1937-04-22 — Page 10

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„THE*

CORONATION

DE THEIR MAJESTIES KING GEORGE VI QUEEN ELIZABETH

OFFICIAL SOUVENIR

PROGRAMME

AN Edition of the Official Souvenir Programme of the

Coronation has been produced for His Majesty's subjects overseas. It consists of thirty two pages of text and illustra- tion, and a cover bearing the Royal Coat-of-Arms printed-in full colours and gold.

The contents include:

SPECIAL PHOTOGRAPHS OF THEIR MAJESTIES KING GEORGE VI alipi QUEEN ELIZABETH

PHOTOGRAPHS OF

HER MAJESTY QUEEN MARY THEIR ROYAL HIGHNESSES THE PRINCESS ELIZABETH THE PRINCESS MARGARET

AND OTHER NAMBLED OF SHR, ROYAL FAMILY

THE

A CORONATION ODE

BY JOHN MAŠESTKED, POET LAUREATE

THE KING'S MAJESTY PIBRIFICANCE OF THE "CORONATION TO 100 KMPIRE BY JOHN DRINKWATER

DESCRIPTION OF THE CORONATION PROCESSION

A PICTORIAL MAP OF THE ROUTE OF THE PROCESSION

AN INTRODUCTION TO THE

SERVICE

BY HIS GRACE THE LOHN

ARCHBISHOP

OF

CANTERBURY THE CORONATION SERVICE IN WESTMINSTER ABBEY AN EXPLANATION OF THE CORONATION CEREMONIAL WITH

ILLUSTRATIONS

BY BIR

GERALD WOLLASTON, GARTER. PRINCIPAL KING, OF ARMS, A GENEALOGICAL TAHLE - SHOWING THE DESCENT OF THE CROWN

The Oficial Information contained in this Souvenir Programme will enable those who will be listening to the Coronation broadcast from London to follow the historio ceremony word forward. The Programma will be treasured as: a Issting record of His Majesty's Coronation. It will be on sale on Friday, April 28rd. The public are advised to order their copies in advanos from newsagents" er booksellers.

PRICE TWO SHILLINGS

By Gracious Permission of His Majesty, this Programme is issued by King fivorge's Jubiles Trust,

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THE CHINA MAIL, APRIL 22, 1937.

The China Mail Ninety-Second Year of Publication 3A Wyndham Street, Hong Kong Telephone 20022.

Growth of Profits Tax, which was more neatly described when Mr.

Floyd George invented it during

the warm the Excess Profits Duty has not pleased the more hard-headed members on the Tory side of the House. The London Office: 7, Garrick Street, London, WC2. open to challenge, and no serious logic of it, however, is scarcely Notice To Contributors.

obstructiðn is likely to be offer- All communications intended for ed. As Mr. Chamberlain point- publication should be addr

ed out, it is a complicated tax the Editor, and be companied

offering plentiful scope för eva- the Writer's Name and Address, sion, but such evasion as may oc- nat necessarily for insertion but cur can only be beneficial to em- as a guarantee of good faith.ployees and industrial equipment.

Subscription Rates..

One Year

Months

Months

#H:K:$36,00 HK$18.00 HK$100

Postage Abroad Extra

If an employer prefers to instal new_plant or provide his staff with improved conditions, in lieu of permitting profits to rise to highly taxable limits, the Gov- ernment is not likely to complain, for what it loses in this direction

Hong Kong, Thursday, April 22, 1937- it will gain from wider spread

THE "NO SHOCKS” BUDGET

increased purchasing power and industrial activity. The measure pleases the Socialist side of the House also because it goes some way towards meeting the accusa- tion that no effective check has

the

Both Mr. Neville Chamberlain and the taxpayer have reason to been devised by the Treasury congratulate themselves upon against profiteering out of the Budget, which the Chancellor armaments programme. As the results of working in past years of the Exchequer was able to are to be taken as the guide to present to an expectant House of permissible profits free of tax in Commons and a no less expectant 1936/37, the new imposition may country. Mr. Chamberlain bebe expected to overcome in some cause the evidences,...of revenue

buoyancy permitted analysis of measure the astuteness of arms the biggest peace-time budget in ing for a similar reason was the firms costing experts. Interest- British history without the necessity of inflicting a series of announcement that the income shocks upon public and industry. tax evaders, the one-man com- panies and the share-washing The taxpayer because quite plainly, on the face of the finan-manipulators, are to be check- cial statement, it might have furnish a valuable contribution mated, and this step alone may been a great deal worse. The

to revenue buoyancy":: The Chancellor's anticipations of

City, incidentally, professes to tremendous increase in income

see in the Chancellor's $50,000,- from normal sources of revenue

000 forecast of the increase, a are, indeed, the outstanding fea-

decision not to impede the in- ture of the Budget. From sour-flationary trend. It seems safer ces which last year produced a to assume that Mr. Chamberlain, net revenue of £797,289,000, the who refused to commit himself Treasury expects to receive, in in a Parliamentary answer 1937/38, no less than £847,950,- this point, last week, reasonably 000, an increase of more than believes that the inflationary £50,000,000, and expects, while effect of £278,000,000 spent on bearing in mind that last year's arming the country, will result in figures themselves represented substantial Treasury compensa- an improvement of over £44,000,- tions. When Mr. Keynes advocat- 000 on the national receipts for ed a £300,000,000 public works the previous year. If these an- programme in Britain some four ticipations are a true indication or five years ago, he argued that of the growing prosperity in at least £100,000,000 would re- Britain, and there has never been turn to the Treasury in the form just reason to suspect Mr. Cham- of increased revenue. berlain of harbouring the dis- likely that he will be proved It is not position of the eternal optimist. hopelessly astray. there will be few who will gain-

J

on

say the conclusion that he draws, On the whole, it must in fair- that Britain is unlikely to wilt ness, be said that Mr. Chamber- lain has made a cautious, in- under the burden of the rearma genious and politician's best of a ment programme that has been undertaken, involving an expen-it any the less a bad job. Because bad job. Not that that makes diture, including borrowings, of £278,000,000 on arms in the com- circumstances have served to soften the weight of the blow, ing twelve months.

With his greater facilities for that Britain should be committ- the profoundly disturbing fact

estimating revenue buoyancy, ed to such tremendous expen- the Chancellor was enabled to: diture in peace time does not upset all the calculations of the diminish in its implications. Some amateur budget-framers, who time or other a new and comple- predicted that £32,000,000 would

be the minimum required from ter bill will be rendered. fresh taxation, and at the same

TO-DAY'S QUOTATIONS time, to relieve the minds of tea merchants, the oil companies and ANALYSIS: "In labour disputes not a few others and limit his strikes are always a clash of two new impositions to the 3d. in- different rights. You fight for the crease in income tax, for which privilege of talking about how you the country had been well pre- are going to go on after it is over." |pared, and the somewhat

Senator Thomas,

con-

troversial resuscitation of the ex-

cess profits duty. The amount ISSUE: The duty of Congress is expected from the income tax in-to keep Mr. Roosevelt from des- crease appears to have been con- troying democracy and setting up servatively estimated. A pro rata personal government."-Amos Pin- basis should produce approxi- chot. mately £22,000,000, but here the

Chancellor doubtless feels that POPULAR REQUEST:

The

are

General

if he can borrow less for defence masses of the Chinese people purposes than is now contemplat- against more civil war.” ed, so much the better. The Yu Hsueh-chung Kansu.