•BRITISH GOVERNMENT IN INDIA."

The Story of the Viceroys and Government Houses.

By The Marquis Curzon of Kedleston, K.G., Viceroy and Governor General of India. Jän. 1899- May 1904 and Dec. 1904-Nov, 1905.

2 VOLUMES

With 2 Photogravure Frontispieces and 82 other Illustrations.

$37.50 the Set.

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SOUTH

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SUMMER HOLIDAY

RESORTS

THE ĦONGKONG DAILY PRESS, MONDAY, AUGUST 3RD, 1925

***THE ENEMIES OF BUSINESS." BRITISH GOVERNMENT'S BLACK

RECORD.

BY LORD BEAVERBROOK.)

The high hopes raised by the return of a great Conservative majority to power are now beginning to fade in many quar- ters, writes Lord... Beaverbrook in the Sunday Expreiz

Looking back un seven months of Tory, rule, one can only see that the Ministry has been passive in all those matters where it should have been active in help ing business, and only active to do in- distry and employment a 'hurt.

It appears to me that the Government has proved itself, on the whole, the enemy of the commercial and industrial classes and causes on which the pros perity and employment of the nation de pends.

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D. M. BIGGAR, Manager.

The straight line lay before the Ministry P. & O. BANKING CORPORATION, when its colossal majority was given it

It was to restore trade and employment

LIMITED.

(LECORPORATED IN WALAND, 1920) with which is makinted

at any coat. What has been done or left. undone to attain this, ind? In the last six months nothing has been done en courage industry'at all, and a great deal has been done to discourage it.

F."Although the Ministry of Labour has

"ÅBYXORIZED Capital unlimited powers in dealing with the un-

BURMILKED AND Pam Ür covenanted benefit, otherwise known as a Fund

the Dole," nothing except a small id- ministrative measure has been proditeed In check this frightful drain on the in- dustrial wealth and the moral character of the nation. The unemployment in- surance scheme is in consequence insol- vent,

THY ALLAHABAD BANK, LTD.

INDIA.

THE FOUR BLACK PENNIES.

II. On the contrary, the only active pro posal of the Ministry is to increase the strain of industrial development by in ficting the new insurance tax proposed by Mr. Churchill. This imposes the Four Black Fennies both on employer and employed, and where an industry or a concern is just holding on with a small profit or an actual loss in the hope of bet- ter times, it will be compelled to close down, and its workmen will be thrown on the streets or on the dole.

III. The next step taken by the Minis try in dealing with industry is the silk. tax. Under this proposal, the raw | material of a new and growing industry is! to be taxed just when Lancashire and Yorkshire were beginning to find in the development of the artificial silk trade it connection with wool and cotton fabrica remedy for their post-war distresses. The measure is to be accompanied by all kinds of hampering restrictions, which will greatly, affect our export trade. The Chanceller himself budgets for a great re- striction in consumption and production -when the tax is passed on to the coo- sumer-thus,foreshadowing a reduction in employment. Is this helping industry

IV. The Estimates for the year show In reduction-so that those who hoped that a Conservative Government would reduce expenditure have been disappoint ed. We are still fixed on an 800 million

year Budget,

V. In finance the Government has in- dulged, in the gamble of the gold stand- Card. It has acted under the influence of the bankers and disregarded the risks of tying industrial development in Britain to the movements of the New York money market,

+

STOCK EXCHANGE RUINED.

VI Its financial policy has been to niake money dear and stocks cheap. - In the course of this manœuvre it has practi- eally ruined the London Stock Exchange, Foreign issues have been forbidden in Lundor in order to preserve the rate of exchange with New York, so that the business which belongs to London is bu ing transacted in the United States, which places no such restriction on its business houses. How much longer the stockbrokers, the industrialists, and the will allow the British wage-earners Government to work without protest in direct defiance of their interest remains to be seen. But I must say quite frank- ly that, leaving the banking interest aside, the Government has proved itself

RAILWAY the enemy of business.

IN

BOUTH MANCHUBL

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A Governmeat which has disappointed its supporters has two alternatives before it. It can attempt to get back to the ex- pected line of advance, or it can perse-

Min vere in pursuing the wrong one. isters can take all on restoring pros perial, trade, and employment the nation or they can wait for the

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THE SUFERINTENDEN OF HOTELE, Trio Department Cable Add.: MARTETED OF SM800./ SOUTH MANCHURIA RAILWAY, Dairen. Coẩm: A.B.C, 5th & 6th Ed, Al, Idaber's and Bentley's

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course and going on the rocks.. if he takes the first cou-se Conservative ad- ministration may govern for the next ten

in time be back to 1906. years; if he chooses the latter we shall

U.S. SILK STOCKING WORKS.

As a result of the duties on silk goods Mr. Kotzin, a member of the U.S. fra of Ballingdon, manufacturers of silk hose, has arrived in England to com- plete arrangements for the setting up of a silk mili in England

He has three sites in view, but hopes to establish the mill within thirty miles of London, and that before, this end of the year his firm will be employing 600 English worker. (

The Richmond Hosiery Mills, of Chat- tanooga, Tennessee, also propose build- ing a factory near London.

144

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HALD OTTICH 122, Leadenhall Street, London, EC. 3.

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The Corporation undertakes General Banking and Burhangs Business of every description and in addition to its Branches has Agencies in all The principal Cities of the World.

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TELEGRAPHIC ADDRESS? MANIFESTO," HONGKONG

CODES USED AL, ABO. Fifth Edition; Engineering: First and Second Edition "Western Union and Watkins."

22

Dock Owners, Ship Builders, Marine and Land Engineers, Boiler Makers, Iron and Brass Founders, Forge Masters, Electricians.

Steel Twin-Screw Ocean-going Tug and Salvage, Steamer Henry Keswick

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