1917-01-20 — Page 6

BAD BREATH.

THE TONGUE IS THE INDEX. [

THE HONGKONG DAIKI PRIES, SATURDAY, JANUARY 2011, 1917.

Your breath is foul. You do not perceive it yourself. You are like

person who is always among the oils and varnishes-you get used to what is to many people a most obnoxious smell. It is most disagreeable to those with whom you come in contact, A alight Headache, a Råd. Breath, and a Conted Tongue, are the first symptoms of Stomachic Discase. Take me by the forelock and intercept its germination; arrest the germs ere they develop into duease. A pill in time may save days of suffering Look at your tongue in the looking grass, every night and morning, and if it is at all discoloured, take a couple of Dr. Morse's - Indian Root Pills. They will remove the objection. ➡able matter from the stomach, regulate the system, and sweeten the breath. One or two of these pills taken once or twice a week will ensure a well-regulated system, fortified against all disease.

A posted tongue indicates a foul breath,

They are a perfect Bland Parilor and a positive and permanent Buficuna.

Curc

Indigration, Contint- tion, Handsches, Sullow Complex, Liver and Kidney troubles, Ples Fimpics. Buil's and

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Female Aline nizu,

DR MORSES

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FOR THE LIVER

PILLS

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THEY DO NOT WEAKEN. THEY DO NOT BIOKEN,

04

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41-4

VOTE OF CREDET.

MR BONAR LAW'S STATEMENT.

1*~ In Committee of Supply, the Hours of Common on December 15th considered the Supplementary Vete of Credit for £400,000,000 on account of the expenses of the war.

|

EARLY MISCALCULATIONS,

At the outst; in spite of Ford CUTLER PALMER & CO'S.

#

WAR FINANCE. INCREASING EXPENDITURE. Kitchener's prediction, scarcely anybody believed that the war could last for more Referring to the last Vote of Credit for than six or twelve months, and our fin £400,000,000, the City Editor of The ancing was based on that idea. When Daily Telegraph says this bill brings up the extent of Germany's preparations the

total granted for 1910-1917 LL? and elaborate organisation began to he £1,750,000,000. As recent weekly returas realised, we broadened our methods The Chancellor of the Exchequer (Mr. have shown, the expenditure is tar elite, and the four and a half per cent Bonur Law), said The last Vote of ceeding the £5,000,000 a day for which Loan issued in June, 1915, though the Credit, which the House will remember the Chancellor budgetted, and whereas high rate shockal some odd-fashioned was for the amount of £300,000,000, was it was hoped that the amount to be raised financiers, was a great success, producing moved on October 11th, and it was ex-by lou in the current year would not about $687,000,000 in cash, besides con pected that that would supply the neces exceed £1,324,000,000, it is now apparent verting £255,000,000 of Consols and sary expenditure until Christian that the total must be considerably £137,108,000 of the original three and Saturday last the actual fact showed that larger.

half per cent. Loan. But owing to the there was a balance of 10 millions, which The Budget estimate was for a total uncertainty of the income-tax, it soon will carry us on until Saturday of this expenditure of £1,885,883,000, of which went to a small discount, notwithstand- wock, The voto for which the House in now £302,275,000 was to be furnished from ing the promise to subscribers that they naked is £400,000,000. Assuming, and it

revenue, leaving a balance of could convert at par into any future must be assumption only, that the rate £1,323,708,000 to be provided by borrow loan for carrying on the war, other than of expenditure continues the same as ing. Now the revenue has so far come issues made abroad, or exchequer bonds, during the 63 days covered by the last in very well, and by the end of the finanTreasury bills, or similar short-dated Voto of Credit, this sum will carry us cial year it promises, through the excess securities. In December, 1915, a running over 70 days-that is, to February 24th proâts duty, to produce more then the issue of five-year exchequer bonds, carry- and it will not then be necessary to estimate Expenditure, on the other ing 6 per cent. interest and with conver- care to the House before that date to hand, has lately gone ahead. at. АД sion rights, was made, which, of course, ask for an additional Vote of Credit. astonishing pace, whether owing to finan-adversely affected the four and a half. There have been already four Votes of cial assistance to the Allies or to some per cent, and all other high-class securi- Credit during the present financial year. other reason, and on December 2nd, for a ties. The climax came when Mr. Me- The total amount of those Votes is period of 246 days, it had reached Kenna imposed, an income-tax of 5 in £1,350,000,000. To that must be added | £1,388,380,602. This spells an average this year's Budget, for besides further the £400,000,000 naked for now, and as daily outgo of £5,643,000, and if the rate tepreciating investioonts of all sorts bear this amount will not carry us to the end is maintained during the remaining 119 ing fixed rates of interest, it put na end of the financial year-38 days will remain days of the fiscal period it will bring this to the possibility of launching a big por-

to we must make allowance for expendi- year's

up expenditure

manent loan on what until recently were Aud, again on £2,050,000,000. As things stand at pre-considered reasonable terms. ture for that interval. the assumption that it is at the same rate sene the prospect is that we shall have to during the last 63 days, that will mean borrow £234,000,000 more than was anti- an additional £200,000,001.

cipated.

Here is the estimate and the probable outcome:

total

HUGE FLOATING DEBT.

As a result the war has had to be fin- anced for the last twelve months by vari- ous kinds of short-dated securities, Budget Probable

mainly Treasury Bills. and exchequer estimate. result. bonds. The outstanding Treasury Bills amount to no less thar Expenditure. $1,825,283,000 £2,159,900,000 to-day

502,275,000 Revenue

602,275,000 £1,147,888,000, of which $681,003,000 have been issued since April 1st, while there Deficiency £1,323,708,000 £1,557,625,000 are five per cent, exchequer bonds with We have already stated that the revenue three to five years' currency totalling may yield more than the estimate, $336,107,654, and six per cent, exchequer especially as at the present rate of col-bonds due in February, 1920, which, so lection excess profit duty should bring far, have reached £124,254,000. In addi in about £110,000,000 instead of the tion, there are the War savings certifi- £86,000,000 estimated, while much entes, issued at 15s, ed., with the right

for

CAUSE OF INCREASED EXPENDITUAK. That will bring the total amounts of the Votes of Credit for the present finan- cial year to the sum of £1,980,000,000. My right hon. friend the late Chancellor of the Exchequer, in his budget speech, estimat ed the total expenditure for the year at £1,000,000,000. Of course, it is obvious, es my right hon. friend pointed out, that an estimate in times like this must be nothing more than conjecture. No one con attempt to foretell what the expendi-

H will be, bat using the customary turo phrase, we find the actual expenditure larger proportion of the income-tax has to receive £1 in five years' time, amount- will exceed the Estimate to the extent of been gathered in than at the same date ing at present to £38,837,391, including $350,000,000, That increased expenditure a year ago, and the item of miscellaneous those taken prior to April last; two year is due to the causes pointed out by my revenue has already exceeded the estimate, War expenditure certificates right hon. friend the late Prime Minis-by some £5,000,000, largely owing to the £28,953,800; and three short-dated loans. ter in moving that Vote of Credit. It seignorage on the increased coinage of in the United States uggregating is due to two factors, the increase in the silver. Against these factors reductions £100,000,000. Here we have over 1,800 cost of munitions and additional loans in the estimated receipts from Excise millions of short-dated securities, with to our Allies and Dominions. In the and the Post Office seem probable, though an actual floating debt of £1,147,888,000 late Voto of Credit the Prime Minister they should not be sufficient to outweigh in Treasury Bills; and in view of the dealt with a period of 190 deys and dur the increases in the other sources of re- manner in which the war is going, even ing that whole period the .crage daily

tenue just mentioned. If we leave the if only temporarily, the urgency of, a expenditure was at the rate of £5,000,000

revenue at the figure estimated it will big popular funding loan must be up- sterling. But he dealt specially with the be seen that this year's borrowings will parent to the merest tyro in finance. last 77 days of the period, and during reach £1,557,625,000. that time the average had increased to £5,070,000 per day. During the 63 days covered by the last Vote of Credit the amount per day has increased to £5,710,000.

MUNITIONS.

As regards munitions, it is really not necessary for me to say anything in ex- planation of the increase If I were to take the actual amount of munitions turned out in June, 1915, and compare it with the amount turned out to-day, the difference would seem to the House and to the country almost incredible (Hear, hear.)

DOMINIONS FELF-FINANCING.

BORROWINGS TO DATE THIS YEAR.

From April 1st up to December 2nd we had raised by loans £1,128312,477, made up as follows:-- Treasury bills (net, amount) Five per cent exchequer

bonds

Six per cent. exchequer

bonds

Five-year war savings cer-

tificates

Two-year war expenditure

certificates

Other debt

Ways and means advances

(net)

}

It is unfortunate that the chancellor of the exchequer has apparently prefer- red the advice of gentlemen who sro eci- tainly not in touch with the present-day requirements of financs to the views of £681,082,000 | the great majority of the leiding bank- ers. A semi-permanent loan is long over- 180,826,409 due, as he must know, unless he has never invited the opinion of banking au- 124,234,000thorities, and the delay in issuing it has

29,760,000

admittedly rendered the task more diff- 37,550,000eult. But with a floating debt of £1,147,583,000 it must be faced, and the 28,953,800 | loan must be on such terms as will render 148,108,203 it a great populer success.

NEW LOAN MUST LE POPULAR, There is no longer time to boggle about an extra † or per cent. The tean has Total ...£1,128,512,477 | got to appeal to the public and to be of In these figures Treasury Bills of all such a character that it will not fall to kinds are included, and allowance has a discount, as has been the case with all been duly made for those which have previous issues, until it became necessary matured and been repaid, the amount of to offer as much as 6 per cent, on three £581,082,000 representing the net addi-year exchequer bonds. This very issue, tices to the volume of outstanding Tree indeed, bas practically fixed the terms sury Bills since April 1st, The only on which a loan will be assured of suc other iteni which may need explanation cess-viz, 4 per cent, free of income is other debt," which presumably in tax, and irredeemable for a period of, cludes the £50,000,000 and £80,000,000 say, ten yours. The objections to such loans in the United States, as well as an issue are perfectly well-known, for the £20,000,000 advanced by Canada. Taking result would naturally be the conversion the probable expenditure for the year of the £000,000,000 of existing four and above given we shall have to raise ano half per cent, and the bulk of the ther £420,112,000 by loan before the end£336,107,000 of five per cont, exchequer of March, and the growth in the Na bonds, in which event the exchequer tional Debt since the war broke out will would, of course, lose a serious amount show as under-

of revenue from income-tax, which can-. not be helped.

The next cause of the increased expes- diture was fonna to our Allies and Dominions. The increase during the last 63 days on that head amounts to the enormous sum of £400,000 per day. It will be a gratification to the House to know that during the period of 63 days with which I am now dealing, as well as during the period of 77 days which preceded it, that increase was entirely to our Allies. The amount given to the Dominions was almost nothing, for they had been able by one method or another to finance practically their own expen diture. (Cheers.) It was pointed out by the late Prime Minister, and indeed it was not necessary to point it out, that in the struggle with which we are en- gaged these advances are just ne much part of our own expenditure, are just as much necessary for the object which we as a nation desire, as if the money March 31, 1914.2 207,054.110-£ 8,634,311 On the other hand, fresh money would

营

"

Inc. order, compared

Aggregate Haltics, with previous year,

were spent in equipping our own troops:

1915. 1,105,801,702+ 458,147,602 be attracted from investors who want sa who are fighting our battles in France

1016.. 2,197,439,945 – 1,031,637,343 assured income free from the risk of de to-day, (Hear, bear.) Two great ad-

1917 8,765,064.245+ 1,557,825,000 preciation in consequence of the vagariee vantages were possessed by our enemies;

Thus by next March thirty-two months of chancellors of the exchequer, and it ene was that they were prepared for war of war will have added £3,047,000,000 to would then be possible to reduce the ua- and we were not, but they had another the National Debt, subject approximately precedented proportions of the Boating advantage. They have to-day another to loans of £800,000,000 to £1.000,000,000 debt. One authority suggests two loans, advantage which is almost as great, and that is that circumstances have to fall to the dominions and our Allies, which one being tax free and the other with a

we may hope to have repaid some day. The actual total in four months' time may be more or it may be less than 3,755 millions, but it is even now just on 3,326 millions--sufficiently staggering figures. The highest point ever reached before

higher rate subject to tax. Bankers and out that the control of all the resources

wealthy individuals and institutions of our enemy is practically in one hand. One of the drawbacks of our Alliance,

would probably prefer the former, while small investors whose income entitles as of every alliance of free countries,

them to a rebate might prefer the latter, must be that it is very difficult to get

especially as the possibility of a reduc this contral control. To secure it in the

give past has been the object not only of this was just 100 years ago, in 1816, when the tin in the rate of income tax would. Government, but of the other Govern-

deht amounted to £900,000,000 and the a speculative value, which is no small lowest point subsequently was inducement to many people. An alterna ments which are our Allies. During £835,000,000 in 1899. Then the Boer War tive issue of this kind might cause little the last year during the last six or caused an increase to £798,000,000 in 1003, more trouble in view of the conversion nine months expecially a great deal has which by 1914 had come down to rights attaching to the former loans, but been done in that direction, and in my £707,654,000.

Now there is very pros-few things are worth doing without belief the success of this war, the rapidity pect, should the way last only another trouble, and the suggestion deserves com with which we can bring it to a victori- ous close, must depend on the extent in

year, that we shall have a debt of over sideration. The essential is such a fogy which all the resources of our Allies £5,000,000,000, and we have got seriously as will make everybody eager for it, and the time has gone by for meticulous con- tez, munitions, money can be pooled

to consider our position.

siderations of whether a fractional saving and thrown into the common cause, with

can be gained at the risk of meeting with the idea that we are fighting one fight restriction that it is not easy to convert a cold reception. Consultation with which is the same to all those engaged sterling wealth into dollar wealth. We practical bankers who know the condi in it. (Hear, hour.)

have to pay in de.ers for what we buy tions would show that a successful scheme now, not merely oa in America, but all can be devised, and of its urgency there over the world. In whatever country we is no question. Lastly, be it remembered,

FINANCIAL ENDURANCE,

(Continued on next Coluinni.).

This is not a war in which in my belief it would ever have been possible to make arrangements that would have buy, the arbitrage af exchange is all with the revenue now being raised we can brought into the dollar exchange, and we meet interest and sinking fund on a erinbled us to go on indefinitely as we have to buy the whole bass of our immuca larger debt than even now exists did during the Napoleonic wars my belief that was impossible.

ports for ourselves and for our Allies without any uneasiness, Every with cash in dollars. thing had to be thrown.io, and just as

That is a limit

In

House that the armies which are now friend in this respect that there is no it is obvious to every member of the upon our power to help our Allies; but I am sure I speak for my right bon. embodied by ourselves and by our Allies cannot be kept at the present figure is change in the policy of the Government, definitely, that all that can be hoped for of finding dollars we shall do our utmost that within the limits of our capacity is that they will be kept at the strong to assist our Allies. (Hear, hear.) figure long enough to beat our enemies (cheers), so in the same way, as regards

Mr. Watt suggested that sufficient pub finance, we cannot hope to go on on this city had not been given to the large sum scale indefinitely, but I at least believe which the Government wore advancing that it is not from financial causes that on loan to our Allies and Dominions. we have failed to secure the victory. £1,840,000 per day.

Thuse advances DOW amounted (Cheers.)

are

Mr. McKenna promised his successor the fullest support. Referring to the obligations of Great Britain to the Allies, he said:The demands upon us enormous, but there is one severe restric tion with which my right hon. friend will become only too well acquainted, the „sentánued at joot of next Column.)

to.

the colossal expenditure it seemed likely Sir W Byles said:--That in view of

that there would be a charge on the Na tional Debt of £160,000,000 a year in respeel of this war. One generation had the generations which would follow it. no right to impose such a burden upon

The Yote was agreed to and the House resumed.

FORTHCOMING EVENTS, Tuesday, 23rd Jan.--

Monday. th Jen.

Chinese Now Toar,

11.30 am-The West Point Buildings Co., Ltd. Voting of Shareholders at the Offices of Messrs. Jardine, Matheson & Co. Ltd. 11.45 The Hongkong Central Estate, Ltd.. Mooting of Shareholders at the Offices of Messrs Jardine, Matheson & Co, Láð. Noon-The Hongkong Land Investment and Agency Co., Ltd., Meeting of Shareholders at the Offices of Messrs. Jardine, Matheson & Co. Ltd

12.15 p.M.-The Hongkong Land Reclamation Co., Ltd.. Meeting of Shareholders at the Offices of Mens Jardino, Matheson & Co., Ltd.

3 pan-Austinn of Crown Land at Plic

Works Dept.

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