Page
WORLD THEATRE
5.15 raề nad 19.15 3×
SAMUEL GOLDWYN
presents
GERALDINE FARRAR
IN THE
WORLD AND ITS WOMAN
AN EPIC PHOTOPLAY A SCREEN ACHIEVEMENT MAGNIFICENT TRIUMPH
in 7 parts.
3.30 & 7.15 pm.
**HURRICANE HUTCH," Episodes, -11 & 13.
USUAL PRICES. BOOKING AT THE THEATRE
XMAS GIFTS.
CHEAP SALE.
We have just received a large selection of GRASS CLOTH, CROSS STITCHED WORK-SUCH AS TABLE COVERS, DOYLIES & NAPKINS. SWATOW DRAWN THREAD WORK, EMBROIDERIES. SHAWLS, PEKING LANTERNS. LAMP SHADES, BRASS WAKE, Eto, Eto Etc., SPECIAL SALE FILET LACE
20% DISCOUNT
GREAT REDUCTION FOR ANOTHER 15 DAYS, From 16th to 30th November, 1922,
Come Early!
Don't Miss the Opportunity.
SWATOW DRAWN WORK CO.,
Phone 2860.
P. O. Box 440.
18, Das Vœux Ed. C. A.
W. S. BAILEY & CO., LTD.
SHIPBUILDERS, MARINE AND LAND ENGINEERS. Builders of Vessels up to 1,500 Tons: Fast Steam Taunches and Motor Craft of
All kinda Tugs, Barges, Oil Tankers, Light-draft and Biver Steamer
Vesale built and shipped for re-erection abroad.
GIL-FIRED THE BOAS “LION” BUILT BY W. L. BAILET
Boller Makers, Founders and Constructional Engineers and Repairers.
ASAHI BEER
SPECT
BREWED TOR EXPORT.
DAI NIPPON BREWERY CO.
LIMITED
TOKYO, JAPAN!
SOLE "AGES
MITSUI BUSSAN KAISHA LTD.
CHONGKONG.
HONGKONG DAILY PRESS, FRIDAY, DECEMBER 18r 1992.
THE CHINESE FINANCE
rehirn of these concessions. China was to ragounce her claim on the List Listal- MINISTER'S ARREST.
ment of the purchase price of warships A STATEMENT BY THE MINISTRY and ammunition, amounting to 2693,051
in view of the fact that works on them. The following account of the Austrian had been 40 per cent, completed and son- tractors were entitled to soms reasonable Loan Question which has been brought compensation for cancellation of the pur into prominence by the recent amazing chase. But the net gain to the Chinese arrest of Mr. Lo Wen Kan, the Minister. Government from the final agreement of Finance, has been furnished by the authorising an issue of new bonds to the value of £5,190,000 would be £1,000,000 Ministry to the Peking Daily News ==
compared with the would be value of From 1811 to 1914, six loans were con-bonds, if the original demands of Moors tracted between Chins and a group of Amhold Brothers & Co., were accepted. Austrian Banks represented by Messrs. Arnhold Kurborg & Co. The amount of these loans aggregates to 1.130,000 secured on the Poking Octroi and title deeds. Of these six loans these were made for the purchase of warships and arms of munition and the first instalment of the purchase price, amounting to £623,051, was deducted from their pro seeds whereas another £1,693,277 was put on a special account to meet further instalments The interest of all these Joars was par cent, and the principal was to be redeemed in different instal ments from December, 1912,, to December 1921, inclusive. Both interest and pine cipal were payable is London together; with the British, income-tax payable by the Chinese Government at the current rate of taxationp..
,I』:"",rw:
Realising the limits to concessions which China could reasonably expect from her creditors and the importance of having an early settlement, the Ministry of Fin anco accepted these provisions of a new loan contract subject to approval by the Cabinet, and the Ministry of Foreign Affairs On this approval being duly received, the Ministry again gave further consideration to the draft contracts sub- mitted by Mesars. Arabald Brothers & Co. After further alteration and a reservation
if of the right to reconsider the question of paying any income-tax at all, it put its seal on the contract duly signed by the Minister.
THE STEPS LEADING TO THE
MINISTER'S ARREST. Up to the end of June, 1015, all thu Those are recounted by Router's corres- interest and income-tax had been paid in pondent at Peking as follows:- time but on the principal due for redemp-During a luncheon with the President tion in December, 1915, amounting to on Saturday after the meeting of the £1,233,000 only interest and incom tax Cabinet Mr. Lo reported the whole affair. were paid. A new contract was fed (the sucess of the negotiations for a modi in June, 1918, which authorized the extenfication of the contract to the President sion of the time of redemption by five and received congratulations on the man- years and raised the rate of interest on ner in which he had conducted it. the overdue portion from 6 per cent, to 8 per cent, the interest and income-tax due in June, 1918, having already been paid.
On Saturday afternoon (November 18th) the Speaker and Vice-Speaker of the House of Representatives, accompanied by the compradore of the Sino-Italian In December of the same year (1918), Baak, Visited the President and the another instalment of principal, amount Speaker handed to the President a docu ing to £1,453,500, together with the first ment charging Mr. Lo with having violat instalment OF the deferred portioned the Constitution, having exceeded his į amounting to £250,000 became due. With authority as Minister of Finance, and interest and income-tax accrued to the with having accepted bribes. The charge figure of £126,314, the outstanding obliga of having violated the Constitution is tion on the Chinese Government came to said to have been based on the statement £1,829,814. The inability to meet it made that the contract was a new one and, it necessary to negotiate with the original therefore, should have been submitted to ropresentatives, Messrs. Arnhold Karborg Parliament for its consideration and pro & Co., a new agreement by which the mulgated by Mandate if approved by the latter consented to hocept Chingao Tren House. The charge of bribery is reported aury Notes for £186,314, representing the to have been supported by the compradore overdue payment of interest and income who alleged that two cheques had been tax and £60,000 of the outstanding prin. paid (presumably to Mr. Lo), one for cipal. Them Nates were to be redeemed £30,000, and the other for £30,000. in six instalments, but, as a matter of fact, only two fastalments were paid and the remaining portion of £128,314 toge ther with £1,643,500 not covered by these notes were left unprovided for. In conse- quence, the total charge on the Chinese Government at the end of 1916 was £1,769,514. In June of 1917 another sum of £120,000 was in default on interest and income-tax accountant Toda 2 With the declaration of war by China on Austria in August 1917, all payments on the Austrian loans were stopped but as most of the bonds issued under them had become property of neutral or allied investors who besieged the Chinese Lega tion at London with cinim for payment, it was found necessary to remit £60,000 to Great Britain to satisfy them. Evidently such a trilling sum was far from sufficient to meet the service of all the loans. But so long as the War lasted, China could sak the bandholders to postpone their claims till her settlement with Austria at the restoration of peace. The coming inte force of the Treaty of St. Germaine, especially Article 248, required "China, however, not only to resume payment of interest and principal and income tax to allied or neutral bondholders but also to Austrian investors. Of the outstanding debt, principal alone came to £4,320,000 Now negotiations were opened with Messra. "Arnhold Brothers & Co., succes sors to Messrs, Arnhold Karberg & Co., and with Mr. Rosenthal and Mr. Cosulich, representing “Austrian Banks, to devise means of adjustment but mostly without any success. Lately, however, pressure was brought to bear on the Chinese The President suggested that he should Government by France and Italy to settle go personally to see Mr. Lo and is said this question and it was even suggested by to have admitted that the procedure was one of the Treaty Powers that it would irregular. A communication was then not agree to the operation of the effective sent to Mr. Lo who refused to be relcased 5 per cent, tariff on December 18, 1929, until the case had been thoroughly clear- unless it was satisfied with an adjustment, od up
|
It is alleged that the Speaker insisted upon orders being issued by the President immediately for the arrest of Mr. Lo. It is further stated that Mr. Wu Ching-lien refused to leave the premises until a police officer had been called in and an order given for the issue of a police court warrans for the arrest. This was done and the arrest was effected at midnight, ár. Wang Ti-lien, Chief of the Treasury Department, was also arrested. The President apparently did not inform the Premier or the other Members of the Cabinet and they were unaware of what was taking place until after the arrest of Mr. Lo. On Sunday the other Mem bers of the Cabinet waited on the Presi dent and asked for an explanation. It was pointed out that a Cabinet Minister could not thus summarily be arrested on & Police Court warrant. The Minister of Foreign Affairs pointed out that if Mr. Lo could be arrested in this way every Cabinet Minister might find himself in prison at the instance of political oppon. ente. Mesara Kao En-bung and Sun Tan-lin, Ministers of Communications and the Interior, strongly condemned the action that had been taken, contending that it was illegal and the Speaker and Vice-Speaker themselves ought to be arrested. On the other hand it appears that Mr. Edo Ling-wei supported the President and said that if the charges were true Mr. Lo ought to be severely punished. Mr. Chung Shih-ming, former Minister of Finance, had been arrested. on a somewhat similar charge, and he was still in gaol.
of the Austrian loans. Under these cir-Hearing that the proposal. had been cumstances, the Ministry of Finance felt made to hand Mr. Lo over to the Justice it ita duty to proceed with its negotiations Departmentome Members of Parliament in spite of many difficulties At first, waited on President Li' and urged that creditors demanded an increase of inter- this should not be done. In the afternoon est on the whole amount overdue to the the Local Procurator issued a summons to rata allowed on the Treasury Notes men the Speaker and Vice-Speaker to appear tioned above, namely to 8 per cent, and as witnesses against Mr. Lo. They amert that accumulated interest be paid on thể thất they did not urge the immediata semi-annual, instalments of unpaid cod arrest of Mr. Lo, but merely handed the pons. They also demanded that the in charges to the President with the sugges. come-tax on the whole sum be paid at the tion that the ordinary legal procedure post-war rats; namely 5 or 6 shillings in should be followed
the pound, that new bonds to be isried. It appears that the ground on which in exchange with old ones be redeemed in | the two Ministers urged that the Speaker five years and that the price of its be and Vice-Speaker of the House of Repre fixed at: 88. After protracted negotie. sentatives should themselves - be arrested tions during which the representatives of fcreditora "always" threatened with a de
mand for casa payment, it was finally agreed that the same interest would be -allowed on the new bónda as that allowed by the Extension contract of 1918, that is
was that they had used Parliament's offi cisl seal in the report they banded to the Présidant against Mr. Lo, without tha sanation of the Hottes and in furtherance of their own personal political enda. This point has not been made clear yet, but it
8 per cent. It was further agreed that the | will probably be brought up at the special period of redemption be extended to ten meeting of the House that is taking placa years, the imus price be fixed at 60 | this afternoon
GENERAL WU PEI-FU CONDEMNS
and the accumulated interest be paid on unpaid coupons as if they were payable only once a year instead of twice a year, THE PRESIDENT'S ACTION, a originally stipulated. As to income- tax, it would be paid at the zato of four
General Wu. Pei-fu in a circular tele- shillings in the pound The difference gram to the President and Members of between the final arrangement and the the Cabinet condemned the arrests, as hav- original demand amounted to about ing been effected by a procedure which £303,000 in respect of accumulated inter- was illegal and unconstitutional and est and income tax, and should be equally derogatory to the Government f ahared by both parties; and of the tions of corruption; and the charges have Explanations have disproved the allegas share assigned to creditors, £80,000 we
to be handed over to the Ministry of since been withdrawn, but the Minister Finance for account of Government apparently refuser bis liberty now until revenue and £71,500 deducted from the hip character has been cleared total amount of the outstanding clube Y... Court of Law.
The
P. & O. TINKING CORPORATION, LTD.
(INCORPORATED IN EXOLAND, 1890) with which is nailisted "
THE]'ALLAHABAD BANK, LTD.
AUTHORISED CAPITAL SUBSCRIBED AND PAID UP RESERVE FUND
Board of Directors and
$5,000,000.
The Rt Hon Lord Inchcare, G.C.M.G., KCSI, KCLE(Chairman). „Et. Hon; the Earl
ATI of SELBORNE, K.G.G.CMG. FRANCUN ALEXANDER JOHNSTON, Esq.
Atstander Kar WarGHT, Esq. SIF MONTAGU CORNISH TURNER,
Waltem ÖzboRK GRAKEBROOK, Eq. DUNCAN CARMICHAELA
The Hon ALTINDER SHAW, M.P. 10800-FAM28 Mierszin; Esq. (Managing Director?ų
M. M. S. GUBBAY, Esq., C.8.1, 0.1.E (General Manager).
HEAD OFFICE:-123, LeadenhallStreet, London, E.C.&-
West London, Branch 14-16, Cockapur Street, London,
Eastern Branches --
Bombay, Calcutta, Karachi, Madris, Colombo, Singapore Hongkong and Shanghai.
The Corporation undertaken. General Backing and Exchange Business of avery description and in addition to its Branches haalAgencies all over the world.
HOPKINS 12, Des Vaux Boad, Central, Hangkong.
FIRST QUALITY-
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Oldest Firm of Varnish Makers in the World.
FULL STOCKS at ́aar HONGKONG BRANCH.
Wilkinson, Heywood & Clark, Ltd.,
dicoroonated to the United Kingdom)"
ALEXANDRA BUILDINGS, HONGKONG.
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