1928-07-25 — Page 3

La with Cocoa and begy

t

此四將 運不窮

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DELICIOU

THE

HONG KONG DAILY PRESS, WEDNESDAY, JULY 25th, 1928.

THREE MONTHS

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DECREASE OF NEARLY

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FALL IN INCOME AND SUPER TAX.

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WINDFALLS FROM ESTATE

DUTIES.

GERMAN FLIERS IN BRITISH RAILWAYS.

LONDON.

WARM GREETING.

LUNCHEON PARTY DELAYED

BY A GALE

The first official Anglo-German reunion since the war was marred on July and by a strong head wind in the North Sea, which delayed the NATIONAL REVENUE IN GREAT arrival in London of the Atlantic BRITAIN FOX THE THRES fliers, Baron von Hueuefeld, Major MONTHS ENDED JUNE A GOREGATED James Fitzmaurice, and Captain £145,360, 453, A DECREASE or £2,910,007 COMPARED WITH Tux Koehl, for more than two and a hall

CORRESPONDING

YEAR.

PERIOD

LAST hours. OF

THE CHANCELLOR OF THE EXCHI- QUER ESTIMATED A DECREASE OF £600,000 IN SUPER-TAX FOR

THE FINANCIAL YEAR 1928-29; VOR THE THREE · MONTHS IT VÍLAS TOTALLED £2,370,000. The

scal year has not started too well in the matter of the National Revenue and Expenditure, but the Returns for the first quar- ter. iesued on June 30th, are not without some redeeming features, comments the City Editor of the London Morning. Post.

Mr. 'Churchill's new form of ac countancy by giving certain items of revenue, such as postal and motor datice, in their net form, may be of use in simplifying the final balance-sheet, he continues, but it rather tends to obecure the actual movements in gross Revenue in some departments from week to week.

INCREASES AND DE- CREASES.

In the table which follows, there fore, comparing the original Budget estimates with the increase or de crease to date, we have kept as nearly as possible to the old form though it is impossible to analyse the receipts under the Postal Ser- vice "fully, as he figures of Tele- graph and Telephone receipts are no longer given separately.

Original

-

The Royal Aeronautical Society, the Royal Aero Club, and the Air "League of the British Empire had sent an invitation to a luncheon at the Savoy Hotel timed for lis

p.

Distinguished Company.

A GRAVE ORISIS.

£1,100,000,000 CAPITAL'AT

STAKE.

FALLING REVENUES,

The great British railways, in which more than £1,100,000,000 of capital le invested, are face to face with the most serious crisis in their history, says the Daily Express.

The slump in the value of rail- way shares represents a los of mot less than £100,000,000 to the British

invector since 1993.

Revenue ie falling heavily, parti- cularly from passenger receipts, and the, situation is so serious that Mr. J. H. Thomas addressed A grave warning to the members of his organisation at the opening of the National

The guests assembled. Lord Thomson, Minister for Air in the the conference of Socialist Government, was in the Union of Railwaymen at Bristol. chair. A distinguished company All the lacts relating to the de. awaited the arrival of the fiers, in cluding Herr Stbamer, the German Ambassador, the Master of Sempill,

and Sir Sefton, Brancker.

cline in revenue have been placed before the railway unions, as a preliminary to a conference of em- ployers and employed.

Half an hour after the time stated on the invitation cards there was

Lack Of Foresight. still no sign of the guests of honour. Shortly before 2 p.m. a message was

Mr. J. Gore, in his presidential received from Croydon aerodrome address to the annual meeting of stating that weather conditions had the National Uzion of Railwaymen delayed the airmen, who could not

at Bristol on July 2nd said: "We Possibly arrive much before 3 p.m.

critical They arrived at 245 pm, after are passing through a having battled with the wind all the period, owing in the main to in- was from Hamburg since 8.30 a.m. They received a tremendous wel- cressing road transport cempêti- tion, due to some extent to the lack of foresight on the part of the

come.

Major Fitzmaurice, in the uniform of the Irish Free State Air Force, and wearing British war decora railway directorates, who had be- tions, Baron Huenefeld, wearing come inibued with the false security his immutable monocle, and Captain that railway, transport was im Koehl, a blue jounge suit, took! their seats at the head table, and pregnable." plunged hurriedly into a luncheon which had been waiting for them for two and a half hours.

The Spokesman.

Little is being done by the rail- ways to meet new conditions and the competition of newer forms of transport, Much of the rolling.

Major Fitzmaurice made, a bright and amusing speech. He said that stock is lying idle on Sundaye, when in America he had been the spokes-hundreds of thousands are flocking man. In Germany Baron

yon to the countryside in motor-care,

Huenefeld had relieved him of that

Budget Actual Estimate Inc. or Dec. duty, and now he resumed it. The charabans, and on tramways." Inc. or Dec. to date. flight had been a carefully organised Miles and miles of permanent

£

scientific endeavour. The one mis-way are almost unused. The rail- +704,000 take they made was that of hot

way companies have turned a deal -510,000 carrying wireless.

Customs.... +10,477,000 Excite

Motor Veh.

+3,318,000

Duties.....+1,189,000

Pro- Ats Duty Corpn. Prof.

ROWLAND'S ST

SUPERFINE

WRITING

INKS

MA

LACK INK

AGENT WANTED

FOR

2

He gave a graphic description of car to the insistent demands for a +234,000 their historic "blind" flight through wide extension of cheap cxcursione. Estate Daties -5,310,000 +1,950,000 the mists of Labrador with nothing Stamps +870,000 +1,190,000 to guide them but the moonlike any of the railway directors are faces of the instruments, which old men, and hold-mutiplicity of Band Tax,

+20,000 seemed to grin at them in the un- directorships. +70,000 etc. Income Tax -17,653,000 -3,430,000 certainty.

Not a single director of the When I reached Labrador," he Southern Railway is under Afty. Tax -600,000 -2,370,000

said, "I was interested in these and the average age ie as high as fogs. I always thought that they sixty-eight. Sir Charles Owens is +1,000,000

are caused by the meeting of the eighty-two, and there are six other -280,000 330,000 Gulf Stream with the colder waters

directors who are more than of the Atlantic, but an old man in

ecventy years of age. Lord Kyl- Labrador told me that this is a common mistake. It appears that ut, who is sixty-fire, is director when the world was made the of forty other companies, and chair- -40,000 Creator took one look at Labrador, man of thirty-three of these. There and realising that it was a grim are eighteen directors in all, and +002,741 mistake, decided to hide it as often their fees, total £23,000,

as possible in fog!"

In Ten Years.

Tax Postal Ser- vice, Tele- graphs and Telephones +2,500,000 +1,500,000 Crown Lands +30,000 From Sendry

Loans

Miscellane-

ous:

་་་

+3,698,000

-17,343,000

+330,854

Ordinary *Special ... -3,396,000 -3,161,80%

-£21,357,000 - £9,910,007 In addition to the normal epecial receipts on which this figure

This item,

ESTATE DUTIES UP.

He believed that within ten years airplanes would be constructed cap able of flying the Atlantic easily and with the minimum of risk.

Among the guests at the luncheon was Mr. J. W. Dalanty, Commis

J

Average Age. -Sixty-two is the average age of the directors of the London and North-Eastern." They include Mr. A, H. Bibby, who is only thirty-

¿

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[ORDER BY THE BOX, MR E. D. Q WOLFE, C.M.G., CAPTAIN-SUPER- INTENDENT OF POLICE]

Folice Training School. The weekly classes for Police Reservists at the Police Training School, Kowloon, will, be held on Wednesday, July 25th, at 6. p.m. sharp. All members of the Chinese and Indian Companies who have not yet passed Part II. of training course must attend.

Squad Drill.

mine, but the other extreme is re- presented by Sir Hugh Bell, who is eighty-four, and directe ten other is based, the Chancellor estimated sioner for Trade in London of the companies, and Lord Jcicey, who is eighty-two. The company has for an amount of £13,200,000 from Irish Free State.

After the luncheon the threa twenty-dve directore. Currency Note Issue. however, will not come into the airmen visited the Daily Express The renty-two members of the accounts until the fusion of the offices, where they had their photo-board of the London Midland and Bank of England and Treasury graphs taken. Behind them on the Scottish Railway have an average Notex

wall of the editorial room hung two age of sixty-one. The Hon. A. H. is only of the most biting anti-German Holland-Hibbert, who cartoons drawn during the war, seventy-three, is the veteran of the Strube's "End of a Perfect Day" directors. This company pays out

£35,000 a year in directors fees.

All recruits of the Chinese and and My Hat."

The Great Western Railway have Indian Companies, and of the Flying Major Fitzmaurice, Baron YOG Heuenefeld, and Capt. Koehl were the distinction of having the young- Squad will parade at Central. the guests of the Four Provinces of est director in England on their Police Station on Thursday, July Ireland Club at a dinner in the board of twenty-six This is Major 26th, at 5.30 p.m. sharp for Squad Hotel Cecil. More than 500 attend F. B. J. Bibby, who is only thirty- Drill under Sergt. Condon. Dress:

five, but to counterbalance this Mufti. ed

Sir Sefton Brancker represented; there is Sir H. A. Yorke, who is the Air Ministry, and Herr H. Heighty, and four other directors in Dieckhoff represented the German their seventies. Embassy.

An outstanding, and unwelcome, feature in the figures, so far, is the decrease of £2,370,000 under the hend of Super Tax, although the Chancellor estimated only for a shrinkage of £000,000 for the year. A decline in ordinary Income Tax receipts was inticipated for the year of £17,683,000, partly owing to rebates in the matter of family allowances. The full effect of these remissions will come at the end of the year, but already there is a shrinkage for the quarter £3,430,000.

Lord Inchcape, who is seventy-five, ia concerned with the control of thirty-one other

The cheering last for nearly ten minutes when the airmen entered companies. of

the dining-room. Every mention of their names during the speeches caused & storm of applause.

The net decline of £2,910,000 in the Quarter's Revenue compare

HONG KONG. anticipated decline for the year of with an expected shrinkage of

APPLY:

The Tientsin Press, Ltd., Victoria Road; TIENTSIN.

HATS, GOWNG NOVELNES.

Felix.

• Lew Hoves BranNÉ,

How railway stocks bave fallen since 1023 is shown in the following

table-

39

"Highest Present

Price. Price.

91 Gt. Western Ord.... 118). LMS. Ord.

106163) 1804-

271 LN.ER. Preld.

13 LNER. Deld Southern Prefd. 8971 Southern Deid.

40 30 London and North-Eastern Rail way Four per Cent, Second Prefer. ence stock, which is trustee security, be fallen om 84 to 49% of the shock.

On the other hand, it looks na though Estate Duties once agai were going to falsify the more sombre expectations, the figures at prezent showing an increase of £1,980,000, te compared with an £3,310,000. Stamps, too, thanks to £21,327,000 for the entire year, and the activity in Stock Exchange is not therefore, in itself disturb Securities and new capital issues, ing. The year is still young, and already show 2.1 increase of better trade would make all the £1,190,000. The combined total differenpe. under the head of Postal Services Unfortunately however, high gives an increase of £1,500,000, national expenditure and burden- which is in excess of the official some taxation are not helpful to a loss of £30 for every nominal. £100 estimate:

trade activity, and the sagging

The following table of trafic re- tendency of the income and super- tax revenue is a disquieting though ceipt shows how great has been

the fall this Jedré A not surprising feature.

Customs, so far, show but a small advance, but much bli antici- "pated increase was to acords from new taxation, the effect of which The expenditure for the Quarter has still to be felt. Still, neither shows little change from a year ago, the Customs not Excise figures are and the deficit for the first three. Western

months of the ybar-deducting ordi- encouraging. T

The figures would have been truch nary revenue frin ordinary ex- LM.S worse but for the rise in Securities, penditure is £63,538,000, a com- L.N.E.R. Southern and the general financial, de dispared with £9,000,000 a year ago. tinct from Commercial Activity, which has given handsome gains Estirte Duties and Stamps.

(Continued on nest Column),

If, however the Sinking Fand were to be inchided an Expenditure (as it was last year) the deboit would be about £79,000,000,

a. Chinese Company: Advanced men of the Chinese. Company to be detailed by the O.C. will parade at the Police Train- ing School, Kowloon, on Wednes day, July 25th at 8 p.m. sharp for Extended Order and Baton Drill under Inspector Paterson Dress: Mufti, rife, side arms, and trus- chean to be carried.

Flying Squad.

EXCHANGE RATES.

[BRITISH WIRELESS SERVICE}

Paris...

·Gera

Berlin

Oslo

Helsingfors Athens

Buenos Aires New York Amsterdam Stockholm

Vienna Madrid

Bucharest Bombay Brussels Milan. Copenhagen Prague Lisbon Rio

......... Yokchaing" Shanghai Hong Kong

Rucey, July 3rd.

194.15

93.23

27,37

18.20

193+

375

47.13/39

4.867

1801

16.30

94.495 29.43 793

1/5.28/22

34.90

92.85

18.10

184

2.3/16

5.29/32

1/10.17/329)

2/8

2/01

Silver, spot & forward 27.7/18

COMPREHENSIVE AND COM PLETE REPORT

of the

The final instructional patrol of the month will take place on Thuis NEWS day, July 26th, and all members of the Flying Squad are requested to attend. Fall in at Central Police Station at 5.15 p.m. sharp. Dress: Khaki uniform.

Revolver Practice:-Members of

the Flying Squad who have not been passed out in Part 111, are required to attend at the Kennedy Road am, sharp, for Revolver Practice Range on Sunday, July 28th, at 9.30 under Inspector Booker Dress: Mufti

Déclife fode receipts compared to date. With 1927. Sharpshooters Company £13,083,000 £765,000 No revolver practica will take 23,030,000 1,986,000 place on Wednesday, July 25th A 23,183,000 1,404,000 revolver practice in fight firing wil 10,109,000 345,000 be held shortly, and date will bé These declines represent amounts announced later sufficient to pay good dividende on the railway companies' Ordinary stocks.

(Sgd.) W. KENT, A.S.P.. Adjutant Hong Kong, July 24th, 1928.

OF THE FAR EAST id given in the

HONG KONG

WEEKLY PRESS,'

which is incorporated.

*THE CHINA OVERLAND TRADE BEPURT,”

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