Page
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THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
Tel. Central 236.
SOLE AGENTS FOR
3, Queen's Buildings,
THI HONGKONG DAILY PRESS, FRIDAY, AUGUST 1015, 1983,
BELL'S UNITED ASBESTOS CO., LTD..
MANUFACTURERS OF
Viotor Metallic,” "Daggar," "Quadruple" and
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Ball's Asbestos Compositions.
"Salamander" Engine & Cylinder Oils.
"Balamanderite" Jointing.
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Electrical Dept., Peddar St
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*P. O. Box 445,
SHIPBUILDERS,”
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OXY-ACETYLENE
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Telephone No. 2860.
OF HONGKONG, LIMITED, TAIKOO DOCKYARD & ENGINEERING COMPANY
DRY DOCKE "Length 787 Fest. Length on Blocks 750 Fest
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LEPACK CO., LTD 50-52, Queen's Rd, C.
THE MEANING OF THE MARK.
Yesterday's recovery in the value of the murk, following an exceptionally heavy fall on Monday, denotes (say The Times of June 20th) the extraordi "sensitiveness of German: crrency
nary
CAPITAL LEVY ESSENTIALS.
SIR JOSIAH STAMP'S
CONCLUSIONS.
In his concluding, Newmarch Lecture at University College, London, Sir Josiah Starp dealt with the "Administrative Aspects of a Capital Levy." He said: that taxes based upon capital valuations to political events. The day when it was had a useful pince in many fiscal systeras possible to sell large quantities of Ger-where the tax was small enough to be man marks to foreign speculators has born out of annual income. But where it was large and could not be met out- long since passed; the market for them right either out of annual income or an is extremely arrow, because every one actual sacrifice of capital, but only by in now realizes that milliards of paper stalments or mortgages. the administra marks are created every week by the tive problems raised were of great com- plexity. Taxes on capital, judged by Reichsbank printing press to pay the many recognised tests, would be found to German Government's bills. There is no be taird-rate fiscal expedients. corresponding addition to the supply of Sir Josiah summarised his conclusions purchasable things, go that the creation by saying that for the maximum economic of this additional purchasing power advantages of a levy to be attained it necessarily means that a larger number was essential that there should be a of marks are required to purchase a general acceptance of the scheme as a inal necessity, upon which the delicate given quantity of commodities.
theory the exchange value of the mark balance of administrative feasibility de. should reflect fairly closely the resultant Pended; a more gentle graduation (invol readjustment of prices which every arti-ving a heavier burden on the lower for ficial addition to money purebaaing power tunes), which would encroach upon the involves. But the mark exchange has future yield of the ordinary progressive also long since passed beyond that stage.. scales to a moderate extent only; a steady It now reflects the keen anxiety of prac price level for a decade following the tically very German to flee from his own valuation; a material drop in prices after currency in order to escape the deprecia that decade; an effective constitutional tion which continued and progressive form of guarantee against non-repetition: inflation renders certain. It reflects to and an undertaking to devote the saving an even greater cxtent every change, or in expenditure, to the relief of direct rumour of change, in the political situa taxation. He added that this combina tion, especially if it affects the question tion of conditions had not occurred, nor of reparation. It is not to be supposed did he think it a likely combination. The that the rise in the Berlin exchange on most effective advocates of the levy were Monday from 523,000 to 740,000 marks to really those who used purple arguments the pound denoted a deterioration, re- against it, bus clamoured on all occasions presented by the difference between these for relief in current taxation, and con- gures, in the German economic situa-signed a radical sinking fund policy to a tion. Neither is it to be inferred that convenient and receding distance of time. yesterday's fall to 620,000 represented. af lery was on balance economically corresponding improvement. These wildandesirable, such people were a danger to movements in the exchange are due to their own views. the complete loss of confidence at home, as well as abroad, in the mark." The sensitiveness of the exchange to political rumour arisca from the fact that a settle. ment of the reparation question is now the key to the stabilization of the mark.
The enormous depreciation of the mark in the past few months has spread dis- tress of the most appalling kind through- out Germany. A person with a pre-war income of 200,000 marks (£10,000) de- rived from investments now finds that its value is only 68. 8d. In September last it was equivalent to £150. Pricos in the shops are regulated not by cost of pro duction, but by the state of the dollar The exchange. They change hourly. effect on commodity prices of the violent movements which bave occurred in the past two days can be better imagined than described. Our Berlin Correspon- dent, in his message which we print to day, says that Monday's break has been. followed by renewed symptoms of un- vasiness and unrest among the working! chancs. The flight from the mark is assuming a new forum Workmen are de- manding to be paid on some basis other than that of the paper mark, because no sooner is a wage agreement made than a fresh break readers it -nugstory The standard of living in Germany is fast declining, even for the workman. A pound of lard now costs half a day's labour. In vain effort to stop the fall in the mark, the Reichshank has disposed of a large part of its gold folding. In the past two months shout one-quarter of its gold reserves has disappeared, and the Government's power stabilize the imark has therefore greatly diminished. It will continue to diminish until the reparation question is settled.
A BANK'S NEGLIGENCE JUDGE ON DUTY OF INQUIRY,
An action of considerable interest to banking circles was concluded in the King's Bench recently, when Mr. Justice Rocho held that the fact that crossed cheques payable to a company wore passing into a director's private account called for inquiry on the part of the bank in question. Messrs. A. L. Underwood and Company (Limited), of Queen-street, E.C., sued the Bank of Liverpool and Martins (Limited)," of Lombard street, E.C., to recover £8,000 for the alleged conversion of certain ebeques. The plaintiffs' case was that the Inter Mr. A. L. Underwood, who was the sole director of the plaintiff.company, and held the whole of the shares except the qualifying ones, paid the cheques con cerned into bis private account when thes should have gone into the company's account. The cheques' were made payable to the company or order," and in most cases werd crossed.
For the bank it was argued that Mr Underwood had # real or apparent authority from the company to deal with the cheques, and, further, that he had full powers of distribution, and as he was practically the company there had been no conversion of the company's property.
His Lordship was of opinion that the bank's defence failed, because if Mr. Un- derwood had authority to endorse chequer he had so authority to pay them into his Own private account. His 'Lordship thought Mr. Underwood's actions were for the purpose of gaining an advantage to himself, and not the company, and that was plain by the way he covered up his transactions by falifying the books, The passing of crossed cheques payable to company into a director's private account bad gone on for two years, and the cashiers had, been negligent in not report ing the matter to their superiows, who Would most certainly have demanded an explanation of Mr. Underwood,
His Lordship in the circumstangs found negligence and conversion by the bank, and entered judgment for the plaintiff company for an amount to be assessed by |a specii] "referer, with cost,
The Sukkur barrage scheine, the total cost of which is estimated at £12,300.000, was sanctioned on June Dth by the Bom bay: Legislative Council,
HONGKONG SHARE MARKET CLOSING QUOTATIONS
Ave Toth, 1923. Hongkong and Shanghai
Banks
...$1,100 sa
... 2001 b...
Union Insurances Stemboat can Kowloon Wharves Whampoa Docks
· 41j b.
161 s.
.3. 139 s.
Hongkong Landı ...... $ 90 b. 90/904 sa. Ewo Cotton Mills...The 11,50 ■, 112 n Comenta
29 5. China Providents) 25.70 b. Dairy Farma
..$ 23.EO b. Watsons .........
#201·5. Hongkong Electrics. 322. b.
THE RIGHT TO REPLY,
The Council of the Instituto of Jour Palists met at Manchester on June 9th, the president (Mr. Frederick Peaker) in the chair. Some complaints having been received of the denial by certain news- papers of the right of reply to attacks they had made, the council resolved:
*That the Council of the Institute puts on record its opinion that when a news paper prints anything reflecting on any person, or body of persons, it is in accord with the canons of good journalism, fair dealing, and common justice that the newspaper, concerned should grant a reasonable right of reply in its columas,
*PRESSED
AND
RE-SHAPED.
IF YOUR SUMMER CLOTHES CANNOT BE WASHED. WHY NOT HAVE THEM DRY-CLEANED.
DIRT, STAINS AND CREASES VANISH AS IF BY MAGIC UNDER OUR PROCESSES, AND THE
·ORIGINAL BHAPH AND SET IS RESTORED.
STEAM LAUNDRY CO.
HEAD OFFICE and WORKS FAUMATI, Tel. K 32. HONGKONG DEPOT, 16, Stanley Street, Tel:C 1978.00
62, Praya. East.
KOWLOON DEPOT, 19, Canton Road. CANTON, 19, Sharki Central East.
Write or Phone for PRICE LIST
YE OLDE PRINTERIE, LTD.
COMMERCIAL PRINTERS, ACCOUNT BOOK MAKERS, E70, 14 QUEEN'S ROAD CENTRAL
V. C. LABRUM, Managing Director.
Telephone 3797.
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