1940-02-29 — Page 11

THE CHINA MAIL, FEBRUARY 29, 1940.

SOUTH AFRICA'S FIRST WAR BUDGET

Capetown, To-day. PRESENTING THE WAR BUDGET to the Assembly yester- day the Finance Minister, Mr. J. H. Hofmeyr, stated that estimated revenue in 1940-41 on the existing basis of taxation was £44,868,000, excluding amounts ac- crued to the State in respect of the price of gold in excess of 150/- per ounce. Estimated expenditure was £45,595,000.

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Dealing with proposed taxation, Mr. Hofmeyr announced the creation of a war expenses account, and estimated that £14,000,000 would be required, of which £2,250,000 was at present available.

DODGING BLOCKADE BY PARCELS

London, To-day.

It is understood in London. that the authorities in Rumania, Yugo-Slavia and the Netherlands are to take steps to stop the wholesale depletion of stocks of food- stuffs in certain areas of their respective countries.

The depletion arose from the re- mittances of parcels to Germany aris- ing from the activities of a concern known as the Fortra Corporation, in the United States.

This corporation charges $8.50 for a parcel of foodstuffs, which can be bought in Holland and sent to Ger- many for little more than $3.

Referring to the taxation of gold mines, he announced the abandonment of the provision limiting gold mining companies' proceeds to 150/- an

ounce,

As recompense he proposed to im- pose on the gold mining industry a special 'contribution of £3,500,000.

General object was particularly to benefit low grade mines and mines outside the Witwatersrand, and to extend the life of the industry.

E.P.D. PROPOSED

An excess profits duty of 10/- in the Pound would be imposed but would not apply to the gold or dia- mond mining Industries.

Mr. Hofmeyr proposed a further 2/- in the Pound as a special con- tribution by the diamond industry.

The basis of normal income tax and suportax would not be altered but the 30 per cent, rebate on both Individuals and companies would be withdrawn, Reuter.

TIENTSIN

FOOD PRICES

The corporation thus apparently STILL SOAR

makes a profit of $5 on each par- cel and this balance is at the dis- posal of the Germans.

quarters

It is suggested in some that a large trade between Germany and Sweden is being carried on via Spain.

Substantial German-owned balances

of Spanish pesetas are being released to Swedes, who make purchases with them in Spain and ship goods Sweden.

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The British authorities, however, are said to be viewing the situation

without undue concern.-Reuter.

FIXING THE PUPPETS

(SPECIAL TO "CHINA MAIL”)

(SPECIAL TO "CHINA MAIL") " Tientsin, To-day.

Despite the recent arrival of 1,000,- 000 bags of flour from Japan and Australia the food situation here is still extremely precarious and prices continue to soar, chiefly owing to the recent drop in local currency and the rising prices abroad.

Twenty per cent. of the flour was acquired owing to the export and system prevalent in import link North China, since the institution of exchange control, but the amount of foreign currency released through this system is not sufficient owing to considerable reduction in exports to non-yen bloc countries. Havas.

Tokyo, To-day. the parleys will bear mainly on the Lt.-General Seichi Kita, head of appointment of administrative, ad- the Japanese Special Service in North|visers to North China and the legis China, has arrived here from Pekinglative and military Japanese relations discuss matters linked with the to be maintained between North China establishment of the Wang Ching-wei and the Federal Reserve Bank and regime.

the foreshadowed new Central Bank According to the "Asahi Shimbun," of China. Havas.

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THIS SUMMER

DON'T FORGET TO

ENSURE PROPER PRESERVATION OF ALL YOUR WINTER CLOTHING,

RUGS, FURS, LINEN, ETC., BY LEAVING

THEM WITH US FOR COLD STORAGE. -COST IS 20 CTS. PER CUBIC FOOT

PER MONTH, THAT IS, THE AVERAGE CABIN TRUNK COSTS ABOUT $1.00

PER MONTH.

28185

THE DAIRY

COLD

DAIRY FARM,

ICE &

STORAGE CO., LTD.

PURE FOOD SPECIALISTS.

SEE AND TRY THE NEW 1940

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WORLD'S FINEST CAR IN THE LOW PRICED FIELD!

HONGKONG HOTEL GARAGE

Stubbs Road

SPECIAL

Phone 27778-9

THE "TOASTING" SET

Sherry Decanter and 6 glasses of EDINBURGH CRYSTAL, beautifully Hand-painted with Highland Motifs.

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PEDDER STREET.

Dine at the

TELEPHONE 22143.

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Good Food

Fine Wines

Dinner and Dance Music

by

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Open till 1 a.m.

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Telephone 27880.

This is not a ploture from Scotland but deer in the recent nows. (Copyright, Fox).