(Continued from:Page 8),
not fallon-
THE HONGKONG TELEGRAPH. THURSDAY, DECEMBER 29, 1932.
FIGURES TALK
EXPENDITURE LESS AND HIGHER RECEIPTS
London, Dec. 28.
[ponding period of last year.
"WEEK-END MURDER” lawn and beyond the blue water of the Sound. She even noticed,
Newspapers rogard the return subconsciously, that. Tom had
as Indicating a good outlook for turned back and was almost to the
the Budget. Income tax has go n face turned toward her. Cousin flost. But nearest of all she saw
far produced £64,541,000, but the Anda! A stop forward, and shoa broken, torn railing, the top bar
bulk of the tax will be collected was kneeling beside him, trem-wrenched apart, the narrow, Revenue returns last night show during the next three months and blingly smoothing that drawn, graceful apindles carooning that with one week still to run to sum of nearly £200,000,000 falls -throw" She was sure she drunkenly in every direction. She complete the first nine months of duo for payment in January. had caught that last faint gasp, did, not know whom she expected the financial year, exponditure, ex- The Higher revedue fa largely Someone had been there he had to see but there was no one on cluding self-balancing Items le due to an increase of £27,000,000 the balcony. The shock of it,028,971 less, and revenue £18-in Customs receipts, while re Instantly she was on her feat. brought her to a rigid stop. She 940,000 more than for the corres- celpts from catato duties show an Grief and fury banished any came to herself-she must go
increase of £8,000,000. There has thought of fear. She mustn't stay | back, call Tom.
been a fall in income tax receipts here she couldn't help Cousin Sho started to turn and in, that she lung back her head, gasping of 7,662,000 and in surtax receipts Amoy now or ever-excopt by second caught a dark blur moving for breath, she had a vague im- by £6,180,000. Anding who was up there. She behind her. Linda had never con-¡ presalon of seeing. Tom, miles The principal cause of the de- was flashing through the centralsciously screamed. Now she away, climbing on to the raft, cline in expenditure was a saving hall, a quick streak of crimson could not-yet her throat con- Then water, air and land.blurred of $19,120,767 In interest and the Jorscy and tanned flesh. Up the stricted and her mouth opened in and darkened and seemed to rush management of the National debt, stairs-no attempt now to hide her allent, awful pantomine which blackly at her with a horrible, which results from the Govern- flying steps. His door was exactly would have been a scream had dizzy roar. Suddenly, as the roar-mont's successful .conversion as she had loft it, barely njnr. breath been there to release it. ing grow unbearable, the tension operations. Payment to America No one had come out! She
cloth thrown around her neck was broken. Air came back to the of the debt instalment on Decem pushed it open and wont In. from behind prevented the sound | gasping lùnga-yet not quite in her 15 was not provided for in the A allont, empty room. Straight|and, twisted tightly, prevented time. She swayed, unconscious, Budget. It is offent by decreanos through Linda went, her mind an also her turning hend or body to on her feet and pitched heavily in sinking fund and will not be one thing only, toward the open see her assailant. She jerkod for-forward into abysmal blackness. added to the expenditure account.—- Casemont, She glimpsed the green ward, clutching at the air. As
(To be continued.)
British Wireless.
CHINA REALTY COMPANY 8% DEBENTURES 8% INTEREST VS 6% INTEREST
MEANS ONE THIRD MORE INCOME
COMPARISON
Mortgage Department, 1930-1931
Market
%
Average
Year
Amount
Value of
Value
interest
Averogo Commission
Property
1930 1931
10.052,040 19,194,867
$18,662,000
34,075,565
Rate Loaned 54%
9.18% 56% 9.33%
%
1.215% 0.765%
Excess Interest over 8% 3118,614 255.291
Amount Commission) Earned
$122,316
,146,825
$373,905
¥269,141 373,905
Earned above 8% paid to Dobenture koidora- 3643,046
Of the above mortgages, there was assigned to investors:
1930 1931
¥6,532,660.00 $13,223,545.00
A lower rate of commission existed in 1931 due to cheap money for the greater part of the year; from September, money commenced to tighten up. As it is we earned 1.33% Interest in excess of 8% paid on our Debentures, in addition to $146,825 commissions. From the above it will be seen that our 8% Debentures are secured by first mortgages on 56.4% of value and backed up with $5,000,000 capital.
The natural laws of economies require an investor to secure the best return especially upon savings-trust funds consistent with safety.
The China Realty Company is one of the oldest (established more than 20 years! real estate companies in Shanghai with a steady successful record back of it.
Capital 35,000,000 fully paid in cash.
Business turnover 1931, $45,632,300 in land and mortgages only, which does not include management of estates, rent collections, insurance written, trustees for beneficial owners of property and sundry sources of income.
The Company are Realtors, not speculators in Real Estate.
Assots
Tho balance shoot as of December 31, 1931 shows:--
Land and Buildings at cost Cash
¥12,341,726.31 3,351,055.84 1:844,259.11
Mortgages on Real Estate held by Company December 31, 1931 35,971,200 Total Debenture Issue December 31, 1991.
4,840,700
by which it will be noted that all of the proceeds from Debentures are invested in Mortgages and 1,131,500 of the Company's capital.
In the past twenty years the Company has negotiated more than one hundred million Tacls in mortgages, all of which has been repaid, principal with interest.
The following extracts are taken from the Chairman's statement at the last annual Shareholders' Mooting, February 29th, 1932, "We feel that the Debenture holder from an investment standpoint, is just as much an interested partner of the Company as the Common, Shareholder and is entitled to his just return, on his Investment, and by the figures given on the two years' working, I think we have amply proven that we were right that our Debenture holders should receive eight per cent. interest instead of six per cent."
"The most successful concerns of the future will be those who recognize this principlo—that even banks will allocato to depositors a part of profits earned on their money over and above current rates of interests.. As our balance sheets show quite plainly, the proceeds from the sale of our debentures is not used for the purchase of Real Estate, as we are not speculators, but for investment in first class mortgages, amply secured not only by the value of the property pledged as security, but as a further security, the debentures constitute a first claim on the total assets of the Company. An analysis of the figures involved shows that every, debenture has behind it assets equal to three times its value."
"If after careful consideration of actual facts, and figures you are receiving less than 8% upon your investments andjor savings, you are not using judgment but following old customs,, believing 5% and 6% are current rates.”
CHINA REALTY CO.
די
Fed. Inc., U.S.A. "The Real Estate Market Place of Shanghai."
70, SZECHUEN ROAD
„SHANGHAI,
OUTSTANDING IN 1931
BETTER IN 1932 ·
STILL OLDER & BETTER IN 1933. Never was your White Horse as good as old as it is to-day. Always a blend of the finest whisky-Scotsmen recognised this fact and raised White Horse to a position of seniority in their own country,
To-day the quality and age of this Real Old Scotch are The secret of this better and greater than ever. advance is bound up in the vast stocks of the finest whiskies laid down years ago and now fully matured. Let your palate judge!
WHITE HORSE
WHISKY
Sole Agents:
JARDINE, MATHESON & CO., LTD.
HONG KONG
THE SENJOR WHISKY OF SCOTLAND
PICKLED
BALTIC
FINEST
BALTIC HERRINGS. BISMARK HERRINGS.
“MATIES” HERRINGS.
SALT - FULL-GROWN HERRINGS.
HONGKONG STORE:
French Bank Bldg. 1st Floor, -
vertown
5, Queen's Road Central,
Tol. 30460,
HABADE
[Hamburg Bakery & Delicacies].
KOWLOON STORE: ·
22, Hankow Road, (Opposite Stay Theatre).
Tel. 68828,
REVIEWING THE FACTS
During the first six months of this
with business generally declining
and
with the tire industry as a whole.suffering with the rest-
It is interesting to note that----
more GOODRICH SILVERTOWNS were bought than during the same period last
year. "
Significant, isn't? And especially interesting since the average depression buyer selected with more
The new heavier“
Greater mileage, than ever. before.
The safest tire yet produced. Quieter than
SILVERTOWN attractive-powerful.
Sole Distributors for China:
CARLOWITZ & CO.
Queen's Road.
usual, care.
GOODRICH
than
ever-more
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