W.S. BAILEY & CO. LTD..
ENGINEERS AND SHIPBUILDERS, KOWLOON.
Tug-boats, Barges, Fast Launches, River Steamers, and Motor-vessels.
Constructional WorkĮ and Repairs of All kinds.
Cable SEYBOURNE.
Telephs:
Works (day)
Manager (night)
| Secretary
KEL
...K.688. ....K.369.
Harbour Engineers...K.604, K.622.
THE HONGKONG DAILY PRESS, FRIDAY, JUNE 9ra, 1922.
THE BUDGET.
CHANCELLOR'S HOPE OF FURTHER.
ECONOMIES.
The Budget statement was simple in design and severe in-treatment. Its structure possessed none of those decpra- tions in the form of oratorical arabesques of which the great Chancellors of the past were sa fond.
of
Sir Robert Horne certainly deserved the compliment paid by Mr. Asquith a to the lucid and businesslike manner in which he accmplished his task acquainting the country with the Govern men's Snancial proposals for the coming year. Speculation had been rife as to these proposals, and no surprise was forthcoming save that the expected relief in taxation on angar did not materialize. The Chancellor anaouaced the remission of a shilling off the income-tax-that carefully guarded secret which has been common property for 80 many days-ad also that tea, coffee, and cocoa were the channels through which indirect taxation was to be relieved. The only detail in which the prophets had proved 'wrong was in the amount of relief on tea, the amount being 4d. instead of the lesser sums foretold.
THE EAST ASIATIC CO., LTD.,
COPENHAGEN.
The M/S. "MALAYA "
will be loading for GENOA, DUNKIRK, ROTTERDAM, AMSTERDAM. HAMBURG. COPENHAGEN and other SCANDINAVIAN PORTS.
Further Sailings.
M/S. "Per¤ "
M/S. "Afrika
M/S.
Java"
M/S. M/S.
"Asia"
"Panama
About 13th June.
Expected on or about
25th July.
8th August 22nd August. 14th September. 15th October.
Will leave for aboye portron or about
1st September. 15th September. 30th September. 21st October.
22nd November.
Subject to change without notice.
For further particulars please apply to:-
MANNERS & BACKHOUSE, LTD.
SHIPBUILDERS.
SHIP REPAIRERS BOILER MÅKERS: FORGE MASTERS.
OXY-ACETYLENE & ELECTRIC WELDERS. MECHANICAL &
ELECTRICAL ENGINEERS
Agents
—DRY {DOCK,
OF HONGKONG, LIMITED. TAIKOO DOCKYARD & ENGINEERING COMPANY
Length 787 Feat. Length on Blocks-750 Ft,
Depth on Contre el (BILL (H/W.0.S.T.). 34 §. 6,11. -THREE SLIPWAYS— Capable of Handling Ships Up to 8,000 Tons Displacement: Electric Crane at Sea Wall, Onpablo of Lifting 100 Tons at 70 Feet Radius
BUTTERFELD & SWIRE
TEL ADDRESS: "TaixooDock, HONGKONG." TELE PESTS No. 12.
Asz zag : "C" OVER ANS. PENNANT.
RIGAUL'S
KARANGA
OF JAPAR
TOILET WATER
Lzellations.
RISAUD & C
PERFUMEMA
#, 2Ü0 Vivienne) 1
Paris-Fre
ON SALE
SOUND VOLUMEB' of the HONGKONG
BARKLY PRESS, Jauxary to Juno,
1921.
With Impax, Price $7,50...
On sale at the Hongkong Daily Press.
(JOHN SWILE & SONS, LTD.).. AGENTS.
HONGKONG, CHINA & JAPAN
INSURE WITH THE
OCEAN
ACCIDENT 'GUARANTIE CORPORATION 'LIMITED-
ACCIDENT & ILLNESSA MOTOR CARS. MOTOR CYCLES” FIDELITY GUARANTEES BAGGAGE BURGLARY EMPLOYEES INSURANCE
ETC.
SHANGHAI OFFICE
6, PEKING ROLD. AGENTS for Hongkong
and South China, ¡DODWELL & CO. ITD. TELER, 1030 2, QUEEN'S BLOO,
„The Chancellor appeared to be satisfied' with the manner in which he had met the difficult circumstances of the times, but the yaule of his achievement was placed in correct perspective by Mr. Asquith, who candidly, but cruelly, informed him that he had not got a surplus, but had created an artificial one by borrowing in order that This device was viewed with intense he might make some remission of taxation. suspicion by "the Liberal leader, who laid down the impeccable axiom that the only legitimate ground for remission of taxation, however beary, burdensome, and oppres sive. was an excess of estimated revenue over estimated expenditure. No Chan- cellor, he said, was entitled to remit taxation under a surplus artificially prodice. The scheme profounded by Sir Robert Horne, be characterized as "a gamble.".
The Chancellor began his statement by a sarvey of the past year, pointing oct that the industrial trouble experienced in the first three months had had a serious "effect on trade and upon the revenue of the year. Then, too, there had been the of the depression in trade. Be was opinion that no one anticipated that we should have only a spasm of trade and that paralysis would supervene so quickly,
DEBT REDUCTION.
་
Summarizing the, achievements in debt reduction, he said that the exterial debt bad been reduced by £170,000,000, the Boating debt by £246,000,000, the matur ing debt by £160,000,000 and £88,000,000 had been added to the reduction of the
WORLD
TO-DAY.
VIVID STIRRING DRAMA
THE LURE OF EGYPT
From the famous novel
A Colorful Photoplay Play of Mysterious Egypt
Sparkling with bril-
liant settings.
Vibrant
with light-
ning action.
A romance to
you prisoner in its spell.
hold
dead-weight debt. With a glance ap at IRRITATED & INFLAMED EYE.
Sir Eric Geddes, who was sente-l in the
Distinguished Strangers' Gallery, the can be directly traced in many cases to Chancellor said that the Government the Sunday Motor trip and Golfing. The was in no wise desisting in its efforts to curtail expenditure, and he pressed his confidence that in the course of this year, and still more in the year following, they would be able to make further reductions. "It is foolish," he said, still with an eye or the gallery. to expect that you can de everything at one blow, even with an axe." On the basis of new taxation he budgeted this year for a total revenue of £910,775,000, of which Customs and Excise accounted for £273,000,000, and special receipts for £90,000,000. There were derisive cheers when he stated that no German reparations bad been estimated this year, which drew the retortWe have always treated sums of money from Germany as windfalle.' The first announcement of any relief in taxation was in respect to agriculture.
INDO-CHINA
STEAM "NAVIGATION COMPANY, LIMITED.
MANILA...
SAILINGS, BUBJECT TO ALTERATION ·
BANGKOK via SWATOW TIENTSIN
SHANGHAI vix SWATOW BAIPHONG, HOIGOW STRAITS & CALCUTTA........ BANDAKAN
SHANGHAI via SWATOW
"TUENSANG" ...Friday. "YATSHING “
TAKSANGTM
9th June S
Nom
Sunday, 11th June 11 Tuesday 13th June,
...Wednesday, 14th June, Now
10 m
"CHIPSHING"
'TINGSANG"
Wednesday, 14th June,
NAMSANG"
...Saturday,
17th June,
17th June,
20th Juns,
MAUSANG ...Saturday ...CHOYBANG"
...Tusaday.
SALOUTTA LINE:- This Line forda regular aliings Calcutta, Panang sud
Stagepore; returning from Calcatha steamere proceed vis Barukiw and Hongkong to Japan, pesasionally calling si Shanghai, All steamers have excellent passenger accommodation, atted with Electric Light and Fans and cater a fulır-qualifna Burgeon.
apprommataly every three days between Canton and
BHANJI LINË nghale sunetimos calling, at. Swałów. Through Hoketa es
dust from sections of the local roads contain a decided eye irritant. - A sag gestion for these trips would be to keep the windshield up and to use a pair of Sun glasses. Sun glasses of any pattern with either Crookes, Luxfel, Fieural, Amber, London Smoke, or Blas lennet are obtainable at very moderate prices from The Hongkong Optical Co. suces- Bors to Clark & Co., Manufacturing and Refracting Opticians—the most compet ent manufacturing optical establishment in South China-located in 63, Queen's Road Central, (opposite to the Binger Sewing Machine Company.-Ave. [101
Then came the announcement of the
reduction of the income-tax, a course which the Chancellor assured the House was not the sequel to the numerous deputations he had received, or the innumerable letters which had been addressed to him. He had,
MANILA
be obtained and through Bill of Ladings are larmed Northern and Yangt Furte via Bhanghal
maintained with Marilla by yousela" Wikis goin
LIN-A weekly service le
HAIPHONG LINmmodation, sak from bott, porte avery Friday. -
BURNEO
at Holhow
Weekly
for passingers and osram Indacement offers
bo and from Bandaksa by two 3,000 10
LINE:-Formightly willer MAUSANG both mos
excellent penger, Rocommodistos. Cargo Bakes
fur-Kadat Jesselton, Pabuan Tamas
ot
FÜG
March to Movember betwee
nd Lahad Datu TIENTSIS LINE-A regular service te ra
Hongkong and Tientsin, calling at Welhalwel and Chefoa BANGKOK LINER-A weekly service is provided between Hongkong and Bangkok, ela Bwatow, by Ave" abonmera fitted with uplo-date provenge socommodation
"Now," said the Chancellor, "I come to a subject which interests the greater mass of the people, and of representatives of commerce." Members picked up their ears, expecting to hear the long anticipated news of the fall of the income tax. There was a burst of laughter when he continued:
The matter to which I refer is, of course, the postal rates." This was probably a Scotch joke, and was immediately hailed in fact, made up his mind a long time ago. as such by the members. Haring become He should reduce the income-tax by a shill "For vote catching convinced of the vital necessity of cheaping in the pound. communications (the eloquence of Mr. purposes cried Mr. Erskine. Having Kellsway having borne fruit apparently) relieved direct taxation, he then turned to the Chancellor announced that he had indirect taxation, and announced the
following remissions: agreed to the following changes:- Sunday collection would be restored; post
cards would be one penny; printed papers," subject to certain conditions, would be a halfpenny; mininum charge for lettere would be three-halfpance, while a reduc tion would be made in the telephone
charges,
Tea, a reduction of 44. per pound, which relief be-was assured would reach the consumer, even where only pennyworths were bought; and a third of the tax on coffee, chicory, and cocoa.
dope.-Times.
The main concessions nanounced by the Chancellor of the Exchequer in his Budget statement on May 14th are as follows:---
In concluding, he expressed his belief that the Budget would create new hope and fresh enterprise in the vast organiza Thase concessions left him with an estimation by which the nation's business was ed surplus of £38,200,000. What was to be done? Was it essential that they should maintain the pressure of taxation? Was it not possible to slacken his pressure to give a stimulus to trade, thereby lessening expenditure on unemployment? During the last two years no less sum than £522,000,000 in cash had been paid in redemption of debt. Certainly we had benented by this policy, but he had no doubt as to the policy which he ought now to pursue, and he did not think he would of finance be offending any cannon. if we contented ourselves this year with raising revenue to meet expenditure.
THE SINKING FUND., «
It involves the suspension of the sink-t ing fand," he said, "and so that we may meet our obligations towards bolders of securities we should re-borrow the money necessary for that purpose." The effect would be that, by the end of the year our debt would not be decreased, but would be no greater. "I am confident in the belief," be added, that the circumstances of the day justify what I am proposing. The need, not merely the clamour, for text reduction in the burden of taxation is Great", "#
(Continued at foot of next colorand
INCOME-TAX.
Standard rute reduced from 6e. to 5. COSTOMS DUTIES.
Tes duty from 1s. to 8d. par Ib. Cocos and coffee from £2. 25. to £1.8a. per cwt.
Chicory from £1.19 Bd to £16.6L por evt. POSTAL EATER,,
Inland letters: (now 21 up to 3oz.), 1d. up to 1oz.; and 2£ up to 3oz; Id. every additional oz.
Empire rate and U.8.A. (now 2d. up to 1oz.), 1d. up to 1oz., and 11d. per additional oz.
Inland postcards reduced from I'à. to ld, "...
Inland printed papers (now 1d. up to 202.), d. up to loz, 14, up to 2, and
d. per additional 2 oze"
"Sunday collections to be restored.
TELEPHONE CHARGES. **
...In addition there will be certain re-
ductions in telophone charges."
CALCUTTA
LINE
5.5. "NAMSANG" will be despatched on or about Saturday, 17th June, at 8 p.m., før SINGAPORE, PENANG
& CALCUTTA,
-
Through Bills of Lading issued to RANGOON, MADRAS, PORT SWETTENHAM and DUTCH EAST INDIES.
For Freight or Passage apply to
TELEPHONE NO. 215.
Jardine, Matheson & Co., Ltd
GLEN
GENERAL MANAGERS.
AND
SHIRE
Joint Service of Steamers.
U.K.-STRAITS. CHINA & JAPAN SERVICE,
MY. "GLENREG”
M.V."GLENLUCE ""
8.S."GLENSHANE"
ずた
OUTWARDS.
HOMBWARDS,
Leuven Hongkong
Das Hongkong
* 17th Juma
1st July. 20th July.
Discharge
3.8. "CARNAVONSHIRE”—10th June, Genoa, Lawson, HULL, BOTTERDAMAĦamera, 88. "GLENIFFER" *** áth July, Gasoa, London, HULLJÄNTWERY & HAMKOLM
Movementa KPU subject to change without nation.":
For traight or tarihse particaluer pissot apply ta s
Jardine, Matheson & Co., Ltd. The Glen Line, Ltd.
Talephone No. 1:5 rab-az, 12 and 3066
Kamikasa, Rob
KAWASAKI
KISEN
(KAWASAKI VTRAMJHIF (GO:)
MAKITALUPAID OF
AGENTS.
KAISHA
**M20,01 0,800
President: Mr. Y. Kawasaki - -Vize-Freidash; M2, K. MatsuTAJA,
Managing Director: Mr. Manara, AKUJ
as Commúry, ka ́en band aälarps Hundir of
NEW CARGO STEAMERS
ALWAYS REALY FOR CHARTERS of a descriptions.
The Gollowing: Ben comprinot zu the Company's last pos
Eleven seamers of 9,100 tons each deadweight,
Axt-inder the Company's ManagUKANA HOË Z
Iwenty^steamers of about 9.100 tons deadweight encH: Two steamers of about 6.400 tons desdwelant eni
(Balongng to the Kawasaki Dockyard (b) Tál)-
arteniors myoký to the
KAWASAKI KISEN KAISHA
*N***, Bowni. Kons