1931-05-21 — Page 1

O.K. SAUCE

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Page

Library, Supreme Court,

Hongkong Daily Press.

ESTABLISHED: 1857.

Registered as a Newspaper at the General Post Office in the United Kingdom,

Hongkongly

T Barnet Wavering Giractar

N. LAZARUS

OPTICIANS

18, Queen's Road Central

No. 22720. 號拾式佰仟弍萬式第 日伍初月肆年未辛 HONG KONG, THURSDAY, MAY 21, 1931. Я Price Single Copy, 10 cts.

How

.to

Economise

on. Your

DRINK BILL

Use

"Simplex"

Bottle Taps

LARGE-20 Measures to a Bottle SMALL-26 Measures to a Bottle

· Ask to see them at Caldbeck Macgregor's!

Sole Agents:

CALDBECK, MACGREGOR & CO., LTD.

(Incorported under the Companies' Ordinances of Hongkong). Prince's Building, loe House Street.

Tel. 20075.

HONG KONG, CANTON AND

MACAO STEAMERS,

JOINT SARVION of the Hong Kong, Canron and MACAO STHAMBOAT CO., LTD., AND THB ()HINA NAVIGATION Co.,LTD.

HONG KONG-CANTON LINE. Sallings from Hong Kong:Daily, at8AM. & 10.00P.M. Bailings from Canton: Daily, at 8 A.M. & 4.80 P.M.

HONG KONG-MACAO LINE.

SPECIAL SERVICE.

(Sundays 10.00 r..only) (Sundays {4.30 p.m. only)

BAILING From HONG KONG-Daily at 8 a.m., 2 pm, sad 5.30 p.m. (Sundays 9 am and 2 p.m. only). BAILING From MACAU Daily at a ., 8 a.m. and 2.00 p.m. (Surdays 9 a.m. and 4 p.m, only). SALOON FARES.

WEEK DAYS.-8logle: $3.00; Beturn: $5.00. SUNDAYS and EXCURSIONS.-Single: $1.50; Retura: $1,00,

EXCURSION TO MACAO:-

ON SUNDAY. zum 24H MAY, 1931

ON MONDAY, THE 25TH MAY, 1931

8.8. "SUI TAI"

Will depart from the Company's Wing Lok Street Wharf at 9 AM,

and from Mado at 4,00 F.M.

Nor-AU Steambost Company's 'Steamer are fitted with Wireless.

DIARY OF LOCAL MR. SNOWDEN'S BUDGET

EVENTS.

To-day.

(May 21.)

Queen's Theatre: "Whoopee." World Theatre: "Desert Song." King's Theatre Feet First." Castral Theatre: "Young Man of Manhattan."

Dances: Tea Dance at Hong Kong Hotel; Dinner Dances, Hong Kong Hotel and Peninsula Hotel.

European Mail.-Inward: Europe via Suez (Rajputana),

Friday."

(May. 9.)

Small Fulness (tsino-man); Pentecost (Jewish Calender). Annual Meeting of Shareholders, China Underwriters, H.K. Bank Bldg., noon.

SPECULATIVE OPTIMISM SEVERELY

CRITICISED.

A NICE TASK FOR THE NEXT CHANCELLOR.

The main impression which Mr. | for raiding it. It is doubtless- Snowden produces is quite clear. already advanced to the Treasury He is speculating on an early re-by a book-keeping transaction, rival of trade and prosperity. If against Treasury Billa or Ways and this prospect, were justified, there Means Advances. Thus the return would be auch in favour of the of this sum to the Exchequer will shifts by which he proposes to deal merely mean the cancellation of with the immediate situation. But these advances, and will furnish no ke gave no reasons for his hope. new resourers for the purpose of Nor are there anya

reducing the net National Delit.

Mr. Snowden's expedient is, therefore, no more than a polite way, not so inconsistent in form with his previous professions, of diminishing the allocation to the Sinking Rund.

Mr. Snowden's speculative op. timism permeates every part of his Budget. He begins by providing no recurrent revenue except the in- crease in the Petrol Duty. For £30,000,000 out of £37,500,000 he de pends on special receipts which Queen's Theatre: "Whoopee."

cannot be repeated But this is

The Sinking Fund,

World Theatre: Desert Song."

not all. In estimating his receipts Now, I knew one ought to regard from present taxes he has proceed any reduction of the effective Sink Central Theatre:

Young Maned on what appears to be a rosying Fuad as very shocking. That

is not my view.

of Manhattari."

King's Theatre; "Fect First." Dances: Tes Dance, H.K. Hotel Dinner Dances, Hong Kong and Fenisala Hotels and Hotel Cecil.

European Mail:-Outward: Europe via Siberia (Ranpura) 2.20

p.m.

Saturday.

(May 23.)

view.

The Inland Revenue Department

At a time when other outlets for stimating that die beaitates to by the redemption of debt appear have so fine & record of accurate the money which would be released. criticise their figuren. But to take to bio lacking, it is much better to ona item-Stamp Dutice-the Stock postpone repayment.. Repayment Exchange will be surprised, I of debt should not be made alo think, to learn that Mr. Snowden level annual regardless of chang- expects them so cujos more activity ing circumstances. On the con. and a large money turnover intrary, it should be on a largo scale 1030-31.

when investment is brisk and busi-

I approve, therefore, of Mr. Snowden's practice in this matter more than I approve his precepts, It is a comfort that he is ready

to abate in action at least one of his ** principles."

Income Tax Juggling.

Next, he provides no margin of ness. needs more funds and on revenue to cover the inevitablo small scale when investment is slock Whitann Eve.

Supplementary Estimates, which and ample funds are already lying are likely to arise either gut of idle. Lawn Bowls First Division:

the cost of maintaining the unem- Kowloon Docks 1, Civil Serviceployed or out of attempts to em- Craigengower e Recreio; Police. v. ploy them, as well as in other un- Kowloon; Taikoo . Kowloon Bowl foreseen, ways,

It would be safe, ing Green; Second Division: Re this Budget will end up a year I should say, to bet 10 to 1 that. creio . Craigengower; Civil Ser-hence with a realised doficit. vico Hong Kong: Electric; Kow- Raid on the Exchange Account. loon C.C. Yacht Club; Kowloon Broadly speaking, then, it will Bowling Green

probably be found in practice that "'. Taikoo.

Mr. Snowden has solved his probs Racing-Sixth Extra Race Meetlem mainly by handsome raid on ing. Happy Valley, First Badding the Sinking Fund. For this is the Bell, 2 p.m.

result of a realised, deficit. It is Queen's Theatre: "Min and Bill," also the result of his expedient of World Theatre: "The Desert taking £20,000,000 but of the so- Song."

called Exchange Account. There is, Central Theatro: "Young Mau of by the way, a good deal of mis- Manhattan."

understanding about this Account. King's Theatre: "Fect First”

It is unlikely that the sum which Dances: Tea Dances at Honghe is taking from it exists in the Kong Hotel and' Peninsula Hotel; shape of dollars in New York, for Dinner Dances at Peninsula Hotel

the fact that it is no longer neoded and Repulse Bay Hotel.

for buying dollars is the reason

But when we turn from his ex pedients for avoiding taxation to the taxes which he has neverthe- less to impose, I, find less reason to applaud. His adjustment of the dates of payment for wrtain classce of income tax payers is, of course, an increase of tax for those affect- ed. The money does not come from nowhere. It does not reduce re- ceipts in subsequent years. For these income-tax payers it is an additional payment which they, as

a class, will never be able to re-

coup.

2

(Continued on Page 4) -

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Fruit

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King's Theatre Building

Julienne Clear Soup

Fried Fillet of Fish, Tartare Baucé

Saipe on Toast, Saratoga Chipa

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