London, Aug. 28.
Dull conditions prevailed in the British Commodity markets today.
London Rubbe: sellers 12%—j buyers 12%—j, pot, buyers 1214 September delivery, sellers 12%
Liverpool Cotton: American Futures: t. 762 +12; Jan. 7.25 +10; Mar.
710 +09; May 6.98 +08: Egyptain Futures: (Giza, F.G.F. No. 7) No. 2 Contract: Nov. 11.98 213; Jan. 11.50 r. 11.19 +05; May 1087 +04. Tin. Standard, cash, middle price £25754—3; 3 mths. middle price £256 London Gold: Bar Gold, Fine, per oz 168/- unchanged.
London Silver: Market quiet and fea-tireless. Business was small After the official fixing the market was very quiet, Spot Forward Expansion of private debts generally indicates business activity, whereas swollen governmental debts usually denote deficiencies in the revenues, While government deficits must be eventually paid by taxpayers, private debts are generally repaid out of accumulated earnings which have been subjected to taxation. In the case of the excess profits tax, on the other hand, the greater the corporate debts, the greater is the Treasury's share of the corporate profits. This is so because indebtedness does not constitute invested capital, upon which the corporation's share of the profits is determined.
from, this taxation point of corporale or private debts would be more advantageous to the government than to taxpayers.
A method of taxation, like the excess profits tax, thus discourages the borrowing of money in order to either establish a business or to expand an established business. Stockholders must, of course, assume the risk of profitably employing borrowed funds.
If employed profitably, and the e: cess profits tax is levied on a progressive scale, the profits creditable to the use of such funds are subjected to the higher rates of the tax.
of the worst features of the tax that it operates most harshly on small or modestly capitalized cor-The inherent nature of renders this effect unavoid-
Adolph Hitler is due to make his appearance in Hollywood. and 20th Century i to film him in scenes for "I Marr which he, or a reasonable faes mile, Japan Overseas Markets Investigation Committee Kobe, Aug. 29.
In view of Japan's increased interest in trade with the South Seas and Latin America, the Kobe Municipality Industrial Section will send a special Overseas Markets Investigation Committee to the South Seas this year.
The committee will be made up of six trade experts. It will tour French Indo-China, the Netherlands East Indies, the Straits Settlements and the South Sea islands for three months, inspecting market conditions.
It is to return to Japan before the end of the year to make its report. A similar report will be made by a 1940 1939 committee of four which is to be
Text read from the printed page and cleaned; old type leaves the occasional error.