1933-07-26 — Page 2

POWELL'S

HONG KONG DAILY PRESS, WEDNESDAY, JULY 26, 1933

SUMMER SALE

NOW ON

We enumerate a few of the many bargains offered, there are many more and you should not miss this great opportunity of replenishing your Wardrobe at EXTREMELY DESIRABLE PRICES.

*** GLYN'§,” ́STETSON " & "BORSALINO

FELT HATS

AT HALF PRICE

are the main item of this Sale. The early arrival of the first of the new Autumn shipments warrant us cleaning all surplus stock. This being done at

#

HALF PRICE

SUN HELMETS, CAPS, STRAW HATS.

SOCKS

&

GOLF HOSE

A large assortment is being

offered in three groups.

GOLF HOSE

$1.

45 $2.95 $3.75

$1.25

20%

...

Discount will be

allowed off REGULAR STOCK for Cash.

SOCKS

95 cts. $1.4 45

BATHING COSTUMES.

in all sizes from 30" to 46′′ chest.

HALF PRICE

The small sizes will it boys from 10 years old and upwards. ·

KELTIC"

ODDMENTS

in

FOR DAY

WEAR

UNDERWEAR

HALF PRICE

་།

NECKWEAR

A large assortment of Bow Ties are being offered at

$1.00 each

Usually $2.00 to $2,50 LONG TIES from $1,75 TIES & HANDKERCHIEFS to match HALF PRICE.

SHIRTS and PYJAMAS. Many oddments have been sorted put and drastically reduced.

Shirts from $2.95 Pyjamas $5.75 worth double. *

FOOTWEAR

RAINCOATS

FOR DAY WEAR

at

25%

in Black and Brown Leathers

At 25% Discount ⠀ ALL SIZES—~ALL FITTINGS

INSPECTION INVITED.

Wm. POWELL,

Discount off Regular Prices

Ltd.

9, Queen's Road Central. The Gentlemen's House Ice House St. Corner.

FOUNTAIN

DRINKS

THAN

EVER

SODA

BETTER

TRY A "LIME RICKEY

YEAST SHAKE OR MILK AND SODA NOTHING BETTER.

The Dairy Farm, Ice & Cold Storage Co., Ltd.

THE SUEZ CANAL COMPANY

SEVERE CRITICISM OF PRESENT

SIR

CHARGES

OLD WILSON'S ADVICE TO SHIPOWNERS

We reproduce from the Crown Colonist the following article, ummarising the criticisms pareil on the management of the Sues L'anal, and the rates charged, by Sir Arnold Wilson, This ques- 'tian in a matter of great concern to shipping companies operating in the Fast, and in fact to all who have interests in this part of the world

In March of this year, Sir Arnold Wilson drew public atten- tion to the question of the charges levied by the Suez Canal Company upon shipping and the policy and general conduct of this great inter- national undertaking. Since then be has carried on a systematic cam paign, "delivering addresses before various interested bodies, among the more recent being the Joint East African Board, the Royal Empire Society, and the Colonial Section of the Royal Society of Arts, and furnishing voluminous figures and facts in support of his demand for an impartial inquiry. It is understood that he has now a book in preparation upon the whole subject. fi

to

Sues and Panama Canals.

Compared.

U.S.

AGRICULTUR AL RECOVERY

A Social Job

MORE THAN MERE ECONOMICS NEEDED. Washington Rehabilitation of agriculture is rated a social as well for a new national economy. as an economic job in the program

"

In a paper delivered before the Colonial Section of the Royal So ciety of Arts, Sir Arnold Wilson drew an illuminating comparison between the Suez and the Panama Canals, full of interesting facts and figures, from which we ex- tract the following. Other com parisons have been given inciden tally in the foregoing paragraphs. The Suez Canal is owned and controlled by a commercial com pany incorporated and domiciled" in Egypt, subject to Egyptian laws and customs, operating under a concession" from the territorial Advocates of the program which government confirmed by Turkey congress has approved for the farm- Be Suzerain Power. The Panama for farm commodities into a weapon er see it translating higher prices Canal in owned and controlled by the U.S. Government, who con-

against debt, lost purchasing power vene, pending the expiry of the structed it and maintain it in and wasteful production concession in 1968. British and virtue of a series of international In effect, congress says to the other shipowners who are affecterenties. The Suez Canal is about farmer: must, therefore continue to pay in long. The Suez Canal runs at sen to keep your home and your busin 100, the Panama Canal 50 miles dues nearly three times as much level-the Mediterranean tide being ess and even up commodity and dol- The government will help you per ton or per passenger, as is negligible, and that of the Red Sealar values, but you must reduce necessary to provide for working only some 8 ft. expenses and depreciation and re- serve, and still leave a dividend of end to a height of 85 ft. above sex purchase the products and services The Panama, your production to a profitable re Canal rises by three locks at each lation with consumption so you can 50 per cent., or so, for the share level. The Suez Canal cost, in all, by which the rest of the pulation holders, from whom, excluding the British Government, the French Canal £75 millions, and the cost Government derived some 70,000,000 of maintenance and operation la in

£30 millions to build, the Panama make a living." fr. annually by way of income about the same proportion. tax.

ends of both. canals are joined by a railway. The Suez Canal is un- provided they can get there, on pay fortified, is open to the commerce of all nations in peace or in war,

Panama Canal is a fortified zone 8,000,000,000, of 4 per cent bonds ment of the authorised dues.

The 12 federal land banks are authorized to issue an aggregate of under the military occupation of for the purpose of making new the forces of the U.S. Goverment loans to farmers at 43 per cent, in- clave within the body of the Revent foreclosures; and may exchange public of Panama. The Panama bords for mortgages not in excess. an imperium in imperio or en-terest, purchasing mortgages to pre

official appointed by the President Canal zone is governed by an of the USA, and is subject to for lowering interest rates to farm- of the reappraised property value. American law.

To compensate federal land banks salary is £2,500 a year or so the principal, the federal treasury (810,000)-less than that of any of The governor's

ers and deferring installments on the 32 directors of the Suez Canal. The Suez Canal zone is only ad

is to make $15,000,000 available to ministered so far as necessary for the purposes of its business by the Canal Company and is an integral part of Egypt.

its

The Heaviest Burden.

Arnold in one of his addresses was Among other points made by Sir

We commented upon the matter Pany averaged 65 per cent of the that the surplus profits of the com- editorially in our May issue, but due levied, that the burden on in view of the importance of the shipping was greatest when question

the Colonies and earning pawez was least, and how Colonial trade, especially to East amounted to 1 per cent. of the Africa, Ceylon, Malaya and other groas freights cutward and inward, Colonies in the East, we think it In 1931 the cargo per measurement desirable to summarise the essential ton was 50 per cent, less than in facts, which we have chosen from 1819; and with sterling at a dis the addresses and papers delivered | count of 30 per cent., the dues ap by Sir Arnold Wilson before vari-proached the limit of the tolerable, ous bodies during the past few mounting as they did on the average, to 88. a ton of 40 cub. ft. When a ship was lightly laden the dues" might be, and frequently, were, equivalent to 20s, a ton of 40 cub f. On bulky cargoes it might be more and was often 10 per cent of the landed value.

months

Lieut. Col. Sir Arnold Wilson, K.C.I.E., C.M.G., C.S.L., D.S.O., has had a distinguished, career in the political service in India. He was Civil Governor of Mesopotamia during and after the war, and has ten years' experience of overseas Suez Canal measurement is 15 business. He is the author of

per cent, or 20 per cent, more than several books on Persia and Mean registered net tonnage: Panama potamia, and is now a Member of Canal measurement in practice is Parliament In this matter of the Suez Canal, he represents no parti-net tonnage. In these times, and not more than 3 per, cent. above cular interest and has no other for some years past, a shipowner object than to stimulate impartialis lucky if he can carry on the consideration of a grave problem average as many tons of cargo both which, unless a satisfactory solu- ways as his registered tonnage. A tion is found, may become an in-typical ship, of 5,300 net tons is "creasing cause of international fric. charged 6,500 tons by Suez Canal

The Present Situation.

measurement and pays 19 gold fr. a ton for the double journey; The Suez Canal was opened £4,500, which works out at some in 1880. It originally cost £30 thing like 7 gold ir a ton. The milions, towards, which the Egypdicate that they paid on the aver- Egures of six ships of one line in- tian Government contributed £16 millions; the balance being provide 88. per ton of cargo.. ed mostly in France. The conces sion under which it operates will terminate in 1968 and it thus has

tion.

some 35 years to run. The 'Panama

Suez Cansidues on coal are equal to 373 per cent of the f.o.b. cost. On fuel oil they may reach

15 per cent of the c.if. cost. In each case the ship must go, as a

rule, in ballast one way. On bulk goods of low value, such as sisal and manganese ore or pig-iron, the dues run to over 10 per cent. ad valorem and be it that of the gross receipts 11 per rémembered cent, is a reward to capital.

Canal, on the other hand, cost £75 millions-3 times as much-anl costs about twice se much to run, Yet the Suez Canal dues, even be fore the dollar went off gold, ware nearly 25 per cent, greater on the average than Panama Canal dues, though the latter was paying its way. At current rates Panami Canal dues were nearly 50 per cent, less than those charged at Port Said. The effect was to give an appointed by commercial interests There are seven British Directors artificial advantage to American-in practice by shipowners using trade with the Far East and an equally artificial advantago

the Canal. Producers, and espe Japanese trade with Agintic coun Colonies and Dependencies east of cially the Governments of British Suez, who are very greatly con- The

tries.

to

Directors of the Canal Company.

On this ground alone the ques-cerned, have no say at all. tion of Canal, dues merits the closest attention of the maritime nations of Europe and especially of this country. Taking the aver age of the last 12 years, 17 per cent of the gross receipts have sufficed, for interest and sinking fund, 8 per cent. to depreciation and reserves, 21 per cent. as bonus to directors and staff. 72 per cent. has been distributed to capitalists in one form or other.

three official directors are now, in the words of an Under-Secretary of State for Foreign Affairs, mentary

usually

persons with Parlin The names of those who now hold or official experience " this office are

Predominent Empire Interest,

More than half the shipping using the Canal is British, and nearly three quarters of the cargoes, carried under all flags through the Canal either auginates in or is destined for a British Dominion or Colour or Mandated Territory, or Great Britain itself, or is carried between foreigif ports in a British Vessel The interest of the British Empire as a whole in the Canal is thus overwhelming.

(1) Bir Ian Malcolm, for many years a Member of Parlia ment and a Private Secre tary to Lord Salisbury and Mr. Balfour (appointed in (2) Sir John T. Davies, for 10

·Jpara Private Secretary to Mr. Lloyd George (1922); (3) The Earl of Cromer (1926), Management Committee; the two The former is a member of the last named of the Finance Com- mittee. The thirty two Directors draw between them apart from certain personal expenditures, such as the tosh of journeys to visit the Suse Canal and their expenses to Paris for the meetings of the The British Government holds 46 Board a sum which, calculated or per cent. of, the shares and has on 2 per cent of the net prohtë, the average received a dividend of famounts on the average of the last 44 per cent, per annum for the past four years to over Fri 14 millions, five years but it allowance be which is more than double the made for the amortised shares on figure for 1924, for, as profile of which full dividends are paid (less shipping have fallen, so have pro- 5 per cent) it would be events of the Canal Company increas higher Though it holds 48 per ed, How this sum of nearly cont. of the shares it does not get £190,000 is divided betweep them is 48 per cent, of the profits, but only not publicly known, but whatever 46 per cent of 71 per cent the the amount, it is based upon a balance of 29 per cent. goes to the vicious principle, Appointment: is Credit Foncier and other bane in practice for life; there is no ficiaries in France, the directors retiring age, and it is not an office The dues on loaded ships are, at Exercise of their functions, the ducsonded are, uxerunt the Crown In the present, & f. per Suez Canal ton, Directors are responsible to the on ships in ballast 3 fr. against a Foreign Office, but are virtually permissible maximum of 10 fr. "In immune from criticism in Parlia 1883 the company agreed to reducement, and questions as to the figan, transit duties on loaded vessels to cial position, and management of o froton when the distributions the Company are disallowed by the reached 25 per cent. That agree Speaker, on the very proper ground ment appears to have been broken, that the Ministers of the Crava and it may be presumed from the are not responsible to Parlian silence of the British Foreign for the proceedings of the Co Office that it felt usable to inter-pany.

The

The

J

Xew Instrumenta" The instruments of the program and their resources are z

1. Farm Credit Administration 82,349,000,000.

ministration $100,000,000.

Agricultural readjustment ad-

them as losses accrue.

the farm loan commissioner is anth- Mortgages Attacked, Striking at the root of the farm- er's second

mortgage difficulties

Panama Canal tolls are #1 per orized to use $200,000,000 to refin net ton and 60 cents per net tonance any indebtedness wherein credi for vessels in, ballast, net tonnage tors scale down their claims in being fixed by special Panama proportion to the decline in the Canal Rules of Measurement. Suez capital value and earning power of respectively, per net ton, fixed by working capital for farm opera Canal tolls are 6 and 3 gold fr, the property involved; to provide Suez Canal Rules.

tions, and to assist farms in redeem- that shipowners have one remedy

Sir Arnold Wilson has suggesteding foreclosed property. which they can apply, namely, to is a 8190,000,000 revolving fund The third major credit provision refrain from using the Canal when-authorized by the farm credit act ever possible. He makes the signi- of 1933 for the federal purchase of fcant point that at present not capital stock in production credit bound for Australia pass through more than 10 per cent. of the ships asiations and corporations, the Canal, against 25 per cent, six years ago The loss of traffic is not creditable to the management of the company. It indicates that it is not keeping abreast of trade developments, but apply conditions which may have is trying to been bearable when commerce of the world was much more active. Un

questionably, the matter is of very grave moment to the trade of all the British Colonies and De- pendencies east of Suez, and merits State for the Colonies. the serious attention of their Gov- ernments and of the Secretary of

difference between the open market at which it would have to sell to price of a commodity and the price restore its pre-war purchasing po

wer

Taxes Planned.

"The associations, one to each federal land bank district," provide" Toans to individual farmers for crop and livestock production, and, the corporations or banks similarly dis- led farm board in financing coopera- tributed substitute for the diamant- tive marketing agencies.

readjustment administration moves to lift the surplus pressure from Simultaneously the agricultural

wheat, cotton, corn, hogs, tobacco, milk, and milk products,

tion to farmers for reducing The act provides that compensa- acreage or production be financed out of a processors' domestically consumed portion of tax on the the commodity served.

In addition, the processors tax may be used to pay producers the Continued on. Drèvions column),

NOW ON SALE

Changing China

A quarterly non-political review

life and conditions in China.

Changing China is an interesting and useful quarterly. The articles which contains have been written in the form of letters by men and women of various ranks. of life who are living in the interior of China. They are not professional writers with any axe to grind but are describing what have actually seen and experienced The reader gets a picture or rather a series of pictures of life in Modern China, and at the same time a resumé of the progress made in mdustrial development during the past quarter"

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