Government Advances Loan to Bank to Carry On: Big Building Programme to Be Undertaken Harbin, Feb, 20, Several explanations regarding the enforcement of income-tex in Mfanchoukuo were given at a recent meet-Ing of the Harbin Chamber of Commerce: Income-tax, it was stated, is exacted from all persons living temporarily or permanently in Manchoukuo and receiving salaries, wages, pensions, bonuses or other monetary; >ayments—even if these come to them from aprond, On the other hand, per~ living abroad and receiving money from Manchoukuo are not suf Jeet to. taxation. Money given employees to cover expenses is not Included, providing en account of the expenditures be presented. Money received at regular intervals—as, for Instance, employees' salaries with bonuses, if any—is taxed monthly, while money received yearly or half yearly is taxed on payment. Persons receiving Yess than 70 gobi a month fre exempt from taxation, the follow. ing being the method of taxing perienfst" ames oiedy Seal Bole wen The percentages include a basic tax and an additional tax. The money is collected not from the employees themselves but from their employers, on whose shoulders, therefore, re fail the responsibility and who are obliged to make compensations in ease of a default, Banking Situation With a view to alleviating the aim cult situation which has forced the Landowners" Bank in Harbin to suspend operations, credit to the amount of 100,000 gobi has been extended that bank by the Manchou-Kuoan Ministry of Economics. The value of the Bank's property has in the course of the previous year far exceeded 100,000 gobi and now stands at 450,000 gobi. The present interest land, it Is pointed out, gives the bank's debtors a chance to sell their property and repay their debts, so that the bank's programme of acquitting their own debts Is likely to proceed at fan appreciable rate. Debtors coatly relieved by this turn of offal for they feared that under different conditions they would be given an tremely short term in which to pay their debts, which would result Ina fall in the value of land. Depositors were troubled with the question of what to do with the bank's shares now that the bank has ceased to be active.
To this It was Answered that should favourable circumstances warrant a resumption of operations these shares will naturally acquire cash value and may then be bought and sold. Should, on the other hand, the bank remain {ts present state of inactivity, these shares. will take on the same legal status og loans of the second ord In that ease as soon as the bank has repaid all loans, the remaining capital and property will belong to the share-ind og debts are collected and property realized the latters money. would be gradually refunded. A shareholder, for instance, has 1,000 gobi In shares. As soon us the bank's {olal number of shares is lessened by 20 per cent. he is given 200 gobi in feash and retains 800 gobi in shares. On a further 20 per cent. decrease he given 160 gobi in cash and retains '040 gobi In shares, and so on. Furthermore, depositors are told, they Rose nothing by having part of their deposits transferred. Into shares, while the bank profits greatly: for the me crease of the subscribed capital to 700,000 obi Is attended by a deere: of its Indebtedness by 600,000 gobi. The balance is thus at once made more of less healthier and the chances of the bank's resuming operations increase, A. shareholders! meeting has been scheduled for the spring, when, the hope is expressed, spring will in reallly come to a revived and reorganized Landowners' Bank.
Text read from the printed page and cleaned; old type leaves the occasional error.