Page
THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
2. Queen's Buildings.
Tel. Contral 238.
SOLE AGENTS FOR
BELL'S UNITED ASBESTOS CO, LTD..
MANUFACTURERS OF
"Victor Metallic." "Dagger," "Quadruple" and
«"Reefer” Fackings
Bell's Asbestos Compositions.
"Salamander" Engine & Cylinder Oild.
"Salamanderite" Jointing.
WHITE PINE
THE HONGKONG DAILY PRESS, FRIDAY, OCTOBER 5TH, 1923.
THE GOVERNMENT'S SURPLUS
·FUNDS,
ANSWERS TO THE HON. MI
LOWES QUESTION.
replying without notice, referred to a |legal difficulty and said that 'he believed that it was hat possible to pay off "the
The question of paying of the han was raised in 1919, and the Government was advised that it could not do so until The Hon. Mr A. R. Lowe in accord after the 30th October, 191, except by anee with notice, asked at the meeting amending the law. The Sinking Fund is of the Legislative Council yesterday, partly in sterling und partly in dollars, number of questions relating to the Government's surplus funds. The ques portion owing to fall in exchange and the There is a large profit on the sterling tions and the answers returned to them dollar portion is invested locally at 6 are given below:-
and 7 per cent. with the results that if the Sinking Fund continue to accumulate at the present rate, it will sufficient to pay off the loan two years before the Statutory date of redemption. The moneys appropriated for the sinking fund are not liable to Military Convention, but, if it were decided to pay off the loan. the Military Authorities might claim that military contributions should be deducted in respect of the money, other than the sinking fund, which would be required] for such paying off.
The Hon. Mr. Lowz asked:—
-Will the Government explain under what rules and regulations it acts with regard to the employment (and at wint rate per cent.) of the large surplus funds apparently, at the disposal of the Govern nient as evidenred by the latest publish ed Monthly Cash Statement for Maygeon tríged in the Government Gazette of 10th August, 103, wherein it is shewn that there is 87,817,187.42 deposited with the Crown Agents in London and Invest ments costing $5,077,382.25, (representing a market value of about 87,010,000) be-understood.
The latter part of the 'question is not i sides a balance (presumably in local profit. and not a loss in respect of the The Colony has made a Banks) of $11,888.30 and also state whether it is satisfied with an intends.
sinking fund. COUGH SYRUP
WILL
STOP YOUR COUGH
It contains Scothing Bolans and Astringent Principles
GOOD FOR YOUNG AND OLD.
THE CHINA DISPENSARY
2, QUEEN'S ROAD CENTRAL.
SALE NOW ON
Come Now!
A FRESH STOCK OF
י
MANILA HEMP HATS
FOR LADIES
Latest Styles,
Various Colours and Shapes
AT LOWEST PRICES.
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Don't Miss the Opportunity !!!
SWATOW DRAWN WORK CO.,
16, Des Vœux Road Central, Hongkong.
PO. Box 445,
SHIPBUILDERS,
SHIP REPAIRERS,
BOILER MAKERS,
FORGE MASTERS,
OXY-ACETYLENE
ELECTRIC WELDERS, MECHANICAE AND
ELECTRICAL ENGINEERS.
Telephone No. 2880
TAIKOO DOCKYARD
DOCKYARD & ENGINEERING COMPANY OF HONGKONG, LIMITED.
-
DRY DOCKS. Length 787 Feet. Length on Blicks 750 Feat
Dept. on Centre of
* Sill (HW.0.8.T.) 34 ft. 6 ins. THREE SLIPWAYS. — Capable of Handling Ships Up to 3,000 Tons Displacement.
· Electric Crane at Sea Wall, Capable of Lifting 100 Tons at 70 Feet Radiùs.
BUTTERFIELD & SWIRE
(Joan Bwin & Bons, Lin,),
TEL. ADD2868: *Taixosdoor, HoneKOMG.” AGENTE.
TELEPHONE No. 212.
HONGKONG, CHINA & JAPAN,
CALL FLAG: "C" OTEL ANE, PIRFANT,
MICHELIN
CUSHIONING CAPACITY
ENSURES
COMFORT
LEPACK Col
Sole Agents:
LTD.
50-52, Queen's Rd. C.
to increase its recent investments of £$1,000 in Queensland Government!
·Stock 1
·INSCRIBED "STOCK ISSUES.
The Hon. Mr. Lowe asked :~-~-~- The COLONIAL SECRETARY replied ;---
(4)——In view of the fact that there is a clause in the local Onlinance giving the In the year was the Secretary of State Crown Agents power to use the Sinking for the Colonies gave instructions that Fund monica to repurchase and vaneci the Government should not keep halances any part of the Inscribed Stock Issues of in excess of 2700,000 in local Banks. For 1903 and 1906 whenever the loan is below a long time the Colony had an over par, have the Government. drawn the draft, but of late years there has been attention of the Crown Agents to the a considerable surplus, and in 1991 the matter since the last Budget Debate and, limit was raised to $2,000,000, All Funds if so, what answers have been received! in excess of this Rmit are remitted to the Crown Agents who have discre- Government has not drawn the attention The COLONIAL SECRETARY replied:-The tionary powers as to their disposal. The of the Crown Agents to this matter since money is partly invested and partly used
for short term loans "and the purchase the last budget debate, and it does not of Treasury billa The Craven Agents consider that any useful purpose would have recently invested £25,000 in Queens. be served by the purchase and cancel land 4 bonds 1920-23, from which it is lation of the Colony's inscribed stock clear that they regard them as a satis issues. It is believed that the greater factory investment. Whether they maks part of the stock is held by other further purchases of these bonds will no Colonies and by persons holding for in- doubt depend on whether the market con vestiment who would not readily sell, and. ditions make such investment profitable. if the Government began to buy against The Hon. Mr. Lowe: Arising out of the market, the price would at once gỗ the answer to the question, is the Govere- "P ment aware that the last loan the PUBLIC WORKS DEPARTMENT Queensland Government tried to raise in the London Market was not well received and that they are committed to repay, some
The Hon. Mr. Lowe asked:--. £20,000,000 sterling within the next for
(5.) To enable the Council to obtain a years and with regard to interest, no-comprehensive grasp of the cost of the thing ia mentioned in the answer regard ing interest on the loans to the Crow Agents.
HE. THE GOVERNOR: I think the Hon. Member should give notice if he wishes to pursue the subject.
The Hon. Mr. Lówn asked:
2-Assuming the following figures to be correct will the Government consider| the advisability of reducing taxation in the shape of hates and for Liquor Duties?
Devonua ·Firefil
Appar #excluding mint
-ut Suryon Land Sales). Expendi- over Babes
έπεσε, taxation,
'EXPENDITURES.
Public Works Department services will the Government lay on the table a State- ment showing, in parallel columns, the following particulars for the decade end- ing 1020, and also up
date, viz:-
1: Personal emoluments Rad other
charges
Annually recurrent works
3... Total emoluments and recurrent
charges
41
* Estimates for Extraordinary Works 5. "Actual cost of Extraordinary Works
5. Percentage of actual to estimated
extraordinary works.
and also instruct the Director of Public Works to incorporate such information
in his annual report in future.
The COLONIAL SECRETARY replied: The
102) 1-4,139,322 11,908,715 9,100/NT 4,190,264 1921 16,004,034 12,886,127 3,407D07 6,478745 | schedule, as requested, is in the hands 1929 19,669,261 14.097.307 4.5KING 12.028542 923*17,907,970 16,234,333 2,028,035 +14,981 + Estimates. +31st May, 1923. The COLONIAL SECRETARY replied :— The Hon. Meaber has omitted Land Sales from Revenue, and Public Works Extraordinary from Expenditure, appar ently implying that one should be expect stant reproduction of these columns of
of Hon. Members. With regard to the concluding paragraph of the question the Director of Public Works will be asked to include in his annual report such in- formation of this nature as he may think advisable but it is considered that no useful purposes will be served by the con-
ed to balance the other. In the years figures.
109089 inclusive 24,012.251 was realised
from Land Sales and 80,155,038 was
spent on Public Works Extraordinary HONGKONG SHARE MARKET
leaving a deficit of $1,272,787 to be met from revenue or loan. During thess three years, the surplus balances increas ed by a sum of 98,168,876, of which sumi, however, $2,451,333 in a book entry_re- presenting fluctuation in exchange. The actual surplus, apart from gain on ex- change, is $5,718,541.
The average amount received from Land Sales during the six years. 1916- 1013 inclusive was 3101,371. If this aver- nge had been maintained during the years 1920-1922, the receipts would have been 2575,113, against the $4,919,251 actually received. Except therefore for the fact of the land boont, and the profit made in exchange the surplus represent ing what the Han. Member calls "appar ent over taxation during the period 1920-22 would have, been approximately $1,400,000.
The Government does not agree that the Colony is over-taxed. It is obvious common sense to take advantage of in exceptional period such as that of the last three years'ta necumulate reasonable reserves towards meeting the heavy ex- penditure which lies ahead, and it would be the height of unwisdon deliberately to reduce the yield of permanent sources of revenue when it is certain that the large revenue derived from opium must entirely cease in the wear future.
THE WAR LOAN.
The Hon. Mr. Lowe asked:-
(3.)-Will the Government explain the legal difficulty, referred to by the "Officer Administering the Government in 1992, which prevents His Excellency the Gover nor exercising his rights of repayment couferred by the Ordinance governing the War Loan of $3,000,000 of" 1916 "and, if it is the case that the borrowers have been given better terms than the Ordi nanee nuthorises, further explain who the officials are who have caused the resulting loss to the Colony through 6 ner cent, being paid on the lean and the money available to repay it being invest ed elsewhere at a lower rate?
The COLONIAL, SzansTARY replied --- At a meeting of Council held on the 28th October, 1922, the Hon. Mr. A. R
Love referred to this loan, stating that
i
CLOSING QUOTATIONS
OCTORZE 429, 1923, . Hongkong and Shanghai
Ranks
..$1,100-b. Canton Insurancea $6173 8 Union Insurances .......................f $32 b. 233 xa Hongkong Fire Insurances $131 b. Steamboats..................
...244.
$220 b. a
China Sugars
Langkata (Combined) ......Tls. 35} }, Kowloon Wharves. .........$168 b. Shanghai Docka Tia 93 b. Hongkong Lands .......... $30 b Hongkong Hotels4261 h., 97 #L Humphreys Estates23) h
Ewo Cottons...... ...Tla 13) b., 13.60 st. Shanghai Cottons..
..Tis.. 865 b,
Cementa
China Trovidentr Watsons
126) &
8241 M. $23
Hongkong Electrice · 1939) b Hongkong Trama ...123) b., 24 xa. b-buyers; *—sellers; sa—spite.
INSURE WITH THE
OCEAN
„ACCIDENT & CUARANTEE CORPORATION LIMITCO
"ACCIDENT & ILLNESS HOFOR CARS, MOTOR CYCLES FIDELITY GUARANTEES BAGGAGE. BURGLARY ZEMPLOYEES INSURANCE
ETC.
part of the sinking fund was invested SHANGHAI OFFICE:-
with the Government hahkers at a lower rate of interest than the loan bears and
No. 89, PEEING ROAD, BHANGHAI,
suggesting that it would therefore be AGENTS for Hongkong and South China: profitable to pay the loan off. The DODWELL & CO. LTD. Officer Administering the Government,] TELEPI. V. 1080-
CLOTHES
MAY NOT MAKE THE MAN BUTË USED RIGHTLY THEY, OKBTAINLY HELP.
WE WILL KEEP
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EVERY GARMENT THOROUGHLY STEAM PRESSED (AFTER GENUINE DRY CLEANING) BY EXPERIENCED TAILORS.
STEAM LAUNDRY CO.
HEAD OFFICE and WORKS, YAUNATI, Tai. K 32. HONGKONG DEPOT: 16, Stanley Street, Tel C 1979.
61, Fraya-East. KOWLOON DEFÖT: 19, Canton Road, CANTON: 13, Sharki Central, East
Write or Phone for completa PRICE-LIST.
XMAS GIFTS
AT
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ᎥᎢ .
THE SWATOW LACE COMPANY
All kinds of 'Swatow Lacon, Drawn-Wuck Table Lirica, Embroidered Silk Shawls, Capes, Scarfs, Dresses, Hand-Bags, Slippers, and Underwear, Carved Ivory, Mother-of-Pearl, Tortoise-Shell' and Amber Beads, Fendents. Bracelets, Mah Jong, Lanterns, Lamp Shades, etc., etc., etc.
FOR 15 DAYS: ONLY
From Oct. 1st. to Oct. 15th,
COME EARLY DON'T MISS YOUR OPPORTUNITY.
17a. Queen's Road Central.
PIANOS FOR SALE OR HIRE.
TSANG FOOK PIANO CO.,
TEL. 2127.
94A, WANCHAT ROAD
SOME DISTANCES IN THE SOUTH CHINA SEA AND PHILIPPINE ISLANDS
On Sale st
BY CAPT. G. H. PENNEFATHER.
BREWER & Co., Pedder Street.
YE OLDE PRINTERIE, LTD, Quem's Road,
A
SIX
DAY'S SALE
from Mon, Oct. 1st, to Sat., Oct. 6th;
ALL BIG BARGAIN DAYS
Shawls, Hand-made Laces, Drawn and Embroidered Handkerchiefs, Beaded Articles and Necklaces. No Letter opportunity will be afforded to secure delightful presents.
CHINA SILK & EMBROIDERY CO., LTD., 37, QUEEN'S BOAD CENTRAL (NEXT MADAM FLIXT'S).
འ
PERFUMERY
Manufactured hy
RIGAUD, PARIS.
AIRE EMBALSAMADO"
MARY GARDEN"
"HORA CARIÑOSA”
DULCE MIA”
"LILAS DE RIGAUD'
Obtainable, from
VICENTE ATIENZA,
18, Nathan Rd., Kowloon.
Telephone K.155.