1920 CATALOG No. 92
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THE HONGKONG PRESS,
WAR FORTUNES.
DAILY THURSDAY, APRIL 29TH, 1920.
RESEARCH IN MESOPOTAMIA.
TAXATION THE ALTERNATIVE TO THE STORY OF NOAH AND THE
A GRAVE CRISIS.
Mr. B. P Blackett, Controller of Finance and General Adviser to the Chan callor of the Exchequer, recently presented the case for the taxation of war fortune before the Seleet Committee of the House of Commons, which is inquiring into the
inalter.
crash must come.
It is impossible, without some special provision, to return to a sound financial position.
-17
The Treasury does not look with far
our on a forced loan.
The floating debt has been reduced to the extent of about" £100,000,000 in the last two months.
$
FLOOD EXPLAINED,
Writing in the Cornhill Magazine for February, Major-General Sir George Macmana emphasizes the vast possibilities thas exploration in Mesopotamia offers to the historian. In the course of his article The observes:- ***The story of the Flood is the story of a Mesopotamian food interpreted and enlarged as part of the moral and philo-i
Mr. Blackett's argument may be sum.ophic scheme of divine, cause and effec
A knowledge of the conditions obtaining marised:-
The existing floating debt is approxi-day in Mesopotamia assures one that the flooding of these plains needs no dinaz. mately £1,200,000,000.
If it is allowed to grow side by side ing miracle. Anyone who has crossed the with the everlasting rise in prices a Hamar Lake between Ur and Qurna in the flood saison, as the writer has, whore no land on any side is visible from a steamer's thick, will realise readily enough that an chanual rainfall and the bursting of large das high up on the Euphrates would produce floods exactly as described in Genesis. The great flat-bottomed boats, the lake-bellums that navigate the Euph [rates to this day, and are the exact like The worker, mus, begin to save monestness of the conventional ark of a Regent to take the place of the savings previ-Street toyshop, pitched too inside and out ously made by the rich people.
with bitumen, and capable of taking sixty The Treasury desire to recognise the to seventy tons of cargo, are quite equai virtue of the man who has invented in to carrying a considerable number of Government stock during the war.
human beings with their domestic animals. FLOATING DEBT.
"Sir William Willcocks suggests that There are two possible ways of deal Noah
WASA considerable land-owning ing with the floating debe," said Mr. sheikh on the middle Euphrates, where Blackett. First by funding loan and in very early times irrigation on a largo second, by paying it off out of revenue scale was practised. Gifted with shrewd If the Government were to offer bonda At such an attractive rate that people would insight into political trouble and the be tumbling over each other to subscribe,danger that upheavals meant to control such an immediate contraction of credit of water storage, he prepared for such would take place that a ânancial crisis trouble by making his bellum inhabitable, might result The alternative would be or especially building one as a refuge some special method of raising cash with Be would then be prepared, as in the which to pay off a considerable portion of Bible story, for a year of unusual rin and the cataclysms that must follow, the the floating debt.'
bursting of dams, no longer controlled by a central authority...
*The immediate necessity certainly is for as much as £300,000,000 and not more than £500,000,000" said Mr. Blackett in reply to Colonel Peel
Mr. S. Walsh: Your desire would be attained if £500,000.000 were raised at a fairly early date-The effect of having secured a considerable portion of the love and having the assets in hand and visible would combine to produce a satisfactory result
"I do not think it is beyond the bounds of possibility for the Transury, and the Inland Revenue to collect the levy with out doing any serious Enancial damage to the country," said Mr. Blackett. We must, however, guard against being too precipitate."
Mr. Blackett said that in his opinion the peak of the National Debt had been reach. ed. The principal anxiety of the Trea. Bury was the floating debt, and they want ed it reduced:
"Now we know that the word Ararat in but agglutinous Sumerian for a mound, and just that sort of mound that once wAS fa mud, village with which Mesopotamia horizons ahoand; it is not difficult to catch from the Ararat of Armenia, that high heaped land, a commemorative echo in those mindful of an ancient tradition. It
then easy to believe that Noah and his family and his domestic animals, secure it their bellum, were swept away down the Ephrates on the crest of a food, of which the details in Genesis are perfectly possible, floated on the Chaldean marshes till the foods abated, and eventually lodged on the site of a village of an offer agc.or even one destroyed by the Flood itself. The site was probably somewhere bear the junction of the Euphrates with the marshes, viz. that very area of which Ur was the dominating settlement; about
stantial tradition of Abraham, the des cendant of Noah, leading his family from this district to wander in the land of Shiner and up towards Canzan and the river of Egypt,”
BANKERS STRONG ATTACK ON 1920, B.C, we find the strong and sub-
THE PROPOSAL."
London Bankers brought up their heavy guns against the proposed tax or war fortunes, when Mr. W. W. Paine, joint general manager of Lloyde Bank, Limited, and Mr. R. Holland Martin, Chairman of the British Bankers' Associni tion who represented the Institute of Bankers, warmed the Select Committee of the House of Commons of the perils which they considered would be run by the im position of such a tax. The following. were the chief objections raised by Mr. Paine:-
The proposed tax would not be a tax on war wealth but on war savings over £2,000 in amount,
The scheme of the Board of Inland Revenue provides for the taxation of war fortunes of over £5,000 in amount, not £2,000, as stated by Mr. Paino.]
The wealth to be taxed is mostly in vested in trade and commerce, and the compulsory trasference of these would cause grave disturbanca of credit.
The tax would have a most prejudicial effect upon the future trade and com merce of the Empire.
"
"KING'S NATIONAL "ROLL
OVER 13,000 SIGNATORIES.
The first edition of the King's National Roll, a book of over 300 pages, containing the names, addresses, and trade descrip tions of employers who had given under- takings for the employment of disabled men under the national scheme down to the end of 1919, is now in circulation. It contains nearly 10,000, rames, with full particulars of the scheme, and copies are; to be placed, at the Employment Ex- changes, in free libraries, and other public buildings, and in the hands of those whose offers to embrace the scheme have been accepted by the local employment com mitter of their district.
The King and Queen Alexandra stand The imposition of a capital tax is an
at the head of the roll; the rest of the unprecedented measure in modern times.names of the signatories to the scheme are
LEATH DUTIES.
- arranged in alphabetical order by counties
Yes," replied Mr. Paine, but every body does not die at the same time."
Mr. Paine urged that the proposed tax would have many of the drawbacks of a general capital levy with the added ob Jection that it would be dependent for its assessment on two valuations, one five
A member of the committee urged that for easy reference. More than one local the death duties were in the nature ofing the giving of contracts to firms who authority has passed "resolutions restrict capital tax.
book went to press the number of patriotic have embraced the schemes. Since this employers registered has grown to over 12.000, and the later additions will appear in new editions of the roll: The total is still growing, but the supply of disabled man is, unhappily, by no means exhausted. There are thousands yet to leave hospital, "I doubt whether even 10 per cent of all will have to be found employment. scrupulous and honest persons have the Nothing has helped the scheme more than means at hand of giving anything like on the testimony by employers who were accurate valuation of their property five among the first to recognise their duty years ago. It surprises me how little that the disabled man is not dificult to people know about their possessions."
years ago,
The tax would offer a great oppor-employ. On the contrary, all the avail- tanity for evasion and even fraud," said able evidence points to remarkable power Mr. Paine, with the result that the of overcoming disability, and of anxiety honest and scrupulous would pay for the on the part of the men to become useful dishonest and unscrupulous. The pro members of society. Up to the middle of fiteer is unscrupulous, and he will take February 102,011 disabled men had been everything in his favour, and against the provided for under the schema" Btate If any plan could be dovised for taxing the profiteor alone I would support ît.
It is," said Mr. Martin, a complete By such a levy as this y you would be fallacy to think that because bankers de taxing not any actual increase of wealth, pusits have risen there is a surplus fund bat the rise in values consequent on depre to be tapped by taxation. It is an equal ciation of the pound sterling," continued fallacy, to think you can catch the pro Mr. Paine. The nation is not really fiteer. We roused the hunt to chase the richer, but infinitely poorer. Buch wealth elusive profiteer, but he has either by only existe in terms of money. The procrafty manipulation in his deals put his posal would not be a tax on increased spoil out of our reach OF hna so wealth in any real sense. TAMAS
Banka have taken up huge amounts of maneuvred that we cannot enmesh the War Loan securities, and the facilities patriot us well?
rogue in
unless we catch the honest, which they can offer to their customers are correspondingly diminished."
These witnesses having given their evi dence-in-chief separately, were cross-ex amined jointly.
In reply to the Chairman Mr. Martia said he believed there was a certain amount of boarding of Bank of England notes.
Mr. Paine urged that a war fortunes tax would throw very heavy work on the employés of banks, and would impose especial injustice on private firms and trades by putting many out of binilie altogether and it would also hit at the savings of salaried employés. He pointed said that a recent fall in sceuritics had Mr. Paine, in reply to Mr. Wilson-Fox. to the dangers of any attempt to defate bona attributed to the proposal to impose credit too rapidly, and in conclusions war fortunes tax. said:"Pay off the debt gradually by s
of years.
out of revenue over a series Paine in reply to Mr. Pennefather, The effect of such a fax." said Mr.
would be to raise prices, and it must have a disastrous on enterprise, pro-
BOGUES AND PATRIOTS..
Mr. R. Holland Martin, Chairman of the British Bankers Association, and 4 representative of the Institute of Bankers and the London Clearing Bankers, made similar objections.
(Continued at foot of next column.)
#1
petion, and aboar
He said he had heard the remark many times in railway carriages and other places, "If we are to have a tax of this kind imposed what has been the good of my Laying
REYNOLDS DENNISTON.
ff
THEATRE ROYAL
TO-NIGHT at 9.15 Sharp.
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UP IN MABEL'S ROOM.” WEDNESDAY, May 8th-The Brilliant Sparkling and Fiquant Farce Comedy.
"BABY MINE.”
The Box Plans for the above Three Plays will open at MOUTHIE's this morning -other plans open. Telephone No. 627.
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