THE
CHINA MAIL.
WEDNESDAY, JANUARY 27, 1932.
BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION.
Autheted. Capfiat
.... $50,000,000 Leeted and Fully Paid-up wannomine 11,000,000 Boors Funds
Sterling .......... 1,800,
Bilver
--- $10,000,000
Homero Zásbšity of Proprietors use #36,000,00
HEAD OFFICH ; HONG KONG.
BOARD OF DIRECTORS.-
Hon. Mra0..0, 3. Maskik,
Okaz
Bon. Mr. 1. 3. Paterson. Deperly ChairmER.
J. à. Plume
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.
Incorporated by Royal Charter, 1858.
Paid-up Capital
KADRLA
MANILA
NEDAN
י
THE HO HONG BANK, LTD.
(Established 1917.)
HEAD OFFICE:-SINGAPORE, Hong Kong Branch: 11, Queen's Rd. C
Autherlied Capital: Straits $20,000,000 Issued Capital... Paid-up Capita]
of Shareholders.. Surplos
4,000,00 暢
Commerce and Finance
OF THE BRITISH TAXPAYER
Remrse Imbilities
8,000,000 4,000,000
HEAD OFFICE: LONDON,
#
2,687,000
THE
BURDENS
Reserve Fund
Reserve Liability · of Fro-
prietors
Agencies and Branchen:
ALON BIAR
Branches, Agencies and Correspon .43,000,000 | dents in the' principal cities of the .24,000,000 | world.
Every description of Banking ane .20,000,000 | Exchange business transacted.
TAN ENG HOOL,
A BOLDER POLICY NEEDED?
Manage
AMBITRAR
KUCHING
BANGKOK
V. H. Ball, Esq.
Boy.
BATAVIA
A. IL. Compton, Eaq.
T. 1. B. Shaw, Esq.
BOMBAT
BANQUE DE L'INDOCHINE,
0. Miskin. Eng.
J. P. Warren, Paq
S. B. Parse, Eng.
CALCUTTA OANTON CAWNPORE OKDU
NEW YORK
PEPING (Paking)
PRNANO
HEAD OFFICE:
COLOMBO
HAIGON
DAIBEN
SEKARAND
BERENDAN
ANOT
ВАНОКОК
BATAVIA
DOMHAY
CANTON
Chial Manager.
V. M. Grytum, Baq.
BRANCHES
LONDON
LYONS
MALACOA
MABILA
MUAR (Jabor)
OLLOUTTA
CURPOO
OGLOMDO
DURAN....
MUEDEN
NEW YORK
PEIPINO
PEVANO
RANGOON
POOCHOW
JAMBURG
RAYHONG
HANKOW
HARDIN
HONOKNW
ILOILO
IPOR
JOHORE
кова
KOWLOON
KUALA LUMPUR
EURASTA
BAIGON
HAN FRANCISCO
RIE AND HAL
RINDAPOOS
BUYOZI TATANI
TIENTSIN
TOKYO.
TARNOTAG
YOKOHAMA
wwwww..com.comm
Current Accounts opened in Loon C
and Fixed España rived for one your or sharter periods: im Loo! Ourspooy, and Sterling
on tema which will be quoted on application. Bong Kong, Desember 1, 1851.
HONG KONG SAVINGS BANK.
The Busloose of the abors Bank i conced by the HONG KONG AND BRANGRAI, BARK- 10 DORPORATION. Bulce may be obtalbod on appassion
FOR THE SONGKONG AND SHANGHAI DANKING CORPORATION,
Y, M. ORAYBURN,
Chief Manage
Hong Kong, 18th July, 1980.
THE BANK OF CANTON, LTD.
Established 1912
Head Office: Hong Kong.
Authorland Ompliat (IX. Burnsmoy) ... BI! 200,800 Phid-Up Capital an 8,065,000 Beseri Prad 1999
1,100,000
In
BRANCHES :-
Csalos, Shanghal. Hanhow, Bwalow, Bangkok, New York and Gam Practico.
LONDON DANKERS 1--
The Kiard's Bank, Limited. OGRRESPONDENTS
principal oftiau of the World.
Foreign Exobangs and banking bonnes of
avory description lissacted.
Bade Depot Born (vartona sinbol at a yourly
rental of from $5 to $50
LOOK POONG SHAN,
Chief Manager.
Subscribed Capital .$25,000,000.00
DELKI
HAIPHONG
HANDURO
[POEL.
КОВЕ
HANDOON
HUANOHAI
BINGPORB
SITIAWAN
95, Boulevard Haussmann, PARIS.
BRANCHES:
China,
Genton
HANKOW
ЦАНИЯ
BOURABAYA
HONO KONO
TAIPING
ILOILO
TIENTSIN TOKYO
XANACIM
TONOKAH (Đbuket)
KLANG
TRIKOTAO
YOKOHAMA
TUALA KANGSAR
ZAMBOANGA
KUALA LUMPER
General
Bus
Nam Dinh
Prom-Penh
Indo-Chins. Salgon Battambang
Bangkok Cintho Fort-Bayard Haiphong Hankeou Djibouti Banol Thanh Hoa Hongkong Noumea Morigtze Peping Papeete Shangbai
Pondicheri Tientain Yunnanfou Singapore
Foreign Exchange and Banking business transacted.
Current Accounts opened and Fix-
ed Deposita received for one year or shorter periods at rates which will be quoted on application.
1. STUART,
Manager. Hong Kong, August 17, 1991.
NEDERLANDSCHE HANDEL MAATSCHAPPIJ, N.V.
(NETHERLANIA TRÁDIÑO SOCIETE)
DANKERS.
Cetabllabad 1824.
Hong Kong Omos 7-13, Quona's Bood Central.
Asineled Capital ... Qulidəri" 118,000,00% Pull-Up Capital - Ozildara 80,000,000- Hamere Fund.........
Osian 42,016,000-
Hood Offer:—AMSTERDAM”, Easter Head Oßen;--DATAVIA.
Bandoeug", Bestabas: --Bandjermsala,
Bombay. Calcutia, Ciuribon, Djember, Djok jakarta”, The Hagon", Ziddal, Robe. Makassar, Medan, Prlembang. Foka- longan, Penang, Hangson, Rotterdam", Bemaring", Shinghal, Bingapore, Boses- Mela, Bourikarta (Solo), Tegal, Tiltap and Wočiavradan®,
• These piions have Sala Deposis Bomas to Lat.
LOYDON BANKEDS:-
NATIONAL PROVINCIAL BANK LTD,
Correspondents all ́aver the world. Banking Dust-
A. STOKKINE,
tha of ery description transacted.
Hong Kong, at Decetaber, 1961,
THE
Mr. Harold Cox on Inadequate Economies,
BRITISH GOODRICH RUBBER
CO.
A NEW DEPARTMENT.
Dividend Maintained,
The seventh annual general meet-class quality has just been complet-
Will ing of the British Goodrich Rubber cd, and production
8000 Co. was held at Blackfriars Houso commence. Satisfactory arrange-
ments have been
made for Parsonage, Manchester.
the output of this new depart- Bir Walrond Sinclair, chairman ment to be distributed under most and managing direction, who presid favourable auspices, and the board ed, said: The net profit for the year are confident that this further diver subject to income-tax amounted to sification of your company's activi
I
It is satisfactory to learn that; but imposed new taxation estimat£73,382, against 3115,123 in the ties wil provide a substantial addi Mr. Neville Chamberlain does noted to yield £40,500,000.
previous year. Having regard to tion to employment in Burton and anticipate a Budget deficit, but a The figures for the next complete the appalling state of the majority its immediate neighbourhood. good many taxpayers anticipate year are almost as bad. In 1932-of industries throughout Britain, I High Quality of Products. personal deficits, writes Mr. Harold 39 economics are expected to yield think we can claim to be reasonably Concerning the quality of British Capital fully paid up .Frs: 120,000,000 | Cox in the Sunday Times. The £70,000,000, new taxation £81,500,- satisfied with this result, more es-Goodrich productions, I may per- Reserves (31.12.1930) .Fim. 110,568,454 | prospect of the January income-tax 000. Moreover, in both ycara pecially as the disposable balance haps mention specifically the gilt- Is seriously affecting thousands of there is to be a reduction in the after providing for substantial edged tyre as a typical example. people at the present time. They Sinking Fund, so that we are leav-allocations to reserves stands at This tyre has during the year under Other Places are doubtful whether they will have ing a heavier burden to posterity.£41,997, against a comparable figure review stood up to both normal and
enough money to meet the tax col-
of $42,308 at September 30, 1980, abusive wear to our fullest expecta- Possible Economies. lector's demands, and many of them
During the year under review 49,784 tions. It is pre-eminently the tyre The time has come for the Gov-additional Preferences have been for the class of buyer with whom are cutting down their Christmas expenditure to enable them to foot ernment to adopt a bolder policy distributed by way of bonus, and the first cost is not the overruling the bill. That, of course, means We cannot afford to go on spend-dividend has been paid on these feature, and most certainly justifies serious loss to the Christmas shop-ing money at the present rate. shares as from the date of issue on the claim of being second to none ping trade, Simultaneously the There are many directions in which January 28, 1981. The balance with any competitive make.
In parti-sheet reflects a financial situation brawers are calling attention to the economies are possible.
I should like again to emphasise heavy losses thrown upon them by cular, it is much to be regretted distinctly stronger than that dis- the board's definite policy to main the recent increase in the beer duty. that the Government did not reduce closed by its predecessors,
tain the reputation for quality of In the supplementary Budget of the number of Cabinet Ministers
Appropriate steps have been taken your company's products. In my Inat September the beer duty was and also of subordinate Ministers to prepare for certain increased opinion the prospect of your com raised from 25 88. 6d. to £6 148. Gd., and secretaries. That would have prodaction on carefully considered pany can be regarded as satisfac- an increase of 31s on every 36 been a valuable example to set and modern lines. In this connectory. gallons..
Happily, a very useful atap in the tion I must mention that in con- The chairman proposed payment direction of ecomony has been tinuation of this policy an important of a dividend on the Ordinary shares The brewers and publicans are taken by the suspension of the extension Stted with thoroughly up-at the rate of 8 per cent. per annum, bearing part of this tax themselves; valuation for the projected land to-date equipment for the manu- less tax to December 30, 1981, which but they have had to raise the price taxes. Though the saying in the facture of rubber footwear of first-was carried. of bear to the consumer by 1d. a present year is but small in com- pint and this has greatly curtall-parison with our total expenditure, ed consumption, to the injury not the decision now taken will pro- only of brewers but also of hop bably save the country from an growers. It is calculated that enormous amount of wasteful ex- instead of the new tax bringing in penditure in future years.
Quinhon Tourate Vinh
Every description of Banking and Exchange Business transacted.
Interest allowed on Current Accounts and Fixed Depozita according to ar
-angements.
Safe Deposit Boxes to let Travellers' cheques issued
A. BONNAUD,
Manager.
5, Queen's Road Central, French Bank Building. Hong Kong, 1st November, 1931.
THE NATIONAL CITT BANK
OF NEW YORK.
HEAD OFFICE: 55, Wall Street, NEW YORK.
Capital, Surplus and
Undivided Profits ..U.S.$226,037,392
Branches in:
ARGENTINE BELGIUM
BRAZIL
CHILE CHINA
Manager.
COLOMBIA CUBA CUBA DOMINICAN
REPUBLIC
AMERICAN EXPRESS COMPANY. INDIA
ITALY
JAPAN
LONDON
MEXICO PANAMA PERU
PHILIPPINE
ISLANDE
PORTO RICO
STRAITS
SETTLEMENTS URUGUAY
VENEZUELA
Commercial and Travellers' Letters
The Price of Beer.
x
additional revenue there will be an
Cost of Education.
actual lowering of the yield, with One direction in which
much
A consequent loss to the bigger economies are possible than chequer,
has yet been suggested is in State
In the same way it is quite pos education. Neither the National sible that the additional income tax Government nor the local Au- may mean á reduction in yield thorities have yet sufficiently taken
·EARL GREY BECOMES
A
COMPANY
$110,000 IN $1 SHARES.
As Nominal Capital.
The majority of income-tax payers note of the fact that the school Earl Grey has foined the long list, The opinion has been expressed are suffering from losses of income population is declining. In Lon-of "peers who have become com-by authorities on company law that due to the bad state of world don in the year 1921 there were panies."" Under the style of time all the largest family
trade, and many of them will find 623,940 children attending olemen- Howick Eatate Company, a private estates in the country will be con- it very difficult indeed to pay three-tary schools; by the year 1929 that unlimited company has been form- trolled by private liability com quarters of a year's income tax at figure had fallen to 541,888. Similar ed to administer certain of Earl panies. In their opinion it is quita the rate of 5. in the £ on taxable figures apply to other parts of the Grey's estates and interests in a legitimate method of avoiding ex-
country, income.
Education should now! Northumberland. The nominal cessive taxation. Comparison With U.S. be costing us less than in previous capital of the newly-formed Howick Among such companies register- It is doubtful whether any other years. As a matter of fact, ex- Estate Company is £110,000 in 1 ed within the past year or two country is being taxed at such a penditure on education is still ex- shares (45,000 six per cent. Pre- are:-
The United States panding.
férence and 65,000 Ordinary). The Lecónfeld estate 4400,000 (Lord of Credits, Travellers' Cheques, Bheavy rate. of Exchange and Cable Transfers has found it necessary suddenly to The figures given in the report objects are to enter into contract Leconfield); Corsham estate ($600, bought and sold. Current accounts impose additional taxation because of the May Committee show that with Earl Grey to construct roads, 000), Earl of Mexborough: Welbeck and Savings Bank accounts opened of the anticipated deficit on its the cost of education to ratepayers sewers and drains, erect houses and estate ($780,000). Duke of Port- and Fixed Deposits in local and for- Budget; but as the Daily Telegraph and taxpayers In 1913-14 was buildings, and carry on the busl- land: Chatsworth estates, (£2,300,- eign currencies taken at rates that
the new income £31,811,000; the estimated figure, ness of colliery proprietors and c00), Duke of Devonshire; Strath- may be ascertained on application to points out, even
tax, which is regarded in the United for 1981-32 is £88,882,000. The miners, farmers, graziers, timber more; Rosebery estates (2362,500), We are also able to offer our Cus- States as a terrific impost, is small average cost per child has risen growers, sawmill proprietors, etc. Earl of Rosebery; Cowdray estates tomers the services of the Branches compared with our own. A mar-from £5 18. to £15.
The subacribers are Earl Grey, (£600,000), Dowager Lady Cowdray. of the International Banking Coried man in the United States with These figures would have been Howick, Alnwick and Lady. Mary C. poration in San Francisco and Spain and also of The National City. Bank of New York (France), B.A., in Paris
F. McD. COURTNEY,
Hong Kong, June 16, 1881.
INC.
THE BANK OF CHINA. 行銀國中
Head Office: 65, Broadway, New York.
Reorganised October 26, 1928, anaer
Capital
special charter of The National Gov-
Surplus
ernment as an
Ковент
U.S.$6,000,000 .U.9.$1,572,454 U.S.$1,908,209
the Bank.
INTERNATIONAL EXCHANGE
BANK.
BLANCHES:-
madam
depos
dasworp
Glasgow
Albam
HATERS
Darla
Biarrita Bamber
Hamburg Пать Interlaken
Bramsó
Brymala
Buance Airos Cairo
Caloutts
Luxor Colabo Marvello Coamantinople Monte Carlo Copenhagen Manila Edinburgh Munich Florence Gener
Liverpool Isorie Lugano
Ifostrem
Milan
Yoro Zurich
Paid-Up Capital
Reserve Funds
.124,710,200.00
--$ 3,820,600.8%
HEAD OFFICE: SHANGĦAL
HONG KONG BRANCH:
4, Queen's Road Central,
Owing to our numerous branches in China and large connections in the important commercial centres of the world, we are able to extend to our clients special facilities for domestic and foreign banking and exchanges.
مندية
Lido London
Nice Hapie
Parts Penang Paking Palermo Botterdam Вате Bacboti Shanghai Boothuylep Bingapore St. Morits Tienlaid Vietos Vanie
Branches of American Express Com-
We also handle the issue of Bonda pany in Principal cities of United and other Public Funds of the Chin-States of America and Canada. see Government both at home and
abroad.
anou J. CHEN,
Manager.
Hong Kong, 5th March, 1981.
THE YOKOHAMA SPECIE BANK, LIMITED.
Established 1880.
and Nice.
Manager.
THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)
HEAD OFFICE:-Taipeh, Formosa.
Incorporated by Special Imperial Charter, 1899.
one child and an income of £1,000 still worse but for the fact that Grey.
year will pay only £8 4., as the House of Lords at the begin- During the past few years many against a British tax of £128. How ning of the present year rejected great landowners-Dukes, Mar- the Americans will get through the Labour Party's Bill for raising quises and others have turned their troubles remains to be seen, the age for keeping children at themselves into private companies, but it is certain that high taxation school from 14 to 15. A big limited or unlimited, because by will not help us.
economy could be effected if instead becoming private companies land- The essential difficulty of our we were to raise the age at which ed proprietors gain many advant- national position is that we are compulsory education begins. In ages, which include avoidance of spending too much, This fact Britain it begins at 6; in most heavy super-tax, less income tax, was emphasised by Lord Snowden, European countries it does not and reduction of death duties. speaking as Chancellor of the Ex-begin till '6; and in the United] The formation of these estate chequer in February last, and it States it does not begin till 7. companies, in which the Earl of Was on this issue that the present At the same time we might quite Warwick was the first to set the |National Government came into be reasonably now revert to the prae-fashion as far back as 1889, bas tice which was maintained down to attracted much public attention and Cabinet's Hesitation: the year 1891, of requiring parents a good deal of unfounded criticam. Unfortunately the new Cabinet to pay a small fee for the education
· Duke's, Taxes, hesitated to go far enough in the of their own children. madan Takao, Taserul, Teen,-Hallo, Teila.
It has always been found that QUINA Shanghal, Hankow,, Amer, Foochow direction of economy. It failed Growth of Social Services, **·| estate companies have only been
Switow, Dayton, OTHERS-Hong Kong, Singapore, Sambaya, Jovan to give full effect to the
an Other features of our social ser- formed in cases where Semarang,Ratavia Bombay, London, New York, Dairen.
economies suggested by the May vices badly require overhauling. ceptionally large mansion, excep Committee; though these, as the These services, which in the main tionally large demeane lands Committee itself stated, were not represent State expenditure for exceptionally expansive adjuncts sufficient to secure by themselves private needs, largely account for exist, and add to the intrinsic value à ́balanced Budget. The emergency the growth both in our national and of the neighbourhood.
Cexiest Bank in Formans."
DRANCHES AND ADENCIES: JAPAN1—Toyko, Yokohama, Kobe, Osaka,
Kogi_Karenko, Kalung
Bank Notoy davond Average amount --Yan, 48,000,000 in.
All classes of Commercial Banking PODKOSA-Giran
· Transactions undertaken.
Personal investment accounts handled
The Company offers to intending Travellers the use of its “Travellers Cheques" and Letters of Credit and, in addition, the world-wide services of it thoroughly equipped Travel
Capital. (ftilly, pald-up) Yen 100,000,000 || Department. Reserva Fund
Yon 116,200,000
Head Oficer-YOKOHAMA, Branches and Agencies sti
Alexandria
Batavia
Bertin,
Bombay
Calenttá
Hagasaki Nagoyal Newchwang New York
OSAKE
Poiring
Petition (Milden) 1io de Janeiro
Hamburg
molala
Kangdon
San Frane
E W. DUGGAN,
Mäsäger.
Wakong Minto, Shlschiku, T, Taina
LONDON BANKERS: Barclays Bank, Ltd., Lloyds Bank, Lik.
Midland Bank, Ltd., Westminster Bank, Ltd. The Bank has Gorrependazle is all the principal Commercial Centre throughout the world,
PK. NAGUSI
HONG KONG BRANCH
120 -- 1,-1954 Vinz Road Central. Hong Kong, Dinambar:94, 1901,"
THE BANK OF EAST ASIA, LTD.
Established' 1918.
HEAD OFFICHÉ
10, Des Voeux Road, Central, KONG-KONG/
Capital and Bui
ver HS 8,000,000.00 over EL$50,000,000.00 Every description of Banking and Exchange busineın transacted.
Current had Fixed Duobalf Recounts in local and for currenciel, opened for slantaN 0 Peso y Savinja Kloount Kid Kite:Deposit Barak Branches and? Akanelas, all over the wo
KAN TONG PO
THE MERCANTILE BANK OF INDIA, LTD..
HEAD OFFICER
15, Gradaufula Biesel, Laošču, S.02,
$1,000
***
or
VICTOR RADIO
SERVICE STATION. All types of Radios, Electric Gramophones, etc., can be repaired by our RADIO EXPERT
and AMPLIFICATION
ENGINEER
COMPANY.
8; Der Võela Rönd, Central, (Entrance Ice House Street) Telephone 24648. enzimendoni DLATE
Budget of September last provided local expenditure. Deduction has The late Duke of Richmond and TSANG FOOK PIANO for economies expected to yield to be made for war pensions, which Gordon may be quoted as a £22,000,000 In the current year, really comte dader a different cate-example of how taxation affecta gory Allowing for this item, the Buch landlords. Ak the sale of a latest return (which was issued portion of, his Scottish estates he last week) shows that the cost of pointed out that the revenue au- social services, including contriba-thorities left him precisely que tions from employers and employ- shilling out of every # with which od, for Great Britain increased from to pay for the whole of his estate £68,157,000. In 1910-11 to £352,675,- repairs!- 000 fa 1929-90. Incomplete figures are given for the year 1980-81. which suggest that the total for that year will have been still-für- ther increased.NGPAULEROS
The trouble in that even with the backing of the last election, the Cabinet has not yet, had the cour lown expenditure, zdr
irection F
Authorised Capital.... Bubscribed Capital Paid-up Capital: 4/ Reserve
·Fund ́and "Best 1,686,845)
(The Bank of Bighed i finland hack, KAA Bangla pak
New York
(Mauritius),
Bombay
Calcutta
Kola Bharu Colombo Delhi ↑ 4:"Kuala Lápis
Bargood
How
KONG
PHOTO SUPPLIES.
PHOTOS TAKEN DAY AND NIGHT. Zelus, Kodaka, Cameris, Filme Plates, and
Developing, Printing and. larging: AT 24 HOURS” SERVICE! PEDROS CAPrice: Moderater
THE
CO. LTD.