1939-04-19 — Page 8

PAGE 8-HONGKONG DAILY PRESS

EDITORIAL

NEW ADVERTISEMENTS ADVERTISEMENTS ADVERTISEMENTS The Daily Press.

GANDE, PRICE ́ & CO., LTD.

HONG KONG & YAUMATI FERRY COMPANY, LIMITED.

NOTICE IS HEREBY NOTICE TO GIVEN that the THIRTY. SECOND ORDINARY AN. NUAL MEETING will be held

at the Company's Office, No. 2, Ice House Street (St. George's Building) on SATURDAY, the 29th April, 1939, at 12 o'clock noon, for the purpose of receiving the Report of the Directors to gether with a Statement of Ac. counts for the year ended 31st December, 1938.

THE TRANSFER BOOKS of the Company will be closed from the 22nd April, 1939, to 29th April, 1939, both days Inclusive.

By Order of the Board of Directors.

J. N. WONG,

Secretary. Hong Kong, 19th April, 1939.

PUBLIC AUCTION.

313

PARTICULARS AND CON. DITIONS of the Sale by Public Auction to be held on Monday, the 24th day of April, 1939, at 3 p.m., at the Offices of the Public Works Department, by Order of His Excellency the Governor of one Lot of Crown Land at Mount Cameron Road, in the Colony of Hong Kong for a term of 21 years...

I

Intending bidders are advised that immediately after the dis- posal of the lot the Purchaser (if not the applicant) will be re- quired to deposit with an authorix. ed officer who will be present at

the sale, the sum of two hundred dollars, ($200) in cash. This

SHAREHOLDERS

The fifteenth Annual General

Meeting of Shareholders will be held at the Company's offices at the Jordan Road Ferry Pler Kowloon, on Wednesday, the 26th April, 1939, at 12 Noon, for the purpos: of receiving the re- port of the Roard of Directors together with a statement of Ac- counts for the year ended 31st

December, 1938.

The transfer books of the Com." pany will be closed from the 15th April to 26th April 1939, both days inclusive.

LAU TAK PO, Managing Director.

THE HONG KONG, CANTON & MACAO STEAMBOAT CO.. LIMITED

NOTICE to SHAREHOLDERS

UNION INSURANCE

SOCIETY OF... `CANTON, LTD.

NOTICE TO

SHAREHOLDERS

NOTICE IS HEREBY

GIVEN that the ORDINARY YEARLY MEETING of the Society will be held at the HEAD OFFICE, Union Bullding, Hong Kong, on Friday, 21st APRIL, 1939, at 11 am., for the purpose of receiving the Report of the Directors and the Statements of Account to 31st December, 1938, and of declaring Dividend, etc.

The SHARE TRANSFER BOOKS of the Society will be CLOSED from 3rd APRIL to 21st APRIL, both days inclusive.

報西刺在

Editorial and Business Omce: 15-19, Queen's Road Central Tel 30251.

Night Editor (Wanchal Office):

Tel. 24511.

London Office: 33, Fleet Street

E.C.4.

HONGKONG, APRIL 19, 1939-

CHINESE

BANKERS

RACE - GOER

OPTIMISTIC Portrait of an ardent turf fan

Re manifesto DEALISTIC OPTIMISM per-

which concluded the Second

Local Financial Conference held in Chungking under the auspices of the Ministry of Finance. Only a few speeches and brief accounts "appeared in the Chinese press, but the

manifesto revealed its accom-!

By Order of the Board,

A. W. HUGHES,

General Manager.plishments. Hong Kong, 20th March, 1939, 248

THE CHINA FIRE INSURANCE CO., LIMITED.

NOTICE TO

NOTICE is hereby glyen

SHAREHOLDERS that the ONE HUNDRES and NINETEENTH ORDIN. NOTICE IS HEREBY ARY MEETING OF "Share GIVEN that the SEVENTIETH holders in the Company, will be ORDINARY YEARLY MEET. held at the office of the Company, ING of the Company will be Queen's Building, Victoria, Hong held at its HEAD OFFICE, Kong, on Friday, 28th April. Union Building, Hong Kong, 1939. at noon, for the purpose of on FRIDAY, 21st APRIL, 1939, receiving a Report of the Direc at 11.20 a.m., for the purpose tors, together with a Statement of receiving the Report of the of Accounts, and re-electing Directors and Auditors.

The TRANSFER BOOKS 0 the Company will be CLOSEJ from 22nd April to 28th April, 1939, both days inclusive,

By Order of the Board of Directors.

1

H. DA LUZ,

Secretary.

Hong Kong. 14th April, 1939.

296

sum will be refunded on payment. CHINA UNDERWRITERS.

F

of the Purchase price.

PARTICULARS OF THE LOT.

No. of Sale.

Registry No.

Lot No. 375, Mount Locality.

Garden Lot

No. 100

Cameron Road. | South of & adjoin- ing Rural Bauding

Boundary 23

Measure

ments.

Et. ft. Fl. fl.

An per

sai plan.

Square feet.

Coufeute is

Annua

bont

14,140

32

Rental.

JUpset Prize,

IN THE SUPREME

COURT OF HONG KONG.

LIMITED. (Incorporated in Hong Kong)

NOTICE is hereby given that the Fifteenth Annual Ordinary General Meeting of Shareholders of China Underwriters. Limited. will be held at the Offices of the Company, 4a Des Voeux Road Central, Hong Kong, on Friday, the 28th day of April 1939, at 2.30 p.m. for the purpose of re ceiving the Report of the Board of Directors and a Statement of Accounts for the year ended 31st 314 December, 1938, and of electing

Directors and Auditors.

The Transfer Books and Re-

PROBATE JURISDICTION.

IN THE GOODS of LAURA KATE PEARSON late of The Garden House,

Directors and the Statements of Account to 31st December, 1938, and of declaring Dividends, etc.

The SHARE TRANSFER BOOKS of the Company will be CLOSED from 3rd APRIL to 21st APRIL, both days inclusive. By Order of the Board,

A. W. HUGHES,

General Manager.

THE CONFERENCE was the second of its kind, the first having been held in Hankow some eight months previous- ly. It was attended by score: of bankers-either managers or chairman of boards .of

general

taken at the Valley.

photo).

(Leica

HERR HITLER'S

BIRTHDAY

Danzig Nazi's Offer

DANZIG, April 18 (Reuter)~~ The Nazi leader, Herr Foerster, » is expected to offer Herr Hitler the Honorary Citizenship or Danzig during the celebrations ta Berlin of Herr Hitler's Aftieth birthday.

NATIONAL HOLIDAY

WEDNESDAY, APRIL 19, 1939.

CHINA'S IMPROVING FINANCIAL POSITION

Comprehensive Review By Dr. H. H. Kung

CHUNGKING, April."18 (Central)-Improvement in China's finance. was reviewed by Dr. H. H. Kung, Pre- sident of the Executive Yuan and concurrently Minis- ter of Finance, in a speech "over the radio.

Dr. Kung considered the following items as the mast notable financial measures instituted during the last six years:

(1) Adjustment of taxation:) Heretofore, the Chinese taxa- tion system had had as its backbone the revenue from the indirect Customs duty, salt tax and consolidated tax.

reconstruction budget from $13,000,000 to $95,000,000, and the subsidies to local govern- ments from $55,000,000 to $100,- 000,000.

Economic Plan

He revealed that special' atten- But the system had its pitfalls because it was inequitable, ition was given to the acceleration Was not conducive to the of reconstruction projects in the promotion of native indus-1937 budget wherein a special fund tries and it failed to protect of $400,000,000 was set aside for

the high-priced native pro-launching a five-year economic-

ducts against foreign com- plan. "That was part of China's petition.

national poilcy and was closely re- lated to the future of the nation's finance.

New Tarif To rectify these mistakes, the

(3) Adjustment of China's do- Government, as far as the customs

mestic and foreign loan: As duty was concerned, promulgated China was busy building up her a new tariff in 1929. This was national defence and her economic followed by repeated revisions of reconstruction, she found it neces-

BERLIN, April 18 (Reuter-Herr the import tarif in view of its

was increased yearly. Before the directors who Hitler's birthday on Thursday will close relation with the import and sary to doar loans, which figure came from fourteen different be declared a National Holiday by export trade and productive enter-war broke out, according to Dr. provinces. The meeting last-order of the Ministry of the In-Prises at home. Now an import Kung, China's loan policy was two-

duty as high as 80 per cent is im-fold: ed six days, during which terior.

First. to reduce the interest rate addressed by The order also applies to Moravia posed on luxury articles, while an

import duty as low as 5 per cent is and to break up the "loans into- they Generalissimo Chiang Kai- and Bohemia.

levied on productive machinery smaller amounts in order to aller ** This has resulted in providing viate the "people's burden. This some form of protection to home includes the flotation of the Con- shek and Dr. H. H. Kung.

industries.

were

ACCORDING to the mani- festo, among the matters dis- cussed at the conference were the increase of production, promotion of export trade, stabilization

of commodity prices, food supplies, and the development of natural re- sources. Considerable time was spent on the, practical!

the of attaining question closest co-operation betweën Anancial houses and economic development in time of war as a means of defeating the Japanese attempt at China's economic suffocation. ...

FIRST OF ALL, the bankers

MADRID VICTORY

PARADE

MADRID, April 18 (Reuter)— Over half a million troops will take part in the Madrid Victory Parade, which has been pro- visionally Alxed for May 15.

The Parade will officially mark the dad of the Civil War and Gen. Franco is expected to make an important speech.

AGREEMENT IS REACHED.

solidation Loan, the, exchange of Meanwhile, the export tariff old government bonds for new the has been twice revised and re-

ones, and the extension of duced, and the ultimate aim of period of redemption so as to re- the Government is to abolishduce the interest rate and devote the export duty as a means of encouraging the nation's" out- going trade.

the surplus sinking fund for the Issuance of the Recovery Loan. That accounts for the fact that although the amount of loans has Increased, the interest to be paid has not.

Salt Tax With regard to the salt tax, the the Ministry first centred its at-

To Maintain Credit tention on the standardization of the various levies in the different Secondly, to maintain China's salt districts. At the same time, credit both at home and abroad. adjustment was made, to the di- All the domestic and foreign loans versified rates In the nope of which were properly secured were- achieving some form of equity. duly met both in interest and Adjusted were the were taken to ad-

Hong Kong, 20th March, 1959. unanimously endorsed econo- Croatian Autonomy and is lotion of mile and the just those which were not proper-

BRITISH TRADERS' INSURANCE CO., LIMITED.

NOTICE TO

mic. mobilization as a deter-

249

Problem

(Reuter-

This determination on the part of China to uphold her credit, also accounts for the willingness of Britain and the United States to lend big ruins of money to China despite the fact that she is deeply en- grossed in a war.

betterment of the preventive ser- ly secured. That was why in the

period pre-war

the value of vice. mining factor in modern war-

Concerning the consolidated China's domestic and foreign loans fare, hence everything must ZAGREB, APH 18

unprecedented be done to invigorate the The

Premier. Yugoslav

M. tax, the Ministry has concerned rose steadily an nation's financial institutions Tsvetkovitch, and the Croatian itself with the adjustment of the case. and to expand and readjustį Oprostion Leader, M. Matchek, tax rates, protection of the manu- and suppression of their business activities. Due announced that they had reached facturers,

the basis for a smuggling. Revenue stamps are to the guidance of the gov-agreement on

sold by the post-offices ernment authorities during discussion of the Croatian auto- now

throughout the country, and a the past few years, a firm nomy problem.

The agreement will now be more simplified system has also foundation has already been

referred to the parties concerned, been evolved in connection with after which M. Tsvetkovitch and the native wine and native tobacco established in the matter.

-NEVERTHELESS, the bank- M Matchek will hold a further taxes ers agreed that there are a meeting, probably this week, number of things in which

Oom was left for improve-important territorial questions are ment, among them being: settled. a Government could be how to checkmate, the cir-formed representing the Govern culation of banknotes issued ment Party, the Croats. Serbian

Japanese by.

or puppet- and Opposition Party.

It is emphasized that once the

Revenue Increase"

(4) Adjustment of local finance: Under the direction of the Central Government, appreciable progress has been achieved in the institu- tion of a local budgetary system." abolition of excessive taxes and levies, and introduction of land re- gistration.

SHAREHOLDERS ·

NOTICE IS HEREBY GIVEN that the SEVENTY. THIRD ORDINARY YEARLY MEETING of the Company will be held at its HEAD OFFICE. Union Building, Hong Kong on FRIDAY, 21st APRIL 1939, at 11.25 a.m., for the purpose of receiving the Report of the government banks in the war

BOY SCOUTS Directors and the Statements of zones, how to prevent the

BANNER BALLY Account to 31st December, 1938, absorption of raw materials and of declaring Dividend, etc. by the Japanese, how

The Eanner Rally, which is part commodity prices, of the Prince of Wales Banner The SHARE TRANSFER stabilize gister of Members of the Com. BOOKS of the Company will be how to foster productive en- Competition, will take place at venue. pany will be closed from the 21st CLOSED from 3rd APRIL to terprises, and how to encour~1250 p.m. on Saturday next at the gated the collection of income tax execution of the Central Govern-

age the people to exchange Diocesan Boys School grounds, in October, 1936. Late in 1938, the their hoarded gold or silver Kowloon.

April, 1939, to the 28th April.

1939, both days inclusive.

11.

By Order of the Board of Directors, HERBERT R. STURT,

Managing Director.

Hong Kong, 17th April, 1939.

311

21st APRIL, both days inclusive. By Order of the Board,

4

A. W. HUGHES,

General Manager. Hong Kong, 10th March, 1939.

250

for banknotes.

to

of the Scout Promise by all mem-

by HE the Local Chief Scout:

Due to these taxation re- forms, the revenue of the Na tional Treasury has increased. Between 1932 and 1936, the tax revenue Increased from $580,000,000 to $790,000,000, However, the Government-realis- Finance Strengthened ed that the introduction of directi

Henceforth, Dr. Kung proposed taxation was the most logical way

to strengthen the Central Govern- of improving the taxation system ment's supervision of the local and increasing the nation's re-finance; tighten financial disci- Consequently. It promul plinc, oversee the local authorities ment's programmes for increasing Government, also completed pre- the circulation of currency, dove- Proceedings will commence, with parations for the introduction of loping local economy, and culti

vating revenue sources;" "improve REGARDING the struggle the breaking of flags, the renewal inheritance and war profit taxer.

(2) Adjustment of the nation's the collection of local taxes, and for economic supremacy in

According to Dr. adjust the local financial machin- Kung, the expenditure of the Na-ery and heighten the efficiency of the war zones, the Chinese bers and presentations to members expenditure: bankers all concurred in their

tional Treasury' jumped from $700,- the personnel. manifesto that the Chinese]

000,000 to $1,200,000,000 between (5) Wartime financial mea- must employ all forces to the Chinese bankers, for they 1932 and 1936. Compared to that

sures: On the expenditure side. strengthen China's economic see in it a long-sought oppor- of 1932, the ratio of increase in the Ministry has the dual task of

The

aim is to tunity for China to regain her the subsequent years under review financing the war and the recon- » | bulwarks.

block the Japanese from economic vitality, which has was as follows, 1933, 21 per cent;struction programme. Bende an. erecting a foundation for con- long been dissipated through 1934, 40 per cent; 1935, 51 per cent: increased demand for funds for

finance in trolling

these an unfavourable balance of and 1938, 69 per cent.

prosecuting the war: more money has also been needed for rellev- areas. As a pre-requisite, it trade year after year. With Expenditure Doubled!

ing the refugees, assisting the un- behooves the Chinese banks economic self-sufficiency as

In the provinces of military ex-employed, helping the cultural. to place financial facilities at the goal, China to-day is

penditure, debt service and admin-

developing institutions. Chinese marching steadily forward, istrative expenses, the biggest per munications, aiding commerce and disposal of the

centage of increase was registered. Other causes of death were 22 engaged in all business enter- trying to solve her own de-

by producing her under the heading of administra-industry, exploiting mines, open- ing water conservancy projects, deaths from measles out of a total prises therein. In this way, mands

raw materials produced in necessaries locally.

tive expenses, with military ex- rehabilitating rural economy, pur- of 44 cases, 12 deaths from cere-

THE NEW SITUATION has penditure coming next. This was chasing raw materials, and sub- bro-spinal fever out of a total of 17, the war zones will not flow

been the strongest stimulant due to the fact that administrasidizing the local governments. cases, 4 deaths from small-pox Into Japanese hands.

EVERY MEANS will be de to Chinese productive activitive expenses had doubled compar out of a total of 5 cases, 4 deaths from diphtheria out of a total of 9vised to frustrate the Japan- ties in the hinterland. To ed to the figures for 1932, while ese attempt to strangle China their aid, the Chinese bankers military expenditure recorded a economically by blockading announced in their manifesto two-thirds increase and debt set the Chinese coast-line. When that they would combine the bankers left Chungking their strength and work in for their respective places, cessantly to inject new blood Twenty-four cases of tuber- they all had detailed instruc-fin China's economic veins in culosis were notified to the depart tions from the Ministry of the form of money so that ment on April 17, in addition to Finance as to what to do in within the shortest period 13 cases of measles, 4 cases of cere- this economic phase of the possible a general revival in bro-spinal fever, 2 cases each of

Chinese agriculture, industry iphtheria and enteric fever. prolonged war.

may be IN REALITY, the closure of and commerre cases of dysentery and one case of $10. chicken

the sea coast has not daunted achieved.

Ightham in the County of NOTICE TO CONSIGNEES. Kent, in the United King- dom, Widow deceased.

S.S. "FRANKEN" ARRIVED HONG KONG 14.4.1934.

'Consignees of cargo, ex above

NOTICE is hereby given that the Court has by virtue of the provisions of Section 58 of Or. dinance No. 2 of 1897 made an vessel' are hereby noted that an order limiting the time for credi.outbreak of fire occurred on board S.S. "Franken" In Haiphong tors and others to send in their

barbour on the 9th of April, 1939, claims against the above estate

in consequence of which a Gen to 6th May, 1939.

eral Average has been declared. All Creditors and others are

No cash deposit will be collect accordingly hereby required to send their claims to the undered by us, but consignees are re. signed on or before that date.

DEACONS,

Solicitors for the Executors,

Voeux Road Central,

Hong Kong.

298

quested to sign General Ayërage Bonds prior to taking delivery of the goods,

MELCHERS & co., Agents: Norddeutscher Lloyd,

Bremen.

98 DEATHS FROM TUBERCULOSIS Ninety-eight deaths from tuber culosis out of a total of 185 cases, in the Colony for the week ending April-15, according to the returns furnished by the Health Depart ment.

cases, 4 deaths from enteric fever out of a total of 10 cases and 3 deaths from dysentery out of a total of 21 cases, t

DAILY RETURNS

vice, one-third....

Dr. Kung attributed the phenomenal rise of adminis-

-com-

Heavy Burden Consequently, the expenditure for the 28th year of the republic July 1, 1937-June 30, 1938) regis- tered a big increase. Although it was not even half of the annual wartime budget of Japan (estimat- trailve expenses to the rapid development of education, enl

ed at between 5,000,000,000 and fure, economy, reconstruction,¥6,000,000,000) get it proved to be and increased subsidies to local governments. For in- stance, the ediscational badget was increased from $29,500,- 600 to $12.665,808, the economie

a heavy burden for China. On the other hand, the revenue registered a monthly decrease, largely due to

(Continued on Back Parsy