1941-02-20 — Page 27

Hongkong Telegraph 港電新報 士蔑新聞 All

Thursday,

HONGKONG TELEGRAPH

February 20, : 1941,

UNOFFICIAL MEMBERS DEBATE HONGKONG'S FINANCIAL ESTIMATES FOR COMING YEAR

MR LI TSE-FONG WANTS TO SEE COLONY'S BIG FINANCIAL RESERVES USED FOR THE WAR EFFORT

An important feature of the Hon. Mr Li Tse-fong's speech was his referenco

to the big financial reserves which Hongkong now boasted and his suggestion that now PETROL was the time to make use of them. He suggested that a portion of the reserves might be set aside for the cost of the proposed building of two ships to be presented

to the Admiralty, and the remainder to be used for carrying on defensive works in

the Colony.

The Hon., Mr Li Tse-fong also covered other general matters, including war taxation, night soil, education, and the Immigration Department.

The Hon. Mr Ll Tse-tong sold: Your Excellency-The Hon. Financial Secretary in his speech on January 16, 1911, reviewing the financial posi tlun of the Colony, stressed the point that although the revised estimate anticipates a surplus of $17,213,870 at the end of the present financlai year, this surplus is largely

the

abe.

omplained The Financial Secretary that out of this surplus of over $17,000,000, t num of $5,790,000 was Invested

1934-Dollar-loan, "while by the end of next year a iutal of over $4,000,000 will have been advanced in anticipation of n future loan."

Granting that this statement is correct, it does not alter the fact that the estimated surplus of this Colony's nurets over its liabilities, at the end of March 1911 will be well over $17,- 000,000 although it may not consist entirely of cash.

Strong Financial Position According to the financial state. ment published by Government un February 5, 1941, the Colony's actual surplus at the end of October. 1940. was mure than $21,000,000 of which surn of over $18,000,000 was classi- fed as cash and advances. This re-

(1) To Incre the existing rates presents a very high ratio in relation under the pant War Revenue

from Ordinance. revenue

(2) To amend the present

to the amount ordinary sources,

of

Hon. Mr Li Tse-fig

If this Colony were a corporation Revenue Ordinance.

I would certainly congratulate those

Wur

(3)

To impose a "proper" Income

War Revenue Ordinance

in charge of its affairs on its very Tax.

strong financial position. But as a

Government is open to critician,

11

It may be criticised that either it has

I do not intend to deal with these

As a member of the Board

ot

Education I firmly believe that in the educationt system of this Colony it is Chinese primary eduen- tion which urgently needs develop ment. At the

the present time the deve- lopment of Chinese primary education ភេទ left almost entirely in the hands of private enterprises and I do not thili thatt a

a satisfactory system can be nelieved without Government taking a

un the

leading part in its develop I wish therefore to menment that as- Koon

urge flanelal position perunits, it should proceed with the programine for the development of Chinese

primary tlucation.

RATIONING WARNING

Resolutions Moved

Moving resolutions giving effect to the new duties on petrol, heavy oils, table waters and liquor, the Ilon Financial Secre- tnry, Mr H. R. Butters said, at the meeting of the Legislative Council this morning:

standing in my name.

Sir, I rise to move the resolution.

The duty on light oils, that is on petrol, was increased, by Ilis Excel- fency's order, to 80 cents per gallon on November 7, 1910. The object of ducing consumption, the increase in petrol duty is, by re- foreign exchange and save tankerage. canserve It not intended as a revenue pro ducing measure.

to

Colonial Secretary

Moves Revised Budget Resolution

The Colonial Secretary, Hon. Mr N. L. Smith, presiding at the Legislative Council meeting this morning, moved a resolu- lion giving authorisation to the revised estimates.

CONVOY QUERY IN HOUSE Exaggerated Reports

on

Hon. Mr Smith

reach A final

Uhlo decision on

LONDON, Feb. 19 (Reuter), The Hon. Colonial Secretary said: important question and the Finance Gentlemen, rise to propose the

Committeb desires an early oppor--Recent German claims to have tunity of full discussion with the inflicted heavy losses motion standing in my name.

On January 10, 1911, by a Resglu-IIealth Authorities, upon which will British convoy were dealt with tion of

draft depend the question of authorising in the House of Commons to- this. Conell the estimates of expenditure for 1941-42 actual expenditure. were referred to a Select Committee consisting of myself, the Financial Secretary and all Unofficial Members We of this Council.

now present our report in the form of the amended print bearing to-day's date,

on

Not Extravagant

I am nuthorised by His Excellency As foreshadowed in the speech of The programme has been carefully to state for the information of Hon, the Hon. Financial Secretary considered by the Board of Education Members and 429 4 warning to the Jury 10 the provision for the con- and submitted to Government by the public that if this measure fails in Itestruction of a new Lighthouse Tender Director of Education with the full primary object, namely, to reduce has been excised. It has also been and unanimous support of its mem-consumption particularly in respeel decided not to proceed during the Lers, venture to think that this of private cars, the rationing of petrol coming financial year with the build- programme is not an extravagant one may have to be introduced,

Ing of the proposed now, block of and does not call for heavy expendi- ture which will be spread over a number of years.

on

Duty On Oils

I consider that, of all expenditures on social services, expenditure | Chinese

hese primary education should deserve first consideration. It we of 10 cents were able to prevent, by providing proper education, a large number of young people from falling into the

Colony from other heavy burdens such as an increased Police force.

Emergency Step

regardi to the recently

onices and quarters at the Central Police Station, though a token vote of $50,000 remains in the draft estimates to cover any expenditure that may have been incurred in the preparatory work of drawing up plans, etc.

Jeriminal class, it would relieve this my speech to this council on that day, prently matured to permit the

With

The increase in the duty on heavy oils to be used as fuel for heavy oll road vehicles from 30 to 40 cents pey gallon and the imposition of a duty per Fallon 011 other hydrocarbon oils hitherto untaxed, Infectious Diseases Hospital with

effect

both in

from cases

Similarly the Select Commitice felt January 18, 1941, are, as indicated in that the times are not suillciently and the plans nol revenue producing measures.

Liquor

building of the proposed new This further resolution gives effect Infectious Diseases Hospital at the Medical Centre. The to the increases in liquor duties which Kowloon were announced in this Council on Budget Committee realises that this hospital is recommended in the into immediate effect by His Technical Hospitalisation Committee's repart, 1938-1939, as the Arst major Excellency's order.

Table Waters

itein in a long-term programme but This further resolution gives effect it feels that, apart from dificulties of bulding providing the necessary to the imposition of a duty on table materials, this is not the time or placu waters which was announced in this Council

to embark Immediately ол this on January 18, 1941, and

however been provided which is larger than the usual "wken vote," in case. It may be possible in the coming year to make a start.

sidered as bad Onancial polley. It Salaries Tax and the Corporation Tax.sind is quite a common practice in which was put into immediate effect ospital. The sum of $100,000 has 1

faded to carry out and develop fully suggestions to-day but I wish to state, established Inmigration Department | January 10, 1941, and which were{ its social functions or it has taken that, as far as revenue la concerned. I wish to make the following observa- | put more revenue than was necessary the operation of the War Revenge from the people by way of taxation. Ordinance appears to be highly satis, I believe that the imposition of restriction on free immigration submit, Sir, that this practice of factory. 1

I gather from the Financial Secret-was a new departure from the well- keeping a surplus was a method adopted Governments during the are that he is quite satisfied with the gablished policy of the Colony to

by

the keep this place open to the Chinese. Middle Ages and has long been con- yield of the Property Tax,

I must say that restriction of this well established in practical financial Indeed Corporation Tax

ther parts of the world but with this no less than administration that surplus financing expected to bring in

close relationship with that $6,000,000 against an estimated return Colony's encourages extravagance und

the four taxes China, such a step can only be con- there is no necessity whatever for of $8,000,000 from

imposed by the War Revenue Ordin-sidered as an emergency a state to keep a surplus.

the Finan-forced upon us by prevailing etreum- cla Secretary's main disappointment stances. Us connection with the smallness

Fundamentally Wrong

I mention this not because I wish

to suggest that the estimated deficit

for the next financial year should be

hope that there will be no necessity

ance.

As far as I can

alone is

of the return from Profit Tax, which

measure

I realise that many of the social evils prevalling in the Colony

are

is expected to produce a revenue of closely connected with this dimult

sp00,000 only. It should, however, be problem of excessive population and

by His Excellency's order.

MIDDLE EAST ACTIVITIES

The provision of funds for the equipment of this hospital has been omitted as it is felt that, apart from the uncertainty which surrounds the hospital itself, there are at least hopes considerable emergency stores available during the coming

year.

of

Items Added

The following are the items which have been added:—

Head, 5, Charitable Services.--.

Sub-hend 23, Grant to

·

$10,000.

Head 17, Miscellaneous Services.

British Fund for the Relief of Distress In China

Sub-head 24, University,

of Ilongkong (Increased from $355,000

to $455,000)

$100,000

$110,000

Items Reduced The following are the items which have been omitted or reduced:

3,471

Head 11A, Harbour Department.- Sob-head 1, Personal Emoluments.)

Crew for New Light-

house Tender Sub-head 21, New

Lighthouse Tender $ 600,000 Head 10, Medical Department.

Sub-head 69, Equip-

ment for new 1- fectious -Diseases Lection

Hospital

Head 30, Public Works

Extraordinary..

Sub-head 5, Central

Police Station New

day arising from a member's invitation to make a statement on the reported loss of 18 vessols and whether, those vessels were under protection.

The First Lord of the Admiralty, Mr A. V. Alexander, replied that t Was not possible to answer such a question without assisting the enemy, and In the meantime the questioner should. not assume that the reports brondenst by the enemy were correct. No Protection

The Labour Member, Mr Emanuel Shinwell, asked whether it was not the case that a full report had ap peared in

the Ainerican press and that a statement bad also appeared that this very important convoy hnd no protection whatever.

"Are these facts not well enough known to the

to the enemy?" he asked. Mr Alexander replied: "Mr Shin- well is in error in assuming that the enemy's statement was correct. It a statement I do not accept any more than I had necepted the report in the case of a previous convoy in the Atlantic where the enemy claims $ 103,500 were grossly exaggerated,”

Block (Reduced from $800,000 to $50,000) $ 750,000 Sub-head 20, In- Discases

fectious

Hospital (Reduced from $500,000 to $100,000

Ordinance has only been in operation agreeing that some sort of restriction met by drawing on this surplus as remembered that the War Revenue I have, therefore, no hesitation in Raids By RAF Charitable Services pro- revenue: revenue from Dutles will,

that this for less than a year and that a tax on the growing population is, at the CAIRO, Feb. 19 (Reuter).--Fierce policy of accumulating surplus is of this nature generally takes some present time, desirable. I presume African Air Force was the feature$10,000, to the British Fund for the $15,500,000 instead of $13,740,000.

fundamentally wrong.

to do so, But I believe

I admit that the existence of 18

surplus gives a certain degree

large

time before I can be éffective,

Scope Of Tax

email shopkeepers whose enpítal,

some

tion, I the present moment is from

Nightsoil And U.C.

actual

such examination.

to-doy's

vision 2,000 coolies should be allowed to

would remind Hon,

H.K. Stock Market

'The

were

following quotations Issued on the Hongkong Stock Mar- kel this morning.

BANKS

1.K. Banks $..

.1,400 m. .72 n.

H.K. Banks. £x. d. H.K, Bunks (HK) £ x. d...77 n. Chartered £

Mercantile, A. & B. £ Mercantile, C. £. East Asia S.......

INSURANCES

Contous $

Unton $.

China Underwriters $.

H.K. Fire SIIT.

SHIPPING

Dougins $.

Steamboats S.

Indo-Chinas P. $. Indo-Chinns D. $. -Shell-Beurere-v/---

Waterboats 3

DOCKB ETC.

MINING

Wharves Docks (old) Docks (now) Providents $. S'hai Dockyards S

Kailan s/-. Raubs $. H.K. Mines

Hotel $... Lands $. Lands 4% Debentures Shai Lande Sh, $. Humphreys $... H.K. Realties $. Chinese Estates $ x.d. UTILITIES

LANDS

Trams -.. Peaks Trams (old) Peals Trams (new) Star Ferries $ Y. Ferries $.

.73% ·

..23 n.

11.

..70 b.

..216 n.

411 s.

...n.

170 b.

135 n.

.. 3.

100 n.

.00 n. 40/n.

.7 n.

.98 . 17.80 n.

17. 1

.6% b. & c.

.20 n.

.18 r.

..8 n.

.1 cts. n.

9.00 5.

.34 n. .07% b.

.11.70 n.

7.05 n.

.31% 5.

.98 Di

.174 5.

.71⁄2 n.

.32.

..57 n.

2414 D.

0.20 c.

$ 400,000

$1.857,001 More Revenue Anticipated Turning to the other side of the picture, the new or additional duties on table waters, hydrocarbon ofis and liquor which were imposed with effect from January 10 have neces- sitaled a revision of the estimate of

now estimated, amount to activity by the R.A.F. and South Vision has been made for a grant of that it was on economic grounds that of

Relict which communique

of Distress In China and under The estimated deficit of $7,553,776 Government had been advised to introduce this measure.

states that

the Miscellaneous Services, In response shown in the draft catimates as pre- aerodromes on of convenience to the administration It is quite true. that businesses When this measure of Immigration RAF bombers on

Dodecanese Islands were raided by to pressing representations from the sented on January 10 is thus reduced because it has at its disposal, what include all son-curporation firms and control was brought before this coun- Eebruary 18, 17 and 18.

the nights of University. Authorities, the annual to $3,856,715.

grant to the University of Hongkong

Lilstly -one-may-call-a-pccial fund frout professional-men-who-do no payci for consteleration last November, which it can draw for the purpose of Salaries Tax, but it must not be the Government assured us that "the

Also during the last two days has been increased by the sum of Members that every item of Specint financing publie works. However

the RAF, maintained concentrated $100,000.

Expenditure in all departments and venture to say that this practice of overtooked that the majority of the migration Department is to be ad- (attacks on enemy positions in the

Nightsoil Removal every Item of Public Works Extra- drawing upon the surplus to finance/non-corporation Brms consist mainly ministered in the interest of passen- / Tepelin area

In support of the The Select Committee also brought ordinary requires the independent pubile works does not conduce to good as a rule, is small. If there were ers and all shipping generally and ground forces.

under review the matter of the sanction of Government part from financial organisation and careful sous evasion and unfair incidence,not to cause any oixtruction or in-

Enemy troop concentrations in institution, at a cost of over four the general provision offered by the budgeting. With a surplus to fall venture to think that the remedy convenience that can be possibly two villinges to the north of Tepelini lakhs, of a system of nightsull re- Appropriation Bill. Should revenue bucks on there is n possible temptation is to amend the War Revenue Ordin there have been many complaints bombed.

avoided." In spite of this assurance and military buildings were heavily moval by labour directly employed fall short of expectations or should on the part of the administration la

by the Sanitary Department. As incurred, that sanction will be with- expenditure at present unforeseen be Continued support has been given is presenting its annual budget to the ne

Your Excellency has already recon-against the administration of this

impossible. in present circum- to the British troops on various stances, to proceed with the complete held. legislature to withhold a complete statement of its needs for fear that stituted the War Revenue Committee department.

In order that the Committee may re- Public And Shipping

fronts in Italian East Africa. Several scheme as recommended

Thanks Expressed Its estimates may be cut down.

ed by the examine and advise Government on

raids were carried out on Keren, From the general public these com-

Health Authorities considerable

doubt

Besides thanking, on behalf of the Another possible abuse of the use of the existing measures of war taxation plaints have been mainly directed the surplus is that the administration in the light of the Colony's present against the difficulty in obtaining the.

was expressed as to whether the

Government and, I think I may say New Zealanders' may be spending public money first financial position and the

benefits to be gained by the sub- the whole Colony, the Unofficial stitution of coolies employed by Members for the time and Inbour before coming to the legislative body receipts from the four taxes imposed ssary forms, the unusual delay

Generous Gifts, Government for the existing free which they gave to the preparation for approval.

by the War Revenue Ordinance. It infusing certifientes and the insist-

ence that photographs must be taken LONDON, Feb. 19 (British Wire-lance coolies would be commensurate of the estimates in their revised form, is the task of this Committee to find Time To Use Surplus

Arms. From

the less)-Mr Thomas Baker, a New Zen- with the expenditure Involved: it I should like to express my particular practical colution and to give by "approved"

Secretary It may be said in favour of this Government advice as to the best shipping concerns they have been land reskient in the Straits Settle was decided, however, that the pro- gratitude to the Financial Secr

connected with the undue delay

Mr Todd. policy that the object of maintaining means of ruling. revenue to meet

ments, is the first to purchase the for, the emoluments of the and to his conscious of my own

I am very a surplus is to have a reserve in case War expenditure under prevailing the examination of passengers' papers right to name two Tornado fightera.

and the failure to post immigration The Intest gift of £10,000 brings stand in the draft estimates on the shortcomings in this respect but I of emergentes. If that was the inte food making further comments ofcers on board ships to facilitate his total contribution to the Aircraft undation will be incurred wit

ux- feel sure that Hon. Members will ure without Fund to £30,000, Mr Baker, who is

appreciate that during the past few the proper time to make use of such surplus.

84 years old and owns rubber planta- the specific approval of the Finance months it has been physically impos- A porilon of it may be set

The Chinese member on the Execu-nd tin mines in Maloyn and Committee after further considera-sible to devole the time and attention aside for the cost of the proposed

DS With regard to the provisions for the Council as well my twotions

that are normally expreted of building of two ships to be presented the daily collection of nightsoll to be Chinese colleagues on this Council sheep and cattle farms in Australia tion of the whole matter. to the Admiralty and War Depart- undertaken by Goverment I under-and I have found it necessary

There was insufflelent time, when Colonial Secretary and New Zealand, was the founder in ment and the remainder can be used stand that such provisions would not address a joint communication to the the last war of Australian and this item came for consideration, to financial policy for the coming year. for carrying on defensive works in be carried out if there were some of these complaints and in our bering 04 machines..

Hon. Colonial Secretary in regard to Malayan battic plane squadrons num- the Colony. If Government were to of any improvement in the Colony's agree to this course, there would be finance. I do not think that it is opinion there are urgent needs for no deflet in next year's budget and quite correct to say that the Urban reform in the method of conducting no necessity, to curtall, its social Council, of which I am a member atitude of those in charge of this this department. I may add that the services. Indeed all social services has definitely suggested to Govern- can be further expanded with revenue ment to put an increase of one per department towards the general pu- coming in from ordinary sources: cent on rates in order meet ble is not at all helpful

It is evident from the operation of expenditures on this undertaking. As the War Revenue Ordinance that the a matter of fact when this matter

On the question of Food Control, no doubt that it has been aggravated make merely re-echo those of my colleagues. taxable ability of the community is was brought up for consideration, the I wish to urge Government to pay the extremely good as well as extremely question of finance and not been closest atention to the recent rise in profiteers. It has been proved that flexible. I submit, Sir, that this discussed. I consider mattu dot the cost of living in the Colony, the cost of firewood imported into last year's Budget, I strongly advo- more of the burden, and feel the per ability and flexibility of our taxation fale system constitute the real reserve of on

*****particularly of rice and firewood. our financial power which has stood |gard | to the fact that some of These are the two daily necessities of Hangong including freight and nucated postponement of a number of centage and limits for taxation can the test of time remarkably well.

the Chinese Community. The rise in fanding charges is far below the pre- big projects until more normal con- be amended, the tenements have water Aush

the prices of the

volling market price demanded by systems.

Slackness In Government I wish to point out that the General Policy

I therefore whole. was less obscure. this responsibility of daily collection serious matter for the Chinese, exorbitant dealers. I understand that ditions prevailed and the outlook

Government are now taking mea- I will now pass on to make some of nightsoll, if undertaken by Gov-particularly the middle general remarks on the estimates for ernment, is n service rendered to a classes, and I consider that Govern sures to relieve the present situation heartedly endorse the remarks of the which is to review the whole question the next financial year. The figures particular class of the community ment should take vigorous measures and I believe that such measures will Me, le Dowell and the Ilon, of Taxation will not otherwise change Mr A. L. Shields in their expressions the present scale or disturb the or- to combat the evil. With the estimates have been carefully and that" class should pay for it.

rice I know that measures have been

Before I resume my seat I wish to of satisfaction that a number of such ganisation which bas dealt with and considered and closely scrutinised by My Chinese collengue, Hon. Mr the Select Committee of this Council Tom has spoken very fully on this taken and are being inken by Gov say how regrettable it is that we have tens have been shelved for the time collected the Tax up to date.

expenditure involved

Sir. to

to associate myself and I will confine my remarks to the subject. While. I Agree that erniment to check the abnormal rise found it necessary to cut down abelng, and the

the

good deal of Public Works

deleted from this year's Budget. Extra- the price of this commodity at the general policy in connection with scheine

the Unofficial Member by the Urbani sponsored

of leagues

to the lack of ad- Council is an improvement,

feet end of 1940. While I recognise that ordinary not so much frern a desire am certain I

feet such measures have, is a certain ex-

to balance the budget but in an this council will give generous sup-ministrative ability and slackness dia- Before I offer my views I wish to that unless Government is in a posi- tent, met with success, I feel that effort to conserve, although re

a port to these

will be for the Government departments, the remarks made by my the alternative method mentioned by whole situation carefully with Senior Chinese Colleagues in regard to Mr Tam in dealing with the existing object of securing an effective control ful prosecution of the War.

I express the hope that independent currency and tonnage for the success- benefit of the Colony when normality returns and the Colony 'cun afford the War Revenue Ordinance, and system appears to be a practical one. over the rice stock in the Colony bath

I realise that the tendency to-day the expenditure.

stiluted to enquiry wit soon be Denth Duties and his criticism of the

to make close scrutiny into Education Subsidy working of the Food Control Depart-

In regard to quality

Is for Government to play a more With regard to the Special Was the running of these departments, U.S.S. Washington In the matter of education I wel-quantity. There has been a report economic life of the community and satisfactory to find the sum raised means of correcting the grievancesThe new United States 36,000-ton

pronounced part in the social and Budget, whilst it has been extremely and that these enquiries will be the ment and the Immigration Depart-

WASHINGTON, Feb, 19 (Router). ment.

come the proviator for a new sub-that some of the stacks are of such a

to shoulder increased responsibilities last year approximates $934 millons, we are complaining of, though I have battleship, Washington, will be com- Among the proposals for increased sidy code for verumcular schools poor quality that they are not fit for

and additional duties. hope that) nguinst the taxation for the purpose of raising which makes generous provisions for human consumption.

with the return, of peace it will be millions, I share the disappointment nent satisfaction, until the present ahead of schedule, the Navy Depart-

doubts whether there can be perma-missioned on May 15, six months. further revenue, the Financial Secret-subsidies to schools on the basis of Firewood Profitears possible for this Colony to go for expressed by the Financial Secretary system. In the Service, which seems to mentorinbunces ary, has suggested three alternatives japproved expenditures on salaries of The position of firewood in the word with such increased respon- that the Business Profits Tax did not discourage fulliative and which are briefly as follows:

teachers and rent of school buildings.) domestic life of the Chineso

abilly, com sibilities and additional duties.. bring in to that total mare than nine comes to an end,

The Washington's malti . armament. leonslate of nino 16-inch guns,-

them.

Food Control

to

that of rice. The situation has gone munity is second in importance to

in framing thej

Hon. Mr Pearce & The

from bad to worse during the last Business

few months. This might have been enused by seasonal demands such as the Chinese New Year but I have

activities of unscrupulous

Profits Tax

The Hon. Mr Pearce sald,Sir, the few remarks I have to

1.07 n.

304 .302 71.

....17% 0.

China Lights (old). China Lights (new) H.K. Electrics (old) $.. H.K. Electrics (new) $. Macan Electrica (old) Macao Electries (new) $....10 Sandakan

Lights $..

n. ....12 n. .244 80. Telephones (new) $......10.20 n.

Telephones (old) $.

INDUSTRIALS

Caldi Maeg. (Ord.), Sh. $...30 m. Cald: Macg. (Pref.), Sh. $..20 n. Canton Jeer ३. Cements $...

H.K. Ropes RES, &c.

3.

Dairy Farma $.. Watsons $...

A

place to

the entire burden property owners without

When addressing this Council on | lakhs. I believe this source can bear

Lane Crawfords 9. Sinceres $

these two commodities

and

meet with Ruccess.

regard to.

I express the hope the Committee

1 minh

with

the

In

made by my Col-

state that 1 am in general agreement|tion to carry out that scheme in full, Government should now review the very small way, much needed foreign any others poned schemes, and played by several"Hends of important |

with

the

well 45

FLA

estimate of

of

Wing On (H.K.) $. Powell Ltd; $.

COTTON MILLS Ewo Sh. S S'hal Cotton Sh. 3.

·MISO.. ILK. Govt 4% H.K: Govt, 3%. (1934) HK. Govt 85% “(1040)

173⁄4 n.

.19.20 n.

.10.05 nj

71% n

2.15 m.

.30 n.

1.00 n.

40%.2.

208 n

Ch Govt. 8% 1925 G#Bds. 43/47-n. H.K; Entertainments $.......

Constructions, (old) $

160 n. 1 n. 7.10 0. .0/3 n.

Constructions (new) $. Vibro Piling RS. Marsmans. Inv. (Lon.) s/- Mursmand Inv. (II.K.) s/-.......2/0 n.

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