Page
IMITATED BY
Perfection
BORTEN WESKT
MANY.
PERFECTION
SCOTCH
THE HONG KONG DAILY PRESS, WEDNESDAY, APRIL 13th, 1927.
EQUALLED BY NONE.
SOLE AGENTS,
GANDE, PRICE & CO., LTD.,
WINE MERCHANTS,
Tel. Central No. 135.
Sr. Grozoa's Bundiro, Icx Horse Szxact,
HONG KONG.
[183
GREEN ISLAND CEMENT CO. LTD.
Best Portland Cement.
SHEWAN, TOMES & CO.
GENERAL MANAGERS,
HONGKONG,
HOW REFRESHING !"
After a tiring day, Particularly in the Warm Weather
TOILET - EAU DE COLOGNE.
Use it in your bath, ör Two tablespoons full to a basin.
THE QUEEN'S DISPENSARY,
Making it themselves, can Guarantee supplies are always fresh,
$1.25 Per Pint Bottle.
22, DES VOEUX ROAD CENTRAL.
(Next to Whiteaways).
“HAZELINE
(TAS DE MARK)
SNOW"
Ladies find it. the ideal non- preparation. greasy: toilet Men use it after shaving because it soothes and cools the skin.
(TRÁDE MANI
*** HAZELINE" ROSE FROST”
for those who need a touch of colour.
Both in glasu potr.
All Chesalute and Storea BURROUGHS. WELLCOME & CO. {Papistand: The Wellcome Foundation Ltd.
LONDON AND SHANGHAI
All Rights Ranvid
4699
BRITISH BUDGET.
THE CHANCELLOR OF THE EXCHEQUER'S SPEECH,
MR. CHURCHILL'S "EXPEDIENTS "‹ MORE · **INGENIOUS THAN ORTHODOX.”
FRIENDS AND FOES ALIKE APPLAUD
THE JUGGLERY."
(THEOUGH RECTER'S AGENut.]
LONDON, April 11th Introducing the Budget to-day, Mr. Winston Churchill announced the abolition of the Ministry of Transport, while retaining the Road Department, and the "distri- bution of the functions of the Mines Department OVER other depart- ments; also the termination of the separate existence of the Depart mont of Overseas Trade.
He said it would be discordant with the spirit and requirements of the time to abolish the Ministry of Labour. It would be premature to liquidate the Ministry of Pensions, He added that there would be a marked contraction in the new entrants to the Civil Service.
Int
year,
We
THE QUEEN'S NEW STYLE TEA PARTY.
"DROPPING-IN” AT BUCKING-
HAM PALACE.
COMPLETE LACK OF
CEREMONY.
An entire absence of formality will, it is understood, mark the ten party at Buckingham Palace to-day, says a London paper now to hand The only war debt settlements when the frst of the two afternepi outstanding were with Yogo-Slavia gatherings for which the King and aad Russia. Against £33,000,000 Queen have issued invitations taken we had paid to the United States place.
had received Hundreds of guests have been. £1,500,000 from Germany and the invited to these two afternoon Allies. The estimated receipts this gatherings, which represent, to a year
this source were certain extent, a"new development £3,000,000.
in royal entertaining, bringing, as it were, the easier atmosphere of the outdoor garden parties-with which summer events, by the way. these two March gatherings will in itself. po way interfere into the Palace je
from
War Debts.
In connection with the war debts, the Chancellor of the Exchequer said that taking into account the altered rate of exchange, inter alia, there was a 275,000,000 reduction in debt interest compared with seven years ago, which was equi- valent to one-fifth of the haual in terest burden. He said he never dreamed of meeting the 1927 de feit by a partial suspension of the Sinking Fund. With regard to the
The total of new revenues would be nearly £38,000,000. The prolatter, he reminded the House that spective surplus this year would be it was confronted with a deficit of £16,100,000, of which an additional between £35,000,000 and £40,000,000, £13,000,000 would be paid into the namely the prospective one, and a Sinking Fund, making the unpre substantial part of the old one cedented Azure of £55,000,000 to the He proceeded to outline the changes
ja the Sinking Fund, and leaving an
Income Tax collection estimated surplus of £1,100,000 for methods, which did not affect the
basis of assessment,
the year.
Tea Duty Unchanged. He also announced that the tea daty would be unchanged
Tax Dodgers.
With a view to closing the loop- holes which enabled taxpayers to
The party is designed expressly to bring together, socially and in- formally, representatives of the political, intellectual, artistic, and social welfare circles who have only infrequently gathered together un- der the royal rool.
The King and Queen, as host azd hostess, will be freed of all formal receiving, and, with the members of their suite, will move among their gucats at pleasure and wholly with- out ceremony. The atmosphere, in fact, will be simple, bemely, and happy in its graceful hospitality and kindliness of welcome.
No Arbitrary Bule.
The total loss al revenue, or in avoid part of the Income Tax, the o'clock, and leave not later than i
creased expenditure, in consequence of the general strike and coa! stop page, would be £32,000,000 in 1928 1997, and an additional prospective loss of £8,000,000 in 1923-1929. That was the overwhelming cause of the deficit of £36,500,000 and the severe additional loss in 1927.
Those were direct losses, but the indirect losses were not capable of being computed. Yet the revenue, though mouled and wounded, had
Government had invited the co- operation of the Government of the Channel Islands in preventing less in the case of migrants to Jersey and Guernsey. The section of the Finance Act dealing with the avoid ance of super-tax, through the medium of a one-man company, and in connection with the sale of securities, would be strengthened. Other steps would also be taken in connection with the avoidance of the payment of Income Tax and
|
It is expected that the company will begin to arrive at about four
5.30 or 5.45 arbitrary rule. The invited guests pm. There is до will simply come and go as they choose, dropping in much as the guests would do at any other less- exalted gathering of the kind.
The Queen Hatleja.
NOW ON SALE.
1927 Edition
OF THE
DIRECTORY
AND
CHRONICLE
The Sixty-fifth Annual Issue of the
Directory & Chronicle
for
The Queen herself will be hatless HONGKONG, the
-to
the pleasure of the guesta, many of whom can have had few opportunities of seeing her with her own beautiful and abundant hair unhidden by hat or ceremonial head- dress."
in the main survived a shocking estate duty. The improved ma- breakdown in our island civilimchisery to be proposed would enable tion, Exchange, was steady as a Income Tax recovery in respect of The women guests will, of course, rock. We never at any time con- copyrighs payments to non-resident wear their hats, as is usually done templated using the American playwrights, authors and the like. at afternoon tea parties. credits obtained to safeguard the Turning to the new taxation pro- Considerable social significance operation of a return to the gold posals, Mr. Churchill said that unattaches to the event. It not only standard, and we do not propose to der the safeguarding of industries gives inpetes at an early stage to renew them.
there would be a duty of 28 shill-what promises to be an exceptional ings a hundredweight for five years ly brilliant London season, "but it" on tableware of translucent Or may restore the rogue for a plea vitrified pottery, which was estimat sant form of afternoon entertaining ed to bring in £200,000 a year. which has tended to decline with the
rise of thé dansant.
Masses' Consuming Power, The consuming power of the masses had been little affected by the troubles of 1928. The consump- on of tea had slightly decreased, and of sugar and tobacco had in- creased, whilst that of bread and meat was undiminished. The con- sumption of beer and spirits alone reflected the social and industrial struggles
Imported Motor Tyres, All imported motor tyres would be brought within the scope of the McKenna duties immediately. Em other sources, which was accounted pire tyres would receive a rebate of for by administrative one, third. One foreign firm had ments. He said in this connection
arrange already become established here, that the £12,000,000 reserve of the To the Exchequer the most re-and another was likely.
Road Fuad would be transferred to markable fact was that the trade of The customs and excise duty on the State. He estimated to save the country had flowed in a manner matches, which last year reached £5,000,000 annually by again redục- scarcely conceivable. We still re- £3,500,000, would be raised appro-ing the period of credit allowed to mained the greatest creditor na- ximately 20 per cent, and rates browers, from two months to a tion and the financial centre of the would be imposed in accordance month. By collecting the Land- world.
with the contents of the box instead lord's Property Tax on January 1st " Income Tax Failure. Apart from the coal trouble the main feature of the 1926 revenue was the failure of Income Tax, which was £12,000,000 below the estimate. On the contrary, the estate duty super-tax had increased cellaneous revenue bad exceeded the £2,250,000. Sundry loans and mis- estimate by £8,500,000,
of Treaty Ports
CHINA, JAPAN, COREA, INDO-UHINA, SIAM, STRAITS SETTLEMENTS, MALAY STATES, NETHERLANDS INDIA, BORNEO, THE PHILIPPINES, ETC.
This Large Volume of approximately 2,000 Pages »
gives, in addition to the usual Lists of Firms, an Alphabetical List of Residents in the Far East containing the Names of Nearly
20,000 FOREIGNERS.
Arranged, with the initials as well as Surnames, in strict alphabetical order so that any name can be found instantaneously.
It is a volume indispensable to business houses.
of per 20,000 matches. The new tax instead of hi-annually, and another Large Edition-with Maps and Treaties. $12
was expected to yield £700,000 n year.
a
adjustment, he estimated to make £14,600.000. He also reckoned to- wards the deficit £300,000 from
of the state rectification anomaly.
duty
Balancing The Budget, £38,000,000, and
The items enumerated "totalled the propective deficit of £21,500,000 became A prospective surplus of £18,400,000. This enabled them to raise the Sinking Fund to £65,000,000, and so pay. off nearly half the arrears
Small Edition
$8
Orders should be Sent to
Although the duties on wines were doubled in 1920, the consumption of wine was 50 per cent. above that before the war, or 1921, but all Port had gained most, at the prob- classes had not advanced equally. able expense of whisky. Under the Referring to the demand for a substantial preference of 1995, sweet £40,000,000 cut in national expen wines had made remarkable success. diture, Mr. Churchill said that to Sparkling wine was below the pre cut the cost of the fighting services war level. He therefore proposed by £20,000,000 would cause a panic that non-Empire wines containing due to the 1926 disaster, and thus HONG KONG DAILY PRESS, Ltd., 1a, Chater Road To cat the exchequer contributions should pay S instead of 8 shillings revenue of £834,800,000 and an over 95 degrees of proof spirit balance the Budget for 1927 with to, education, health, and local gov- ernment would cause a convulsion gallon, and under 25 degrees should expenditure of £813,400,000. that might lead to the replacement Pay 3 shillings instead of half a of the financial dictator attempting pre wines shove or below 27 degrees could be reduced, further taxation crown. Corresponding rates for Ea-clared that unless the expenditure
In conclusion, Mr. Churchill de
it. (Laughter.)
would be 4 shillings and 2 shillings would be necessary. Revenue and Expenditure. respectively. He expected these
The House agreed to all the re- The expenditure for 1927 was duties would yield £1,500,000 a year. solutionL estimated at £818,390,000, and the The rates would operate from April revenue at £793,850,000. The es 25th, and restricted clearancea timated deficit was thus £21,510,000. would cease on April 28th.
As regards the increase in ex- penditure, £40,000,000 of this was due to the automatic execution of the decisions of previous Parlia ments and Governments, including the increase in the Sinking Fund, the automatic increase of the Old Age and other pensions, the growth of grants to local authorities, the devlopment of housing schemes, the expansion of the Post Office, and the
hond Fund.
W35
The present Government directly responsible for £17,000,000 of the new expenditure, chiefly the Widows' and Old Age pensions, and the beet sugar subsidy, but econ mies almost exactly balanced these The period of automatic increase in expenditure had ended, and next year, it no new commitments were undertaken, the automatic decrea in expenditure would almost over take the increase
The Betting Tax,
are Do
Britain's Wine. Industry," Mr. Churchill created laughter on referring to the birth of a new wine industry "where there vineyards" in Britain. He e plained that science and enterprise had enabled the importation of the juice of a crop, and thus avoid duty. He therefore proposed in excise duty of chilling a gallon on British wines. The estimated
revenue from this was £00,000 & year.
FURTHER DETAILS,
friends and foes alike
of
the
HONG KONG STOCK EXCHANGE.
CLOSING QUOTATIONS.
O...£13.
24 nom. $65 bar.
By expedients more ingenious than orthodox the Chancellor of
Aran 15TH, 1997, the Exchequer turned a deficit £30,000,000 into
of E.E. Bak 31, 15 nom. n surplus
Do., London...£109 nom. £1,500,000 without
exceeding Chartered Bank...........21 Dom. £5,500,000 of new taxation; and Mercantile Bank, A. &9...833 num.
applaud jugglery with which he produced P.&O. Bank plump rabbits from the hat. Natar-Fast Asia Bank ally, the £28,000,000 are what Mr. Canton IswaraE.CO tous resources Churchill described as adventi. Chins Underwriters
and cannot be North Chins Ins. tapped again; but the Conservative Union Insurance Press justify the expedient on the Yangtze Insurance ground that last year's upheaval Chias Fire Insurance warrants extraordinary messures, Hong Kong Fire Ins.. while fresh taxation would be eal. Dougl
Steambo culated to impede trude recovery.
$660 nom,
4,80 nom. THE
143 not.
Mes: 138 nom, 3206 buy. $800 buy..
$31 nom
20 buy. ..$1.10 nom. 330 nom. Da
440 ňom. all Transporta.........95/- nom. Star Ferries
162 поль Waterboats.
Fid buy.
did not believe the whole cost of Against the extension of "protec-China Sugars 10-*******
$18.300.
$31 nom.
The "Other Sex" And Tobacco.
Turning to tobacco, he attributed the increased consumption, which was one third greater than in 1915, to smoking by the other sex being on the increase. The duty on in-
The Liberal papers acknowledge Hong Kong Tag the wisdom of abolishing depart. Indo-Chinas (Pref.).
(DoL) would be raised from 28 to 100 pence the House of Lords by Lard Oxford ported
unmanufactured tobacco ments, as a stop recently
in Bhall urged a pound, and would yield, it was and simultaneously, they declaim W estimated, £3,400,000 a year.
the tion in connection with the taxe Malabon Bugars Mr. Churchill, after announcing tax would be passed on to the con- on tyres and pottery. the rearrangement of Ministries, summer. The restrictions on tobacco
On the contrary, the Conservative Benguets $1.7 bay.
Mining Ad 21 as previously mentioned, said he clearances would be removed im- organs temper with satisfaction by Tangkats (combined).....Ta saw no reason to alter the estimate mediately.
questioning the advisability
(single) ***....... 93 box. of a £0,000,000 yield from the Bet- Summing up, the Chancellor said abolishing the Overseas Trade Explorations, Tls, 4 nom. ting Tax. He estimated the Income that it was estimated the increases Department
Shanghai Lowntim
......... 7 nom. Tax at £232,000,000 compared with in ordinary and indirect taxes It is pointed out that the ceti-Rube
Trunch Mines: ... 21. £254,750,000 last year. The only would yield an increased revenue mated surplus is a precarious mar bright spot
the receipts of £5,880,000 in the present year, gin since no account is taken of Ural Caspians 8/1⁄2 maze. from the motor licences duty, and 20,8000,000 in a full year, leav-emergencies like China, which alone HK & K Wharfs $93 10. namely £24,000,000 compared with ing £30,000,000 to be found from may, easily account for several HK. & W. Docks..
*38 xom £18,000,000 in 1925.
(FL, 150 muzika (Continued on, nezt Column), millions.
Hongkow |
WES
ol
Kailan
20
BJ
noun.
Now Engineerings...... Baanghai Docks
H.K. & S. Hetali E.K. Lands
****
MiL Bi nom.
Ths. 100 nom.
$6.90 nom.
50 buy.
Realtys......39 buy,
Storials
HK.
Humphreys Estates....11 nom.
BSAding ... 399 nom.
Ewo Orientals
Lords Cottone
1.1} nomi/
Th. 7 nom
****** Fr. 24 nom.
Shanghai Cottons (old)...Tis. 84 Do
Da.
Do,
Chins Buses *** $20 nom E.K
Tramwaya Posk_Trams (old)
Do.
Taxis
(new)....$8 nom
Singapors Tractions......11/1
Amhaementa Canton Ices
nom.
дома
nom. Ak nom
Cements (combined) ......$7 nom.
Chine
China
Da (old)
(now).
noun.
Lights (comb.).....312 nom. Da
(old)
(DE)...... nom
Providenta Construction
Faiz
Dairy Der & Wings H.K. Electrica
Macao Electrica
H.K. Bope (old)
Do. (now) Lane Crawfords.... Mackintoshsa Bincercer24524 | United Asbestos Wataans (old) Wa, Powells..eron's Telephones
31 bay, 4.05 ss.,
$5 nom. 148 nom.:
$25 buy.
nom.
.819) nám. :39 buy.
$18 nom.: ...sii nom.
1933 num..
buy-buyers;" solollers