1940-07-23 — Page 9

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HONGKONG DAILY PRESS

INDUSTRY MOBILIZATION IN AMERICA

Time Factor Of The Task

and

Income Tax

Increase?

LONDON. July 22 (Reater) An increase in Income Tax is gen- inevitable in erally accepted as the supplementary War Budget which Sir Kingsley Wood will" In- troduce in the House of Commons On Tuesday, says Reuter's lobby.. correspondent.

Some, quarters anticipate the rate of tax will be raised by as much as 23, while maybe after some recasting of the Income bring Tax limits, the order may within the scope of tax those sections of the community who hitherto have not been affected by it.

Ex-

Industrial mobilization for national defence is beginning a ttle to resemble the Panzer division it must be to gain lis objective. Those members of the Advisory Commission who have

pro been called from industry to organize procurement and duction are greatly encouraged by the co-operation, the Pre- toward sident is giving them and by his objective attitude the practical problems. Thus far the majority of political ap- pointees on the commissions have offered no obstructions based on New Deal ideology, writes a Washington correspandent, These are the facts as Messrs. | down under tragic delsys Knudsen. Stettinius And their wastes" because of the lack of colleagues settle down enormous task. If the President, when he finds-as most observers think he will that he has not the time for continuous direction as chief co-ordinator, designates an Industrial expert as his deputy, and not a member of his per-

Apart from income tax, other manent political staff, the cohe- sion and effectiveness.of the effort Wehle had reversed the chrono-Budget speculations suggest the

logy: that the effort began with re-adjustment, of the super should grow steadily.

it payable Republicans who continue to be confusion "but we had commehe-mits so as to make critical of the commission have, ed to emerge from it at the time on incomes of £1,000 and no present evidence in support, when and where you said we were instead of the present starting In the period when Industrial, failing." mobilization and procurement seemed to have been put by the President under the direction of Secretaries Morgenthau and Hopkins

had Foundation. It may have again. but it has not now,

He to their coordination.

aald that "in October, 1918, we were actually

TO BRIDGE GAP headed for a vast confusion which

of the could have been cured only by a The Chancellor stupendous and enormously exchequer is faced with the problem pensive reorganization of produc-of bridging a gap of £800,000,000

between the expenditure and re on contracts."

thelr

criticism

At a recent meeting with the commission the President readily agreed to Issue two executive orders of a wholly practical na-

ture.

To this view Mr. Baruch quickly venue. took exception. He said that Mr.

But Mr. Baruch agreed with Mr. Wchle's "hope "that the "govern- ment can go at the priorities pro- blem this time with a comprehen- sively effective centralized me- thod. I have preached it for over twenty years. * * * I agree we should take cognizance of our ex- perience

point of £1,500.

LUXURY COMMODITIES

FINANCE & GENERAL

HONGKONG SHARE QUOTATIONS

STOCK EXCHANGE,

#151

tax

$143

over

Tobacco, spirits, wine, beer and among other taxes petrol are

to "$31 which are widely expected be increased. The Budget is also expected to be framed with.. a view to restricting the consump-

of 1917-18, and notion not only of luxury goods out again have the grief which I of all non-essential goods and thought we had learned to avoid" therefore it is believed that, one of the main features will be the Graduated Purchase Tax which will fall most heavily on luxury commodities.

NEED OF LEEWAY

has.

The first dealt with a problem This clearly means that the which will soon face Mr. Knudsen: World War chief of production given a certain production task, and procurement is not convinced how could he accomplish it if the that this Administration Arny or the Navy awarded the learned and applied the lesson. contract merely to the lowest which suggests how necessary it howitzer and its carriage. "We bidder, without making ability to is that the: Advisory Commission simply gave them an

order to produce promptest and best the continue to gain leeway from the make some for us. *** It took chief consideration? Mr. Roosevelt President, that expert co-ordinaten months to make the first car- said he would order the service tion be increased,

riage and howitzer, ***but it departments to make no "impor- tant" contracts without consult ing Mr. Knudsen,

The other writing is from the took twenty-eight months to get pen of Major Gen. Wiliam J. into quantity production." Enow (U. S. A., retired) appear- ing in the May-June issue of The Field Artillery Journal. General Snow was World War chief of that branch of the Army and is

to refresh

And he gave many similar star- thing and depressing examples, which may make clear why the United States with a lately buri- not munitions industry-i3 ed

TO UNTANGLE RED TAPE The second order struck at a broader obstacle facing Mr. Stet- tinius. This Is the purchasing method of the whole government, rated "an officer of the highest able to go to war anywhere just which immemorially entangles ability. He dealt with the ques now, and why it must co-ordinate production m red tape. The Pre- tion of how long it takes to pro-quickly to be ready to defend its -sident agreed to ап executive duce guns and ammunition in vital interests by the time pru-

order for a review of the entire quantity

our dence suggests they may be direct- method with the purpose of sim- memories with the lessons learned ly threatened. plifying und modifying the system. To this he appointed re- Army; the presentatives of the Navy and at the Treasury. But at the head of these members of the government he set on "outer- der," a conservative big business man, Mr. Stettinius himself,

These moves have heartened the private citizens called to service. and the

Bssistants ..they nave

drafted from industry with the

twenty-two years ago.""

"We ought right now to be con- The most casual reading of verting our factories to produce General Show's frecollections 1- war supplies." wrote General luminates two sectors of the de- Snow: If the Defence Commission fence programme: those relating gets shears for the red tape and to time and industrial co-ordina- | knives to cut through political tlon. It gives a faint idea of the policy, it can begin that at once. task which is now in the hands Yet many are watching in the of Mr. Knudsen and Mr. Stettin- sceptical mood of a recent com- lus.

"whether ment that

a national

a Administration with

strong labour influence can carry out a

ONE' CASE OF DELAY General Snow noted that wheh

full co-operation of the govern- the US, entered the war the Mid- defence programme seems likely ment. It will help them get the vale Steel Company was produc-to become the principal issue of

thering for the British an 8-inch | the 1940 campaign.”

other

need.

dollar-a-year men

Mr. Morgenthau remains in charge of dealings with the Allied purchasing mission. The President explained that this was because of the financial aspect. But it is worth noting that among bus- iness men who have been fearful of political interference with de- fence and associated measures this announcement was cordially re- ceived; and the statement is gene- rally made that in his activities thus far with the aviation "indus- try Mr. Morgenthau has been sound and eindelent

What will be Mr. Hopkins' role, now that the green light burns for, the bastness experts of the Advisory Commission, is a matter of conjecture. The "impression is that the President will use him as a personal aide and "fault- finder" in many matters, a role never satisfactorily filled for Mr. Roosevelt since the death of Louis MeHenry Howe,

U.S. ENVOY'S PLEA ON

BRITAIN'S BEHALF

LONDON, June 24 (By Air Mall) - MR. KENNEDY, UNITED STATES AMBASSADOR TO BRITAIN, BROADCASTING FROM LON- DON. TO AMERICA LAST NIGHT, appested for more financial, help for the American Red Cross now established in this country, declar- Ing: "Everything indicates that England will be called upon to meet the greatest slege in the history of man.”

"War has come `to Britain,” "he said. "This island пон faces all the danger and misery which swept over Po-- land, Finland and Norway, Holland and Belgium and over France. The British Prime Minister has declared that his "country is resolved 'to

oni! "fight

for necessary. years.' The German Chan- cellor has vowed to annihi- late this island and all that it holds."

[

"You have known calamities- the horrors of fire and food and mine disaster. You have not known the cataclysm of bombing. But bombs have fallen upon the English villazes and countryside, Your fervent gratitude that your own children are not now, at any moment, Kable to be killed in their

beds, may well express itself in helping those who face this reality.

THEY HAVE ENDURED

"I have talked with men and wo-

Balers

SHAREBBOKERS' ASSOCIATION

Nom MONDAY 22.

Regar Balinta

"JULY.

Banks

$1900)

H.K. Bank

'.

$3.70

$31

99F

*03

265

Do. (Col Rog.) ..... Do. (Lon. Reg.).... Chartered Banks ............... £98 Mercantila Bks. "A". Mercantile Bka. "C". Bank of East Asia...... N. C. & S. Rants...... Insurances

$318 Canton Insurance...

$73

50 cta Underwriters...............

$180 | H.K. Fires........

Romlas مونية .

$73

50 ot.

TUESDAY, JULY 23, 1940. -PAGE 9

SAY

Gordon's

and know what you're drinking/

GORDONS DRYGIN

DISTILLERY, LONDON.

$1175

268

£88

£6 E281

$218

$336 Union Icmizances.[ $335

[60 cta

$160

$120

10

$100

100

38/8

$8.00

Shipping

$190. Denglant

Steamboats

$100 Indo-Chinas (Pref.)...

$80 Indo-Chinas (Dof.)......

32/6

Shells ****

Docks, Wharves.

$8.90 Waterboats

$95

Godowns, etc.

H.K. & K. Wharves..

$90

Providents

$3.75 $3.95

H.K. Docks (Old):..... $15)

H.K. Dooks (New)...........| 814)

828

Mining

$76]

15/8

13/0

+8hanghai Docks.......

Keilans

$9.50 Raubs

6 cta Hong Kong Hines......

Lands, Hotels and Buildings

H.K. &.B. Hotels....... 93.60 H.K. Land...omm

$100 Do. 4% Dobarhtres....

10.20 Shanghai Lands

H.K. Realties..

*38 Humphreys tourna $6.65

#101) Chinese Estates.

Catton Mill

$34 Ewo (8.).......

$210 S'hai Cottons (S.)....

Zoong Sings (B.).......

Wing On Textiles (8.) 3135

Public Utilities

·སྐ;

::

90

815

$18.10

H.K. Tramways......... $15 $7.40 Peak Trams. (old),

$370 Peak Trams (new)........)

360

Star Forriss-.............

157

$29

Y'mati Farries.... 820

$6.80

China Lights (0)...)

$6,80

$3.85

China Lights (New)...

$38+

H. K. Electrics (Old)...)

135) H., Electrics (New).......

$17

Macao Electrics (Old)

$18

Macao Electrics (New))

$11

Sandakan Lights....

#91

#6

*:*:

€3,70

$31.

! !

$16.20

Quiet.

Telephones (old)....... #21} Telephones (new)

S'pore Tractions(Ord) Industrials

$14.00 Cald., Macg. (Ord.) B.

$12

Cald., Macg. (Praf.)8.

Canton Ices..50 cbs, $1435 Cementa

4 H.K. Ropes..........

K.K. Govt. Loans

$102,4% Loa

$95 13+%

(1940) Miscellaneous

NO COLOURING MATTER NO INJURIOUS INGREDIENTS

$100 MARKET REPORT

$34 $210

$95

FROM ROZA BROS. Silver prices were unchang- ed over the Week-end, the quota- tions remaining at 225/8 for Ready and 221/16 for Forward. Silver advices were not received, American Silver was also unquot- ed.

The London/New York. CTOBE- rate was quoted at 4021/2. New York/London was quoted at 990.

MARKET

STERLING

There were sellers at 1/2.31/32 July/August, buyers at 1/3 for Cash

U.S. DOLLARS Business was done during the course of the morning at 23.13) 16 for Cash. The market closed at 1 pm, with sellers at 23.11/16: July, buyers at 23.3/4 for Cash,

SHANGHAI DOLLARS Business was done during the early part of the morning at 385 for Cash. The market closed at 1 p.m. with sellers at 384.

SHANGHAI MARKET

Sterling opened with sellers at 3.27/32 and then rose to 3.55/84. The market closed with sellers at $2.10

3.7/8 for Spot. U.S. Dollars open- 38 43ed with sellers at 8.1/8 and then $39

rose to 8.5/32. Closed with sellers at 6.1/8 for Spot..

AFTERNOON MARKET

STERLING

H.K. STOCK EXCHANGE

The turnover today was quite good, although confined to the However in lower priced issues. spite of this enquiries continue over a fairly extensive range but there is still some reluctance to part with scrip.

BUYERS

Unions Ins.,- $340. Docks (0), $15.50. Decks (N), 314.75. Lands, $31. Trams, $15.35. Electrica (0), $36. Watsons, $8.25.

SELLERS Hotels. $3.75, .....

SALES H.K. Banks, $1,180. Docks (0), $15.50. Providents. $3,80. Trama $15,45.

China Lights (N), 35.45. Telephones (0), $22,25. Cements, $14.35, Dairy Farms, $18.20. Watsons, $3.50.

at 1/2.31/32 July/August, buyers. at 1/3 for Cash.

-U. 3. DOLLARS

The market closed with sellers at 29.11/16 July, probably August, buyers at 23.3/4 for CashTM

SHANGHAI DOLLARS Closed with sellers at 383.1/2. SHANGHAI MARKET

The market closed, with sellers of Sterling at 3.7/8 for Cash and

"The market closed with sellers DS. Dollars at 8.1/8 for Cash.

$1

(1934)

$6.50 Entertainments

$142) $142

**

102.

·895 31%

#174 Dairy Farme...

#174

811

Constructions (old)......

$8.20 $1.85

Constructions (new).

37.65 Lane Crawfords......

$7

Nanyang Tobacco....... $3.30

$2.80 Sinceres

Watsons

47.

Ch.

Ch. 4.5% 1925G$Bds.

$39

IK. Wing On

B'hai Wing On

18

Vibro Piling ............

38

Maramans Inv.-(Lon.

41

81

Maramana Ins. (HK) Wmn. Powells... +Sale to Shanghai

SHOE CO.LTD.

HONGKONG SUPPLIES ALL

KINDS OF FOOTWEAR

POSITIONS VACANT

WANTED-Experienced proof

*

Quiet

-Hongkong Daily Press

CLASSIFIED ADVERTISEMENTS

BUTTERICK Expert Ladies' Tailor

reader-Apply Manager, Hong New Style Ready Made Dresses

AUCTIONEERS

415

"I have felt its impact, Young-Kong Daily Press, Marina House. TIME AND PRIORITY FACTORS

SIEGES AND SUFFERING sters from various countries whom Accepting as substantial and

continued.," meant I have met, who visited my chil- permanent the present surface Sleges, he co-operation being given to Mr. suffering, to relieve which a com- dren, who were their friends, are Knudsen and Mr. Stettinias, some mittee of the American Red Cross wounded or missing..or killed in consideration is due of the time had been set up in this country action, and priority factors of their task. With. Mr. Daniel Grant as chair- Three recent writings bear on man, and himself as honorary men who have been through the hell of evacuation and liivasión in these vital points,"

The American Red Cross had so shattered lands. They have seen ters. Recently a member of the far made expenditures and com- and experienced things which huske, Brukte a curtai New York bar, Loula Brandiesmitments for relief in Great Bri-man beinge should not have to Wehle, who was a special assistain amounting to approximately endure. tant to Becretary Baker and £125,000. To this on Friday was general counsel of the war added a further £250,000, includ Finance Corporation in Woodrow ng £100,000 already announced.

STANDING UP TO TRAGEDY Wilson's time, wrote a letter to

..41

The first is an exchange of let-

chairman.

N4

Yet they have endured.

NO SACRIFICE TOO GREAT

GREATEST COLLITSION OF BARGAINS IN TOWN:

LAMMERTE AOFLOX BOOM

IN 20 AN IND Telephone No 2024

"We, in England, see the tragedy imperative that we do not lose sight close at hand. We realise that of the great impulse to serve. That The Wall Street Journal in which The means now at our disposal no sacrifice can be too great for impulse hate and war notwithstand. he called for centralized control are pitiful in relation to the anti- and coordination of the defence cipated need," said Mr. Kennedy, any of us to make to ease the ing. remains one of the fundamen

people's suffering. I have faith that tai instincts of man. effort, 1. e., by a business expert. The British people are standing you, in America, will comprehend

Be said that despite "the great up to tragedy. I want you, who ability and tact of B. M. Baruch" are safely at a distance from the this too, and act

then, I ask that you do your ut "Today, when the greater part of most: every one. our World War production pro-war zone, to appreciate the plight gramme had the war continued of those who are here and must the world's energy is devoted to the American Red Cross in ta m-

destruction it is more than ever ending and unseinah service.. another year, would have "bogged "take it

"In the cause of all humanity.

FOR SALE.

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FOR SALE

A selection of the best varieties of RELIABLE & TESTED FLOWER AND VEGETABLE SEEDS

From Messrs. Suttons & Sons, Reading. Messrs. Atlee Burpee & Co., Philadelphia Messrs Arthur Yates & Co., Ltd., Sydney!

The opportunity of serving you commands will have our best will be a pleasure and your

attention.

GRACA & CO.

No. 10 Wyndham Street PO Box 2e Hong Kong.

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ROYAL STUDIO

Art Photographer

Excellent Enlarging & Developing]

HOTELS

39, Queen's Rd. C.

Tels. 21184 & 33008.

RUSSIAN CUISINE

MORE POPULAR EVERY DAY

METROPOLE HOTEL

1940 ZENITH

NEW MODELS Just arrived NOʻAERIAL, NO GROUND, Just plug in and play CHUEN YEE HONG

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· Tuesdays

Thursdays

Saturdays

Sundaym

5 to 7.30pm.

Telephone 24311.

ENGRAVERS

FEI FEI & Co. Photo Engraveri -18, Cochrane Street, Telephone No. 22224