1932-12-29 — Page 11

THE HONGKONG TELEGRAPH THURSDAY, DECEMBER 29, 1932,

"WEEK-END MURDER" lawn and beyond the blue water of

(Continued from Page 3).

apart, the spindles

ponding period of last year.

the Sound. She oven

· FIGURES TALK noticed, subconsciously, that Tom had

Newspapers regard the return turned back and was almost to the

EXPENDITURE LESS AND

as indicating a good outlook for a face turned toward her. Cousin float. But nearest of all she saw

HIGHER RECEIPTS

the Budget. Income tax has so Amost A stop forward, and she a broken, torn railing, the top bar

far produced £64,641,000, but the was kneeling beside him, trom-wronchod

London, Dec, 28,

bulk of the tax will be collected blingly smoothing that drawn, graceful

narrow, Revenue returns last night show during the next three months and throw" She was sure she drunkenly in every direction. She complete the first nine, months of due for payment in January.

carcening that with one week still to run to a sum of nearly £200,000,000 falls had caught that last faint gasp. did not know whom she expected the Unancial year, expenditure, ex- Someone had been there-he had to seo but there was no one on cluding self-balancing

The Higher revenue is largely not fallen-1

Items is due to an increase of £27,000,000 the balcony. The shock of It £9,028.971 lens, and revenue &18-in Customs receipts. Instantly she was on her feet. brought her to a rigid stop. She 940,000 more than for the corres-ceipts from estato duties show an while. re- Grief and fury banished any came to herself-she must go thought of fear. She mustn't stay back, call Tom.

increase of £8,000,000. There has hore-she couldn't help Cousln!

been a fall in income tax receipts Amos now or over-except by Recond caught a dark blur moving Sho started to turn and in that

of £7.562,000 and in surtax receipts finding who was up there. She behind her. was flashing through the centralsciously

Linda had nover con- hall, a quick streak of crimson could not-yet her throat con- screamed. Now she jersey and tanned flesh. Up the stricted and her mouth opened in staira no attempt now to hide her silent, awful pantomino which fying steps. His door was exactly would have been a scream had as she had left it, barely afar. breath been there to release it. No

had ono

come out! She pushed it open and went in,

A silent, empty room. Straight through Linda went, her mind on one thing only, toward the open casement. She glimpsed the green

A cloth thrown around her neck from behind prevented the sound and, twisted tightly, provented also her turning head or body to see her assallant. She jerked for- ward, clutching at the air. Aa

by £6,180,000.

for breath, she had a vague im- she flung back her head, gasping pression of seeing Tom, miles Then water, air and land blurred of £19,120,787 in interest and the away, climbing on to the raft.cline in expendituro was a saving The principal cause of the do-

and darkened and seemed to rush management of the National debt, blackly at her with a horrible, which results from the Govern- dizzy roar. Suddenly, as tho rear-ment's successful ing grew unbearable, the tension operations. Payment wna broken. Air came back to the of the debt instalment on Decem- gasping lunge-yet not quite in bor 15 was not provided for in the time. She swayed, unconscious, Budget. It is offset by decreasea forward into abyssmal blackness. I added to the expenditure account.-- on her feet and pitched heavily in sinking fund and will not be

(To be continued.)

British Wirdėsa.

convorsion to America

CHINA REALTY COMPANY. 8% DEBENTURES 8% INTEREST VS 6% INTEREST

MEANS ONE THIRD MORE INCOME

Year

Amount

1930 1931

10,052,040 19,194,867

COMPARISON

Mortgage Department,

Market

Value of

1930-1931

Excess Interest

Amount Commission Earned ¥122,316 146,825

Property

318,662,000 34.075,565

0% Average Average Value Interest

Rate Loaned

54% 9.18% 9.33% 56%

Commission % 1.215% 0.765%

over 8%

$118,614 255,291

€373,905

3269,141 373,905

Earned above 8% paid to Debenture holders-- 7643,046

Of the above mortgages, there was assigned to investors:

1930 1931

* 6,532,660.00 $13,223,545.00

A lower rate of commission.existed in 1931 due to cheap money for the greater part of the year; From the above it will be seen from September, money commenced to tighten up. As it is we earned 1.33% interest in excess of 8% paid on our Debentures, in addition to 146,825 commissions.

that our 8% Debentures are secured by first mortgages on 56.4% of value and backed up with $5,000,000 capital.

The natural laws of economies require an investor to secure the best return especially upon savings-trust funds--consistent with safety.

The China Realty. Company is one of the oldest (established more than 20 years) real estate companies in Shanghai with a steady successful record back of it.

Capital $5,000,000 fully paid in cash.

Business turnover 1931, 45,632,300 in land and mortgages only, which does not include management of estates, rent collections, insurance written, trustees for beneficial owners of property and sundry sources of income.

Assets

The Company are Realtors, not speculators in Real Estate.

The balance sheet as of December 31, 1931 shows:-

Land and Buildings at cost

Cash....

312,341,726.31

3,351,055.84 1.844,259.11

Mortgages on Real Estate held by Company December 31, 1931 35,971,200 Total Debenture issue December 31, 1931

4,840,700

by which it will be noted that all of the proceeds from Debentures are invested in Mortgages and 1,131,500 of the Company's capital. .

In the past twenty years the Company has negotiated more than one hundred million Taels in mortgages, all of which has been ropaid, principal with interest,

The following extracts are taken from the Chairman's statement at the fost annual Sharoholders' Meating, February 29th, 1932, "We feel that the Debenture holder from an investment standpoint, is just as much an interested partner of the Company as the Common Shareholder and is entitled to his just return on his investment, and by the figures given on the two years' working. I think we have amply proven that we were right that our Debenture holders should receive eight per cent. Interest instead of six per cent."

"The most successful concerns of the future will be those who recognize this principle-that even banks will allocate to depositors a part of profits carned on their money over and above current rates of interests. As our balance sheets show quilte plainly, the proceeds from the sale of our debentures, is not used for the purchase of Real Estate, as we are not speculators, but for investment in first class mortgages, amply secured not only by the value of the property pledged as security, but as a further security, the debentures constitute. a first claim on the total assets of the Company: An analysis of the figures involved shows that every debenture has behind it assets equal to three times its value."

"If after careful consideration of actual facts and figures you are receiving less than 8% upon your investments and/or savings, you are not using judgment but following old customs, believing 5% and 6% are current rates."

CHINA REALTY CO.

Fed. Inc., U.S.A. "The Real Estate Market Place of Shanghai.” 70, SZECHUEN ROAD

...SHANGHAI,

OUTSTANDING IN 1931

BETTER IN 1932

STILL OLDER & BETTER IN 1933 Never was your White Horse as good as old as it is to-day. Always a blend of the finest whisky-Scotsmen recognised this fact and raised White Horse to a position of seniority in their own country.

To-day the quality and age of this Real Old Scotch are better and greater than ever, The secret of this advance is bound up in the vast stocks of the finest whiskies laid down years ago arid now fully matured. Let your palate judge!

WHITE HORSE

WHISKY

Sole Agents:

JARDINE, MATHESON & CO., LTD. HONG KONG

THE SENIOR WHISKY OF SCOTLAND

PICKLED

BALTIC

FINEST

BALTIC HERRINGS. BISMARK HERRINGS.

"MATIES" HERRINGS.

SALT - FULL-GROWN HERRINGS.

HONGKONG STORE: French Bank Bldg., 1st Floor, 5. Queen's Road Central. Tel. 80400.

HABADE

[Hamburg Bakery & Delicacies]

KOWLOON STORE: 22, Hankow Bead. (Opposite Star Theatre),

Tel. 68829.

REVIEWING THE FACTS

During the first six months of this year with business generally declining

MY and

with the tire industry as a whole suffering

with the rest-

It is interesting to note that

more GOODRICH SILVERTOWNS were bought than during the same period last

year.

Significant, isn't? And especially interesting since the average depression buyer selected with more than usual care.

The new heavier

GOODRICH SILVERTOWN

Greater mileage, than ever- before,

The safest tire yet produced. Quieter than attractive-powerful.

* Sole Distributors for China:

every-mora

CARLOWITZ & CO.

Queen's Road,