1923-04-25 — Page 3

Page

The Amazing

AC

FOR lightness, speed, staging power and smartness, the Amazing "A-C is easily first L its class. Tyra average la 10,000 miles. fuel consumption 30 to 40 m.p.g. speed capacity may be judged from the fact that a four- cylinder model taken from agent's stock by the Royal Auto- mobile Club and without even spezial adjustment, covered over m.p.h. for a a continuous

period of 48 hours. The Amazing to ban ra lần

40

ад

credit more than the total successes of all other light cars combined, for speed, reliability, and appearance. Write for free illustrated booklet.

AC CARS, LTD.

C. F, EDGE, Goraning Director)

Skin Dept, 1 EXCH STREET, THANOS DITUE

ENGLAND.

THE HONGKONG DAILY PRESS, WEDNESDAY, APRIL 25TH, 1998.

THE MARUZEN-YAKUTEN

WHOLESALE AND EXPORT DRUGGISTS,

MANUFACTURING CHÉMISTS.

52, Doshümachi, Nichome, Osaka, Japan.

Cable Addreu: “ DROGUIST," (9AKL. *

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Suppliers of all kinds of Drugs and Chemicals,

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616

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ASAHI BEER

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TOKYO, JAPAN

MITSUI

BOLE AGEN IS

BISSAN KAISHA LTD.

HONGKONt.

CHINA AND TARIFF

AUTONOMY.

1. Tariff autonomy would earbis China to prohibit the importation of certain kinds of goods for the protection of her own industries. If, as an average, AN INTERESTING CONTROVERSY, the tariff cannot be higher than 10 per cest, on particular imports it may be "A Foreigy Friend and Statistician" in as high as a few hundred per ceat,, with the course of a letter challenging certain the result that these goods will not b views expressed in the editorial columns of aported. Such rate. if levic an the Peking Daily News on the subject of Ituported cotton Foreign Criticism of

yarn (which comes Chinese Affairs mainly from Osaka, Japan) would save incidentally diseases the subject of tariff the Chinese cotton autonomy. The paper's argument had been from the present danger of threatening "pioning industry that one of the obstacles if not the main bankruptey. Most Chinese manufactur obstacle to China's progress, is to be found ing industries are in the infant stuge in tho restrictivo stipulations of the where protection is necessary, and with Treaties concluded under the Manchu

out tariff dynasty, which make it "olariously diffient, impossible. if not well nigh impossible, for the Chinese to set their house in order."

The Foreign Friend and Statistician"

writes:-

is

Autonway protection Even from the point of view of revenue to the Government, tarifi anto nomy is also of great importance, If China can fix her "It would take too much of your while prohibiting certain imports by own rates, abe can, valuable space to argue the question in high duties, encourage the importation its entirety. I will confiae myself to one of others by low, oties. She may, for particular point, that of Tariff instance, levy less than 6 or 73 per cent. Autonomy, which is often referred to as a en imparted machinery pangces capable of curing all the financial naaterials when they are in great demand troubles of China,

stimulate trade in these articles to such Tin this country which may in turn an extent that the revenue collected from the low rates may bo, larger than that formerly collected from the higher rates on the same articles. To illustrate:

You will find in many publications and even in official pronunciations the state ment that if China had her tariff auto nomy she could alter her tariff so as to get from the Chatoms much more than the present royonus,

I.

If the tariff on a particular article is too high, it becomes prohibitive, and the article is not imported, with the result that no duty may be collected on

19

Bate

7 per cent,

a per cent.

F

raw

Quantity Reventle imported collected

Tis. 10.000,00€ 13,000,000

Tix.

750,000

300,000

per cent, 25,000,000 1,000,000 China does not ask for tariff autonomy

This was true when the tariff was in fact a 34 per cent. tariff. It is no more true now that the 2 surtax s being granted, and that the import tariff is t be practically a 74 per cent, tariff, plus an additional per cent, on luxuries, and transit dues for goods shipped to with the one purpose of raising the the interior. The average, when the new rates: she may lower them. At present" system is in force, will be something like the system of tariff revision is so clumsy 9 per cent. of the value of the imported that she can neither increase nor reduce goods.

the rates conveniently. Now, however strange the statement | may appear, the fact is that a 9 or 10 the same time, the development of native When the above two steps are taken at per cent, average is the maximum which manufacturing industries going und in an autonomous customs tariff may yield, hand with the encouragement of im

Theoretically, a country "with tariff autonomy

of portation cau enact such tariff as she

machinery and raw likes, be it a 100 per cent, tariff.

materials. But

the trade in these latter practically the operation of a tariff is on, and the customs duties, even at 4

articles may grow beyond all expecta limited by rconomical laws:

for 5 per cent, as "nu average, may, virid many times the present revenue. The foreign friend pointed to the growth of trade as a chance of increase in revenue: why not give China a free band in developing the trade! cent, tariff will yield a revenue exactly Moreover, it is not true that a 12) per. 12 per cent, the value of the import trade, because the duty is most cases. specif, not ad valorem.

The new revised rates, being based on ecent market prices, will represent, an effective 5 per cent. for a year or two, but after that, and before the next revision is due (in 1920), the value of the import trade will have risen with the prices, and the revenue cullected, will fall below 5 per cent, as an average. Henes, there is no possibility that the 12 per cent, tariff will remain a 12 per cent, effective rata That the force of economical laws is (which will be seven years each time throughout the periods between revisious irresistible can be shown by glancing at after the revision, in 1923). Hence, even the trade and revenue statistics of if China lovies 12 per cent. on all foreign countries, x!

will be below that figure.. importa, the average rate for all years

Fit

When a tariff is so high as to con siderably reflect on the selling price of a foreign article, there is a tendency to anufacture. the article at home instead of importing it. But the home manu facture implies generally the import of machinery, a raw material, etc. which must be allowed free or at reduced rates if the industry is to develop.

3. Trade consists not only of import: it consista also of exporta. If the import tariff of a contry is too high, this leads to retaliation from the foreign countries concerned. Hence the necessity of commercial treaties in which mutual concessions are made.

Are

of

The tinde of Japan during the fiscal Fear 1910-1920. importe only, was Ten 2,200,000,000 in round figures. The rights over Russians, the results

As to the recovery of extra-territorial -

unsatisfactory partly because Bussians do not put their own house in the order, which affects the province Heilungkiang above all other parts of China. The danger from Russian reds and whites constitutes quite a financial; strain on Manchuria.. It would be a different thing if other and all powers restorn to China the extra-territorial

venue of the Customs was Yên -81,000,000, that is to say an average of 35 per cent. The total import "trade of Great Britain in 1920 was £1,936,742,000. The total receipts from the Customs were £140,554,000 or 7.75 per cent, of the import trade. It may be noted here that about 84 per cent. of the imports in Great Britain are duty free.

LONG LOST LOCK OF HAIR.

France is considered as one of the more rights. protectionist conntries in the world. Her import trade in, 1929 is Fes. 23,901,000,000. Her customs revenue for the same period amounts to little over 1,600,000,000 francs, that is to say 7 per ceat, of the value of the imports.

AN INTERESTING DISCOVERY.

The United States tariff is reputed the Here is a romantic story of the dis highest in the world. Yet, the total covery of a missing lock of hair cat from import trade of the States in 1020 was the head of the martyred King,” over 4,000,000,000 G.D. and the Customs Charles I., after his execution. It is now receipt were 192,000,000 G.D, or 9 per told in print for the first time if con- cont.

The present. revised tariff is nection with the forthcoming sale of the anticipated to yield 840,000,000 G.D. contents of Sir Thomas Barrett- which, even if the total import figure Lennard's fine Tudor mansion at Pur-: remains the same as in 1920, will not fleet, which has been in possession of the represent more than 11 per cent

family since the days of Henry VII. The full 124 tariff contemplated in the Here Charles H. was entertained by Mackay Treaty, when it comes into force, the Duchess of Cleveland, an angestress will be, as an average, even higher than of the family, and here, he gave her the the present revised American. tariff, and lock of hair cut from his father's head. from the productive point of view it will All the family know of the existence of certainly represent the maximum which the lock, but for centuries no one could China can expect to collect as taxation find it till one day the late Lady Barrett- on foreign import trade.

Lennard (sister of Field-Marshal Siz In other words, if China had her tariff Evelyn Wood) was examining an old autonomy, she would certainly alter the cabinet in a corridor when a portion of schedule of her import tariff so as to a panel came away, disclosing a tiny manke it more acientific and better adapted secret drawer af inch wide. to the needs of her trade and industry. In it lay the lock of yellow hair, Many articles would pay more, some clasped in a jewel consisting of a tiny would pay less. But, the Customs gold crown and an enamelled bleeding Bovenne would not be increased thereby heart. Hore it had lain undisturbed

throughout the centuries.

I am rather inclined to think that it might decrease, sinch pressure will be brought upon the Government from many, Chinese commercial or industrial! centres to get certain manufacturera articles or raw materials imported at reduced rates.

Even if the tariff could be calcuinted so as to yield more than the effective 12 per cent., the increase would be nothing when compared with the addi- tional revenue, which would be derived from the natural, development of trade under the present

tariff #orc

tho political parties and the militarists to put nu and to their internecine struggle and to let the law ahiding population of China quietly pursue their peaceful avocations.

"A CHINESE REPLY.

A reply to these submissions is minde by Richard Peifung in the following terms:--

The Foreign· Friend and Statisti- cian" is certainly right in saying that the Chinese tariff, even if China enjoys complete autonomy in the matter, could not be well above 8 or 10 per cent, and that the full 12 per cent." will be as un average, even figher than the present revised American tarif. However, this argument does not prove that tariff autonomy is of no use to China, for two

reasons:

#

HONGKONG SHARE MARKET.

CLOSING QUOTATIONS.

APRIL 24th, 1923. “ Hongkong and Shanghai

Banks

1,139. 261 za."

70 2. 42) b.

Union Insurances... Douglas Steamships Steamboats "Star" Ferries..... Chins Sugars Whampoa Docks Bhanghai Docks. Elongkew Wharves..

249 b.

179) *.

103

2:0 b.

Hongkong Lands........

415 2

Ewo Cotton Mill Shanghai Cottons

164 5.

1064 b

Cements......

·20$ 20.

Hongkong Hopes........ China Providents

453 2.

274.

271 b.

Hongkong Electrici

321 b

China Lights.....

มน

0

b-buyers; —scilors; va-guler,

· Dairy Farmas....sen

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PRICES Row $12.50 to $21.00 EACH.

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JI

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THE GREAT FIGHT

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TED (KID) LEWIS

V.

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also

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RED HAND

COMPOSITIONS LIMITED,

LONDON.

Contractors to the Admiralty, India Office, War Office, Crown Agents for the Colonies, &c. "THE RED HAND BRAND."

Antifouling Compositions for Ships' Bottoms, Anticorusive Paints, Ready mixed, for all purposes,

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[1118

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