1924-04-25 — Page 4

VAN HEUSEN COLLARS.

IN QUARTER Su

THE HONGKONG DAILY PRESS, FRIDAY, APRIL 25TH,

New Shirt-wear for Discerning Men

Best Quality french Print in new striped effects with two soft Collars to match

each shirt

$6.50.

white Fine Quality Zephyr, plain colours or ground with coloured stripes. Two Collars to match each shirt.

$7.50, $8.50....

These two lines are of exceptional value and we are sure you will appreciate the wile choice of designs available for your

selection.

Mackintosh

& CO., LTD.

MEN'S WEAR SPECIALISTS.

Bes Yeux Road, Alexandra Building.

GREEN ISLAND CEMENT CO., LTD.

Best Portland Cement

SHEWAN, TOMES & CO,

GENERAL MANAGERS,

HONGKONG.

The

APPROACH OF SPRING

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SILK

AT

LACE

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CHINA'S CHAOTIC FINANCE.

EXPENDITURE SEVENTEEN TIMES GREATER THAN INCOME -

GOVERNMENT FUNDS USED FOR LOCAL PURPOSES.

な

A comprehensive survey of general financial conditions has been made by the Commission for the Re-adjustment of Finance and embodied in a report. In this report it is pointed out that the national experiditure is seventeen times greater than the naţional income. It deals with various financial abuses, dwelling parti cularly on the practice of the Provinces of appropriating funds which should go to the Central Government.

4

1024

CHINESE FINANCE.

SIR JOHN JORDAN ON PROPOSED TARIFF CONFERENCE. Sir Jeks Jurlan, in a letter, to The Trates statg : ---

143

"Stated briefly, two alternativè esursen are suggested for a preliminary tariff con ference. The first, which your Poking correspondent apparently favours, is waive the conditions underlying the Wash ington Conference and the stipulations of the Treaties of 1902 and 13" on which that Conference was expressiy based, asaxl to grant to the Fesing twveram. no the per cent increase in the tariff to ext- able it to cusolidate the, Hoating debt off the insured ANTIN Tue to 194

JE br fareigners, This

would

simple which could be arranged with: oat way

exhaustive inquiry "The state

transaction.

INTIMATIONS

P&O. BANKING CORPORATION

THE

LIMITED.

Iscouroitaven is Exatama, 1999) with which is affiliate! ALLAHABAD BANK LTD:

INDIA.

Armorsed Carital SUBSCRISED AND PAID U

RESERVE FUND

» Hean Orinc 122, Leaderball Street, Leavlon, RA, A

WEST LONDON Bayvén: 14-hi, Cockspur Street, Londen, S,W, 1,

BASTERS BasŠTORS:

Bouchay, Calentia, Karachi, Madras, Colentino Slugapore, Hongkong and Shanghui. of Chinese Bosner, and it would, it has The Corporation undertakes tieneral Bankingg. been claimed, have the merit of relieving and Exchange Hasiness of very wription and

mbarrassinest, of much

Stition to ity Branches bas Agencies in all Foreign

creditors, and the principal Cities of the World.

C. CHLAMPKING,

Aladager. Vivas Read Central, Hongkong.

"The dhims af

of paying the way for a fresh start all rou. But a bargain of that kind, which would presumably include the payment of

RUSSO-ASIATIC BANK.

Recommendations are male to the effect that the Provinces should be exhortsi to have a clear understanding of their relations to the Central Government aml the importance of supporting it; that every unnecessary item of expenditure should be cut off, more especially military expenditure; that a temporary national luidget should be drawn up." based on the principle of adjusting expenditure according to the amount of available revenue of the Central Government; that steps shouh! be taken to expedite the Custang Tariff Conference in order to authorise the xị

unproductive purposes, could barily la per cent, suitas; and finally, that the receipts from the railways, telegraphs ararge sume which had been squandered on that it justified less it could be shown other communications should be kept intact and free from any improper charge on

was made in the interests of China as a CAPTA (FULLY PAID) them.

whole. Chines "public opinia is natur, &SERVE Fuso

sadillod | CapITAL CONTRIBUTED BY TIK ally

opposed to the country

CHINESE GOVERNMENT with loans for the elusive luvieɓt of th Peking Government, Chines sumers Resave Fes and British manufacturers are alike inter- ested in wing that the taxation of foreign gods is not utilised merely us an expatient for settling accounts between 1 country and its importoate creditors and patching up 40 arrangement which could best be only a temporary palliative for Peking's disordered finanes,

SINKING FUND RECOMMENDATION.

Pexis, April 18th.

+45

HEAD OFFICE: Paris: P. Ruy Boudreau, Lxpos Ormeri

Haubien $7,000,000 29,360,000 Kap Ti

ال الألوية

17.

Fi, Old Bread Street, E.02.

BANKERS: Lospus: Messrs Glyn, Mille, Aurrie & Coz

Societe General pear Favoriser The other and only sound"adiernative,

Developpement du Coluerre et de l'indr.......... as it appears to me, is to insist upon the

trie en France. terms of the Treaties and the Washingtons Societe Generale pour Favoriser he Agreement, to which China is a signatory Power. That may not be a practicable

As Sir Robert Borden, the Canadian de

Developpement du Commerce et de lindas- rie en France; Banque Paris et dem Pays-Bas

Developpement da Commeres et de l'hab Loss: Societe Generale pour Favoriser

trie France

vl

New Yoak: The Teving Bank; Columbia

Trust Company, SAS FRANCISCO: The Crockee National Bank

of San Francisco.

BRANCHES AN Ash!

hangchun Hankow Manuhan Trutsin

Taxilar

8200.000.000 the actual sun realized by The Central Government is only abolit A very comprehensive, although only a

$148,000,000 out of which again has to be preliminary, survey of the general finau deducted the sum of $98,000,000, for the cial conditions of China, with important service of the domestic and foreign lansat reconnuendations as to how the present secured upon the Customs and Salt re- venues and about $43,000,000 for military unsatisfactory situation could bisbaidies and redemption of different proved, was clearly set forth in a hothy kinds of treasury notes secured upon the report drawn up by the Commission for Salt surplus, thus leaving only about the adjustment of Finance and sul $7.000.000 appropriated, which can be mittel to the President recently by made use of by the Central Government lution at the moment, but it is the co W. W. Yes, Chairman of the Commis

for military and aduñinistrative expenses, Dite which will prove satisfactory in the sion. Appended to this report was a set

Now according to the latest avail long ran to Chinese and foreigners alike of carefully prepared tables, compiled alle figures the annual requirements gate, stated at Washington the provi frous official records and giving complete for adininistrative expenses are nhout xion of great revenues or the placing of data na the revenne and expenditure of

$59,000.00 and those for military ex-large funds at the dispal of a weak the Central Government. in many cases

penses are about $70,000,000, waking up Administration is not of it effective, not only for the present year but also for

a total of $128,000,000. While this does Solerg as the military governors, retažu the past five years. Statements sun hot exceed the amount, authorised by their present dominating authority and marizing the domestic and foreign Joan

the budget of the nth (1919) year of the influeness, such foameial resources will pro. obligations of the Ministry of Finance Repablie which was adopted by the man-bably be absorbed to a very great extent thefoo well as of the Ministry of Communion date of November 28th last year as the by these military chiefs, instead of being Dairen tions were also given in this report of standard for the retrenchment policy, yet employed to cut down their power. which the following is the gister

the desperate nature of the situation is Since the organization of the Commis sion last September its work has been easily apparent when we bear in mind energetically pushed forward in the order that all these sine have to be me out of the mongre amount of only $7,000,000 prescribed in the promulgated regula which is at the fra disposal of the Gov- tions. "Steps were immediately taken first

Fo other words, the actual to collect all pertinent data, then to cerify the results so obtained, with the jest of using these buts as the basis for construction of a practicable plan for the consolidation of the loan oldigations and the general financial rendjustment of China. Owing to the intensely compli-¡amount. cated mature of the subject and the time guired for securing complete statements the expenditure of the Government excrensel Customs revenus if she would only from the parties concerned, some of whom ceeds the amount at its disposal, by sever. are in distant foreign lands without any een tinus is rious enough. But worse local representative either here in Peking still is the fact, that there is ale, a large r in China, it has been found possible amount of unsured or inadequately -ta's complete the work in six months anseered loans which call for inmediata i was originally intended. However, rendjustment. Calculating on the basis substantial results have been achieved in of the Gigures giver in its official state the way of checking up the accounts, nud meat of September, 1922, the outstanding clarifying what eacfusion there is in then, prineal and interest of the loans of thus bringing to light the actual condi. the Ministry of Fine amount to 858,000,000, and the portion of the lens of the Ministry of Commutations which

tion of China's finances.

eriment.

Harbin Newchwang Uranitehi

Yokoham Hongkong Peking

Kashgar Shanghai

HONGKONG BRANC

Interest. allowed on Current Acconates

These military governors are now, as your Peking corrispondent points unt, mx- Beting everywhere whatever they can with and it hardly were at ppportune mument is discounted out regard to law or Treaty klipulations, Fixed Deposits. Terms on application. Locat Foreign Exchange on the Principal Cities of to foregu our Treaty rights and

when the World bought and soll.

L. BAINES.

(amount remitted to the Government is not in a further trys upna forrige softener

more than seven-tenths (one venteenth?) of the amount collected, while the charge c appropriate portion available to the Government is only five per cent, of that

A situation created by the fact that

a most perplexing and difficult proposi- $187.000.000, making up tion. It is felt that the financial problem of China annot be solved unless, on the one baad, a sinking fund could he found

ther are already exposed to extorsionate very waterway and trade ruote in the country outside the limited area where law and order still have some force."

זי

41

Manager.

THE CHINESE MERCHANTS HANE, LTD.. 司公限有行銀華

No one would grudge China an in-

make a proper use of it and do something towards reforming a fircal system which has kravely paded trade for more than half a citary and has now tolerable burden. The expansion of for eign trade in Chim, in spite of a ob stacks, no longer holls good as an urgu- gat in favour of viewing the situation with equanimity. As a mintter of fact, the figure for 1081 and 1992 show that foreign trade is barely holding its own, while the Departments Customs retine for 1923 only shows a increase of some £30,000, in spite of this .85]

"

A

HEAD OFFICE: Alexandra Buildings, Chater Road.

and ENERAL

Exobas Businek t Lane granted on approved securities. Current Accounts opened and Deposits received at Rata which may be ascer tained on application.

The Bank also conducts a Sariage'

E. LAU

Fired

Chief Manager, “

LTB

SANITARY ENGINEERS MONUMENTALISTS, &0.

"ALL

HONGKONG.

KINDS OF BUILDERS' *REQUISITES IN STOCK

more gene" might convey an erroneous Tel No: 289. impression. They should rather read, the effective & her, cont. Tariff which was expected to yield an increase of 50 per ent, in the reverine on "goods paying a specific. import duty, or, in other works, on about 80 per cent, of the total imports,"

The third phase of its work, upon which the Commission is now just entering it cannot itself take enge of, according to fact that the effective 5 per cent. tariff. the working out of a scheme for cona memorandum it has recently prepared which was expected to yield to per seat. C. E. WARREN CO., solidation and financial readjustment, is and went to this commisson, "amount, to

More

revenue, came into fores early" in the a total of year. The netual increase can only be in 1/ consolidation $723,000,000.

bouds, terpreted as indicating a falling off in were, isaned, bearing interest only at the trade." rate of 5 per cent or cent. per Sir John in a second letter, makes a adequate and reliable enough to guaran- zarum, the sum required for the pay slight correction. In the last paragraph OFFICES 98, Wanchai Road te the uninterrupted operation of the meat of interest alone would amount to 10; the words the effective 5 per cent. tariff GODOWNS. eunsolilated loan service, and, on theor 5 million dollars a year. Under the which was expected to rield 50 per cent. other hand, sufficient, revenue can be precut financial stringency when the secured to meet the necessary alminis- Government is already facing a deficit trative requirements of the Government. of about $131.000.000 per year, the A. candid examination of the subject difficulty of providing an adequate sink reveals the fact that the situation is ex. ing fund for the fan serve can be tremely precarious and that unless speedy readily appreciated. reforms were adopted and eatoed, we could hardly see any bright prospect for the financial future of the country.

Taking up first the question of venue, it a well known fact that the income is far from being suficient to meet, the expenditure, owing to the fact that not only have the provinces ceased to remit" ernment. funds. for the

In the first place, the provine x must support of the Central Government as was done in the past, but be made to have a full and clear, under- they have even gone to the extreme of standing of the supreme importance of appropriating for local se revenues supporting the Central Government, de paz de, Paul Donner which callided with which belong to the Central Government. well as of their proper relation to it, and the river stearner, "Paul Benu, at Sampan At present the Government derives its must desist from the practice of retaining Chat in the Canton River on Saturday revenue principally from five sources, Central Government revenue for provin night, bave received word that the French namely:--

1. The Maritime Customs ind Native Custom within the 20 limit

Native Customs outside the

so limit and along the band. Frontiers

Really

New

Styles

4. The Wine ami Tobacco

Taxe

. of

Elegance

Distinction

and

Good

original pattem and tone. PRICE: $1.95 YARD. GOOD SERVICE FROM EVERY POINT OF VIEW FROM

Taste.

WHITEAWAY, LAIDLAW & CO., LTD.,

HONGKONG,

3. Salt Gabelle

5. The Stamp Duty

It is therefore apparent that if nutional finance is to be put upon a solid founda- tion, comprehensive measures for funda- mental readjustments must be under. taken at once, both in the way of radically curtailing the expenses and also in effec tively increasing the receipts of the Gor

cial uses.

THE CANTON RIVER COLLISION.

FRENCH STEAMER EXPECTED IN HONGKONG TO-DAY.

Messrs. Kai Yur, agents for the 5. *

In the second place, national expendi-steamer is expected to arrive in Hongkong tures misst be reduced by cutting of this morning. She will probably go into $91,400,000 every unnecessary item of administrativa dock nediately for repairs.

expenditure, and especially by reducing the military expenses, which now take up €1,700,000 Reyan-tenths of the entire expenditure of 60,600,000 the national Government,

and followed.

ALONE IN 23FT. BOAT.

INTREPID NAVIGATOR. IN PHILIPPINES.

Mr. Ita Sparks, who arrived at Tandig. Mindanao, on March 22nd in a 22-foot hoat singlehanded from Honolulu, has heen detained by constabulary, charged with carrying weapons without a perinit, as his effects included a gun and a bayonet.

Mr. Sparky said that as soon as he was.

Soil, Vent and Rain Water Pipes Floor Batha, Basius. Bath and Wall Tiles Fittings. Waterheaters far Gas, Oil or Coal Fuel. Also A Few Chip Heaters."

OPEN AND CLOARD GRATES, COOKING

RANGRE: ERTIMATES FREE FOR ALL SANITANT

INSTALLATIONS, HOT WATER STSTEMS, &C. GENERAL REPAIRS PROMPTLI ATTENDED TO.

1.

Specialists in Monumental Work--Cut in Italian Marble or Hongkong Granite.

UST RECEIVED: A SHIPMENT OF ITALIAN

MARBLE FLOOR TILES, Prises on Applicatica. ARTIFICIAL WREATHS FROM B' to 16**

DIAMETER IN ETOCL

[1460

ALLIES.

All Discriminating

Smokers

and the

released he would continue his voyage bis HONGKONG CIGAR STORE LIP. next port bring Singapore. He declared that he had not sighted land although h had attempted to touch at Guam and the

In the third place, a temporary national 15,000,000 | budget, based upon the principle of ad- 3.200.000justing the expenditures according to the (These figures are all the latest). umount of available revenge of the Cen- From the five souves enumerated tral Government, should be worked out above, the amount of revenue collectable

In the fourth place, steps must be taken each year is about $200,000,000. The net amount remitted to the Government, bow. to expedite the meeting of the Special ever, falls far short of the sum mention- Customs Tariff Conference to authorize ed above. For among those only the the levying of the 21 per cent, surtax, Customs Revenue has remained intact which may bring in an additional revenue Of the revenue from the Native Customs of about 825,000,000 per year, and which outside of the 50 mile limit, besides the may, assuming that provision can be made two millions and odd dollars from the for the necessary administrative and mili- Peking Octori, not more than $700,000 tary expenes, be used as a sinking fund have reached the Central Government for the readjustment of the unsecured As to the Salt revenue, about $30.200.000 loans.

In the fifth and last place, the receipts were retained by the provinces and about $10,300,000 were required for the cost of from the administration of railways, tele collection, so that the actual amount graph posis and navigation should he realized by the Central Government was kept intact, and be freed from any in only about $19,300,000. With reference proper charges upon them. With this and to the Wine and Tobacco Taxes and other improvements and reforms intro box at San Francisco and at Honolult. Stamp Duty, the actual amounts remitted duced into these systems of communica- to the Central Government here only tion, not only can the loans secured upon about one-tenth of the andunte collected, them be adequately jaken care of, but a or about $1,400,000 in the first case and surplus may be hoped for which can be about $300,000 in the second. It can thus used to make up some of the general be seen that out of a nominal total of deficit.-Reuter.

navigator.

The bont, which is named Dauntless in apparently in good condition.

Mr. Sparks attained much notoriety pre- vinily, having stored away in a packing

181

Marshal Islands, but he was too poor a Sun, Glare and Wind strain You

Eyes. Our protective Glasses give relief and are safe. CHINESE OPTICAL CO. Refracting Opticians. 67, QUEEN'S ROAD C., HONGKONG,

"Passion," Pola Negri's great him- torical film, will be screened in the Coronet Theatro for the last time this evening,