1925-04-30 — Page 7

THE BRITISH BUDGET:

THE HONGKONG DAILY

SIXPENCE OFF THE INCOME TAX.

RETURN TO GOLD STANDARD.

NEW TAXES AND RE-IMPOSITION OF MCKENNA DUTIES

PRESS, THURSDAY, APRIL 30TH, 1925

LATEST CABLES. [TAXOVAK REETER'S AGENCY.] COMMENT ON BUDGET."

PRESS

GENERAL

TONE

OF FAVOURABLE.

SUME SEARCHING ANALYSES,

Losnos, April 29th,

18

LATEST, GABLES

PRESIDENT VON HINDENBURG.

HOLDS SATISFACTORY INTERVIEW

WITH CHANCELLOR,"

NO PRESENT CHANGE OF POLICY.

BERLIN, April 29th.

POLITICAL SITUATION IN CHINA.

(FROM THE

}

DALLY BULLETIN."}

CHINESE EASTERN RAILWAY.

After consulting with Maishạt von TRAFFIC MANAGER. IS. REBUKED

AT CONFERENCR The curate's egg may be compared to Hindenburg on various important poli- most Batisfactory the results of the most, searching, analyses tical problems, with

HARBIN, April 28th..

M. Ivano, Soviet manager of the

of the bulget, criticisms of which range results, the Chancellor, Herr Luther r from the Daily Graphie's Brighter pected to the Cabinet which unanimously Britain Budget to the uncompromising decided to remain in fier. Reichstag Chinese Eastern Railway, delivered

circles are of opinion that Germany's strong speech at the opening of the thir condemnation of the Daily. Express.

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EXPENDITURE FOR 1928 Mr. Churchill estimated the expendi- Bure for

ut £700,400,000, and re venue at £8,000,000, showing a surplus in expenditure of £28.600,000, and of 19,400,000 over last year's Budget, mad £3,700,000 over the actual expenditure for last year. This disappointing result was due to the rapid political charges during the past three years, which did not conduce tu conputy, and this TEX SPEECH.

inability searchingly to scrutinise the TRIBUTE TO MI. SNOWDEN,

estimmtes, The Chhinet had agreed to Mr. Winston Churchill, who was loudly establish a standing ommittee of the cheered on rising, paid a tribute to the

Cabinet to overhaul recurrent expendi The latter rufers to it as a bad badget, foreign policy will remain unchanged. at Trafic Conference justifying his actiosis careful and scrupulans finance, of Mr.

ture 21: addition Ed

the Treasury's burdening industry through the instr-east for the present. Philip Snowden (his predecessor in annual serutiny. We aught to aim'at a fance scheme, which is intolerable in the

He pointed the Odice).

that

net reduction of supply, expenditure by present trade depression sad beïmeaning! the realised surplus of £3,369,000? was

not as than £10,000,000 a yenu.

the sixpenny reduction in the insane- remarkably close to the Budget forecast

He believed that the revenue would.

tax

las boldness and originality are of £4,024,000. Spirits and tobacen, were steadily expand, and that a resolute effort.

would enable a yearly initigation of the generally recognisel, together, with the below the estimate, but beer had in-

heavy burden of taxation. I pointed brilliance 3. Mr. Winston Churchill's creased by £1,000,000. [Cheers and

out that last year's remissions of taxa. The ministerialists loudly cheered Maughter.) The remission of the sugar of 400 He anticipated a gradual

tion meant a progressive loss of revenue pech.

· Winston Churchill, Chancellor of the Eduty fully reached the consumer, but slow improvement in trade, but he didl

EARLIER CABLES. XONABY BLAU - ADZOUKI)...

THE BUDGET PROPOSALS,

LONDON April 24th.. The House of Commons was packed in -antiongation of the Budget statement.

The Frons Government Bench was blled with umbers of the Cabinet.

Members of all parties overflowed the side sulferies, and there was a rig muster of peers in the peers" gallery.

chequer, on entering the House at the end of question-time.

:

"

RETURN TO' GOLD,

Ar. Charchill, in the course of his Bulge speech, announeed that the Gold and Silver Expert Act of Ign, which

*11*

the remission of the tea diy had been almost entirely extinguished by higher prices. Inland revenue durias showed a surplus över the estimates of £8,816,000 The surplus would be devoted to the redemption of debt... The nominal

"

prohibital the expert aral impent of gaki, 1 sendweight debt had been decreased from The McKenna duties would produce.

would be allowed to lapse on Devmber 354, tant a general license would be given Yes the Bank of England to export gold Bullion from to-day, pending the formal

aping of the 1920 Art.

INCOME AND SUPER TAX LOWER The income tax would be reduced 60., the small incine-tax payer would be subowed to deduct one-sixth instead of

conth of his earsed income. The Lacter concession was equal fes dff the ndani rate. He also aronneed a zeletion in the supertas.

and

The Finnarink Times describes it

Like his

COMMUNISM IN FRANCE. .

SOVIET EMBASSY DENIES PROPAGANDA CHARGE

PARIS, April 9th. The Soviet Embassy," in a communiqué denies that it has in any way participated

i Comnimist propaganda

The Soviet argues that a funeral oracion is not regardable as an unfriendly aut Ambassador Krassin in conversation with

M, Briand, declared that he was not

De Marin, however, states that the not feel justined in budgeting for any good budget and a healthy tie for all substantial expansion in trade. The The restoration of the free gold market Government has opened 'an "cúquiry, with rates of death duties, excepting small and very large estates, would be in will bring far more permanent good than | regard to n sprech, delivered by M. Voline erased, yielding £1,300,000 in the pre-

any posible temporary inconvenisice: (First Secretary of the Embassy) ut a wat year and £10,000,000 in the full yens. Besides new duties on certain luxuries it is the best thing possible in the i-meeting organised by the Chinese resi- dents of Paris, after the death of Dr. and hops, there woukl be a small ne-1

Serests of British credit and prestige. tional duty on imported her to coun

Sun Yat Sen and the diplomatic sequel ferv.il the tak on the home brewer. The Times says Mr. Churchill has;

at a certain Embassy, £7,000,000,000 £7,000,000 during the full year.

£1.800,000 "this year, and £3,000,000 in wisely, rejected all quack remedies mlvo The cost of the ordinary cated for palief of what is still a serious the financial year. i was most im income tax reduction would be £3,000,

this year and £1,500,000 in the full financial recuomie prisition. portant that the policy of repayment | year. The reduction in the supertas predecessor, Mr. Churchill adheres firmly should continue. The Floating Debt would cost £7,500,000 this year

-210.000,000 in the full scar. The com- to the steady repayment of our debca had been códuced by £32,300,000 and the | pulsory pension insuraner would affect

The Daily News describes the budget | External Debt by £4,000,000 Savings each contribute at the rate of is a

13,000,000 people. Employers and workers

far-reaching elaborate insurance certificates had produce £32,000,000 for each man and 2d. For each woman.project of supreme importance on the gross, showing a net increase of early The scheme would operate in successive- ga,000,000. Savings Bank posits had a beginning on January 4th, 1926 Constructive side and requiring the The State's ultimate capital liability closest scrutiny on the funncial and ad- increased £11.000. Interest on the

Wis estimated

Thr ut $750,000,000.

i ministrative side.

must strongly National Debt had been reduced in five schemawould cover virtually the whole

impjieni to the working classCK The

Cars Tows, April 9th. years by over 150,000,000 yearly. The area of the wage-carning population.

budget's general financial structure is

Amid impressive silence in the Asseme rate of tiovernmens borrowing had fel- len from 5.50 per cent to 4.30 per center

broad-based on the meat British tradi-bly, Mr. Hertzog expounded his views enabling most profitable conversion opera

tions. tions Much larger operations of this sort were pending, from which the taxpayer would realise important savings. The new. Sinking Fund would be increased The capitai valu of

NEW TAXATION. "De proposed new taxation, including 2 revenue duty on silk and a duty on imported hops. for four years of 44 pert to 350,000,000.

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liability W Wat! pensions' £76,000,000, and the annual "charge was

Compared with.. £1,000,000,000.nfter the wax.

The re-laupusition of the McKenna | 267,000,000, sies from July 1st.

20

An increna in the Death Dution.

The

ITK+SU taxation would 21,20,000 this year, and should £20,000,000 after the current year

Field

yield

*

..

IMPERIAL PREFERENCÉ. Mr. Churchill proposed to give

fleet

to the British Government proposals an

i

The Imperial Conference of Bei, so far

OLD AGE PENSIONS. Mr. Churchill reterred to, the pro- longation of the sqau of life, which with the rapid increase in the popula tion in Victorien. times would have the effect of increasing the payments in old-age pelisions to £1,000,000 annually for 50 years, comparet with E£27,000,000 at present The new proposals nimed at ultimately placing the whole fund 5 self-supporting basis by means of progressive contributions widows of insured

in increases

the

various

participating in subversive propaganda,

EARLIER CABLES.

· SOUTH AFRICA.

MR. HERTZOG. ON SUBJECT OF BECESSION.

0 arcession. * said that personally The Financial News considers that he was of opinion insofar as South Africs throughout de note of fiscal changes was concerned that secession would bu introerd is our of confidenc Thi

national a Hagrant mistake and a budget should help industry and trade.

disaster it caused by "one section, either

fin connection with his alleged overriding of the resolutions of the Board of Dire Hory of the Railway.

POLITICAL PROPAGANDA.

Mr in Cheng, acting president at the Board of Directors, replying, said that` the Conference was no place for such

M.

he characterised remarks, ati Ivanoff's speech as politieul-propaganda and his complet is disgraceful,

POLICE SUPPRESS PAPER

HARBIN April sth. The Chinese police have closed the Bolshevik newspaper Tribe on 1372 ground that it published Bolshevik pre- paganda and certain articles that were liable to cause disturbance of the peace.

REHABILITATION COMMITTEE.

MR. LIANG SHI MAY ACT AS CHAIRMAN,

PERING. April 29th,

It is reported that Mr. Liang Shi' Yi will he appointed Chairman of the Financial Rehabilitation Committee, which wil Paljust financial affairs between the: Central Government and the provinces.

TUPAN OF TSINGTAO.

PEKING CABINET TO DISMISS PRESENT INCUMBENT.

At

PEPING, April 28th. Cabinet meeting held to-day, it

The Daily Telsymph is "of opinion firitish or Dutch, imposing" its will on was decided to appoint Chu Ching Laa; the other. He did not fear that was formerly Director of the Chinese Eastern son would arise so long us much section Itailwes. Tupan of the Tsingtao Adminis- refrained from asserting its superiority fration. A mandate appointing him and to command the other. He urged that dismissing Kuo En Hung, the present no attempt should be made by either Tupan, is expected to-day.

ction 180 British counection to establish such superiority.

rising.

LX our expenses are

THE RETURN TO GOLD).

He explaited that the that the math features of the budget will Mr. Churchill, in announcing the,, re-

men recive 10; Be very welcome the vast haly of are sind standard, said that weekly, plus 5 for the eldest child and people obliged to enru a living but it is

Existing widows return was the long-wettled policy of the for the others. country, the only question. which had of men insured under the previous Act not satisfactory ben a moes difficult and most delicate recrive similar benefits, but only until one, was, how and when 1. The report of the ingest child reached 14, while

The Daily Mail describes it n an am- the Chamberlain Committee in this re-orphans receive 7/8 for the eldest and 5/

The scheme would affect bitions budget in which serious fiabilities gard nas convinced the Government, which for the others." intended to follow the Committee's re- 200-000 widowed mothers und 380,000 are assumed. We must watch "vigilantly children. All qualified insured persons after 19 would draw 10/ weekly at these that the promised coonomies of grossly inflated expenditure are age of 65 years regardles of their private made. means. Gainsured persons eligible for pension at 70 years will also be relieved The Murting Post notes that Mr. of the restrictions regarding their means. Churchill's past has not prevented his By allowing a rebate of one-sixth of present imposing imperial preferences. Parned incomes instead of one-tenth, as The danger of neglecting then is shown at present, incomes under £1,000 would in the recent alarming announcermenį. behefis approximately 6.. and smaller from South Africa incomes much more.

commentations in every respect.

Mr. Churchill emphasised that this WAY most favourable moment for as they did not, involve pew auditioial

return to the gold standard, in view of duties on food).

the political and economie stability ou He proposed to remove.

both sides of the Atlantic. It was not the existing duties on Empire dried

necessary to adopt a gold coinage. He fruits nåd to increase the preference duty appealed to all classes to continue to USC (TAB. He would introduce a Bill on tobacco from one-sixth to one-fourth providing that, until otherwise provided of the full duty. He proposed to in by proclamation, Bank of England and Treasury Notes would be convertible into crease the puffference duty on heavy wines gold only at the option of the Bank of from one third to two-thirds and to England, and that the right of tendering bullion at the Mint to be enized would increase the preference duty on sugar to be confined in future legally to the Bank the level an which it stood before the of England, which would be obliged to self gold bullion id amounts not less than roduced duty Just year These preference | 400 Rue munges in exchange for legal would operate on July 1st, and the cost tender at the fixed price of 779. 10.

per standard ounce, would, be this your £1,470,000, and $1,720,000 in the full year.

REVENCE FROM SILK.........

Mr. Churchill said the new. revenue

Errun the duty on wilk: would produce

24,000,000 in the current year and £7,000,000 in the full year. Katural and arliteraf and, somi-manufactured and

CHANCELLOR CHEERED.

our

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to

MISHAP TO TRANSPORT. FRENCH VESSEL IS TOWED INTO MESSINA.

adESSINA, April 28th.

POST AT ANHUL

te

THINGTAO, April 28th. Reports from Tsinan declare that Tupan Chen' Shih Chi now refuses fake the post of Tupan of Anhui, and will retire to private life. Other pro The French Government transport vincial military leaders oppose a change Phone hound" for the Far East, wrapped in the post of Tupan, but it is not ex- with broken down machinery near Cape pested they will offer resistance to Gen- Pelora and has been towed, into Messina eral Chang Tsung Chang, inasmuch as the latter has 30,000 soldiers reply to

company him to Tsinan.

The Daily Herald escribes it as a Mr. Churchill, concluding, declared budget for the well-to-du relieved by the that, making allowance for remissions of reduction of the income-tax, while the taxation, the budget balanced at re-workers will bear the molditional weekly! venue, £801-060,000, and expenditure, expens: for insurance. It points out by an Italian steuner.

7,100,000, reserving a warpius of also that beer will cost more, £1,000,000 for contingencies.

WELCOMED ON EXCHANGE.

"LNDON, April 9th." "Ta Chancellor of the Exchequer was The Budget statement has been very warmis cheered when he sat down after a well revived on the Stock Exchange. It peroration emphasising the non-class and hay had a most stimulating effect on non-party nature of his proposals aiming certain specialities especially on arti Further steps were treamingnded by at apportioning the burden proporficial silk shares. Courtaulds which open- the Committee. For example, the amaltionately in the assent of the ladder of ed at 105 are now 108. Motor shures con completed arrangements gamation of the Bank of England and wealth, Hilerating the production of new time in the ascendant and leading high Roosevelts in their expedition which pro- Treasury notes would be deferred, as wealth from the shackles of taxation, class investiment accurities are firm. the Committee had recommendid, until

FURTHER STEPS TAKEN..

#:

We bave had sufficient experience

promoting contentment and stability, and making Great Britain truly a home of the working of a free international for all its people. gold, market on n' gold reserve of

RESOLUTIONS AGREED TO. proximately 150,000,000. When the Gov ernment decided to return to a gold standard many months ago, the Treasury

The House of Commons agreed to all

ROOSEVELT EXPEDITION. GOVERNMENT OF INDIA IS READY.

TO ASSIST.

Sat, April 28th..

has India

Government The

wwwufactured silk would be taxed on a twann discreetly to ecranulate dollars, the Budget resolutions after brief speech considered a masterful exposition. Com will be confined.

scale pot od rotorem, but made up silk

must be taxed"at valarcus. The basic rate of the silk duty would be 4 per pound of raw silk,

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مودم

to assist the

thence to the Thiaashan" mountains of REUTERS AMERICAN SERVICE cords via Leh and Kashmir to Kushgar,

A MASTERFUL EXPOSITION...

Eastern Turkestan, which are under New York, April th Mr. Churchill's budget statement is Chinese Dominion and to which shooting ments in most glowing terms have been and now they had accumulated the whole by 51r. Snowden and Mr. Lloyd George passed on the British decision to return of the 8106,000,000 required for the June The former reserved his thunder for the to the gold standard. and December payments of the American protective duties, especially the McKenna The New York World considers it a debt, and all the other American debt duties, which he declared the Labourites momentous event which will thrill the obligations this year. Finally, although would repeal at the first oportunity world.

Preference, the x-Chancellor did not

be believed we were strong enough topposition cheerk) As regard Imperio! The New York Timex is of opinion the Mr. Churchill said, that in the case of achieve this important change from our

own resources, he "had arranged, as a oppose the rebates which were not pro- program for the resumption of gold artificial silk, a countervailing duty further protection, to obtain, if required, letave in character, but Mr. Churchill' payments is likely to succeed, because of was necessary on the very large volume credits in the United States of not less duties were protective, and onsequently its extreme boldness.

than $300,000,000, with possible expansion invited atrenuous opposition."

of home production, but in calculating if necessary, The Government, in re Mr. Lloyd George similarly, regretted turning to the gold standard, were not the revival of a controversial iskur, but the countervailing duties B certain moving alone. The United States and he was generally contratulatory, pend- advantage would be deliberately given Germany were either on or related to an ing a close examination of the pro- to the home producer in view of the international gold exchange, Sweden, is posi

on a gold exchange, and Austria end That that it might lead to a certain Hungary were already based on a gold decline in consumption.

or sterling exchange, which was now equivalent to gold. He had reason to ladies, which were very important factors

EXCHANGE IMPROVES.

THROUGH REOTEA'S AGENCY.]

NEW SILK · DUTIES. ASSOCIATION SECRETARY IS WELL PLEASED WITH IDEA.

LONDON, April 29th.

FOOTBALL AT HOME. BOCHDALE DEFEAT BARROW IN LEAGUE.

LONDON, April 26th. In the northern section of the Third Division of the League, Rochdale defeated Barrow by five goals to one..

P. & O. DIVIDEND.

...LONDON, April 29th. The Peninsular and Oriental Steamship Company has declared an interim divi "In an interview with Reuter's repre- dend of 12 per cent, free of tax. Aiation of Britain and Ireland wel coued the proposed new duties on in- ported silk. The new tax, he said, fare- shadowed that 40 per cent. more workers would be employed.

The ad valorem das on made-up silk know that Holland and the Dutch Last reflected on the foreign exchange-market sentative, the Secretary of the silk

and artificial silk is 33 per cent..

The silk duties will operate from July

151

་

THE DUTY "OX HOPS.

In the course of his speech, the Chan cellor mentioped that the duty on hops was subject to a Dominions preferential rebate of one-third.

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There was

Loxor, April 28th. Mir. Churchill's budget statement je

sharp appreciation in the the world's fortunes. would act sterling on New York dollar rate, which simultaneously with Great Britain to closed at 81.83-1/2, bringing the purchas day. As far as the Dominions were ing value of the £ to 10/101. concerned, there would be complete unity |

Canada was already on HEUSER'S AMERICAN SERVICE of action. gold standard, South Africa had notified

STERLING BOUNDS UP. her intention to revert to the gold standard frog, July 1st Australia and ...... INTER-ALLIED DEBTS.

New Zealand were abolishing their re He remarked that the Budget did not strictions on the export of gold from to- include provision for the Inter-Allied day. (Cheers.) He believed that the Debt repayments to Great Britain, but

establishment of this great area of com he was budgetting for £0,500,000 from arrangement would facilitate a Gormany, whereas £12,000,000 were re revival of international and imperial ceived under this hend yesterday.

trade.

toi

New Yoxx, April 29th. Sterling advanced 7/8ths cents $1.89-7/8, a new high record since 1915.

All British securities bounded up- wardá," mostly reaching record · levels, upon the announcement af. the restora- tion to the gold standard. v

Sterling marked · 84.53-7/8.

OPIUM ON S.S. “ ARAFURA." CHINESE - SEAMAN SENT TO JAIL

FOR ONE YEAR...

BYDNEY, April 20th.

A Chinese seaman was sentenced to one year's imprisonment in connection with the seizure of opium on board the .s. Arafura.

OBITUARY.

..R EYRE CROWE

LONDON, April 29th.

FAR EASTERN CABLE NEWS.

#

IraduGO REUTER'S AGENCY.)

THE PANUHAN LAMA.

SHANGHAI, April 29th The Panghan Lama arrived here at G o'clock this evening.

رمینو

RETURN TO GOLD. HOLLAND AND AUSTRALIA FALI. INTO LINE.

THE HAGUE, April 26th The Minister for Finance announced -Holland's return to the gold standard.'

EMBARGO IS REMOVED,

MELBOURNE, April 28th. Mr. Bruce announced the removal the embargo on the export of gold.· ̈ ALBUTERS AMERICAN SERVICES

GOLD FROM USA, 5

New York, April 28th. The Federal Bearve Bank bava SİTEN5,-

The death is announced of Sir Eyreed with the other Reserve Banks' to place Crowe, G.C.MO., who has been Perman-200,000,000 in gold at the disposal of ent Under-Secretary for Foreign Affairs the Bank of England if desired in con- | nection" with the establishment of a fres

gold markes in Great Britain.

since 1820.

MR. L. BOUWMEESTER.

AMSTERDAM, April 28. The death is announced of the famous I octogenarian actor, Louis Bouwmeester..

it is understood that a further, $1,000,000 will be supplied by the Morgen Company..