BRITAIN'S WAR FINANCE. OUR POSITION AFTER THE WAR
THE HONGKONG DAILY PRESS, SATURDAY, JULY 21ST,
AFTER THE WAR FINANCE
THE EMPIRE STATE AND
UNDEVELOPED ASSETS.
SHIPOWNERS' PROFITS,
Democratic finance must ayolve some Replying to eriticisms of the Finance
now idea if it would spare this and sue Bill on its second reading in the House of Commons, the Chancellor of the Exceeding generations an intolerable burden chequer (Mr. Bonur Law), dealing with of taxation," said Brig General II Page Croft, M.P. discussing with a Press re the view exprewed that the estimate which he gave as to our position at the end of presentative the problem of after-the-war * America'e entrance into the "the war was too sanguine, said:—I do finance.
not think it was. I took the existing war, though it may relieve the present taxes and estimated that at the end of financial strain, will not lighten our ulti
SACRIFICES.
GENERAL SMUTS ON WAR A LOST GERMAN ADVANTAGE
VALUE OF CRAONNE PLATEAU."
FEROM THE TIMES
THE WOMEN'S BURDEN.
General Smuts spoke at an Empire Day meeting held under the auspices of the Women's United Services League, which has established clubs for wives of soldiers and sailors in various parts of The meeting was held at the London. Duka's Hall, Royal Academy of Music. Lady Jellicoe, in introducing General Smuts to his audience, told then that the
SPECIAL CORRESPON- DENT WITH THE FRENCH AMY
This afternoon I examined the ground from the wooded slopes ale to the south of Craonne, and I was able to get a clearer idea of the enormous strength of the position the Germans held a month 80 and of the gallantry of the French troops who carried it.
the war they would give the same revenuamate burden, except in so far as her day was Empire Duy, and also General as far na their glasses could reach, & com-
coming in shortens the struggle.
"at the same rate as they are giving now.
In future badgeting we must think "I did not, of course, include in that cate imperially, In the British Empire we gory excess profits duty, Making that haven quarter of the earth's surface calulation, we found that there would be earth's inhabitants, congregated in more populated by more than a fifth of the balanos in our favour after paying the or lessu congested areas, while grès tracta cost of governing the country in peace of country he practically undeveloped, time, and after paying the interest on the By assisting the development of those Debt and the Sinking Fund. The House neglected territories, on a scalo more Trust remember that we are act making rapid and more durable than under pri allowance for what must inevitably hap-vale enterprise, an Imperial Developtrent pen-namely, that there must be some in- Board-as advocated by the Dominions ercuse in the Customs and Excise duties Royal Commission and the Empire Re- when the restrictions have been taken sources Development Committee-would away. I have not actually done that, but promote an undoubted increment in land
a certain that if I were to ask the value which should go towards strengthen Treasury officials to make an estimate asing the Empire's financial stability to what the peace revenue will be at the Moreover, the sacreasing demand for the und of the war on the basis of existing major products of the earth, from cereals taxation, leaving out the excess profits to vegetable oils and fats, should be met duty, that they would give me very by forcing, by means of State credit and Inrgo margin' instead of the comparatively State organisation, the pace of develop small margin I showed in my estimate. mont,"
Brig. General Page Croft sees in the shortage of cotton, and in the latent pos- sibilities of British East Africa, new and urgent calls for the State development of Empire resources.
Smuts's birthday.
The first point the strikes one is the advantage of viewpoint which the Gez mans have lost. Until the Craone Plateau was taken from the, they had, picto view of everything the French Wero doing, at all events above ground, over a General Smuts said he had rendily the entire district, and they commanded consented to attend that meeting because the French trenches north of Ville-aux- Bois, not only from above, but from the soldiers wives. Ho had been absent from pull for their artillery, as well as a griev he had a fellow feeling with sailors and rear. That, of course, was a tremendous olis handicap for our Allies, and the value his family so long that his little once did of the French success is measured not not know him any more, and one of the only by the fact they the Germans have. last messages he had from bis little boy lost this advantage, but that the tables was that ho need not come home again. have actually been surned upon them. The boy had now fallen in love with his Now let us turn to the remains of Uncle Jimmy, and was going to marry Craonine, the too familiar rocklike ruias him. (Laughter.) That would give them of the few hours that have not been razed an ideo of the sort of life that poor to the groand. Behind them rises to a soldiers were living nowadays. He had height of nearly 100 feet above the level been long at the front, and the husbands of the village a line of ragged yellow- and friends of the women present had brown hills that look like sandhills, with also been long at the front, but while it an almost sheer face, the top of which, was not so very sad for men, because of running in a straight line away to the the excitement of war the women had to left to Hurtebise-The point where the sit silently and quietly and read the famous Chemir des Dames comes to an newspapers to see what was happening end-marks the summit of the hog's back He had often thought that the women--and the nearer cago of the Plateau. - The The boo. member for Blackbaru (Mr.
the wives and mother-bore a far heavier general plan of the operation, fixed for Snowden) said that we are doing nothing
burden than the men did in the awful day 5th was an attack all along the line in the nature of conscription of wealth,
struggle that was taking place and of the hog's back towards the whole length that we are taking men quite freely, and
especially was that the case with the of the Chemin des Danies. But here at without making any appeals to their
women in the far away parts of the the eastern extremity of the promontory patriotism Gow we are taking them; but
Empire. The spirit they had shavn and which juts out into the plain, a prelimin "There are great tracts of the richest were showing was the finest and noblest ary maneuvre was necesanty Craonne, that when wo wish to raise a loan, then country in the world in British East that had ever been shown; but the cause in which the French had gained a pre- we appeal to their patriotism, and give Africa," said he, but, because there are they were fighting for was worth it all. carious footing at two points only, had a mixture of patriotism with a very high no railways, whent and mealies have rate of interest That may be true; but actually dropped considerably in price
(Cheera.)
to be cleared of the Germans who held the is not, after all, the question more or since the commencement of the war. The
People who had never known a foreign greater part of it, thanks mainly to an less how you are going to get the amount development of the railway policy by enemy in their country for hundreds of elaborate system of shelters in the cellars you need for this war with the cortainty which Mr. Chamberlain brought untold years, who had lived hero in peace and of houses, and those ugly cliffs behind had that you are going to continue to get it wealth to the Empire would bring larger quiet, and who had not seen their homes to be scaled so as to bring the troops I would have preferred the voluntary sys-supplies of food into the market, promote turned down, did not know, perhaps, the detailed for the assault in line with the tem if we could have got all the men we the prosperity and wealth of the Proter enormous privilege which providence had rest of the fort on their left. wanted. It is the same here. If we can torate, and stimulate activity in British brothers were now fighting to keep theployed, two companies only, first rushed
given them. But their friends, hashonds,
On May 4th, therefore, the units em get the money, we need by voluntary engineering, workshops. ---- methods, then I am certain you will get
enciny from the door and the enemy was the village; and then in two groups, one more of it and for a longer time than "The moral of the situation is that not very far off. They could sometimes from the right and the other from the by any attempt at conscription. Perhaps wealth can be created by State action, and bear the sound of the guns in London-left, they worked their way to the top it may be some consolation to us to know, that part of that created wealth should he heard something last night, but was of the ridge, though the face of the bluff. although I do not know whether it will accrue to the Empire State. Without told it was Zeppelins and it was be was bristling with machine-gung hidden help us much when the war is over, that State action private enterprise cannot cause the danger was not very faded in the chalky soil-taking, by the way, in the caves which the enemy had hollow if we are in a bad position änancially, Ger-march at the same pace, and the Empire that millions of men were wanted to many is much worse. So far ne I havs will neither receive hor deserve a share prevent it reaching the sacred homes of a body of 300 prisoners and in a very been able to ascertain, their national dobo in the profits of a development for which England. has grown to a gure as large as ours, civiliantion cries aloud. and they have not advanced to their Allies to the same extent as we have-sums which I bave every reason to think will be paid back in our case. They have only raised altogether £83,000,000 of additional taxa tion, while, if we include the excess profits we have raised £400,000,000 more than before the war, and even if we leave the
with
BALRIERS BLOKEN DOWN.
short time they were established on the edge of the plateau ready for the inevit able counter-attack, which came without Enormous sacrifices were being called fail, and for the concerted French ad- for, but he knew they would see it vaten on the next day, which carried have been far larger in volume and would through and not complain, that they them to their present position on the have found a bigger echo in the country would be worthy of their husbands and opposite side, looking down into the outside. He was sorry to hear Mr. Holt friends who were fighting for then as the ley of the Ailette
that he was prejudiced against the front, and that in all their letters they of the incidents of the fig shipowners. He really was not. He had would be a source of strength and on give only two examples. They illustrate I will treated them, be believed, absolute couragement to all of them. They could well enough the spirit of the officers and excam profits.
tax ont we have raised
fairness, having regard to £40,000,000 more than before the war cumstances of the case. The Prime Minir those af the frons, by keeping the home by which the Germans have tried to re all the cir play their part just as worthily here as men. During the furious counter-attacks that is to say, three times as much as the ter, speaking on the subject in the House fires burning. He was glad that those gain their lost advantage the French have Germans have raised. That is an indica after consultation with him as Chancellor clubs had been started. When he saw the had no holter but shell-holes from the tion, I think of the position, and will of the Exchequer, had said that the ship little children there who did not under violent bombardments which, for days on give sense of perspective. (Hear, hear.) ping trade was something like the railstand what was taking place to day, but end, have made the plateau and ita face, I said at the time the loan was being ways, in that it was something upon would read of it hereafter in its right with the rising smoke, look like a moun- raised that no Government in this country which the life of the country depended, light, his one wish was that Providence tain in eruption. would allow us to be defeated in the war and therefore that it ought to be under would see them safely brough all the had reached their objective battalion Yet as soon as they or be prevented from prosecuting the the control of the Government. Ab the dangers and safeguard them in the future. commander cent back a messago
to his war for want of money, if the money was time when the Government was asking As one who had come from a front general, saying: We are here and will here and could be taken, and if we could immense sacrifices from all classes of the which embraced a wide part of the world stay here until death. Five minutes not got it in any other way we would community, including the working classes, war, he had wanted to say a word from later he was killed by a shell. Another vonscribe it at once. I said that then, for the prosecution of the war, anyone one heart to the many hearts in front of commanding officer had better fortune. and I say it now; and if the necessity who read the kind of newspaper that was him. The walls which had kept classee As he crouched in a shell-hole in the thick aroe I would not hesitate to do it. It hostile to the war or the reports of meet of men apart had been broken down and of the fight the runner who was with him is my belief if n attempt were made tings of their supporters would have found men were becoming human once more deliberately fell upon him to shield him raise much larger suni by a great in that the universal answer in reply to the In spirit he shook hands with them all from a shell bursting just beside them. eva in the income-tax, and if the var demand for common sacrifices was and wished them all joys and as good. Once again it is only common senty lasts for a considerable time ye, as it What about the profiteers? Look at days as were possible in the future recognize that the enemy's new positions well may, we should find it far, more the huge profits the shipowners are General Smuts afterwards spoke at a are strong and well defended. Farther difficult than now, and perhaps impos-making. That
income-al classes. But in the mains
*
M. MILIUKOFF AND THE
DARDANELLES.
to
sible, to raise the money which we shall which any Government was bound to take Commercial road, Stepney. He said that lines of defence gradually narrows with a consideration similar meeting at the Central Hall, west the space available for the enemy's require for carrying on the war.
into account (Hear; hear.) The pro-we never knew what awaited ng in the the valley of the Ailette. To counteract Answering the general criticisms of the posal of the Government was to requisi future, but, however uncertain the future this drawback they have arranged their Budget, the Chancellor of the Exchequer Those were rates which even now ought certain, and that was that there was a so that they will be able to enfilade the tion all shipping at the Blue-book rates. was there was one thing which was position at right angles to the other lines, agreed that our business men and manu facturers would, after the war, be handi- to give the shipowners reasonable profits close bond of fellow feeling and eympathy valley of the Ailette But that is not capped in competition with men who were
on their capital Was there any reason" not engaged in the war, and had not our why the State, if the need existed, should uniting them all to-day. When the war going to stop the French. burdens behind them, although now that not take over all ships owned by British was over they would have the proud con- sciousness that they had done their share America had come in the number of those subjects in the same way as they had to keep the home fires burning. He know Ten was being greatly limited; but be taken over the railways, and deal with something about war, and he knew th did not see any real difference between them precisely in the same way as the they had not had to suffer the form of taking excess profits and taking an in hear.). The railways were guarateed the consequence, of war, the women and At a meeting at Petrograd, on May railways had been dealt with (Hear, privation which had often befallen, as a ecessed income-tax and super-tax. The effect on the man would be the same. It rate of interest they earned in 1913. The children of other lands. As they in Eng 28th, of the Party of National Freedom, might be, to a certain extent, that if they shipowners had been treated enormously land prized their great freedom, he hoped M. Milinkoff madu un important speech, ok it only in excess profits they were It must be remembered that they had through to the end, and would not stop" When the end of the war comes and
better than the shareholders of railways, they would be determined to see the war in this course of which be said: taking it from people obviously engaged in business, while if they took is already made profite far in excess of their
in their efforts till security and peace the enemy is exhausted the formula pre-war rates from the commencement of were guaranteed, not only to themselves, without annexations or indemnities * they included a number of
Sie war till now
but to the smaller countries of the world will be particularly advantageous to our it was true that if they took large sums
Mr. Houston-Does the right hon. gen
In him they saw a barbarian from thenunter, who will be only too happy if whether of income-tax or excess profits, teman say that all shipowners made those weld and a Boer who fought against them after having themselves levied contribu it did limit the amount of capital avail- large profits?
a few years ago, when they able for carrying on the business of this The Chancellor of the Exchequer 1 say very wrong indeed (Laughter and were freed from all obligations to were wrong tions on the invaded territories, they country at the end of the war. He was the balk of them did; all the well-manag convert them (Laughter.) He had contribute, in spite of their acts of
chcora.) However, he had helped to convinced that it was fair to take it from ed firms. (Laughter.) the excess profits duty. Nobody would allowed the shopowners to make gigantic helped to convert them and bring them on principles of international law I can After having always that consolation. The Boers had vandalism and their violation of the question its absolute fairness if the profits profits for nearly three years of the war to the right read the rond of freedom say with pride that up to the last mo were indirectly or directly due to the war the Government guaranteed them now and liberty. And on that road we were ment I did not make it possible for the Several hon. men hers had pointed out the practically their pre-war rates. He did great hardship this imposed on particular not want to increase any prejudice fighting out the greatest struggle in our Allies to any that Bussic had abandoned firmas
That was inevitable and it was against shipowners, or to give the impres history rights in the Dardanelles. The essen undoubtedly true that small firms and the sion that they had done things which firms which were just beginning to com- other people would not have, dobe. But had seen a number of Boer soldiers in this will be Russia or neutral, but whether General Smuts went on to say that he tial point is not whether the Dardanelles pete with the big ones had suffered more he must point ont that they had been country. What had brought those me the Allies recognized our rights in the they will be Russian or German. When from this than long-established firms allowed to malo great profits directly into the struggle? These men felt whit It was for that reason be decided to in arising out of the war, which many people he and each one of those present felt, that Dardanelles it was not merely to favour crease the amount allowed for new capital would say they ought not to have been the spiritual existence of the human race Southern Russia, but to ensure that the from 6.per cent. to 9 per cent.
allowed to make. (Hear, hear) It sowas to-day at stake. Were we to go for Straits should not fall into the hands of happened that when he was in business in ward in the future under the drill Germany."--- Glasgow he had certain small investments sergeant of Prussin, or move forward as The cruz of the debate was the criticism in ships. As the House might think, when free men and free women They in thi of the action of the Government in regard he mentioned the rate of interest he had distant parts of the British Empire had South African boys, and he was glad to to shipping. If there was anything upon received, that he was a very rich man, he made up their minds that this struggle know that they were being so well cared which he flattered himself as a politician wished to remove that idea by saying that was not a British struggle but their own for. They all felt very proud of the it was that be had a fair idea of the the total amount of bis investmenta was struggle, too, and that it was a battle for South African boys for the help they had opinion of the man in the street and but a few hundred pounds in each ship freedom for the whole world. When rendered in this war. He had seen their when the arrangement for the taking over (Laughter.) He was a shareholder in success was achieved he hoped there would work in France, and he could only of shipping was made he did really believe 14 ships, and taking the average of those be lasting peace for mankind, and that describe it as simply marvellous Many that the attack to which he would be sub ships the rate of dividend be received last war, for centuries at least, would never of them had lost their health and others Jorted was that he had created the shin: year was 7 per cent, after paying to again be honid of on earth. owners far too generously, and that he excess profits. It
their
Irces, but he could assure them that ought to have treated them worse than any system of taxation which did not A GREAT PRIVILEGE TO LIVE IN BUCH helping to
difficult adopt
it would not be in vain, for they were he had done. (Heat, hear) Certainly appear to some class to be unfair; hat he
better and stronger i had not made th provision, to which asked the House to believe that in every In the evening General Smuts gave au To him it was
Empire Buch objection was taken by the provi case of this kind the Government had address at a concert held at the South English, Daten, and South sion interest, the criticism to which he adopted the fairest means that was pos- African Hospital, Richmond Park. He uniting together in order to lay on the had been subjected in the House would tible in the circumstances for raising the said he had come there to express his great altar the best they could give for a good have been all the other way, it wou
would necessary revenus (Hear, hear.)
appreciation of the magnificent work that Cause (Cheers. After some further discussion the Bill was being done at the hospital for Miel to live in mah times to take part in this Was a great privilege (Continand at foot of newt column)
THE FROFITS OF SHIPÓWNERS.
(Continued at foot of next column)
was read & second, times.
TIMES."
the casso of hatianity.
1917.
104]
MOTHER
SEIGEL'S SYRUP
There are many things which may cause the digestive system to break down, but whatever the cause, you must restore your stomach,liver and bowels the principal organs of digestion to thorough working order.
The Very Thing" FOR YOU.
Take a short course of Mother Seigel's Syrup. It has benefited others and may prove the very thing for you. This world-famous remedy is made from more than ten different medicinal extracts of roots, barks, and leaves, which in combination
possess,” in remarkable degree, the power of toning and strengthening the stomach and regulating the action of the liver and bowels. Thus it prevents and removes such troubles as bilionsness, pains after eating flatulence, headaches and constipation.
IF YOU SUFFER FROM
INDIGESTION
Born 1820
Still going strong.
Head and Shoulders above the Ordinary is
JOHNNIE WALKER
The distinctive palate persuading flavour of "Johnnie Walker" is due to its high quality, absolute purity and perfect maturity.
the future is our policy of the past. First and foremost to see that the margin of stocks over sales is To safeguard the three "ages" always large enough to maintain of "Ichnnie Walker our policy for our unique quality.
Guaranteed the same quality throughout the world."
JOHNNIE WALKER "White" Label, Over 6 years old," JOHNNIE WALKER "Rod!" Label. Over 10 years old, JOHNNIE WALKER Back Label Over 12 year old
To be obtained from the Sole
Agents for China;
CALDBECK, MACGREGOR & CO., Hongkong, Canton, Shanghai, Tientsin,
Peking, etc.
JOHN WALKER & SONS LTD, Scotch Whisky Distillers, Kilmarnock, Scottag
SWAN
FOUNTPEN.
NEEDS NO "COAXING
It's made right To write right.
That's why it's the most popular
Fountpen
Does not Lesk, Scratch or Dry Up Fitted with Gold Iridium Tipped Nip THERE IS YOURS?
TRY ONE NOW! Fold by JEWELLERS, STATIONERS AND
IMPORTERS
MABIE, TODD & Co., Manufacturers, LONDON,"
USE
"SWAN"
INK.
WAN INK
CATALOGUE FREE!
LIFE WITHOUT HEALTH IS LIVING DEATH.NET
VETARZO
BRAIN AND
NERVE FOOD
Cosy) = pizita, ancatatank bodky, prostration," want of confidence Sissekerness that can settia ta
* This semirhole isimpenné, the latest discovery of sandern times, la without equal in all casCE. al defective zove and benda power, whether fudund, by worry; overwork, dissipation, or other: jeficientes. · Nepalesineis, palpitazling, defection circulation, seerous dyspepsia, die or-neursigin,
i de ferlesey of the vital forcer, kun of wility, Karnosing dreams, coibing, irritability of jemper, female complaints, kyuterli, backache, bearing down geumtions. waning diseases, consumpting, might warents;:muddy, high-coloured water, Boca new mi? NO DIENE different phases of brain and nerve wreckage and exhaustion, the use of by far the greate portionate piisery, U-beatin, and despandency by which we are confronted on crazy hand, that ck only be successfully omnia tuả by tắc ung of this wonderful and highly selestite prepiration. Bracing up the system generally, it gives tone, to the exhausted nerves, arizata sii weskensing wasting deckarges, restores the falling energien, and imparts new life and vigour to Me Whe kad so recently seemed playel qaly used up and võinciers -- Bottles Price 264 Mắt
WITHOUT PURE BLOOD HEALTH 15 IMPOSSIBLE.
VETARZO BLOODS
betően was there anything the it, nor an ita narvelions properties ever be equadteil for MADRON KAT BOOKSCs, Froparity, or other imperfection of the blood främ “hatever cansee srining. bio sooner is it tabibed into the system than it permentes and penetrates to the minutest capdi
Perecending and expelling disease: wheresoever and in whatsoever for met with 1ġzzmoviNE
megades, ment, MCurvy, “acrofulous and glandular swellings, discolorations, malghtly patiken dies: Tia efecta mim almost magical in the treatment of gour,shemmallam, Tera pemiddageing and meetings of the joints, discharges blood poison, ecpetua, lepre. B2B breasts, diatasses,' vicers, wounds, song goitre of Derbyshire neck, ö She menteri boith, and quickly removes long-standing benchitis, sathua, and karkime,
upanghi, soo often the processor of consumption. Bottler Prior SE NG BOOT
Pinmatojn for fren: bonki, 110′′ 2/0 for trial bakkie un artdAN REMEDIES CON, GOSPEL, ORK, LONDON:-Unprinsipient Vandora į