1927-09-02 — Page 2

Page

A Life

Préserver

The Birkenhead Milk Stoat

Invigorating and Stimulating

THE HONG KONG DAILY PRESS, FRIDAY, SEPTEMBER 2nd, 1927.

An ideal Beverage for Rheamatic Invalids. Each plat contains the energising Carbo-Hydrates

of

10 ozs. Pure Dairy Milk

Milk Stout

SOLE AGENTS:

GANDE, PRICE & CO., LTD.,

ST. GEORGE'S BUILDING, ICE HOUSE STREET.

Tel. Central No. 185.

H.E. THE GOVERNOR'S SPEECH. ·

(Continued from page 1)

We were, therefore, last year back again at the pre-boom Egures of 1010: but at the height of the boom, during 1993, the Colony derived niare, money from land sales alone than the amount of its total | annual revenue prior to the beginning of this century.

The land-boom was already on the decline, when Bolshevik intrigue launched against this Colony the anti-British boycott which began in June, 1925. It is interesting in retrospect to observe bow little injury that boycott did to Hong Kong. In one way it even did good, for is united the Chinese and European communities of this Colony, as they had never been united before, in a fixed determination to destroy the menace of Bolshevism and to rest out communism. from among tia I venture to believe that the same determination now animates the Government of the Khangtung Province and I hope, therefore, that it may not be long before the old spirit of friendship and co- operation will again prevail between Hong Kong and Canton to our mutual advantage.

FINANCIAL STABILITY.

In considering the stability of our anancial position it is, of course, necessary to examine the principal sources from which our revenue is derived, and in this respect also a comparison between the years 1987 and 1926 is full of interest. Such a comparison has been nde in detail in the sessional paper to which 1 have sirtady referred. I need, therefore, only deal with the chief items and my task is simplified by the fact that of last year's total revente 77.7 per cent. was derived from no more than fifteen sources, the figures for which i have tabulated for convenience's sake side by side with the corres ponding figures for the year 1597.

. 1897. "420,130 252,216 256,000

Heads of Revenue.

10:26.

Hong Kong.

Assessed taxes.....

3,638,868

(153

Stamp duties

2,929,339

Opium monopoly

2,831,306

Tobacco duties

1,835,343

Liquor duties

1,186,313

Postage

699.407

Crown rent of leased lands (includ-

ing the Now Territories)..

0.105

Railway

538,048

Water supply. -----

471,679

Liquor licences

393,808

268,516

241,03*.

110,047 67,136

Land sales

258,342

924,500

Kowloon West Ferry licence...

247.130

Carriage, chair, etc., licences.

240,156

Interest

237,444

43,323 4,570

Markets

933,594

Total

*0,519

1,097,867

GREEN ISLAND CEMENT CO., LTD.

Best Portland Cement.

SHEWAN, TOMES & CO.

inocul

GENERAL MANAGERS,

HONGKONG.

FOUNDATIONS ON FRANKI CONCRETE PILES. BOLE LICENCEES: FOB CHINA ¡mmm.

HONG KONG ENGINEERING & CONSTRUCTION CO., LTD.

HEAD OFFICE-ST. GEORGE'S BUILDING.

[5223

The Woman

who dances

knows the value of HAZELINE SNOW"

(Trade Mark!

There is no better foundation for face powder. Used occasionally between the dances, it will keep her face cool and unflushed throughout the evening. When too pale she uses HAZELINE' ROSE FROST"

Trade Markt

Both in glass pots,

All Chemists and Stores

BURROUGHS WELLCOME & CO.

káikrounų: The Wellcome FOUNDATION LTD. ĻANDOn, Exc.)

"LONDON-AND-SHANGHAT

ON SALE.

OUND VOLUMES of the BONG KONO WEBELI PRESS, July to December, 1926.

WETE INDEX, PRICE $750.

On Sale at the HONG KONG DATET Pazin Office.

All Rights Reserve

OVER HALF A CENTURY KEPUTAFON

FLIVER & KIDNEYS ITALDANA for Densazm et - i6am KargazWY

DR. LECLERC'S FORMERE

440, GATAL, CARRIES, GOS, RETRATILM

·PANY, WE LALdia skammy on Fork THE FOR EAGERLY KERT, CO, RAYSBook 14. JL,W.

St Lannion,

NUR VEG. APERIENT.

DALE GLERC'S

ADR FILLE PG nazi OR: LE CLERG'S ANEMINGTON H

DIRE CLEROS SOAP! In or $20335.

*-Exclusive of New Territories.

18,499,770

In 1997 there was no railway, nor was there a Kowloon West Ferry. Liquor duties were first imposed in 1909 and tobacco duties in 1916 So these four sources of revenue did not exist in 1807. Nevertheless the remaining eleven items produced 74.3 per cent of that year's income and were, therefore, then as now, the principal foundations of the Colony's financial structure. A scrutiny of these heads of revenue shows that each one of them is sound. Objection aight perhaps be taken in some quarters to the revenue derived by the Colony from opium, which is now 13.3 per cent. of our total Income and was 10.6 per cent. of the total in 1997, thus showing at first sight a relative increase. But, whereas in 1607 the sale of opium in Hong Kong was farmed out by the Government to a Chinese syndicate, there has since 1914 ben a Government Monopoly, which is run with a view to control of the traffic rather than to profit. Therefore, in order to arrive at a just comparison, it is necessary. to deduet from last year's opium revenue the cost of manufacture, namely 8800,913; and the remaining $2,140,302 can then properly he compared with the net revenue of $236,000 derived by this Govern ment from opium in 1897. So it results that the Colony's opium revenue last year was 10.1 per cent of oar total fcome, while in 1897 it was 10.0 per cent, and the apparent relative increase vanishes Moreover, this Government is very willing to prohibit the consumption of opium in the Colony and to forego its revenue from this source as воод as the production and consumption of opium in China are suppressed. Until then prohibition is not a practical proposition in Hong Kong, and all we can do is to keep the price high enough"to make opium aluxury and yet not so high as further to encourage sanggling.

POPULATION.

Turning now to the statistics of the Colony's population, it is necessary first of air to observe that these figures, have by no means the same degree of accuracy as the financial returns. There was L census in 1901, in 1911 and 1921: but for the intervening years the total civil population is only an estimate based upon the excess of births over deaths and of immigration over-emigration. Towards the end of an inter-censal period these figures are 'apt to be wide of the mark, and this fact no doubt accounts for the sharp rises in 1011 and 1921, when the previous estimates were suddenly corrected by actual enumeration. The fail figures are given in the sessional paper No. 4 of 1997, to which I have already referred. The figures for the census years are:-

1001 total civil population 2011. 1991

do. do.

290,121

484,277 688,880

Consequently the rate of increase in the population during the first decade was 60 per cent. and during the second decade 47 per cent We are now in the middle of an inter-consal period and it is difficult in say what degree of reliance can be placed on the estimate of 874,420. souls as the total civil population of the year 1926. But it is certain that our population is larger now than in 1921, and I shall be much surprised if the 1891 census does not again reveal a very appreciable increase in the Colony's population.

BATTLE NEAR CHINKIANG.

SUN'S TROOPS UNABLE TO

· CROSS YANGTSZE.

SHANGHAI,

a rural district into a large modern town, where in years to come it is not unlikely that a million or more persona will reside. This town has been provided with an ample water supply, with a splendid road system, with drainage and sewerage, with a hospital, with una pollen stations at Yaumati, Shamshuipe and Kowloon City and with a. breakwater and typhoon shelter at Mongkoktaul. All public works in the Now Territories, except the railway, have been paid for out of current révenue. In "broad, outline this means that, without raising any lean, we have made a detailed endastral and contour survey: of the New Territories, showing every paddy Bold and every house con." tained therein; we have built the Taipo Road and the road Castle BUT EXPECTED TO RETAKE Peak to Fanling and across to Shatalikek: we have erected all the,, police stations and public buildings in the New Territories; we have extended the Government telephone systers throughout the Turritories; we have made the Shamshuipe reclamation and materially assisted in the Kowloon Tong Development Scheme. Meanwhile on Hong Kong Island icsult we have constructed a system of first class motor-conds. We have built the magnificent Tytamtuk waterworks. We have participated in the original Praya Reclamation and the Frayn East Feclamation. We have done much drainage and harbour dredging work We have built the Wireless Station at Cape d'Aguilar, the lake Pier and the Queen's Pier. We have also erected a large number of excellent and spacious buildings, chief among which are the Supreme Court. the Post Offee Building with the Government Offices therein, the Fire Brigade Station with the Government Offers therein; the King's College, the Victoria Hospital extension, the Bacteriological Institute, the Central Police Station, the new Magia tracy, the Harbour Office and the Western Market. The donuntion" of £250,000 towards the cost of the Imperial Naval Base at Singapore was also made without recourse, to borrowing.

The present position with regard to the Colony's loans is satisfac tory and can be summarized in a few words,

(a) In 198: the Hong Kong Government raised a 4 per cent. loan of £200,000 for the purpose of constructing various public works. Of this loan a sum of £60,000 had been repaid by 1903 and the balance, amely £140,000, was in that year converted into a per cent. inscribed stock and Amalgamated with the additional loan of £200,000 then raised. When, in 1000, the Hong Kong Government fosted a further 3 per cent. lean for the construction of the British Section of Kowloon-Canton Railway, this The loan also was amalgamated with the Colony's previous lean. total of the consolidated 31 per cent. loans thus became £1,463,233 † and with a view to repayment, annual contributions of 1 per cent. are made to a sinking fund, which at the close of last year amounted to 323,78. This lann is due to be paid off in April, 1943.

During the Great War a local loan of $3,000,000 was raised by the Hong Kong Government as a contribution to the Imperial Government. on account of the mother country's war expenditure. This loan bears interest at 6 per cent, per annum and is in process of liquidation. By the lat May this year 32,100,000 had been repaid and arrangements have been made to repay the outstanding $900,000 on the 1st November next. No call will be made on the current year's revenue for this purpose, as the sinking fund will more than suffice. This liability will, therefore, soon disappear.

(c) The only other loan how outstanding is the Trade Loan, raised in 1925 to alleviate commercial difculties due to the anti-British boycott. Sums totalling 915,624,098 were granted under this scheme and nearly a third of this total has already been repaid. The amount now outstanding is $10,930,968. We have thus been able to repay £680,000 of the original loan of £1,800,000, which was floated in London to finance the scheme; and, as we recover money from local borrowers, it is applied to reduction of our sterling liability. The interest paid by local borrowers more than covers the interest due by this Govern ment in respect of the loan, which therefore throws no burden on the general taxpayer.

At the opening of this year, inspite of heavy expenditure on extraordinary public works and notwithstanding the anti-British boycots, the Colony still had a surplus balance of 88,496,290, of which a sum of about $1,400,000 can be regarded as liquid assets realizable for current expenditure. It is a splendid record and may we inspite us with confidence and give pause to those who talk wildly of making the barten island" it was before the Treaty Hong Kong once again of Nanking.

"

NO INTENTION OF CALLING A HALT. Gentlemen, we have no intention of calling any halt in the development of Hong Kong. On the contrary, we have it in mind to make further progress by constructing an aerodrome, which will enable us to participate in the world-wide development of commercial aviation, by further improving our water supply to meet the needs of our increasing population and by dredging the harbour, where neces sary, to a greater depth. But we think that future generations of colonists, who will benefit from the schemes now initiated, ought to share with us in the cost. We propose, therefore, soon to raise a loan by means of which to finance these new schemes: and if, as I for one fully expect, the future progress of Hong Kong is such as to rival its progress in the past, the burden of the interest and sinking fund on the new loan will not weigh heavily on the community.

The stability of our financial position has been amply tested by the events of the past thirty years. At the beginning of that period the Boxer year came and went without any check to the Colony's progress The Russo-Japanese War of 1004-5 did not disturb local development in Hong Kong. Even the Chinese Revolution of 1911, followed by the Great War of 1914-18, and succeeded by disastrous Fears of civil war in Chias, continuing to this day, has not impeded the advance of this Colony, which finds itself stronger now than when the cataclysm began. We have, therefore, every right to look into the future with perfect confidence. This Colony is a marvellous exempli fication of the results which can be achieved when Britons and Chinese collaborate in the development of a country. Such collaboration bas doce wonders for the Far East in years gone by and I am quite sure that the future holds even better things in store.

HONG KONG STOCK EXCHANGE.

CLOSING QUOTATIONS.

&0. Bank

SEPTEMBER 1ST, 1977.

29 bay...

It is of course, the harbour of Hong Kong and its shipping which has made the greatness of Hong Kong In this respect also the B.E. Bank .......... mu.....$1,072) nam, progress achieved during the past thirty years is wonderful and shows j

Do

London.....£113) nom. remarkable continuity. In 1807 the total number of ships engaged Chartered Bank £20 now. in foreign trade entered and cleared at this port other than junks Mercantile Bank, A. &B...23% nom. was 9,944 with a total displacement of 12,124,509 tona. Statistics of

O...183 nom. the total tonoage of all kinds entered and cleared are unfortunately R& not available for that year; but in 1909, the first year in which thear East Ara Bank 168 nom, âgures were recorded, a total of 21,333,566 tons of shipping of all kinds Canton Insurance360 sol.

Underwriters

****.lt now. entered and cleared in Hong Kong. By 1994 the total tonnage of all

Ti 18 nom. kinds, entered and cleared, had reached the record figure of 56,731,077 North China Los.

1:35 101. tons. In that year 30,240 ships engaged in foreign trade other than Yangters Ingisance...... $37 bay. juaks entered and cleared at Hong Kong, and their aggregate dis- Chius Fire Laurance...3210 buy. placement was 35,471,671 tons. It is interesting to compare the shipping Bangkong Fire Lu...... statistics of London and New York for that year. The details are Doug 133 buy. given in sessional paper No. 4 of 1927, but the result can be shown gumbo628..........121) mel..

Kung Tage*** at a glance as follows:-

..60 cts. Lado-Chinas (fre) $30 nom. Da · (DeL). ..............$18 bay. Shell Transporta......921. nom. Star Berzina, angaaeropo Waterbosta940 1941

Ports.

Hong Kong

London

New York ......

-1934

Foreign going ton. Fatal tonnage of "nage excluding

all kinds.

56,731,077

**** 47,064,078 40,022,503

35,471,071

32,557,403 37,773,000

Indisputably, therefore, Hong Kong is one of the greatest shipping porta in the world; and, although the anti-British boycott of 1925 and 1926 caused a decrease in the number and tonnage of the shipping entered and cleared at Hong Kong, there is every reason to believe that this set-back is only temporary and that a rapid recovery will be made as soon as normal trading conditions in China can be restored.

A WONDERFUL ACHIEVEMENT.

$54.60 bay.

Chins Bugac

** 32 961.

Malabon Engare immersede Benguela

$1.70 nom. Kain Mining Ad19/- bay,

ang

Beabe

18 BU Lang kata (combined)

Do (Cingle) ......... 9 B. Explorations.is, 3 no

Mla, 6. nom. Shanghai Loang,

$4 buy. Tranon Minos - mém...........19/3 com. Urai Caspiana.......... 5. nom H.K. & K. Wharis ..$112 sel -----H.K. & W. Dock......$36 nom

Hongkows

Tls, 140 bay.

A

Fla. 4 buy.

Roatys.$6

111, 901 bay. $544 bay. sol $12 buy, 121

9-nom $14 nom. ... Th. 7.80 buy.

Ma 1k buy

The achievement of Hong Kong in financing its amazing develop ment during the past thirty years by means of its annual revenue, Engineerings.. and without recourse to borrowing, is unexcelled in any part of Shanghai Deoka the British Empire In 1803 the Colony raised a loan of $200,000 HK. How at 33 per cent, interest and spent it chicy on water work a BLK. Land resuming insanitary properties at Tai-ping-shop. By 1809 the whole Hang of this loan had been expended. Since then all public works in the HK. Territorialn Colony, both ordinary and extraordinary, have been paid for from Humphreys Estates current revenue, with the exception of the construction of the British Frince's Building section of the Kowloon-Canton Railway, which was financed by a Rural Lands: sterling loan raised in 1006. It is worth while to pause a minute and Ewo Cottone | to reffect what this means. It means thut the whole of the development Orientals.

in the Kowloon peninsula has been paid for from current revenue. Shanghai Cottons (old),,,Tis, 61 com.

Do. (new)....Tla. Sój zom, This development has been nothing less than the transformation of

China Buses..........Tle. 7 nom. E.K. Tramways......$20 bay: 20.15 sl. Peak Trams (old) ....................... 14 sat

Do. (DE).........17 sel, Bingapore Tractions...10/9 buy, 11/- cel. Taxi uveitis (0

31 por. Amusements

$20 not. Canton Icen********

$5 .. Cementa (combined).$7

Do. (old $8,50 nom Do.

(now)

Chias Lights (comb.),.....$12; sel

Do. (old). nom." 10. (new) .....$ŝi nam, Chin Providents 4 cay, 4.15-xel

Constructions

Dairy Farms Dar A

Wings H.K. Electrics ****

Macao Electrics... HLK. Ropes (aki)

Do, (DAW). Lane Crawfords...

Mackintosh..........

Sincere.....

815.20 buy. 38 nom $54) bay:

$37 buy.

$10 noma.

„Ji pom.

#5 sei

$22 buy.

$ nom.

United Asbestos m $13 sel Watamu (old)· ..................... ...ślij nom.e Wm. Powells.cap. Telephoned............... ...$3.70 sel buybuya alallers; nomenamingh."

EXCHANGE.

CLOSING“ QUOTATIONS,

Or Lornox

September 1st, 1927.

SHANGHAI,August 27th.

As a result of several hours of pitched battle in the neighbour. hood of Chatse, off Chikiang, along the Shanghai Nanking line,

small detachment of Marshal Sun Chuan Fang's troops, which managed its way across the river early yesterday morning by means of sampans, sail-boats, cargo jaoks and other forms of rivercraft, was. forced back to the bank of the river" by the reinforced Nationalist army from Nanking, according to telegraphic message from General Bei Tsung Hsi this morning. A small portion of the Northern soldiery succeeded in ferrying back. across the river late in the after- noon, while a" number are reported to have been taken captives.

Heavy Bombardment.

A military wireless despatch re- ceived by the military headquar ters at Lunghwa states that two regiments cf well-equipped Na tionalist soldiers of the 1st Army encountered the Northern detach ment at 10 a.m. yesterday morning

in the open field between Chatso and Lungteng. Heavy bombard- ment took place, ride shots were exchanged, and for several hours the place was turned into a whirl- ing mess of sand, smoke and gua fire.

In the meantime a message was sent to the military headquarters of the Nationalist Army at Wusih, who immediately responded by sending a big detachment of rein- forcements to the scene, attacking the Northerners in the rear. As the Northerners were much weaker in number, and without heavy Artillery, they

repaised, sustaining numerous casualties.

were

It is believed in military circles here that the defeated units were beseiged by the defending troops from Lungteng and Wusib..

Before the Nationalist force started its military operations against the Northerners, the de- railed portions of the railway were promptly repaired by the railway authorities in conjunction with members of the army, so that various detachments of Nationalist troops can be entrained to ztrate- gic points at a moment's notice.

Armoured Train Derailed. The No. 1 Chua San armoured car, which was derailed early yes- terday morning at Chatte, has ar rived at Langteng, where it waits.

In a telegraphic message to his frleads in Shanghai, General Bei Taung Hai, who is now at Wusih, is said to have described how the Northerners met their well-deserv- ed Inte. According to certain Na tionalist authorities, the recent movement was only military camoufnge, calculated to hoodwink the Northerners, and induce them to ferry across the river, by with drawing the defence force at Chatse and the immediate neigh bourhood, so that the Northerners will once more acknowledge their military superiority.

In the meantime, it is learned that the Peihai fleet, which has **** been bombarding the Woosung fort the last few days, has returned to Tsingtao.

1/

·A Well Equipped Army,

From certain other sources, it was learned that Marshal Sun Chun-Fang boasts of a highly. disciplined and well-equipped army, and it will not be surpris ing to find the former Lord of the Eastern Rive Provinces here once again. It is also stated that the Nationalist Army' is short of ammunition and arms supply, while the Northerners, particular. ly those of Marshal Sua Chuan Fang's have cough at t their die- poxal

st

The railway, service along the Bhanghai-Hangchow and the Bhanghai-Nanking line has been suspended until further notice, ac- cording to an official announce meht posted on the bulletin board.

the Cat

station. Inquiries various quarters elicited the fact that the tentativo suspension of the service is not due to any mili- tary developments along the two lines, but to the appropriation of all of the cars by the military Many passengers desiring passage to Boochow and Hangchow were disappointed-Shanghai Meréury.

OF BOXSAY

Telegraphic Transfor Bank Bills, on demand...] '1304.

OF CALCUTTA Telegraphic Transfer ...1/11)

Fank Bills, on demand 1/1 7/10

- Bank Bille, at 30 daysʼsight Bank Bills, at 4 months

1/11

Grodite, st monthe sight 2/0-7/18 Documentary Bill, months sight.

On Paki

Bank Bills, on demand Uredits,months

(might

On New York

• Bank Billa, on demand

Telegraphic Transfer...

Bank

Bills, on demand...} 1304

ON SHANGHAL

Bank Bills, right

Private, 30 days" sight

CK Yötör On demand...

791

100%

9/09/16

OF MANILA-On demand.

OX BINGAPORE, On demand...

95 84

Ox Hisxoxo Oa de caand maa

дом

953

Ox Batavia. On demand .. 118 1,205

Credits at 60 days" rightm) --kay

(Continued að 1908

COW BIGOR=Dn demand

Os BissXOXO demand

Boyuter Banks Baying is 39.90

Boxs Laar, 100 Has, per task.

+