Messrs, J..A. Wattie & Ca, have received the following telegram from Messrs. Barker & Ca., London, dated July 1:
Average spot price standard sheet 1/98 quality ribbed—smoked
Average spot price standard quality first crepe Market weak.
The "See Kee" Sale The directors of the See Kee Rubber Estates (1918), Ld., are in receipt of a telegram' from their agents in Singapore advising that the negotiations for the sale of the factory block have fallen through.
A new Shipping Board of six members is created and this board is directed to dispose of the Government fleet by sale. From the proceeds of such sales the Board is authorized to set aside $25,000,000 annually to aid private citizens in the construction of ships in private yards. Further to encourage building it is provided that shipowners shall he exempted from income and excess profits taxes for the next 10 years, provided they reinvest annually in ship construction a sum equal to the taxes they would otherwise have to pay. Entry to American ports is to be denied to foreign vessels which have entered into agreements to control freight and passenger rates. The support of new routes for American ships is left to the diseretion of the Shipping Board.
To offset subsidies granted by foreign countries it is provided that the railroads of this country sh&ll not grant an export rate on apy' shipment unless it is to be carried in a vessel of American registry. Export rates are ordinarily about 25 per cent. lower than the rates on domestic shipment. This regulation may, however, be suspend-
BY
Text read from the printed page and cleaned; old type leaves the occasional error.