1924-08-08 — Page 2

Page

D'YE KEN

JOHN

<>

THE ORIGINAL

HAIG?

HAJD &

JOHN HAIG & CO., LTD.

TEL C. No. 135.

THE HONGKONG DAILY PRESS, FRIDAY, AUĞUŞT ETH, 1924

ITH

Distrillers Markinch Scotland.

SOLE AGENTS

GANDE, PRICE & CO., LTD.,

No. 8, Query's BD. CTL., Hoxexore,

Have You Tried

Our

PURE ICE CREAM

"AN IDEAL FOOD

Made from the Finest Ingredients Facked in Pint and Quart Cylindrical Containers

--PINTS-80 cents.

QUARTS-$1,50.

Untouched by Hand, Absolutely Pure Obtainable in the following Flavours, VANILA, STRAWBERRY, NEAPOLITAN, COFFEE, CHOCOLATE.

THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.

Reckon up the Cost

and.

Consider the Suffering

disease

Entailed in an attack of Fever, Influenza or any other disseminated by Germs.

LOTOL,

PRICE

Per Pint Bottle

Per. Gallon Tin

75 cts.

...35.25

is a better investment than drugs,

and, there's no suffering,

FLIES ON FOOD

It is well-known that Flies spread many Diseases through contaminating Food, Drinking

Water, Cooking Utensils, etc., eko,

SKETOCIDE

will keep your Kitchens and Rooms free from these Pósts.”

SKETOCIDE is a Pleasant Non-staining Non-poisonous Germicide, which not only kills Flies but is equally fatal to Mosquitoen, Ants, Sand Flies, and all other Insects.

TEL. 345:

Telephone K711.

THE PHARMACY,

No. 16, QUEENS BOAD CENTRAL,

BICYCLES

Ladies', Gentlemen's or TandemM FOR HIRE OR SALE.

HANG LEE CYCLE CO.,

29, Hatboro BRAD, KOWLOON.

Next to PALLOH HOTEL,

Telephone

THE NEW LAND OWNER- SHIP."

COMPANIES AS LANDLORDS.

A legal, correspondent writes in The Timer Under the pressure of the very great burden of supertax apon' landed estate owners, particularly upon these without other means than their rents to maintain their traditional style of living and of the heavy dutieg payable za Göy- ernment on death, a great. silent change has been going on over England and Scotland within the past four or five years, and is still, proceding,

In the cases of all companies the pro prietar generally becomes the leading or tianaging director" and the position at tracts a salary upon which income-tax is only payable at the earned rate, and so far there is amelioration in the in- idence of this tax, Auy .company can charge against the rents or other profits more in the way of expenditure upon the states had the Government allow to the private owner in accounting for income tax. In the result there may be a very acted from the proprietor as no longer considerable saving in supertax to be ex- owner rxcept through his share holding in the company. Probably he becomes the tenant of the estate mansion house and policies with a certain relief likewise in

taxation.

Wealth

A DISQUIETING FACTOR.. Individual proprietorship of landed property is disappearing. Private com

But, after all such advantages are con- panies registered under the Companies sidered, the outstanding and disquieting Acts of JPOS to 1017 are the new owners factor of all such company formation is The former lords of the manor are merely that it necessarily dispossesses the pros He may directors of these companies drawingprietor of his ownership vete. salaris in cash or in kinil for their boki 90 per cent. of the share capital of. supervision and mangement of their the company formed to require his lands. former status. Some years ago it but with the sale he disappears from the seemed the purest comedy to burlesqar valuation or assement rolls as the lord on the stage a great proprietor of broad of the manor. He figures no longer as pro. Beres 4s wort of personified limited | Prietor with a long rent roli from facons Tiability company. Yes it true that and wills Es can only reappear as the the march of events finds us to-day with tenant of the company by reason of his the actual equivalent of The Duke de leasing the mansion house. Nothing but Plaza Toro, Limited as the real owner sheer necessity can surely drive proprie of lands bald by noble families for gene

tas "k ntug to all this espitis diminutio Succession, too,, to land by rations. Lord Howard de Walden” was one of the first unong English noblemen inheritance or derolution thus disap- to dispose of his London properties to a pears. There will in fature be no limited liability company under the name

coming-of-age celebrations in the case of the General Estates Investiment and of such estate conversions. Trost, Limited. He had the controlling Yet, with fiscal taxes.so high upon in- interest in that corporation, and he become, and so benvy at death on capital, came its governing director. The Mar. it is not surprising that estate owners quess of Bute bas made over his Welsh in their own protection resort to the com- Our Gov. estates to a limited liability company mercializing of their estates. More recently still the Duke of Buccleuch ernments have been alow to recognise the bas formed in Scotland a limited liability unwisdom, of excessive taxation, and it company for the ownership and manage

would not have been surprising if, under ment of his large estates in that country, the pressure of Socialiste drals, another Many other proprietors have adopted or turn of the screw had been found in the are adopting the same course. Some Budget of the Labour Party. owners have selected the form of ac na may become a burden, a delusion, and snare. The State as taxgatherer limited liability company. It may be of L some interest, therefore, at the present harasses the owner during life and time of discuss the advantages and disad penalizes his representatives on his death. vantages of the various methods of owner. In fact, the almost vampire clutch of ship transmutation. Proprietors have, for the Fise through the Inland Revenue for the most part, registered the companies estate duty on the death of property formed by them as limited by their share owners is one compelling cause for the liabilities. This method has the obvious formation of the companies under con- advantage of fixing the extent of the deration with the view of easing the liability of the proprietor and any other difficult situation that then arises in the parties associated with him as holders almost literal setic, corporis of the owner of shares in the company he forms by the of a large state. Succession duty rains nominal amount of these shares. No are mild in comparison with the high noney in the normal case passes from the tariff of estate duty rates now covering company to the proprietor in the male not only movable hat heritable estate of snca estates. If from any cause the Estate duty, too, in chargeable in priority company should prove a financial loss, to succession duty. Upon an estate of the proprietor will not be called upon to

two million pounds the State takes is make the loes good to creditors or others its first cat a slice of 40 per cent, or out of any other investments or estates

The conversion of private £x00,0x0!

into сограду ownership which he may possess and may have not ownership transferred to the company. The assets is a device to preserve many estates or "cut which he passed to the company will from being forcibly solid alone be answerable. The shares or d up" to meet death duties by the substitu- bentares which he has accepted as the tion of share interests in their place. consuleration for their transfer to the These graveyard" dues oppress all company on the contingency of loss ranks and are so high that the Labour may or may not be of any value. It is Government has, wisely, it is thought, unlikely that the administration of such not proposed any further increase The companies which have no element of spe- gospel of complete confiscation is not culative trading would result in loss.

enforced.

All such devices, on the other hand, for NOVEL NATIONALIZATION.

their avoidance, however legitimate, are Nevertheless under the severe pressure unhealthy. The burden of taxation must of taxation in some districts it is possible he reluced. The existing levies on in- that some estates, especially those heavily come and capital make many an inherite mortgaged, may be swallowed up. Inance damna, with perhaps a more or deed, it is believed that some people of less British feeling in the expression of wealth have purchased large estates in this characteristic than that to which any districts in which taxation introduces an unfortunate Roman beir ever gave vent. element of doubt, without taking the con-In truth, as Mr. Justier Eve has wistily veyances to themselves. They have acted observed, death, owing to the exigencies with foresight in taking the titles of of a depleted Exchequer, is now "tine. estates so purchased direct from the most extravagant, episode in * män's former owner to a limited company. It

career."

is well known that certain parts, “fur example, of the Highlands and Islands of Scotland have become white elephants,

from the east of apkeep with taxes in C. B. WARREŃ & CO.,

addition. All this perpetual legal. liability may be saved or curtailed by the liquidation of the company, with the reault thas unsaleable lands will devolve: upon the Crown as baka vacastin, It opens up a new way of nationalizing,

LTD.

SANITARY ENGINEERS

MONUMENTALISTS. Exce

or, speaking more euphemistically. of OFFICES )31D, WYNDHAM STREET,

popularizing the land. The State,

nr, in other words, the Imperial tax-

payers will be called upon to find the TEL No. 369,

money for sanitation, education, and

other charges, in certain remote dis-

tricta where the native population

*HONGKONG.

is unable to shoulder such burdens CHEAVINS FILTERS

But apart from such considerations,

limited liability allows shareholding

by others than the proprietor, and

members of his family, without risk-

ing their own fortunes beyond thair

IN STOCK.

FILTERS.

share subscriptions in the venture of the ALSO HIGH PRESSURE proprietors. Trustees may thus hold! shares in such companies. But when this privilege is conceded the advantages of a limited eorpany are exhausted.

It is more to the pecuniary interest of a proprietor owning prnotically nothing but his landed estates to form an up- Jummited liability company. By so choos" ing he is relieved of the capital duty of £1 per cent payable in the case of a limited liability company upon the amount of its share capital' as registered, The unlimited liability company also escaped Tibility for the corporation profits tax at the reduced rated Ex 10s. per cent.; but, of course, under the present Budget that is proposed to he abolished in the case of all companies, It is right that an unlimited liability" company should not be liable for capital. duty, since apart from incorporation, such a company gets no other advantage under complay legislation. In regulat- ing the interesty of its various members a company with unlimited liability may have a share capital aa a mere domestic, guide. But every member of such a com- pany is liabile, of course, to his last penny for its obligations. Accordingly, the for- mation of an unlimited liability_com- pany presents, considerable risks. There are, however, ways and menna of peu- tralizing these risks in the interests of outside parties de directors and trustees without their directly becoming members of such companies."

PRICES ON APPLICATION;

MADAME

FLINT

CHIC

SUMMER

FROCKS.

CHINA BUILDING, 1ST FLOOR.

WORLD THEATRE

TO-DAY and TO-MORROW ONLY.

at 5.15 p.m., and 9.15 p.m."

"THE BACHELOR GIRL "

1924's

Super-artistic Production

9 keels of Scenes

. Greater than Fairy Tales.

A beautiful romance, lavishly staged with a powerful

cast

Don't fail to see it.

USUAL PRICES.

GREEN ISLAND CEMENT CO., LTD.

Best Portland Cement

SHEWAN, TOMES & CO.

GENERAL: MANAGERS,,

HONGKONG.

TEL No. 269.

(1456

PIANOS

FOR SA

SALE OR HIRE,

SAFETY.

You are safe when you en trust your eyes to our care because we employ all modern scientific methods.

CHINESE OPTICAL CO.

EYE-SIGHT SPECIALISTS, 67, QUEEN'S ROAD CENTRAL

"THE_RAW_FRENCH REMEDY.

THERAPION NĽ, 1 THERAPION N^2 THERAPION NⱭ3

Ma, & for Bladder Öntaryh. He. 3 for Blood a BXian Zlatan. En, & for Chronie Waukaan. SOLD ET LRADIKU CHEMINTE, PRICEIN ENGLAND 20 DELICIJA KMEČAJAToniak LA SEWA Landm DE Mart, 20M N, SEREVAN ST. EXW YORK CISE, DAS, FIRST BYZANE, SAS IF MANORIENT

TSANG FOOK PIANO Co..

94a, Wantmar Bean,

Tz 212

WITHOUT PURE BLOOD HEALTH IS IMPOSSIBLE.

VETARZO MEDICINE

Herr before was there anything like it, nor kruška marvellone properties Wkely ever to sequalled in diseases arising from impure blood. It searches oké and expela from the vital cament every lurking trace of poisonous matter, curing blood and skin diseases, acredstone and glandular swellings, bad legs, abscesses, vicers, eczema, gout, THERMAM tians, golire or Derbyshire Heck, etc. It improves the general health and quickly remorca long-standing breschitis, sathus and backing, straining, spasmodic conghi,

too often the precursor of consumption. TAG LIKE "WITHOUT HEALTH-JE LIVING DEATHA

VETARZO BRAIN AND NERVE FOOD.

·Far Narvone Ertokdowns and Chirante Wankness.

› VETARZO REGULATORS.. Bale nad Railable, English Price 24, Kither semedy). The VRTAMED EXSERDIES, CO. Grupe! Chek. R,Wch, Leraden, Rag. Daprincipled Dealers may try to all you something nian San SKEEN STRAUMEs war strept ft. ZANE W Having YXTARZO. . The gesmine kas worda VYRJÁZZA KEMIDEES A on GeneMMESAKLAND, NO'S by SHAHRU CAM GERENI

PODOS ***