1939-10-13 — Page 5

HONGKONG DAILY PRESS

SAY

Gordon's

and know

what you're drinking/

GORDON'S

DRY GIN

DISTILLERY. LONDON.

NO COLOURING MATTER NO INJURIOUS INGREDIENTS

THE

KAILAN MINING ADMINISTRATION

HOUSEHOLD COAL

Prices per metric ton delivered, as follows:-

Peak District...

...830.

Bowen Road and Lower Levels

$28.

Kowloon

..

..$27.

Repulse Bay

..881.

Pokfulam

$80.

Shek-0 and Stanley...

.$81.

Clients are hereby informed that deliveries of Household Coal can only be made if cheque or cash for the supply is sent with the order.

DODWELL & CO., LTD., Agmia,

ROSY FINGERS BRING ROSY FUTURES

Men never can resist the appeal of soft, lovely hands with So take your future in your rosytipped fingere handı.. accent your personality with different shades of La Cross Creme Nail Polish-THE PRESTIGE POLISH THAT LOOKS BETTER AND LAST LONGER.

La Cron

'CREME NAIL POLISH

Obtainable at all better Drug & Department stores

"Hole Distributor z

Aaw Pit Seng's Trading Co., Ltd., Hong Kong

NOW ON SALE

AUGUST

NUMBER OF

GENERAL

BUDGET MEETING

Continued from Part 2

of which wil) similarly be subject | statis

whatever of total

in-

to special approval, That proce.comes in the Colony and we are dure will enable Government to compelled to do'a lot of guesswork proceed with these appointments at this stage. if the financial position does not deteriorate but ensures a contin- |· nous control in the light of ear- rent financial circumstances.

DEFENCE CONTRIBUTION

ORDINARY BUDGET:

COST OF SUPPLIES

Turning to the ordinary budget, we must reckon with increases in ́expenditure in many services not

There is only one other paint to directly connected with the war. which I want to refer in, the estim-All supplies, for instance, are like- ates as printed The change inly to cost more; unfortunately as the system of calculating the co-we are so dependent on Imports Jany's Ordinary Defence Contribu- we can do very little to prevent tion has necessitated a change. essentially of a bookkeeping nature, in the accounts of the waterworks" undertaking.

prices rising.

Revenue on the other hand, is likely to suffer by the reduc- tion in our swollen population · which has recently, begun and Briedy, Anstead of charging

which is so welcome on general against the waterworks a 20 per

grounds, and by the reduction ent. of its gross revenue less debt

of luxury expenditure "which. charges as under the old routine

Your Excellency, has urged and that charge has been deleted and,

to which the payment of in- to compensate, the part of the

come tax will Itself contribute. Teneral rates credited in the ac- counts to the waterworks under-Accordingly, even if there hart taking has been reduced from: 2 been no intention to make any per cent, to 1 per cent. The net special contribution to His Majes- affect on the waterworks financesty's Government I should have is a difference of only a thousand proposed some increase of taxa- tion in order to provide ourselves or 'bo dollars,

with some margin of reserve, That margin is secured by the proposals Your Excellency has described, the efect of which is as follows.

EXPENDITURE SIDE

I turn how to the effects on the estimates as printed of the new financial proposals outlined by Your Excellency.. Let me take the war budget first. To it will be cre- dited the whole proceeds of In-

On the 'expenditure' side' the or come Tax. Those proceeds will be dinary budget will be relieved of 'used, first, to .meet the costs of the costs of the Volunteer forces collection of income tax; secondly. and Air Raid Precautions, es- to pay for the expenditure on local timated in the printed volume at defence now appearing in Feads about $1,800,000 for 1940/41. 6A, 6B and 6C, that is, the Volunteer Defence Corps, the Naval Volunteer Force and the Air Raid Precautions Department; thirdly to meet the additional ex- penues in various directions neces- sitated by new services created to

meet

war time necessities, e.g. maintenance of German internees, censorship services, etc.

On the revenue dide the ordinary budget will benefit by receipts from other new taxation referred to by Your Excellency, principally the imposition of additional duties posals are not put forward mainly on petrol, and liquor. These pro-

with a view to increasing the re- venue, but for purposes connected with foreign exchange polley which I will explain more fully in a few minutes. taxes are designed deliberately to check consumption and canno be expected to produce a proportional amount of revenue.

FRIDAY, OCTOBER 13, 1939. —PAGE

BROCKLEHURST SILK

BROCKLEHURST

real*

SILK TIES

ཀཱ ཝཱ ཏཾ 'ཡ... རཱཛཱིསཛྫ+3.E4.e;

YOU MUST NOT FAIL TO PAY US A VISIT AND SEE OUR TRULY WONERFUL RANGE OF BROCKLE-HURST SILK TIES. LONGER, BETTER MADE, CUT' ON THE TRUE BIAS AND STITCHED WITH PURE SILK FOR EXTRA STRENGTH. WE HAVE COLOURS AND DESIGNS TO EVERY TASTE

.

TIES of DIGNITY

#am

$350 $450 AND $500

Less 10% Cash Discount

THE TIE WITH, THE

GOLDEN TASSEL

LTD.

LANE CRAWFORD The additional

The revenue will also benefit a little by steps which have been taken or are in" contemplation to Implement certain minor recom- mendations of the Taxation Com- In-mittee,

The whole balance of the proceeds will be made available as a special war contribution to His Majesty's Government, to be spent as they think`fit, locally or at home. This will be entirely additional to the ordinary Defence Contribution of $6,000,000 per annum which will continue to be a charge on the ordinary budget. The new expenditure on the come Tax Department and special" war expenditure will of course be duly authorized by this Council and estimates for those purposes will be submitted as soon as they can be prepared, Members will naturally want to know how this is expected to work out in figures.

We are proposing a standard rate of Income Tax of 10 per cent“, with a possible surtax en very high incomes. I will ex- plain later more of the detali, but the field at 10 per cent. was put by the Taxation Com- mittee at about $10,000,000 per ant

LOT OF GUESSWORK »*•

оп

• School creased

"

"

fees are being in- as from January 1, fees for maintenance in hos- pitals are being revised, es- pecially for Government ser- vants; and discussions are in train with the object of secur- ing the payment of royalties by certain public utility com- paules as recommended by the Committee.

In all the additional revenue, mainly of course from the petrol and liquor duties.. should be not less than $1,000,000 per annum,

NOMINAL SURPLUS

The revised ordinary budget should therefore, show a nominal surplus of some $2,000,000, but I can at present give no reliable since it. is not proposed to make estimate of the costs of adminis-any specific amendments to allow tration, but they are likely to be for declines in other items of re- only a small percentage. The local venue and increases in costs of defence and war expenses are not supplies.etc, that nominal surplus likely to *aggregate more than will be rather a reserve than a $2,000,000 pet, annum and the true expectation of excess of re- balance, payable to His Majesty's venue. Government should be of the or- der of $7,000,000 or $8,000,000. I do beg, however, that nobody will hold these agures against me if they turn out wrong. There, are no

CONTENTS

Monzolla's Supporting Stars

Chinese Films

THE

CHINA

JOURNAL

PRICE

at all bookstores

$150

Shang Dynasty Find at Ta-hsin

Chuang Shantung

"The History of Minting in China

The Caves at Tatung

The Chinese Race and Blood

Groups

per copy Changing China

'3 &

PROVISIONAL FIGURES

OF INCOME TAT

啦

I promised a few minutes ago to give some further details of the Income Tax proposals: but the figures I shall quote must be taken as provisional only. Although Government is convinced of the necessity of such a measure in principle there is no intention to thrust upon the Council & scherne cut and dried in all its detalls and all the personal and other allow- antes will be open to full discus- sion in this Council or in any spe- cial committee which may be set up to consider the details. Hon curable members and the public will, however, wish to have some idea of what is in Government's mind on those points.

STANDARD BATE

The standard rate of 10 per cent. will be charged on all company profits, payments of intereak etc. and on all income in respect of. which the recipient has made no claim to personal and family al- lowances; but the man who makes such a claim will pay at 10 per cent only on the balance of his, income after deducting his allow ences and after paying at half rate, 6 per cent, on the first part of his taxable income, i

The allowances: Government has provisionally in mind are earned-income allowance, on- tenth of earned income up to

Continned on Page

The House of Quality & Service

"

Mens Wear

Department.

Write for descriptive leaflets of the

Tel. 28151.

THORNYCROFT

3-TON

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Stands for Satisfaction

FOR FURTHER PARTICULARS

APELY TO OUR

HONG KONK OFFICE, TEL ↑

Bt. George's Bldg., Lot Fion

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