1924-12-12 — Page 3

Page

THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

·Pol, Central 236.

SOLE AGENTS FOR

PUDLO

Makes Cement Waterproof

16

FEUSOL

The Immovable Fire Cement.

THE HONGKONG DAILY PRESS. FRIDAY, DECEMBER 12TH, 1929

2, Queen's Building.

QUEEN'S THEATRE.

Wed. to Sat., Dec. 10th to 13th (4) Days Only,

at 9.15 p.m. Nightly.

ENGAGEMENT EXTRAORDINARY!!

THE WORLD RENOWN MAGICIAN

LONG TACK SAM

· 10—ASTONISHING CHINESE ARTISTES-10

MAGICIANS. CONTORTIONISTS

JUGGLERS ACROBATS

Miss LONG TACK. SAM

SONGS AND DANCES

A Whirlwind of Astonishment in a Setting of

Rare Oriental Splendour.

PRICES:-$3.00, $2.00, $1.00 & 50 Cts.

BOOKING AT MOUTRIE'S.

At 2.30, 5.15, & 7.15 p.m.

ETHEL CLAYTON

THE SHAM

A Paramount Ficture.

AT ORDINARY PRICES.

FOUNDATIONS

FRANKI

PILING

SYSTEM

1XTTERS PATENT IN HONGKONG No. 13 OF 1924.

We are the sole licencees for China (including all Treaty Ports and Foreign Concessions, but excluding French Indo- China) and for the British Colony of Hongkong and the Portugese Colony of Macao.

Sites Examined and Reported upon Free of Charge.

Apply to

RONGKONG ENGINEERING & CONSTRUCTION CO., LTD.

HEAD OFFICE-Powell's Building, Des Tax Road Central. Telephone Central 4581 (two lines).

₤1551

FOR CHRISTMAS GIFTS.

SMOKER'S NOVELTIES

OF ALL KINDS.

We offer the BEST SELECTION TO BE SEEN in HONGKONG of Novelties Just Received from LONDON.

ABAQUERIA FILIPINA

LEADING TOSAGCONISTS. CPPOSITE QUEEN'S' THEATRE

THEATRE

ROYAL

TO-NIGHT

NINE O'CLOCK SHARP.

THE YEOMEN OF THE GUARD

DOORS OPEN 8,30 P.M

TAX BURDENS ON TRADE.

VIEWS OF CHAMBERS OF COMMERCE.

the

Lord Colwyn's Committee National Debt and the incidence of exist ing taxation met on November 4th at Uld Palaco-yard, Westminster, and took evidence from Sir James Martin, who sp- peared on behalf of the Association of British Chambers of Commerce..

Sir James Martin dealt first of all with the effect of the National Debt upon the supply of credit and capital for industry. While the creation of the debt had a dis turbing effect on the capital market, once issues had been assimilated, debt hold- ings were largely used as collateral, thus teading to increase the supply of credit. The great increase in the debt had affec ted the supply of credit and trade capital in two ways by reducing the capital available for industry by the amount of the difference between Government bor rowings and the credit created theroon, and by increasing the rate of interest at which capital could be obtained.

With regard to the Floating Dobt, he said that it provided an outlet uuring short periods for a large amount of. capital not immediately required for in- dustrial purposes, and so long as ample funds were available at low rates of in- terests, resort to Floating Deus was an advantage to national finances. Apart from the interest advantages, to fund the whole or a large part of the Floating Debt would reduce bank deposits and probably lead to the restriction of the

SANITARY ENGINEERS.

supply of credit. At the same time the .. WARREN & CO., LTD. witness emphasized the dangers of a lawye Floating Debt, and, in the interests of stabilization of credit, advocated a pro- dent and gradual diminution by the pro cesses of liquidation and funding.

✨ THE BINKING JEND.

MONUMENTALISTS.

OFFICES 31D, WINDHAM STRMET,

Sir James Martin considered that a steady reduction of the National Dobs was more satisfactory than any scheme TIL. . 269. fluctuating with the state of trade, as this would be difficult, if not impossible, to arrange equitably. The Sinking Fund alfould be fixed at an amount which the

country could bear both in good and bad

A

times. This should be accompanied by cautious Budget estimates, and large Budget surpluses aboald be avoided. Any surplus arising should, however, bo used for debt redemption, as it afforded means whereby good years provided more than the minimum amount Exced. He added that the continuance of the large surpluses of recent years would give

rise to a demand from many mein- bers of the trading community that the surplus should be applied in part for the relief of taxation, in the following year.

HONGKONG.

ESTIMATES FREE FOR

COMPLETE

SANITARY INSTALLATIONS.

HOT WATER SYSTEMS, &c SPECIALISTS IN MONUMENTAL WORK

UUT FROM

ITALJAN MARBLE-POLISHED AND/OR FINE PUNCHED HONGKONG

GRANITE.

ARTIFICIAL WREATHS IN STOCK,

"

CAR

PREPAID WANTED **

ADVERTISEMENTS

Just Protoplasms.

"Jenkyn," he said, "You and I are just two protoplasms whirling through space on a lump of dust. We both have our worries and our joys, and it's up to us to do a good turn when

we cann

Then he puffed some fragrant Kensitas smoke, and said: "You did your good turn by introducing Kensitas, Yes, Jenkyn, you're right, Kensitas are “as good as really good cigarettes can be.”

Kensitas

Manufacturers

the preferred cigarette

J. WIX & SONS, LTD: 243-4 PICCADIDLY (LONDON) » PV. L'ENG Wholesale only: DONNELLY & WHYTE, Distributors for Rongkong and South Chian, 2QUBEN'S BUILDINGS Telephose, Central EX.

It was the general view of commercial men that the effect of high taxation was to deprive them of a good deal of the surplus which could otherwise be used it for business development, and that limited the power of the community to at home or enterprise either extend abroad. This was especially felt where businesses were making profits below the E normal, and paying annually, under the three

years'

average, large sums for in- come-tax. As compared with pre-war days, increased capital was required to carry on the same amount of business pwing to the increase in prices, and it was also needed to develop new indus on Lean or for Purchase. Apply:-GERKEN, Srial methods to meet the needs of the 11, BROADWOOD BOAD

increasing population. Dealing with the

Letter are lying at this Urice for Born-XE, XL, XS, YL, 39, 40," 51,880, 979, 1890,0

“ANTÉD.-A. Copy.

of

ANATOLE

JOAN OF ABU" her

168

OLOSING QUOTATIONS.

Hongkong and Shanghai per

of high taxation on individual HONGKONG SHARE MARKET. effort and enterprise, He said that with a view to increasing the supply of capital it had been suggested that amounts placed to reserve should either be ex- empted from income-tax or pay a lower rate than distributed profits. Taxation could be reduced in several ways-tamely, by Government economy; by the continu

of conversion operations as national Credit improved, by trade expansios. which would increase assessable incomes; and by a settlement of Allied indebted ness on a fair basis

to

TAXATION AND DUBINDER.'

As regards the burden of taxation on business the witness stated that, in the opinion of some Chambers, it added to the cost of business through increased charges for salaries, and it diminished the fund available for depreciation and wasting assets which business men had provide in excess of the Inland Re venue allowances. In the view of others, while income tax did not tochnically en ter into cost, it affected prices, and this handicapped the exporter when it forend the selling price of a manufactured article, allowing for a reasonable

proft, to a higher level than that of similar for eign goods. Where merchants or manu- facturers were not in competition with for eign markets they might endeavour to pass the burden of taxation on to the consumer, but where foreign competition existed & certain proportion, and possibly the whole, of the tax fell on the merchant or manufacturer. In of its addition

to the cost of intermediate products, of transport and other charges ̈ incidental to

Decewa lita. 1924

Banka

$1,170 B. Canion Interacons....$750 nom. Union Insurances100 Hongkong «Fire InsurancOS $625 nom. Dongias Steamship... 56

H.K...

China Bug

M. Stomaboala... 361 nom.

Langkat (Combined). Kowloon Wharres Whampos Docks

Docks

• 198 b.

293 2.

-82114 b., $212 m.

$152 nom

7. 107 b. Wharred T 400 b.. Sow Bugnoerings...... Tis 7.60 b Hangkang Lands.... 3106) . 1106 sal

ong Hotels Hongkong

(old) $181⁄2 (new) $18 b. Kumpancy Eatsten Ewo Cotton Mille

Ma 11,90

Shanghai Cottons (Did) Tis. 60 (now) Tls, 33 b.

Cementa........ Honging Ropes China Providats

Watsons

Bongkang Electrics

LUTIK, 3.60 k.

·#244b. (combined) 165 nom. $39 b. & **.

(old) $20

China Läghts ...........(combined) Hongkong Trama.

$18

)$12 nom.

Peak Tramways (old) $26 x... (new) $11) Moz. #Shell" Anasporta...

Zbuyers; sellers; sa-tales?

Anarchy in industry, anarchy in com cost of production and distribution, high petition, anarchy in production, anarchy taxation was cumulative in its effects

in distribution, anarchy in exchange effect the trader frequently took into that is our system to-day, and so long as account. indirectly, the income-tax ho would have to pay and fixed his prices at that lasts that must inevitably result in Buch a level as would yield the minimum vast masses of our population being net income he desired to obtain or actu periodically unemployed Mr. Ramsay

facDonald ally needed.

Speaking of the death duties, the wit

ness said they ought to be used in debt There was a general consensus of opin- reduction, as otherwise they involved the

mindful of the necessity for maintaining British credit. It was essential for the Government and the nation to have scrupulous regard for the fulfilment of all the obligations of the State and do exercise the utmost care in not addir to those obligations additional burde for any objects, however praiseworthy which the country could not afford under present circumstances. In the levying of taxation no discrimination should be Possible as between indiy regard to their abil

application of capital to meet expen ion that the duty on cheques, even if not diture, which should be met out of in abolished, should be reduced come. They dissipated and diverted In conclusion, Sir James Martin aníd apital from business channels often at a the Chambers of Commerce were very critical moment in the life of a concern, and made serious inroads into the credit of those affected. Some traders had sug. gested that their evil incidence would be mitigated if provision were made for payment of duties on personalty by in stalments as is done in the case of realty, The Chambers generally took the view that the increnses of stamp duties in posed in recent years were excessive and hindrance to business. Duties on the Aales of securities were considered to be unfair as compared with duties levied on the transfer of other property: the pur daty of 1 per oct on nominal capital on the registration of companies tended restrict the number of compan some cases to diminish the capital for which registration,WAK HOU

(Continued on next Column)

taxation was a burd but Any feeling by propos

Jenkyn

Obtainable as

Lane, Crawford, Lodgi Tabaqsaria" Flipiza, "Graeco-Heypta

Tobacco&tors, and all high-class

Tobacconista.

At 95 cents

per tin of 50

Wm. FOX presents

QUEEN of SHEBA"

The impressive, spectacular

love drama of the ANCIENT ORIENT.

The Romance of the most beautiful woman the world has ever known.

The THIRD BIG PICTURE for The Anniversary Month of

THE CORONET

Week Commencing To-day

at Increased Prices

2.30: $1.20 60 cts; 5.10 $2,00 & $1.00. 7.15:-$1.50 & 80 cta; 9.20-$2.00 & $1,00.

M. Y. SAN & CO., LTD.

LEGT YOONG TREE SIFK UP HITS CARE MY.JAH & E

MABE IN HONG KONGS

MANUFACTURERS

PRESERVED STEM GING

MY.SAMB

BEST PRESERVED

STEM GINGER.

MADE IN HONGxb MYSANAME

HEAD. OFFICE : Nos. 15 to 100 Quam's "Road” Central FACTORY: Canton Road, Kowloon, Hamp

-BRANCHES AT 1 Manila, Singapore, Shanghai, Canton, China.

BEAUTY CONTEST.

FOR PARTICULARS

APPLY

THE HONGKONG STUDIO,

ART PHOTOGRAPHERS, 64, QUEEN'S ROAD 0.

PERFUMERY

Manufactured · by RIGAUD, PARIS:

AIRT-

EMRALSIMADO