MORGAN ENQUIRY
SEQUEL
INCOME TAX
CHANGES URGED
HOW SPECULATORS ESCAPE
(Special to "Telegraph”)
(Dy Telcorant. Coneright. Telegraphie Meinde Ordinance, 28, 8.8 .m.)
Received Mag
Washington, May 25.
GENEVA OBSTACLES
BRITAIN OBJECTS TO AGGRESSOR TERMS
JAPAN WANTS
| NEW NAVAL PACT
(Special to “Telograph”)
くじ Telegraph. Copyright. Telegraphis TRA Received Stay
Memes Ordinance. 26. 4.10 4.m.)
Geneva, May 25.
All America is talking; about the revelations at the Senate Investigating Com- mittee's enquiry into the operations of J. P. Morgan Under-Secretary and Company.
The list of names published are likened to a delegation to a great international conference.
Criticism of the rigidity of the proposed definitions of an aggres or nation were voiced by Cap. tain Anthony Eden, British
Affairs, to-day.
Addressing this
for
Forcin
afternoon's meeting of the General Commis sion of the Disarmament Confer
THE HONGKONG TELEGRAPH. -FRIDAY, MAY 26, 1933.
Mr. A. V. Harvey, of the Far Eastern Ariation Company, photographed with the maching in which he is to give a stunting exhibition in front of the Paninaula Hotel at 530 p.m. to-day,
THE FUTILITY OF TINKERING
Problems
The income tax revelations, in ence, he said that the definitions Mr. Dodwell on World particulas, have been the subject lined rould be taken into ne- of much comment, and a proposal that the United States income tax should follow the example of the
count, ut they could not con stilute a fixed and rigid criterion,
in ditheult enses,, he declared,
British income tax and be "broad-such rigid definitions might be! ly spread upon the shoulders of positively injurious., rich and poor alike," is made the New York Evening Post.
THE PARADOX.
THE PARADOX.
The Committee
kad reported enumerating Ive actions can stituting aggression, namely,
a) a declaration of war
The journal makes the sugges tion in connexion with the reveln. tion during the Senatorial Morgan enquiry that while Mr. J. P. Mor- j gan did not pay Income Tax in the | without a declaration of war.
United States during the years 1931 and 1932, he paid his income tax as usual upon his Birtish pro- | perty.
This somewhat
10 an invasion by armed forces
UNION INSURANCE
MEETING
Great hopen of the World Economic Conference were ex- pressed by Mr. S. II. Dodwell, presiding this morning at the annual meeting of the Union' in- surance Society of Canton.
He expressed the hope that the representative of the nations (e) a land, sea or air attock on would face the facts and realise State or its vessels, or its Birthe fatility of trying to bolster
up impossible positions.
Conditions to-day cry out
for some rapid adjustment, he said.
craft.
paradoxical (d) the establishment of a nuvaž blockade of a State's coast or ports,
hands which have Invaded nonther (e) support given To armed State's territory.
CHAIRMAN'S SPEECH.
situation, since the bulk of air, Morgan's property is concentrated In the United States, came about as the result of the fact that Ame: rica's income tax laws allowed capital depreciation and Stock Market losses to be deducted from the Soviet's suggestions, death of Mr. W. L. Pattenden, who
the taxable income.
The British income tax laws do not permit the same deductions.
THE FIRST STEP.
Meanwhite, one step in this direction has already been taken,
These difinitions were based
Reuter
DIVERGENCE OF VIEW
AT CONFERENCE
London, May 25. Divergent views were expressed -b-committee handling the in the General Commission of the Public Works Taxation Bill having Disarmament approved an amendment to limit when naval disarmament was con- the deduction of capital losses | sidered. from taxable income for one year, i
-Reeutr.
UNMANIFESTED CARGO
SUMMONS FAILS
the
Chiuese tallyman, aboard Douglas 8.8. Hai Ching, who ap peared before Mr. Wynne-Jones in
Mr.
the
Conference
как
The chairman, said: Gentlemen, Before commencing the business of the meeting would refer to the for many years a Director of the Society. Ile Was n staunch friend to our Company and at all timen gave its Board and Manage ment unstinted assistance in matters that were placed before him. We all deeply regret his decease.
L'AL
"Georges Philippar. The lantique steamer was alan fost by fire at the beginning of this year but the bulk of the policles were inued lust year and so the casualty will ! fall most heavily upon the 1932 ac-: count.
These losses seem to emphasize the ponsibilities of certain dangers in! very large and luxurious termers: and it is to be hoped that serious the consideration will be given to question of adequate tents for fire! worthiness, I have read in the presa that movements in this direction are being considered.
For various reasons there has been speeding up in Marine loss settle- ments and it seems that Accounts of the future may perhaps be liquidated more quickly. This should be help- fal in the conduct of the business,
FIRE RESTRICTION.
the
E RADIO BROADCAST
RELAY, FROM LANE, CRAWFORD'S
From Z. B. W., on wave length of 356 metres (84.5 kc/c.).
4.39-7 p.m. Chinese recorded pro- |gramme.
7-10.30 p.m. European programme, 7 p.m. Closing Locul Stock Quota- tons, etc.
7.3-7.18 p.m.
The Fountains of Rome (Respighi).
Man Symphony Orch. 9833/0884. 7.18-8 pm. Variety. Orchestral-The Chinese Story Teller, The Bohemians, DB1018. As regards Fire Insurance Song-One Little Kiss From You. contraction in premium income on Jessic Matthews (Soprano). DR1048, account of depressed trade conditions Organ Solo-Her Name is Mary. and lower values of commodities was
Sidney Torch. DB1045. a noticeable feature of the Vocni Quartet—The Girl in the Little ngain business in 1932. The unstable state Green Ent.
international exchange and the decline in the value of the pound added to the difficulties. For ex ansple in the ease of payments made in foreign currencies there was a disturbance of the normal ratio of in- curred losses to premium collected and more particularly to serves established at the end of the preceding year,
of
The Four Musketeers. DB1078. Orchestral---Kyrene. Geraldo's Gaucho Tango Orch. CB576. Song-In a Shanty in Old Shanty
Town.
Maria Burke and Male Quartette, DB1026. premiun! re-Orchestral Wedding in Java.
The Bohemians. DB1018. Song I'll Stay With You,
I am glad to be able to report that Jessie Matthews (Soprano). DB1048. there were no outstanding Fire insur. Organ Sulo-Rosa Min. ance disasters during 1932 though i
Sidney Torch, DB1045, there were a considerable number of Vacal Quartei-Let Bygones be
Byronce. large individual fres.
The Four Musketeers,
to be Gay. Orchestral-To-night. I'm Going
In China great competition for the
dificult to maintain a reasonablu business continues and It is extremely margin of profit.
Fire Wastage in the United King- dom was much higher than in 1931.
Fire
Statistics In the
United:
I propose, with your permission, to take the Report, Revenus Accounts and Balance Sheel as read. to-day The year 1932 has brought many business varied problems to and
the communities; over-production, instability of exchange and the con- The French delegate, M. Masal-trol of exchange transactions, high States of America and Canada show gli, considered thal qualitative tariffe,
and other difficulties. have slight reduction in the amount of disarmament should be applied on militated against the movement and loss, but this was probably offset in Hea as on land and advocated a exchange of enrgo, and this has had each case by a reduced premium in- reduction hi the size of capital its natural effect Anon insurance come. ships to 25,000 tons and of cruia. | business, ers to 8,000 tons.
The London Naval Trenty-to
which France is not party should, he said, be revised and there Į should be a general treaty for all,
JAPAN'S PROPOSAL.
TARIFF REDUCTIONS.
present
The Japanese delegate, Baron necessitymmodity prices, curtail. form of issuing our Accounts
021
will
DB1078.
|
Geraldo's Gaucho Tango
Orchestra.
CB570. Song-Climbing the Stairway
of Love. Marie Burke and Holo Quartelte.
DB1025. 6 p.m. Local Time and Weather
8.3-9 p.m.
teport.
1. In a Canoe (Zamecnik). 2. Song--The Merry Peasant
(Schumann).
Malcolmin McEachern (Bass),
DB1050
3. Dedication (Seybold). 4. Song-What More Can I Asic
(Winn and Noble).
Anona Winn (Soprano). DB1030,
5. Menuel (Tozart).
G. Song-Till To-morrow (Malneck.
Campbell and Connelly).
A relay of the Melodian's Trio from CHANGE IN, BALANCE SHEET. Lane Crawford's Restaurant, by courtesy of the Management, (Dur- Turning to the Report and Acing the intervals recorded music will counts before you, you will notice that lebrondenst from the Studio). I am not going to attempt to give a
Programme. dissertation upon the methods which as forcenst by the Chairman in his I think might be used to bring about speech at the last Ordinary Yearly better conditions in the business and Meeting of Shareholders, the method in which var Balance Sheet is financial world for these subjects are of course widely talked about and the presented has been altered and your
the in-directors believe that for reducing tariffs. Court this morning for bringing Sato, proposed that a new naval
erease in
to you. The oltl unmanifested cargo into
of expenses and of taxation commend itself
Sheet which form of Balance
the agreement should replace the Wa- ment Calony, was discharged.
shington and London naval treat which forma such a terrible burden Society uned for a great number of industry, are everywhere being years does not meet the requirments Chieftes and that it should be included discussed. I think we can only look Ogwald Dalziel,
OUR uf to-day and the consolidated Officer, in evidence, said that the in the future disarmament conven- to those in high places to bring about Balance Sheet will give you fuller! defendant was not entitied to any Lion.
quickly Home alleviation in the information of our position. You cargo space at alt He reported after the ship left Amoy that he Anthony Eden, having pointed out be mate. We have great hopes of in the United Kingdom.
The British delegale, Captain present position for conditions to-day will understand that the present form cry out for some rapid adjustment to is the one that is used very generally had five sacks of seaweed, and that Britain had not built-up to the coming Economic Conference and As you will notice from witness told him he would charge the tonnage allowed her by the trust that the representatives
of the Revenue Account, our Fire and Ac- Treight on it from his wages at the end of the month. Although London Naval Treaty said that as nations engaged in these most im- ident Accounts are closed at the end
up the 10. witness did not give defendant result of the Washington Treaty portant deliberations will face facts of the first year by setting perraiasion to bring the seaweed 1250,000 tons of ships had been and realise the futility of trying lo necessary reserve.
bolster
Our Marine Acccount, up impossible positions. The aboard, neither did he throw it destroyed, and the way had been interdependener of nations upon each other hand, is kept open fur two overboard. He added that an ge- prepared for the further reduc ether I trust will be most prominently years and then an adequate reserve is 11. Pekoe Dance (Tschakoff). ing into Chinese ports, they made tions made at the London Naval borne in mind.
transferred to Underwriting and 12. Song-Remember Our Romance Suspense Account to meet a list of cargo which was handed Conferences where capital ships
(Woods, Campbell and Connelly). were further reduced, and gun
claims.
__Paul_Small" (Tenor). DB1060. 8-9.30 p.m. entibre limited, and where five cruisers which Britain intended to
Song-Alda-Ritorna Vineltor ·
(Verdi). for buiki had been stopped. -
were
to the Chinese Customs, The erew's belongings
Fistul separately. From the freight point of view, a small parcel was not really worth worrying about. His Worship directed the return of the aneks in the defendant.
BANISHEE RETURNS
COMMITTED FOR TRIAL AT SESSIONS
BRITISH CLAIM.
Britain had reduced total ton nage by 100,000 tons and asked other countries to act in a similar
manner,
MARINE INSURANCE.
תו
our
the
future
COMPARISONS DIFFICULT.
Befort commenting upon the 6- Kures appearing in our Balance Sheet
It is very dificult this year I would like to make a few remarks upon the general conditions of in-you to make comparisons with
the
Paul Small (Tenor). DB1050.
7. Swing Song (Burns).
8. Song-The Harmonious
Blacksmith (Handel),
Malcolman McEaerern (Bass). DB1050. 9. Serenade (Gounod).
Song--Brighter Than the Sun
(Winn-Noble),
Anona Winn (Soprano).. DB1088.
Eva Turner (Soprano), L2100. Band-Lol Here the Gentle Lark
(Bishop, arr. Godfrey). Band-La Benedtellen des Puignards
(Meyerbeor).
Reg. Band of II. M. Grenadier Guards. 1822. Marble Heaven (Verdi).
Dust Otello-Witness Yonder
Casalo (Verdi).
Harold Willams and Francis Russoll. 0827. Solo-Frederick Wayside Rose (Lehar),
Organ
Quentin M. Maclean. DB277. 9.30-10.30 p.m. From the Studio. A recital by. Professor N. A. Tonoff (Violinist). and Professor Maklezzoff (Planist).
Programaie.
surance business last year. Firnt let figures appearing in the previous me tell you something about the Report as in the Working Accounts Marine side of the work. Owing to published therein only a portion of the considerable amount of
included. The tonnage the business WAH that is laid up and which has more Murine profits shown in the Working than doubled itself since the year Account for the year 1931 amounting The next naval conference, due 1980, there has been some curtall to £77.174.0.2d., or 7.80%, may be Vocal
[nent
la Hull premium. Cargo In-considered satisfactory. This profit, in 1956, should, in his view, consurance owing to lack of trade and however, does not compare favourable Vocal Duot Otello-Lay With sist not only of the big naval pow, diminished values has necessarily with the previous year, but it is to: ers but should be open to all pow-declined and the general dearth of be remembered that the profit made ers interested in naval matters, business has brought with it extreme upon our Marine business in the year
1930 was considerable, that year be-1 Kwok Ping, discharged at the He urged that the princples agreed competition.
My predecessors in the Chair have ing an exceptionally good one, April Session by reason of a bad to by the five naval powers be
occasions to Our Firo business has resulted in bunishment order, but whe respected by every body, that the referred upon many
the the disastrous losses caused by fire. n very small profit being carried to was banished under a correct war status be maintained until
Last year was no exception and in the Profit and Loss Account. This is rant, dated May 18, 1983, for a next conference and that negotincluded the loss of the French liner (Continued on Page 13.) perlod of ten years, was seen off tions ahoald continue so that fur- to Canton by ship on May 17, but ther and important reductions three days later was arrested in might then he made. The American Queen's Road Central,
delegate, Mr. Norman Davis, ex- Defendant was brought before pressed full approval of Captain Mr. Wynne-Jones in the Central Eden's remarks. Police Court this morning, when formal evidence was taken, afternaval trenties and halted the naval this Port on the 28 instant, and is due trial at the next Criminal Sensionermanents race, and he express-here on the 29th.
Defendant atated he was dis-ed a desire that the London Treaty's charged by a jury at the Supreme framework should be completed by Court, and he did not know the the signature of France and Italy reason for his banishment.
He urged the delegates to accept Inspector E. A. Vincent said de- the Article in the British plan by fendant was re-arrested on the which the signatories to the naval Governor's detention warrant, and treaties would remain bound by diphtheria were reported to the local was re-banished under a correct the reductions therein imposed-health authorities during Tuesday Ho is accompanied by Mr. Eynard warrant.
# British Wirclena.
which he was committed to stand
He pointed out that the
Σινά
DAY BY DAY NEWS IN BRIEF
The Commissioner of the St. John)
Brigade acknowledges j Ambulance with grateful thanks and appreciation
matches 3000; Stewards, Jockey Club, the receipt of the following donations. Sunday Herald charity football $600; Mr. Kan Tat-tsai (Medical Comforis for Peking) $20.
TOO LOW THEY BUILD WHO BUILD PENEATH THE STARR-Dr. Young ...
The as. Talma will leave Amoy for
The animal concert of King's College. Is to be bold in the Great Hall at 7.30 p.m. to-day, and again
to-morrow,
One ease of small-pox and one of
and Wednesday.
Mr. Laureat Eynard, a holder of the Cross of the Legion of Honpur, whu has been French Consul Generat ut 'Canton for the past four, years, left Canton yesterday for Tonghong en route to France for a holiday. and their little daughter.
1.
Violin Solos.
(a) Flocco-Allegro.
(b) Saint-Saens-Lo Cygne.
(c) Mozart---Menuett
2. Piano Solos.
(a) Elude No. 16 (Chopin).
(b) Valne No. 4
1. Violin Solna.
(a) Galio-Tarantella).
(b) Wieniawaki-Mazurka,
(e) Gillet-Babillage.
Plano Solos.
(n) The Spring (Grlog)..
-4.
.
(b) The Lark (Glinka)..
(c) Value (Goddr).
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10.30 p.m. Rugby Mid-day Press
News.,
10.38 p.m. Closs Dowú..
Ali records in the above European programmen are kindly supplied by Mostra. Anderson Musle Co.
with the famous
"Bayer Cross".
Beware of imitations!
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9