HONG KONG AND SHANGHAI THE CHARTERED BANK OF
BANKING CORPORATION,
Authorised Capital
*** $00.000.000
Inmund and Mully Paid-up ----------- $30,000,000 Mate Panda:
Berlidgë. 1,000,000
Hillər
21,080,000
Sunorra Kisbility of Proppiatore $20,000,000-
IPAD OFFICE: HONG KONG.
RHARD OPINNOTORS: –
N. H. Urowa, Yam. Ghaleman,
W, H. Bell, K.q. Diety, Chalenka.
etan. Mr. B. D. P. Baith.
2.
. I. Compton, Esq.
. T. Jahnson, Lug.
Tomi Fay.
I
Chier
Kor
BANGKOK
BATAVIA
W. Iz Pollenden, Eng. B. Pearos, Haq.
J. A. Plasmer. Zaq.
J. 2. Warren, Eeq. anspr.
AIRE Mr. A. Q. İyone.
BRANCHES :-
LONDON LYOKS
CALOUTTA
MALACCA MANIA
BOMBAY
MOCKDOWN
XADARAKI
PEPPING
PENANU
CANTON
CHEFOO
NEW YORK
DAIDEN
FOOCHOW
HAIPHON
SAKORN
FERMBERG
SAN PRANCISCU
HANKOW
HARMIN
HONGKEW
ILOILO
1P011
JOHONE
KODZ
KANGOON
SHANGHAI
SISGABODE
BABAYA
SUNGRI PATANI
DIENTAIN
KYO
KOWLOON
KUALA LUMPAA
TAO TUXUMAMA
Current Acousta opened in Local Curranný and Pized Deponita recolzed for ana juar or Thorker periode la Local Currency and Sterling an terms which will be quoted on application. Thug Kong, Muh May, 1929,
HONG KONG · SAVINGS BANK.
The fusion of the shore Bank la condunt.
BANKING COMPONATION.
oticed pa application.
Rules may be
FOR THE BOSU KONG *- BELANOMAT BASKINU ÇERPORATION,
A. C. HYNES,
Chivl Manager,
Hong Kong isla Sepismber, 1977.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING BOCIETY)
LANKER.
Established 1971.
Hong Kong-Oo:-11 Quest's Road Central.
Aushed Capital Gulidaes 180,000,000- (£1,500,000.) I'mid Lip Capitaleza 10,000,000. 120,000,057.1 Jenera
................................... Culiders 40,000 DOL
[23,599,839)
Food
Head 0:-{AMSTERDAM'). Baxter Thead Dios:-ATAVIA, DRANCIES:-Bandjaran Bandoong") Bombay.
|
INDIA, AUSTRALIA & CHINA.
Incorporated by Royal Charter, 1853.
HEAD OFFICE: LONDON.
Paid-up Capital
Reserve Fund ...
Reserve Liubility of Proprie-
tora ***
£3,000,000 .£1,000,000
........£3,000,000
Agencies, and Brunches:
ALOR STAR
(Malay Blates)
R
BATAVIA BOMBAY CALCUTTA
CANTON CAWRPORE
COLOMBO
DAIREN (Dang
Suth Manctuart») DETAI
HAIPHUNI
ELA SEL
HASKOW
HLANIS
EN. Manchuria)
HÀNG RONG
Pork
1150
KARACHI
KLANU
KOUK
KUALA KANSAIL
(P.M.8.
KUALA LUMPUR
KUCHLING
MADIAS
MANILA
REDAN
NEW YORK
PEKING
PENANO
PESHAWAR HANHOON SAJOON SEMARANG
SEREMBAN
SHANGHAI SINGAPORE
HORARAYA
TAIMINO
(P.C
TAVOY
TIENTRIN
TORYO
POKARAEL (buketi TSINGTAO
SOKOHAMA
ZAMBOANGA
(Pippins Calend.)
Fareign Exchange and General Banking business transacted.
STOCK DECLINE
THE CHINA MAIL,
COMMERCE
ANOTHER SLUMP FRIGHTENS AMERICAN TRADERS
SOME HEAVY FALLS
close Quotations just before the Showed American Telephones 19 off, Westinghouse 23, cash registers 11.76 Current Accounts opened and Fix- Radio 9.75, General motors at seven ed Deposits received for 1 year or and a half, a new low level.-Reuter's shorter periods at rates which will American Service.
be quoted on application.
AND
FINANCE.
MÉTAL MINES
DIFFICULTIES OF VENTILATION DIFFICULT
UNDERGROUND
AIR CONDITIONS
THURSDAY, OCTOBER 24, 1929.
STAMP ORDINANCE
Text Of The Committee's Report
PROTECTION OF REVENUE
Prevention Of Evasion Of Stamp Duty
not recommend the adoption of this suggestion.
7. Another suggestion was that if the proposed draft section ware [adopted a special form of receipt for dividends passed on should be required by law. This receipt should be a declaration as to the particular ground on which the re- cipient is entitled to receive the dividend though not the registered owner. It was suggested that the The "China Mail" has received a copy of the report of the Stamp recipient would hesitate to sign Duties Committee which was appointed "to consider the amend such a declaration if untrue. If ment of the Stamp Ordinance with a view to preventing evasion of prosecution for evasion would be he did sign an untrue declaration,
the stamp duty on share transactions and of the estate duty on facilitated, shares. forming part of the estates of deceased persons."
The report incorporates the main proposals considered, an ex- Planatory memorandum by the Hon. Mr. J. P. Braga, and a minority report by Mr. J. Scott Harston.
The Committee does not recommend the adoption of this suggestion.
II
New York, Yesterday.
The dimeulties of mine ventilation, to which Agricola devoted consider Fellowing the early rallying ten- dencies the Stock Exchange excitedly lica," of 1530, frequently quoted as
able attention in his "Do Me Metal plunged into another sharp decline the oldest scientific treatise on min.
Registration in name of deceased Ticker fell hate an hour behind, fright-ing, have been augmented with the ening traders into wholesale selling. Increasing depth of mines, to such an
|la be prima facie evidence of when it was learned that prices were
ownership at death for purpose of extent that some experts regard the several dollars below the tape.
limit of mine exploitation, not
estate duty, and estate to be liable 1. The appointment of much as the exhaustion of the ores,
this would also be a somewhat less con- for contraventions of dividend sec- as the impossibility of securing Committee was first suggested onvenient one than the present duty tion (Proposal 1), the onus to be tolerable air conditions. The chief March 14, 1929, but the Com-on share contract notes, where the on the estate to prove compliance. trouble arises from the heat, but the mittee was not fully constituted stampoil forma can be obtained in difficulties of dealing with dust, con-
8. This was proposed by the The appointment of bulk beforehand. If the proposalon. Mr. Breen. A draft section. tamination of the air by blasting, until May 1. gas exhalations and explosions, the Committee was notified in the were not effective is oven con-to carry out the proposal is annex- rushes of water, c.. all Increase,
ase, Press on May 14, but through a ceivable that the revenue from (ed. The Committee recommends its because of the lengthening of deets mistake, the terms of reference had transfer duty might fall. In the enactment. Manager. NEW “ SHELL" ISSUE and lines, and more power may be been stated too widely, and they second place, if the proposed legla.
required before
the installation of had to be reconsidered. The new lation
III further plant LAB bo
were generally observed, completed or
Ad valorem duty on .contract even decided
economically terms of reference were notified in there would undoubtedly be a large notes and no duty on transfers. upon as justiflable. In collieries, the law has the Press on May 18. Immediately Increase in the taxation levied on long since enforced certain safety ap- after this the chairman was called share transactions.
9. Charge ad valorem transfer That might duty on the sale contract nota and pliances, including ventilation sys away from the Colony, and the first tend materially to reduce the buai-no duty on the transfer instrument. tems. In metal and mineral mines the law has a yet hardly interven-meeting of the Committee was not ness in shares, and might drive This was the Hon. Mr. Shenton's et, partly because in these casos gas held until June 4. Thereafter, the away capital from the Colony-proposal. A copy of his memoran- and dust explosions have not attract Committee met weekly, more fre- Brokers would be seriously affect-dum is annexed. The proposal ap ed public attention. The arrangequent theetings being found im-ed, and it is even conceivable that pears to involve the following sub- ments for the welfare of the work practicable, partly because of the the
ultimately sidiary proposals:~~
A. H. FERGUSON,
Hong Kong, Bth January, 1929.
TERMS COMPARED WITH OTHER
SHARES
':
THE HO HONG BANK, LTD. -
(Established 1917.)
CAPITAL
Commenting
ཀ
+
Authorised Issued Pald-up
Reserve Liabilities of
Shareholders Surplus..
HEAD OFFICES: SINGAPORE. Branches, Agencies and Correapon- dents in the principal cities of the world.
br the issue of B.A.T.
cont. preference per shares, "Gresham," the "Daily $20,000,000 Mall" writer on financial matters, 8,000,000 compares the terms with the yields 4,000,000 on aimilar shares in the market.
Interest on B.AT. 6 per cent. pre- he says, be 4,000,000 Lerence shares would, 2,210,000 covered 20 times over on last year's profits. By comparison the 6 per cent. non-cumulative "B". preference shares of the Imperial Tobacco Co.. are covered to interest nearly 30 times. These shares stand at 220. and the yield is £5 9. 9d. per cent. 7 per cont. Again, Shell Transport cumulative second preference stand at 268. G., and pinki £5 69. 3d. por cent, the interest last year having been covered 15 times. As a third comparison, Gresham" takes Im perial Chemical industries 7 per cent.
preference shares. Inter cumulative cat is covered 4 times and the present price of 268. yield at the
Every description of Banking and Exchange business transacted.
TAN ENG HOOL,
Manager. Hong Kong, 16th May, 1929.
THE BANK OF TAIWAN, LTD.
(TAIWAN GINKO)
HEAD OFFICE:-Taipeh, Formosa. Incorporated by Special Imperial
Charter, 1899.
Central Buk ia Formoen. Bank-Notas issued average amount Yen. 15,000,000 BRANCHES AND AGENCIES:
| JAPAN 20Tokyo, Yakahema, Kobe, Osaka.
d. is £6 12a, 6d. per cent. In order,. therefore, to return the same incomo as Imperial Chemical 7 per cent. pro profer- ference, B.A.T. 6 per cent.
im ence shares, would have to prove 444d.
or
in the
a
tries
in roon.
revenue
might
(a) Provide that a sale contract. This is the law at present: nee Ord. 8 of 1921, s. 28.
(b) Provide that this sale contract must contain:-
ers go beyond the legal obligations in some of the mines of the older necessity of preparing material for suffer. countrica, as well as in America, the meetings. The Committee ad- 9. The Committee would like to note must be made out on every sale. and what is, to the European, still journed on July 9 for the prepara- draw the attention of the Govern- in a sense, the new world. In some tion and circulation of the report. ment to the suggestion contained in mines, however, especially
The final meeting was held on July paragraph 16 of the Appendix, that where technical development has not proceeded very far, condi- 30, 1929. These facts are mention the Collector should regularly keep tions are deplorable. Mr. D. ed because otherwise it might ap-a record of the amount received by Harrington has givan examples of pear that undue delay had occurred. way of transfer duty, in case the both kinds in the Information Gir- cular No. 6136 of the United States ference were as follows:-
2. The revised terms of re-proposal to increase the scale of Bureau of Mines, an
ahare contract note duty and to Progress in
abolish share transfer duty is re- Metal Mine Ventilation. This was recently prevented as a paper to the
vived. American Institute of Mining and Metallurgical Englacers,
South
(1) The number of shares (not, the numbers of the shares) and the name of the company. 3) The name of the seller. (2) The price.
(c) Provide that the delivery of the "To consider the amendment of
shares to the buyer must be accom the Stamp Ordinance with a view to
panied by a transfer instrument, preventing evasion of the stamp duty an share transactions and of the estate
10. It was objected in some executed by the seller and buyer, con- duty on shares forming part of the quarters to some of the proposals shares as the sale contract note, and taining the same particulars of the Heat Stroke The' 1927 report of the Govern estates of deceased persons." + that if they were adopted the Gov- having on it a certificate by the Col-
The Committee took the first part ernment would be departing from lector that transfer duty iment Mining Engineer of
has been Africa recorded eight deaths and six of the reference to menn, "with a a bargain entered into with the paid. non-fatal cases from heat stroke. view to the protection of the re-stock exchanges at the time of the (d) Provide substantial penalties, The fatal cases were all natives, venue derived from stamp dutiea on passing of the Stamp Ordinance, for non-compliance, and for acquier- against both brokers and principals, mostly new to the work and to the share transactions," because thera 1921. The Committee cummot agree cence in non-compliance. mines. 18,
Five of the non-fatal col- lapses occurred to young white work is no legal obligation to execute a that the discussions which took Transfers by way of mortgage health, and they were the first cases transaction, and accordingly failuresented as constituting a bargain32. This fee would alan apply to among Europeans to be reported to do ao cannot properly be called which would the the hands of the transfers to trustee to cestui que The air responsible for these acci,
Government for all time. dents was saturated with moisture at
trust and by executors to bene- temperatures between 85 and 91 deg.
Dated the tenth day of August,ficiaries, and also to gifts." "Trans- 1929.
actions between authorised dealers (Signed) J. H. KEMP, Chairman. of the stock exchanges" would be
28.
.to market premium of | FORMOSA :---Útion, 1 Bagh Karnako, Renjung.
Sakong, Nante, Shochiku, Taichu, Teton, 4. To return £5 98. Gd. per cent.
the same as Imperial Tobacco 6
Amby, Poochaw. ceat. "B" reference, the BA.Terer subsequently found to be in weak fresh transfer instrument on each place then can properly be repre- would be charged a nominal fee of
pre-
Takuɔ, "Tamaul, Town, Heiso, Tako, GIUNA :—Shanghai, Hankow,
Hwalow. Casion. Coleus, Charlton, Domber, Dial CT11EES:-Hoog Kong jakarta") The Llague'), Jordan, Kobe,
Bingsure, Bourabaya, ference shares would have to stand Hata Hadja, Makaseni, Kesan, Pukang
Semarang, Patavin, Bombay, Clout at 21s, 10 %d. If they are to be put London, New York, Dairan. Palombang, 'akaiangan, an
same yield basis on the LONDON JANKERS:
ns Shell Fontianak, Bangoon, Beam The Looden County Wastinisalar and Parr's Beak.socond proference, B.A.T. preference Baro
Shanghai, Sibolgs (Bamata), Bingapore, Bordain, The Bank hes Correspondente in all the prof Rs. 4d, per share over the issue would have to stand at a premium Boerakarta (Solo), Tegal, Tilation cipal Commercial Comizes throughout the world. and Weltevreden.")
K. NAQUBA
price of 209, Manager.
The free hava sala deposit boxes de 200, Londos Baskera: National Provincial Dank Ltd. formspundente sil over the world
ebling busineu of sysły description ranacled.
P. M. ELBREMS
Hong Kong, Min May, 173,
Managar.
BANQUE DE L'INDO - CHINE.
HEAD OFFICE:
96, Boulevard Haussman. Paris.
Subscribed Capital Fra. 72,000,000.00 Paid-Up Capital...Fra. 68,400,000.00 Reserve Funds ....Frs.132,000,000.00
BRANCHES:
Hong Kong Quinbon
Salzon Mengtze Shanghai
Bangkok Battambang Hus Cantho
'Canton Nam-Diah Singapore
Djibouti
Neumen Thanhas Tientsim TouraDe
Fort Bayard Fapecte Haiphong. Puking
Hankow Paom Ponh Vinh Hanoi Fondicherry Yunnak?u
BANKERS:
IN FRANCE: Comptoir National d'Escompte do Paris; Credit Lyonnais; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; 30- ciete Generale.
HONG KONG BRANCH:
28, 29 Vorut Road Central, Itung Koo, th January, 1929.
THE BANK OF CANTON, LTD.
Established 1912.
Head Office: Hong Kong,
Authorised Capital (¡£.K. Curren03) ...$11,000,000 Paid Up Capital ...
8,684,200 Bar Fu
600,000
BRANCHES.- Canido, Bhanghai, Mackow, Bwalow, Hanghuk, New York and San Francisco
LONDON BANKEES :-**
The Lloyds Bank Limited, Correspondente la all principal citise of the
Wodd.
Foreign exchange and tacklog bueinans of avory description Transacted.
isle Drost Boxes (various sicar) at a yearly redisk of 'from $5 to $40.
LOOK POONG SHAN,
Chief Manager. Hong Kong, 19th February, 1927.
THE BANK OF CHINA. 行跟國中
(Specially Authorised by Presidential
Mandate of the Republic of China on the 22nd of November, 1917.)
IN LONDON: The National Pro- viacial & Union Bank of England, Ltd.; Comptoir National d'Escompte Authorised Capital de Paris; Credit Lyonnais.
Paid-up Capital
IN NEW YORK: J. P. Morgan & Reserve Fund Co.; French American Banking Cor- poration; Guaranty Trust Co. of New York.
Interest allowed on Current Ac- counts and Fixed posits according to arrangemnants.
.$60,000,000.00 18,218,800.CO 9,020,425.24
HEAD OFFICE: PEKING.
HONG KONG BRANCH: 4, Queen's Road Central. Branches and Sub-branchos all over China and Correspondents in Europe,
Every description of Banking and America and other parts of the world Exchange Business transacted.
London Bankers:-The National Provincial and Union Bank of Eug- land, Ltd.
Safe Deposit Boras to let.
A. LECOT,
Manager.
THE YOKOHAMA SPECIE BANK,
LIMITED.
Established 1880.
Capital (fully paid-up) Yen 100,000,000 Reserva Furd
Yen 168,600,000
Head Office-YOKOHAMA.
Branches and Agencies at:
Nowchwang New York
Alexandria
Batavia
Bombay
Osaka
Buenos ATOS
Calcutta
Canton
Peking Rangoon Balgon
Changchun
Rio de Janeiro"
Daire (Dalby) Jan Francisco Fangtion (Makdon) Seattlo
Hamburg
Hankow
Harbin
Hoàg Tony Honolulu
Kal Yoru
Karachi
Kobe
London
Los Angeles
Manila
Nagasaki
Semarang
Shanghai Shinozone Singapore Soerabaya Sydney
Tientala Токто
Tainantu Tringtan? Vladivostak
(Temporarily dloxed)
1928.
Han Keng,, 1st Mare
rast allowed on Current As Depoalta recdired for fized periodi rates to be obtained bu application.
MORL
The Guaranty Trust Company of New York.
New York Bankers:-The Irving National Bank.
The Equitable Trust Company of New York.
Interest allowed on Currant· Ac- counts and Fixed Deposits. Terms on application.
RUBBER ISSUES
Market Subjected to Wide Fluctuations
Business during last week was not too plentiful and under the influence of rumours of co-opera- tion on the one hand and of unsatisfactory stock Agures on the other the market was sub jected to wider fluctuations than for some weeks post.
On any fall, however, buyers have been Bumerous and sellers more re- served.
It does not seem likely that prices will recede much further Whilst, оп the contrary, any bullish feature would certainly have the effect of hardening the market. Although there is a good deal of scepticism with re- gard to the suggested Dutch scheme of cooperation there is novertheless a strong feeling that on the real issue of supply and demand markets should continue to harden.
American operators are begin- ning to inke an interest in the commodity and the RG.A. аги still deliberating as to what policy they will take. Specula- tive shares have fluctuated in ac cordance with the daily tone of the market and during the Arst part of last week business WAS very zetive.
RUBBER AUCTION
US. & DUTCH CO-OPERATIVE SELLING SCHEME
evasion.
3. The First Appendix to this F. Ice-cooling is being tried for report contains a note of the main special purpose in the Kalgcorlic proposals which were considered by gold mines, Western Australia. The the Committee. The Committee re- high temperature and the fumes of commends the adoption of the first
there made it neces explosives
the
sary to keep the workers out of the and second proposals in the first two hours after Appendix. Draft sections to carry winzes for nearly blasting. Recently, the experiment out these two proposals are annex- has beep tried of placing 50 lb. ofed to the Appendix as Annexes A ice ader the spot in 6-in. pieces, and and B. cooling and clearing ciently by these menas the winze
for minutes
the air suffi
1-
4. The Hon. Mr. J. P. Braga to bo re-entered 40
after signed the report under reserva- aring. Drives and cross-cuts
aro tion. An explanatory memorandum cooled, with some success, by pass by him is contained in the second ing slightly compressed air over Appendix to this report. ewt. Ice-boxes, placed 90 ft. from the face with a
5. The third Appendix to this pipe outlet 20 ft. from it. In the United States, CO2 report contains a minority report machines and iceless refrigeratorsby Mr. J. Scott Harston, who, how- employing gas absorption and libera-
་
Dust Dangers
case
of
•
M. J. BREEN."
R. H. KOTEWALL.
A. C. HYNES.
J. P. BRAGA.
B. D. F. BEITH.
J. SCOTT HARSTON.
LI TSZ FONG.
TESTER.
E. M. RAYMOND.
FIRST APPENDIX
exempt from duty.
10. The advantages claimed for this system appear to be as follows:
(a) All transfers of shares would [pay ad valorem daty, except the special cases of loans, trusts, etc.,
and except "transactions between au- thorised dealers of the stock ex. changes."
(b) "In almost all cases the shares would be transferred into the name of the buyer because would cost the buyer nothing to do so and ho Vurious Proposals Considered by holder, and this would reduce eva- would get all the rights of a share
Committee
* Passing on of dividends prakibit.
sion of catate duty.
blank (c) The
transfor system could still be used for loan teannac tiona.
ed." "No new taxation is suggest- (But presumably more revenue 1. Make it logal to pass on would be collected because evasion dividends to subsequent unregister would be reduced). ed-purchasers. This proposal was shares registered in his own name, (c). The....investor who gets his originally made by the Hong Kong would no longer be at a disadvan Stock Exchange in 1921 and it is tage as against the speculator with concurred in by the Hong Kong regard to the payment of duty. Stock Exchange in 1921, and it is 11. The following. criticisms concurred in by the Hong Kong have been suggested:- Sharebrokers Association. I la (a) The proposal would result in objected to by the Share and Real an enormous increase. in taxation. Estate Brokers Society of Hong given
The following examples have been Kong. A draft section to carry out 500 shares at $130 this proposal is annexed. The Com-20 cents per $100 mittee recommends the enactment Present duty,
Le, 2 contract notes of this section.
Increase
.$85,000 130
....... 20
.3 110
If bought for forward delivery, and there were a net off sale, the figure would be
Increase
$360
.$220
.$100
tion by silken gel have recently been ever, signed the main report. introduced.
6. The Committee hopes that the two proposal recommended, if As regards dust, Mr. Harrington adopted, will have an
appreciable ed. refera to tha United States Public effect in preventing evasion of Health Service Bulletin 176 of 1928, estate duty in respect of shares. which emphasised, and supported by statistics relating to cement works, The first proposal, which may be that all dust, and not only the free referred to as the dividends pro- silica dust commonly blamed, is in-posal, should tend to encourage the jurious to the lungs, eyes and gon-registration of transfers at the time eral health of the workers, also ren of each declaration of a dividend, dering them liable to influenza and cheumatism. In South Africa, simple and the second proposal should tuberculosis is now found to be ex make it easier for the Estate Duty ceedingly prevalent smang native Commissioner to ascertain whether miners, and 83 per cent. of all their shares standing in the name of a compensatable diseases are ascribed
deceased are part of his estate or to miners' phthisis. Fire risks were scarcely considered in metal mines not. The second proposal also em- until the Granite Mountain fire in bodies a provision which is auxili. Butte, Montana, and the Hollinger ary to the first proposal, as it fire in the Porcupine gold mines, makes a deceased's estate liable for 2. It is hoped that the mere pro- Ontario, resulted, respectively, in the deaths of 103 and 39 men in 1827 contraventions of the dividends hibition may be enough with some and. 1928. Both those Ares
and section..
persons, and that with the others many others, were due to open 7. The Committee recognises the possibility of prosecution and lights, possibly cigarettes, and the that these two proposals fail in cer a heavy penalty will be a sufficient combustible material
was sawdust tain respects. The first proposal inducement to them to abandon a from explosive boxes, timber, ell does nothing to encourage registra practice which in any case gives cents per
If the transfer duty were made 10 4c, giving off poisonous fames in
$100, the respective in- dangerous quantities, though no at- tion except at dividend time, and them unnecessary trouble, and creases would be $45 and $90. tention was paid to the small waste accordingly it will have little or which exposes them to pecuniary 10 cents per $100 the revenue would (b) If the transfer duty were made heaps which caught fire-Engineer- no effect during the ing."
period risk in the case of partly paid lose. between dividends, or In the shares.
The following example has been are companies which
3. The draft section makes it given:- not paying dividends. In the clear that a trustee will still be on- $10,000 worth of shares, 10 trazas -
fers at 10 cents Singapore, Oct. 10.
latter case, however, business titled to pay to a cestui que trust Despite last week's increase of
will probably be small. The second dividends on shares which he holds Every description of Banking Jul 2,095 tons in UK. stocks, the
proposal will assist the Estate Duty for that cestui que trust, but it is ness transacted.
Loans granted on approved secur market has had a healthier tone
Commissioner considerably where provided in sub-section (4) that the Ities.
during the past week as the re-
the shares are registered in the registered owner is not to be deem Special facilities for Home Ex-ault of better advices from Lon-
name of the deceased, but it willed to hold as trustee for any subse change.
don and New York, but at time
The following unclaimed tele not help the Commissioner to disquent purchaser. SHOU J. CHEN,
of writing it appears to be some-
grama are lying at the office of the cover shares beneficially belonging 4. It is also provided that a Consequent loss to revenue what uncertain.
Great Northern Telegraph Com-to the deceased, which are not re- person who bona fide lands money If, however, the transfer duty were
gistered in his name.
on shares may claim the dividend if 20 cents per $100 there would be not In addition to covering by pany (Limited) of Denmark:-
a loss but a gain to the revenue of "shorts," there has been a fair
8. The Committee carefully the express written terma of the $80. amount of buying-by dealers.
examined the Hon. Mr. Shenton's loan agreement entitle him to do (c). There would possibly be very Private advices from New York.
proposal to charge ad valorem so..
little more registration of transfers are to the effect that the tone
5. The transfer duty on the sale contract
maximum penalty Is than at present. It is true that re there is "bullish," which would Richard Curry, 8.8. "Guoam,"
ote and to charge no duty on the made $1,000 or the total amount of glatration would not involve the pay transfer instrument, appear to indicate that greater from Kobe..
Various the dividend in question, whichever ment of any duty, but there would be no new inducement to register, and criticisms of this proposal--are limit be the greater
the usual influences against registra- 6. One suggestion on the above tion would still exist, eg., trouble and course be seen that the criticisma proposal was that all claims for therefore be of little or no help to lack of secrecy. The proposal would sre not a single body of reasoned dividenda against the former (rewards preventing evasion of estate, argument but are Independent gistered) owner should be absolute-
duty. criticisms. The chief reasons y barred after å year, and that the (d) If a heavy ad valorem duty which led the Committee to reject registered (bat no longer bene were placed on contract notes: some this proposal are the two following.ficial) owner should be empowered persons would probably be tempted to In the first place, the Committee is and required to repay the dividende demand contract, notax, wpecially break the law and would not give or not satisfied that the proposal (If collected) to the company, or where it was not intended that the would be affective. The public will, to collect them and pay them tato shares should ever be taken up. tele-pay a light and convenient duty, the Treasury. It is assumed that People will pay a light and convenient. but will often try to evade a heavy it was intended that the subsequent duty, but will evade a heavy or in- or inconvenient duty. The heavier beneficial owner should be able to contract pays something, though per- convenient duty. At present every duty on sale contract notes might claim the dividends from the com- haps in the case of contracts: between lead to evasion of the provision pany, or Treasury, upon getting brokers this is not always the cams. Baperintendent, that a share contract note must be himselt registered as the owner of Hong Kong, 17th Oct., 1929. { mzda ́ent 'on every sale. The duty the shares. The Committen does (Continued on Page 2.)
Manager.
STANDARD TIME,
SUNRISE AND SUNSET IN COLONY
Sunrise and Sanset in Hong Kong for October (Standard time of the 120th Meridian, East of Green. wich), are as follow
UNCLAIMED TELEGRAMS.
THE GREAT NORTHEKN TELEGRAPH CO., LTD. OF DENMARK
Chlu Dong-young, Ligation Drug, Wantaaf, from Kobe.
Hardiviilfars, "Atsuta Maru, from Shanghai,
weight is being attached there to T. P. Tailong, Shangwan, from given in the appendix. It will of
the Dutch
Co-operative selling Kobe. scheme than is being attached to it locally,
Bidding was again good at the auctions yesterday, and of 882 tons catalogued, 759 tons Wore Sunrise Sunset offered and 510 tons sold..
October
a..
· pum.
24
6.24
25
28
6.38
6.24 5.81 5.80 6.25 6.50 6.28 5.40:
6.26 6.49 0.28 5.48
SEAPORT RUBBER
The directors of Seaport (Belan- gor) Rubber have solved to recom- mend payment of a dividend of 6; per cont." (last year ♬ për cent.) for year" ended. June 30, 1929, less Lax at 41.
F. E. A. WORSOE,
Acting. Suprintendent. Hong Kong, 17th Oct, 1929,
THE EASTERN EXTENSION AUSTRALASIA & CHINA: TELEGRAPH CO., LTD.
The following unclaimed gram is lying in the EE Telegraph Co, office, Hong Kong
Asticlips, from Sydney,
BLACK,
At present, assuming that transfer duty is paid only onco in every ten transactions the duty pald i
transfer at 20 cents
20 contract notes at și
Total
.$.20
$100
$120
..... 20