HONGKONG DAILY PRESS
Finance and Commerce
CHINA'S FINANCIAL AND DIRECT TAXATION
CURRENCY STABILITY
CHUNGKING, Jan. 3 (Central)-China's financial and cur- rency stability after three and half years of war was re-affirm- ed by Dr. H. H. Kung, Vice-President of the Executive Yuan and concurrently Minister of Finance,
Five principal reasons were given by Dr. Kung to account for this stability; the firm financial foundation built prior to the war, the firm rural economic foundation and the development of rural economy since the war, the replenishment of foreign ex- change through huge overseas Chinese remittances, and the financial aid from friendly nations,
ra
BUREAU
UNCLAIMED
FINANCE & GENERAL
BRITISH FINANCIAL AID TO CHINA
LONDON, Jan, 3·(Central)—Negotiations for securing a pro- liminary agreement for using the recent British export credit to China and releasing to China materials from the sterling coun- tries will be initiated here soon, it is learned today from finant cial circles.
* {
Explaining the nature of British financial aid to China, it is pointed 'out that the previous and recent British · credita were divided into two sections, namely, export credit and currency equalisation funds.
*
CHUNGKING, Jan. 3 (Central)~- It is announced in Chungking that the Income Tax offices of the various provinces and municipali- ties as from Jan. 1 has been placed under the jurisdiction of the
The previous export credit valu-change and currency in China un- Direct Taxación Bureau of the ed at £3,000,000 was understood der "existing conditions are fully Ministry or Finance.
for purchases by China confined realised by London sticles The It is also announced that re-exclusively to areas within the Japanese control over important organisation of the Chungking United Kingdom, whereas the re- Chinese ports renders exchange Office
the Direct Taxation cent export credit of £5.000.000 is control extremely complex. It 19. Bureau was completed yesterday. made available for purchases from therefore, necessary that strict with Mr. Tao Chih-ching remain-countries within the Sterling bloc secrecy should shroud the mea- Government policy and actions Continuing: Dr. Kung stated
ing as the director. regarding banknote issue,
-the United Kingdom," the British sures for defeating the Japanese taxa-that a conservative policy has also tion, loans and funds campaign in been followed by the Government'
Empire. and the Dominions except- |manoeuvres alming at under-min- the opinion of Dr. Kung have also in the issue of bonds. The total
ing Canada,
ing the Chinese currency. contributed in large measure to honds Issued since the war amount
The previous £10,000,000 Chi- It is further observed in Lon- this stability,
circles that nese Currency Equalisation Fund don to, approximately $4,700,000,000, A
despite the Regarding banknote issue. Dr. part of the Gold Bonds issued have The following is a list of un-established in March, 1939, was Japanese attempts in North China Kung declared that the Chinese been sold abroad. Repayment of claimed telegrams lying at the chasing power of the Chinese cur-currency, nevertheless the Chinese meant for maintaining the pur-to squeeze out the old Chinese Government has always been principals and payment of inter- Great Northern Telegraph Com-rency at a desired level and for population living in the adopting a steady policy. Prior to ests on these bonds have not been pany (Limited):-Chang Sik-hong assisting China's efforts to prevent affected are extremely reluctant to "the wai, "Chiha's note issue was interrupted or delayed. except c/o Luk Kwok Hotel, from Shang- the national currency from being accept the bogus turrency issued grentely limited. A shortage of those on the Consolidated Bonds hat; Chow Pak-ham, 389 Prince undermined by speculation and by the Japanese authorities there. currency was experienced not only and the "Recovery Bonds issued Edward Rd. and f. Kowloon from in the border regions but also in prior to the war which were sus- Shanghai: Eunice Yu, 299 Prince assisting the Chinese resistance jvinced that support for the Chi- Japanese manoeuvres, thereby London financial circles are con- the interior. In view of the in- pended only last year.
Edward Rd. 2nd f. Kowloon, from against Japanese invasion on the nese Government's efforts for com- creasing demand note issue has
Shanghal; Chen Han-min, 2 Dud- been increased since the outbreak
batting the evil influences under- del Street. 2nd f, trom Shanghal; of the war. But the amount of In addition, a number of loans B. Pethick, Hongkong Hotel, from the above. £10,000,000 fund was defeating the
It is further pointed out that mining the Chinese dollar and for notes issued so far has not yet have been raised from the United Shanghai; Feng Chiu-lit.
Japanese mano- reached the saturation point. States, Great Britain, Soviet Rus-Jok
subscribed equally by the Chinese euvres is Imperative. Conseqüent- Boarding House, from
and the British banks, the latter ly, the Chinese Government bonds
LOANS RAISED ·
TELEGRAMS
Man
In deference to the banking sys-sla and Franice. Most of these are Shanghai; Loo Chul-lan, 27 Yuk tem and law the Chinese Govern on a barter basis while rest are to San Street, 2nd . from Shang- ment, Dr. Kung affirmed, has not be repaid in cash. It is obvious hai; Hines YMCA, from Kobe directly interfered with note issue that the exchange of China's raw
as other governments do in time materials for foreign commodities of war. The right of note issue helps greatly China's national re-
MOSCOW, Jan. 3
(Reuter is still invested in the banks. construction besides economising General Shadanko. Deputy Com- Adequate reserves are provided by foreign exchange.
missar of Defence, has been re- lieved of his post.
the issuing banks to back up the Though the outbreak of the war Issuc while the government only in Europe more or less affected supervises them in accordance China's efforts at raising foreign with law. Any suspicion of loans: the conclusion of the
economic front,
areas
SATURDAY, JANUARY 4, 1941.-PAGE 9
Say "BLACK & WHITE"
and be sure!
271
NO IF OR "MAY BE IT'S THE SCOTCH.
LONDON METALS
EXCHANGE
Tin
London, Jan. 2 (Reuter)..
Standard, Cash, Middle
being guaranteed against losses by on the Landon exchange market Price, £258-5/8. the British Government, while the recently registered considerable Tin, Standard, 3 months, Middle
£5,000,000 Equalisation gains, and yet are not easily ob- Price, £259-7/8. Fund was subscribed by the Bri- tainable."
Market steady. tish Government alone.
recent
DIFFICULTIES REALISED Dificulties confronting the Chi- nese authorities in controlling ex-
China's impending currency in- tripartite alliance between Ger- HONGKONG SHARE QUOTATIONS
flation is absolutely groundless. many, Italy and Japan prompted
TAXATION POLICY
China's
war-time
seeks
Explaining taxation policy. Dr. Kung said that the government positively to build up 8 direct taxation system and negatively to lighten the financial burden, of the people by exemption or "reduction
of taxes
SHARKBROKERS" ASSOCIATION
Видет
Seller Skits Nomial
FRIDAY 3 JAN.
Banks
Видет
Pollers
Barot Tomina!
the United States to loan STOCK EXCHANGE, U.S.$100,000,000 and Great Britain' loans are a great encouragement £10,000,000, to China. These two,
and aid to China's resistance and reconstruction. Dr. Kung said.
Since the war was started, many campaigns for raising funds in ald of relief and other purposes, ac- "Principal direct taxes
cording to Dr. Kung, have been already
launched at home Instituted include income tax, in-
and abroad. heritance tax, wartime excess pro-Special delegates have been sent it tax and stamp tax. The re- abroad. to solicit donations and derived from these direct measures for remittance have been taxes has increased considerably promulgated. The response of the since the war. and further in- Chinese both at home and abroad creases are expected. To increase has been most enthusiastic,
To facilitate overseas Chinese
venue
the national revenue the rates of the indirect Laxes such as remittances the Central Bank of the tobacco and wine toy and China and the Bank of China rolled tobacco tax. havé been have been instructed to establish increased and the imposition of more branches abroad and to co- consolidated tax on more articles operate with the Fukien Provincial is under consideration.
Bank, the Kwangtung Provincial
$1380 H.K. Backs ......
Do. (Col. Reg.)
582
2777
Do. (Lon. Reg.)
£8]
Chartered Banks .....
97
Mercantile Bk. “A**
210, Mercantile Bk. "C".
Bank of East Asia.....
N. C. & S. Banks.....
Insurances
Couton Insurances...........
Underwriters
HK. Fires....
Shipping
$30
اه
::
1444
8741
$397
1 PAT
$1370
£87 £77
Lat
Three Tasks
For China
insur-
WEALTHY: CHINESE SAID HANDED TO JAPANESE IN
SHANGHAL
Wan Mo-ling, wealthy Chinese proprietor of the Wan Chong Rice Company at 94 Rue Kraetzer, Shanghai, and committee member of the French Municipal Connell,
fortified with a strong will and be was arrested by the International able to brave all difficulties con- Settlement Police and Japan sen- fronting them. By determined darmes outside the Pacific Hotel in win and hard struggle, Mr. Lin Bubbling Wen Road at 8 pm on CHUNGKING, Jan. 1 (Central)———
said, no difficulties are
Dec. 21, according to Chinese press, An earnest appeal to the Chinese mountable and no task is impos-reports, which stated that he bad people to re-double their efforts in sible of accomplishment.
been taken to the Police Head- order to bring about the early
quarters for questioning and bad. Mr. Lin, outlined the following been handed over to the Japanese consummation of the objects al the Chinese Revolution was made three important tasks to the Chi-authorities on Dec. 22 st 3 p.m. by Mr. Lin Sen, Chairman of the toese people at home and abroad National Government, in a radio in the coming year: 1, Enhancing His arrest, according to Chinese broadcast address on New Year's the national spirit and prosecut-papers, created surprise among the Day.
THREE TASKS
W!
ng the war of resistance to the Chinese here as it had not been end in order to attain the object known that he was connected with Mr. Lin said:"The most im- of racial emancipation; 2, Foster- politics. portant task is to strive for vic-ing local autonomy and pushing £10tory
19 ct.
$200
Questioned on the subject, Settle-
in our war of resistance foward political reconstruction in against aggression and the sac-order to lay a sound and solid ment Police officials denied all cessful building up of a modern foundation for constitutional gov-knowledge of the arrest of Wan state. These: are gigantic and ernment, and 3. Promoting and It may be noted that Wan is one arduous tasks. To accomplish carrying out economic reconstruc- of those wanted on circular order 80 et them successfully. It is necessary tlon in order to solve the problems of arrest issued by Mr. Wang
| Ching-wef in' June. that the Chinese people should be of the livelihood of the people.
$158
$135
+63
$75
200
$400
Union Insurnaces........
31
$1071
$136 Douglases !!..
811 Steamboats
8100 Indo-China (Prof.)..
8100
Indo-Chinas (Det;).
$100
40/0
Shell........
40'0
$7
Waterboata
87
Docks, Wharves,
Godowns, etc...
H.K. & K. Wharves...
$93
$5.70 Providenta
$5.70
$18.30
$35
H.K. Docks (Old)... B.K. Docks (New)...... 18hangbai Docks......
$18.40
$18.20
$17.90
$354
16/3
591
10/3 171
#
Exemption or reduction of taxes Bank, the Postal Remittances and is largely enforced in the war Savings Bank, and other banks. $93 390
But The
Zones
areas,
Chinese have been
to
overse us
remit
their donations designated
18.30
$17.80
banks от
and adjoining many patriotic Cainese in these told áreas voluntarily pay taxes to the through government, Dr. Kung revealed.
agencies.
:འཚ:::སྣུན ;
:::
2
HOUSES AND APARTMENTS, TO BE LET.. MISCELLANEOUS WANTS.
PRE-PAID ADVERTISEMENTS.
The following classes of advertisements" are charged at the price given below------ SITUATIONS VACANT.
HOUSES AND APARTMENTS WANTED.
Announcements not exceeding 25 Words are inserted under this heading at a Pre-paid Rate of $1.50 for THREE INSERTIONS. If Charges collected, $2.00.
Kailans
Raubs
Mining
ota. Hong Kong Mines.....
Lands. Hotels and
Buildings
‚ $3.60 | H.K, & 8. Hotals.............. $31
H.K. Land...................................
$100 Do. 4% Debentures... $12.30 Shanghai Lands..... $3.80.K, Realties.....
$7.80umphreys ........ $100 Chinese Estates
Cotton Mills
944 Ewo (8.)
S'hai Cottons (8.).....
$13)
H.K. STOCK EXCHANGE
The market during the week was
ruled by a firm undertone and at
the close buyers increased their
bids for the popular counters. The
HONGKONG
SHAREBROKERS'
ASSOCIATION
Volume of Business Transacted on Friday, Jan. 3, 1941.
SALES
scarcity of scrip offering would in-China Lights Rts.......
dicate that higher levels are ex- pected.
BUSINESS DONE DURING
THE WEEK
Canton Ins. $210.
H.K. Fire Ins., $160.
Docks (Q). $18.50, $18.30.
Docks (N), $18.
Providents, $5.621, $5 671, $5.70.
Hotels. $3.60.
Lands, $34.
Tramways, $17.70.
$34
܊ ܐ ܊ ܊ ܃ ܃
333 $ 1.25 125 1.25 30 1.25 470 1.22 1,375 1.19
$195
,000 1.20
China Providents ... Cements
250 5.70
$17
+4
H.K. Docks (0)
HK Hotels
H.K, Tramways
Lights Rts., $1,20, $1.30. $13. Electrics (0), $40.25,
H.K. Realtys
28 18.00 500 18.60 1,000 18.60 2,000 3.55 500 17.85 100 17.85 500 3.85 500 3,85 500 3.85 600 11.00
C.Rta
IRta.
$6.50
$40 $391
2401
3
#11
$18.75,
40 24.25
9,871
**
Zoong Singe (8) Wing On Textiles (9.
Public Utilities
$18
H.K. Tramway!................. $7.40. Pank Trams. (old)... 831|| Peak Trams. (now).. Star Ferries..
Y'mati Fario........ $6.90 China Lights (0)..... China Lights (New).... H.K. Electrics (Old)... H.K. Electrica/Now)... #17 Macao Electrics (Old) $16Macao Electrics (New)
Sandakan Lights................. $26-Telephonce (old)
$10.29 Telephones (new)....
S'pore Tractions (Ord.) Industrial
| $16,90| Cald., Macg. (Ord.) B.
804 31%
་
#
8241
:
şii
WANTED TO BUY
WE PAY HIGH PRICES for all $100 gold and silver articles. Jade, diamonds, jewels, watches, foun- tain pens. Apply Far East Din- mond and Gold Refining Co. $21. China Building, 6th
83.85
#72
Room
#44
oor...
$186
FOR JADED APPETITES!
HOTELS
REAL RUSSIAN FOOD
Tiffin $1.00 *; Dinner $1.25
METROPOLE HOTEL
TEA DANCE
DAILY
EXCEPT MONDAYS
..
5 to 230 FM
$125
WE PAY HIGH PRICES for all gold and silver articles, gold bars, diamonds and Jewels. $7.40 Apply China Gold Refining Co Pedder Bulding, 2nd, floor, Room & $3+ $81
CIL $8,90
$40 $294
$19
$18.80)
By
WE OFFER HIGH PRICES for amount of gold articles, diamonds, allver, etc. No holidays. Apply Chins Building: th floor Tel. 30727. Eurasia Gold Refining Co.
JOIN THE KNITTING CLASS AT $3.00 per month (Twice a week lesson). Please apply to Box No. 654 c/o HKDP.
ORDERS TAKEN for hand-made sweaters, Ladies jumpera, Babies' outfits, etc., at $5.00 each for $1.66 workmanship.
Electrics (N), $39.80, $39.75. Ropes, $7.15.
Dairy Farms,
$18,80...
A.S. Watsons $18.00, Yaumati Ferries
Watsons, $10.60. $10.55. $10.6.
$10.70.
H.K. Govt. 34% Loan, (1934) 94.
BUYERS
Canton Ins., $200,
H.K. Banks, $1370. Union Ins.. $400.
H.K. Fire Ins.. $157.50.
Wharves, $93.
Docks (0), $18.50. Docks (N), $17.80. Providents, $5.70. Lands, $34.25 Trams, $17.75. Star Ferries, $81.
Yaumati Ferries, $24. Electrics (0), $40.
Electrics (N), 539.75.
Sandakan Lights, $11.50.
Cements, "$18.50. Ropes, $7.60.
Dairy Farma, $18.75,
Watsons, $11.15. Entertainments, 37. Constructions (O), $1.60
The total value is $65,579.15.
LONDON GOLD
London, Jan. 2. (Reuter), Bar Gold, Fine per on, 168/-
· BALES H.K. Banks, $1375. Docka (O), $18.60.. Providents, $5.70. Hotels, $3.55.
Landa, $34:25.
Realtles, $3.85.
Cements. $18.50/00.
Ropes, '$8.
+
Watsons. $11/11.25.
201
WANTED KNOWN.
$12
Cald, Macg. (Pref.)
$1
Canton Ice..........
75 ats.
Why not learn all the Fancy latest Stitches for your dresses and Sweaters.
81818.00
$7.60
Cementare
#184
H.K. Ropes....
$7.76
HK. Gort. Loans
$874% LORD
(1934).
98. $94
804 31%
(1940).
SELLERS
Miscellaneous
Wharves. $95.
18.80
Dairy Farms.
Lights C. Ata.. $8.95. Lights K. Rts., $8.40.
$7
$1,80
$1
· Watsons, $12.
Vibro Puling, $7.70.
$10.80 $11
10.65/70
42/47
$7.70
Entertainment qu Constructions (old)..
Constructions (new)...
Lane Crawford........ Nanyang Tobecoo......$8
82.15 Sinceras
Watsons.
Ch. 0.5% 19250 Bds.
21.K. Wing On
B'hai Wing On.
Vibro Puing
7/6 Marmans Inv. (Lon.), 2/8 Maramana Inv. (H.K.)]
$1.90 Wm. Fowalls.
$7
$2,20
$10.55
35)
$39
"Chins Lights(Rights), #1):
+Baie to Shanghai
$14
Wool and model destred, to be | supplied" by "customer.
Send particulars of address, etc., to Box 502, HKDP.
Experienced Book-keeper Wants Students to form a class.: Guaran- tee students to keep a whole 'set of books after complation of a course $1.80 of 6 months, For Term and Par- ticulara, Please Apply to:-Box [No. 483 s/o HKD.P.
FOR SALE
BUTTERICK
Expert Ladies Tailog New Style Beady Made Dremes, Overcoats and Costumes
JAVA RESTAURANT With ex- pertenced cooks, License, telephone, furniture, gas. electric fixtures, new Westinghouse Refrigerator, ceiling fans, etc. For Sale. Business goes well, good profit, 44, Lockhart 16, Road, Telephone 32494.
ENGRAVERS
FRÍ FEI & CO. Photo Engravers
18. Cochrane Street, Telephone No. 22324,
AUCTIONEERS
GREATEST COLLECHON OF BARGAINS IN TOWN)
AUCTION BIOM
LAMMERT A Laminert, Br, thàn
Thepil me NO 29024.
AT
Jimmy's
3
FOR SALE. Wyndham Street,
TAILOR
Tel. 23615
LAM SHIU SHEK
334, Nathan Road,
Kowloon, Tel. 57712.
Guaranteed delivery 1 suit
in 24 hours, matice and 6; hours, for a pair of trousers
Help your Friend and his Hobby by giving POSTAGE STAMPS
for
his collection and
SEEDS FOR HIS GARDEN
We can supply the goods of his and your "want
GRACA & CO.
Dealers in Portage Stamps, Garden Seeds, etc., etc.
10. Wyndham Street Established 1896
Hongkong