PAGE 4 HONGKONG · DAILY PRESS
GENERAL
FINANCIAL FRONT WILL HOLD FIRMLY Hitler Is
NO MORE MONEY Increase Of Taxation
FOR WORK
SUBSIDY FOR WANG
SUSPENDED
CHUNGKING, April 24 (Central) -Activities of the borus Kuomin tang formed by Wang Ching-wel have practically been suspended owing to financial
stringency.
Is Unavoidable
COMPANY DIVIDENDS TO BE LIMITED
The following is a continuation of the Budget speech by Str according to a Shanghai d sṛatch John Simon, Chancellor of the Exchequer, the first portion of the
Bogus Kuomintang offices estab-speech was published in our issue of yesterday:-
lished include those for Shanghat. Kiangsu, Cheklang. North China. Kwangtung. Canton, the Nanking- Shanghai and hanghai-Hang-.) chow Railways, and the puppet [ Seamen's Union requiring - an aggregate monthly maintenance
· fund of $250,000
With the
the suspension of $3,000,000 Japanese subsidy to the Wang Ching-wel clique as from. April these offices have fallen into financial stringency."
Most of the responsible members have flocked to Nanking to seek puppet government pasis,
of:
LONDON, Apr. 24 (Reuter) - Continuing his Budget speech Sir John Simon, Chancellor of the Exchequer then dealt with
the the question of how much would be provided by
con-- tinuance of the existing taxes at the existing level.
The yield of death duties was estimated ak £85,000,000. and stamp duties at £19,000,000 National Defence contributions and the Excess Profit tax, which are alternatives, were estimated to yield £70,000,000.
OPENING OF
YANGTZE MERE
GESTURE
CHUNGKING, April 24 (Centralɔ |--Japan's publicity regarding the opening of the Yangtze River is regarded in atipping circles as a mere gesture, says a message from north Kiangsu,
Japanese control of the river has so far shown no relaxation"" Bhips of Third Powers plying be- tween Shanghai and Nantungekow, and
ather harbours in north Klangsu have recently been forced to suspend operations owing to constant interference by Japanese naval vesseLS.
LI
"Nothing on this scale has ever been approached before, whether in war or peace. The highest pre- vious rate of income tax was six shillings in 1918 and with superiat added, the maximum · during the Inland Revenue duties on the (1) To assist export trade by Im-last war was 10s. ed in the pound." cxisting basis were estimated to proving the conditions' on which
If there were no Excess Profits tax, they could look for a yield of £28,000,000 from National Defence contributions.
yield £658.000.000-an excess of £75,000,000 over what it was last
year.
Owing to internal dissension, the As regards Customs and Excise "Standing Committee the which prodteed £400,000,000 in Executive Committee of the Kuo- (1939-40. It is estimated on last mintang" under Wang Ching-wet year's basis to produce this year has not held any mecting for £420,000,000, some time.
POSTAL REVENUE FOR EXCHEQUER
·
Sir John gave illustrations of the drawback was payable on exported effects of the proposed taxation," goods which had been subject, on saying that a married man without importation, to key Industries' children, if he earned £300 a year, duties; (2) The proposal would re-would pay £15 income tax instead late to a margin of preference on of £7 last year and £5 the year Empire sugar, the stability of before. which was related to the operation If he earned £400 a year. he of the International Sugar Agree would pay £30 12s. 6d. instead of men; of 1937.
£17 10s. last year and £12 12s. 6d. the year before.
INCOME TAX RAISE
LONDON, April 2 (Havas)
The object of the legislation The £600 a year man According to the Daily Telegraph,
would For motor vehicle duties, he
would be to make it clear that the pay £92 189, 3d, instead of £79 'the British Government has de- estimated revenue at £35.000,00. cided to give up the plan to estab-
Sir John then dealt with Post Present preference would continue 10s. last year and £56 12s. 6d. lish the Atlantic air mail service. Office revenue and disclosed that to the end of August, 1942, the the previous year.
period originally contemplated un- These changes, together with "Sir Samuel Hoare. Home Secret had been decided to take the
minor ones, would produce in this tary, will probably make a speech Post Office revenue into the Ex-der the Agreement,
It was, however, necessary to im-year from direct taxation, £42,- In the House of Commons to chequer. morrow on this subject.
The machinery operating in the pose additional taxes to increase 500,000 and in a full year £ei.- Excess Profits tax was being made the total of £1,133,000,000 of re- 750,000. more efficient, but it must not be venue which would be produced it imagined that the changes in- they confined themselves to the volved constituted merely a list provisions enforced last year. of concesstors to tax-payers. They- did not. There would be considera- tion for concerns belonging to de, pressed industries.
Brasso
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BEFORE
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Sir John alsu proposed an amendment of the legislation to deal with certain forms of estate duty avoidance.
Sir John said he must, therefore, look both to direct and indirect
taxazon.
Sir John continued: "In the field
DEARER BEER
Another change was in respect of surtax, which for 1940-41, he proposed should be charged on
of incomes in excess £1,500. 3 year instead of £2,000. It "dd not increase the tax payable tāls
In view of the war conditions. of direct taxation. I must bring year by those with incomes be they must postpone the general into actual operation proposals for tween £1.500 and £2,000, but it revaluation of properties for as-ncreasing the standard rates and made it possible to do so in 12 sessment for income tax which reducing allowances, which I in-months' time. otherwise should have been madedicated in advance last September: In the realm of indirect taxa- "I then said that we should not tion, he proposed to add to the Umit our view to six months alone. existing duties on beer. spirits. Accordingly I propose in the tobacco and matches... Finance Bill to raise the standard The increase or beer would be rate of income tax from seven roughly equivalent to one penny shillings to seven shillings six | per pint, which would take effect pence. These are very severe from tomorrow. z. In regard to Customs and Ex-Increases which put 籍 hea. cise, Sir John proposed to intro-vier burden on direct taxation in duce legislation on two points: this country than the direct tax
payer has ever been called to pay before.
CUSTOMS AND EXCISE
AFTER
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This increase in beer duty, he estimated, would produce £18,000.- 000 in a full year and £15,000,000 in the current financial year.
FRENCH TILANKED
"
The spirit duty would be in-. creased by 15s, per, prcot gallon making it 97s. 6d,
EFFECTS ILLUSTRATED "The standard rate tax will have been increased within a single year from five shillings and six pence The ruling price for a tattle of to seven shillings and six pence. whisky was 148, 3d. "and the in- With the surtax added, the maxi- crease would be equivalent to the mum rate will reach 17 shillings addition of is. 9d. In the pound,
Continued on Page 8
ין
Denounced
THURSDAY, ARRIL 25, 1940.
By Japan Tie up your
SECURITY
ALLIED VICTORY
PREDICTED
LONDON, April 24 (Havas)- Confidence of the ultimate victo-y of the Allies was expressed by Viscount Hisakira Kano, Manager of the 'London branch of the Yokohama Specle Bank,
"I think the turning in favour of the Alles came around Easter. This movement has al- ready begun and is still going on."
Mr. Kano added that pro-Allied feeling is growing immensely, especially since the Allies sent help to Norway. “As for Hitler's adventure in Norway I can see little to commend that The consequences or its failure would be most serious for him." he con- cluded.
Egypt Remains Firm Friend
* LONDON, Apr. 24 (Reuter)—The debate on Monday in the Eryplan
· Chamber of Deputies on foreign affairs has been received with considerable interest in London where the point that is noted specially is the firmness of sphit of Egypt in the cause of the de mocracies.
As the Egyptian Premier pointed out, as soon as the war was de- clared, Egypt at once carried out her obligations under the Treaty of Friendship with the Allies, standing by them,
She was simply demonstrating the real spirit of all Egypt. One Deputy said that in the present struggle, Egypt should not be con- tent merely to stand by. She should also bring her influence to bear or all Eastern Moslem coun- tries so that they, too, should, sup- port the Allies.
The cause of the Allies is the cause of all Egypt,
Another Deputy said that even If Egypt had not been required to stand by the Allies through the Treaty, she would still have done
30.
ESTHONIA ACTION AGAINST REDS TALLINN, April 24 (Hayas) Despite the close political ties linking Eathonia and the Soviet, the Esthonian police have arrested many Communists engaged in Comunist propaganda, including the distribution of pamphlets calling the population to establish a Communist regime.
Strängely enough, according to press reports, the arrests were made with the consent of the Soviet Government.
CHINESE ACTIVE PINYANG, April 24 (Central)--
CHINESE TROOPS BREAK Japanese troops on the Nanning-
WAY INTO KAIFENG
Japanese Barracks And
Depots Set On Fire
-Intensified fighting is * CHUNGKING, April 24 (Central) raging on the Horan, Klangsi and Shansi fronts with the Chi- nese gaining the upper hand, a ccording to military advices.
By
Chinese units staged a lightning attack on Kaifeng, capital of the province on the Langhai Railway, on Monday night. the next morning they succeeded in breaking into the city through the north and south gates. A Japanese unit attempt- ing to force its way out through the south, gate was wiped Out,
cl
Flerce street fighting ensued along the Changtierchen-Mso- with the Japanese sustaining heavy tsingtu highway in south Shans, losses. Japanese barracks and Though twice reinforced, the Jap supply depots were set on fire, anese have not gained much The Kalleng-Lanfeng section of headway.
ed.
the Lunghai Railway was damag- The Chinese, holding favourable.
terrain, have scored successes Simultaneously with the raid on northeast of Maotsingtu. Several Kaifeng, the Chinese also attack-strategic points have been wrested ed Hwalyang, south of Talkang, back by them. and Chistenchen, south of Kai- feng
COUNTER-ATTACKS
,༥.
Chinese batteries on the south bank of the Yellow River have directed concentrated fire on the Japanese at Pinglu and Maotsing- In a desperate attempt to check tu in the last few days, inflicting the Chinese steady advance the heavy losses on them. In retalla- Japanese at Nanchang in north tion a number of tear gas sheils Kiangst on Monday sallied forth were fired by the Japanese
Sunday.
on
in various directions to launch counter-strokes. One column made a feeble thrust at Wanchia-
ENEMY RETREATING
fow but was
In southeast Blanst, more than immediately driven back. Two other columns pushing 15,000 Japanese at Changchih and toward Hslahan and Tienchienka Hukwan have launched a five-
pronged southward, drive were also repulsed with losses.
The Chinese are intensifying Saturday. Combats are reported their activities along the Nan- fiercest on a line stretching trom chang-Kluklang Railway, which Lingchwan to Banchiatsun, north- has been cut at several points east of Kaoping north of Narichang.
14
since
A Japanese force was defeated in an encounter. near Tainshui,
·STRATEGIC POINTS RETAKEN
east of Yicheng a few days ago. Severe blows have been - The enemy is now retreating west ministered by the Chinese to the and northwest of Teinshul with Japanese forces driving southward the Chinese following in pursuit.
Yamchow highway have been sub- jected to constant ralds by the Chinese. As a result of Chinese attacks, the Japanese at Pingkut. Taltong, Natiu, Lungtaŭ and other points along the highway have been driven off. Increasing Chi- hese pressurà is exerted p Fongshing. Areas to the west of Foreshing have been cleared of Japanese,
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