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The only European Optician' in the Colony..
The
Hongkong Telegraph.
號九廿月四英港香
MR. CHURCHILL'S BUDGET. pending the formal lapsing of the
SUBSTANTIAL SURPLUS OF
REVENUE.
TAX REVISIONS AND NEW DUTIES.
Mr. Winston Churchill's Budget speech in the House of Com 'mons yesterday disclosed a very hopeful outlook. He showed that the national debt had boon decreased.
He announced the return to the gold standard, and arrange- ments for credits with the United States if hecessary. Tho estimated surplus of revenue in 1925 is put at £26,600,000.
There are to be higher death duties in some cases and now duties on certain luxuries, but the income tax is to be reduced.
London, April 28.
The House of Commons was packed and excited in anticipa tion of the Budget statomont. The front Government banch was filled with Cabinet Ministere. Mem- bers of all parties overflowed into the aido, galleries. There was a big muster of peers in the poor's gallery.
1920 Act.
REVENUE AND EXPENDITURE..
Mr. Churchill estimated the
WEDNESDAY
APRIL 29,
A STOLEN “PRAM.”
MARINE HAWKER BENT TO GAOL.
1925 ·日七月四
CHIEF OFFICER'S MISCONDUCT.
GUILTY OF DRUNKENNESS.
expenditure in 1925 at £799,400.- Arrested on a charge of unlaw 000, and the revenue at £826 fully receiving a porsmbulator, millions. The surplus would thus the property of Mr. Robert Hall,
*CERTIFICATE SUSPENDED bo £26,000,000.
*FOR A YEAR, The expenditure was £9.400,000 knowing the same to have been stolen or unlawfully obtained, a over last year's Budget, and marine hawker was sentenced to This morning a Court of £3,700,000 over the actual ex one month's hard labour by Mr. Enquiry sat at the Harbour Office penditure of last year. This
EW. Hamilton at the Kaggloon disappointing result was due to
to enquire into charges of mig the rapid political changes of the Magistracy this morning. last three years not conducing to have boon arrested in connection W. H. Watson, Chief Officer of The defendant was stated to conduct brought against Mr. economy, and his inability
with the disappearance of one of searchingly to scrutinise the
8.8. Hydrangea. “ four perambulators," ,,) estimates.
the
would revenue
SINGLE: COPY ID-CENTE:
.936 PER'AUNUH
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THE DRAGON MOTOR CAR CO., LTD. Tolophons Central 1246 or 1247, A. J. Allson, Bervice Manager
CHAMBER VIEWS THE POSITION WITH CONFIDENCE.
SALE OF STEAMER,
THE "KWAI WAH” AUCTIONED.
By order of the Court, Mr. L A reply was despatched by the E. S. Hodge offered for sale by Hongkong Gonoral Chamber of auction, at the A. B. C. Auction Commerce, yesterday, to the Rooms, this afternoon, tho Chinose Pioco Goods Guild's re- steamer Kwal Wah, as she lies. quest for special concessions in at Samshaipo. Built in England, view of the present condition of the vassel has a gross tonnage of the piece goods trade and the 498 tons, and her dimensions handicaps imposed on the deal-are-Length, 164. 7; beam, 26, 7; the interior of China. ara by the disturbed cond.tion of depth, 13.2 fest. She has been
abandoned by bor owners and re- cantly the master and craw brought an action for the re- covery of wages, succeeding on their claim, the judgo ordering that the vessel be sold and the proceeds paid into Court.
The vessel was bought by
The reply states that the Guild's Mr. Fall reported to. The composition of the Court letter of the 20th April has had The Cabinet had agreed to
the very sympathetic considera the police. yesterday that was as follows: Lieut.-Commdr. tion of the Committee, and the establish a standing committee of on the the Cabinet to overhaul recurrent
previous day the G. F. Holo, Harbour Master Chamber is most anxious to do amah left the parambulator expenditure in addition to the
promote the best intorasts of all Treasury's annual sorutiny. We unattended on the porch of No. 5, (President), Liout.-Commndr. A. whatever lies in its power to difficult and very delicate one of ought to aim at a net reduction of Observatory Villas, from which Robinson of H.M.S. Durban, ongaged in this most important, the Tai Hing Shipping Com- how and when. The report of the supply expenditure of net loss place it had been stolen. It was Captain M. Wright, master of a.. trade. The latter, continues pauy for $11,600, the reservo
later found at the defendant's Chamberlain committee on the than ten millions a year. Ho
stall in Reclamation Street. Ho Sang, Captain D. Duggan," That there has been, and still price being $11,000. It is under- subject had convinced the Gov-believed
exists, a general trade depression atand that the steamer will be ernment, which intended to follow steadily expand, and a resolute here were two entries made in master of ss. Talthybius and and a certain stringency in the placed in the shipbreakers' hands.
the defendant's account hook, one Captain H. Going, master of as. money market, also that there the committee's recommendations effort would enable H yearly in every respect.
mitigation to be made of the written by himself pertaining to
was some overbuying of woolleas and spring fancies in anticipation Capt. William Brewer, master of bettor trade during 1924/25, is Mr. Churchill emphasised that heavy burden of taxation, Hethe purchase of the perambulator Charles Hardouin.
which he bought for 60 conts, and this was the most favourable pointed out that last year's the other entered by the vendar, of the Hydrangea, deposed that admitted, but, in the opinion of moment to return to the gold remissions of taxation meant a who gave a fictitious namo and at 3.50 p.m. on the 23rd, whilst the the Committee, the position is by loudly standard. In view of the political progressive loss of revenue of address and entered the price as ship was alongside the Company's no means unprecedented in the
and economia stability on both £14 millions.
wharf in Hongkong, he saw history of the Colony, nor are sides of the Atlantic, it was un-
Ho anticipated a gradual, slow boing $180.
The defendant, being unable to defendant on the road opposite stocks so heavy as to be un- necessary to adopt a gold coinage, improvement of trade, but did not Loudly cheered on his rising He appealed to all classes to con- feel justified in budgetting forgive satisfactory explanation, the wharf in a drunken condition. Inanageable.
SAW He would any substantial expansion of was convicted and in passing Shortly after this, be tinuo to use notes. introduce a Bill providing that, trade. until otherwise provided by pro-
The Ministerialists cheered Mr. Winston Churchill on bis entoring the House at the ond of question time..
Mr. Churchill tributed the careful and scrupulous, finance of Mr. Snowden. He pointed out that it had realised a surplus of £3,569,000, which was remarkably close to the Budget forecast of £4,024,000.
Ravenues on spirita and tobacco were two millions below the asti. mate, but that on bear had in creased by a million. (Cheers and laughter). The remission of the
sugar duty had fully reached the consumer, but the remission of tos duty had been almost entirely
clamation, the Bank of England excepting the small and the vory and Treasury notes would be large estates, would be increased, convertible into gold only at the yielding £4,500,000 in the prosent option of the Bank of England, year and ten millions in the full and the right of tendering bullion year.
SOUTH AFRICA.
TRANSPORT'S MISHAP.
in
FINED $200.
FOR REMOVING FIRE ESCAPE.
The owner of No. 57, Woosung' Street was similarly charged, through his agents, but he failed. to appear in Court. The case was accordingly adjourned for a week, his Worship saying ho would proceed with it ex-parte if the defendant did not appear at the next hearing,
ROOSEVELT EXPEDITION.
Simla, April 28.'
"It is, however, recognised sentence his Worship said he defendant stand on the wharf and
At the Kowloon Magistracy, The rates on death duties taking into consideration then come on board. At 3 o'clock that there has been in woollens, before Mr. E. W. Hamilton, this be morning, the owner of No. 59, have his licence cancelled.. to satisfy himself and saw the brocades, a the fact that the defendant would he went to the defendant's cabin and there probably will
considerable Woosung Street was fined $200 but in view of for removing the fire escape from latter party in the cabin carry-over;
the fact that comparatively his premieos in September lost. and partly out, hanging on to the
little bas been ordered for This building, together with three door. Witness said:-"You are drunk," and defendant the ensuing seasons and that, others, was destroyed by fire on at the Royal Mint to be coined Besides new duties on certain would be confined in future legal. luxuries and on hops, there would
rojoined, in a very thick voice for from any slump in prices, re- January 4th.
costs ате in most "I am full up. Witness told placing ly to the Bank of England, which be a small additional duty on NO FEAR" OF SECESSION.
defendant that for holding instances on a higher level, my would be obliged to sell gold imported boor, to countervail the
Cape Town, April:23. the ship up he would report Committee view the future with bullion in amounts not less than tax on the home brewer.
Amid impressive silence in the him to the Harbour Master, to confidence. | four hundred fins ounces and ex- The McKenna duties would Assembly, Mr. Hertzog expound which defendant replied "You "The recent regrettable failure change legal tender at a fixed produce £1,600,000 this year and ed his views on secessión, He can well do it." Witness made of an old-standing firm to which price of 77 shillings 1044 pencs a three millions in a full year. said that personally he was of an entry in the log of the defend-the Guild refers, was, it is goner standard ounce,
INCOME TAX REDUCTION. opinion insofar as South Africa ant's condition at 3.10 p.m., which ally know, principally due--not Further steps recommended by
was concorned that secession was witnessed by the second to losses on piece goods but the committee, for example the Mr. Churchill announced that would be a flagrant mistake and officer. At 10 minutes before to private speculation in abares, amalgamation of Bank of Eng- the income tax would be reduced a national disaster if caused by ringing to stand-by for the ship etc. land and Treasury notes, would by sixpence, and the small income one section, either British or to leave, witness saw defendant "With regard to the distress be deferred, as the committee had tax payer would be allowed to Dutch, imposing its will on the make his way forward to the caused by the deplorable political recommended, until wo had suf-deduct one-sixth instead of one-other. He did not fear that forecastle head. Speaking to situation in China, coupled with ficient experience of the working tenth of his earned income. The secession would arise so long as defendant from the bridge, witness robbery, squeeze, illegal military of a free international gold market latter concession would equal six- each section refrained from told the latter that he would not taxation and the enforced circul- on the gold reserve, approxim-pence off the standard. rats. asserting its superiority to com- be allowed to do anything in that ation of depreciated currencies, ately £150 millions. When the He announced a reduction in mand the other. He urged that condition. Apparently he was which are largely responsible Government decided to return to the super tax.
no attempt should be made by half-asleep and witness consider- for the present stagnation, The Government of India has the gold standard many months The cost of the ordinary income either section to use British coned him to be in a more dangerous my Committee are in the utmost completed arrangements to assist ago, the Treasury began discreet tax reduction would be three neotion to establish such sup condition, than he was before. sympathy with all Chinese the Roosevelts in their expedition ly to accumulate dollars, and bad millions', this year and seven and eriority. Reuter,
After the ship had loft the merchants."
which prooneda via Leh
and now accumulated the whole of the a half millions in the full year.
wharf at 450 witness ordered with regard to the Guild's Kashmir to Kaebger, thence, to 166 million dollare required for The reduction of super tax would
bim to go to his cabin the June and December payments cost £7,600,000 this year and ton
and would not allow him to do suggestions for ameliorating the the Thianshan mountains, of of our American debt, and all our millions in the full year,
situation, the Chamber under- Eastern Turkestan, which are anything. Instead of complying, takas to circularise all importers under Chinese Dominion and to other American debt obligations A compulsory pension insur-
defendant won't aft and started to this year.
ance scheme would affect fifteen
wave his hands. At 5.39 p.m. de-and merchants, requesting them which shooting will be confined,
Overy possible-Router. Finally, although he. bolioved million people. Employers and
FAR EASTERN VOYAGE.
fendant went on the bridge and to exercise we wore strong enough to achieve workers would each contribute,
asked witness: What is the leniency towards dealers in the extinguished by the higher prices. this important change from our at the rate of four pence for each INTERRUPTED.
course? I will take over." At matter of clearance, consistent with the terms of contract. Tho The inland revenue duties show-own resources, he had arranged man and two pence for anch
Messina, April 28. that time there were quite a ed a surplus over the estimates of as a further protection to obtain, woman. The Bohemo would
The French Government tran- number of junks and sampane Committee will also address the £6,816,000. The surplus had been if required, credits in the United operato in successive stages, the nominal deadweight debt had bundred million dollars, with a devoted to redemption of debt and States of not less than three beginning on January 4th.; 1926. sport Rhone, bound for the Far coming along, and witness told foreign banks, urging them not The ultimate capital liability was hast, stopped with broken down defendant to go to his cabin, or to unduly press merchants for
London, April 28. In the northorn section of the decreased from £7,650 millions to possible expansion if necessary, estimated at £750 millions. Was machinery near Capepelord and he would order the Indian guard payment at due dato, but to £7,646 millions, during the finan-
achame would cover virtually the has been towed into Messina by to take him there, The watch facilitate as far as possible the that defendant should have taken extension of bills etc.; also to ap- cial year. It was a very import-
whole area of the wage-earning an Italian steamer.-Router.
from the time the ship left the roach the Chinese banks, point- Third Division of the Longue, Barrow by ant policy that debt repayment
population."
wharf to eight p.m. had to being out the danger of fostering Rochdale defeated should continue..
speculation at the expense of five goals to one.--Reuter. done by witness.
merchant trade, and requesting At 11.45 p.m., by witness, them not to exert undue pressure orders, defendant was called into upon dealers, but to endeavour to the middle watch. At that time reduce their rates of interest to the ship was befogged and wit-normal. ness romainad on the bridge until one o'clock. He then turned in. "At that time defendant was merchants and importers have to capable of taking charge of the carry all overdue cargo at great bridge, but not before. At 10.50 expense and that it is quite ousя on Friday morning, the statement tomary for a bank to demand mar witness had made in the log was gins on renewal or extension of announced Holland's return to read to defendant, in the pre-bills, the Committee are unable to the gold standard-Reuter. sence of the Second Officer. De recommend that importers waive fondent made no reply, but signall intorost and charges on goods To do ed the log up. After the Second which arrived in 1924-25. Offloor had left the bridge, de-so would be to involve the im- fendant asked witness, "Why portor in a certain and consider take the case before the Harbourable loss, whereas if the goods
carried are successfully Mastor? and witness replied. until next season, there is overy "The Harbour Master will tell
Amsterdam, April 28. to hope that they "you, why,"
will ultimately realise a profit The death is announced of the The evidence of other wit to the dealer. In many instancos famous octogenarian actor, nossos, including that of the importers have themselves unsold Louis Bouwmeester.-Reuter. Second Officer, Mr. Harry stocks to carry, and many are Jett, and of the First Engineer already carrying overdue stocke Mr. A. M. Scott, was then taken, of white and grey shirtings on after which the defendant made dealers' account, free of interest a statement in which he admitted and charges.
OLD AGE INSURANCE.
Mr. Churobil referred to the
NOT ACTING ALONE.
The Government, in returning to the gold standard, was not: The floating debt had been removing alone. The United States duced by £32 millions and the and Germany were either on or external debt by £4 millions.
related to an international gold prolongation of the span of life, Savings certificates had pro- exchange, Sweden was on a gold which, with the rapid increase of -duced £32 millions gross, show-exchange, and Austria and Hung-would have the effect of increas population since Victorian,times, ing a net increase of nearly three ary had already been based uning the payments in old age pen- millions. Savings bank deposits gold or sterling, which was now sions, to sixty millions annually in had increased by eleven millione, equivalent to gold. He had reason
The interest on the national to know that Holland and the fifty years, compared with twenty- debt had boon reduced in five Dutch Indies, which were very new proposals aimed at ultimately Boven millions at present. The years by over sovonty millions important factors in the world's yearly. The rate of Government fortunes, would not simultaneous-placing the whole fund on a self- supporting basis by means of pro- borrowing had fallen from 616 to ly with Britain to-day.
gressive incronaes in the various 416 per cent, enabling very profitable conversion operations. Much larger operations of this sort were ponding, from which the taxpayer would realise im portant savings.
"The new sinking fund would be inoreased to fifty millions.
The capital value *of war pensions liability was now £760 millions, and the annual charge £67 millions, compared with over thousand millions and over 110 millions just after the war,
RETURN TO GOLD STANDARD.
So far as the Dominions were contributions. concorned, there would be com- "He explained that the widows plate unity of action. Canada was of insured men would receive ton already on a gold standard. Bouth shillings a week, plus five phil- Africa had notified its intention lings for the oldest child and thres to revert to the gold standard shillings for others. The existing from July 1st. Australia and Now widows of men insured provious Zealand were abolishing the ro-to the Act would receive similar strictions on the export of gold benefits, but only until the from to-day. (Cheers). He believ-youngest child reaches the age of ed the establishment of this great fourtoon, while orphans, would area of common arrangement receive payment at the rate of would facilitate the revival of in soven and sixpence to the eldest tornational and inter-Imperial and five shillings to the others. trado.
The scheme would affoot two
Ha announced that the Gold hundred thousand widowod and Silver Export Control Act of mothers, and threo bundred and 1920, which prohibited the export eighty thousand children. Announcing the return to the sudimport of gold, would be al- All qualified insured persons gold standard, Mr. Churchill said lowed to lapse on December 31st, after 1028 would draw ton shil-
t the ag thie return had for long been the but a goneral license would be lings a wook at the age of sixty- Bottled policy of the country. The {given to the Bank of England to only question had been the very lexport gold bullion from to-day,} (Continued on Page 8.)
OUR COMPETITION.
an
LAST WEEK'S WORDS. For the final week of the Telegraph motor Car Com- petition there was abnormally heavy number. of coupons put in. The ohecking of these is not yet comploted, but the correct words were Be follows:
April 20th.--- WILL. April 21st. THIS. April 22nd.-WIN. April 23rd-PLACE April 24th.-BED. April 25th.RUN. The complete results of the Competition, with number of credits won by. the various contestants, will appear in Friday's Telegraph
.1
ร
Having regard to the fact that
reason
over
to having, been in an inobriated The Committee of the Chamber condition, but said he was quito hopes that the representations capable of carrying out his thoy aro propared to make will autioá,
have the offoot of greatly faollitat The Court found that Watson ing both importors and dealers in was guilty of drunkenness and meeting the presenteltuation, and ordered that his oortificate bo that their efforts will have the
hearty support of the Guild. suspended for one year.
HOME FOOTBALL
HOLLAND RETURNS TO GOLD.
The Hague, April 28.~ The Minister of Finance has
DUTCH ACTOR'S
DEATH.
TO-DAY.
Closing Exchange 2s. 2. 15/16 Lighting Up-Timo 6.49 p.m. Barometer Temperaturo Humidity
2 p.m: 29.88
2 p.
68
p.m
76