than 10 per cent, above a fair and reasonable price as on October 2 last, and of all other lands where the vendor has been the owner for hot less than 12 months before the date of sale and the selling price is not more than 10 per cent, above a fair and reasonable price on October 2, 1941. The Federal Prime Minister (Mr J. Curtin) said that the Government would not entertain any proposal which would whittle down its policy of restricting profits in war time to 4 per cent, tax free. However, the tax proposals necessary to implement the Government's proposal to limit profits to 4 per cent, would not operate until after July 1. In the meantime no price increases would be permitted if they took profits beyond 4 per cent. Industry must retain sufficient liquid assets to meet the additional taxation when Parliament approved of the proposals. Mr Curtin added that the Government would take all the steps necessary to preserve real capital and to enable it to be utilised with the greati est efficiency in the prosecution of the war. ATROCITIES IN RUSSIA BRITISH GOVERNMENT PAMPHLET " SOVIET PEOPLE WILL NEVER FORGET” (8.0. W.) RUGBY, March 5. The British Government has published, as a 20-page pamphlet, Note* on German atrocities sent by the Soviet Foreign Commissar (M. Molotov) to all Governments with which the Soviet Union has relations. The first Note in November dealt with atrocities against Red Army prisoners, and a more recent one in January with those committed against civilian populations. A dreadful tale is told of. villages wiped out, of the pillage of children’s clothing and food, and of the hanging of people who protested against it. Labourers were forced to do all sorts of degrading and dangerous labour, including the removal of mines. Peasants were driven from their homes like cattle. Other incidents that ordinarily would be considered incredible are told in plain and frank language based on irrefutable facts. The limitless anger of the Russian people can well be understood at learning that their children had been shot, their priests bayoneted, and their women driven in front of German infantry. Crimes against Red Army prisoners have been equally abhorrent—prisoners run over by tanks and burned at the stake, wounded bayoneted in hospitals or left to die of disease, wounded stripped of their clothing and kept in starvation conditions. The Soviet Government lays all responsibility for these crimes at the door of the Hitlerite German Government. “The Soviet people will never forgive the atrocities, rape, destruction, and mockery which the bestial bands of German invaders are committing against the peaceful population of our country,” says one Note. GERMANS EXECUTE 1000 SERBS EFFORTS TO STAMP OUT REVOLT (Received March 6, 7 p.m.) LONDON, March 5. One thousand Serbs have been executed in the German effort to stamp out the Jugoslav revolt which, although nearly quelled, is expected to break out again in the spring, states the Berlin correspondent of a Stockholm paper. These figures were derived from a statement that for every murdered German 100 Serbs had been put to death. The magnitude of the revolt can be gauged from the German statement that a further 10,000 insurgents were killed in the fighting, So seriously do the Germans regard the guerrilla warfare in Jugoslavia that they have decreed that all forests and bushes are to be cut on both sides of railways and highways to • depth of 500 metres. GERMAN REPRISAL IN POLAND (8.0. W.) RUGBY. March 5. The Germans have shot 100 Polei as a reprisal for an attack on two German policemen, one of whom was killed. This was announced in Warsaw on Wednesday by the German Governor of the city (Fischer), who ordered that the details should be placarded all over the city. Fischer then threatened the Polish population of Warsaw that in the case of further attempts against officers of the German authorities the distribution of rationed food would cease. U.S. Economic Mission.—The Washington correspondent of the “New York Times” says an economic mission will leave shortly for South Africa to negotiate the increased production and amplified shipments of essential metal* from South Africa, particularly chrome, asbestos, and copper. Officials hope it will be possible to induce South Africa to reduce gold production and employ machinery and labour on obtaining vital war metals, for which Washington is reported to be prepared to pay an amount, equivalent to that spent on gold purchases at present—New York, March 5.