1914-05-13 — Page 5

bube Wine Merchany of the cont

WAPIER JOHNSTONE'S

“SQUARE BOTTLE"

WHISKY.

UNVARIED FOR OVER 150 YEARS.

THE SAME TO-DAY AS IN 1745.

BEWARE OF IMITATIONS.

BOLE AGENTS IN HONGKONG

LANE CRAWFORD & CO.

and from ALL WISE MERCHANTS.'

Appointment so

#M. King George V.

-it

[63

must

be

Bovril

Proved by inde- pendent scientific investigation to have a Body- Building Power of 10 to 20 times- the amount taken

Over 30 years ago the Tam Lord Beaconsfeld testified to the beneïts be received from HIMROD'S CURE, and every posz origa similar letters, to-day.

HIMROD'S

CURE for

ASTHMA

FAKED FOR 40 YEARS. Sold in tins by all Chemists and Stores throughout the Country.

Beware of Insitutions.

Oh! I say!

It's Good!" Cooling, refreshing and "snappy'

Montserrat

LIME JUICE

is the ideal Summer beverage.

Large supplies have lately been shipped from London. MONTSERRAT is sold by all lawling Blowee

68-1

THE NEW FRENCH REMEDY. THERAPION No. 1 THERAPION No. 2

CUREN DINCIAREN BITES WITHOUT UNSROTEME.

BURKE BLOOD PO1500,- BAR LIGA, V BIN ZRUTKOSE,

THERAPION

No.

COREA CHUOMIO WEAKNYEGAR, DRANI, LOIT VIGOR GO SOLD BY LEADING CUEXISTE, PRICE IN ENGLAND 29. VEED TRÁMF ADDRESS KAVIEŞTI YOR. FREE BOOK INSTRI LA OLERO Nìn. Oo, HARMOUR RO:HANTSIRAD, LOXION.. VERNEW BRAUNK (TANTNURSA) FORM OPE

THERAPION

A GURE

You

@MANY. TU TAKI

BEN THAT KRADE MARAND" "WORD = *MIER APTIES "VES - \QU KRIL HOVE, SYAMY-APPLEED TO ALL MENDOJE PACKIES. INSIST ON HAVING THERAPIER

105

RUBBER TAXATION.

THE EXPORT DUTY

THE HONGKONG DAILY PRESS, WEDNESDAY, MAY 19TH, 1914.

THE

FEDERATED MALAY STATERT

The Straits Tames (April 29th) háp the following editorii!”—

1 live Boén especting for some time

Hear the plantera" ofhin nya Calling upon the Government to make Ferienon of the tax imposed upon their proditco There have been complaints abut the per cent, duty levied in the FMS for years past Even when rubber was selling at about 7. per ib. our good friend Mr. Baxendale rose from

study of Darling Deepa (something Australian, if we remember rightly)*60 denounce the iniquity of the Government. He said a time would come when rubber would be sold at 2/- per lb, and as wo hod put natural price at 1/6 per lb, we had no particular reason to cavil at his forecast, apart from the fnot that he spoke of it in 1800 as if it were an impending calamity, whhable date when whereas we put ton Fears from 1000 ast

the natural pries would be reached. The

por cent, export duty on gross

21

of rubber was not, in our opinion, excessive burden for the industry to bear up to any time before the second half of 1913, and we think the plasters made a mistake in grumbling at it when they could so well afford to pay. It would have been more fair, as well as more tactful, to pay willingly while the industry was dazingly prosperous, in order to have a stronger case for consid dration when a fall of values occurred, Nobody, however, need bear any grudge against Mr. Baxendale for having been a little before his time, and wo are not surprised to hear that there is beginning to be a very definite movement among all who are interested in planting to have the export tax revised. A good acre of rubber yields about 300lbs., and Average

WM. POWELL,

LID.

TELEPHONE 346,

CRETONNES

AND

TAFFETAS

FOR

LOOSE WASHING COVERS.

SEE OUR WINDOWS FOR

SMART DESIGNS.

We shall be glad to forward complete sets of patterns on

application.

[649

THE

MOUTRIE PIANO

Ayrn

18 THE

IDEAL INSTRUMENT

UNSURPASSED FOR

DURABILITY

AND IS

GUARANTEED FOR FIVE YEARS.

PRICES from $385.

S. MOUTRIE & CO., LTD.

BANKS

INTERNACIONOR

BANKING

CORPORATION.

On a well-managed estate the produce can INDO-CHINA BRICKS. TILES. PIPES HOI 60. Wall Street, New York.

be placed on the market at a cost of 1/- per lb. This apparently leaves a profit of fifty per cent, but the gure is delusive, because profit strictly speaking is not the difference between the cost of production and the selling price, but the percentage that difference will pay upon the capital employed

The great trouble with the rubber. industry is that we can never tell exactly

what the capital employed really is. If we take natural capitalisation we would agree with Mr. Baxendale's £25 per acre, that being the amount which must be sunk to transform an acre of jungle land into an acre of bearing land. Actual capitalisation, however, has: varied with the moods of the share market, and they are too intricate to be followed. Also, we think, it is quite impossible for any Government to adjust ita revenues to the cecontricities of speculation. To arrive at a sound basis of fair taxation for revenue, we have to take a moderately capitalised company which has done full justice to its estate, and we do not think that £75 per acre is a very excessive average figure for this purpose. Let us suppose, then, that the nere yields 300 lbs., which sells at an average of 2/- per b, the cost of production, and marketing being 1 per lb. The net return from the acre will be £15, or 20 per cent., and at this rete there won't be very much the matter with the enterprise.

RELIEF FOR STRUGGLING COMPANIES."

In such a case the fax is equal to 15/-,

or, as Mr. Baxendale would have put it, a shilling income tax," which is

to

fairly stiff, but we will not allege that it

is burdensome, because there remains 15

COMPANY. LIMITED.

BEST FIRE BRICKS AND FIRE CLAY

PATENTED ROOFING TILES.

Guaranteed against Typhoon and Leakage,

MORE THAN TEN MILLIONS IN USE IN THE FAR EAST. SAMPLES AND FULL PARTICULARS FROM

P. SOFFIETTI & Co., 14, DES VEUX ROAD. TEL. 289.

ALWAYS IN STOCK.

(1049-2

Summer Excursions

TO

JAPAN

BY THE STEAMERS OF

CANADIAN PACIFIC S.S. LINE.

PACIFIC

MAIL S.S. CO.

TOYO KISEN KAISHA.

per cent for the shareholders, and that GOING AND RETURNING WITHIN PERIOD 1ST JUNE-31ST OCT.

is not at all a bad return, even on a somewhat precarious industry. We would a different line of reasoning

urgs on the Government if we were in the position of planters appealing for reduction of the duty. We would point out quite courteously that, as practical men, we must let bygones be bygones. It is true enough that a very considerable number of unprincipled scoundrels got a hand in the rubber business, and that on the Crat

RATES FROM HONGKONG:

LONDON OPIUM: 38, Bishopsgata, E.G.

Cantan

.Cebu:

Colon.

BRANCHES

Bombay.

Kobe,

Calcutta

Manila.

Mexico,

Panama

Peking.

Empire: Hongkong

San FrancisRO.

Shanghai.

Hankow

Yokohama,

CAPITAL AND SURPLUS Gold 87,200,00

equal 21,480,000 EVERY DESCRIPTION OF BANKING.

BUSINESS transsofed CURRENT ACCOUNTS ocated on the usual

· torma.

DEPOSITS RECEIVED, fixed for one year at 4 per cent. per annum or for shorter periods, at rates which may be Ascertained on: application. BILLS NEGOTIATED and COLLECTED MAIL And TELEGRAPHIC REMIT

TANCES made.

CREDIT

LETTERS OF

and DRAFT: granted on all the principal cities to the World. THE BANK'S CIRCULAR LETTERS OF OREDIT available all over the World.

COMMERCIAL

___LETTERS OF CRED!)

PURCHASE and EALE of Stocks and

Shares affected.. TRAVELLERS' CHECKS sold and cashier

GEORGE HOGO,

Manager

9, Queen's Rosd,

Hongkong, 2lat October, 1913.

HONGKONG SAVINGS BANK:

THE Business of the above Bink is

SHANGHAI BANKING CORPORATION

To the HONGKONG AND

Bulas may be obtained on application Minimam Monthly Balances at 8 per cent INTEREST on deposita is allowed on the

NAGASAKI $120.00. KOPE $135.00. YOKOHAMA $150.00, Tickets are interchangeable for return by any steamer of above-named Companies and include Rail between Japan Ports of call if desired.

Fassengers may go and/or return VIA MANILA without additional charge by steamers calling at tant Port so ludicated in schedule of sailings shown below.

The Steamers operated by the Companies named are the largest fastest and most luxuriousND SHANGHAI BANK to be placed on FIXED

June. 123ine 14. June 10

per annum.

Depositors may transfer at their optics balances of $100 or more to the HoNG BOKE

DEPOSIT at 4 per cent. per annum.

For the Hongkong and Bmanoma:

BANKING CORPORATION,

N. J. STABB;;

Chiel Manager. Hongkong, 1st July, 1911, 405 720

YOKOHAMA

· LEVA

FROM JAPAN

Божи

NACABART BONGKARA

STRANEH

ARRIVE.

Hosaxosa Lasve

To JAPAN.

NADASAR Алд

KOPS YONGRAMA

AKRIVE ARRIVE

Just

THE

Authorised. Capital

Subscribed

Paid-op

Reserve Fund

June

June 21 June

16

Bapt

N

14

T

2

learning via Manila.

MANCHURIA E OF ABIA TENTO MARLE NILE

NIPPON....i

E OF JAPAN,

·MONGOLIA.

MONTEROLAS..

E OF BUSSIA

ITKONG, MARU;

July PERSIA

SHINYO HARU

WIE. OF INDIA ....

KOREA

29

CHUYO MARU... 30 SUSERIA

281 E. OF ASIA ...G

AB CHINA

·ES OF JAPAN

TENYO MARU NILE STARTE E OF RUSSIA MONTEAGLE NIPPON MADUI Sept.1 MONGOLIA

E OF INDIA:

BHYA

MARU

E-OP ASIA

H'HONG. MANU

KOREA

COYO MARU

10

+

་་

July

July

NARUPORE

planter valuers sang a vastly different JOINT SCHEDULE OF SAILINGS TO AND FROM JAPAN PORTS. tune from that which Mr. Baxendala chose for his plaint against a greedy Government. But most of the rubber scrip is in the hands of quits honest folk now, and there is not much gambling in it. Further, most of the folk who aro holding bought at a figure which repre- sents a good deal more than £76

per. planted acre of rabber yielding 300 lbs. par annum. There are a great number of companies short of cash, and every penny taken from them in baxation diminishes their power of developing the proporties they told. The tax is. automatic in the sense that it rises and falls with prices, and we are still not prepared to admit that it is an excessive burden upon the well-to-do companies which have large areas of mature trees. But it does press heavily upon the struggling companies which can only save themselves from disaster by putting every penny they varn into the upkeep of their property. It is a fact, indeed, that, strictly speaking, companies are working at a loss for the sake of getting ready cashwe mean taxt if their output. were charged with a full share of manage- ment and administration expenses there would be no profit at all. It is time, we think, fur the Government to grant some relief, but is it expedient to make a con- cession to all the companies, or to change the basis of assessment? - Suppose we put it this way that insted, of a tax of 23 per cent, on gross value, there shall be a tax of per cent, upon the amount avail- able for distribution to shareholders, provided that such amount shall in no case exceed the equivalent of 23 per cent. on grost value. This would entirely relieve the struggling companies without releasing from taxation those which are still prosperous. The Government cannot relieve the industry from taxation, because much has to be done for it, but it might take into account the fact that its lossen of taxation per lb. are being more than made good by the Kastly greater nutaber of lbs, which are being produced. The value of exports in 1809 Was $14,155,982, and in 1912–the last year for which we have ofhial figures they were prices may be lower also the pressure 863,124,342 There is a strong case, we will be less cute, Government will get think, for reconsideration of the tax-its share of any good times that are to hot on the ground that the Government come, and the bigger the producing area, has been a remorseless plunderers but the bigger that share will be. Nobody, in simply in order to help the industry, fact, has a greater interest that the which is of immense value to the State, Government in preventing planted land over one of the most critical periods in reverting to jungle It will obviously its history few years hence, cort of -production will be lower, and though promote its own welfare by keeping up

The credit of Malayan investments.

Steamers proceeding via Mauila do not all at Shanghai,

STURGEON BRAND

TRADE MARK

Going via Manib,

[630

JOHN & E. STURGE, Ld. Birmingham (England),

PRECIPITATED

(Calo. Carts. Precip.]

CHALK

All Grades, from lightest to very dense, to suit all needs. CITRIC ACID, BICARBONATE OF POTASH, ROCHELLE, SALTS, and PULV. SEIDLITZ

SHIPPING REPORTE The British str. Loochow reports: Fine weather and light winds

The British str. Laertes reports: Fine weather, smooth sex throughout

The British str. Chill reports: Fresh N. E. wind and rough sea on the eth thence light to moderate easterly wind

and fine clear weather:

at

MEROANTILE- BANK OP

INDIA, LIMITED.

BANKERS?

BANK OF ENGLAND,

Pawand.

£1,500,000

1,125,000 562,500 465,000

LONDON JOINT Stock Baxe, LIMITED,

INTEREST allowed on Current Account per cent, per kurim on Daily, Balazse and on Fixed Deposits at rates which may be ascertained on application.

A R. LINTON, Manager Hongkong, 14th July, 1913:

£738

APIOLINE

(CHAPOTEAUT)

LADIES

SAFE 2 REMEDYYY

** For functional troubles, delay, pain and those irregularities peculiar to the sex. WIVES

Prescribed by the highest French Ma dícal authorities and superior te Tasey, steel Drops and Fatuy rozai. CHAPITEAUT, 8, rue Vivienne, Paricu Gold by a." Cheminte,

N

(512

BANKS

EDERLANDBOH.INDIBO HANDELSBANK.

(Neraanlands INDIA COMMERCIAL BAɛɛ.) ESTABLISHEn 1869.

Authorised Capita! Fl. 80,000,000 (£%,600,000) Paid-up Capital... 17. 17,407,000 (81,460,58) Reserve Fund... FI. 8,518,000 £548,166

HMAD Orion: AMSTERDAM, HEAD AGESOY = BATAVIA

LONDON BANKERS :: THE WILLAME DEACONS BANK,

·SWING BANKVERMEN

The Bank transacts every description at Banking and Exchange business, recolves. money on Current Account and on Fixed Deposit at rates which may be ascertainst Con application.

AG VERMEY, Manager, No. 8, Des Voeux Road Central Hongkong, 3rd October, 1918

[20

THE

HE BANK GF TAIWAN, LIMITED

(INDORPORATED ST SPECIAL IMPERIAL Сиантив).

Capital Subscribed

Capital Paid-up

Reserve Funds

Yen 10,000,000

7,499,250

3,430,000

HEAD OFFICE TAIPRE, FORMOSA.

BRANCHES AND “AGENCIES:

Amoy

Batavia

Kinklang Kois

Shanghal

Singapore

Bombay London

Swatow

Caleotta

Миліза

Taiobu

Canton

Moji

Tainun

Takon

Foochow

Tamsus

Tokyo

Yokohama

Dairen

Nagasaki

Nowahwang

Hongkong New York Kak

Kong

Osaka

San Francisco Eto."

HONGKONG OFFICE,

3, Dzs Vœux Roan. Interest allowed on Current Accounta Deposits received on terms which may be had on application.

K. TSUDZURABARA, Manager. Hongkong 19th February, 1914 1648

ONGKONG AND SHANGHAJ

BANKING CORPORATION.

H

Paid-up Capital

Reserve Funds ---

Sterling

Silver

$15,000,000

-£1,500,000 at 2/- —$15,000,000

$17,650,000

$32,650,000 Reserve Liability of Proprietors $15,000,000

COURT OF DIRECTORS.

Hon. Mr. D. LANDALE Chairman. W. L. PATTENDEN, Esq.-Deputy Chairman. S. H. Dodwell, Esq. F. Lieb, Esq. G.T. M. Edking, Esq.

C. 8. Gabbay, Ean P. H. Holyoak, Esq. C. Landgraf, Esq.

J. A. Flummer, Esq. Fron, Mr. E: Ehellim, HL.A. Siebs, Esq. Ad. Widmann, Esq.

CHIEF MANAGER Hengkong-N. J. STABE.

MANAGER:

Shanghai A. G. STEHEN.

LONDON BANKERS:

LONDON COUNTY AND WESTMINSTER BANK, LIMITED.

HONGKONG-INTEREST ALLOWED.

On Current Account at the rate of Two per cent. per noum on the Daily Balanze, Or Fixed DepoBITA,

For

months, 2 per cant. per Annum For 6 months, 34 per cert, per Aurum For 28 months, 4 per cent. per Anuuzo

N. J. STABB,

Chief Manager.

Hongkong, 8th May, 1911,

HE CHARTERED BANK OF INDIA

AUSTRALIA AND CHINA.

INCORPORATED BY Royal Charten, - 1858. HEAD OFFICE-LONDON.

Paid-up Capital

Reserve Fund ...

£1,200,000

$1,800,000

Reserva Liability of Proprietors £1,200,000

FOREIGN EXCHANGE and Gouared- Banking business: transucted. CURRENT ACCOUNTS

npener And PIXED DEPOSIT received for 1 year or shorter perioda at rates which will be quoted en application,

A. 8. HEWETT,

Acting: ManIZAT Hongkong Statutarch, 1914. £404