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THE OPIUM REFESUK,
THE HONGKONG DAILY PRESS FRIDAY OCTOBER LOTH 1928.
the original justification sonic years tax would cease. This has proved to be false, but what has proved to be true is
£3,000,000fer Public Works
INTIMATIONS
LIMITED ZEL
(INCORPORATED IN ENGLAND 1980)
with which is i listed a THE ALLAHABAD BANK. LTD.
RESERTE FUND
£5,000,000
HEAD OFFICE 129, Leadenhall Street, London, R.C. 1 WEST LONDON BRANCH: 14-16, Cockapar Street, London, SW, I. EASTERY BRANCHEST Bomber Calcutta, Karachi, Madma, Colombo
Hongkong and Shanghai
glad that this opinion of ours. like the go for these taxes was that the Opium borrowing as most unstries are forced! Wortell Verakers and everë man auf The Corporation undertakes General Banking !
comes, as it is bound to ecme soon or
The Hon. Mr. Lowe said he was will ing to withdraw the word "hypocritical." H.E THE GOVERNna: If the hon. mem, her substitutes suzie such phrase as "erroneous views." it will meet the case
THE
AMERICAN EXPRESS CO. INCORPORATED..
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THE DIRECTORY
AND CHRONICLE
1924
FOR CHINA. JAPAN KORBA
INDO CHINA, SIAM, STRAITH
SETTLEMENTS, MALAY STATES
NETHERLANDS. INDIA, PHILIP-
PINES, BORNEO, ET
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Abridged Edition
· THE DIRECTORY covers the notable even orts and citise of the Far East, from Netter. and India to Siberia, in which European resideainment
Not only is the Directory as full and complete in each case as it can be made, but each Calen Port or Settlement is prefaced by & DESCRIP- TION, carefully revised each year, most of which will surve as accurate Guma ron.EKS Totrust, giving every detail in connection with the places, their History, Topography, sta..
The Information in these Descriptions, conalab-
with facta concisely set out, and containing statistics of the Tains of each Conatry not port, would alone suffice to fill a large volume,
The Book is printed from New Typs specially. reserved for the purpose, and uniformity in every arrangement greatly facilitates reference.
late, we may be able to face it with The Hon. Mr. Lowe assented to the other words, the debit side will show the defent even on a snap. division, as thOMMERCIAL LETTERS OF CREDIe fing of a Eundred interesting articles, packed
equanimity.
HON MR. A. R. LOWE.
correction.
a
Queenslander.
Hong
DEPOSIT AND CURRENT ACCOUNTS
FOREIGN EXCHANGE. LETTERS OF CREDIT. TRAVELERS CHEQUES, LETTERS OF CREDIT. STEAMSHIP PASSAGES HOTEL RESERVATIONS. BAGGAGE INSURANCE.
|
Besides the anal Alphabetical List of Firms the Directory given the CLASSIFIED LISTS of TRADES and PROFESSIONS at the large Commercial Centres.
$17,000,000, and upon which Your Excel year which during 1992 mounted to ment I do not agree with ch policy some gyptrol over it, and justly celebra racy dwelt at some longth in your Bild same 84,000,000 clear after spending and still consider the loan should be paid te inte Governor of Hongkong. Sir get speech, appears to be necessary. 85,000,000 on permanent improvements off. The bogey of the Military Authorl-Mathew Nathan apparently ruky over cormous though its cost is but we are I'm sure congratulations would, at once tica claiming more because the loan is its destinos at half the salary we were P.&O.BANKING CORPORATION
to pay him here Perhaps they have been allowed ta of the opinion that it should be financed be forthcoming, nuc "I'm so glad" paid off in total instead of by instalments by means of a loan. The un argument would be quickly followed with because does not acem fair to me. As far as I vin Against the raising of large loans to fin- I saw some lovely new frocks in Powell's see, they are for some reason making Extragrinary or over £100 per tend ne ance public undertakings as tending to and Mailame Flint's this morning and an allowance for 878,000 a year until 1928 careless expenditure caunot, we submit, the chillren want a holiday at Weihai in exchange for a $3,000,000 gilt in 1016 ach inhabitat, and rumeur is they ar
this theic Sinking Funds are lower than be adduced against this scheme, as it well hope no husband would dare to Surely, it is only logical to suppose that going to London for more soon. Against most be agreed by all that the expendi-reply I'm so sorry, it can't be done it, we discount this allowance at 6 per an ather Australian Colony, agite of which ture is one of absolute necessity to the my dear, because I've already sent the sent for the remaining years in the shine much in this direction AUTHORISED CAPITAL Colony. Nor can it he successfully main money to invest in Lontion and Queens 102 Estimes they will be glad to rene wat to emphasis hors is the SUBSCRIBED AND PAID UP tained that 16 ja fair to pass on to innd At least he wouldn't any it briceerive 80 a year more than they ex-dicatial water galeat Hongkong posterity, which will have its own needs which he might be asked to do if he had pected to get in the following years to this Cubnial Cffice, or the whim of and burdeas, a legacy of debt created by spoken rather absent-mindedly long 1015.It is asking something of the own, Oficial, which force us to be treated the imprudence of the present genera kong would not be a very plonsant place Government to alter their finance atlika irresponsible children? The irony tion, for the scherm will hencst succeed for such a husband to live in. and I'm rangements, but our surplus funds arests that we irresponsibles are forced to ing generations no less than ourselves glad to see so many of the Official me abnormal, which is my justification for lez sur mehry to help our, to my think- We look upon any proposed loan for this hers of this Conncil are married, so doing so. It will also simplify the ae-ing audacia cousins, The Government undertaking as a permanent investment take it they will like to live happily in counts, and enr. credit as a borrowing | nominos in the Upper House in Queens power (when we require to hecome one) and were discharged last year and the of enpital.n form of leaning which has hongkong during the coming yeur, et
should be enhanced by showing we can Governce alone presides over the Executive the support of economists and public financiers of the highest standing I am
pay off borrowings before their time, Ceil of elected Cabinet Ministers. Tha especially without the necessity of re- Legislative Assembly (which corresponds
our Legislative Council) is compost others mentioned by the Honourable
to do. Coming now to the
of 877 Senior Crocial Member, has the sup port of our Unofficial volleagues the public's ability to finil fresh taxation INSCRIBED STOCK LOAN £1,153,000 in sweman in the Colony has a vote. A recent and Exchange Business of every description aid | SIXTY-FIRST ANNUAL ISSUES
article to the Fational Reen Queens addition to its Branches hat Agancica in als While joining incongratulations to
O CHAMPEIN, Your Excellency upon the very satisfac when necessary, even to a greater extent This is repayable in 1943 at par and land refers to it as a Etheric curace the principal Cities of the world, indeed r
We it is quoted in the London Market at 81 of the Empire and supports this de
Manager. tory condition in the faces of the than that derived from opium.
12. Des Faux Road Central, Hongkung Colony, we dreni it abremuty to sound have for some years, and especially for thereabouts The impossibility of buy-cription with fu a note of warning agaiast, embarking recently read a lot of hypocritical gushing it back because it is too tightly held There are a number of Europeans in upon expenditure that is not absolutely in pocenes in Europe by representatives wants some believing as the price has this Colony we thing they ought to have necessary. At the present moment we of certain interestel nations on the sub-risen from 60 at the end of 101, and how a vote, and the the European Govern
the Government can know this without mest ucairees ca the Counet (of whom happen to have a large surplus, but we joct of opium prohibition.
HIS EXCELLENCY: Order, order. I can having referred to the Crown Agents. I happen at the moment to be que) should
Д Tery modest pr should not forget that it has been largely
heartily in built up by the revenue derived from two not allow the bon member. speaking in don't pretend to know. It seems strange be abolished. It is
agreement
HRAD Ornica: However, assuming with We fut the Government Official items-Optum and Land Sales-which this Council, to insult the representatives we can buy Queensland stock but not grammi cannot for ever continue, to yield their of a friendly Power We must at least Hongkong stock.
NEW YORK CITY. Constitutional Returm: Action of present quota of income. For be it from give them credit for honesty. The term there is some truth in this assertion and of Hongkong are very much averse to the
hypocritical gust cannot be used in that wo either don't want to pay off, or is to suggest postponing public works this Council in relation to the utterances the holders won't be paid off, the fact Hongkong. The frown and look down on Perhaps the
INTERNATIONAL": which are essential to the development of the Colony, or withholding ameliora expressed by the representatives of remains we have the money in Surplus it at every opportunity.
friendly Power.
funds to do this aud the next best thing at that most of then enjoy their BANKING-SHIPPING-TRAVEL «tive ineasures from public servants to
in my opinion, is to pay it or rather wipe weekly holiday afternoon at the Legista
Council matings, but if you, Sir. Eighty Offices are established in the Princips make them contented hut we advise
it off, our books by transfering so much will take ti "from Queensland it Cities of the Work to prorile Coumarea clore scrutiny of every fresh demand for
of our free investments in British Governo
Shipping expenditure so that, when the rainy day
arent Stock to the Sinking Fund na will would not be necessary for Oficials to Organisations and Private Individuals with he sufficient to balance the account leave their offiers, as recent law makes complete World Wide Banking,
The Queensland Goretament enfe from Travel Bervice.
the loan cutstanding at £1,455,000, and on leaders carry their followers puuzxies The Hob. Mr. Lower Recent. events the credit side Sinking Fund Invest them and vote for their supporters if indicate that more fit value is meat at cost, £1,485,000. The effect they happen to be algently argument now being placed on such utterances, would be a record amongst the list of merely amounts for this, if the Govern The Hon Mr R Love: Sit- and I trust that your Excellency's Government Investments in the London ment puts its money on the Queensland desire to associate myself with the re-most excellent remarks on the need for financial papers further, our mouths heroit most have some faith in its marks on the Budget which have been the tax and the impossibility of with will be less inclined to water at the sight strength and staying power. My parti expressed by my Unofficial colleagues and drawing it under present conditions of in lesser high surplus than the June cular fates is the Hongkong colt, and it to congratulate the Government on the (which show no signs of likely alteration) figure of $13,307,000 and a reduction in you are going to use Hongkong and Kow extraordinary financial liquid strength of will impress on the Honourable Colonial the bottled-up rage at not being allowed loou money I would prefer it on the Colony's finances, which, I believe. Secretary that his reply to my question to get at it. In addition, our accounts kong" to "Queensland and even if you no other part of the British Empire can
on the same day to the effect that it is would be simplified and the estimated are not in agreement with me I merele equal The Government estimates a still certain the large revenue derived from expenditure of 2030,603 for Interest and ask you to give us some (not all, for eat- further surplus at the end of 1023 after the opium tax must entirely cease in the Sinking Funds would not he required.ditions are somewhat different) of the CABLE AND POSTAL REMITTANCES paying some: $5,000,000 out of revenue for near future was not justified, and there. It is true that Interest receivable 8050,000 advantage you are willing to give the PURCHASE OF BILLS OF EXCHANGE capital expenditure. This state of things fore his denial of over-taxation falls to would not be so large, but the compensa
Perhaps I am blaming the Government Every approved Banking Shipping and is all very well if it is a matter of luck the ground, we get
tion for this is that we shouldn't have
P. J. VANHEOKE, to pay the War Office 20 per cent, or unjustifiably if they claim to be innocent Travel Transaction. The Colonial Secretary also said that $130,000 in 1924, for the privilege of keep parties to their own bet and that, the Partly it is luck, I admit, but there is a I implied that Land Sales should balance ing our accounts in the present form. If Crown. Agents and the Under Secretaries Wei Hai Wei(Messrs. Collins, Becket part which consists of legalised robbery Capital Expenditure. I never said or in this saving is affected it must be decided for the Colonies batween the Straits and Pashim and Gent) also did not know In the shape of over-taxation of the inplied anything of the sort, but I will on before the end of the present year. dividual, and for the past few years this agree that Land Sales plus borrowing on
what they were doing. If this is so then RUSSO-ASIATIC BANK. I think it is time the Hongkong Go
Govery- has been so patent as to be a disgrace Loan should equal Capital Expenditure, I am very glad to see the Governmentment managed its own affairs and an- CAPITAL (FULLY-FAID)
the Administration if taxation is and then any difference between the other have in one instance taken to host myntially invited oan of these gentlemen to RESERVE FUSD merely meant to cover recurrent expendi- receipts and payments will show whether argument last year that the Colony would Hongkong to make sure they do know CAPITAL COSTRIBUTED SY THE ture plus à fair allowance in the shape of we are under or over taxed each year, be richer for employing its surplus taxes when they advise anything that Hongkong Contributions to sinking funds to wipe The Government figures show that under out capital expenditure, which in every snch systein Ordinary Revenus has locally instead of investing in London. is an actual spot with a strong dash of other well or badly conducted country, been over-raised by about 15 per cent I refer to the 8400,000 per cent. Mortred in it, and red as good as their own colony or municipality is provided for by 1920, 20 per cent. in 1941, 23 per cent. ingage in Chinese Estates, Ltd. An exten and entitled to reascable treatment,
sion of this policy is dions of the Housing will say this for Queensland, and thes Under ons peculiar condi: 1922, 18 per cent, in 1923, and they are fulfil the recommendations of the Housing borrowings,
can grow a pine yielding tions, we should only require to barrow now asking for 15 per cent. In 1984, Commission for Government assistance an aromatic coniferous hardwood which i annually a sum equal to the Capital Ex: amounting to over 83,000,000. The Gov- penditure less Capital receipts in the ernment were asked by me last year to in the laying out of further Innd to meet a white ant resistant and is therefore used shape of Land Sales,
slightly alter their form of Revenue and the shortage of houses for common housebuilding purposes. It Last year, when I had the honour of Expenditure Account which hides this I see from the June, 1993, accounts that would be a great thing for Bongo
uz “afforestation Department " could speaking on behalf of the Justices of the state of affairs from the public. They particulars are given of the Colony's in- if our Peace on the 1923 Budget, I foretold the carefully show the Rarenuo, exclusive of vestments costing 26,105,744, from which manage to indigenirs such a tree and save largely increased surplus at the end of Land Sales, which is quite right; but it can be calculated that the market price future architets and contractors anuch 1923, which the Officer Administering the they mix up Capital Expenditure on the had risen to $5,360,000 at 9/3, which is wasted effort and house-owners much Government did his best at some length other side of the Account amongst Gen very satisfactory though I don't quite expense, to belittle if not inferentially deny. Heeral Expenditure. It is neither logical approve of the £41,000 Queensland Stock attempted to compare the Colony with anor fair and should be altered. Regard. From recent Government answers it ap pears that the larger sum of $7,590,911, Public Limited Company and asked per ing
Crown Agents reserve of
under the heading of mission to build up $10,000,000 as "an equalization of divi There isn't one As I have reminded Deposit Acedunt. is not what it appears dend fund. I do not see any justification you already. His Excellency the Other to be but, is another Investment Account for such a comparison, but, assuming the Administering the Government likened representing short Loans, etc., and I am Government were justified, they have the Government to a public company, but glad my colleagues have asked for a easily exceeded the limit of $10,000,000. I do not know what the shareholders of statement of these from which, when Even according to their own figures, this any, our leading Bank would remark if published. I trust our local Bankers and so called Reserve has increased from the Directors sent out the 40 or so lists financiers can see whether they can offer $6,100,000 in 1921 to $12,600,000 in 10 of Assets and Liabilities of their Branches better terms. Presumably, the Govern and will be 814,000,000 at the end of 1923 with the intimation that shareholders ment have not particulars, otherwise they at least, in fact it has gone beyond that could make up their own
would have given the information regard- General already. Even these figures are $2,200,000 Balance sheet if they wanted to hnd out ing names of borrowers, amount. rate lower than they should be, as the Shipping whether the Bank was solvent and how of interest and period, in the same man- Control profits are erroneously treated much there was to pay a dividend. How. ner in which the other more permanent as a liability. Under similar circum ever, I have supplied auch Balance investments are stated.......
I am glad to note that since I called apartment atances the Directors of a Limited Com sheet to the Government for each of the pany would find it very difficult to with years 1991 and 1999, bringing into account attention to the matter the Colonial would have said it la a useful statement, hold paying a bonus dividend of four to our Loans outstanding and Sinking Fund Office has kindly allowed us to keep up though not a nice one. It does show that six million dollars and, therefore the investments. [This balance sheet will be to $2,000,000 with local Bankers, if our prior to 1919 the Department did actually Government can easily afford to refund found printed on another page of this Officials think it desirable, in place of completo nearly all the work they argaged four to six million dollars taxation on issue. ED.] These show that, without $100,000 in past years. Perhaps quite to do, but ever since; and 34 is a bad account of 1893—that is, if they desire to the Shipping Control profits, we could rightly, the Hoo. Colonial Treasurer has figure for 1922, and if there is any improve live up to their word.
have paid off all our liabilities and still not availed himself of this privilege toment in 1923 I shall be surprised. We want As an old resident of over 25 years been 8890,000 to the good at the end of the full. Anyhow, it shows the Colonial to see this percentage improve consider standing, and especially speaking ns 1921, whilst at the end of 1922 we could Office is amenable to reason to some ably long before the D.PW retires on Government nominee, I want to see the have paid every penny we owed and been extent when called uran to exercise it pension. Again, it is being drummed particularly, that Government keep their word, like they $4,000,000 to the seed. This is the state I now, want to go further, as having pre-into us by the Press partic did over the 50 per cent increase in rates of affairs after spending many millions viously shown we have cash laid aside prices have gone up 100% in recent year
If this is correct we must discount the during the War. This can be done to out of Revenue on Public Works and much more than suficient to pay off our
which some extent by muspending the Railway between 1000 and 1522. With local and Londen borrowings, I think we large increase in PW. Extraordinary, det collectable on Liquor and Tobacco, esti reference to
are entitled to ask for full power to in- mated in 1924 to produce 83,368,000, THE COLONT'S WAR LOAN OF $3,000,000 vest our surplus money as our Officials correction, that in spite of a large increase in personal emolumenta liuje (ik which would also bring us back to the 30%
with the approval of the Unofficial Menia more constructive work has been doza proud position we held so long of bring
free port. I asked for this reduction I have pointed out that, according to hers, may think fit. The previous father than, say, 5 years ago. Further, these last year and it has since been justified, the Ordinance, this could have been paid ly attitude of the Colonial Office bas heen fi
ing where we are with the future If the Revised but it was not responded to by the Gov off on and after 3th November, 1921, it very stern and sale in dealing with its figures, provide an easier method of gues
LEGALISED ROBBERY BY CYER-
TAXATION,
JAD TO READ THE ACCOUNTS.
THE COLONY'S BALANCE BEZET-
THE COLONY & INVESTMENIS.
PUBLIC WORKS DEPARTMENT, EXPENDITURZE.
· ORDERE GOVERNMENT
****
Parin 9, Rue Boudreau..
LONDON: OFFICE T
B, Old Broad Street; E.0, 2.
Manager.
Boubles 55,000,00 $6,860,00.
Kap. The 3,500,0 -1,750,000-
le
LONDON: Mesara, Glyn, Mils, Carrie & Do Societe Generale pour Favoriser Developpement da
da Commerce et de l'Indas. trie en France
Favoriser le PARTS: Societe Generals pour
P. Developpement du Commerce et de l'Indus
trie en Franco,
Banque de Paris ce des Pays-Bas
da en
NEW YORK: The Irving Bank-Colamba
Trast Company. SAN FRANCISCO: The Crocker National Bank
of Ban Francisco. www.
BRANCHES IN, AZIA I
The recently published ngures summaria- ing costs mad estimater of the g. MollLross: Bociete Generale pour Fatoriser le have been and with muta interest, and Developpement du Commerce et de l'ludo-
France. the annual reproduction or them fur at least a decade, is the only manns of focussing the work done by ais Depart The Government's can not to menc republish it up-to-date annually on the
T ground that it is useless is, in my opinion, to bo deplored a.. what similar statement is published by the Changchan
rion Government, but I am sure she Chefoo Hon. Director of Public Works will and Daren his own private check. I am BUTE
necessary to keep up the statistics for Halar for the public, moss money he is speed ing, would like to be in pessicu, of a
easy comparisonsonally,
it
understand, a some
to
there ne
I
by
ernment although the Officer Administer. there had been surplus cash to do so, Hongkong son. It has not allowed its son Estimates. October.
Harbin Newchwang Urnmtchi Hankow Mazehrall Tentsio Hongkong Paring Tokolaus
Shanghai
HONGKONG BRANCH:
Interest allowed on Current Accounts and Fixed Deposits. Terms on application. Locs! Bille discountedge on the Principal Cities of
Foreign Exchange the World bought and sold.
537]
R. A. BODGERS,
Manager
“Boy! A Good Smoke, my Slippers and Armchair.”.
TRE
HONGKONG CIGAR STORE, LTD.
Do not supply Slippers and Chair, but They do [supply a
GOOD SMOKE.
When in doubt about your
or your ginanos'
Conguit
ing the Government admitted the duties which they had in rents, nil niso that to launch out on his own, as its uneles Estimator for 1922, on light wines were too heavy and would the Government were losing paying and cousins have been allowed to do, by 1092, only resulted in $3,500,000 being be reconsidered, which has not been done out 6 per cent on the loan and getting borrowings to enable capital expenditures spent when only $1,100,000 was spent us apparently. Farther, you, Sir, haye re less on the Sinking Fund investiments to be logically spread over their estimin June, what is the chance of the reviser cently objected to the high price of this latter fact is denied by the Colonial ated usable life, except in very extra- estimate of 84,713,000 for 1990, just shot alcoholic liquor in the hotels and I offer Secretary, but the Government accounts ordinary circumstances. The consequence at ns, being justified when the Jion show that of somo 31,800,000 there is that Hongkong's individuality has been accounts only show $1,330,000 spent? :: On this solution of your difficulty""
H.E THE GOVERNOz: No, I have not invested in the Sinking Fund 100, stunted in the past and we are reaping the fat it does'nt lank honest, and ona at 7 per cent., 8500,000 at 8 per the disadvantage as our Government can only guess this is a polineal manu VI
the 1824 Budget in the sape machinery is unable, and has been for to bolster up objected,
Hon. Mr. Lowe: I am sorry. sir cent, aud 8000,000 at 5 per cent,
four years with the object of providing Then I have made a mistake. I think which only averages less than 6 per cent. some years, to cope with Public Works manner as has been done during the past plausible reason for non-reduction of the very legat the Government can do is The balance of 21,200,000 unprovided for Extraordinary. to reduce the duties to the level of those in the Sinking Fund may be said to be
taxation,
HE. THE GOVERNOR: I do not quite 67, QUEEN'S ROAD CENTRAL collected by the Chinese Customs, which covered by the $600,000 in the Bank, would then bring the price of drinks down earning probably s per cent and the
follow the hot member. Does he mean to suggest that the figures to those ruling on the China Const
deliberately falsifed A HOMELY ILLUSTRATION.
THE QUEENSLAND LOAN AND CONSTITE TIONAL REFORM,
Hon. Mr. Lowe: No
Arising out of what I has just sald rest in other Sterling investments such we find out that this year the Crown as 4 per cent. Funding Loan, which only Agents brings in about 41 per cent, and this or without so much as by started to invest our over I trust I have made the foregoing average will he further reduced as the taxation in Queensland Stock and aro etili figures intelligible, but, as they are larger short loan investments will bear a much, buying. Personally, I have no quarrel H.E. The Goyzason: If that is not so that most of us usually have any know lower interest. The excuse is that the with Queensland from all accounts it I will be obliged if the hon, member will Hedge of, I will try to bring them home investimenta in Sterling have lackily risen is a very rich undeveloped country over read it again That was the impression to you in a more personal manner. It is in value and that exchange has gone hiyo times as big as the British Isles but he gave me, and I should like bon. mem not unusual for husbands to brag to their down which more than covers the lose with a corulation of only 700,000, which bers not to be under the same impres
Better halves when they get a rise in This is a gamble pure and simple and is roughly what Hongkong lone posson salary or find they have had a successful however lucky they may be at the mo- The Colonial Office, presumably, exercises
Continued en pege 0.)
OHINESE OPTICAL CO.
Eye-sight Specialists.
They ALPHABETICAL LIST of RESIDENTS D the Far East contains the names of over
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The CHRONICLE covers the notable evente together with the Texts of all the most impare pa Treaties concluded with the countries of Eastern Asia, the various Custoria Tarifla Trade Regulations, Chamber of Commerce Scales of Commissions, Conenlas and Coart Yes, Hongkong Stamps Duties,"↑ Sigħal Codes, Chinese Festivals, Tables, of Moday Weights and Measures and other Com meraal Information
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HONGKONG AND ITS DEPENDENCIES, M2020 FRISCH LDO-CHINA.
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