1941-04-09 — Page 9

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HONGKONG DAILY PRESS

Finance and Commerce

BRITISH INCOME TAX INCREASED TO TEN SHILLINGS IN THE POUND: BUDGET PRESENTED

Compulsory Savings Scheme Introduced In Special Form

LONDON, April 8 (Reuter)In the House of Commons yes- terday, Sir Kingsley Wood, Chancellor of the Exchequer, announced that the Income tax rate would be increased to ten shillings in the pound.

The House was well-filled for Sir Kingsley's Budget Speech and the Chancellor was cheered when he entered. A number of peers and Mr. Montagu Norman. Governor of the Bank of Eng- land, were present.

The Chancellor said that he would make proposals which could not only enable us to surmount immediate difficulties but would enable us to maintain our national firiances on sound lines so that we would be able, when the time came, to pursue mea- sures of reconstruction and social advance.

The British financial front stood firm and strong. The steps taken to stimulate exports drastically and to reduce non-essential 'im- ports certainly had been success- ful.

necessities of the case.

There had been no inflationary dan gers in our system up to the present.

we United States.

a

FINANCE & GENERAL

EIRE PURCHASE

U.S. WHEAT

Munition Question Also Discussed

WASHINGTON, Apr. 8 (Reuteri Thirty-thousand tons of wheat full

from the United States were Income. allowance bought by the Eirean Government, said the Eire Defence Minister. one-sixth would

pre- Personal allowance Mr. Aitken. who is here at

sent.

would be £96,000,000, in year £125,000,000.

The earned deduction, row

be one-tenth.

of £170 for Я married person would be reduced to £140. -

With the Eire Minister to

The exemption Emit for Income United States, Mr. Brennan, Mr. tax would be €110 instead of Aftken Yesterday visited President £120.

increase This would

the Roosevelt. · . number of income tax payers by in the subsequent interview Mr. over 2,000,000

Aitken said that re desired to huy American products including whent.

The "extra tax any individual paid by reason of the reduction of personal allowance and earned of-

income allowance would be Supply of arms to Eire is stated

set after the war by credit in the Post Ofice Savings Bank.

The whole income tax pro- posals would produce £150,000,000 this year and in a full year £250,-

to have also been discussed.

U.S. STRIKE OFF

PITTSBURGH, Apr. 8. (Reuter-

000.000, half of which would be The strike in the United States treated as credit,

A full year would produce 860,000,000 from taxation.

COMPULSORY, SAVING

H.K. Stock Exchange

Enquiries have slowed down and

for the present little interest is

shown in the market.

BUYERS

Union, Ins.. $430. Hotels X.D., $9.

Humphreys, $6.80. Star Ferrics,, $52. Ropes, $7.

Dairy Farms, $17.25. Entertainments, $5.50,

SELLERS

...

Watsons, $10: “

SALES Providents, 35 36. Star Ferries, 559. Lights (0), $6.20. Ropes, $7.35/7,

HONGKONG

SHAREBROKERS'

ASSOCIATION

Volume of Business Transacted on Tuesday, April 8, 1941. SALES

Corporation mills, announced for China Lights (0) 1-midnight today, has been called

joff.

Buth sides have agreed to con- LONDON, Apr. 8 (Reuter)tinue negotiations on the men's de- The famous economist, Mr. J.Mmand for a wage increase Keynes, champion of compulsory saving, left his office in the

500 $8.20

532 8.20

1,032

The total value is $6,398.40.

CHINA'S GOLD

LOAN

WEDNESDAY, APRIL 9, 1941.—PAGE 9

BLACK&WHITETM

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It's the

BLAČILA MINE"

BACA OLB BODYCH WH

Scotch!

DODWELL & CO., LTD.

Queen's Building,

WELFARE OF

CHINESE IN LIAONING

Date of

Tel, 20088.

Height.

Height.

HONG KONG TIDE TABLE

From 0 to 15 Apr, 1941.

HIGH WATKE.

LOW WATER

Hong

Hong

Kong Btandard

Kong

Standard

Time.

Time

h.m.

b. m.

Wed, 9

0744

61

0137

18

19 27

6 4

1318

19

017

6 6

02 07

1 8

20 25

6 5

14.00

11

UA 61

6 %

(2*43.

1 6

81 18

6. 5

1457

18

Sat

IX

00 28

16 6

0317

6

-29 14

18 3

1546

1 1

13

1006

8 9

03 69

19 0

23 07

5 9

1834

08

10 43

71

·04 27

$3

17 23

07

0004

5 &

0418

11 25

78

1814 10

Referring to the future, the Chancellor said that a new and Treasury last night with the Our system of exchange control important factor was introduced knowledge that 4,000,000 British commercial and industrial chiefs,

General Wan Fu-iln, Liaoning under the mobilisation of dollar by the Lease and Lend Act. He tax-payers will participate in the to the Treasury Consulative Com securities had enabled us to meet could not estimate the value of form of his long-advocated and mittee which has been described

Pursuant to the first, second and Governor appointed by the Na- the very heavy drain upon our supplies to be received from the hotly-opposed scheme of compai-as "the Exchequer Brains Trust" third payments of principal and tional Government in Chungking. has organised an administrative resources of gold dollars and

Doubtless, the proposal was de interest of the 27th year old Loan sory saving.

of the Republic of China, the research committee of 20 members now had an assurance, by reason

Last July, Mr. Keynes was ap-vised there.

Mr. Keynes had comment following numbers wu orawn by to study ways and means to pro- Thur. 10 pointed by the Chancellor of the

the Ministry of Finance on the 1st mote the welfare of the Chinese Exchequer, with other economists, to make on the budget.

of February, 1941, three months in Liaoning province now under Fri.

Japanese occupation... prior to the commencing date for the fourth principal repayment The first meeting of the.com. and payment of interest then due,mittee was held in Chungking at San according to the governing regula which measures relating to the

He estimated the vote credit re- from of the great contribution America quired, excluding supplies

payments to the United was making in the Lease and Lend and

la finan-States, at £3,500,000,000. Act, that no difficulty

The estimated total expendi- United cing purchases, from the States, would hamper the future was £4,207,000,000. The esti-

development DE

strength (Cheers),

our

no

fighting mated yield in income tax for the HONGKONG SHARE QUOTATIONS

Current year was £605,000,000 (an

The cout of capital issues increase of £81,000,000), a surtax STOCK EXCHANGE, the domestic market had been of great value in securing the best

possible conditions for the success of Government loans.

All

of £80.000.000. death duties of £82,000,000, stamp duties of £14- 000,000, excess profits tax.

£210,000,000..

The total estimate of inland LOW INTEREST RATE

the existing revenue; duties on these measures combined basis of taxation was £0.992,000,- enabled us to borrow at a very |000; Customs and excise of £578,- low rate of interest, averaging be000,000; and purchase tax low two per cent

"We have no intention of bor- rowing on worse terms as the war

£70,000,000,

$1356 HK. Banks

Nos. 293, 387 and 692 for United States Dollar Bonds; and

1360 Nos. 087,327 and 747 for Customs £78 Gold Unit Bonds.

All bonds bearing numbers which have their three terminal figures

SHAREBROKERS

Bellora Anyone

Balor

Nomina)

of

TUESDAY Buyer 8 APRIL

Banks

Selleri

ASSOCIATION · }tions;---

Nus. 045, 37 and 797 for Pound Botan Sterling Bonds:

+

£781

Do.. (Col. Reg.)

£744

Do. (Lon, Eag.)

£87

Chartered Banki

£21 Mercantile Bia. "A""

£21+

ni

P10

Mercantile Bks. "C".

£10

$70

Bank of East Asia.....

$71

N. C. & 8. Banks.....

Insurances

$275

Canton InsuYADCAS...........

$430

Union Insurances...... $425

$432

$1

Underwriter

$187

H.K. Fire..........

$135 Donglases

ESTIMATED REVENUE. The total estimated revenue for

proceeds. We shall hope to im-1940-41 on the existing basis of $430

prove upon them." (Cheers),

All this meant that the aggrava-

taxation was £1,638,000,000.

The hops tax was renewed for a

tion or our post-war financial further four years, the medicine problem by the burden of the War and stamp duties repealed from Debt, though it was bound to be September 2 and new medicm grielous, would be correspondingly and

datles stamp

legislation

$80

less and we should also avoid the would be introduced, evils incurred after 1918 of start- The Finance. B includes ing a period post-war expansion clause providing for the purposes and recovery with a rate of in-of income tax and national de- terest which, in the long run, was fence contributions

8871 a similar

so embarrassing and often crush-allowance to that provided for the ing to the borrower. The main-purpose of the excess profits tax tenance of a low rate of interest in respect if losses incurred în would do much to ease the finan-providing additional buildings, cial problem of rebuilding our plant and machinery for the

war effort.

cities after the war.

Sir Kingsley Wood added that

The Chancellor foreshadowed

we had taken many steps to ella modification of the excess pro- minate war fortures.

Pl

EXPENSIVE WAR

LONDON, April 8 (Reuter) - Referring to the "many difficul- ties and problems inherent in the most expensive war in history," the Chancellor remarked that the danger we had to control was that

fts tax but could not now afford any considerable changes. Part of the tax would be held by the Exchequer to be made available

of to industry at the end the war.

Sir Kingsley Wood estimated that private savings for the cur- totalled £1,800,000,000

rent year

of being flooded out by a torrent in addition to £1,838,000,000 from

01

of excess purchasing power fed by revenue. He estimated that do- the spring of wartime government mestic expenditure would be £3,- expenditure. That was the func700,000,000, leaving а gep tion of finance.

£500,000,000 to be filled. A solution of the proble The Exchequer would bear а would be impossible unless it considerably increased burden to was eased by withholding a prevent an increase in the cost of substantial part of the surplus Uving, including an increase in purchasing power through the the shipping rates and insurance. instrument of taxation..

PRICE STABILISATION Dealing with details of last

The policy of stabilising prices year's account, the Chancellor would continue to be extended. thanked the tax-payers who had The scheme included coal; "gäs

responded so readily to his appeal and electricity charges. The aira for prompt payment of taxes and, was to hold "wages about where also those at home and overseas they are now.

who had patriotically helped with Turning to the question of all- a steady flow of tree.gifts to the ing the £500,000,000

gap,

Bir

Exchequer and to aircraft produc- Kingsley Wood said that he need- tion.

ed a still greater sum from genu-

The purchase tax yielded some ine new savings and urged the £20,000,000. Its administration people to spend as little as pos- had worked quite smoothly.

sible and to · lend' se

much

盛

Towards the total expenditure of possible. £3,884,000,000, we received a total! New private savings were esti- revenue of £1,409,000,000, leaving mated- to produce betweeen

a deficiency of £2,475,000,000 to be: £200,000,000 and £300,000,000, found by other means.

The new taxation was estimated

A nett sum of £2,462,000,000 was to produce £205.000.000 in a full

borrowed during the year.

INFLATION EVILS

year

The income tax rate would be increased by 18d. to 108.

The 54. rate on the lower scale would be increased to 6s, 6d,

the On the largest incomes,

The hard and severe financial measures brought benefits because they avoided, for the mass of the people, the evil effects of uncheck-income tax and siper tax would

"ed Inflation, “

22:

71:

ཨྰཿ

$60

Shipping

(Pref.)..

Steamboats Indo-China Indo-Chinas (Def.

40/7 Sheils

I.D. $6.55 Waterboata

$5.40

$16

T

X.D.

Docks, Wharves, Godowns, etc. H.K. & K. Wharves.. Providenta

***

·H.K. Docks (Old)........ H.K. Docks (New)....

828 +9banghai Docks.....

16/0

Kailans

$8 "Baube

Mining

1 eta. Hong Kong Mines.....

Lands. Hotels and

Buildings

!!!

H.K. & 8. Hotels..... $3,274 C.D.

333 H.K. Lands

$97 Do. 4% Debentures....

$13.30 Shanghai Lands........

$3.10 H.K. Baalties..

Huruphreysermon

Chinese Estates.

$6,80

$98

845

Ewo (B.)........

$234

118

Cotton Mills

$200 S'hai Cottons (8.)...

Zoong Sings (8.)........... Wing On Textiles (8.) Public Utilities

016 H.K. Tramways........ $74 Peak Trams (old)....

#3 Peak Trams" (new)..

#64 Star Ferries......

$6.70

:

E

conveyance of the Government's Mon14 good-will to the people of Liao- ning. relief of unemployed Liao-Tues. 15 ning youths and students, creation of scholarships, and other matters were discussed and adopted.-- (Central News)."

apply for payments through the original remitting banks.

It is to be rememvered that all

corresponding to arry of the above Bank of Communications. and such payments must be applied drawn numbers will be redeemable Farmers Bank of Ching as of that within six years as of April 30, 15 ct for principal, and Coupons No. 4 date. Payments for bonds sold 1941, failing which all bonds so due April 30, 1941, will also be abroad will be effected by the drawn and coupons due will be- #225 payable, at any offices of the Cen- Hongkong Offices of the said foar come null and vold. (Central

tral Bank of China, Bank of China, Banks, and oversea holders may News)."

80 ota

$180

$125

$98

$5.40

$16.80

$261

13/0

18

!!!

PRE-PAID ADVERTISEMENTS.

The following classes of advertisements are charged at the price geen below

SITUATIONS VACANT.

HOUSES AND APARTMENTS WANTED.

HOUSES AND APARTMENTS TO BE LET. MISCELLANEOUS WANTS.

Announcements not exceeding 25 Words are inserted under this heading at a Pre-paid Rate of $1.50 for THREE INSERTIONS. If Charges collected, $2.00.

TO LET

Shop space, with window, in best $83 district, early next month. Reply 107giving line of business to box 200

H K. D. P.

$3.15

$45

$75 $34

Y'mati Ferries..... Chins Lights (D... China Lights (New).

124

$8.20

#12

#26.20 X.R. $231

E. K. Electrica (Did'... H.K. Electrics: New).. Macao Electrics (ld:

$8.20

$28.10 X.Rte. #281/ 20... $25 $18

#1

$17,Macao Electrics [Now)

Sandakan Lights......

$234

8231

141

Telephones (old)........ Telephones (new)............. [ '#9.20′ S'pore Tractions (Ord.}] Industrials

23.00/23

#171

#6)

be 19s. 63. In the pound,

Hitherto, increases in taxa- tion bed not fallen short of the

INCOME TAX YIELD The income tax yield this year

#151

* 2:

$30 Cald., Macg. (Ord.) &

FOR JADED APPETITES!

HOTELS

REAL RUSSIAN FOOD

Tilin $1.20

•

Dinner $1.50

TEA DANCE

DAILY

EXCEPT

METROPOLE HOTEL

MONDAYS

5 to 7.30 P.M.

Tel. 23415

H.K. Wing On

B'hai Wing Un“,

$7.20 Vibro Filing

6/3 Maremans Inv. (Lon

26 Maremans Iov. (H.K.)

$190 Wm. Powali

H.K.Electrio (Bis) "TBala to Shanghai

$1

WANTED TO BUY

$200 WE PAY HIGH PRICES $125 for all gold and silver articles. Jade diamonds, jewels, watches, fountain pens. Apply Far East Diamond and Gold Refining Co. Room 621, "China Building, 6th floor: (Store will open on Sun- days and Holidays).

General Agent: Chan Che Kee No: 4, Lyndhurst Terrace. Te! 26402

WANTED KNOWN

Experienced Book-keeper Wants Students to form a class. Guaran- tee students to keep a whole set of. books after completion of a course

of 6 months, For Term and Far- ticulars. Please Apply to:-Bax No 463 </o H.K.D.P

BUTTERICK

/* Expert Ladies Tailor New Style Ready Mado Dresses,

Overcosts and Costumes FOR SALE.”

WE PAY HIGH PRICES for all gold and silver articles, gold bars, diamonds and Jewels, Apply China Gold Refining Co. [16, Wyndham Street. Pedder Bullding, 2nd floor, Room 6.

WE OFFER HIGH PRICES for gold articles. 94 any amount of

diamonds, sliver, jewels, etc. No, holidays. Apply China Building. $177th floor. Tel. 30727, Eurasia Gold

Refining Co. $1.66

OFFICE WORK FOR WOMEN Replying to an inquiry made by the Pukien Provincial People's. Connell, the Fukien Provincia Clovernment: denied that any order, #shhad been issued prohibiting the $10 employment of women in various

offices(Central News.

FEI FEI & CO. Photo Engravers

18 Cochrane Street.

Telephone No. 22224.

AUCTIONEERS

GRLVERST COLLET HON Ond

BARGAINS IN DOWNI

LAMMARES MEDON

.....

EAT AT

Jimmy's

Help Your Friend and his Hobby by giving

POSTAGE STAMPS

for

his COLLECTIONS fold SEEDS

for

his, GARDEN ·

We can supply the goods.

of his and your want

GRACA & CO.

Dealers in postage stamps an

garden seeds etc.

No. 10. Wyndham Street, Established 1898. HONG KONG

WANT ADS ARE SURE!

$24

Cald., Macg. (Pref.)

I

Canton Icos....

75otz

***

Cements ....

$18

$17.30

14

H.K. Ropes

H.K. Geri. Lomme

$18

ܐ ܃ ܃

134

1941 81%

(1934).

(1940).

1974% LORA ........

494 31%

Miscellaneous

Dairy Farms.

Entertainmanta

$1.80 | Constructions (ald}..

#71 ||Lané Crawforda....................

$2.15 Sincera

$8,40

Constructions (usw)....

Nanyang Tobacco......

$3.85

$2,15

Watsons

$10

Ch. 0.5% 19250$Bd

$39

25°/ 1149) .914.

ENGRAVERS