1918-09-18 — Page 9

COMMERCIAL NEWS,

THE HONGKONG TELEGRAPH WEDNESDAY, SEPTEMBER 18, 1918.

FRANCE AND ‘AMERICAN SOLDIERS.

Burdens Entallad by the Growth

of U. S. Army Abroad.

THE SIKKL HELMET.

By Captain H.B.C. Pollard.. The steel shrapnel helmet, zow ased by all European armies, WIR first introduced during the pre-

THE LEVY ON CAPITAL

Perils of Finance,

(

EXCHANGE.

SELLING..

TIT Demand so dis 60-d/

3,8

3/8 3/16 3/8 5/16

3/8 7/15

3:8 9/16

Nom

158

160 Nom. Nom.

8714

BANKS

BANK OF CANTON,

LIMITED.

HEAD OFFICE, HONGKONG

FOREIGN EXCHANGE "and Monera!

Banking Business Kransacted.

INTEREST ON FIXED

DEPOSITS.

Faz 3 Months 3% par annum.

BUYING.

Nom €90. 4.9011⁄2

3/97

For 6 Months 4% paz arzum

3958

3/92

For 12 Months 41% per annum

**3.99€

1F

LOOK POON SHAN;

4 m/s L/0.... 6 m/s LC. 4 m/s D/P... 30 ds. Sydney & 30 d/s. Ban Franc-1 Melbourne....... isco &New York) 887%

5.0714

Allies and the Old Supply. Much criticism of the handling of the all situation in the United By's curious turn of aircam-sent war by the French, It wa Stater be the authorities constances, the rapid growth of the adopted because, until that time, When pesce comes the moun- sinues. Recently there was an American army in France in two thirds of the caenalties from tain of national indebtedness will/8. article in the Boston News Bureau ended by financial responsibil-shall fira were due to wounds in weigh so heavily upon polities T/T Shanghai. by Kr. 0. W. Barron, pointing ities for that country which may the head or cock. Generally and the practical problems of TT Singapore out that the effect of the recent largely cffeet the advantage of speaking soldiers in the trenches reconstruction that the proposal TT Japan enormous programmes for strips, the credits granted in Amerios to are protected from direct fire, and to reduce it (without delay by T/T India ..... submarine, destroyers, and the French Government The can only be reached by shells lery on ospital is bound to receive Demand, India...... aeroplanes was likely to be wast matter is thus explained by s bursting above them, discharging serious attention. It is wrong to TT San Francis ed anleas suiciency of writer in the Paris Journal des shrapnel "balists and steal frag approach it as an item in a oo & New York oil supply were assured. He Debate

menta downwarda. "The English and American steel helmet zote za kind of ospitalist class, or as an attack on T/T Francs......

Thas the Socialistic campaign against the Java 182 esleulates that there are in the

TT Marks. United States about 200,000 Governments have placed at our umbrella, and is stout enough to war profitsering, though no doubt Demand, Paris **** wella, producing at the rate of disposal, in pounds sterling and stop ballets travelling with these motives give it popularity 300,000,000 barrels per annum, in dollars, the amounts which we velocity of 600 feat par second. in fcertain quarters. It ought and that the requirements in peed to pay for our purchases in It cannot be made thick enough to be discussed first and above consequence of the programmes Esgland and America. On our to withstand a rifle bullet, which all as a basinses proposition. in band would rise shortly to side, the French Government moves at about 1700 feet per The burden of paying the interest 425,000,000 barrels per annum. farnishes, in france, to its allies second and requires almost and principal of the War Loans Owing to the nucertainties the cams necessary to pay and quarter of an inch of armour maat in any case fall mainly on created by the action of different maintain their troops in France, steel to stop it, without becoming the well-to-do classes, who alone departments, especially those of We cannot be far away from the much too heavy to wear. have the wherewithal to pay. 4 m/s. Marks .... Nom. Wer, the Navy, and the Interior, point where the expenses of the The protective value of the Would they rather drag over the 4 m/s, Francs it is stated that capitalists are American army in France will helmet fise in a great messure in payment for a long term of years 6 m/s. Franca... 5.1244 anwilling to make the necessary c et exactly the payments we its power of defeating projectiles; or make an early effort to get rid Demand, Germany. investments required to produce have to make to the United and it is this particular quality of a large part of the bardea Demand, New York. 875% the additional supplies indicated. Bistes,

that is responsible for the shape by

T/T Bombay 3. special "Instead of paying its expenses of the British helmet. Though out of their capital resources? TT Calcutta

contribution

Demand, Bombay... Nom. in America by means of dollars, inartistic, it is nearly twenty per It is not a mere case of ospital Demand, Calcutta... Nom. At the annual meeting of this repayable in a longer or shorter oant better than the German levy verKUS rompany, held on June 15, Mr. G. period after the war, the French imitation. “

income tax, 89 Demand, Manila Mara Ritchie said that during Government paya tão equivalent.

is sometimes suggested. A high Demand, Singapore. 158 In order to evolve the best income tax after the war is invei On Haiphong 1917 the past policy of concen of these expenses in franga, in possible model, all ancient and table, for the higher general level trating upon the execution of cash. Government orders had been these disbursementsjby recalling and the present type (which cor-nothing of the increased expendi One can get an ides of modern helmets were reviewed, of prices and salaries, to my adhered to, and the turnover that the lowest-paid American responde to the salade of the ture on educational and other exceeded shat. of 1916 by about soldier gate no less than a dollar sixteenth and seventeenth cen-social policies, will require a one-third. In new departments (5 francs 70 centimes) a day,” automatic telephony had been

turies) was finally selected. An much larger normal revscue than analysis of old armour shows very before the war. It is a question given prominence, and

alearly that the ancient armourers of loading this high income tax H'kong 50 ct. sub. technical difficulties had been sUT- mounted. The company was now

päid great attention to the correct with so oppressive a burden of curves, so that arrows or muskat war costs that its machinery will installing both large exchanges for The Imperial War Maseum, balls should glance off rather either break down or can only Canton public service and smaller private Great George street, Westminster, then penetrato, exchanges. The profit of £208,S.W.L, desire to receive. for per of late srmoar, each o

The additions work by repudiating wil pledges 524 showed abstential increase. manent preservation photographe peak that projects over

the of social-economic reform that An interim dividend of 10 per and biographical material of all face, the cheek protectors, and the

the require public money. cent. had been paid, but no final cfficers and men who have lost hanging lobster tail neok guards, and business men even yet realise discourage future eving is capital abroad." Hie sower to Idoubt whether most politicians the charge that a levy would distribution could be considered their lives during the war, also wore simply designed as protec the perils of the fasucial sitos particularly ocgent until excess profits duty had been lettera, skatches, poems and tion against sword cats and weretion, which are gowing graver adjusted. The German share documents from any of the war lighter and laws carefully made with each frach month of war, some weight if it were proposed boldinge in the company were ress.

This objection would have sold in December 1917 by the

than the body of the steel casque and the certainty that very drastic to institute a levy on ospital su s itself. This was by no means a messures will be required to ward recurrent engine of taxation; it Pablic Trustee, and the company bad issued to the Public Troelse

device of Earpesa armourers only off financial collapse in this and does not apply to the actual

it

Siemens Bros: -& Co.

امي

· Imperial War Museum.

padiatory,"

176

14% prem

42

直

5.40 Nom.

On Saigon~ 1 %/% prem Gold Leaf, per oz. 43.20 On Bangkok

Bar Silver, per oz 1914. Sovereign

SUBSIDIARY, COINS.

DISCOUNT FER

$100 F..

par.

$1% prem. 436% din.

.. 10 5

Chief Mazagur,

BANQUE INDUSTRIELLE DE CHINE. Bubscribed Capital France 45,PC0F00. Paid up

· 32,500,000 135 of the Capital, La Frazes 15,000,000 subscribed by the Government of the Chinese Bepublic);

Chairman of the Foard of Directors André Berthelot General Manager

AjJ, Pernotte.

++

HEAD OFFICE: 74. Rue Saint Lazare, PARIS. BRANCHES; - PEKING

SHANGHAI TIENTSIN HONGKONG

It

SAIGON HAIPHONG YUNNANTOU

BANTERS: FRANCE, Scciété Général pour! favoriser le Developpement du Com merce et de l'Industšie en France LONDON...Loudon County & West-

minste Back, Ltd. NEW YORK..Redmond & Co Correspondents in the chief commercial centres of the world

..

Telegraphic Addiem; CEIBANKIND.

Interest on Curent Accounts and

Gold Terms on application. Fixed Deposits in Local Currency and in

Every description of Banking and

change business trazected. Special facilities for French exchange.

M. ROUET DE JOURNEL.

Manager.

HONGKONG BRANCH, Queen's Building.

3, Chater Road.

* Tør 2440,

BANK LIMITED.

*HEAD OFFICE

13, Queen's Road., Central' Hongkong

General Banking Business traosacted.

Bank accounts opened.

Current Deposit and Savings

Fixed Deposits received and

16.00

$40

the

1.03

KWOS MAN FAT,

Chief Narager.

NOTICES

BANKS

HONGKONG & SHANGHAI BANKING CORPORA≈ #TION,

Paid-up Capital $15,000,000 RESERVE FUNDƐ :

Sterling

£1,300,000 a 2005

-$15,000,000

Silver $19,500,000

$34306,000.

Reserve Liability of

Proprietors....$15,000,000 COURT OF DIRECTORS. Row: Mr. P., Feroe Charas 1.2. Zakine Eng-Deputy Chairman, - 8. H. Dodwall, Esq. in Factendas. Meta CS. Oyblay, T

JA Planner, Kaq-“

Hon. Mr. D. Landale, Fos. Ms. E. Som E. V. D. Parr, Els

CELNY KAZA027. Hongkong-N.3. Stabs, Kita-

MAKARS

London Tantra Pola Sapban, Ex

Bank and Parts Bank-Limbad,

On Our

Kangkong-Insonit Allowed i

Accouple at the rubs of 2 por sou

sum on the daly balanĆI

ON FILED DEPOSITE,

Z

moucha, 24 per cell per scatu) For mouths, per ceas, par SABUN

De in Mentha, 4 per cent, par samanai

"N. J. STABB,

Chief Manager

·HONGKONG SAVINGS BANK

THE Best of the show Mask & condectal 1 the HONGKONG AND SHANGHAI RAKKING CORPORATION Raler sy be obtained on applicacion INTEREST on spesies allowed as the min twun monthly balances at $tà per cent. DET GERAJA. Depositors may transfer, at their repitios, bilate of $100 or morets the Hongkong and Sheng Back to be placed on FIX DEPOSIT

Torche Hongkong und Koángbul Packing Carpente

N. J. STABE.

Chief Manager.

TIME TABLE.

WEEK DAYS,

Every 15 min

10 min

30 sylin

10 malo

10 maku

Baturdays only

16 xala

30 mio

Saturdays only

min

15 16 in

thon

THE CHARTERED BANK OF INDIA, AUSTRALIA AND..

CHINA

incesporated by Boyal Charter 1368.

BEAD OFFICE-LONDON. PAID-UP CAPITAL: £1,800,000 RESERVE PONDJ

£600,000

PASSKRY, MARJAWY OP

PROPELTORS

POAIGN EXCHANGE and themes!, Banking.

bacines trassected

CURRENT ACCOUNTS pad and perso DEPOSITS feed for 1 year or mortar periods, ckles which will be casted on application. 1. C. DOWNING.

Manager

Hongkong, 11th April, 1912.

THE MERCANTILE BANK OF INDIA, LIMITED.

Head Office 15, Gracechuret Street, London,. Authorised Capital .............£1,500,000 Subscribed

Paid Up

Reservs Fund..

رہو

BANKEIX

1,125,004

562,50€ 650,000

Toe Bank of England, The Landon Jolat Stock Lack, Jatnaik 36:

BRANCHER —”

Fombay

Calcatis

Colomb

Daili Galla

Hoogkoag

Hopiak

Kandy

Port Love Caritas)

Kuscht

Kota Bhar

Kala Lumpsá

Madras

Pengu

Kang

Slogsport

HONGKONG EKANCH.

Every description of Bashing and Luchong. Interest allowed on Orrent AcTORRES DE S PRE DO per annum on Bally Balances, and as Thad Dub at rates which may be sacertained on applications)

C. CHAMPKIN,

Acting Manager,

INTERNATIONAL BANKING

CORPORATION.

HEAD OFFICE NATIONAL CITY BANK BUILDING. tó, Wall Street, New York,

CAPITAL AND SIMPLIS· US. $6,540,000,00 USDIVIDED PROFITS

$7,118,000.00 ETA. Gras, President and General Manager LONDON OFFICE- 96, Baborste, EC.. BAY PRANCISCO OFFICE: 93 Youtgomery Stran FAB EASTERY BRANCHES

CHINA: Shanghai, Peking. Tientsin, Handsom

Bongkong, Canton

JAPAN: Yokohama, Kobe. PHILIPPINES Mali Cebu

INDIA: Bombay, Calcutta.

STRAITS SETTLEMENTS : Sturapore: DUTCH EAST INDIES: Betania, Boerabaya,

WEST INDIAN AND CENTEAM,

AMEBICAN BRANCHEH:-

£1,330,000 of 44 per cent: debenar contined similar action might for the examination of Japanese father. Allied countries only less proposal, which is to impors it tures, in settlement of the loan be taken regarding the telegraph anita shows extremely stout complete than that of Austris once and for all for the spec THE CHINESE MERCHANTS cath capital sapplied by the and telephone ompanies. In helmets and cuirasses and former German shareholdinga.

fact, in his annual report for the corresponding lightening of the and Germany. These consider purpose of reducing the debt. calendar year 1917, issued the plater and guards where no delions, set forth in cold, clear. On the contrary, there will be Plece-Goods Trade in China. middle of this Maroh, President acting curre could be introduced evidence, form the staple of a the levy, because, the debt being exnot argument, with statistical more inducement to save after "The piece goode market in Vail devoted much space to the and no object eerved by sitempt little book by Mr. Pethick Law lower, the rate of taxation on China, dominated as it is by the subject, handling it from several ing tomake the parts missile-proof renos (Allen and Unwin), which unearned incomes will not need United Kingdom and Japan, different" engles. In his a well zs sword proof. will," says the Board of Trade conclusion be slys:

"The Since the introduction of the the case for "The Levy on

is the best statement yet made of, to be so high. Journal, if present promises are fascial's fiance and credit of first form of British steel sati Capital." Upon a most favour levy upon seven typical personE, Discussing the effect of the falfilled, Lord mach Foope for the Government and its immunity shrapnel helmet a new steel has able estimsir, were the war to from the workman with a-£100 greater activity after the war. from direct control, and the lack been produced which has made end now, the post-war Budget, war certificate to the millionaire, The war, with its ooneequent of dependence of the Government the helmet both lighter sad without a capital legs, would be shows that even the busineER restriction on tonnage and the employee upon his employment, tougher. The present steel is so have to double the death duties man of moderately large ospital interest allowed at rates which difficulties which it may cause to are inseparable, inherent, and bard that it is almost impossible and raise the income tax to 7a. and the professional man with may be ascertained on applica-ainers rated spring up in certain branches of preponderant factors in Govern- to makes panok merk upon it 6d. with proportionate incresses substantial savings would be tion. the trade, ie not only having ment operation. Therefore the when the metal is cold, yet despite of super tex, etc., in order to better cff anders mixed income effect upon - the United desirable factors of economic and this extraordinary hardness and avoid deficit. This compata tax and a levy then ander the Kingdom's trade

with Obiga, efficient operation are wanting. wonderful tensile strength it is tion carries no provision for income tax alone. Only persons bat, strange

though it Whatever can be done by the very seldom that a helmet shows reconstruction policy, and every of large "independent" mesze may seem especially in view of Government through direct opera flaws and has to be rejected, the favourable

freeh geographical tion can be done more cerisialy

month of Every batch of helmets as they at least

war adda and basiness millionaires will pay position in which China's near through control and regulation come from the makers is most the income tax.

another penny

to more ander the mixed system. neighbour is placed-apon of private operation, thus contoarefully proved and teated.

think And so they ought, for large, PEAK TRAMWAY CO. LTD. Japan's also. Japan, interested bining the potency of the sover

that kmost readers of Mr. deductions from grest wealth sre "The interior fitting or band, ohit fir in grays, has been import-eign with the initiative and which lies between the helmet and Lawrence's argument for combin-smell injuries compared with an ying piece goods inta Obina in interest of the subject." The the head of the wearer, has also ing a capital levy with the income even moderate taxation of the

fairly large quantities;"

but, foregoing was written early in been improved; and it is will apprare in general his scheme meas of hand and brain workers. 2000 to 8.00

tax will find it irrefutable, and small, precarious incomes of the allowing for the lack of toansge the year, and published the designed that it from the United Kingdom, the middle of March, or when and cool to wear, being made He meets seriatim the various is” unavoidable, but for the par- is light of assessment and of graduation. The continuation of ench taxation difference between imports of predictions were being made on of "seeptic materials that can objections against s propoesi mis poses of this bage emergency it 120. Japaness and British piece all sides that the Government not poison a wound. The design described goods is not of saab great experiment with the railroads of the helmet lining is such

28 "confiscatory," should be mitigated" by a mb. magnitude and the hope mar would prove highly successful that the effect of any heavy blow anjastly discriminative," restantial spplication of the other certainly be entertained that To-day or four months later, one falling upon

the carque

"impracticable," principle.-J. A. Hin 8 dimination of the

19" thrift-deterrent," and "driving Manchester Guardian. dit-unforeseen disturbing fantor is distributed over the ekull rather ference will be speedily effected beginning to appear-labour. than concentrated upon the points when normal conditions again Director-General McAdoo with of support, and there is no dan- prevail. It is to the fancy goods, all the carde in his hands, ger of concussion of the brain bowever, and particularly to fails to make good, the blame arising from the blow. paplins, that Japan has been, can. be placed on the att- The actual saving of life das devoting mars-attention, during itude of labour. Only a few days to the use of steel helmet can the past year. Items in the ago the chairman of four train never be accurately compated bus Castome daily returne, occupying service brotherhoods in an open there is no doubt that it has a prominent place in British letter to Pennsylvania Railroad decreased fatal injuries from head Imports, were blank se far as employees, declared: "The long wounds by at least two thirds. Ispin was concerned· in the list of delinquancies shows a The soldiers themselves appreciate earlier part of 1917, but from seriously demoralising ten- the valus of the helmet, and it is smell quantities Japanese importe denoy," adding, "Failure to now regarded as essential as the have steadily risen until now they promptly respond for daty when respirator which proteols them represent a sabatantial though not called, and quitting the service of from poison gas, Whether the formidable total in the daily the company without due and future will

an efficient figures."

timely notice are among the worst light, cuirass or body armour American Telephone, forms of industrial eltoking." Be-adopted by any army is On Wednesday of this week, yond doubt the question of wheth-a natural question arising from the day the Government took er or not Government operation out" of the undoubted success of over all of the country's telephone of the railroads and the telegraph the steel osque. At present it and telegraph wires, American and telephone lines will continne is not likely that any body arm Telephone & Telegraph sold at after pesce has been declared will our will be adopted, as it would 911, enys the New York Evening depend largely on the attitude of have to be a great deal stonter Post of August 3. That prics labour. In the meantime sa to the than on the helmet in order to compares with last week's new position of amariom Telephone give protection from ris ballets low recoril for the year of 931- Telegraph Company absrebold- and michine gun fire. Pana it Early this year American Tele- sro, President Nail said this week: would be too heavy fos. Loot phone & Telegraph shares were ||*I am satisfied that the Govern-soldiers, and it would be selling af 1097; « The high price ment înlende to do the atmost to immediately countered by the for last year was 1284. As soon maintain the service, conserve the wholesale adoption of steel arm- as the Government took over the property for the owner, and to our piercing bullets. Be for the -railroads on December. 28; Last, pay jost compensation in a fall present the steel helmet is it bunkbe capparent that if the sensazio

was enough.

VISITING

THE HOME OF

PRIMO

BEER

STOOKED AND SOLD, BY ALL

WINE & SPIRIT, MERCHANTS, HOTELS & CLUBS.

H. RUTTONJEE & SON,

WINE SPIRIT MERCHANTS, M

NIGHT ARS,

10 min: REYGBLIC OF PANAMA: Fabios, ColOK, REPUBLIC OF COLOMBIA: Kedellin," DOMINICAN REPUBLIC: Banto Domingo, Ban

Pedro de Mascia Bantiago, Parto P In addition to our wir Branches, by, resEDO of our close solletion with

30 pm, 9.30 p.m. 10,00 pm. 11.00 pm 1130 pm and 11,15 pm: SATURDAYS EXTRA CABS 1.30 pm, and 12.00 midnight,

*SUNDAYS.

2,00

1050

to 103) po Every

to 1103

to 1200 10on

to 12.30 pm.

to 520

6.00

8.00

NIGHT CARS.

mic

min

8.30 pm 9.30 pm. 30,00 pm 11:00 p.m. 11.20 p.m. and 115pm.

SPECIAL CARS

By sarangment at the Company's Offe Alemandra Bofdings, Des Voeux Rond JOHND, HUMPHREYS & SON, D

CHEVA PROVIDENT LOAN AND MORTGAGE

THE NATIONAL CITY HANK OF NEW YORK we are able to offer the facilities of it brancoas at Babin. Buenos Aires, Caracas, GezzR HATUNA Montevideo, Moscow, Petrograd, Hio de Janeiro, San Juan, P. 1 Beniago de Coba, Bastos, Bo Pario, Valparaiza

CHINESE MERCHANTS AND INDIVIDUAL CHINESE DEPOSITORS ARE OFFERED EVERY MODERN BANKING SERVICE “Commercial and Travellers Letters of Credit. Bile Exchange and Cable Translas bought and sold. Hougkong Branch, 2, Queen's Road Central,

GEORGE BO00, Manager.

THE

YOKOHAMA SPECTE BANI

LIMITED..

Established 1880. Authorised Capital Yen 48,000.006 Paid-up Capital...” 42,000,000 Reserve Fundam

24.300,000

Bead Office-YOKOHAMA

Brandbe

Kobe

Lod