PAGE 12-HONGKONG DAILY PRESS
PAYNE & CO.
COMMODITY BROKERS STOCK EXCHANGE BUILDING
HONG KONG
BANKS
HONGKONG AND
SHANGHAI BANKING
CORPORATION
.
Authorised Capital 850,000,000
THE CHARTERED
BANK OF INDIA,
AUSTRALIA &
CHINA
Finance and Commerce
AMERICAN TAXATION
GROWING
British And U.S. Figures Compared
KWANGCHOUWANTM TO INTERIOR
Trunk Motor Roads
Completed
Fort Bayard, Nov. 19 Four trunk motor roads radia- ting from Kwangchouwûn have been completed. They are:
Kwangchouwan Kwell, in Kwangsi province via, Watlam and Wuchow.
When an American meets an Englishman the talk inevitably gets
(1) From "Five shillings in the pound!" (with the around to the income tax. exclamation mark) k an expressio. inat has came to be a common- place on this side of the Atlantic. And usually it has been the clin. individual Britan is taxed ching point in the contention that the
Issued & Fully Paid-Up 20,000,000tworporated by Royal Charter, 1835 much more heavily than, the Ainrrican.
Reserve Funds:
Sterling
..£8,500,000
H. E. Currency Reserve $10,000,000 Reserve Liability of
Proprietors
Head Office-HONG KONG
Board of Directors.
T. E. Pearce, Esq., Cairman.
Hon. Mr. J. J. Paterson,
HEAD OFFICE: LONDON:
38. Bishopsgate E.C.2.
£3,000,000
.£3,000,000
MANCHESTER BRANCH: 71. Mosley Street, Manchester.
And
to
to
(2) From Kwangchouwan Kwellin ylu Nanning, Luchow and Pingle. Both are linked with Heng- Kunan yang and Changsha, in province, via Kwangsl province.
(3) From Kwangchouwan 10 Lanchow, in Kansu province, via Kweiyang, Narining. Tatang. Chungking, Chengtu and Slantu.
(4) From Kwangchouwan to Kunming, in Yunnan province. via Kwelyang.
It has been, as well, the stock tuin and America, favourable to defence of the tax leviers and the the American taxpayer. In this supporters of the programme of last connection the Chamber offers ..$20,000,000 | Paid-up Capital ...... .....£3,000,000 | lavish speriding by the Govern- these figures in which the Ame-
Reserve Fund
ment. One has had but to open rican debt includes State Reserve Liability of Pro-
his"outh in protest to have ram- municipal as well as Federal in- prietors.........
med down his throat: "Five shil-debtedness, and the British figures lings in the pound-You're lucky are made similarly comprehensive. you're not taxed as the English
A COMPARISON OF DEBT
Over these routes considerable British Debt American Debt
quantities of Szechuen, Kwelchow. £ £
Yunnan ana Kwangst products. 8,080,000,000 6,800,000,000
ores, wood all. 8,579,000,000
0,680,000,000 such as mineral
and cereals are 8.980.000.000
7,172,000,000 hides, livestock
being conveyed to Kwangchouwen 3.343,000,000 1933
8,411.000.000 1935 9,535,000,000
9,535,000,003, for export much more convenient- 11.118,000,000y than via the Haiphong route.- 9,600,000,000 1937
International.
Deputy Chairman.
"J... K. Bousfield, Esq.,
A. H. Compton, Esq..
Hon. Mr. 8. H. Dowell,
ALOR STAR AMRITSAR
HANGKOK BATAVIA
BOMBAY CALCUTTA CANTON
W. 1. Lock, Esq..
G. Miskin, Esq.,
K. S. Morrison, Esq...
fon, Mr. A. L. Shields.p
H. V. Wilkinson, Esq.
Sir Vandeleur M. Grayburn.
AGENCIES AND BRANCHES:
HONG KONG PENANG
RANGOON ILOLO
FOR KARACHI KLAND KOEK.
KUALA
LUM
Chief Manager. CAWNPOR
KUCHING MADHAN
MANLL
HAIPHONG ..., MEDAN
CHU
| COLOM250)
Amoy
Branches:- Ipoh
DELILL
Bungkot. hore
Rangoon
HAMBURG
Batavia
Kube
Saigon
HANKOW
Bombay
Kowloon
San
HARDIN
Calcutta
Kuala
Francisco
Canton.
Lumpur Shanghai
'Chefoo
Landlor
Singapore
Cabanlıon
Lyou
Magya
Manila
Bairen Malarva Singer Fachow
Haiphong Maar
Hamburg (Johore) Tientsin
Hankuw
Mukden Tokyo
'tami Suntow
NEW YORK PRIPING
(Peking
SAIGON SEREMBAN. SHANGHA SINGAPORE MITIAWAN BOURADAYA TAIPING TIENTUIN TONGKAR »
(Bhuket) TSINGTAO YOZOHAMA
are.
with 2 Why Great Britain much smaller population has ik larger debt
the than
Valted Year-
1923 States!"
1928 M930
Such arguments are losing some of their effectiveness, and" Ameri- cans are beginning to realise that the statistics of 1923 and 1333 are A not necessarily good for 1838. belated "appreciation of the amount. of Government spending and the attendant deficits is bringing about, this understanding.
"
է:
Year
کنه باد
D
PER CAPITA TAXATION
#
British Americati
£
£
JAPANESE
REOPEN
DEBT AND TAXES' Surprisingly enough,, the interior 1528 sections and their Congressmen, 1930 vio for six years have revelled in 1933 the spending at the expense of 1935 uz industrialists and Wall Street." 1937
21.48
12.97
19.48
13.60
18.10
16.73
19.29
11.93
...18.03
15.26
20:39
19.00
TUESDAY, NOVEMBER 22, 1938
DAILY SHARE QUOTATIONS
Hong Kong Stock Exchange
Buy Beliers Salon Nominal
19.10
MONDAY, NOV. 21.
3,356 H.K.
Do
Sharebrokers' Association
Banks....
(Vol. Reg.)................. Da (Gon, Brg.) Chartered Banka ....
$37) | Mercantile Bks. “A”
1280
Mərcantile Bku. '“C Bank of Sant'Asia ... N. C. & 8. Ranks
Insurances
Canton InsarROČILA, $4929 Laion Interences............
Indorwriter
120 H.K. Firs
* A* *a** 20
Shipping
Donglasss
Steamboats visznesses Indo-China (Prof.)........ Indo-China (Dat.).. SAID Shella sommes
Waterbosta
Mining
17/0 Kaliana kön
Robsade
Venezuela Gold Fids.
17 cts. Hong Kong Mine......
Docks, Wharrás, Godowns, ete.
5180
13
88.45
H.K. & I. Wharves... Providents (old)......... $50 Provideais (Bow)....... 19.K & W. Docks.... 3182 10. DEW......... $124 Shanghai Docks 8.... 147 New Engineerings B.
Lands Hotels, and
Bulidings.
H.K. Hotel ........................ 235H. Lands.8. $1074 Do. 4% Debentures 20 Shanghai Landa S.
Humphreys...
Dayers ar
144
$1,360
£83
Est
£13
12
$120
$500
32
3100..
99€
$19
$24
K5/0
19
17/0
3192
પત
$5.50
$19
$8
#19
$31
$5.49
130)
1-$105
100
Chinese Estates .......
"Cotton Milia
$17
317
Ewo (8.)
ZUN
S'hai Cultons (8.) ..........
3:0
324
Zoong Sings (8.).
$12
Wing On Textiles (8.)
$12
Public Utilities
816 But
[Triathwayz ...
3.61
Peak Trams (gld)......
Teak Trans DeW)..............
172 Ster Farrin
?!
$23
$221
Y'mati
Ferries C.B
$23)
Do.
82.5
$10.40
911
$10,0
$54
$14
$6.66
*
Hurlin
Hongkes
New York Tiustao
Yokohama Peiping
Haila
Fontigs ExCHANOE and General Banking Business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOSITS nedived for. One Year or shorter periods. ut rates which will be quoted on application.
The
Office in Bauk's Head Boudin undertakes Executor and Trofee" Ausiness, and claims_re- covery of British Income Tax erpaid, on terms which may be Inscertained at any of the Agencies
and Branchen.
RA. CAMINUE,
opened Current Accounts Local Currency and Fixed Deposits received for one year or shorter periods in Local and other Cur rencies on terms which will be quoted on application,
Also up to date Sale Deposit Boxes in various sizes To Let.
Hong Kong, 7th October, 1939.
HONGKONG SAVINGS
BANK
The Business of the above Bank
is conducted by the HONG KONG
Manager.
THE CHASE BANK
15, QUEEN'S ROAD CENTRAL
HEAD OFFICE!
18, 'INE STERNT,
NEW YORK.
& SHANGHAI BANKING COR-An American Biak offering com
PORATION.
Rules may be ob
H
lained on application.
For the Hong Kong & SHANGHAI BANKING CORPORATION.
』『
V. M. Grayburn,
Chief Manager. Hong Kong, 7th October, 1938.
BANK OF EAST ASIA. LIMITED.
Authorised Capital 10 000,000.00)
2,598,600.00 Paid-up Capital Reserve and Undivided
Profits.......
2,776,720.76
Head Ofce:-HONG KONG
No. 10, Des Voeux Road, Central.
Board of Directogs:
Sir Shauson Chow, Chairman
Li Kona Chuu, Esq. Li Lan Sang, Esq.
P. K. Kwok, Esq. WongChubon, Esq.
course
WHALE OIL IN MEDICINE
ÍRON MINE
to 301,000 tons. by 1941.
EASTERN POWER CO. CRITICIZED
The Lungyen Iron mine hear Pelping was to have been reopen- ed yesterday, according to a Pei- ping dispatch to the Ta Kung foreign are now alarmed about it. On the; The Chamber's comment is as Pao," which says that other hand, the industrialists and follows: "It is true that the Bri- newspapermen had been invited Wall Street' wearted of crying wolf, tian income tax bears more heavily to inspect the mine. have about given up hope of any than the American income tax-
The mine was opened in 1919 stoppage before a severe in-upon certain Income groups with equipment imported from the Ratan has arrived and run its Usually, however, advocates of high United States. but, operations income taxation in the United
world were suspended during the
few years Organisations representing busi- States neglect to point out that in depression of a
ago. besy du continue to pound away addition to the Federal Govern Some time ago, the mine was tak with Ratements and "warnings on ment, many State govern- en over by a group of Japanese the debt and taxes.
also At presentments
levy income tax industrialiste. the Chamber of Commerce of the It 13 also true that the
The annual production at pre- United States is flooding the land burden of property taxes and.
sent is about 80,000 tons, but the with pamphlets designed. among indirect taxes in this country Japanese are trying to increase it other things, to blight the com- auch hearter than in Great Bri- parison made between Great Britain. The consequence is that the were. per capita taxes in 1937 nearly the same in both countries." NOT TAX-CONSCIOUS The working man and the un-
Elec- propertied in America are ignorant Fallure of the Hwachung jof the principles of taxation, and tric Power and Water Company. the politicians try to keep them Japanese-sponsored successor to Water from becoming tax-conscious. The the Chapel Power and bellef is held almost universally Company supplying electricity and to the árens north the"
Set- International rich pay taxes and they take im- of
to repair mense satisfaction in their thought tlement. that taxation is a means of "soak in its transmision A preparation labelled
as "pureing the rich" and of extracting for more than six hours: halibut liver oil" but alleged to contain whale liver all, was the from the rich some of the gains bitter criticism against the firm Subject of a prosecution at West Wich they have "withheld from from the "Shanghai Nippo" oar the, poor." One of Europe's fore- of the two Shanghai local Japan- London recently.
nest economists was amazed re- ese dallies. The "Nippo's" plant is Two summonses against the Lon-
cently by what he termed a lack operated with power supplied by der. Co operative Society Ltd. of concern among Americans over the Hwachung Company. alleging infringement of the Mer-
their budget deficits. The ex- The paper described the chandise Marks Act by selling а
is ner in which the Arm preparation to which the false planation of that indifference is description of pure halibut ver. this ignorance of the masses which operated as a threat to Japanese by the prestige, as the company is a sub- oll, guaranteed, was applied on
sidiary of the cfficially sponsored the label, were dismissed...
Nothing bears out this statement Central China Development Com- Giving his decision, the magls-
Bennett, V.C. more graphically than a compari- pany. trate, Mr. Paul observed that he was quite satis- son of the number of Americans fied the article sold was not pure and Britons who pay income tax halibut liver oil, but the society The United States, with a popula- was entitled to a dismissal under tion of 130,000 000, has approxi- e proviso of the Act because it mately 2.503,090 persons Paying had no reason to suspect the Federal Income tax.
plete, Foreign Banking Service Case Against "Co-Op." among these classes that only the water
in the principal Markets of the world. Interest Rates on Application. "
SAFE DEPOSIT BOXES
THE
〃
This Bank is entirely owned by CHASE NATIONAL BANE, NEW YORK, with Resources over US. 22,500,000,000.
D. M. BIGGAB,
Manager.
BANK OF CHINA
Specially Chartered by NATIONAL GOVERNMENT
"OF CHINA AS AN INTERNATIONAL EXCHANGE
THE
BANK
Wong Yuh Tong, Exq Kang Yi PAID UP CAPITAL 840,000,000.90 ChanChingSurk, Esq. FungPingWah Esq.
(BRANCHES ALL OVER CHINA)
Society Fails
has been played upon politicians.
China Lights (old)...... Sto 20 hpa Lights (new)..... 8.61 H.K. Electrice..... $174 Macao Electrica.........
Sandakan Lughts +3 Telephones (vld)........
8.80 Telephones (Dew)...... 2. Tractions simran ANY
Tractions (pref.)
Industrials
*****
$14
$18
Cald.. Mac (rd) 8. Cald., Harg. (Pral.) &
$1.70 Canton lots
215 Cerments
$160
5151
$4,85 Bapes ****
$4.40
Miscellaneous
#Dairy Farms
181
Canstructions fold)....
Ch. E'tainments $8.21
$1,70
Constructions (naw).........)
Jane Crawford..........
Nanyang Tobac00 ............
381
$3
32
Sincere
Watsons
$71
Ch.
b. G.6% 19250. $Bda.
$140
70%
H.K. Gort. 4% Lost
a break
H.E. Govt J% Lonas
$107
lines
pat
1471
H.K. Wing On
$100
brought
S'hat Wing On
$476
$5.8C
Vibro Piling
10.40
19,0
Marsmans Inv. (Lon.)
3/0
Maramacın Xuv. (H.K.)
100 cur
Wm. Powells
*Sales to Shanghai'
man- being
Great Bri- The Central Government has ap-
Kan Tong Po, Esq., Chief Manager, 4. Owing to our numerous Branches genuinenesss of the trade descrip- tain, with a population of 40,000,- propriated a sum or $300,000 for
Li Tee Fong, Esq., Manger.
the World, we are able to extend
in China and connections in the
principal Commercial Centres of
Branches and Agencias :—
Y
Amor
Harison
Bray
Entaria Bounty Calortia
Castren Dalyong Baskow Galle Kobe
LaBut Mult Katartic NAPSIKA Na Turk
Parke
Palping
Huran
ilona Bwstaw
Britney Marin Taitoka Tinais Rattle
Sousing Shisagat Singapore
درود
Vand over Yokohama
do
to our Clients special facilities for labelled as pure halibut liver off, Domestic and Foreign Banking and but should be described as it is, Exchange.
a mixture,"
Head Office: SHANGHAI
Hong Kong Branch:
1. QUEEN'S ROAD, C. South China Offices:
Esery description of Banking CANTON and Exchange business transacted. SWATOW Loans granted
securities.
approved SHIUCHOW
KONGMOON TOISIAN
190 ct.
LONDON EXCHANGE RATES
Amsterdam Vienna Prague
(British Wireless Service)
Nov. 19. 178-45/64
20 81. 11.73
Nov. 17.
Paris
178-5/5
Geneva
20.82
Berlin Athens
11.74
5474
Milan
891
831
EXTENDING PHONE SERVICES
Lisbon
1104
Stockholm
20
Shanghai
.21
New York
4.701
4.701
8.601
8.651
138
Helsingfors
660
Bucharest
Hong Kong
Bombay
1/2-15/18 1/2-15/16 1/5-15/18
Montreal
4.744
4.74
Prussels
27.82
27.81
Yokobama"
1/2
Belgrade
.211
Buenos Aires
20.53
20.19
Monte Video
20.45
Rio de Janeiro Copenhagen
192
3.
Oslo
Silver (Forward)
291
Bliver (Spot)
193
19-9/16 19-15/18
and extending tele- developing tion." He added: "In future 1 000, has 8,000,000 payers.
Three years ago George O. May, phone and telegraph services in not think this oll should bei
the international authority on Szechuan Province. With the help. this subsidy, the automatic taxatlon praised the realism of the or British system while he pointed telephone service in Chungking is out the absolute necessity of the almost completed. NEW SCIENTIFIC TEST
broadening of the
of basc Mr. Edward Richard Bolton,
the income tax as a major re- leading authority on oft fats." and quirement for the balancing of
A
called for
a past president of the Society of the budget of the United States. Public Analysts, was
This year in Congress, Senator Laj Fallette attempted without success to have the levy extended.
the defence. KINGCHOW 1: He was asked by Mr. Laskey. We also handle the fude of for British Colloids Ltd., who in- Current Accounts opened in Local Currency and Fixed Deposits re Bonds and other Public Funds of stituted the, proceedings, I he ceived for one year or shorter the Chinese Government both at thought it honest or decent to sell something which was a mix periods in Local and Foreign Cur- Home and Abroad." rencies on terms which will be:
ture and call it "pure, guaranteed." Mr. Bolton It is pure; The word pure, in my opinion, means It does not contain any extrane ous impurity.".
quoted on application.
Safe Deposit Boxes To Let
KAN TONG PO,
Chief Manager.
A Job
Consult
WANT ADS
SHOU J. CHEN,
Manager.
BANKS TO OPEN IN HANOI
Hanol, Nov. 19. Several Chinese banks will soon GROWING CONCERN
open branch offices here in order maintain financial, contact Congress and the Administration to lack the courage to risk political with foreign banking institutions defeat by applying-this direct as- through French Indo-China, it was sessment to another 5,300,000 or so announced to-day. International. persons: Instead, they have taken; the easier way of indirect and hid- den taxation, heavier burdens on
་
War Loan
Closing Quotations
November 1, 1935. | On New Yowe:-.
ON LONDON: www
Telegraphic Transfér....... Į 1/ Bank Bills, on demand 27/3 Credits 4' months" sight "1/2-3/27""||
It was stated that a spectros business and the middle class, and debt as in the speed with which it
shown that deficit financing in astronomical, has been multiplying. copic analysis had
Government debt, The gross the article contained party hall figures.
The New Deal majority in Con- Federal, State and Municipal, has but liver oil and partly whale i liver ofl.-
Eresses of the past six years has trebled in twenty years, from Mr. Glyn Jones, defending. con-bren particularly abusive of or- £3,778,000,000 in 1918 to the pre- tended that this new test was not 'ganisations and individuals who sent figure of £11,500,000,000. In ON yet generally reconised in the have protested that excessive taxa- the same period the British debt scientific world. He also argued ton of business in 'depressed times has increased about 12 per cent., that hallbut, liver oil had to be hampers 'recovery and re-employ- while the tax burden has remain- adjusted to standardise its vita- ment. They have been pllloried ed constant. The striking contrast before the mob as selfish Bourbons. 1s that the American debt rise of min content,
And in the orgy of spending no 300 per cent. is going still higher pure attention has been paid to the-in face of an increase of tax re-
warning that danger Hes not so venues from £1,447,000 000 much in the total of the national 1923 to £2,460,000,000 in 1937.
According to the British Pharma. coppela Codex, it was
on if wha'e. turbot or even vege table oils were added
SHANGHAI:--
Bark Bills, on-demand 9-1/16
Credits, co days' sight #29/15
OF BATAVIAI-
On demand
13)
ON PARIS
Bank Billa, on demand 1.100 Credits, 4 months' sight 1,180)
On demand
JJ
On demand................................... BA] ̈ - ON BAKOKO;^~
O
On demand SINGAPORE:~~~~ On demand ON JAPAN:-
175 nom;
ON BALDON :—
ад
ON MANILA 2
On demand isona
108
ON INDIA:-
Ja
Bank, on demand
Telegraphic Transfer... #27
On demand
Sovereign Notes
cm
(1408).
129
Bar Silver per 0%. but
1-38/16
Bank Buying Rate
7