Thursday,
HONGKONG TELEGRAPH
October 12, 1939.
3.
Hongkong Financial Secretary's First War Budget GOVERNOR'S SPEECH
TAX,
INCOME
EXCHANGE
DUTIES
AND
NEW CONTROL MEASURES
Tho, Hon. Financial Secretary's spooch follows:
#
bus ment.
Impose In Hongkong o
ON WAR BUDGET Continued From Page: 1 }
detailed advanced as yet for any description, but in order to prevent unnecessary alarm I will say that It is not intended at the initial stage to prescribe very high rates of fax. "Attention has also been given to ever, all that we can wisely do at the the question of taxing Excess Profts. moment.
With this object in view it is for such a measure in due course, There may plainly be justification Government's intention to replace the but I feel-and I know that my
1
the
a..
INTRODUCING his first war budget in the Legislative Council this would have vanished. It is equally there should be a leakage of funds budget which is formally before you Honourable friend agrees with me. impossible to get an expert from from London through Hongkong. We to-day by two separate budgets: the that we had better tackle in Incone afternoon, the Hon. Mr. S. Caine, Financial Secretary, revealed that among home even to help start the Deport- have however been assured that the former will provide for the formal Tax problem ftat, and, when that ment and we must do it with our own authorities in London will provide expenditure of Government depart has been done, take up again the the measures to be taken to raise additional income for the purpose of con-resources.
exchange for all legitimate purposes ments, the latter is designed to fulfil "Government is only too well and sterling transactions in Hong- our obligations as a member of the matter of Execss Fronts Duly. tributing towards the Home Government's war chost, was a standard income
aware that that is formidable kong Itself are completely unrestrict- British Empire while engaged in a
Two-Fold Duty ,major war..
"Hon. Members, This address is, of tax of ten per cont, increased duties on liquor and petrol, exchange control, undertaking and I most caracatly ed.
crave the patience and indulgence of
course, intended to do no more than Checking Undesirable and methods to chock undesirable imports.
ibis Counell it in order to make this "The Secretary of State for the
Colonial Secretary's Suggestions outline the principles in accordance new departure a success in the short Colonies has also agreed that it would! will describe us Ute ordinary budget policy for the near future is being time at our disposal we have to ask be unwise
"It may surprise you that what I with which this Colony's financial in the beginning for what may seem full system of licensing of Import does not show greater reductions inframed and the Honourable "Your Excellency. You have in- tlal to carry on the economic develop-to suffer by the reduction In
our an extravagant temporary establish- and exports. Search has therefort' course, were fairly well advanced noon, explain the Government's pro- expenditure. The estimates, of Financial Secretary will, this after- population which dleated in their main outlines the ment of the Colony. Evidence of the swollen
I also crave the patience of the ing made for other means of check-when war Droite but rund early in posals in ampler measure. I have financial intentions of Government in intention to continue the develop-frecently begun and which is so wel-
Ing undesirable imports, that is, im- the new conditions which exist to-meat of social services is given by the come on general grounds, and by the public who will have to put up with ports which are undesirable because September we were in the act of can-ried to put before you the twofold
of luxury
expenditure the mistakes and delays which we they use up exchange resources, day. Circumstances lave unfortun-provision for the commencement of a reduction
aidering the extent of which they duty which rests upon this Leglain- new in-which Your Excsiloney has urged and an hardly avold in the early stages. ately compelled the Government to new Queen's College,
new to which payment of income tax will I only promise that we will do The conclusion has been reached should be cut down when I received ture at this juncture.
that this can best be done in two
"On the one
arc hand we put those Intentions before Council, fectious Diseases Hospital and
from the Secretary of State some very 215 new itself contribute. Accordingly, even our best and express a hope that we
ways, first by the imposition of
valuable guidance.
ponsible for the proper care, and the Colony which that Council Health Centres, as well
If there had been no intention to may recelve helpful co-operation There has Volunteer Hendquarters.
taxation with the deliberate object
"In effect Mr. MacDonald's coun-phrase which includes improve- represents, in two stages. been no time since the outbreak of "The actual amounts expected to make any special contribution to His from the public.
of chocking consumption,
nel was that, subject to two pro- ment, of this smalt but import- Exchange Control bulldings Majesty's Government I should have
With war to reach finality in our proposals be spent on any of those
visos of which I will make men- ant part of His Majesty's Empire and in- proposed some inecreases of taxation "I come finally to the measures of for wartime measures, and then to next year are small but their
tion later, there should be as lite, it is especially incumbent upon us to reprint the estimates in accordance clusion will give approval for pro-in order to provide ourselves with exchange control and other steps to
disturbance sa possible with the maintain and, as far as we can extend,: That mar-
feguard our foreign exchange re- our decisions: on the other ceeding definitely with plans for some margin of reserve. with
Colony's current activities and de- the Colony's social services, particu- hand, in view of the approaching end them and concluding a contract for kin is secured by the proposals Your sources which have been taken, or
velopmental schemes, so long aa Intly public health and education: Excellency han described, the effect are in contemplation, on which Your of the financial year. was inadvis- the work.
revenue to finance them would be you will And Increased provision in of which is as follows.
Excellency as desired me to make n able to defer presentation until the]
forthcoming. In particular the de- the ordinary, budget under both those Effacts
-tatement for the information The Coneral
site was expressed estimates could be recast in print s0
that existing į heads. WIR be "In considering the petrol taxation
social serviers and approved planst "On the other hand it is our duty "On the expenditure side the or-honourable members. It dmculties and the programme ordinary budget will be relleved of the ecessity for the home Government [I hope that members will keep pro-
for their extension should continuo as well as in our interest to give all inake very large purchases for warminently in mind that the authorities The only possible course, there public works extraordinary and sho costs of the Volunteer forces and
as far as was possible; further that we can to help His Majesty's fore, was to lay the estimates as the many items of special expendite printed volume at about $1,800,000 including Canada, the United States the very much more drastic sign of
more any marked retrenchment in Government in the great struggle in Air Raid Precautions, estimated in purposes from non-sterlinit countries in the United Kingdom have sites
the Civil Service was deprecated which the Empire is engaged. The printed before the Council, to state ture appearing In the individual
for 1940/41. On the revenue side the and the neutral European countries. direct rationing of private users,
unless and will we were advised task of tits Government is to And the when doing so that they would un-heads of estimates, although they
by him so to ach ordinary budget will benefit is re-The bain or the currencies of those ning them sufletent supplies for
right balance
two between these dergo a considerable metamorphosis, may be approved by this Counell und
"It will be agreed, I think, that duties and I confidently hope that and lastly in Select Com for to the Secretary of State, wil net beerped from our new flexible re- countries, in the currencies of those a mileage of 2,000 miles in le
"The measures wo to by Your Excellencey, prin- cast them in their new form, or automatically carried out if the recipally the imposition of additional
which confident policy,
un-you will fint yourselves able to en- "The Brst objective of exchange
very mild compared with that, just Majesty's Government, is very
propose are questionably reflects that of is dorse the proposals that are rather forms, for there will be walvenie position does not justify the duties on petrol, and liquor.
fcontrol inensures 15 therefore to
as in everything else, taxation and heartening at such a
en-about to come before you budgets for the duration of the war, expenditure. All such items require
control, the Hongkong "These proposals are not put for. Isecter as far as possible that foreign
the where one used to grow in peace the individual authority of Govern ward mainly with a view to increas exchange which may be held or may
being treated less severely than the
citizen is present. time.
mant before expenditure is incurceding the revenue but for purposessidents in the United Kingdom and be acquired in the future by TO-
United Kingdom resident. "Paper" Changes
on then at that approval leemnected withheld 1 necessary.
policy which
posals
Financial Difficulties "Nonetheless we conform with those later pro- wholly unprepared
Press Deductions
must not be for Anancial
of
Is
+1
"I fear that the innovation, for which I was responsible, of permit- ting the Press to see the printed es-
I turn now to the effects on the timates with the Council's Crder of Business hus lcd some of the papers estimates as pylated of the new war to mis-interpret them, and the sinte- and the new financial proposals oul. ment of Government's full proposals fined by Your Excellency. may be disappointing to those who read some of the more sensational deductions published yesterday after- The Press have also given due prominence to one fact shown by the print, that is that we already huve the forty milllon budget which I spoke of as a possibility of the; more distant future twelve months) ago.
пооп.
"Let me take the War budget first. To it will be credited
Hie Income whole proceeds of Those proceeds will be used, first,
tax.
ventie.
with foreign exchange
1922.
of
Income Tax Details "I promised a few minutes ago to Rive some further details of the in- come Tax proposals; but the figures I shali quote must
be taken visionat only.
Although Government
ns pro-
surrender as one of its
luxuries.
of
conditions.
that end we propose to double the lax on petrol aud foreign wines aud spirits and, since consumption of luxurics, evca
from sources,
sterling 10 be discouraged, Government proposes to Increase the duties on Empire wines and spirits by 25%.
15
"It is not desired that the incrçaset
oil
used
און!
this
lime
Two Provispa
15
mcn,
war
new
rulse
now
U.S. Workers Ban German Goods
NEW YORK, Oct. 11 (Reuter).---
STOCK MARKET REPORT
"I do not wish to be thought to make light of the burden which they will lay upon the shoulders of the
"I am very sorry, for any con-
I will explain more the other parts of the Empire whose tax on perol should hit the tom- visos, which .mentioned just now as Tax, even at the relatively low basic The Secretary of State's two pro- taxpayers of Hongkong. The Income fusion that this way of handling "In addition it is proposed to draw fully in a few minutes.
The add-currencies are on a stering basls mercial users, that is the buses and being conditions to be observed in rate of two shlflings in the pound, the subject may have caused but in up a schedule of additional posts tional taxes are designed deliberately should be made available
the Gov-lorries; therefore the the circumstances I fear that that provided for In
diesel the estimates the to check consumption and cannot be emment
on, framing the estimates, dealt with the must inevitably give a shock to the will similarly be expected to produer a proportional measures include the taking over by Increased and, as some offset to the change resources of was inevitable...But so far as the fitig of which
In their full form the necessary and some
by the
buses following points, Firstly, the grout social and commercial structures of lorries win not
Bie be importance of conserving ordinary estimates of expenditure subject to special approval. That amount of revenue.
ex- the Colony, and considerable adjust- are concerned the changes to be procedure will enable Government to The revenue will also benefl: a/Government of all sums held in for additional burden on petrol-driven through control over
Great Britain meni will be necessary in order to the purchase absorb
that shock. Nevertheless made are of a "paper" rather than proceed with these, appointments If little by steps which have been taken feign currencies by residents in the torries, the annual licence fee on suel, and export of foreign currencles and am fully confident that they will no a practical nature; it is the defence) the financial position does not deter- or are contemplation to implement countries concerned and the surren-lorries will be reduced to a nominal of thuse British curreneles which are ure shirk their duty where their budget where most of the Innova-larate but ensures a continuous con- | certain minor recommendations
der to Government of all sums sub-charge of $5 representing in each, not on a sterling footing. sequently acquired by such residents ease a saving of from $85 to $115 per
money is corned than they have in tions come.
Trol in the light of current financial [the Taxation Committee, "We propose, us Your Excellency circumstances.
"School fees are being increased n/whether as Interest on overseas in-annum. Vehicles which have al- specl, it was found.
"Hongkong's precedure in this re-offering their services, and if neces- could not besary their lives, in Britain's cause." bus sald, to have two budgets; the There is only one other point to or as the result of the
with that of ordinary one which will strongly re-which i want to refer in the estimates Lenances in hospitals are being report of goods to foreign countries.
To control the surrender of the fund ns from the 1st October,
will be eligible for proportionate re- other British Colonies because the semble the budgets of previous as printed. The change in the system vised, especially for Government
predominating Importance of our years, and a defence budget which of calculating the Colony's ordinary servants, and discussions are in train Proceeds of exports a system is intro-
No Concession For Taxis
entrepot trade, and special treatment will be quite new and I hope Defence Contribution has necessitated with the object of securing the pay-duced by which exports are only per-
"No similar concession will be made of the problem was therefore per- feature of only a year or two. ja change, essentially of a bookkeep- | ment of royalties by eerisin publiemitted by licence which requires such to taxis but the additional burder of mitted to us: I have asked the
"After that general explanation. Ilng noture, in the accounts
the utility companies as recommended VY Having got control of hll the avollable! the petrol tax in their case may be Hunourable the Financial Secretary? The American Federation of Labour have to ask honourable members to waterworks undertaking. Briefly in the Committee. turn their attention back to the orl stend of charging against the water- "In all the additional revenue, foreign exchange resources the Gov-regarded a substitute for the special to give the Council a connected ac- has passed a resolution unanimously are taxation of the taxi operators which count of the measures taken by Gova contrming the trade union boycott ginal estimates of expenditure for werks a 20 per cent. of its gross mainly of course from the petrol andernment then secures that the 1940-41 which have
in their revenue less debt charges as under liquor duties, should be not less than used only for purposes which are was suggested by the Texation Com-ernment with this end in view, und of German goods, hands for
which the Government myself shall have a further word to
The Federation has extended the days. As memorat-the old routine that charge has been $1,000,000 per per
considered essentful or desirable by mitice but
cur-doos nod now intend to pursue.
any on this subject when speaking of boycott to Russian goods and to all dum explaining the principle matters; deleted and, to compensate, the part The revised ordinary budget should limiting purchases of foreige
authorized "The second uction which it is pro- the revenue estimates.
other countries who might join the of novelty contained in them was cir- of the general rates credited in the therefore show a nominal surplus of rencies by the public to
"The second point on which the Totalitarians against countries with a culated it the same time I do not juccounts to the waterworks Lender some $2,000,000, but since it is not dealers who are instructed by the posed to take to limit exports which propose to deal with those estimates taking has been reduces from 2 per proposed to make any specific amend central authority as to the purposes are undesirable from the exchange Secretary of State expressed a pro- parilamentary government.
point at any great length.
cent, to per cent. The net effect ments to allow for declines in other for which exchange may be sold.
view is the enactment of viso was the avoidance of expenditure on the waterworks Inances.
This again is backed by a system legislation enabling the Government which, by creating a demand for un- items of revenue and increases in
ULSTER FLOCKS to prohibit the import of specified essentint goods would deflect requires difference of only a thousand or so costs of supplies etc. that nominal of import licensing which dollars.
Government articles except under licence. It is materials and shipping from surplus will be rather a reserve than the approval of some
TO COLOURS The War Budget
true expectation of excess of re-authority before any imports can be proposed that licences should be purposes. In this connection I may admitted. As yet a further measure, issued freely when the importer is say that I had already given orders
BELFAST, Oct. 11 (Router) --Lord direct steps are Laken to prohibit ab- able to give guarantees that the that work on my xuccessor's solutely the Import of commodities rules will be said only for re house should be stopped before this Craigavon, Prime Minister of Northern Ireland, declared to-day which *** regarded entirely as export but very sparingly in other wise advice was received!
cases; and the application of this
"So much for the expenditure es- that the response of Ulstermen to the system will be limited to articles Limates in the ordinary budget, which call for service was wholly satisfac- Hongkong Measures
which can conveniently be controlled will be more fully explained by the tory.
"I am proud," he said, "at what has "The circumstances of Hongkong in such a way. The bill of an ordin-Honourable the Financial Secretary and particularly the great entrepot, anue to provide for such a system will in his speech this afternoon and in been done and is being done to help to meet the costs of collection ut is convinced of the necessity of such
trade and financial business upon be introduced as early as possible. the memorandum prepared by him. the mother country." Income tax secondly, to pay for measure in principle, there is no in- ke Colony Ilves render Impossible
"I now move formally the Resolu~ On the Revenue side there are con Lord Craigavon added that he the expenditure on local defence tention to thrust upon the Counell a or at least highly dangerous the tion standing In my nume, that the siderable alterations to be made, but would make a weekly statement to now appearing in Ileads 6A, 6B scheme cut and dried in all its details,
adoption here of the full measures draft estimate for 1940/41 be ap- these do not appear in the printed Parliament, which would in future anl GC, that is, the Volunteer Des and alt the personal and oiler ale: of control adopted as above in the
nved; but in doing so I give formal volume. The most important of meet two days a week instead of Fence Corps, die Naval Volunteer | lowances will be open to full discus- some country and elsewhere in the notice that amendirents on the lines them are the increases in duties on three, Force and the Air Raid Precautions sien in this Council or in any speciał British Colonies. The measures we just indicated will be proposed in petrol and alcoholic liquors which Department, thirdly to incet the committee which may be set up to
have taken ore, therefore, only as he Select Committee which the He- have a dual purpose, viz. to additional expenses in various consider the details. Honourable "First we have limited purchases solution will presumably be referred, more revenue and to effectuate the directions necesaliated by new members and the public will, how-by the public of foreign exchange services created to meet war time ever, wish to have some idea of what generally to authorized dealers, who necessities,
Inaintenance C.K.
of is in Government's mind
larger banks, both those include all e on German Internees, censorship ser-points.
British and foreign, in the Colony. viers,
"The standard rate of 10% will be Those authorized dealers act on in- "The whole balance of the pro-charged on all colipany profits, pay-structions from Governments as to ceeds will be made available as a ments of interest, ete, and an all in the purposes for which exchange may special war contribullon to Illa come in respect of which the recipient be sold and speculative transactions
of what I have called the ordinary Deals, were reported in 4% Govern- Majesty's Government, to be spent has made no claim to personal and und transfers of capital are absouletly
budget is a small surplus. That ex-ment Loan, Banks, Wharves, Docks, as they think it, locally or at family allowances; but the man who forbidden.
pectation is due partly to the addi-Cements, and China Lights.
Buyers home. This will be entirely addi-mates such a claim will pay at 10% "Secondly, Government has re-
tional revenue from the sources Just tion of 36,000,000 per annum widel only on the balance of his Income quired the surrender of forcim Cx-
mentioned and partly to the transfer will continue to be a charge on after deducting his allowances and change holdings but this requirement
of certain appropriate expenses to the the ordinary budgel,
after paying at half rate. 5%, on the has been limited to British subjects;
defence budget. If, however, during expenditure new
on the first part of his taxable income. of the difficulty of applying it more:
the fifteen month period which the "The allowances Government has generally in this international com-
estimates cover I appears that provisionally in mind are earned in-munity of ours. Such
exchange
ALLEGED complicity between deficit is probable it should not be Government is of robbers and a rieksha coolie is especially capital expenditure, suf difficult to curtail expenditure, and income up to $13,000; personal al- course paid for in Hongking dollars said to have been responsible fciently to avoid that result. come allowance, ane-tenth of earned transferred to lowance, $1,000 for a single man plus or sterling. $1,350 for a wife; children, $1,000 for
for a highway robbery which Government's Powers the first child and $600 for each suh-
We have taken power also to re-occurred in Canton Road, Yau-
"I come now to the defence budget, sequent child. The 5% rate would be
by means of which Hongkong will churged on the first $3,000 after require any British subject to surrender mati, early this morning."
to Government any foreign erchungo The victim of the Tair Kong Yin make ita contribution towards the which he may subsequently acquire kwong, 36, a broker reading at 09 prosecution of the war against Ger- ducting allowances.
Exemption Limit
but it is not the intention to apply Austin Road, returned to Kowloon many. That contribution may take one of two forms, to first being the Under this scheme, the exemption that "to exchange acquired in the by the Jordon Road ferry of 2 am. avold budgeting for any substantial Incomes. I will explain later more limit would be $1,800 per annum for ordinary course of business, Such and engaged a ricks, telling the niceing from our own pockets of such additional local expenditure as to deficit in the uncertain circumsiunene of the detail, but the yield at 10% unearned income and $2,000 for carn-exclinnge la norinally sold to one of man to pull him home along Woo situatiuri, inay demand for volunteeri
was put by the Taxation Committee ed income; and a married man with the authorized dealers and through sung Street,
naval, military and air defences and which lie before us; but the Govern at about $10,000,000 per annum. 1 two chlidren would be exempt up to the control of sales of exchange it
other war services; the other, ment have very definitely refrained
give no reliable $5,280 per annum and would only pay thereby remains within the control can at present
The coolie, however, turned into gifs in enth or in kind to from economising at the expense estimate of the costs of administra- the full rate of 10% on income in ax- of the sterling system provided that elther of social services or of mention but they are likely to be only ai cess of $8,000 per annum. The follow- we have the full co-operation of the Canton Road, and by a vacant plece | Majesty's Government' towards its
of ground, two men, armed with sim viz, the defeat of the enemy. sures of economie development. Your
daggers, suddenly appeared from be- "The former of Bieze has Excellency has made clear that there small percentage. The local defence in are random examples of the tax banks concerned.
I should like to take this on hind rocks, They ordered the coolfe natural imitations and not wide ones intention Is no
to curtall those and war expenses are not likely to payable by such a man on various in- more than $2,000,000, comes, Ignoring a possible surtax on services in order to provide funds for aggregate the new calls, which the war
must per annum and the balance payable the uighest incomes, a matter which portunity to state my belief that we to stop, and while oue robber held at that: but I trust that not only every citizen of this Colony will agree to His Majesty's Government should is receiving the consideration of shall get that co-operation from a Kong, the other attempted to search every member of this House but also
the banks operating in this Colony him." be of the order of $7,000,000 dr $8- Government,
and my gratitude to these banks for
captor that there should be no limit upon the 900,000.
the help they have given to Govern struck him in the left arm with uald that we should give to s $1.226 ment so far and the patience with dagger. He then submitted, and the Majesty's Government other than our ability to pay. Quite barns with our robbers took $159 in banknotes, $1 | ullimate which they have somewhat fumbling first attempts in in subsidiary coins, a gold finger ring obviously in this lightly taxed com- this unfamiliar floid of control.
valued at $36, a goid watch und chain munity that limit lies at a great dis- tanco and could not be reached "Before leaving this subject of in-
"Because of our peculiar circumst-
through existing revenue channels. a propelling pencli before escaping. come tax I would say a word about ances we have had to make certain valued at $132, a fountain pen and
"It is therefore necessary The Ordinary Budget its administration. The Taxation exceptions even in the field of kale
create new means and Government "Honourable members will find Turning to the ordinary budget, Committee recommended that there of exchange. Both exports of Hong- noles and
has decided that an Income Tax is that much of the increase in recurrent we must reckon with increases in should be a preliminary expert - kong and Chinese bank
by far the most sullable.' Bleps administrative remittances of small sums to the in- many services not vestigation of the charges is directly due to our in- expenditure
will therefore be taken at once to: circumstances now terlar of China are either completely
draft the noeemary legislation and creased population, eg. the increases directly connected with the war. All difficulties; but
ROGENEITY to bring into being the in the Pailee and Sanitary Depart-supplies, for instance, are likely to render it impossible to secure the free or subjected to only a loose con
cost more; unfortunately as we are services of an expert and Govern-trol. In view of that the authorities.
machinery, My hope is that within SOFIA, Oct. 12 (Reuter)-A new,
six months that machinery will be "The programme of Puble works so dependent au imports we can do ment had to decida either to go ahead at home have felt obliged to refuse
al work. Plans are not far enough Extraordinary, includes many Hems very little to prevent prices rising. at once or to wait until after the absolutely unrestricted dealings be German-Bulgarian trade agreement of a capital nature which are essen-Revenue on the other hand, is likely war, when of course the urgent need tween London and Hongkong lest is announced.
"Expenditure and, fortunately, 10- vinue as well have continued to in- crense automatically with the In- crease of population. On a peace bosts an approximate balance was expected but the war is Bkely to in- crease expenditure In many direc tions without correspondingly in creaming revenue from existing Aources.
No Innovations The estimates us printed contain no Innovations in revenue apart from the re-arrangement of the heads in more convenient form. As to ex- penditure the procedure of examina- tion by a select committer of this The Council which will be followed this Income Tax Department and on year as before will afford full on spelat war expenditure will of course portunity for honourable members to be duly authorized by this Council make any comments which they de- and estimates for those purposes will sire and elucidate any obscurities in be submitted as soon as they can be
detalls. Those detalls were prepared.
the
mainly settled before the outbreak of
Standard Income Tax war but no necessity is seen at pre-
"Members will naturally want to sent to alter them at all considerably know how this is expected to work
"In preparing the final draft, number of items of new expenditure out in figures. We are proposing a which it had originally been desired standard rate of Income Tax of 10%, with a possible surtax on very ligh 'to include were deleted in
order. to
make upon our resources,
Essential Expenditure
Lo
“I venture ‹indeed to my that,
"I do ber, however, that nobody: larro as the expenditure must ap- Dear, all of it is either esential or will hold these gores aæalent me if they turn out wrong. There are no order extremely desirable in maintain the public services of this statistics whatever of total incomes in Colony and to enable the Govern-he Colony and we are compelled to ment to discharge its obligations to do a las of guesswork at this slage. the community.
¡ments.
1
£400 per annum
£750 per annum
£1,250 per annum
• Administration
350 $455
Daring 2 a.m. Robbery
In Yaumati
Ricksha Coolie Leads Victim Into Trap
Wounded With Dagger
Kong resisted, and
his
Reich-Bulgarian Trade Pact
CX- policy of conserving sterling change: the other implement certaini Taxation recommendations of the Committee and I will leave it to my Honourable friend to nature.
Hongkong Stoeit Exchange Official state their Summary Issued yesterday #bys:
Considering the short sesalon the WOS again encouraging.
"The estimated Anapelul outcome turnover
Income Tax Proposed
free
ita
IN
to
Canton Ins; $200 H.K. Fires $170 Docka $174
Providents $4,10 H.K. & S. Hotels $4 Lands $31% Realties $4.15
Tramways $15.03 China Lights (Old) $7.85 Electries $49, Telephones (Old) $20 Cements $14.10 Ropeo $4%
Dairy Farms (Old) $201⁄44 Watsons $7.01
Splen HK. Banks $1,245 Wharves $100/101 Docks $18 Provident $4.30
China Lights (Old) $7.05. Cementa $14%) Dalry Forms (New) $10. H.K. Govt, 4% Loan $100
Seller
Providents $4.30
MANILA GOLD SHARES
Atoks Ps. 14 b
Antamoks Ps. 13
R
Bagulo Gold Ps. 12 b
Batong Buhay P. 0085 b
Benguet Consolidated Pa. 9.50 b Big Wedge Ps. 10 b. Coco Grove Ps. 13 s
Consolidated Mines Ps. 0040's
Demonstration Ps. 06% ka
I. X. L. P. 33 b Ipo Gold P. 11 b
Itogon Mining P's, 10 ́s Masbate Consolidated Pr. 00 Mindanao Motherlode Ps, 00 b Mine Operation Ps. 00 a North Camarines Ps. 13 b Paracale Gumaus P. 184 San Mauricio Ps. 07.
Surigao Consolidated Ps. 151⁄2 b Buyoc Consolidated Ps. 1031⁄2 "a United Paracale-P's. 25%1⁄2«#@
No comments yet.
Private notes are available after approval.