1919-05-17 — Page 9

THE HONGKONG

EARLIER TELEGRAMS.

· MORE BUDGET DETAILS.

London, April 30 following is in continuation of Mr. Chamberlain's giach on the Budget

There was also the remaining liability of India in respect of the five per cent. War Loan amounting to about thirty million sterling. There was also the idemnity froin our enemies (Cheers), but when allowance was made for all assets the burden of debts was still very formidable. The axtimated expenditure for the current year was £1,434,910,000 and the revenue £1,139,650,000; a deficit of £275,990,000, Mr. Chamberlain assumed, that the revenue of a future normal year on the existing basis of taxation would be £659,000,000, dopsisting of Customs and Excise £196,000,000, Inland Re- He renze £400,000,000 and other sources £3,000,000. estimated that the Army and Navy would cost £110,000,000 and the Debt charge £1,000,000 including the sinking fund of 11 por cont, Civil Services £190,000,000 and Customs, Inland Revenue, Post Office and other services £13,000,000. making a total expenditure of £778,009,006 leaving a deficit bl; £114,000,000.

He proposed to raise this amount not all in the current yes but by taxes which in the full year would bring it ap- proximately that amount Land value duties were at posent unwo able and must be amended or repealed. The Fremier and himself recommended & inquiry thereanent by alect committee of the House of Commons. He proposed to abolish the excess duty on beazol, also the motor spirit licence duty.

Dealing with Imperial Preference which he regarded as the most importans part of the Budget Mr. Chamberlain pointed out that only three items of the Colonial prospectus. namely tea, cocos and rum were largely affected by present customs doties but there were many others, such as cottun, sugár, tobacco and whhe, and though beginnings might be small we must measure them not by the amount of, British Imperial trade which secured preference at present but by the opportunities of development in that trade. There was room for vast extension of Imperial trade and Imperial developments had never been sp important. In considering the form of preference they had to take account of four con- siderations. Firstly, Preference must be for a substantial #mount; secondly, rates must be few and simple; thirdly, where there was existing excise duty this must be pro- portionately reduced; fourthly, the interests of the Allies must be remembered. He had decided that on imported articles, such as cinematograph films, musical instruments, elocks and watches, there should be a fixed preference of dee-third on Imperial imports. On consumable com. modities, except alcohol, there should be preference of one- sixth. In both cases preference should be given by reduction of the existing duty for colonial imports.

.

Mr. Chamberlain anticipated the preference on tea would lead to a largely increased consumption. He estimated loss of revenue from tea owing to preference at about £2,000,000. In the case of cocoa prèference worth seven shillings a hundredweight would mean a loss of £200,000 to the reveace." The revenue from coffee is at present small but the amoun grown in the Empire is capable of almost limitless expansion. Preference on coffee would mean an immediate loss of £50,000. The estimated revenue from sugar is £30,000,000: Seven per cent. of sugar came from the Empire, preference worth four shillings a hundredweight meaning a loss of -$500,000 on the revenue.

Preference would be given to dried fruits also. The estimated revenue on tobacco was £47.000.000. At present, only two per cent came from the Empire but he was advised that considerable expansion was possible. Preference would- amount to 1/4 a pound on manufactured tobacco. substantial amount would stimulate production in India and the Colonies concerned. With regard to motor spirit eighteen per cent. nolly came from the Empire and a preference of 1/6 would mean a loss of £60,000 in revenue.

This

The estimated revenue in wine was 81,250,000 million only ten per cent come from Empire sources at present but the in-. dustry had developed and was developable in South Africa "and Australia. Both Dominions attached importance there- to. The present daty was levied at two rates, namely fifteen pence and thirty-six pence"a gallon according to strength. He was told that a preference of one sixth on these small duties was ineffective. On the other hand from considera- tion of the Allies interests, notably France and Portugal. Also some neutrals, he was unwilling at such a moment, as the present to raise duts on this most important article.

Mr. Chamberlain therefore proposed to give preference by way of reduction, to allow sixpence on the lower rate and fifteen, pence and a, shilling on three. Spirits constituted the most difficult problem. The State derived å very large ravenue from excise duty. It was essential that it be not give in one form which would appreciably reduce the other. It was therefore necessary to treat spirits in a special class

in order to avoid undesirable loss of revenue.

Over eighty per cent. of the, rum came from Empire sources but the import of other spirits was small and was likely so to continue for a long time. Still they were capable of home development. The rate of one-sixth on such high duties would amount to sixty one pecce a gallon on the existing duty. He proposed therefore to fix preference at half a crown & gallon and give this preference not by reducing the duty on foreign spirits, which would give him a slight additional yield in revenue. The affect of the preference proposal as whole would mean a reduction of two and a half millions on the current year or three millions in the full year. The great bulk would be in respect of tea.

Preference would operate on September 1 except in the base of tea where it would operate on June 2 because a more distant date' might lead to the withholding of stock. He hoped the result of preference on revenge and trade should increase with the years. He did not propose to proceed with the luxury tax. The spirit duty would be increased from thirty to fifty shillings a gallon, meaning an additional revenue of £21,850,000 in the full year. Brewers" would be allowed to raise the output of beer to twenty. million barrels yearly and the gravity of British beers would be increased. The duty on beer would be raised from fifty to seventy shillings a barrel, producing a revenue of £2,200,000 for the current year.

The excess profits tax would be continue as a temporary measure only for another year at a reduced rate of forty per cent. He estimated the yield would be £50,000,000. The scale of death duties be would be altered so as produce £10,000,000 more revenue in the full year. The estimated Field in the current year was only £2,500,000. Incomb Tax would be unchanged pending the report of the Royal Commission Mr. Chamberlain concluded by emphasising the necessity of severe economy and expressing gratitude that it bad Isllen to him to make the first proposals, in the House of Commons for the statutory embodiment in our financial system of a policy of Imperial Preference with which his father's name and fame were ever associated. (Cheers).

·HAPPENINGS IN IRELAND.

London. May 5. proclamation of the City of Limerick as a special area is withdrawn. The military barriers. sad were removed to-night and permits to quiter the city are no longer NSCOMBERY,

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EARLTER

TELEGRAME

THE REACH TERMS,

Paris, May 3:

The Echo de Paris" says the future status of Germany is definitely settled Henceforward it, will be impossible for Germany to push eastward by means of a Russian, alliance, while Austria will be made a neutral republic and forbidden to enter an alliance with Germany.

London, May 1 "The Commal of Three has invited the Austrian and *Hungarian delegates to come to Yersailles in a fortnight to receive the peace terms affecting them.

•

Paria, May 1. The verifestion committee of the Powers comprising 1. Cambon, France, Mr. White, United States, Lord Har- dinge, Britain, Baron Matsui, Japan, received Count Brock- dorf Rantzau, President of the German delegation who pre-.. sented Landsberg, Minister of Justice, Simons, Director of Justice, and Gannn, the legal adviser. The German creden tials were handed to M. Carbon.

The Austrian Delegates yesterday were convoked to attend the Peace Conference. The Hungarian delegatea will be convoked shortly. The "Echode Paris" states that after yesterday's meeting of French cabinet at which the peace terms were submitted several French Ministers expressed complete satisfaction with the terms.

Fatia. May 4.

The Council of Three to-day invited Italy to resume her place at the Peace Conference. The nature of the invita tion is such that it is believed that Italy will accept and relations will be restored before the treaty is delivered to the Germans.

Brussels, Mar 2

י

À petition has been presented to the King to refuse to sign the Peace Treaty by the National Political Committee, representing a hundred thousand members and three hundred communes. The petition says the indignation of the Belgians.

is growing at the little offered and all refused to Belgium. By leaving the Conference Belgium can show the immorality of a peace signed without her. A meeting of the Cabinet presided over by the King decided-after three hours to defer decision on the Peace Treaty until the meeting on Sunday with the Belgian Paris delegates. The Premier told cor- respondents the position was grave.

Paris, May 4.

The negotiations of the Council of Three with the Belgian delegation on the subject of Belgian claims continue actively. Delegate Hymans returned to Brussels yesterday taking two definite proposals, une providing for Belgiums' prior claim to 2,500,000,000 francs out of the first pacients made by the Germans, the other providing for the supression of Belgium's war debt amounting to 5.000,000,000 francs. The reservations and conditions previously made are wit drawn. The Belgian cabinet meets, this evening to consider the proposals.

Brussels, May 4.....

Popular excitement regarding Belgium's claims is increas ing. There were great demonstrations in Antwerp and Ghent to-day, with deputations to the Burgomasters re- questing them to inform the delegates at Paris that Belgium must receive compensation enabling her to rebuild her rained towns and industries. The Bargomaster of Antwerp, replying said he was convinced the Allies would fulfil their promises because otherwise Belgium would be faced with a catastrophe. He added that the treaties of 1539 must be revised to give Antwerp free access to the sea.

Similar representations, were made to Burgomaster Max 25 Brussels in an address from the Belgium Patriotic Societies, rppre- senting hundreds of thousands of members.

The Crown Council at midnight unanimously decided to sign the Peace Treaty, after four hours deliberations, where. in M. Hymans explained the peace terms and opined that the terms offered Belgium in the present circumstances wewe honourable and satisfactory. The Council decided to represent to the Allies the necessity for their fullest as sistance in the economic restoration of Belgium. It was decided to request the support of the Allies in opening the speediest negotiations with Holland with a view to settling the questions of the, freedom of the Scheldt, freedom of the Belgium riverina communications with East Belgium and with the Rhine.

THE GERMAN COLONIES.

Paris, May 3. "The delay in handing the terms to the Germans is due to the fact that several questions are still unsettled, including the eastern frontiers of Belgium, Foland and the Kiel Canal The actual wording of the treaty is taking longer than anticipated. It is not improbable that the treaty will not be ready for presentation before the end of the week 'Another awkward problem is Italy's attitude. It is stated that the terms of the Treaty to which the Germans will most strongly -object will be the surrender of the colonies. They will arge that East Africa, Togoland, and Cameroons be left to Ger many and on refusal,will ask that Germany be assigned a share of the administration of her ex-colonies and in any case that Germany be not debarred from purchasing some. Portuguese colonies. .

GERMAN EAST AFRICA.

Paris, May 8. The Belgian Delegation in a statement says.it does not believe the announcement that the maudate for German East Africa will be allocated to Britain and points out that Belgium took an important part to assure it conquest and for three years has occupied and administered a consider able part of those teritorries. Furthermore when M. Hymanf recently drew attention to Belgium's rights hereanent het was assured the rights would be safeguarded.

FLYING THE ATLANTIC.

St. John (Newfoundland), April 30.

In their trans Atlantic flights Raynham flies at three this afternoon and Hawker will probably follow an hour later.

New York, May 8, Three United States naval seaplanes started from Bock- away for Halifax on the first stage of the Trans-Atlantic flight, Commander Towers leading with N C 3 The stages are Halifax, Trepassy, Azores, Lisbon and Plymouth.

MARSHAL HINDENBURG RESIGNS.

Copenhagen, May 2 Marshal Hindenburg has sent a letter to Herr Egbert resigning the generalissimoship owing to his desire to retire into private life. The latter accepted the resignation tributing Marshal Hindenberg's services and expressing the undying thanks of the German people thereto.

TODAY'S SHARE

QUOTATIONS.

IMENTS.

THEATRE LE ROYAL

LAGT MATINED

TO-DAY

Uniona

Yangtszes

Banks

HK.&S Banks sa

$670

Marine Insurances.

Cantons North Chinas

$

$185

b

$220

་་

$1100

(Saturaday), May 17th at 4.30 pà (Children Half Price)

ber. div. $232.

Far Easterns

0.

26

Fire Insurances.

II.

$160

$825

$ 85

酥

China Fires H..K. Fires,

Douglases Steamboats Indos (Pref.). Indos (Def.)

Shells

Ferries

Sugars

Kailans

Shipping,

Shai Explorations

Raubs

Tronohs

Urals

$9

b. & sa 150

14

$159

$ 34

Docks, Wharves, Godowns, &c.

HK Wharves

K. Docks

S'hai Docks

N. Engineerings

"Lands, Hotels & Buildings,

Centrals

H.K. Hotels

Land Invest.

H'phreys Est Kloon Lands

and

TO-NIGHT at 9.15 p.m.

THE

BANVARD

AMERICAN MUSICAL. COMEDY COMPANY

ARTISTES MOSTLY GIELS.

PRESENT

OFF TO THE FRONT:"

POPULAR PRICES: $3, $2 & $1.

BOOKING AT MOUTRIES.

176/→

2.

$ 37

19

Refineries.

D

Malabons

b.

Mining-

b

501-

Langkats Combined}

Shanghai Loans

b.

t. 18

1.

214

1.

41-

I.

38'6

b. & sa

94

D

$15216

sa

II.

$12646

$ 24.

"Sale Agents:

b

$107

+-

$100

b.

- $109

The

$8.15

:

THE

CONNAUGHT

&

$45

L'Reclamations West Points

$175

$72

MOTOR CAR

Cotton Mills.

COMPANY,

Ewos

+b.

1. 295

Kang Yiks

-b"

1.34

Lau Kung Mows b.

t. 170

Orientals

11.

1

Shai Cottons

A

t. 173"

Yangtszepoos

sa.

1034

Green Islands.

$734

China Borneos

$124

China Lights b. $5 old b. 1.05 new

China Providents b.

$ 716

Dairy Fartas.

1.

$30

H. K. Electrics

11.

$78

Macao Electrics Ropes

k.

b

Trams, Low Level . Trams, Peak, old .b.

$336 $3116 $72

-$81/1

Trams. Peak, new b. Laundries

cts.

.85

b.

€ 334

5.

$12

$1316

5.

$ 6

ૉ.

sa.

$1136 $30

Miscella.cons.

Steel Foundries U. Waterboats

Watsons

Wm. Powell Wiseman's

Hongkong, May 17, 1919.

18

t. 91

Studebaker

Tel. No. 1913.

28, Des Vœux Rd.

Central

G.P.O. Box 444.

A Car which has won for itself a world wide reputation for permanency of Service, Power, Design, Comfort, Workmanship & Economy.

A High Class Latest Modelled Car

At a price within the reach of all.

A Consignment of Studebakers has just been landed. Inspection and Enquiries are cordially Solicited.

NIGHT-TIME IS THE RIGHT TIME

о

to take Pinkettes, the gentle little laxatives. Their good effects are expérienced next morning, and without griping or purging.

PINKETTES

dispel constipation,' cure bilious- ness, sick headaches, liverishness, coated tongue, foul breath. Ob tainable from deale everywhere. or at 60 cents the vial, from The Dr. Williams' Medicine Co., 96 Szechuen Road, Shanghai.

THE

I

“TELEGRAPH”

IS

THE FEATURE PAPER

LOOK OUT

On MONDAYS for

"CURRENT COIN”

On TUESDAYS for

"AN ISLANDER'S DIARY” On WEDNESSAYS for

"MODERN MODES"

زه

On THURSDAYS for

14

'MUSICAL JOTTINGS"

On FRIDAYS for

"ROBBIE'S LETTER.”

On SATURDAYS for the

"PICTORIAL SUPPLEMENT"

SOMETHING FOR EVERYBODY,

SUMMER. REQUISITES.

Improved Talcum Powder Lavender, Violet, Lilac, Carnation.

1 lb tins $1.00 Victoria Prickly Heat Lotion The only Safe and Certain Cure. 50 cts and SI 90 per bottle, Victoria Prickly Heat Powder Gives immediate relief. 50 cts and $1.00 per tin.

THE VICTORIA DISPENSARY

'32, Queen's Road Central

Telephone 298.

TO-DAY'S NEW ADVERTISEMENTS.

OUR DOINGS IN 1918. ASSETS: GOLD $97 MILL (OVER) SURPLUS: GOLD $8 MILL (OVER) PROFITS PAID GOLD $1,546,000. PAYMENTS TO POLICYHOLDERS: NEARLY GOLD $10 MILL.

OVER GOLD $51 NEW BUSINESS: THE SUN LIFE ASSURANCE CO, OF CANADA. 12 Fowell's Buildings, Des Voeux Road, Central F. M. WELLEE,

Hongkong. Manager,

NOTICE

A JUMBLE SALE will be held in

St. Andrew's Church Hall (Kowloon)

Friday May 23rd

from

p6 o'clock.

3 o'clock

Contributions of any descrip tion, sent to the Church Hall on:

MILE..

THE "STAR" FERRY CO., LTD. NOTICE TO SHAREHOLDERS »

NOTICE IS HEREBY GIVEN THAT

THE TWENTY-FIRST ORDIK ARY. ANNUAL MEETING of thie Company will be held at the Offices of Merers Jardine. Matheson PE Co. Ltd. ca THURSDAY, the 29th May, 1918, at 11.30 am, for the perpces of receiving the Beport of the Directore together with A Statement of Accounts to 30th April, 1919.

THE REGISTER OF SHARES of the Choptay will be CLOSED from Friday the 23rd May to Thursday, the 29th

** May, 1919, INCLUSIVE.

By order of the Board of Director W. & BROWN,

Sety, Secretary, Hongkong, 18th May, 1919.

WANTED.

ursday 22nd will be gratefully WANTED

rooms, either

By European &

furnished or unfurnished. Central Proceeds in aid of the Kowloon location & Lower level prefer

received.

Note the day on which you Branch of the Ministering Apply Bon, 175 do

lavor-té feature appea

Children's League.,