HANAN SHOES
IN
NEWEST
SHAPES
IN
ALL
SİZEB
Marked durability and permanence of appearance makes this a shoe which experienced purchasers like to wear. NEW STOCKE IN ZAN, BLACK 2 PATENT IKATERE.
MACKINTOSH
& CO LTD.
Men's Wear Specialists.
16, Des Voeux Road.
INTERNATIONAL
FINANCE.
Telephone 29,
THE CHINA MAIL
مر
THURSDAY, DECEMBER”), 1990
DAIRY FARM NEWS.
FOR THE FESTIVE SEASON.
Farm Fed Turkeys and Goose,
Sucking Pigs, Ospons, Haggis, Ham, Bacon, Hares, Rabbits, Sausages of all description,
Mince Meat..
PLACE YOUR ORDERS EARLY TO AVOID DISAPPOINTMENT.
THE DAIRY FARM, ICE & COLD STORAGE Co., Ltd.
WHITEAWAY'S are now showing
The finest Collection
OF
people. But those savings have, as 1-It of the uzitost importance various forms which was often in It were, been pledged for many years that the growth of inflation should be posed by them as a war measure and bead by the credits created during stopped, and this, although no doubt has not yet been completely relaxed. the war, and the first step to raising very difficult to do immediately in In some cases, businem has even boen fresh money must be to fund the un- some countries, could quickly be ac- taken by Governments out of the digested floating obligations with complished by (1) abstaining from hands of the private trader, whose which the markets are burdened, increasing the currency in its enterprise and experience are a fri These principles apply both to broadest sense as defined above), and more potent Instrument for the Internal and to external buzrowing. (2) by increasing the real wealth recuperation of the country.
Another urgent need is the freest and in regard to the latter we suggest Į upon which such currency is based." that it would be in the general The cessation of increase in the possible international exchange of interest for the creditor countries to currency should not be achieved commodities. With this another Com give such facilities as may be possible merely by restricting the issue of legal į mission will deal, but we feel that to the debtor countries to fund their tender. Such a step, if unaccom† our recommendations bére on infla- Boating obligations at the earliest panded by other measures, would be tion would not be complete without possible date.
apt to aggravate the situation by adding that—!!
6-Commerce should as noc 23 9-In order to enlist public causing a monetary crisis. It is interest, it is essential to give the necessary to attack the causes which possible be freed from control, and greatest publicity possible to the lead to the necessity for the addition-impediments to international trade
removed. situation of the public finances of al currency. ›› each State...
The chief cause in most countries Equally urgent is the necessity for The Conference is, therefore, of is that the Governments, finding decreased consumption in an im the opinion that the work already themselves unable to meet their ex-poverished world where so much has accomplished by the Secretariat inpenditures out of revenue, have been been destroyed and where productive its comparative study of public tempted to resort to the artificial power has been impaired. It Is, Enances should be continued, and it creation of fresh purchasing power, therefore, specially important at suggests that the Council of the either by the direct issue of adpresent that, both on public and League of Nations should reqisest all ditional legal tender money, or more private account, and not only in its Members and all the Nations frequently by obtaining especially impoverished countries, but in every represented at this Conference to from the Banks of Issue, which in part of the world-
7-All superfinous expenditure furnish it regularly not only with some cases are unable and in others Budget estimates and final Badger unwilling to refuse them credits should be avoided.
To attain this end, the enlighten- figures, but also with a half-yearly which must themselves be satisfied devoted to the maintenance of arma account of actual receipts and expen in legal tender money. We say,ment of public opinion is the most powerful lever. If the wise control ments and the preparations for warditure. At the same time, countries | therefore, that, The Conference desires to affirm with should be urged to supply as com
2-Governments must limit their of credit brings dear money, this the utmost emphasis that the worki plete information as is possible on expenditure to their revenue. (We result will in itself. help to promote: THE BKUSSELS CONFERENCE. cannot afford this expenditure. Only the existing system of taxation, and are not considering here the finance ecomatay.
by a frank policy of mutual co- any suggestions which may appear of reconstructing devastated areas.) We pass now from inflation and operation can the Nations hope to to each State to be useful for the 3-Banks, and especially Banks of its remedies to the other points regain their old prosperity: and in financial education of the public Issue, should be freed from political submitted to us order to secure that result the whole opinion of the world.
pressure and should be conducted Without entering into the ques resources of each country must be
With the aid of the information solely on the line of prudent finance. tion whether gold is or is not devoted to strictly productive pur thes obtained the League of Nations But the Governments are not the ideal common standard of poses.
we consider it most would be enabled to preparè pam- the only offenders in this re-value, The Conference accordingly re phlets for periodical publication set- spect; other parties, and especial important that the world should have Commends most earnestly to the ng out the comparative financially in some countries the munisome common standard, and that, as MISSION ON PUBLIC FINANCE. Council of the League of Nations position of the countries of the world, cipalities and other local authori-gold is to-day, the nominal standarð
the desirability of conferring at and making clear the various systems ties, have raised excessive credits of the civilized world. L-Thirty-nine nations have in
once with the several Govern of taxation in force.
which in the same way multiply the turn placed before the International
concerned with ments
a view
10-The Conference is of opinion titles to purchasing power, Financial Conference a Statement of
Nor will it be sufficient, for the their financial position. The exami-to securing a general and agreed that the strict application of the
reduction of the crushing burden principles outlined above is the purpose of checking further inflation, pation of these statements brings which, од
It is impossible to say how or when their existing scale, necessary condition for the re-esta that additional issues of legal tender out the extreme gravity of the armaments still imposed on the imbishment of publicfinances on a sound or the granting of additional credits all the older countries would be able general situation of public face poverished people of the world, sap basis. A country which does not should cease; since the floating debts to return to their former measure of throughout the world, and particularly ping their resources and imperilling contrive as soon as possible to attain of Government and other authorities effective gold standard, or how long in Europe. Their import may be their recovery from the ravages of the execution of these principles is constitute in themselves a form of it would take the newly formed summed up in the statement that
War. The Conference hopes that doomed beyond hope of recovery potential currency, in that, except in countries to establish such a standard. three out of every four of the cour the Assembly of the League which To enable Governments, however, to so far as they are constantly renew-But in our opinion tries represented at this Conference,
9. It is useless to attempt to fix and eleven out of twelve of the Eazo is about to meet will take energetic give effect to these principles, all ed, their amount will come to swell
classes of the community must con- the total currency in existence; coo the ratio of existing fiduciary curren- pean countries, anticipate a Budget deficit in the present year. Fublicifficulties in the way of immediate be so organised as to encourage the
cies to their nominal gold value; as, 5.-While recognising the practical tribute their share. Industry must sequently-
4-The creation of additional unless the condition of the country opinion is largely responsible action in all cases, the Conference maximum
production
the credit should cease and Government concerned were sufficiently favourable for this situation. The close considers that every Government part connection between these Budget should abandon at the earbest practic
and of... capita!
labour, and municipalities should not only to make the fixing of such ratio un- by such production alone increase their foating debts, but necessary, it could not be main- deficits and the cost of living, which is causing such suffering and unrest able date all uneconomical and artifi- will labour be able to obtain those should begin to repay or fund them tained.
The reversion to, or establishment Gentlemen's Writing Cases, Attache Cases, throughout the world, is far from cial measures which conceal from the improved conditions of life which it by degrees
In normal times the natural and of, an effective gold standard would being grasped. Nearly every Govern people the true economic situation; is the aim of every country to secure ment is being pressed to incur fresh such measures include:
for its people. All classes of the most effective regulator of the voltime in many cases demand enormous Ladies' expenditure; largely on palliatives bread and other foodstuffs, and of wealthy, must be prepared willingly of interest which the central Banks
(a) The artificial cheapening of population, and particularly the and distribution of credit is the rate deflation and it is certain that such which aggravate the very evils against coal and other materials by selling to accept the changes necessary to of Issue are compelled, in self-pre-taken, must be carried out gradually which they are directed. The first step is to bring public opinion in them below cost price to the public, remedy the present situation. Above servation and in duty to the com- and with great caution; otherwise the every country to realise the essential and the provision of unemployment all, to fill up the gap between the munity, to raise when credit is undisturbance to trade and credit might fact of the situation and particularly doles of such a character as to supply of and the dentand for com duly expanding. It is true that high prove disastrous.
11-We cannot recommend my demoralise instead of encouraging modities, it is the duty of every money rates would be expensive to the need for re-establishing public industry..
patriotic citizen to practise the Government which
have large attempt to stabilise the value of gold finances on a sound basis as a pre- liminary to the execution of those
strictest possible economy and so to floating debts, but we see no and we greatly doubt whether such social reforms which the world
contribute bis maximum effort to demands.
the common weal Such private action is the indispensable basis for the fiscal measures required to re store public finances.
We had an editorial on this subject `on Monday. Since then we have "received in full the Resolutions pro- posed by the various Commissions and adopted unanimously by the Conference, 17 RESOLUTIONS PROPOSED BY THE COM-
action to this end.
(b) The maintenance of railway fares, postal rates and charges for other government services on a basis which is insufficient to cover the cost of the services given, including annual charges on capital account.
2-Public attention should be especially drawn to the fact that the reduction of prices and the restoration. of
6. In so far as, after every effort dependent on the increase of has been made, it is impossible to production, and that the continual cut down expenditure within the excess of Government expenditure limits of existing revenues, fresh
prosperity
23
op
RESOLUTIONS PROPOSED BY THE COMMISSION ON CURRENCY AND EXCHANGE.
8-It is highly desirable that the countries which have lapsed from an effective gold standard should return thereto.
10-Deflation, if and when under-}
attempt could sticceed; but this question might well be submitted to the Committee to which we refer later, if it should be appointed.
ENGLISH SOLID
LEATHER GOODS
Gentlemen's Solid Leather Suit Cases. All Sixer. Gentlemen's Solid Leather Fitted Suit Cases.
Nickel Plated and Solid Silver fittings.
Isdies' Ladies'
Solid Leather Dressing Cases, Solid Leather Blouse Cases. Fitted and finished in the best English Styles, Silver Plated and Solid Silver fittings.
SUITABLE FOR GIFTS AND
XMAS PRESENTS
A Fine Range and Excellent Values
in
Companions.
Hand-bags and Competitive Prices.
Eee Our English Solid Leather Suit Cases.
at
$29.50
The Finest Range of Leather Goods in the City.
AT
WHITEAWAY'S
The Cash Outfitters, HONGKONG
ཏཱ།
(a) Further inflation of credit and tent ordinary expenditure. The Coo. Par legal tender, eg, Bank balances the rate of interest, it should only be balances should be treated differenty and the assured maintenance of Conference expresses its conviction
currency.
(b) A further depreciation in the
purchasing power of the domestic
currency, and a still greater instabi-
lity of the foreign exchanges.
(c) A further rise in prices and in
the cost of living.
The country, which accepts the
polky of Budget deficits is treading
sumption of normal trading relations Committee would welcome any The security of internal conditions is action which can be taken by the scarcely less important, as foreign League of Nations to enable the trade cannot prosper in a country countries, which under present con
reason why the community in its collective capacity (ie, the Govero ment) should be less subject to the normal measure for restricting credit than the individual members of the 12-We believe that neither an community. In some countries, International Currency nor an Inter- however, the financial machinery has national Uaft of Account would serve become so abnormal that it may be any useful purpose or remove any of The currency of a country, in the difficult for such corrective measure the difficulties from which Interna
We tional Exchange suffers to-day. over revenue represented by Budget taxation must be imposed to meet sense of the immediate purchasing
to be immediately applied.
13-We can find no justification deficits is one of the most serious the deficit, and this process must power of the community, includes recommend, therefore, that obstacles to such increase of produc- be ruthlessly continued until the (a) the actual legal tender money in 5.--Until credit can be controlled for supporting the idea that foreign
least sufficient
wars which are still being waged, 4-The International Financial tion, as it must sooner or later in- revenus is at volve the following consequences>-- to meet the full amount of the recur existence, and (b) any promises to merely by the normal influence of holders of Bank notes or Bank
peace for the future. The conting that the instability on the exchanges ference considers that the relative daily transactions.
which are available for ordinary granted for real "economic needs. from native holders.
It is impossible to lay down any 14-In countries where there is ance of the atmosphere of war and constitutes a great hindrance to the
proper rates" of no The currencies of all belligerent, rule as to the
central Bank of Issue, one of preparations for war is fatal resumption of normal international advantages of the various possible
be established, and if to the development of that mutual trade. means of increasing the national and of many other countries, though discount or interest for different should
5The International Financial taxation or by a capital-levy (to be siges at beginning of the way been not only on the supply and demand were required for the promotion of revenue, whether by direct or indirect in greatly varying degrees, have countries These rates will depend the assistance of foreign capital must which is essential to the re devoted to the repayment of debt), expanded artificially, regardless of at different time but also on other such a Bank, some form of interna depend upon the special economic the usual restraints upon such factors ofter of a psychological tional control might be required. conditions obtaining in each country, expansion (to which we refer later) nature. It may, indeed, confidently 15-Attempts to limit factuations and that in consequence each country and without any corresponding it be said that when once the arbitrary in Exchange by imposing artificial whose internal conditions do not in- ditions cannot purchase the neces- the slippery path which leads to which are best suited to its own their purchasing power was based: the Banks of-Issue are able success-futile and mischievous. In so far as trusts that the League of Nations will ́tion, temporarily to obtain commer
The Conference sary supplies for their reconstruc- must decide for itself on the methods crease in the real wealth upon which increase of inflation ceases and when control on Exchange operations are spire confidence. general ruin; to escape from "that
internal economy. path no sacrifice is too great.
indeed in most cases in spite of a fally to perform their normal func they are effective they falsify the lose no opportunity to secure the full cial credits on an approved basis 3. It is therefore imperative that 7-If the above principles, are serious reduction in such wealth. tions, rates will find their own proper market, tend to remove natural car restoration and continued main for this purpose.
rectives to such Enctuations and intenance of peace.
6-The International Financial every Government should, as the first accepted and applied, loans will not It should be clearly understood level. social and financial reform, on which be required for recurrent ordinary ex that this artificial and unrestrained The complémentary steps for terfere with free dealings
2.-The International Financial that the repair, improvement and Committee expresses the conviction
all others depend
penditure; "borrowing for that par- expansion, or "inflation as it is arresting the increase of inflation by Exchange which are so necessary to (a) Restrict its ordinary recurrent pose must cease. In a number of cou called, of the currency or of the increasing the wealth on which the enable traders to eliminate, from Conference affirms that the improve economical use of the trapport expenditure, including the service of tries, however, although the ordinary titles to immediate purchasing power, currency is based, may be summed their calculations a margin to cover ment of the financial position largely the debt to such an amount as can charges can be met from revenue, does not and cannot add to the total up in the words; increased produce risk of exchange, which would other depends on the general restoration systems of the world, and particular- be covered by its ordinary revenue, heavy extraordinary expenditure must real purchasing power in existence, tion and decreased consumption. wise contribute to the rise in prices. as soon as possible of goodwill of countries affected by the war, (b) Rigidly reduce all expenditure at the present time be undertaken on so that its effect must be to reduce. The most intensive production Moreover, all Government inter between the various nations; and in are of vital importance to the res
trade, including
particular it endorses the declaration toration of international trade.
(To be continued.) on armaments in so far as such capital account. This applies more the purchasing power of each unit possible is required in order to make ference with reduction is compatible with the pre- especially in the case of those countries of the currency. It is, in fact, a form good the waste of war and arrest Exchange, tends to impede that im- of the Supreme Council of the 8th servation of national security.. devastated during the war, whose of debasing the currency.
inflation, and thus to reduce the cost provement of the economic conditions March last "that the States which (c) Abardon all unproductive ez-reconstruction charges cannot pos The effect of it has been to in- of living; yet we are witnessing in of a country by which alone a have been created" or enlarged as a
result of the war should at once re- News has been received of the sibly be met from ordinary receipts. tensify, in terms of the, inflated many countries production below the healthy and stable exchange can be establish full and friendly co-opera- marriage in Edinburgh recently, of traordinary expenditure.
(d) Restrict even productive ex-The restoration of the devastated currencies, the general rise in prices, normal, together with these frequent secured. traordinary expenditure to the lowest areas is of capital importance for the so that a-greater amount of such strikes which aggravate instead of We support the suggestion thatlon, and arrange for the unrestrict Inspector Robert Macdonald of the 16.-A Committee should be set up ed interchange of commodities in Hongkong Police, and Miss". Jensie possible amount
re-establishment of normal economic currency is needed to procure, the help to cure the present shortage and
When both for continuing the collection of order that the essential unity of Macrae, elder daughter of Mr and 4The Supreme Council of the conditions; and loans for this purpose accustomed supply of goods and ser dearness of commodities. Allied Powers in its pronouncement are not only unavoidable but justifi- vices. Where this additional cur- diminution in the Governments the valuable financial statistics that European economic life may not be Mrs A. Macrae, Craig Road, Ding- on the 8th March declared that able. But in view of the shortage of rency was procured by further demands frees more credits for trade have been furnished for this Con-impaired by the erection of artificial wall. The bridegroom was attended by his brother, Sub-Inspector. D. Armies should everywhere be recapital it will be difficult to secure inflation" (ie, by printing "more and for the recuperation of the world, ference and also the further investi-economic barriers.”
3.-The Conference recommends Macdonald of the Hongkong Folice. duced to a peace footing, that arma the sums required even for this pur paper money or creating fresh credit) when inflation has ceased and prices gation of currency policy.
that, within such limits and at such Many friends were present at the ments should be limited to the lowest pose, and only the most urgent there arose what has been called a to rise, and when the general ut ESOLUTIONS PROPOSED BY THE
time as may appear possible, each ceremony. The honeymoon was possible figure compatible with schemes should be pressed forward * vicious spiral" of constantly rising settlement caused by the war subsides,
COMMISSION ON INTERNATIONAL national security, and that the League immediately.
prices and wazes and constantly in it is probable that great improve
country should aim at the progressive spent in the West of Scotland. 1. MTRADE,
restoration of that freedom of com- of Nations should be invited to con 8-The means by which loans are creasing inflation, with the resulting ment will be seen in productive
1-The International Financial merce which prevailed before the aider, as soon as possible, proposals raised are no less important than the disorganisation of all business, dis activity. Yet, in our opinion, the pro- to this end." The statements prepurposes for which they are destined. location of the exchanges, a progres duction of wealth is in many countries Conference affirms that the first con- war, including the withdrawal of sented to the Conference show that, in future the loans which are requir-sive increase in the cost of living, and suffering from a cause which it is dition for the resumption of later-artificial restrictions on, and discri on an average some 20 per cent. effed for urgent capital purposes must consequent labour unrest.
more directly in the power of Govern national trade is the restoration of minations of price against, external the national expenditure is still being be met out of the real savings of the Therefore:
ments to remove, viz, the control in freal peace, the conclusion of the trade.
forward
BILIOUS HEADACHE, - Lãi thxă în needed is to correct A. biliossom and the headache dis Take Chamberlaža's Tablets appeas and you
will soon be as weË SE OTIC.
"HARDWARE AND LOCKS
YALE
LOCKS AND HARDWARE