MONDAY, APRIL 23, 1928.
P.&O.-British India Apcar and
Eastern & Australian
Lines
(COMPANIES incorporated in ENGLAND), MAIL AND PASSENGER STEAMERS.
TAKING CARGO FOR
STRAITS, JAVA, BURMA, CEYLON, INDIA, PERSIAN GULF, WEST INDIES, MAURITIUS, EAST AND SOUTH AFRICA, AUSTRALASIA, INCLUDING NEW ZEALAND AND QUEENSLAND PORTS, AND RED SEA, EGYPT, CONSTANTINOPLE, GREECE, LEVANTINE. PORTS, EUROPE, &c.
PENINSULAR & ORIENTAL FORTNIGHTLY DIRECT ROYAL MAIL STEAMERS. (Under Contract with HM. Government.)
8. 8,
Tons
†NAGPORE:
MOREA
+LAHORE
KASHGAR
1KIDDERPORE
MALWA
FALIPORE
+JEYPORE
DELTA
+MIRZAPORE
KANTURA
NOVARA
+NANKIN KASHMIR RAJPUTANA
From Hongkong About
Noon,
Destination
6,283 24th Apr. | M'lles, L'don, A'werp, R'dam & H'burg 16,063 28th Apr. Bumbay, Marsuilles & London.
5,252 7th May M'iles, 'don, A'werp, 'tam & H'burg 9,806 12th May Marseilles, London, Antwerp & Hel, 0,334 22nd May Straits, Colombo, Hombay & Karachi. 26th May Bumbas, Marseliles & London. 10,389
6,273 31st May Straits, Colombo & Bombay. 5,318 2nd June M1'lles, L'don, A'werp, R'dam & H'burg 8,097 9th June Marseiles, London & Antwerp. 6,716 10th June Straits & Bombay. 16,601 23rd June
Bombay, Marseilles 6,989 30th June Marseilles, London, Antwerp, Hull,
Rotterdam & Hamburg. Marseilles, London, Antwerp & Hall Bombay. Marseilles & London. Mlles, 'don, A'worp, R'dam & I'burg Marseilles, London & Antwerp. Bombay, Marselties & London. Bombay, Marseilles & London. Marseilles, London & Antwerp.
KHYBER
2,114 7th July BAWALPINDI 16,610 21st July 7,058 28th July 8,985 4th Aug. 16,668 18th Ank. 16.088 1st Sept. 19,141 15th Sept. +Cargo only.
NALDERA
KALYAN
& London.
Frequent connection from Port Said for Passengers and Cargo to Constantinople, Pirveus, Smyrna and other Levant Ports by steamers of the
hedival Mail Steamship Co.
BRITISH INDIA-APCÅR SAILINGS.
TAKADA TALAMBA
TALMA
1-6019 | 23:1- N.018 3rd 10,000 20th
Apr.. Singapore, Penang & Calcutta. May Singapore, Penang & Calcutta. May Singapore, Penang & Calcutta
B. I. Apcar Line steamers have excellent accommodation for 1st and 2nd class passengers. All steamers are fitted with, wireless and. carry a qualified surgeon.
TRADE CREDITS.
POINTS IN OUR ECONOMIC SYSTEM
ADVOCACY OF REFORM.
THE CHINA MAI
A book entitled "The Flaw in the Economie System" has certain- ly the cardinal merit of topicality, since it is principally concerned wth the use of gold as the stand- ard of trade credit values and economic price levels, a point which has been sufficiently touched upon quite recently by the bank- ers of England in their annual dis- courses. The work is written by Mr. J. Taylor Peddie, also the au- thor of a work called "Capitaliam] la Socialism," and it is published by John Murray at 7. 6d.
INDO-CHINA
STEAM NAVIGATION CO., LTD,
SAILINGS SUBJECT TO ALTERATION.:
Destination
Steamer
Sailing
Ttau via Swatow & S'hai HANGSANG ...Wed., 25th Apri at Neon Ttou via Swatow & S'hal 100SHING Ttan via Swatow & Shai YATSHING Ttau via Swatow & Stal CHAKBANG Osaka vla Amoy, Hoji &
Kobe
FOOKSANG Osaka vin' Amoy, Moll & YUENSANG
Kobe Straits & Calcutta Sandakan Tiontain
KUMSANG KINSANG YUSANG
..Sun, 29th Apr. at Noon Wed., 2nd May at Noon .Bun., 6th May at Noon
Sat, 28th Apr, at 7 aim. .Tues., 1st May at 7 a.m.
Fri., 27th Apr. at 3 p.m. Bat, 28th Apr. at
4 p.m. Sat, 28th Apr. at 5 p.m.
For Freight and Passage apply to:~~ JARDINE, MATHESON & CO., LTD., Telephone Central 215.
General Managers.
OREGON ORIENTAL LINE. '
Operated for
It is hardly necessary for Mr. Peddie to inform his readers that he is not an orthodox political economist. A reading of the pre- sent work leaves one in doubt wha- thor, in regard to his fundamental| ideas about the so-called "dismal) science," he is a Singe Tax man, a throw-back to ecclesiastical Com- munism, a utilitarian, or an Indivi- durlist. The positions he takes could easily be shown to be deriv ed in turn from Henry George, from Bentham, and from thoso ethical schools which based their: conceptions of the community-- very properly for ages which pos sessed no really organised econo- mic systems-on church authority.
Ail sallinga subject to change without notice. In the very complicated organism
Through Bills of Lading issued to all rail Overland Points in the into which modern existence has U.S.A, also to New Orleans, Savannah, Charleston, Baltimore grown, the theories of the old Philadelphia, New York and Boston, via Panama Intercoastal steamer. lenchers, with the possible excep-1
COLUMBIA PACIFIC SHIPPING CO. tion of Bentham, are no longer
Asiatic Building, workable. The theories of Henry
1st floor. George, the Single Tax (land)
Phone No. C. 4871, apostle, would be ideal in a world newly started; but in the present world there is no place for his processes any more than there is now room for a political economy based on theocratic notions or Ideals.
UNITED STATES SHIPPING BOARD M.F.C. By COLUMBIA PACIFIC SHIPPING COMPANY,
For PORTLAND vli KOBE & YOKOHAMA. S.S. "WEST O'ROWA”
6th May. FOR MANILA, ILOILO & CEBU. “ S.S. "WEST NOMENTUM”
29th April. 3.S. "WEST CADRON"
18th May.
Socialistic Ideals.
are
Canton Agents
JOHN MANNERS & CO., LTD.
AUSTRAL-CHINA NAVIGATION COMPANY
S.S. "CALULU ”
will be despatched pence on the.
23rd April, 1928 at 4 p.m.
for BRISBANE, SYDNEY, MELBOURNE & ADELAIDE. via Manila, Iloilo, Sandakan & Rabaul For Freight and Passage apply to:-
Queen's Building,
DODWELL & CO., LTD.,
*Agents.
Tel. No. Central 1030.
There
indications clear enough in the book that Mr. Paddie is somewhat influenced by Socialistic ideals, but of the more practical kinda; yet modern life, wherever partisan politics' enter, shows in sufficiency that the only form of applied socialism or reform which the people are able to ap preciate, or even tolerato, comes rather from the parties which re- prosent so-called vested interests world, so enabling each country to leans too much towards- idealism than from such parties as possess accumulate gold stocks in propor- and postulates conditions for such only theories and are without the tion to its trade commitments, whe-a work-a-day world as can certain-
those theories into practico. The future; but such accumulations own time, and, perhaps, never at old truths remain, and thoroughly would not be "reserves of gold" as any time. As a help to the stu disillusioned by experimentalists of the nations understand the term dent of current affairs, the book a dozen schools, who have sought to-day; they would be held solely is very valuable in so far as it in turn to impose their political for adjusting the differences of reviews the main fiscal policies and panaceas on a world weary with, trading accounts between the coun-operations of the post-war period. their phrase-making and their tries engaged in exporting and im-That should properly assure it the "gestures," masters and men have porting commodities. A world good circulation it deserves.
EASTERN & AUSTRALIAN SAILINGS (South) means or the inspiration to carry ther actual or estimated for the ly never come into being in our
*ARAFURA
TANDA
ST. ALBANS
ARAFURA
Aug.)
Maella, Sandakan, Thursday Island,
Townsville, Brisbane, Sydney Melbourne.
&
6,000 4th May 0,950 1st June 14,500 | 20th June 1 6,000 | 3rd *Calls at Port Holland. Regular monthly sailings from Hongkong to Japan and Hongkong to Australia.
The E. & A. 9.3. Co., Ltd., steamers will also call at Shanghai, Dotle, Cotu, Kolambugan, Tawse, Timur, Darwin, or other ports en route as inducement
vers.
Frequent connections from Australia with the following
at laat decided to go into business Central Bank would be the arbit on tertne of reasoned and reason- er for the distribution of super- able justice. and settle their old fluous gold balances at individual quarrels. That startling result is centres.
The Union 8.3. Company's steamers to the United Kingdom via Now due to no party, but is rather the It would seem that the validity Sealand, Vancouver, San Francisco, etc.
The P. & U. Royal Mail steamers to London via Snes Canal.
The P. & O. Branch Service of steamers to London via the Cape,
London vis Panama Canal,
WHITE STAR LINERS..
legacy of 1914, when masters and of this contention could be point-sion tickets issued by the Liverpool
The special "Round Trip" excur men went into co-operation on ed by the fact that Britain's trade. The New Zealand Shipping Company's steamers for Southampton and totally different lince, and in total-credit position-go far as the trade Overhead Railway to enable visi-
ly different felds.
bill provides an index-has remain-tors to inspect the line of docks will under certain conditions, on- The outstanding theory of Mr. ed practically unimpaired during Peddie's work is his advocacy of the years in which her gold ac- title passengers to view one of the an alternative to the gold stand- cumulations were just sufficient to White Star Hinera in the Gladstone ard. In his view and there are meet the trade balances as be-Dock, where there is usually a not wanting modern money-market tween the countries. Has not White Star ship open for Inspec- F. C. Goodenough practitioners who agree with him Mr.
that Britain's Us
SAILINGS TO SHANGHAI & JAPAN
*HATIPARA
MALWA
*ALIPORE
TALMA
TAKLIWA
TANDA "NOVARA
*DEVANHA
DELTA
SANTHIA "HIRZAPORE RANPURA
TILAWA *NANKIN ST. ALBANS TAKADA KHYBER
TALAMBA
RAWALPINDI
•NELLORE
KASHMIR
ARAFURA
RAJPUTANA
KALYAN TANDA
Apr.
Moj, Kobe & Osaka.
1,764 | 26th 10,950 27th Apr. S'hai, Moji, Kobe 4 Yokohama."
6,273 1st May Moj & Kobe. 10,000
3rd May 7,936 7th May 6,054 8th May
8th 8,155 11th 8.097 11th
May May May
Amoy, Shai, Moji, Kobe & Osaka, Amoy, Mojl, Kobe, Osaka & Y'hama. Moji, Kobe, Osaka & YokohamK, S'hai, Moll, Kobe & Yokohama Shanghai, Kobe & Osaka,
7,764 22nd May 6,715 24th May
10,601 25th May
10,006 2nd June
14,500
S'hai, Moji. Kobe & Yokohama Amoy, Maji, Kobe & Osaka.
Shaighal, Moji & Kobe.
S'hai, Kobe & Yokohama. Amoy, Shai, Moji, Kobe & Osaka,
7,058 5th June S'hat, Moji, Kobe & Yokohama.
Moll, Kobe. Osaka & Yokohama Amoy, Mejl, Kobe & Osaka.
5th June
! 8,940 7th June 9,114 8th June 8,018 17th Jung 16,819 22nd June 6,85% Brd July 8,086
S'hal. Moji. Kobe & Yokohama. Amey, Mail, Kobe & Yokohama. S'hal, Kobe & Yokohama
S'hal, Moli, Kobe & Yokohama. July
S'hat, Moll, Kobe & Yokohama 6,000 10th July Moj, Kobe, Onaka.& Yokohama. 16,508 20th July S'hai, Koba & Yokohama.
9.144
Aug. 1. S'hel, Maji, Kobe & Tokohama. Aug. | Mojl, Kobe, Osaka & Yokohama.
4,956
3rd 7th
• Cargo only.
All dates are approximate and subject to alteration without notice. WIRELESS TELEGRAPHY FITTED ON ALL STEAMERS.
*Passengers for Rangoon must defray their own Hotel expenses "ut Bagapore while awaiting the, on-carrying steamer.
All Cabins are fitted with Electric Fans free of charge.
justtion between 10 a.m. and 4 p.m. credit on Tuesdays, Wednesdays, and to a great extent the trade bill told
At the same Thursdays. This additional facil- can be used instead of gold to sus- was never higher? tain the world's trading credit. time America, with half the world'sity will be much appreciated by the He argues that gold being a res-gold in her Federal cotiers, has Visitors to Liverpool from the sur- tricted quantity in the world, trade been losing heavily in international rounding districts, who will thus credit, based on gold, is perman- trade, and is now endeavouring to be able to visit the ships without ently limited by the very scarcity win that trade back by assisting always having to obtain a special of the precious metal itself, which, lother countries to produce, and so permit beforehand. relatively to the production of to trade with her.
commodities required for the
world's use, is by reason of its dis- proportionate smallness, "a handi-
Demand and Supply,
It is difficult to follow. Mr.
cap to all trading conducted by Peddie, when he denies the logic of bills of exchange, the values of the theory of "demand and sup which are calculated on the amount
ply" without affording us a glimpse
of gold backing available in the of what he proposes, to substitute centres issuing such bills for it as an explanation going to Britain, he says in effect, is to show why, for instance, some busi- day unable to obtain the full creditness fail and others succeed. His to which her great trading com- view is in keeping, however, with mitments entitle her, and the his other theory that over-produc corollary to this is that, even if tion-which, he says, can be re- Britain possessed the accumula gulated should be the policy of tions of gold, which the USA. now the community, since it would re- possesses, she would still be trad move the temptations that arise ing below her potential strength. out of the dangers of speculation and largely because of the high, lying in under-production; this he prices she has to pay for the bene takes to be the chief cause of un- fits of credit which is based on an employment. Ideas of this nature. Inadequate world supply of gold. cruise pretty near to the socialist if, he argues, the trade bill were coast, if they are Agents.
not part and accepted universally as the basis parcel of Socialism itself, seelag of credit, there would be no limit that they imply a form of
amera on London and' Australlus Linus are fitted with Laundries. Parcels measuring not more than 2% ft. x 2ft x 1ft will be received at the Company's Office up to Noon on the day previous to allow
For further informati n, Fassage Freights, Handbooks, etc., apply to
MACKINNON, MACKENZIE & CO.
r. & 0. Building, Connaught R₫ C., HONGKONG.
BOSTON, NEW YORK & BALTIMORE to productiveness, as there is at paternalist" community in which
JOINT: SERVICE OF THE
“BLUE FUNNEL". LINE.
(OCEAN 8.5. CO, LTD. & CHINA MUTUAL, ES, CO., LTD.)
AND
AMERICAN & MANCHURIAN LINE (ELLERMAN & BUCKNALL 8.8. CO., LTD.).
SAILINGS FROM HONG KONG, R.S., "CITY OF EASTBOURNE Via Suez Canal BS ADRASTUS” -
NW Vis Suez Canal AR. "CITY OF NEWCASTLE "Via Suez Canal AS "HELENUS"
Via Suez CanaÏ Steamern proceed vik Buez Canal de Panama Canal at Ownern, Option.
Bübject to change without notice
18th May. 144th J220,.. *15th June; 29th June.
BUTTERFIELD & SWIRE & THE BANK LINE, LTD, KES MONS Hong Kong a Cénia: JARDINE MATHESON & CO., LTD. Cante
present, in such a way as to cause the leaders have only to wave cycles of industrial depression, magic wand in order to provide with their sequence of troubles work and bread, no matter what like unemployment and faming, the conditions of demand and sup when production is inadequate, of ply.
A
alos where the products of labour It can be admitted that Mr. are "cornered" for a rise in prices. Peddle has made some good sug-
Templation to Speculate. ⠀⠀⠀
gestions, as in his plea for bank- Gold, he holds, introduces the ing reform, which urges primarily speculative element, and the less reform of the. Bank Charter Act there is of the standard of value Also in a good enough tentative (he, gold) the greater is the temp proposal for the establishment of tation to speculate for the acquisi- credit on a more quid and efec tion. If, on the other hand, trade tive basis than gold as elated; in bills formed the true and accept the opinion of some good judges ed basis of trade credit, the trade the trade-bill will yet my the
countries, would be adjusted in je siron what there was of fold in the admi
which he now.
iowever, that MS
"You know, passengers really appreciate the unrestricted opportunity for recreation and relaxation aboard the President Liners. The big, wide decks, the open air swimming pool, the glassed in promenade, and the restful, inviting public rooms and lounges are such deciding factors in favor of these big, fast Liners.”.
Weekly Trans-Pacific Service
To San Francisco and Los Angeles To Seattle and Victoria
The Sunshine Belt ela fonoltilu The Short, Straight Houte in America
Fortnightly sailings on Tuesdays
Fortnightly sailings on Wednardayı Pres. Jackson 24th Apr. midnight Pros. Taft Pres. McKinley May 8th Pres. Jefferson
·Pres. Grant *** ..May 22nd Pres. Lincoln Pres. Cleveland ....June 5th Pres. Madison ....June 13th
May 2nd
...May 16th
...May 30th
120, 112 Special through rates to Europe via United States. Direct connections with all Atlantic lines. Choice of sail lines across United States and Canada, liberal stop-over privileges for sight-seeing.
Europe and New York Direct
ROUND THE WORLD
Fortnighly sailings on Sunday via Manzila, Semies, Colombo, Suez Canal, Alexandria Naples, Gienos, Matsvilles, New York and Boston, Pres. Monroe..May 6th 8.
Pres. Hayes Pres. Wilson May 20th 6 n.m.
Pres. Polk Press Van Buren June 3rd 8 a.m.
June 17th 6 4.5. „July tai ka.. Pres. Adams ...July 15th 8 a.m.
To Manila
Pres. Taft .....Apr. 24th 5 p.m. Pres. McKinley „Apr. 30th 6 p.m. Pres. Monroe..May 6th 8 a.m.
Pres. Jefferson May 8th 6 p.m. Pres. Grant...May 14th 6 p.m.. Pres. Wilson ...May 20th Ga.m.
For Booking, Passenger and Freight Information apply to Hong Kong and Shanghai Bank Building, Ground Floor Telephone Central 2477, 2478 and 793 Cable Address "Dollar"
American Mail Line
und
Dollar Steamship Line
THE KWONG HIP LUNG CO., LTD.
ENGINEERS and BHIPBUILDERS, BOILER MAKENS, BRASS and IKON FOUNDERS. All work done in this establishment is guaranteed. We have over thirty years experience. We own two Süpways and can accommodate any craft of 200 feet long.
Town Oleo: 64, Connaught Bond Central, Hong Kong, Tél. Central No. 459. Tel. Kowloon No. 9. Shipyard: Sham-Bul-Po, Kowloon, Hong Kong.
Estimates furnished on application.
Hong Kong, April 1, 1924,
THE HONGKONG & WHAMPOA DOCK CO., LTD.
TELEGRAPHIC ADDRESS:-" MANIFESTO" HONGKONG.
Cades Used: A1, A.B.C. Fifth Edition: Engineering: First and Second Edition;
Western Union and Watkina.
DOCK OWNERS, SHIP BUILDERS, MAR NE AND LAND ENGINEERS, BOILER MAKERS, IRON AND BRASS FOUNDERS, FORGE MASTERS, ELECTRICIANS.
S.S. TAIPING.”
Speed 14.77 LIP. 4090 D.W. 4215 tons.
Built and engined by the Hong Kong & Whampoa Dock Co., Ltd.
"Please alldress ene