Page
THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
Ta' Central 298
SOLE AGENTS FOR
PUDLO"
Makes Cement Waterproof
FEUSOL"
The Immovable Fire Cement-
3, Queen's Buildings,
ANCHOR BRAND
"THE CORDAGE YOU CAN TRUST.”
PURE MANILA
MARINE ROPE
TRANSMISSION
OF POWER FUPE
CABLE LAID
HAWSERS
WELL DRILLING
CABLES
ESTABLISHED 1854
ՀԱՏՈ
ROPE
ROPE.
FACTORY
MANILA
THE HONGKONG DAILY PRESS, THURSDAY, MARCH 4TH, 1926
RUPES OF ALL SIZES FOR ALL PURPOSES.
MADE FROM PURE MANILA HEMP
MANUFACTURED
BY THE MOST MODERY
MACHINERY.
STOCKS ON HAND OF ALL SIZES ENQUIRIES SOLICITED, FACTORIES:-MANILA, P.I.
TELEPHONE CENTRAL 8165,
If
HONGKONG OFFICE
KING'S BUILDING.
its Heating, Lighting or Cooking
GAS IS SUPREME.
The use of Gas means that every constituent of raw material-Coal-has been completely" utilised: in its manufacture before reaching the consumer.
Therefore the use of Gas ensures
Economy of Labour
Elimination of Smoke and Dirt · Promotion of Cleanliness & Health Reduction of Fire Risks.
Full particulars of Gas Fittings for every pur pose can be obtained at the Show Rooms of the
HONGKONG & CHINA GAS Co., Ltd.
28, Des Voeux Road Central and West Point.
AP.B
MAC'S CAFETERIA
Pedder Street,
SPECIAL
STRAWBERRY
CREAM CAKE, An Almond Cake filled with Cream and Strawberries, beautifully decorated with Cream Chantilly and Strawberry.
SILVANA CAKES.
cake that is in great demand, and very popular
amongst our Patrons, filled with Fresh or Butter Cream.--From 60 cents,
POPULAR TIFFIN
at $1.20
From 12 to 2.30.
THE HONGKONG & SHANGHAI HOTELS LTD.
NO INCOME-NO TAX. LORDS" DECISION IN IMPORTANT ACTION.
HONGKONG STOCK EXCHANGE.
CLOSING QUOTATIONS. “
SHARES WITHOUT DIVIDENDS. Hongkong Bank......
Do "London,
FEBRUARY 27TH, 1976, . 1,065 hay 1,07
.......$19
nom.
nom.
noma
*mau +60
$800 buy.
TL. 143 nom $773 buy 275 6.
$165 buy.
$330 bay. .$30 sel.
DOI.
550 sal
90/3 buy.
$53 buy,
450 nom.
HO
O. & M. Steamboata .....$19 buy. $1 DONE Hongkong Tags. Indo-China (Fret)
Do
(Dof.). Shell Transports Star Ferries... Waterboats. Oriental Navigationa Chin Bangusta
By a unanimous decision, the Lord Chartered Bank.... Chancellor, Lords Atkinson, Shaw, Sum- Mercantile Bank, A. & B...
·Do.. ner, and Carson recently upheld the P. & 0. Bit successive decisions of the General Com- East Asia Bank
Canton Insurance missioners for Dorchester, Mr. Justice
China Underwriters Rowlatt, and the Court of Appeal to the North China Insurance
Union Insurance effect that, though sources of profit exist Yangtze Insurance
China Fire InsuranGO in the year of charge, the absence of any Hongkong Fire Insurance. profits arising therefrom in that year Douglase............ prevent any assessment being made. in respect of the source.
was that of Leonard James *The canc Whelan, inspector of taxes, against Captain Reginald Henry Henning, and the paint before the Court was whether a taxpayer who had hitherto paid in come-tax on the basis of a three-years' average escaped liability to be assessed on the ground that in the year of assess ment no dividends were actually paid. or declared in respect of the shares from which the taxpayer had derived his sole income. For the year ended 1821 Cap & K. Wi tain Heaning was assessed for income-tax HK & W. Dock on the average of the dividends on shares Rongkawe. held abroad for the three preceding New Engineeri years. Actually. no dividend was rai Dooks. or declared for that year, and the Crown now appealed against the ruling of the three tribunals below that, there being no income from the shares, no tax was payable in respect of them.
In opening the case the. Attorney. General atated that if the decision of the Courts below were upheld the whole machinery of the Income Tax Acta, which had been in force for 120 years, would be broken down. He also intimated that, in view of the importance of the prin ciple involved, the ccats of the appen! would be borne by the Crown, whatever the result.
to
4.
Kailan Mining Ad. Langkats (combined). Do (single) Shanghai Explorations.
Tronoh Mines Dral Caspians
8. Hotels Hongkong Lands Hongkong Realtys (4.p.). Territorials (1.p..... HK.
Bumpers Estates..
Buildings.. Bural Lands Ewo Cottens Orientals Shanghai Cottons (pid) .....
(new), Amusements Craton Icas
Do.
Do.
Cements (combined)...
(old) Do (DOW) Chinn Enses EFFECT OF THE JUDGMENT.
China
Lights (combined) Amongst authorities conversant with
Do (old) Do. income-tax law, says the Daily Tele
(now) graph, it is thought probable that an
China Providents ........ amending Act will be required in view Constructions ................................. of the decision. One authority on the Dairy Farms. subject, discussing the decision, pointed Der & Wing (Ep)...... out that the case of Whelan . Henning Hongkong Electrics...... was concerned with foreign possessions, Macio Electricn but, as the assessment was based on the H.E."Developments....... (combined). average of the three preceding years, H.K. Ropez
Da. (oid) there is obvious ground for considering
Do. undertakings, the
(LOW) its application basessments of which are similarly based. Hongkong Tramways The point han, of course, already been Lane Crawfords.. raised as regards assessment in this Mackintosha.....
Peak Trams (old) country, for, following the decision in
Do. (new) (o.p.) the Court Appeal in the Whelan and
Sinceres Henning case--which decision is now
SÜLTE upheld by the House of Lords English company which had incurred a loss sought to prevent any assessment being made on the three years' average. In that case, however, the Court held that there was no evidence that the General Commissioners, in making the assessment, had acted in excess of their
tatutory jurisdiction, and the companyi were compelled to pay on the three years" average.
If there is nothing," mid this gentle, man, in the judgment of the House of Lords which expressly determines their decision as peculiar to the circumstances of that particular case, there will doubt- less develop a desire on the part of others to achieve the benefit which Captain Henning new enjoys. In the ordinary way assessment is made on the average of the three preceding years, which re- sults in the liability being wholly met over a period of yeare, but what the House of Lords now decides is that, in break certain circumstances, you' that continuity of liability in your own interests by rot paying in the current year merely because you have had no profite, despite the fact that your average. had previously been based on income already received in previous years. It that principle can be held to apply in all cases of trades, professions, will vocations, the Exchequer jand
obviously lose a large sum. In view of the decision it is probable that legislative action must be taken; in fact, it would appear imperativé,”
can
SAIGON RICE HARKET,
The Compagnie de Commerce & de Navigation D'Extrême Orient, of "Szigon, in their report on the rice market dated February 24th, say
United Asbestos Watsons (old)
De... (new) Wm. Powells Telephones...
$16 buy.
..327 buy., 974 m.
$39 Tom.
„Sii nom.
42/8 bay.
Fla 25 bay.
„Ts. 5 sei.. Th. 7 num.. 35 buy- 55/-bay.
.8/. nom.
3119 bay.
355 bay.
Tla.. 165, buy.
Tls. 7.nom.
Tia. 103 mal
$82 boy., 8 ga.
1634 buy, 04.
..$5 sel.
$19 buy,
$150 al.
97 mel.
T 9.10 bay.
Th
3 nom.
The 54 buy.
Tle. 28 bay. #11 buy. $7 Down $14.10
bey. ..$19 bay. ..$21 buy.
T. 10 bay. ..$16+1 buy. $13 buy. 19 bay.
$7.10 buy. $3.el. $16 buy. $10 Dom.
856,bay.
„540 nom.
s ets, noma,
7 sel.
..313 nom.
$22.35 bay, 227-221 xem.
$12 BOIL
$21 zom
$17: bay.
VE
$7 nom
$11 al.
*320 nom.
$12 sai.
$12 sel.
.$10 sel. ..$34 buy.
buy-buyers: sel-sellers
nom--sominal
EXCHANGE RATES."
(BRITISH WIRELESS SERVICE. ]
Rosy, March 2nd. To-day's exchange rates are as follow: Paris
131.60
New York
Brussels Berlin Copenhagen Vienna Helsingfors Lishon Buenos Aires Shanghai
Yokohama Geneva Amsterdam Milan Stockholm Oslo
Prague Madrid Rio
. Bombay
Hongkong
4.851
107
20.10
18.72
3435
193
21
454
1/04
.1/10)
23.24
12.13
123.10
18.12
22.50
164
134.49
7
1/6t 2/4
Silver (spot & forward). 30 6/16
SHARES AS SECURITY.
A BANK'S RIGHTS..
A bank's right of lien over its own Prices for short delivery are very firm shares pledged with it by a constituent caused by all rice mills being fully booked as accurity for his debts was upheld by for the whole month of March, and with the Appellate Beach of the High Court, exchange fluctuations it makes it ex-Bombay. tremely dificult to do business with The point arose out of an application Europe. The market in Java is very made by Mr. R. M. Modi against the quiet and lower prices are expected Central Back for an order to enter bis shortly. A little business has been done name in the Bank's register as the holder with Shanghai, but Hongkong is still at of 1,100 shares of the Bank which were á standstill.
delivered to him as security by a firm of sharpbrokers having been declared in- solvents. Soon after the petitioner at
....
Supply of paddy is still under the aver age for the time of the year; also prices are being maintained which, of course, tempted to sell the shares to realise the are on the high side.
The total amount of nice exported from loan, but the bank objected on the 1st January to 15th February, 1920, is ground that under its Articles of Asso 121,953,984 tons against 110,064,503 in ciation, the Bank had first and paramount lien over the shares, which stood, in the name of one partner of the insolvent
1993
.66.
QUEER'S
TO-DAY TIII SATURDAY
at 2.30, 5.15, 7.15 & 9.15 p.m.
AMIE MAYNARD
AND
THE ROYAL HAWAIIANS
CLASSICAL
AND HAWAIIAN DANCING NATIVE SONGS & MUSIC.-
ONE OF THE GREATEST PICTURES OF ANY SEASON
LON CHANEY
IN
HE WHO GETS SLAPPED.”
INVESTMENTS.
WE BUY
-* TIKIS KLBA.,
Small and Large Lots of Local and Rubber Small and Large Lots of Sound Load and
Shares of interest to Our Clienta.
чONGKONG SMALL INVESTORS SHARE & REAL ESTATE CO. FLATE, HOUSE Durood or of Acquias FOR CLUSTE
10. Des Voeux Boad: TEL. 4630
[125
SOUTH CHINA KNITTING FACTORY.
Owing to the rapidly increasing demand for our HIGH GRADE COTTON SOCKS.
We have recently installed the latest machinery, making it the MOST MODERN KNITTING FACTORY IN HONGKONG.
We can now cope with the largest orders in the shortest time, and invite enquiries from Wholesale and Export Firms who are interested in a class of Cotton Socks which have rapidly acquired a wide reputation throughout the Far East and India for Quality and Dependability.
Office and Factory = MONGKOK, KOWLOON,
SOUCHIKNIT, HONGKONG. Cable Address:
TEL. K593
[104
-A.P.B..
There is a Finesse in the use of Perfume that can only be appreciated by the Woman of Exquisite Taste. A Fragrant Perfume is the expression of a Woman's Personality and is worthy of an Artistic Receptacle.
GENTLE LIGHT and SWEET FRAGRANCE are combined in a manner to appeal to the most Fastidious Seeker after objets d'art for the Bondoir and the Nursery in
PERFUME
LIGHTS.
Nobody who is a Lover of the Beautiful and Useful in combination, should fail to see these Charming Novelties, now appearing in Hongkong for the first time. As a Present for Her, these, and other Beautiful and Artistic Examples of Bondoir and Toilet necessities, can not be surpassed.
THE QUEEN'S DISPENSARY.
22 Des Voeux Road Central.
TO LET.
Apply tom
Telephone G. 492.
“AP.B
TO LET
We quote to-day white Saigon rice No. 1, 20 per cent. brokens round grein: in respect of Rs. 145 lakhs, which Hongkong 85.50 per pical of 134 lbs. La.b. the partner in question owed the Bank Baigon; £12. 10d. per est. Lob. Saigon; on an overdraft account.
Their Lordships held that every per- Yen 8.50 per picul of 154 lba. £.o.b. Saigon. White Saigon rice, No. 2, sifted Japan son dealing with shares of joint stock quality: Hongkong $5.35 per picul of 134 companies took them subject to the com- SPANISH DOMINICAN PROCURATION. VICTORIS BUILDING, NO. 5,' QUAIN'S BOATS lbs. to.b. Saigon; £19 d. per cwt. Lo.b. panies Articles of Association, and Saigon Yen 80s per picul of 134 lbs. ignorance of the Bank's rights was no fo. Saigon. For March/April ship-excuse. The lower conrt's order reject ment.
ing the application was therefore con- firmed.
DIVIDEND ANNOUNCEMENT.
The Kailan Mining Administration's Messrs, Benjamin & Potts have been weekly return for the week ended 13th advised by their. Shanghai Ofice that the February, gives the output as
nil,". Langkat Company has declared a divi and the sales during the week to 57,477. dend of Tia. 15 per share.
tons.
TO. 61, GRANVILLE ROAD, KOW-FLAT SPACIOUS BUITE
Nor About MARCH, 1998, WHOLE NLOON.
OFFICES in the FRENCH BUILDZES
Chanzared - Bank, sad, CHIRAL (betworx. MYSAWYLLE Bix).
Apply to BANQUE DE I INDOCHINE,
her Chater Boad, D
[3607
GODOWNS
(3129
TO LIT,
ALEXANDRA BUILD-
(Basemark). Apply
BEOZITARY, ▲ 8. Watson à Do, Tan,
To Let wel furnished Fiat, Fonry 10. LET From April 1st, 1926, for Bix- Rooms, Central District, All Modern Conve ience including Elevator. Apply Box No. 185 a/o Hongkong Daily Press. [165