1924-09-18 — Page 3

Page

THE HONGKONG DAILY PRESS, THURSDAY, SEPTEMBER 18TH, 1924

THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

Tel. Central 236,

BRIGG'S

2, Queen's Buildings,

AGENTS FOR

BITUMINOUS

ENAMELS & SOLUTIONS.

SOLE AGENTS FOR

"UNION".

ANTI-CORROSIVE and ANTI-FOULING

·COMPOSITIONS

FOR SHIPS BOTTOMS.

12

NO MATTER IF

YOU ARE PRO OR ANTI

ROAD

SEE

HOGS

THE DRIVING FOOLS®

(WALLY VAN) »

Never mind if he

Runs Down the Traffic Police, Barges into Lamp-post,

Knocks Spots off Road Corners, Pulls Down Fences by the Yard, You Will Like Him for His Stupendous Ride Through Seventeen States Across a Continent, From Ocean to Ocean. Better Still, You Will Like the Girl He

Does It for

(Patsy Ruth Miller)

5:15

AT THE

9.15

QUEEN'S THEATRE

NOT

A-LA-WANDERWELL-FORD

NEW TENNIS RACKETS

"TABAQUERIA”

AN ENGLISH FRAME OF THE VERY BEST WORKMANSHIP MADE BY F. H. AYRES, Ltd, London.

IN SHAPE, BALANCE and FINISH This Racket constitutes the best offer ever made in South China to the Player who requires A FIRST CLASS RACKET at` A REASONABLE PRICE

$22.50 Each.

Inspection Invited.

LEAN YEARS IN HOLLAND), DRASTIC POLICY OF ECONOMY,

{BY & CORRESPONDENT IN "THE TIMES,"'),

has

ата

INCOME-TAX IN AMERICA.

EXCESS

or

TAKE A PEG

OF

JOHN

BEGG.

All the Royal Palaces supplied with this excellent Whisky for over Seventy-five years. JOHN BEGG'S

SCOTCH WHISKY (BLUE CAP)

}

DONNELLY & WHYTE,

SOLE AGENTS.

The

TEL. CENTRAL 636.

Though the United States Revenue Act of 1921 does not differ radically in general outline from its predecessor of In Holland to-day everybody talks 1921, there are some significant changes About the bad times, the slackness of in detail. Those relating to Income-tax business, and the Basocial retrenchment are met out in L'ommerce Monthly, pub policy of the Government. According as lished by the National Bank of Commerce a Dutchman belongs to the trading class in New York. Under the old Act the or to the ranks of officialdam, you will normal tax rate on citizens or residents hear him complaining that the schemes was 4 per cent. on the first 4,000 above for public economy

not drastic their personal exemptions; & per cent. enough, or that, on the contrary, they on all above that 4.000. The new normal are too drastic. But in all circles they rate is 2 per cent. on the first $4,000 form an absorbing topic of conversation. above personal exemptions, 4 per cent. The war hit Holland hard. The country on the next 84,000, and 8 per cent, on

Super-tax rates. overcome dangers of a political all over $8,000. nature with astonishing success. It was surtax rates as they are called in Anie- no mean fest to preserve neutrality in rica, have also been scaled down. Under the very midst of a world seething with the old Act the surtax began to apply war and passion. Holland achieved that on incones over $6,000. The new surtax feat by clinging tenaciously to the tenets rates begin with incomes in excess of of international law. After the Armis- $10.000. On the increment of income be tween $10,000 arid $14,000 the new sur- tice, again, no voice was raised more deliberately and more distinctly on be tax rate is 1 per cent, and the rate half of law than that of Holland when increases with additional increments to she refused the surrender of the ex-a maximum of 40 per cent, on the in-

of $600,000. Kaiser. Relations between Holland and crement in Belgium, the one black spot in the Dutch former maximum rate was 30 per cent. picture, immediately after the Armictice, For the increment of $24,000 to $20,000 have improved considerably, and alto the rate is 7 per cent. where it was getber Dutchmen have reason to be proud formerly 10 per cent.: $99,000 to $100,000, of the way in which the foreign policy of 36 per cent, formerly 47 per cent. the country has been conducted.

An important inporation relates to Jonkbeer van Karnebeek, who has been earned income, which is to be taxed at Foreign Minister since 1918, has describa rate of 5 per cent. less than that on ed his policy as a policy of independ other income Income of a person upe- ence," and the word is justified.

rating a business is to be considered in Economically the country has not pro- reasonable part compensation for per gressed so well, and the financial situa-sonal services." The first #3,000 of net in, tion is the one thing that politicians are

come for all persons will be regarded worrying and fghting about: In the as earned net income; but the amount lato belligerent countries it is not gene of net income which may be regarded as rally realized that the war paried "in carned is limited to $10,000. volved neutral Holland in such heavy expenditure that her public debt was nearly trebled; it bins risen from 1,115,000,000 guilders in 1914 to about 3,100,000,000 guilders now. The par value of the guilder is 12.107 to the pound it is now about 11.60.] In itself MANY HAULS BY PICKPOCKETS: this is not too heavy a load for the Dutch people to carry, bat on top of the

The activities of a skilful baad of sudden growth of the public debt, as result of extraordinary war-time expen- thieves at the British Empire Exhibition. diture, bold schemes of social and, eda- caused it to be considered probable that cational reform were rushed through and a particularly elusive gang of Con- heavy claims laid on the Public Exche-tinental criminals are at work. A num- quer, which are difficult to meet now that ber of American sightseers have been vic- timised recently and also some Dutch the lean years have come.

In 1914 the Minister of Finance bud visitors. Owing to the vigilance of the geted for an expenditure of 950,000,000 police, no sensational coups have been guilders; in 1994 för 736,800,000. Edu attempted, with the exception of the cation figures in, this total for, no fewer taking of the Australian pearl several than 155,330,000 guilders, against weeks ago, but considerable sums of 35,488,000 in 1914; labour has risen tooney must have been amassed by the 53,986,000 from 10.383,000 guilders. And thieves in small exactions from. in- all the while revenue is falling off. dividual visitors. Large numbers of Every recent financial year has closed visitors have complained of being robbed with a deficit, although, fortunately, the daring the nightly rush for the last bus amounts are decreasing. It is small or train, when the work of the pick- wonder that public opinion is crying pocket is simplified by the fact that only "halt" Painful though the task must one small exit is available. It is a be, the State mast severely restrict its matter of general complaint that this sphere of interests and its activities constitutes an inconvenience and a dan- The possibility of the unemployed being ger to the public, and it has been sug thrown back the Poor Law is under gested that the exhibition gates should be consideration. Education, the most ex- thrown open. pensive of all Government Departments, The biggest hauls are being brought is becoming the main subject of public off in the cloak-rooms, and visitors are economy. The housing cheme, which has strongly advised not to leave money or cost the State over 700,000,000 guilders valuables in their coats when hanging since 1914, has been stopped. All them on the pegs. In these rooms the salaries paid by the State are to be cut thieves work together, one providing by io per cent and ultimately even by 20 per cont.

HOUSING POLICY. “

|

17

THIEVES AT WEMBLEY.

cover for a confederate with a towel or a newspaper. Purses and wallets which have been emptied of their con- tents and thrown aside in the grounds are frequently to be seen.

[We heard of one Far Eastern visitor

#HEAVY TAXATION.

The optimistic policy of the years after the Armistico undoubtedly deserved better fate. Dutch housing schemes, for instance, were in many respects admir able. The state assisted the municipali. who was relieved of a wallet containing tics and recognized building associations £500 in bank-notes, and a letter of credit. with loans for the building of workmen's-ED., H.D.P.]. dwellings and with annual grants to enable them to keep the rents at a low standard. It did so on a lavish scale at a time when prices had soared to a greas height and when the average loan needed

Yet the fact remains that Holland has for the building of a house was 4000 been living above her resources. The guilders, and in 1991 even 9,000 guilders, financial dificulties of the State are not ns against 2,260 guilders in 1914. In the due, as is the case with so many Con- three years 1919-1991 about 81,000 houses tinental countries, to its having shrunk were built in that way, and the loans from imposing taxes. Taxation in Hol- with which the Government assisted land is no less high than in England. apart from the yearly grant to make up The income-tax, moreover; presses on a for the deficiency of rents, amounted to far larger class of people, comes being 475,000,000 guilders. (The total of work-exempt only up to the amount of £70. men's houses built in the ten years from So heavy is the load of taxation on basi- 1914 to 1923 was 122,538.)

ness that it is generally mentioned as It is unfortunate that so much money one of the great cbstacles to a revival,

time was

TABAQUERIA FILIPINA,y most unsound. But Holland and it is argued particularly that it

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GROUND FLOOB, Corner Des Voeux BOLD & Ice Hove Briser,

did, at any rate, grapple with her bous stands in the way of that formation of ing problem, and not only is the scarcity, new capital which the economic life of which was very bad at the end of the the country needs. war, practically made good, but the type of house supplied is excellent.

During the last year or two prices generally have dropped considerably, and if building subsidies have been stopped,

all sides admitted to be the over-riding Stringent public economy, then, is on need of the country. To carry it into practice falls to the lot of the same Government as was in office during the

it is also because. economic building has spacious days of 1919 and 1920-2

again become possible. This develop-Clerical Coalition Government composed ment is a healthy sign.

F

Some of the worst difficulties which Dutch economic, life has experienced are directly attributable to unrest in the German hinterland, on the proeperity of which Botterdam is particularly depen- dent. The restoration of more peaceful conditions in the Rubt district and the stabilization of the German mark had na immediate effect, and the great port is again active after a period of unexampl. ed slackness.

of members of the two Calvinist Parties

رازنده

and the Roman Catholic Party. It may be aurinised that the Government will not soon be disturbed in their task of putting the country's finances in order, and, in fact, there is little enough about that task to attract competition for the hon our of carrying it out. Every one is now waiting to see how Ministers will acquit themselves. There is among their plans one which may cause political squalls. It is a new tariff law, raising Shipping, the trade which of all the general tariff of the country for pro most sensitive to the general economic fessedly fiscal purposes from 5 to 8 per conditions of the world, is still far from cent. The free trade tradition is strong prosperons, although the period of enor- in Holland..

seems to have closed.In Bay mous losses

coat, the Minister of Horticulture, too, which is one of Hol- Finance occupies the centre of the land's finest skilled trades and an im- political stage. Mr. Colyn, 20 portant item in the scheme of Dutch director of the Royal Dutch Fetroleum economic life, is feeling the effect of Company, is the leader of one of the Germany's renewed ability to buy Fruit Calvinist parties, and is looked upon as and vegetables and bulbs are again er the great driving force behind the ported in large quantities to the East Cabinet, and belief in the reality of his as well as to the West. There are other intentions for the reduction of expen. bright spots in the picture, none brigh- diture is sufficiently strong to keep the ter, perhaps, than the return of prospe- guilder on its high devel. Taking it all rity in the East Indian Colonies. The in all, the situation of Holland is still Dutch East Indies Budget has been difficult, but there is not the slightest balanced, and shares of the plastations reason to despair of the future. When- and other concorus in which so much ever the world around hor return to Dutch capital is invested are steadily normal ways, Holland" will be found rising

ready to resume the interrupted pro Breas.

(Continued on next Column.)

ex-

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