WAR FINANCE
TAXATION PEOSPLOTS. Financial burdens arising from the War, and the inflation of the mon-! tary circulation of the country, were among the subjects dealt with ta meeting of the Institute of
EASTERN TIBET.
Lecturing on Eastern Tibet, before the members of the Royal Geogr. aphical Society, on Jan 27 Mr. Oliver Coales said:
The secrets of Central Tibet were unvelled by the British expedition to Lhasa in 1904. The northern part is an inhospitable plateau, inhabited Bankers, held at the School of Orien-only by a few scattered nomads. tal Studies. Finsbury-circus, under the The real Tibet, where the elevation presidency of Mr. G. J. Marjerbanks." is less, lies to the south, a country of
Mr. Alfred Hoare, in paper an The Prospects of National Taxa long river valleys that supports a fice," said that the Socialism that settled population of farmers. In the cast is Kham, of which very little has! was to be feared, and must be pre been known hitherto. "Its history is vented, was Bolshevism, and it seemed pretty clear that taxation, meagre, but its people are a com even beary taxation, employed toparatively pure race of Tibetans, who promote the lecitimate progress of how a great facuity of being able to seful public work, need not be absorb invading races Early in the regarded as a really formidable, still eighteenth century, it was a congeries us as a disastrous thing AP through of lay lama States, which came under the war they had been urged, and the domination of the Chinese Emperor many of them had taken part in at the same time as the Dalai Lama, Towards the end of the nineteenth urging
others.
n:
save
and
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Allied soldiers in the rarioss hospitals in Siberia so badly in need of reading! matter. Any books, newspapers, etc. for their use handed in at the G.P.U. will be packed and forwarde to them.free.
The parcel post service to Cuba is suspended.
It is notided that all restrictions as to the use of wireless' Telegraphy by Merchant Vessels on the China Station have been abolished.
The Services to Germary, "Austria, Bulgaria and the Ottoman Empire are auspended.
No anofficial letter addressed "to Abadan, Ahwaz or Mohammorah in the Persian Gulf may exceed eight ounces in weight.
The insured letter and insured parcel services between Egypt (or in transis
invest in Government 2 securities. Century Chinese control. weakened.THE HONGKONG SCHOOL OF MOTORING" through Egypt) and Cyprus are tempor
A serious attempt to re-assert the The real purpose of this saving!
industry of Emperor's authority and reduce the "was to divert the the country from the arts of Dalai Lama to a mere religious pontiff penge to those of war, to the inanu was in the way of complete success, when the Chinese revolution broke facture of munitions and of the plant i and machinery for increasing their out. In 1914 the British Government manufacture. The war being, as they tried to arrange a settlement at a hoped, over, the problem now before conference of British, Chinese, and them was to bring, industry back Tibetan delegates convened at Simla. again from war work to that of peace, but though a convention was drafted and it could not be done by reversing at the last moment China backed out, the process by asking the thrifty to and so relations between Tibet and China remain hostile. Now and again abandon their thrift, sell their Governi ment securities, and embark in the in his journey Mr. Coales came across Tisks of peace enterprise wholesale, small opposing forces. which would be the logical course.
could not be done for the simple frontier town of Tachicnlu. Here is reason that their thrifty friends narrow ravine, hemmed in by steep. would refuse to comply. On the mountains, glacier-topped, is the gate other hand, the creation of such away through which the teas and Silks vast volume of Rente as was repre- of Western China enter, Tibet. Its sented by the interest on the National shifty King, now deposed, still lives Debt constituted a difficulty which
had to be niet somehow,
The traveller started from thel
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Applications are Low being accepted. The School has accommodation for 200 pupils.
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Works and school, Shaukiwan Ofice, 4 Queen's load Central.
GAMBLING IN SHARES.
amily suspended.
Uninsured parcels, for the United Kingdom will in future be forwarded from Hongkong in bags and the Public! are therefore advised to pack such parcels very carefully.
Until further notice parcels for civil addresses in the provinces of Unina, Vicenca, Trevise Padua, Venice and Bel- lude in Italy will not be accepted for transmission unless posted under the British War Office Permit.
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patel would be the ease, they rese in cabre tim his Bject was not is- vestment but speculation. To enter! A SHANGHAI JUDGMENT. in the town, alternately oppressed and patronised by Chinese officials,
Teste such, trateactions with sugh un He estimated a total of 961 mil and puzzled Mr. Coalts by his stout- ness till it appeared that he wore
A Shanghai rover sok a client abjevt is someti:mas spoken of as lions as the Rent of the present! time. The figure, ie added, was the under his clothes at the pit of his reward. The fire ting bling on the Stock Exchange,
He took his profit. but it certainly do not follow that The The next time he let houvy. He the transaction involves any guning measure of the burden which except stomach a charri-box, which he the then won. as modified by xation, had to be believed kept his life safe. borse by the proci cers of the country journey was begun in snow, but Mr left bis broker to face thay music contra A centrict enot proper ale it is entered into in furtherance of in distinction from the rentiers: This Coales soon found his way to the The broker sued. The client plod be so described merely because It is a legitimate distinction, however, had, of course, prosperous valleys of the Horpad that under the Companies
country, and here, as constantly of Share Regulaticas 1015, the speculation. very little real existence; nearly
elsewhere, came
splendid numbers of the slates had be commercial transaction to buy a every rentier was also a worker.
Plant' 'rejed this the coucdity, in the expectation that lamaseries, some still intact, like that given. DISTRIBUTION OF WEALTH.
at Kandze, which rises ter non tiet power of the Minister to make King's it will se in value and with the Examining the matter of Rente,] he said, when a thrifty person, had on the side of a bluff, with palaces liegulations did not cover curs he intention of realizing a profit by its saved up enough to provide for his and temples resplendent in white old age out of the interest obtainable and brown and gold, and interiors Judge. Sir Haviland de Saus- reale. Such 'dealings are of every Straits-Per DUNERA on his capital, he might wholly or full of images, frescoes, and illuminez handed down a lengthy judgy Currence in conuerre. partly give up working and live by ated scrolls: others, such as" that went, agreeing with the contention gul aspect of these is the stemme Straits-Fer TJIBODAS.
his Rente. He might, and often did provide more than was necessary, and leave something for his heirs. Otters might do the same, and had, in fact, done it; so much so that about
8 per cent. of the wealth of the coun
across
of Chando, once so picturesque, a
that the Minister curinot make whater
contracts
The
be the nature of the 'com.
speculation in their shares, they bitter to protect people from the whereas a gaming contact is roid selves by putting an end to speak by English law and therefore also under the Owder in Council i ca- tres based on speculation on the stock exchange woukl be good in England by English law und illegal in Chim where Eogieb law governs British subjects. -
INWARD MAILS.
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TUESDAY, April 1.
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Per SOSEU MARU, 88.m Bangkok-Per NANYU MARE, No. 1, Japan via Mēji-Per HOKUTO„MARU,
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VUENSANG, 2 p.
Islands, Canada, United South States, Americs and EUROPE via Canada Fer BESSIE DOLLAR .5 p.
SATURDAY, March 29. Straits and Bangkok-Per KATSUKA
MAHU, SLID.
||
zaki, Canada, United States. Central and South America, and EUROPE Canada-Per EMPRESS OF ASIA. Registra- tion 9.45 a.m. Letters 10.30 am, SUNDAY, March 30.
Shanghai, North China, Japan via Naga-
thing of the past, the ruins of which Regulation to override the civil mality, whether it be a cargo of I have, accordingly, now only to campany, Nor, again, do such pur consider whether the Regulation uses and sales become gaining have been, turned and returned by law. Hore as the materabend of it: What or the shares of a joint-tock the Chinese in search of treasure.
does in fact conflict with the law of rontracts becimu. the person pur elasing in nos possissed of the contrant as it is to-day in England. 319,000,000 It was described by counsel for money required to pay for his pur ry was the property of 12 per cent. Income and super-tax
150,000.000 the plaintiff in his opening as one class, but obtains the requisite of its inhabitants. But alongside of Excess profits (arrears)
80,000,000 which out right across the ordinary funds in a large mousure by meus this unequal distribution there had Other revenue and
1,975,000,000 course of business as eurial on in of advances on the security of the been slowly developed a regulative Deficit..
England." and therefore one "which stocks or goods he is purchased. machinery"which had gone far, it
£2,715,000,000 is not in accordance with English This, also, is an everyday commer- was impossible to say how far, to
He did not not pretend that these law. The remuntion is founded on cal upsaction. For example, a rectify it. Probably if we could get the corresponding figures of a hun figures were to be regarded as pre- an ordinance of the Colony of Hong-merchant who has to pay the price dred years ago we should find an bable guess he put them forward long which made contacts for the ut a cargo purchased before here. even greater inequality. He did not merely as material for discussing the sale of shares in jort stocks consells it obtains in ordinary course the anet is practically means of doing so by pledging the bill of hiding. for moment believe that the rich principles upon which the taxation paris told.
It appears then that contracts had been growing richer and the which might be necessary should be identical with it only that the re- poor poorer. He did not believe it founded. First of all he regarded it gulation makes such
The Hongkong Owlnanec based on speculation in shares e even from the point of view of as desirable to proceed step by step illegal. measuring by money, and from the towards Eudget equilibrium. If the was founded on Leeman's Act, but not void in English law, and it fol- Swatow-Per BATTAN, 1pm. point of view of happiness enjoyed revenue turned out to be elastic only as was concerted in argument that as thest the interference we the Philippine Islands-Per YUENS he felt convinced that we had been to the extent of 10 per cent., as he Act differs in its object fran the two how at enntract which this regar Philippine Central · and steadily improving, and did not stand had assumed in framing the above local enactments. The fonner wasten affects is ultra cires. A some- from different conclusion, for in need of any tincture of Bolshe guess, he did not think we ought to to protect joint stock banks from what obscure result would follow vism, and he was confident that our be alarmed, or to impose any enorm- uage-earning classes knew just as ous fresh taxation, or have any wells our wage-paying classes that sensational measure, such as a capi anarchy is not the path to comfort-
tal levy. Second, as a corollary to tion. Both the Hongkong and China ibere seemed to be an impression the first proposition, we must be enactments followed on periods of China an ay quarters that the conditions prepared to carry on for a year or wild specului, that in
tulting from the war would only two by means of further borrowing beer the rubber boom of 1910. be temporary, and that after a year under Votes of Credit, provided that Now I wish it to be clearly under or two things would not be so very such votes are reduced, say, by antoi that I am not eriticizing the
It is with regret that I mere to different from what they used to be, thousand millions a year. Third, beneficence or rosozubleness of this that the old level of general prices such fresh taxation as might be im gution, it certainly was efficake a different view of the Mini would pretty nearly return, and that posed should consist mainly of thejo in stoppe speculation; butter's powers to that, whid he ha taxation would be reduced.
creased income andsuper-tax. Fourth,
of those buses where the Count in wise of ther the legislation, was could see no ground for these ex such increased super-tax should be what I have to consider is not whe- taken anself; but this is not on pectations. It would be silly to pro- scientifically graduated, and some reable but whether, in order to led on to interfere with the dis phesy confidently, but, the appear super-tax should be levied on quite ances were all the other way. As small incomes. A "levy on capitale speculssion in shares or for an etion of an authority entrated other reuse, the Minister is with the power of making subordi to the Budget of the coming year, had been suggested by
powered by the Order in Counet tonate gation, all I have had to 181-20, we did not yet know what of "subjecting" wealth
Only make such commute or that sugd do is to construe as Order in Council of great complexity, and having but this was course the Chancellor of the Ex-
scription," chequer would take as regards the income-tax
a highly incono illegal.
Now there i considerable come to a different conclusion to the excess profits tax, and his deci-venient and disturbing form. Clear- sion might be materially influenced the main instrument to meet the amount of confusion as to the mean bhatt which he arrived I am bound Str. MeNe asked for judgment. by the course of European politica steady growth of normal expenditure of speculation; it is often to give effect to my opinion. during the next three months. If, must be direct taxes, and several dentified with gambling, which is however, our hopes of peace were hundred millions would have to be quite a different thing A large with costs and judgment was realised in Russia as well as in the raised in this way. If so, was it not part of legitimate commerce depends tered accordingly. rest of Europe, it might be that high time that the matter of graduat-o spearlution, which cannot be demobilisation would go along ining them on a systematic method said of gurabling." I cannot do bet ter thin road the remarks of the good earnest, in which case it was taken in hand?
Mr. J. E. Allen remarked that the Privy Council in giving judgment, probable that excess profits
war might most disastrous thing that had hapin Forget v. Ostigny (1895, "Alo., longer exist and no excess profits pened in the financial world was the P. 33). The question was whether come into next year's Budget. If this expectation is to demebilisation postponement of taxation during the contracts for the purchase and suis VERY family should be provided Mrs. A. Course, Mr. Urquhart, Mr. W. G.
first ten months of the war. The of slures as a speculation was gurub- was disappointed, the figures he was result had been to increase the money. Lord Falshury in delivering about to suggest for consideration burden of the war by hundreds of tier Lordships" judgment "said "It would be considerably modified, but millions. He reckoned that they well be that the appellant was the modifications would not be in the postponement of taxation and the aware that in directing a purchase direction in which we should like use of pater had imposed an income to be made the respondent did not tax of 69 8d in the pound on the intend to keep the shares purchase, "to see them.
'BUDGET FORECAST. very poorest persons in the country, but to sell them when, as he antio: The "rough forecast which he People also who owned Debentures, offered was as follows:--
Was
due to the
FOR 1919-20-EXPENDITURE. Service of debt......
Sinking Feed
Army and Navy
•Pension........
Other ServiceS................. Votes of Credil..
He
no
In
way
to
bank shares, and, municipal loans had lost fully half the value of all that kind of property which they had'
£ 415,000,000 in July, 1914. A war financed by E0,000,000 loans was really franced by a con- 70,000,000 cealed levy on the capital in existence - 50,000.000
at the time that the war started. 120,000,000
Mr. Harold Cox cald the most im 2.000.000.000 pertant economic thing we could do! was to encourage further accumula- £2,715,000,000 on of capital. He referred to the desirability of some form of tax upon expenditure, ard the importance of £103,000,000 not penalising the perrer. whom they 58,000,000 wanted to accumulate capital for the 30,000,000 benefit of posterity.
REVENUE CN FASIS CY EXISTING TAXATION.
Customs
Excise
Estate Duties.
a
A FAMILY NECESSITY,
-Per AMAKUSA MARU,8am Swatow, Amoy and Formosa via Keelung MONDAY, March 31, Swatow and Bangkok-Per TAMING, North China and Japan VIA Kobe-Fer AKI MARU, 10 ...
China-Per Shanghai,
KWANGSE, 11 .. Shanghai and North
TUESDAY, April 1. MARUrth China-Per Japan via Nagasaki-Per NIKKO Shanghai and
TEAN, 11a.m. THURSDAY, April
North China - Per BUNNING, 11 am en-Shanghai and
JN,
PASSENGERS DEPARTED.
Per as. Tengo Haru, from Hongkong for Australian Ports: Dr. C. H. Oliver, Mr. S. Hall, Mr. T. Kanako, Mr. and with Chamberlain's Fain. Eain at Sumpton, Mr:3. Bradley, bir. Nonkervis, 0. R. all times. Sprains may be cured in much Mr. Bath, Mrs. B. C. Leid, Mrs. B. C. less time when promptly treated. Lame Fegan, Mr. L. I. Rosales. Mr. back, lame shoulder pains in the side and Eorignez, birs. Hellen Kaddiffee, Mr. M. cheat and cheumatic pains are some of Tsuchiya, Mr. S. Suide, Mrs. O. H. Oliver, the diseases for which it is especially Mr. and Mrs. J:G. Hall, Miss F. Tarrson, acquainted with its qualities and you Ballinger, Mr. and Mrs. O. E.. Campbell valuable. Try this liniment and become Mr. Geo. A Magher, Mr. Alfred G. Mrs. Willams, Mr. 8. Kobozni, Mr. K. will never wish to be without it. For Mr. M. Kai, Mr. H. Nambars, Mr. and Takahashi, Mr. F. S. Bouza, Mr. G. H. sale by all Chemists and Storekeepera.
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Tel. No.
1743.
WEDNESDAY, MARCH 26, 1919.
ENTERTAINMENTS.
THE
CORONET
MARCH 24, 25, & 26,
DOUGLAS FAIRBANKS
IN
Tel. No. 1743.
"DOUBLE TROUBLE
GET-RICH-QUICK WALLINGFORD "
ippisode 3.
BRITISH GAZETTE No. 495.
Booking at ROBINSON'S.
VICTORIA THEATRE
TO-NICET!
"ON
9.13 P..
THE BRINK
FO-NIGHT !!.
Featuring the Charming & Great Actress BELLE KÜBINNE
"BEES IN HIS BONNET"
Do not ask us to give you the plot of this HARÜLD LLOYED Comedy, Just ave the films.
--
MATINEE.
THURSDAY, 7th March at 4.15 PM.
THE WHITE SCAR "
A Dramatic Masterpiece.
Featuring JANE NEK and ANNA LLE.
HONGKONG THEATRE,
*MARCH 26, 27, 28. [Faramount Photo-Play in 3 parts. VIVIAN MARTIN
in
"THE RIGHT DIRECTION" Also Gazettes & Comics.
SAT. 9th. 11th & 12th Episories; of
LUMBERLANDS."
A, LABS OF THE
TUESDAY 1st April. Matinee, at 5.15 p.m. 9th & 10th Episodes of "GLOKIA'S ROMANCE."
A. D. C.
IN THE MUSICAL PLAY
"PINKIE AND THE FAIRIES”
For GROWN UPS and CHILDREN
by W. GRAHAM ROBERTSON
MUSIC by FREDINICE NORTON
With fall ORCHESTRA, CHORUS and BALLET
Over 60 Performers.
SPECIAL MATINEE: TO-MORROW at 430 p.m..
$3, $2 and $1.
"
PRICES:
Children balf price to Matinee.
Booking at MOUTRIE'S.
SPECIAL NOTICE.
Owing to a great demand" for a further performance of
'PINKIE & THE FAIRIES"
there will be a
FINAL MATINEE
on WEDNESDAY, April 2nd, at 4.30 p.m. Prices
$3.00, $2.00 & $1,00.
Booking will open, at MOUTRIE'S
on SATURDAY, 29th inst.
The Film that
everybody is talking about.
COMMENCING"
THURSDAY
AT THE
VICTORIA
CHARLIE in
HIS SECOND MILLION DOLLAR PICTURE.
"SHOULDER ARMS."
Printed and Published for The CoscERNED by GEORGE WILLIAM
CADR BURNET, Editor and Manager, No. 6,
Street, Hongkong.