1916-04-06 — Page 3

Page

WAR FINANCES.

BOME ASTOUNDING FIGURES OF THE BUDGET.

"I

WAR OFFICE CRITICISED. Mr. Asquith asked the House of Commons on February 21st to vote the largest sum ever demanded in the history of the British or any other Parliament. He said: will confing myself to the financial aspect There will be two vates-one supplematary for the expiring financial year, the other for the new year. This vote of credit will raise the lot of for 1015-16 to £1,420,000,000, and the total votes since the cutbreak of the war to £1,782,000,000.

HIGH FREIGHTS.

SHIPOWNERS DIFFICULTIES.

COMPETITION OF NEUTRALS.

of the situation.

THE LONGKONG DAILY PRESS. THURSDAY APRIL, 6TH, 1918,

The great British mercantile marine, be pointed out, had been bust up by the in- dividual efforts of the various shipowners, and it was due to their intelligence, "push," and the investment of their capital that it had reached the ominence it had attained before the war. They had their lean and their fat pariods; and they on- deavoured to guard against the former by capitalising their profits in the good times New came the war. Many ships had been sunk and there was very little chance of getting new tonnage during the present condict

TRADE AFTER THE WAR

STATE AID FOR TRADERS.

A PROMISE FROM MR. MCKENNA

LESSONS OF THE WAR,

WEATHER

On the 5th at 11.63 a.m.-The is now contrl near Shanghai

Fremro has moreased moderately eva

S. Chins, and lightly over Luzon,

No returns from Japanese stations,

Station.

Freak monsoon will be interrupted to the north of Foochow, but will remaid freeh over

Hongkong rainfall for the 24 hours ending at Vindivostock.... 68. the N. Chins Sex,

0 nm to-day, 0 02 Inches."

Nemuro

The forecast for the 24 hours ending ni noos to-day is as follow

DISTMOS.

Formosa Uziannel

Hakodata wer

Kochi Nagasaki

FORMULET Nto N.E.winds Oshima menne

fresh; overcast. Tahi'jma

NE wind trang, moder Hey

South Coast of Usiun belwoon. The ante e

Hongkong si Lamecka

No. E

outh count of China betweenƒThe came a Hongkong and Haran...1 No. 1

HONGKONG TIDE TABLE, From 6h 12th April, 1916.

HJON WAT

Monik

Height

Bonin Is Chatoo Weihaiwal Bankow

(TARI

30.31 30

Gotard

Sharp Peak

Amoy

Bestow are Teikoku sammen

Faizan smitemNA, Koshun Pewondore

નીઓમાં

W

Canton & 30.03.

Hongkong Gap Book Maasai

PLEA FOR TARIFFS. Representatives of over 100 Chambers of Commerce of the United Kingdom assem blod, under the presidency of Bit Algernon Firth, B at the Hotel Cecil, when tha vital question of British trade after the The Chancellor of the Exchequer was tho way was considered, Representatives of In an interview with a representative of

luncheon at the Hotel of the The Daily Telegraph on the subject of the the Colonial Office and the Board of Trades guest at

the prosent high freights, a well-known City and several trade commissioners for the Cecil, London, last month Bhipowner of twenty-eight years" standing

Colonies were also present the Association of Chambers of Commerce, gave what he described as a plait account

The President, iar by address, said great and addressed the memberg on deficiency of production was evident at the subject of trade during and after the war. commencement of the war, and our eyes which they discussed at their annual con were opened at the fact that some of our ference. In the course of his remarks the industries upon which we had prided our right hon. gentleman said:-Not less than seves had been at the mercy of foreigners, one-third of the total expenses of the war The total amount issued out of the votes

The result was eighteen months hard work, we shall be bearing out of revenue, I do with dislocation of some industries, to over not think any other belligeront nation can 4, of credit pince April last is £1,198,000,000.

take our needs. We had to be dependent show a similar record. Nos shall we stop Rougkong & Neighbourhood moderate to Naha The daily expenditure from April 1st to

upon neutrals for many essential supplies, there. (Laughter.) In the year, to come, July 17th, 1915, was £2,800,000, and from

and that was a position in which a great with a still heaviey expenditure to meet July 17th to September it was £3,500,000, From September to November it was

country ought not to be placed. Cheers.) on our own national servicos, I hope that £4,360,000, From November to February

National strength nul national safety in the House of Commens and the country 19th the daily exponditore was £4,400,000

times of trial lay in the possession of the will support me in proposale to meet i The army, navy, and munitions alone cost

power to produce its requirements front still higher proportion out of the revenue its own soil and factories. (Cheers.) We of the year. (Cheers.) This is the first from April, 1915, to February 19th, 1916, a total of £384,000,000. Our loans to the

Fifty per cent, of their profits were taken had been smugly satisfied with big úgures fact to which I would direct attention as Allies to date ure £108,000,000. It is un- by the Government, plus income-tax, make of exchanges of goods, but there had been every material to the maintenance of cur ing at least 60 per cent of those profits, very little study of their significance, either credit. Whoover leads us money may know certain what sums must be spent before the end of the financial year in the purchase Out of the remaining 40 per cent, they had as a means of estimating their value from that we are providing out of our revenus of American securities, It is also desir-to pay their dividends, and add to their the point of view of labour, or for the sure return of the interest and an ample

SSENTIAL TRADE MAINTAINED. abio to repay substantial sums to the Bank reserve funds for building new ships after purpop of strengthening the position of argin for a sinking fund to ensure the

the war. This was a matter of which only the nation for defence or as keys to other turn on demand of the capital, of England. I am therefore asking for

It was high time that we pulled ourselves.

A second vital fact to which I would wish a few members of the public realised the industries. (Hear; hear.) $120,000,000 to the end of the financial year. The total already voted for the financial importance. Every possible penny than the together and looked facts in the fact to call your attention is that, notwith-

shipowners could save would be required

shown that laissez-faire was not a policy we have been able to maintain aur essential yeur is £1,300,000,000 The total sum Issued out of votes since April is for the rebuilding of our mercantile marine, (Cheers) The rude shock of war had standing these immense demands upon us,

so that we should be in a position to com, £1,108,000,000 and the Treasury has

pete with neutrals, who were now making for a great people in a time of nation trade, I fear there is a great deal of erigis. National production was of vitalizapprehension in the public mind about £102,000,000 in hand, which will carry on

anormous sums of money out of the Allies, national interest, and should be safeguard. trade and war. Berious speakers and There is an unapezt balance of £65,500,000 and would build ships therewith as fasted from attack as well as from delay. (Hear, serious newspapers have talked and written the public services until March 10th.

ag they could.

hear.) We had been virtually dependent about trade or victory, as if there were upon Germany for aniline dyes, textiles, gone inherent opposition between the two, For this country trade and victory are nut leather goods, wall papers, and many other articles. Dealing with the causes. Sir

in opposition, but interdependent, Do- Algernon referred to the hindrances of stroy our trade, and you shatter the very patent law and the heavy tax upon foundation of our power to make those great alcohol used for industrial purposes. For advances to our Allies and Dominions. I knocked at the door of Parliament asking talked of trade as being in opposition to for an alteration, Without the men of victory have looked upon trade wholly as a means of bringing profit to the individ- science the development of could not be secured. Cheers.)ustry co

Never in our history had we been so de al trader. The national interest in trade is something far greater than that, Bitrat pendent upon the foreigner as we were stel as we are we depend upon our external A lot of tonnage had been wasted by bad the beginning of this war for the require-trade for a large part of our food, our raw materials, and the very supplies which The Government had rements for carrying it on, Men ware think quisitioned ships without due considerationing now with a new light on ancien, probare necessary to be furnished to our troops

letus, and among those problems none was in war. The Allies and the Dominion, must opinions, each according to his own lights, so vital, as that of national strength and receive the enormous wivances we make to us theoretical principles that there as not national safety (Cheers,) Power to pro- them in the form of goods, goods which have a very large hold for common agreement to be supplied either by this country or

between us. It does not follow, though duce our requirements at home, as far as

trade may be free that the help of the possible, he firmly believed, or failing that supplied by neutral countries, who look to

Government should not be given to assist at least within the Empire was essentials for payment. How can we pay for this

our traders. We are prepared and we to secure our strength and safety. (Cheers.) immense total of supplies either for our

After some discussion a resolution was

own national need or for the needs of our. Allies! There is a limit to the amount of have already shown in a way which I am carried as follows:

gold you can export, There is a limit to not yet able to state to you that we are pro- oan borrow externsily.pared to give the assistance of the There is a limit to the amount of foreign Government to the development of foreign securities which we can sell or which trade in order to ensure that those rivals neutral nations can absorb. We are using who are now our bitter enemies shall not all those means of payment to the utmost have the control of foreign trade which of their power, but all these together leave they have enjoyed in the past (Cheers.) a huge balance which has to be met, and tot balance can only be met through the

LOANS TO THE ALLIES.

COMMANDEERED STEAMERS

penses were 25 to 30 per cent up, and the anxieties and difficulties of the owner were greatly increased because of the fact that there were so many points arising for which there were no precedents.

as to their adaptability to the purpose for which they were required. It had com- mandeered for the carriage of oval ships of coumous cubical capacity, which has been built for the carrying of oats, cottonseed. jute, and wood pulp. The result was that an enormous percentage of the carrying capacity of the boat had been wasted, be cause the vessel, though filled to the load line with onal, was but half-loaded so fair as its cubic capacity was concerned,

the amount we

Mr. Asquith proceeded to state that three committees, of which two were presided

The Government, continued our repre- over by members of Cabinet, were examin sentative's informant was the senior part ing the expenditure on army, navy, and ner in all shipping contracts. It acquired munitions. Rigorous steps were being what steamers it wanted at about one-third taken to see that the money was effectively the current rate it had taken five ont of applied. The liability to the Bank of Eng-ten belonging to his firm. Running over twenty years Chambers of Commerce not help thinking that those who have land was £98,003,000. The loans to the Allies and the dominions, which totalled £98,000,000 lass November, now amounted to £186,000,000. The food supplies had been increased by £6,000,000, and now amounted to £30,400,000, This gave a total of £1,132,000,000, The average expendi-management. ture on the army, navy, and munitions was ever £3,000,000 a day, but if the normal peses expenditure were deducted the pes expenditure on war services would be £2,780,000 daily. He thought he could assure the House that the item of £423,000,000 on account of advances to the Allies and the dominions, mentioned in the budget statement, would not be excolded,

Turning to the future expenditure, Mr. Asquith said that on the basis adopted of five millions daily expenditure of £105,000,000 would be required in the present financial year, and the expenditure would probably rise above five millions daily. Turning to the question of economy, the House might reasonably require definite positive and categorical assurances that in the expendi- turg of these enormous sums adequate pre- caution was being taken against extra- vagance and waste. For some time past in the three great spending departments committees had been carefully watching in order thing, there should be so avoidable QUESTION OF PROFITS. wasta. Ho did not believo we could have It was not denied that some shipowners better machinery. From personal observa- were making good profits, but they were tion he could assure the House that very also highly taxed, and if taxation were substantial economics had been affected.further increased, ne might be the case He felt the enormous and overwhelming many would be crippled. If this country to the vote. He would not have done so the goods it manufacture, what would be esponsibility of asking the Houre to nent could not export, sbrough lack of shipping, the use of making them? There was great anloss he had first carefully explored the ground. He was not asking Parliament to dela" iu discharging ships owing to lack rote 's penny more than the exigencies of labour, and that rant loss of money several ways he had to caused by the great historic responsibilities to the owner roquired. It was the Government's duty to pay increased dock and other dues and

This association desire to place on record for the guidance of those who follow us in days to come its firm conviction, based experience of war, that the strength and salety of the Empire lis in its ability to produce what it requires a largely us may be possible, from its own sij and factories

All the prices in respect of stores, wages, provisions, bunker coal, and other items had goto lip 25 per cent, and repaire nearly 50 per cont., both in regard to time and outlay. Repairs which would formerly have cost £5'in wages, now cost £8: 105. and the work took nearly twice as long to do. Banker coal in the Mediterranean burgh. Goole, Liverpool, London, New maintenance of our trade. (Choors,) was now priced at 858 m too, against 204 to 22 in-normal times, and there has been

over the world,

MINISTRY OF COMMERCE, Resolutions were submitted by Norwich, Birmingham, Chesterfield, Dublin, Edin

army, navy, and Ministry of Munitions are reuse in the price of this fuel all steps for the establishment of a Depart

castle, Plymouth, and Sheffield, urging that the Government should take immodiste ment of Commerce and Industry and the appointment of a Minister of Commerce, in order that the manufacturing and commer- cial interests of the Empire might be effectively promoted and safeguarded.

Mr. A. H. Samue) (Norwich), discussing the resolution, said the Minister of Com trade. If he had sprung from the ranks of morto must be a man who had been in labour, so much the better he would know classes. Lawyers were unsuited for the the legitimate grievances of the working post. They knew nothing of trade; they It was eventually agreed to adopt a re- had received ro training in it.

LOW WATER.

H'kong

Time

H'rong.

Mean

Mean

*Time:

#.in.

ft. in

Wachow

48m 441

Holbow

646146

1-8

81311

m 10:43

m

6: 6 03214 35034 186 6 6 69

Phura 6m 0 2

7 Fri.

Batur

826 38 mb 163 6

11 3264

9

No inter, high

0 12 6 2

Mon.

Fuen

10

No infor. high-

119a59

11

No infer big

2:45:57

12

No infer. high-

4:40 a 5 2

Wed.

or low water

9:40 22

Pakhoi Phulien

#

JEURERAIS (21.8812238188321

30.15

药品

92.

30.2857 1.89

Capo St. JameR]

29 86 77

29.99 76 96

29 86, 77 86

29.91 73 04

29.87-7308 | ****

Aparri mw

Dagupan

Mania

nor low water Leggi

10.402 1

nor low water

11:500 nor low water,

COMMERCIAL INFLUENCE WITH NEUTRALS.

I do not fear that the spirit and resources

Tacloban s

Surigao Labuan sesion

2987 7592 WNW

29.8775 68 NE 29.87 75 86 SE

·I 29.84 6091 RADIO-TELEGRAMS. *Hirano Marti 6.30.21 - +Timanock...... 66. 30.15 €7- *Lat. $251 N. Long, 116, 28 E. † Lat. 2010 N. Long, 110.14 E.

N 5 o

T. F. CLAXTON, Dirastor,

1 Ramoneren, reduced ko. 38 -- dogrees Fahrenha'. the level of the mom in Ersahom, imala n. and kundzadláh

8 Bukiors, in pacommiage of saturation, the kumidity of sit makamted with molatues being 100.-

♣ DIRBTON OF WED, to two połnie

Foam or WDD, according to Beaufort Bowie, LBTAL OF WEATHER, ħ bins sky, o delschad

z zała, manow, & tiredte, e vinidility, w daw (wei).

- 7 Bant - is toket, & kantha and hondtradiks,

gloed, & dealing main, # fog, #glocung, ball, lighting, & varme), ppairing shower, ALARMA

HONGKONG

In this respect our position is quite dif- of our manufacturers and merchants and ferent from that of our Allies. The bankers will fail us. In the peat tere has demands of war upon any one of them are been some complaint, that the Governmen! more than they com mest. and they turn has now given the assistance in distant parts to us for help. Quite right. We gladly of the world which was rendered by other render to them all the assistance in our Governments in sinkar circumstances. It power. As I have said, we throw our may be thay the policy which is right at immense financial powers into the mon one time is not right at another. And it stock of the Allied resources. But if our may be that we have to learn that the policy. immense financial power cannot meet all of Goverment nasistance be die Lexe ary the daing made upon it, to whom can we to procure the development of what you turn? The ultimate burden of supply falls might call the master trades and to accur upon us, and that burden can only be borne the extension of our commercial influence if our emential trade is maintained is full throught neutral countries. I hope that our old controversie, may never be revived (Cheers.) I hope that wisdom may come prosperity. (Cheors.)

to us all and that in a true spirit of give and take we may get to such a complete Bain

.k

STATE HEAP AFTER THIS WAR" Many of the resolution in your programme raise what would have been termed in other

aen that the taxpayer's money flowed fully charges, and lost the profit the ship would solution calling for the establishment of a times controversial questions. Needless to understanding of what our national de

A steamer of his firm arrived in the Tyre the great object could be attained. Having the Government would be false to this trust she would start discharging where she estirind themselves on these two things, on Jan. 16. but it was only this work that which the nation and Parliament puse in should have been cleared in from seven to thum, if they refused to shoulder this addita w been working on the liver

that had tional loan. The Government was confident Plate service she would have been sarning of the justice or our cause and of the neces-160s per lon. It would be seen how corious mity of the snorifice. It was confident, also,

a loss delay cossioned. hat if the country (as he was certain it Would) responded to the call, our just cause would prevau, k

WASTE IN THE WAR OFFICE,

The rise and fall of freights was one of those things which nobody could explain, It was assumed that they would go higher, Bir John Simon followed Mr. Asquith but it was all a question of supply and

demand, s

, which had been accentuated by the and criticised the waste in the War Office, Government taking over to many ships. which, he said, was in direct defiance of an

Owners would rather mako 30 per cent Act of Parliament. Moreover, men who proft, knowing it was their own, than had been medically rejected were not liable 100 per cent, knowing that 60 per cent, to compulsory service under the Aot; but would be taken away. The 10 per out, put there had been widespread misrepresents to reserve in ordinary periods for build- tion, with the result that these men had ing ships should be increased to 30 per been indsord to believe they were compell-cont, now, because there were so many ed to come forward. Such a course of more vessels to be constructed. action was unfair and inexcusable. It was impossible to believe that this was going on without the knowledge of the War Office. It was surprising that these men had been hustled, bullied, and deluded juto the army. Sir John Simon cited certain instances ju support of his statement

Mr. H, Tennant, Under Secretary for War, was surprised to hear of these cases and promised an inquiry.

GRAIN BATTS LIMITED.

by a permanent advisory council consisting

Tea, therefore, upon one side matters Colonial Office India Office, the self which might he misunderstood, and 1 turn of representatives of the Foreign Office, to avoid all questions of controversy governing Over Dominions, and the only to the one or two points upon which loading doorcial interests of the light, I-am sure throughong the whole country

Five chambers (Dublia, Birmingham, London, Sheffield, and Sunderland had there will be complete agreement, Tour resolutions on the agenda on the subject as quesitons concerning our trade after attention has been directed very closely to of protection and development of industries, and the following motion was agreed to:- the was, I am sure I have complete agree That the Government he urged to in- ment in every quarter when I say that we quire into the desirability of fostering must learn by the experience of the past. and safeguarding those industries in this We have seen a nation which in profound country which have since the commence-pengo planned, prepared for, and eventual. ment of the war been engaged in the ly provoked war, We have found our manufacture of articles formerly made, selves dependent on the nation for many to a large extent in enemy countries, or essential matters of our own trade, I do any industries which have in the past not think that us a nation, whether by the Buffered seriously from German and individual efforts of our traders or with Austrian competition; and further, for the the necessary assistance of the Government, development of industries generally, his ought ever to allow ourselves to be Majesty's Government be urged to pro-placed in thag position again. (Loud vide larger funda for the promotion of choers.) scientific research and training, and to relax the present restrictions upon the I am not touching upon controversial subscription of capital for existing and matters (Laughter.) I believe that upas new enterprise so far it may be cones the grose issue which once divided the tent with the conduct of the waT. nation probably the opinions of most of us remain unchanged. But it does not follow, becauso upon that great issue wo stand when we stood before basing our

Another shipowner said it would have been far better if the Government, instead of putting on a war profile tax of 50 per cent, had restricted the rise in freights, 500g to keep them on a more or les normal level commensurate with the increased ez-rocal penser of working.

Already the Governotent was limiting the grain rates of freights from Australia, Argentina, Canada, and the United States, inasmuch as owners were compelled to charter their boats home by Government grain merchants at Government rates of freight, which were very much lower than those in the open market,

The Chancellor of the Exchequer, Mr. McKouna, in response to an inquiry on the financing of German bills, said that at the outbreak, the Government give temporary ralief in connection with the hills accepted by English firms. The Government in guaranteeing to discount them undertook

For instance, the Government grain rate a heavy temporary Hability, which had al- ready been largely discharged. Two British from the Argentina was 135s per ton, while firms had largely paid, off the premerator the open market rato was 1478 ad. Ist fum bills, which the Government had not week the bulk of the boats chartered from discontinued.. Government advances in the Argentine were soutral, and every one connection with the Stock Exchange had of them got frem 20 to 22 per tou more to the United Kingdom than British-owned been reduced to a negligible figure. Whether we would discount post war. Ger- steamers, co that hare was a case of a pre- man bills would be decided later. The ferential rato over British ships of 20s 6d American Exchange was more favourable to us than to any other belligerent, We discouraged imports by keeping the ex change a little below par. The British credit was marvellous. After eighteen months of war we were still the only open gold country in the world possessing gold for every note. (Cheers.) Two years ago the world thought it impossible to raise the gigantic sums of over £2,000,000,000, and still have an open market for gold It was never believed that the British cre- dit could stand such an extraordinary test

a ton,

A correspondent at British headquarters says steel helmets are so successful there that there is new talk of breast plates and Lack-plates. He personally examined ight helmets, the wearers of which would all have been killed had they been wearing thers, Some were unhurt and other

One belmet was dented lightly wounded. night times with shrapnel and had a

he'l fragment,

TRADING AND TARIFFS,

There were sixteen resolutions on recip

trading relations and tariffs, and after considerable discussion the following. motion was formulated

That this association is of opinion that, with the object of maintaining and in- creasing our trade after the conclusion of the war, it is necessary that the different parts of the British Empire be drawn

into closor commercial union, and that our trading relations with our Alhes be fostered, and that for the accomplishment of this purpose it is desirable that pro- vision should be made m

(a) For proferential reciprocal trading relations between all parts of the British Empire

(b) For reciprocal trading relations be tween the British Empire and the Allied countries;

of

(c) For the favourable treatment

neutral countries; and

representatives of this country with the object of arriving at common action.

Mr. O. B. Stanton (Leicester) remarked

that German hosiery even to-day peroolated

to the Colonies, if not to this country, through the United States. There were buyers in this country who would rot hesi- tate to negotiate for he purchase of German. goods on the day peace was declared. In Leicester they felt that there should be prohibition for a limited period, until they really knew under what conditions trade would be rosumed. They knew very well they would have the markety flooded with goods competing with their own,

meeting against a policy which would throw Mr. Theodore Taylor, P. warned the (d) For restriction, by tariffs and other Gormany and the United States into s wise, trade relations with all enemy cous closer trade alliance. There was a great tries so as to render dumping or are danger if they adopted a triple tarif turn to pre-war conditions impossible, and policy and divided the world into two for stimulating the development of home great camps. They should not be lod manufacture and the consequent what, after all, was merely a war policy. away to establish a permanent policy employment of native labour.

Further, that the Government be with He believed it would be to play into the out delay requested by deputation from hands of the Germans, and the economic

increased

this association to invite representatives results would not be to strengthen" and from the Colonies and the Allied coun-enrich the country.

Londos brise to confer, in the fint instance cepa-The resolution, on the motion of Lor rately and subsequently collectively, with and seconded by Liverpool, was carried.

should and how re-

choy bones, that we may succeed

rivalry with our great enemy not less successfully than we believe we shall main. in maintaining after the war our trade in

talo one power in the war (Cheurs.) It courage has been alrondy a long war. The courage of this nation will not fail.

to endure to the end, and one of the chief factors of our power of endurance is based upon the great commercial powers of our country,Cheere.)

|

METEOROLOGICAL

REGISTER.

Hongkong Obsarestory ¦April öth.

Barometer wees. Temparmiare Retai Homy...

Wind Drection.

FORCE

Westhey see pre

Previous On Date On Date

Day

[af 3 p.m. 6. am

20.18 20.28 30.28

62

67%

.67

East

North

ENE

· ទ

3

2

od

.-

0.02

Highest open kir Tunperatura en 4th Lewani opan nis Tapsperature on 4th

ON BALE

OUND VOLUMES of the HONGKONG WEEKLY PRESS, JANUARY to Jum, 1915. With Impax: Price $7.50.

Bo

*** On Bala at the HongKong DAILY PREENS **

Office

Hongkong 10th Anonak. 1915,

NO MORE

“CIGARETTE THROATS.” "GOLD BAND Cigarettes embody every quality that one looks for in a High-Class Virginian Cigarette. COOL SMOKING, DELICATELY FLAVOURED, and, above all, they WILL NOT HARM THE THROAT.

They are well worth a trial.

75 Cents

for a

tin of

50.

GOLD BAND

75 Cents

for a

tin of

Gold Bar

50.

IRGINI garette

CIGARETT

WESTMINSTER TOBACCO CO., LD.

Hongkong, 5th April, 1916.

·∙1511