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HERE, THERE
and
EVERYWHERE
A Scolding, Bridle
TUESDAY, AUGUST 8, 1933.
AMERICA'S ECONOMIC
WIZARD
MOULDED U.S. OPINION ON WORLD CONFERENCE
MR. WALTER LIPPMANN
Mr. Walter Lippmann
King Feisal took away from his visit to Britain one memory which he had not conated 'on. He was shown an ancient "scolding bridlə" (at « Scottish country, house, and had its purpose explained to him. It amused him greatly that there should ever, in Scotland especially, have been an instrument for mak- ing a nagging wife: hold her
is an the other nations. The first weeks tongue, and, apparently, capable of American economist and political of the Conference have established doing it.
observer whose articles appear re- this important truth. Although qularly in over 100 American news-there is much talk about returning papers. He was recently in London to the gold standard, the fact is that The Paston Letters
as an adviser to the United States the effective monetary standard of Lord Riddell's effort to raise delegation to the World Economic the world is the dollar. £3,000 for the national purchase of Conference. AU over the United the remainder of the Paston Let States people based their views of tages and disadvantages of the two Our task is to weigh the advan- Iters should command
success, the Conference on the messages policies; the policy of immediate They are as important to students Lippmann cabled from London and devaluation by a definite of late mediaeval English history, this article consists of extracts from and our present policy of fluctuating as the renowned Luttrell Psalter his messages.
+
to lovers of an earlier period.
Many are by, or about, Sir John Fastolf, the 15th century prototype
London, July 10.
amount,
depreciation under the threat of eventual devaluation.
What is to be said for our pre-
Let us remember that a world of Shakespeare's blustering knight, conference on money is dealing with sent policy? Chiefly, I think, that and one the brave words occur: subject which is obscure to the
[úntil American prices nave risen to "And, if they will not dread nor most expert. The world is attempt-in working balance, no one knows the point where costs and prices are obey that, then they shall be quiting to solve a problem which it does exactly how to value the dollar in by Blackbeard or Whitebeard, that [not understand.
is to say, by God or the Devil"
Your Daily Smile
terms of gold. Since we do not
No wonder that. Shakespeare! So even when the negotiators know how much prices will rise in should cause Prince Henry to dub mean to be candid they are not sure other countries, we do not know his Falstaff "that old white-beard-What they would really like to do if how much, if at all, the dollar needs jed Satan !"
they could dictate the arrange-to be depreciated, and so we hesitate ments The British and French now to fix its value arbitrarily.. for example, complain that while we We might devalue too much and insist upon a rise in prices we de get too great a rise in our prices, cline to specify how much we wish We might devalue too little and get prices to rise.
too small a rise... "They say Scribbler can only write when he smokes."
They are right. We do not What is to be said for the op- "What a pity somebody hasn't specify because we do not know. posite policy: that of an immediate
We know that our internal economy definite
first devaluation? The
AND WRITING.
The China Paf] [xious as he is to see them better induced him to give up smoking requires prices bigher than those thing to be said for it is that an
•
still. But what an evidence they
which now previl, but we do not American devaluation of 25 to 30 are, under existing drawbacks.. PLENTY OF WARNING.
know with any exactness where we per cent, would almost certainly of how greatly Britain might| LADY MOTORIST: Sorry, Tm shall wish to arrest, the rise in bring Hong Kong, Tuesday, August, 8, 1933. rise to new occasions if only afraid it was my fault.
about devaluation in some of those drawbacks could MALE MOTORIST (who has the point where trade is again as The effect of this should be to raise prices. Presumably. it will be at practically every other country. be removed. The first real been driven in ditch); Not at all active as it was about 1926. But not only American prices but world clearing away of difficulties will madam, entirely mine. I could whether, after the adjustments of prices, and thus produce a general find Great Britain more qualified see you coming two miles away debts and costs than any other to take advantage and might easily have turned up a made, that means a 1926 price level)
which have been upward movement everywhere. of opportunities; while, if lack side road. of reason is to prevail, and con-
or one that is lower than that, we ¡do not know.
The Empire's Bright Prospects.
*
"Trying to keep young." "Trying to keep young?"? "Yes-ten of them;"
#
He only knows
CHANGE OF SCENERY,
"No." "But he looks different.” "It's a new husband.”
·
So we have a policy of raising
Devaluation Advantages
The inexorable pessimist is
If this were achieved, it would sequent lack of confidence, she IT DOES CHANGE ONE. never at a loss for an argument can strive for her own hand as "Hello, George! You sure have prices and watching the results.
certainly be to uur advantage, for obviously, though we must raise our Even in a time like the present, lustily as any rival. Look what changed-what's making you look so
own prices in any event, it would with more than the usual mater-the motor industry, selling two
strides she has made of late in old?
Vague British Views.
be far better if they did not rise too ial to his hand, he must go out cars for every
But we can with justice turn much above prices elsewhere. American pne,
around and complain that the Br The second advantage claimed of his way to discover the strang-whereas only four years ago five
tish view is equally vague. Mr. for immediate devaluation is that it est theories, A Socialist writer American cars were sold within
Chamberlain also declares for a would avert the danger that the pre- in the current "Nineteenth Cen-English car.
the British Empire for every KNEW JUST ENOUGH.
rise must be "moderate," which sent upward movement of prices in There are signs of FATHER (to daughter's boy means, it appears, that internal Bri- the United States might be halted tury," for example, is so deter-improvement, slight but hopeful, friend): George, do you know any-tish prices should not rise so much suddenly by a sharp rise in the value mined to belittle the work achiev-in iron and steel and in general thing about electricity 7 The that British wage rates have to be of the dollar, due to a full in the ed by the National Government engineering, as well as in the lights have blown out.
raised also. How much of a rise value of sterling and of the franc. of Britain that he actually main-the position is stronger all rounding George, dad.
building trade. Unquestionably DAUGHTER: It's no good ask. that means no one seems to know. I do not know how real this day- When we turn to the French we ger is, but many competent and dis tains that the credit stringency than it was a year ago, even enough about electricity to blow find that they also have approved interested men believe that in the passed through' in 1931 was counting the worsening during them out. greatly exaggerated, that there the last twelve months of the (the cotton industry. The con- never was any danger, and that trast, when one turns to the the recovery made since then has majority of other countries, is been automatic and natural. If startling. Britain may properly a man can make his own assump superior fortune, without for a congratulate herself оп her tions in such a way as that, he moment losing sight of the vital can, of course, prove anything.fact that not until the others also Yet, to minds less ingenious but begin to make a true recovery more sincere, there are things for herself.
can she hope to realise revival No one knows.bet- which make greater appeal. Letter than she does the value, conferences lapse or not, the of world-wide reciprocal trade. world will still go on, even if un-All the Dominions, as junior
partners with: Britain,
BUT can re- easily. And as it goes, Britain joice in their share of those re-
I cannot forgive keeps the van. It ie facts of that wards which resolution brings.
The golf professional who says, I shall go round in 80 in a month's kind, simple and outstanding, Compare with their neighbours, time.
they have marvellously progress- which impress the normal maned. Notably in Australia, where more than any sophistry. Grant the need for a saner regime was DAVIE, BOAG & Co.Ltd. ing that no nation is enjoying especialy felt, has the advance shall call my husband.
normal prosperity, it is still rea-been minde. Employment is son for thankfulness to Britons growing, deficits are dwindling Housewife: How do you know that their land at least is holding ly than might reasonably have you is never at home,
not overnight, but more rapid- Tramp: A man with a wife like its own, and in come important been expected, as many oversea respects showing improvement experts have admitted.
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of a rise in prices. But when you autumn this danger will exist, owing you talk with them they disclaim to the fact that at that season the jany intention of bringing it about exchanges tend to move strongly "Has your husband a new suit?" "artificially," that is by monetary against Europe. This is a question means, and when you talk further which ought. to be examined very you learn that the predominant in carefully with a view to deter- terests in France, the people who mining whether a definite devalus- have the votes, continue to be a tion this summer will or not provide great mass of people living on a more solid foundation for the ad- bonds, pensions, and fixed salaries.vance of prices than we now have The tailor who says I am slimmer, They already pay prices higher than from the threat of eventual but in- The barber who says I am not going the world level, and they do not definite devaluation.
bald,
wish to have their real incomes re- The manicurist who raves about my duced.
(Continued on Page 11.) intellectual hands, The Happer who says I am getting Thus it might be said that the
Lars and Their Lies
I can forgive
younger every day.
Er
*
THAT'S TELLING HER. Housewife: If you don't go,
Tramp: He is not at home.
Do the The Crook!
£
American policy is determined largely by the interests of debtors and primary producers, the British policy by manufacturing Interests for the export trade, the French policy by the most widely demo-
BALZAC'S DREAM BOUQUET
cratic creditor class in the world. France Honours Famous
possible. The
Writer.
HARD TASK FOR FLORIST
···Paris.
We are seeking a considerable rise in prices, the British a lesser rise, the French as small a rise as reconciliation. Mot] these underlying views is the pro- blem, and the chances of виссова Iwould seem to lie in bringing, the A great novelist's dream bouquet British and ourselves to a more or was made real when Balzac's tomb, less common view.
which has been cleaned and re- we are: They keep up appearances to the city of Paris.
The British are more discreet than paired, was officially handed over
more successfully. They do their In his novel "The Lily of the
inhabitants of the scattered parts "There are hundreds of ways of a wonderful thing, when viewed of the Empire always realise how making money, but only one that's fin comparison with the general much they have to be thankful honest." condition in many other coun- for in these troublous times? "What's that?" tries.. There is relativity in these They almost alone, are visibly "Ah, I thought you wouldn't hesitating and their arguing In Valley," Balzac describes a beauti- things as well as in geophysical without any of those violent mea
gaining ground, and doing it now." studies. The present is the only sures which in less fortunate year in the last five which has lands have brought very near witnessed a continuous decrease
the possibility of civil war. The probabilities which face the Em-
Facts You Did Not Know.
private. But, they argue and they ful bouquet, in which the most. |hesitate, ..., and under the outward lovely flowers charmed the
eye, calm and correctness of their public while their names made harmony behaviour they are, I believe, beset to the ear. The Organising Com- by even deeper conflicts of purpose mittee decided to bring Balzac's and of interest than we are at this bouquet to life as a wreath for his... moment in the United States,
tomb, je America's Problem.*
A leading florist was consulted, What is the decision which con flowers given he said?
but after studying the list of the fronts the American Government?
"Their names strung together
depreciated and fluctuating - under
THE KWONG KWUI CO., LTD. in British unemployment in each pire as a whole are that no
The United States supplies Italy month during the first quarter. change is likely to be for the with most of the patent leather it |Even since January last the in- worse, while changes immensely{imports." crease of employed has been over able. The position seems favour Towed by a speedbeat, a submarine It is whether definitely to revalue like that read beautifully, unfor
for the better are easily conceiv e quarter of a million. "Little able for rises in the price of only ten feet long has been built by the dollar now or to keep the dollar tunetely half of them do not flower enough," says the professional staple exporting commodities. a California mán. cynic. Sir Herbert Samuel, True, trade between nations, has
the threat of a future devaluation at the same time of year." though scarcely to be described about 60 per cent., a melancholy ing with
in the last three years fallen by British engineers are experiment to an undefined amount denta
The florist determined, however, as that, declined, when figures spectacle. Yet, while we regret wood as an automobile fueli
creosote distilled from These are the two possible courses in honour of Balzac tó ransack the we can take, and nothing else of any different climates of France for of Improvement were quoted in it and suffer from it must we not
consequence can or will be settled the dowers. He succeeded in as- the Commons, to recognise in
admit that the worst effects Moisture proof shopping bags here until our decision has been rembling them all and the houquet. have by no means fallen upon us 7 that can Carry them any reasons for gratiica-Another reason here for continu-pounds are being made of cello ultimately put upon the collar will lies as a wreath on Balzar'a tomb. loads of 75 reached. For the valde which we of The Lily of the Valley" "now tion. Certainly, we are all as aned confidence in the Empire. phone.
MAN LOONG,
PRESERVED GINGER MANUFACTURERS,
NEW SEASON PRESERVED GINGER Best Quality Prompt attention to Exporters, Office: 2, Dundas Street, Kowloon Tel 57088; Factory-2, Godown, Prays, Dundas Street, Mongkok.
determine the monetary policy of Beuter.