1937-04-22 — Page 24

12

KINO

AIR-CONDITIONED THEATRES

SHOWING TO-DAY- AT 2.30, 5.10, 7.15 & 9.30 P.M.

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UNDER COVER

NIGHT

Your FR

Edmund

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LOWE RICE

IM

The dog and the Gouncing_bxl| ||

SATURDAY M.G.M. Picture

Mat PENDLETON • Henry DANIELL

Sarah HADEN

Directed by CEORGE M. SEITE.

ALSO

Hybr

LATEST NEWS OF

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DAY

Joan Crawford-William Powell-Roberi Montgomery in "THE LAST OF MRS. CHEYNEY”

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THE STORY of a BATTLE for LOVE THAT SHOOK TWO HEMISPHERES!

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Marion Davies

"HEARTS DIVIDED" Dick Powell Charlie Ruggles

› Claude Rains-E. Everett Horton

Arthur fortelser » Mali Jokman Chali AMERNE OMA PASUJ KABUTTON

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WOOLSEY in MUMMY'S BOYS

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گلو

THE HONGKONG TELEGRAPH.

Government Shortage Of Cash Feared ·

Until Dollar Loan Balance Floated

Colony Finances

Examined

Until the Hongkong Govern

ment issues the balance of the $25,000,000 Dollar Loan, $11,- 000,000 of which remains to be placed on the market, the Colony is likely to find itself "hard"up" for ready cash,

of

THURSDAY,

AUSTRIA MAY HELP. DEVELOP ETHIOPIA

Schuschnigg Seeing Mussolini To-day,

APRIL 22, 1937.

Profits Tax Under Fire From Tories

Fears It Will Cripple Many Enterprises

But Radical Sees

Hapsburg's Fate It As Real Boon To Be Discussed

London, April 21. Conservative doubts of the. Venice, Apr. 21. efficacy and wisdom of the Several vital questions will excess profits tax introduced by be discussed when Signor Benito the Chancellor of the Exchequer Mussolini, the Italian Dictator, when he delivered his Budget meets Dr. Kurt Schuschnigg, yesterday, were manifested in Austria's

near-Dictator, to the House of Commons to-day morrow.

when Sir Robert Horne appealed for the clearing up of obesurities attaching to the tax.

ALHAMBRA

NATHAN AD HOLILOOT:

TO-DAY AND TO-MORROW

NEW UNIVERSAL'S MOST SENSATIONAL MYSTERY MURDER THRILLER OF THE SEASON!

DON'T WRITE..........IT'S DANGEROUSI TELL HIM OF YOUR LOVE INSTEADI

LOVE LETTERS.

of a STAR

HENRY HUNTER, POLLY ROWLES, C. Henry GORDON

Although Hongkong's excess assets over liablilties totalled $12, 017,132 on December 31 last, $9,206,- 208 of this amount has been tempor.. It is stated their meeting will be arlly advanced for Loan Works, such held "within the frame-work of the as the Jubilee Reservoir, pendingRame protocols, thus indicating that reimbursement from the balance of no change of policy by either country the Dollar Loan not yet issued. is contemplated and that their almputed before or after the income taxSATURDAY

To add $11,000,000 to the Colony'a public debi at 3% per cent, Interest would mean that Government would have to find $390,000 per annum in Interest alone. Need for this loan money avoided so long as Hongkong

is has an excess of assets sufflelent to cover loan obligations.

by ad But, voucing almost $10,000,000 from the surplus of $12,017,000, Government appears to be salling clo

close to the wind. A total of $2,814,024 of the Colony's assets are out

fixed on deposit with the General Insurance Companies and cannot be disturbed. The Treasurer had a cash balance of $2,590,667 on December 31, but this money does not actually belong to Government, as

covers certain

liabilities.

The first portion of the Dollar Loun was issued in 1934, when $14,000,000 at 31⁄2 per cent, was rapidly over- subscribed. This money is repayable: annually at the rate of one-twenty- fifth of the total nominal value. At the end of 1930 the amount had been reduced to $12,880,000.

Hongkong lo fortunately one of the few places in the world which has no oversens loan commitments. Be- sides the internal Dollar Loan its only outstanding loan is the 1033 Conver- sion Loan, the amount outstanding on December 31 being only $4,838,000.

Sugar Parley At Crisis

Quota Demands Above Free Market Limit

is to increase the economie collabora-

SHOOTS DOWN DIPLOMAT

This radiophoto shows Magda de Fontanges, writer and former .French actress, those unrequited love for Premier Mussolini of Italy is believed by French police to have caused her to shoot and woolind Count Charles de Chambrun, French diplosnat. A¤ intimate diary fouil inher studio was said by police to have expressed her great love for 11 Duce. She believed Chambrun blasted her romance.

He asked whether the national de- fence contribution would be com

assessment and sought Information respecting depreciation, especially

shipping with regards

Sir Robert generally supported the view that excess prouts from the manufacture of armaments were a proper subject for taxation, but it seemed, he said, that the projected tax went further, because it included a vast number of flims not connected

munition: with

who

would be Injured, rather than benefited, by the Shipping armament programme. companies, ite asserted, "were dismay- ed by the prospect.

He pointed out that income tax, plus the national defence lax, would Oggregate as high as 45 per cent., and 75 per cent, where the surtax was payable.

The new tax would be most de- frimental to new firms and he feared would act as a check upon the country's enterprise.

Sir Stafford Cripps, the radical Labourite, sald he new Growth of Profits Tax could be used by sub- sequent Chancellors as a valuable device in the period of transition from the present form of economy to newer and better form." He that in years to come Mr.

=ས་ amberlain's example would be followed and the tax would become

a permanent feature, by which private industry would be replaced gradually by national and state- owned industry.

"It may be the device which will enable us to terminate the capitalist system much earlier than we other- wise would have been able to do," suggested this reformer.-Reuter,

VARYING VIEWS

London, Apr. 21. The House of Commons began consideration of the Budget

pro- posals in carnest to-day.

Mr. Pethick Lawrence, for the

tion between the nations concerned in the Rome protocols, Italy, Aus-Labour Party, wanted to know how tria and Hungary.

the Chancellor's plan for national defence construction would work in

It is expected, however, that 0 a number of ways, and expressed the move will be made towards closer hope that the Treasury had taken to co-operation between these three heart countries and the nations of the heart the mistakes learned in con- Little Entente, and it is also sugProfits Duty. gested that Austria be given facili- Sir Robert Homic pald

incetion with the Maritime Excess

high

London, Apr. 21. The World Sugar Conference negotiating committee saw a number of further delegations to-day and is seeing more to-morrow, and it is understood that all but four of the countries représented have accepted the allocations for their growers ines for shering in the development

of Ethiopia, now in the final stages of the nation's finances during his tribute to the Chancellor's conduct the free market, in principle. The remaining four are demanding quotas of conquest by Italy.

lung period of office. He had pur which will bring the total sugar 10

Whatever be unloaded on the free market to meeting, it

the outcome of

a course the sued

of resolution and is expected the Anal rectitude, with the result that the nearly ten per cent, above Its es- timated requirements.

communique will do little more than country was the envy of the world. reaffirm the solidarity of the signa- Sir Robert, however, was critical of tories of the protocols at Rome the proposed national defence con- Reuter,

tribution, the scope of which thought, was too wide and in connec- tion with which, he believed, the opportunity should be seized for securing a trade agreement with the United States.

these

However, the demands of four have been reduced by five per cent. since earlier In the week.

Vienna Disclosures

he

The negotiating comalttee

en-

Vienna, Apr. 21. countered considerable difficulty in obtaining this reduction of demands, will form the basis of the conversa- Three questions, it is understood, and it is uncertain whether the four lens between Dr. Kurt Schuschnigg Sir Archibald Sinclair attacked nations will modity their claims of Austria and Signor Benito Musso- what he described as the Chanceller's further or whether others will yield lint of Italy to-morrow, namely: the protectionist policy and indicated a part of their quotas. Hence part-relations between Italy and Austria; that the Liberals would have pre- cular interest attaches to to-morrow's committee meeting-Reuter.

HOPE OF AGREEMENT

London, Apr. 21.

-It is learned that the progress made

on Tuesday has increased the possl- bility of the Sugar Conference rench- Ing an agreement within ten days.

an

ferred

Austro-Czecho-Slóvaklan

strict control of armament rap- terr prochement: the Hapsburg restora- prices rather than a scheme of tion---Render.

taxation which made the Government a partner in profiteering.

£680,400 FOR CORONATION

London, Apr. 21. The estimated expenditure from The delegates, Including Mr. Nor-public funds in connection with the man Davis, have proposed deinite Coronation will be £000,400, accord- annual quotas, the total world exporting a House of Commons reply. of which would be 3,300,000 metrle-British Wireless. - tons, which is nearly 700,000 tons below the figure expected and which the thirteen exporting countries de- mand.

Eight delegates accepted the pro- posal, but Czecho-Slovakia, Java, Mozambique, Peru and Russia re- fected it. Discussions with these nations are being resumed.

It has been tentatively proposed that the United Kingdom should limit annual production to 42,000 tons and that the British Colonies should rea- trict their exports to 850,000 tons.

A special arrangement would per- mit the United States to continue its duty-free quota in respect of the Philippines. However, if the quota diminished within the next five years, us the result of a subsequent Phillp- pines-American agreement, there would be a corresponding allocation to other countries. The Philippines would forego any claim to an export in the present free market, quote getting in returni a four per cent, share of any increase in free market requirements-United Press.

PRINCESS' BIRTHDAY

PRESENT

London, Apr. 21. Princess Elizabeth celebrated her 11th birthday to-day, The King and Queen gave her a znow-white pony and saddle and bridle, with her initials, DE birthday presents British Wireless.

DAILY

⚫AT

230

5:20

720 920

Sir Alan Anderson thought a mea sure such as the national defence contribution was absolute necessary when the whole of the people were being called upon to bear a heavy burden, although he admitted that the schemes for taxing excess profits were full of difficulty and danger and generally unsatisfactory. British Wireless.

HANKOW

KOWLOON

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GRACK

101

BENNY

BURNS

ALLEN

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Marina

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Lielak Lutdo

BERNY

"THE BIG BROADCAST GOODMAN

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Foremnunt Picture directed by Mitchell Loleen.

and hus

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A COLUMBIA PICTURE

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FREDRIC MARCH - WARNER BAXTER - LIONEL BARRYMORE "THE ROAD to GLORY”.

Twentieth Century-Fox Picture

FRENCH-BRED HORSE WINS "CITY AND SUBURBAN".

Epsom, Apr. 21. Mr. Arthur Sainsbury, the head of the famous catering firm, won the City and Suburban Handicap to-day with William of Valence, which he brought from France two years ago.

very

The horse thus created a, notable 41lbs. The feat was all the more re- trable, since it recently won themarkable as the going was Rosebery Stakes at Kempton Park heavy. The time, 2 min. 24 secs., was and the Spring Stakes at Lingfield. slow, however. The winner has brought off coup after cpup for its connection, being locally trained by Herbert Smyth.

By carrying the heavy burden of 0 st. Gibs, William of Valence broke

Mr. Sainsbury bought the winner. after it had run second in the Grand Prix de Paris, Franco's premier race. Mr. Washington Singer's Ripponter (100 to 7) was three lengths behindk

a sixty-one-year record, the previous for second place, with Lord_Rose- heaviest weight carried by a winner bery's Edgehill (20 to 1) a head away of the raco being Thunder,, at 0 st. third-Router Special.

Printed and Published for the Proprietors by BENJAMIN WYLIE, at 1 and 3, Wyndham Street in the City of Victoria, Hongkong.