1921-11-04 — Page 7

THE

DODWELL & CO., LIMITED

REGULAR SAILINGS TO NEW YORK & BOSTON. »

for NEW YORK & BOSTON via Suez

"WRAY CASTLE "'.

sailing 'about 10th Nov.

LLOYD TRIESTINO.

TAKING CARGO ON THROUGH BILLS OF LADING FOR LEVANT, BLACK SEA & DANUBE PORTS.

FIUME having been re-opened for trafie, cargo in aisu accepted for this port

on through Bills of Lading,

FOR BRINDISI, VENICE & TRIESTE

via SINGAPORE, PENANG & COLOMBO.

4.4. PERSIA "...

"NIPPON "

!!...

sailing on or about 10th November. sailing on or about 10th December,

FOR

SHANGHAI

即事。

82

"NIPPON "..

sailing on or about 23rd November. Passengera' Luggage can be insured at the Offlos of the Agents.

NATAL LINE OF STEAMERS.

Sailing from Colombo to South African Ports SOUTH AFRICAN PORTS from CALCUTTA & COLOMBO. Through Bills of Lading isrned from Hongkong.

For Freight or Passage on any of the above Lines apply to:--

DODWELL & CO., LIMITED,

Agents.

N. Y. K.

NIPPON YUSEN KAISHA

KATLINES FROM KONUKONG BURJECI TO ALTERATIVE.

VICTORIA, SEATTLE & VANCOUVER

Japar ports

vis Shanghai

&

Through Bills of Lading issued to all Overland common Points in USA and Canada.

FUSHIMI MARU (Nagasaki direct) ..

KATORI MARU (calling Masfla)

KABHIMA MARU

SUWA HARU (cuitting Manila)

Saturday,

19th Novy mi if am

Saturday:

Tuastry. Saturday,

3rd Dec, st 1 s.m. 27th Dec. 11 am 14th Jan, at 11 am

HONGKONG DAILY PRESS, FRIDAY, NOVEMBER 4TH, "1991.

BANKS AND THE BUDGET. }( PREPAID" WANTED

-ak

PROBLEMS OF STATE FINANCE.

Sir Charles Hobhouse, in an addres On September 23th at the Central Y.M.CA. on Banks and Budgets," showed in what manner and to what extent the existence of banking institu tions affecta or is affected by the Budget. statements of Governments. The relation between banking institutions and the Bldget he said might be indicated by say ing that the Budget revealed the yearly Enancial position of the nation as a com. munity, while the suma total of the balance-sheets of the principal banks gave

⠀ ADVERTISEMENTS

Letters are lying at this Offee for - 17 Boxes CK, HI, IM, LN, LE LT, LU, LW, MA, MK, MZ, NB, NN,JA FOR SALE -Two Seater Saxon MOTOR- OAR, in excellent running order, vory economical in petrol consumption and tyres. Owner driven, Present owner will be pleased to give advice and instruction to purchaser. Apply Box NO, c/o Daily Press Office. [135

an approximate indication of the aggrePOSITION BOOK-KEEPER by an gate liquid commercial wealth of the of Book-keeping & Double Account System. experienced man. Understands all phases individuals composing the nation.

134

INDO-CHINA

STEAM NAVIGATION COMPANY, LIMITED.

BANGKOK SANDAKAN KANILA

SAILINGS SURIKOT TO ALTERATION

++1

Th

"FOOSHING" Frig

4th Nov., Noon, "HINSANG' Fri. 4th Nov., Noon. YUENGSANG... Fri... 4th Nov, 32.M. SHANGHAI & TSINGTAU via SWATOW ROPSANG Frith Nov., D'light HAIPHONG TI HUIHOW DELTARBANG" Sat... 6th Nov. 0 SHANGHAI

"YUSANG" Tues., SHANGHAI SWATOW "KWONGSANG" Tues., BANGKOK via SWALOW ...I' MINGSANG "..

Tuck STRAITS & CALCUTTA... **FOOKSANGE" ..Tues. KOSE via SHANGHAI & MOJI KUMSANG"...Wed.. TIENTSIN...

***

.

CAN

8th Nor,

Dilight

Sth Nov, D'light

8th Nov, D'light 8th Nov. S FX. 9th Nov., D'light "CHIPSHING"...Fri., 11th Nov, Noon.

It was, then, not difficult to see how the Possesses a good knowledge stenography, | CALOUTTA LINE:-Thin Line afforda_regular_asilings to Calentin Fenang ADU liquid and employable wealth of the in-outside-Apply to Box No: NN o Daily typewriting. Willing to work in Hongkong or dividual might be affected by the dis- Press Offse. positions of expenditure proposed by the Budget. When the curreak-revenue of the nation was unable to supply its re- quirements, which were all stated in detail, as far as perionnel were concern

ed, in the estimates which preceded the Budget statement, then either they must be abandoned, with the accompanying probability of serious disturbance to com marce and internal peace, or the accumu- lated capital resources of the country must be tapped either by taxation or loan, to meet these social and other ser vices.

As a matter of fact, such a position had arisen in this financial year. There was already a deficit of 50 millions, much of it due to social requirements, with every prospect of a still larger deficit at the end of the year. The Government would have the alternative, then, of either!- (a) Declining to meet its financial obliga tions; or (b) of increasing its taxation; or (o) of borrowing, by means of long or short-dated securities, sufficient money to make good the deficit.

ני

THE EASIEST COURSE.

The Arst course had hitherto been adopted in South American Republics and wo, ought to be able to dismiss it without serious thought. The second alternative offered little prospect of pro- curing the desired results, since it was an open secret that many individuals and firms were not in a position to pay taxa. tion already due-and overdue and that the Inland Revenue officials saw no like-

TO LET.

GODOWN at Yanmati

For particulars apply to

Singapore, returning from Calcutta steamers proceed via Straita and Hongkong to Japan, occasionally calling at Shanghai. All steamers bave excellent passenger accommodation, a Etted with Elealric Light and Fans and carry a fully-qualified Surgeon. SHANGHAI LINE:-Sailings approximately every five days between. Canton saa

Shanghal, sometimes calling at Systow Through tickets on be obtained and throng's Bill of Lading are imed to all Northern and Fangtase Porta via Shanghal,

LINEA weekly service la maintained with Manila by vessels with good

passenger accommodation, sailings from both ports every Friday.

THE HONGKONG LAND RECLAMA HAIPHONG LINE:-Sailings Spproximately, weekly for passengers and cargo,

TION CO., LTD.

at

TO LET.

SA

MANILA

1148

BUKNFO

It

Shai Po near

ODOWN

Cosmopolitan Dock. Large open com- TIENTSIN pound in front suitable for the storage of Metal, Lumber, Oros, etc. Marine Lot; BANGKOK approach ad either from lead or water side.

For particolare apply to

.0. HUMPHREYS & CO.

71326

TO LET

ONE OFFICE in No. 4, Queen's Road

1632]

Central to be let For particular apply to

BANK OF CHINA.

JUST RECEIVED

FINE AR

lihood of satisfactory results if ever PICTORIAL

their existing claims were unduly press ed." The third course, and the easiest and most popular, open to a Government in such a plight was to borrow, and it was the one most often reserted to (though fortunately hitherto less often by English Governments than by any others),

MARSEILLES, LONDON' & ANTWERP vis Singapore, Penang financial stability of the country and of

Colombo, Suez and Port Said

11th Nov, at 11 p.m. 25th Nov at 11 am. 9th Dec, at 11 am. 23rd Dec, at 11 am

ATSUTA MARU

Friday,

SHIDZUOKA MABU...

Friday,

HAKONE MARU

Tay

Friday,

YOKOHAMA MARU,

Friday,

HAMBURG, via LONDON & ROTTERDAM.

MATSUYE MABU ..

Wednesday, 23rd November.

Wednesday. 7th Dec,

LIVERPOOL: via MARSEILLES.

KAMAKURA MARU

SYDNEY & MELBOURNE vis

Borrowing by distressed Governments, however, implied lenders with resources sufficient to meet the deficit, which was certain to be very large. There were no lenders of such sufficient means with the exception of the banks in whose coffers were deposited the vast bulk of the nation's savings. The banks, then, acting through their apokesman, the Bank, would require to be satisfied with the

the Government, as well as with the actual terms of interest and repayment, before they would place readily their own resources or those of their clients at the disposal of the Government. Much would also depend on their opinion as to whe ther the deficit to be covered was due to spendthrift extravagance on the part of the Government, which ought to be dis couraged, or to unforeseen diplomatic or commercial incidents which were the ordinary expectation of all Governmente- The amount to be borrowed would be

Manila, Zamboanga, Thursday exhibited in the Budges, the methods by

Island, Townsville & Brisbane, AKI MARU TANGO MARU..

- NIKKO MARU

་་་

***

Teenday, Tuesday, Tuesday,

Friday,

NEW YORK, VIA PANAMA & QUBAN PORTS.

DELAGOA MABU

NEW YORK via SUEZ.

TSUYAMA MARU

RIO DE JANEIRO, SANTOS &

KAWACHT MARU ...

BOMBAY vin Singapore, Penang

WAKASA MARU

GENOA MARU

15th Nov, at 11 am. 20th Dec, at 11 am. - 17th Jan, at 11 ..

25th Nov.

End of December.. BUENOS AIRES via CAPE.

Wednesday, 18th Nov. and Colombo,.

*

Saturday, 5th Nov., at 11 am. Friday 18th Nov.

JALOUTTA via Singapore, Penang & Rangoon.

SANUKI MARU

MORIOKA MARU

***

at 17 & m

Sunday, 19th Nov. Thursday, 24th Nov.

NAGASAKI KOBE &

YOKOHAMA.

TANGO MABU

Friday, 16th

@RANGHAI, KOBE & YOKOHAMA,

TAMBA MARU·

TSUYAMA MARU

YOKOHAMA MARU

Tuesday, Thursd Sunday,

LIMA MARU (calling Nagasaka & Kure) Bunday,

8th Nov 17th Nov: 20th Nov, at 11 am. 20th Nov.

Telephone Nos, 292 & 232.

K. H. KAMEL, Manager...

which it would be met would be expound ed in Parliament (or certainly should be), and the whole arrangement would be ratised and legalized by the Finance Act. of the year.

A FORCED LOAN. Supposing, however, that the banks regarded the Government as 30 hope- lessly and recklessly improvident that they did not feel justified in advanc ing the loan required, having in mind the improbability of repayment, or the diversion of the funds, provided by the loan to some scheme certain to entail still further and yet heavier de- ficits; and supposing, also, that the Gov. erament was unable, or unwilling, to cur tail expenditure till it balanced income, what steps migh possibly be taken by either party? The Government could, of course, legislate for a forced loan from the banks of all deposits and current accounts-in-credit. Such a proceeding would'eftainly simultaneously destroy national credit and inflate individuat credit, and it was difficult to say which would be the more disastrous result. Or, they could issue. large amounts of new and

uncovered currency notes which

for further information sppy NIPPON YUSEN KAISHA would depreciate existing currency and

YAMASHHA KISEN KAISHA.

(THE YAMASHITA S.S. Co. L'ro.)

REGULAR FREIGHT & PASSENGER SERVICE

BETWEEN

KEELUNG, HONGKONG & HAIPHONG

Salling from Hongkong.

FOE-HAIPHONG T18 Holtow & Pathof-

8.8. "HOŽUI MARU"

on or about 10th Nov.

FOR KEELUNG via Swatow & Amoy

S.S. "TAIKWA MARU”

For further particulare, visase apply to

No. 37, Bonham Strand, West,

Branch, Office,

Tel No. 156.

on of about 10th Nov.

KOBAYASHI,

AGENT

King's Building

140.

raise prices

Neither of these was a method helpful to a country of Government floundering in financial storms. The banks might even retailiate by refusing to accept or circulate such currency, and it would not be easy to enforce "circulation of such paper, however stringent were the terms of the protective legislazion, as unques tionably the sympathy of the trading population would be with the banks.

It was a curious coincidence that in order to protect and reassure investors and depositors, banks in nearly every country were required to publish their financial position monthly, quarterly, or half-yearly, an the case might be. While in financial circles this practice increas ingly and properly prevailed, in politi cal life Finance Ministers were compelled by their necessitica to issue a stream of Budgets Revised Budgets, Supplement- ary Budgets, Ordinary and Extraordin

ry Budgets until the security provided to the investor by the publication of banking accounts was counter-balanced by the uncertainty engendered in the mind. of taxpayers as to the position, of the national accounts, as to the burdens to be laid on their yearly trading or ac cumulated resources. and as to the free- dom from Government demands of bank balances.

Too many journalists are being taught. to treat human beings upon the dictum that they are mostly foola-Mr. G. E. Chesterton

POST CARDS Types of Beauties, Children,

a. des. sc.

At 75 cents per dozen

GEACA

&:00

Deslera in Post Cards, Postage Stamp, Garden Seeds, Toys, &c.

NL 16, WYNDHAM STREET,

HONGKONG.

PO. Box 820

Don't worry. fm here!

BRITISH

HADE.

household.

A Welcome Visitor

at any time in

every Every

Bug, Flea, Beetle," "/ Moth, Fly, etc., dies once it has come into

proper contact with

KEATING'S

CMAPOTEAUTIS

MORRHUL

Superior to Emmisions or Cod. Liver oil."

Each tiny Morrhůl capsule re- presents the medicinal value of a teaspoonful of oil.

Recommanded at the Paris Aca› "demy of Medicine, for loss "Of appetite and fleshy to pkients with consumptive tendencies..

Bald in bottles of 100 Capılar. Hold by all Chamista.

VIBITORS TO CANTON

Bhould Parches

BY THE PEARL RIVER,

"OAPTANT" OV=" LLOYD With Illustrations, Maps and Fla

PRICE...

On Bain su Hongkong Darx Press " Dilios.

Mesara. KELLY & WALEE, LAD Meare Barwan & Co

Gambon

· Movers, A. 8-Wazion & Co

calling at Bolbow when inducement offers.

LINE:-Fortnightly sailings to and from Sandakan by two 5,000 boxe #teamers L. "HINSANG" and .. **MAUSANO” both steamers having excellent passenger accommodation. Largo takes on through Bills of Lading for Kudat, Jesselton, Labuan Tawag LINE-A rogular service is run from March to Movember bekwowa

and Lahad Datu, Hongkong and Tientsin, calling at Waibalwei and Chefoo. FINE-A weekly service is provided between Hongkong and Bangkok“. via Swatow, by four steamers fitted with up-to-date passenger

CALCUTTA

5.2.

LINE;

FOOKSANG" will be despatched on or about Thursday, 3rd Nov., at 3 p.m., for SINGAPORE, PENANG & CALCUTTA -

Through Bills of Lading issued to RANGOON, PURT SWET; TENHAM, MADRAS and DUTCH EAST INDIES

"For Freighijor Passage apply to

TELEPHONE No 215.

Jardine, Matheson & Co., Ltd.:

GENERAL MANAGERS-

GLEN

AND SHIRE

Joint Service of Steamers.

U.K.-STRAITS. CHINA & JAPAN SERVICE.

OUTWARDS,

Vercel

M.V: "GLENGYLE".

Veure

HOMEWARDS.

Leaves Hongkong

Due Hongkong

10th, Nov.

Discharger

SBOARNARVONSHIRE" 7th Nov. LONDON, ROTTERDAM & HAMBURG, 8.8. "GLENIFFER

23rd Nov. GENDA, LOH305, ROTERIDAN & HARBURG,

Movements are subject to change without notice.

For freight or farther particulars please apply to 1-0

Jardine, Matheson & Co., Ltd. The Glen Line, Ltd., AUSTE

Telephone No. 215 cab-ex. 23 and 3638, :

Cable Addres

Kawakisan," Kobe,

Bentley's A.BC. 5th MM.

and Scott's Codes,

KAWASAKI

AISEN

Telephone Banánly

8844 $993.

(KAWASAKI STEAMSHIP CO.)

CAPITAL PAI??-UP · ·

KAISHA AISEA

Y20.000.00

President: Mr. Y. KAWABAKL.. Vice-President: Mr. K. MatsixATA. Managing Directors Mr. Masata ASI

Company has on kand a Large Number of -

NEW CARGO STEAMERS

ALWAYS READY., FOR

CHARTERS of all descriptions.

-The following are comprised in the Company's-Fleet-mas-

Eleven steamers of 9,100 tons each deadweight.

Änd under the Company's Management your Twenty steamers of about 8,100 tons deadweight each. Two steamers of about 6.400 tona dead weight

(Belonging to the Kawasaki Dockyard Co, Ltd).

~For-Charles-Rates and all other particulam-apoly-is-the---

KAWASAKI KISEN RAISHA.

#No:8,"Burn" Koka

*