AMERICA'S FOREIGN TRADE PLAN'S.
A MEANS OF WINNING THE WAR. The event of transcending importance to the foreign trade of the country dur ing 1017 was the entrance of the United States into the war," declares Mr. Bur well 8, Cutler in his first annual roport as chief of the Bureau of Foreign and Domestic Commerce. From the begin ning of the war to the time of our en trance into je continues Mr. Cutler, the business of the American manufae turer was to make the most of new oppor- tunities in the markets of non-belligerent countries, to take wise and needful steps in preparation for trade after the war, and to sell munitions and supplies to the belligerenta.
activities.
**These were legitimate They were vital to the industrial life of But when we entered the the nation. war the perspective changed. Trade with a new, a our war associates assumed different, a much greater significance in It became primarily a means Our
eyes. of winning the war rather than of win It bocanie a link between ning profits. the greatest storehouse in the world and the European nations with whom we -had cast our lot in the world struggle.
DEVELOPMENT OF FUTURE MARKETS.
- Our attitude toward the markets in non-belligerent countries has also changed as a matter of course Trade with the must now be conducted with a careful and patriotic deference to the successful Preparations prosecution of the war. that we make to hold our place in those markets and to expand our opportunities must be made for the time being with govorn strict reference to policies which
However, it is our political relations
trade with confidently expected that our Bouth
America, the Far East, South Africa, and with Australia will not be too seriously interfered with, and that we may reap, in the future the benefits of having cultivated those markets x assiduously and intelligently during the past for years,
THE
HONGKONG
WHAT IS CAPITAL? ADDRESS BY SIR HUGH BELL
The following is from a paper read by Sir Hugh Bell, the well-known iron master, at Huddersfield recently. Aldex man Ben Turner was in the chair, and delivered a Socialist speech which helped to produce a lively discussion. Sir Hugh Bell said
You have invited me to make the Rights and Responsibilities of Capital in Industry my subject this alternoon, May I preface what I have to say by observing that the Liberal Federation of Yorkshire has taken a very wise step in arranging the series of discourses of which this forms one? The titles of the various addresses show the wide field of discussion which is opened. It covers, directly or indirectly, the whole range of politics. The speakers are chosen with a catholicity beyond cavil, and though per. Bonally I feel disposed in one case to question the wisdom of the choice, I am constrained to add that I feel greatly honoured at being permitted to appear before you to deal with the very import- ant subject committed to my care.
Since this address was prepared I had the advantage of reading that de livered in this hall by Mr. Vivian fast week. I find myself in almost entire agreement with him,
DAILY PRESS SATURDAY, FEBRUARY 23RD
cious quality and may easily have passed and no byres to shelter the live stock, into the condition of being capital. Even you should hesitate about sccepting t if you use it to pay your debts you incur as a gift. The cost of making it into a grave peril. If you pay it into your revenue-yielding farm would, I estimate, credit at a bank it may be argued that, go near to being the same as you would longing to you, it has become part of which had been brought into cultivation whatever quality it still possesses as bebe called upon to pay for similar land the capital of the bank. It would re-by the application of capital.
We hear once more, as we have heard quire a somewhat elaborte examination X88 INDIVIDUAL AND THE STATE floating, and the question does not con- to determine whether it was fized or corn us. Next I ask you to consider again and again, claims that the State what happens if you use it to make some shall assume tho ownership of this or phones if sit my that species of propter
The a house, or some railway shares. moment you do this, your income has be come capital, and moreover fixed capital. But suppose you neither buy a house nor pay it into your bank, but uss it whatever it may be. You pay for your for the current purpose of your business last purchase of wool, or 1 for my last purchase of ore. We each of us proceed to transfer it into the commodity in which we deal, and this we sell, using the proceeds to buy other like raw mate frials. We retain such surplus as is left, way and using the residus to provide employing it in the main in the same that which in its turn will prove for but which will speedily lose that inestim. able quality.
some short moment of time to be income,
THE FIRST TOOL.
1018.
THE SOCIETY OF ST. GEORGE, HONGKONG.
WAR BOND DRAWING
IN AID OF WAR CHARITIES).
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PRIZES:
I $500,000 is available for distribution
WAR CHARITIES will receive FIRST PRIZE
SECOND PRIZE
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100 PRIZES of $1,000 to $50
$125,000
$187,500
$56,250
$ 37,500 $93,750 Total $500,000
as to its surface and as to the minerals might lead one to suppose that the claim within it, is claimed in terms which can be enforced without injury to the duction are also to be nationalised commonwealth. The instruments of pro- and to become the property of the com munity. Some go so far as to say that the whole energies of the inhabitants are the put into a common pool and to each is to be doled out such part as the State decms an adequate reward for the services rendered. It seems to me that fantastic and insecure foundations.
They assume in the first place the all claims, be they big or small, rest on existence of an all-wise and omniscient State but some personification of all the entity called the State. But what is the men and women who compose it? It is Do not suppose that all this is away convenient to assume such an entity for from the matter in hand. We shall see certain purposes, but when we apply this in mind these apparently fine-drawn dis ourselves faced with insuperable dificul shortly how very important it is to bear assumption to practical questions we find tinctions. Let us now devote a few moties. What assurance have we that cer- ments to the further consideration of its tain services will in fact be rendered if those who are able to render them fail use in the process of production
to receive the reward to which they regard themselves as entitled? I set very Look back to the time when man hight the right of the community as a emerging from the state of a mere animal whole to the exercise by each member of began consciously and with longdrawn the length of thinking that when need Hearisca he can be called upon to put them without what wo call reasoning powers it of the whole of his powers, I go to purpose to look into the futute It will be difficult, even if it were ceased to rely on the wild produce of the reservedly at the disposal of his fellows. much further what other animals were of degree, and so perhaps it is; but there desirable, to keep the personal and earth for his maintenance. He carried It may be said to be merely a question human element out of consideration, but already doing and made provision for remains to each of us the right to refuse it will be well that we should in the first the morrow, but he did it in a somewhat and to take the consequences. That he called to his aid forces which no other In large matters it means the right to place try to examine the question in the different fashion from them. Gradually right I am not prepared to surrender. abstract, not, however, forgetting, that animal had used in the same way and revolt, industry it means the right to we are met for the examination of to the same extent, nor with the same strike or lock-out, in politics and religion democratic principles in relation to ultimate purpose. Isolated instances it means the exercise of private judg after-the-war reconstruction problems may be drawn from other animated bement Its existence does in fact con- Let us be clear what we mean by the inge, but the marked difference between stitute the check which makes the con word capital. It begins its history man and the rest of the animal creation munity hesitate to exercise that ultimate by keeping to the meaning of its deriva is his use of tools. It is rash to hazard any tyrannous power with which it is tion, which is from the Latin word guess as to what was the first tool hypothetically endowed In these latter signifying the head. It was not till manufactured by a human, or quasi- days we have seen the right exercised in long after its first appearance as an human, hand, but if it were a flint im- ways with which we may be out of sym. English word that it took on meanings plement, that morsel of pilex bore with pathy, but the fact that it has been so The report reviews in an exhaustive which had to do with wealth, but in the it the germ of all the wonderful and exercised is in my opinion a sufficient manner the foreign, trade of the country seventeenth century this signification was (alas we must add) horrible devices by proof of its existence, and I for one during the fiscal year ended June 30th, fully established, and Cotgrave's Die means of which his successors have ad- should deplore if there came a time when 1017, which it refers to as "our greatest tionary in 1611 gives" Capital, wealth, vanced and brutalised their fellows in men were not to be found who, for con year in foreign trade,
"Commerce worth; a stocke, a man's principall, or the untold ages since it emerged from the science sake, would submit to great statistics chicle, substance." I take this from the piece of flint in which it lay perdu? It suffering or even death. The world
people existed in the past. It might be TICKETS obtainable at Banks, Clubs and Leading Stores. exist today or in the future. The tyrant come intolerable were they to cease to may be one man, in which case his re whom he exercises his power. It may be more difficult to obtain that freedom of the community as a whole, and then it is thought and action on which the progress of knowledge and of civilisation depend- ed in the past and must rely in the future, All the more necessary is it for us Liberais, to whom the Democratic solution of social problems appey to be the only one possible, to guard with sedulous and unremitting care that free- dom which may stand more in jeopardy from the mob than from the monarch.
"Important as it is that we hold our own advantage in these and other mar kets, we must not lose sight of the fact that all such advantages are likely to dis- appear if we do not come out of the war victoriously.
arts
Washingtonth of trade, New English Dictionary, in which, has been reserved for us to see the hideous would be a poor place had not such 28 to
the
the
month by month, since 1913, so that effect of the war may be easily traced, under the headCapital, we read A as well as the beautiful uses to which this has enabled man to reach There may Considerable space is given to the un (adjective)-B (substantive), 3 capital subdual of natural forces to his purpose 1sunl activities of the Bureau during the stock:
3. A capital stock or fund, Combe some who would say that, all things year that resulted from the entrance of
conscious knowledge that such forces United into the war, these mere. The stock of a company, cor considered, it would have been better moval will afford relief to those over the ties, including the organisation of a
the cool and could be utilised had never notivities, staff for licensing exports, work in con
been obtained. nection with the
of
of row
campaign, the collection concerning foreign embargo to facilitationesia, the
of improtection materials from
can trade-marks in foreign coun American tries, and numerous others, all of which were carried on by the regular Bureau staff, except. the export-licence work, fol which volunteer work was accepted from the outside.
+
INCREASE OF SPECIAL AOENTE Attention is called to the increased ex have been tent to which foreign markets have line studied through the ageney special agents. At the beginning of the in fiscal year there were 13, such agents. the employ of the Bureau, while at the close of the year this staff had been The information collected by doubled these agents helps Ararvienn manufac tarers to extend their trade now, and is also aimed to help them prepare for tradu after the war.
poration, or individual with which they enter into business and on which profits or dividends are calculated; in a joint stock company it consists of the total sun of the contributions of the shareholders,
b. Pol. Econ. The accumulated wealth of an individual, company, or com munity, used as a fund for carrying on fresh production; wealth in any form used to help in producing more wealth.
e. Fixed capital that which remain in the owner's possession, as working cattle, tools, machinery, etc. Circulat ing, floating capital that which is con stantly changing hands or passing from one form into another, as goods, mones, 1776 Adam Smith W.N. (1869), Lll etc. 1. 270 His capital is continually going from him in one shape and returning to him in another. Such capitals. may he called circulating capitals 1825 McCulloch Pol. Econ. L. 11. 20 What could he do without the assistance
But their first attainment opened the way for all that followed The most shocking use of fools to slay men as well as the most beneficent to save them lay embodied in the discovery. There scoma to be no way of obtaining the good end without also placing the bad within reach. The tree of knowledge bears the fruits of good and evil, and it would seem that only by subbing it up can we prevent our getting the knowledge of evil and that at the cost of losing the knowledge of good. Capital issued from that mass of flint and with it all the consequences which have followed.
THE FIRST CAPITALIST.
What then is the distinctive mark of the set we have been considering? It is that the early man who first perpetrated this act postpened an immediate satis more continuous and assured gratifien of fixed capital or toolsfaction of his wants to a more complete
THE IMPORTANCE OF DIGESTION
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Excellent implies not merely good or very good, but exceptionally good This term-excellent has been applied to Mother Seigel's Syrup time and again restore to a healthy condition the organs by those who have proved its power to I do not intend to burden this essay tion at a later period. In a word be of digestion stomach, liver and bowels- Before entering the Bureau. Mr. Cutler with a long disquisition on the way in practised abstinence, Without his skill so that they are able to do the work im- was president of a large manufacturing which capital is regarded by the scientific and bis labour the tool would not have posed on them, readily and efficiently. But all his fellows pos. Most of the common every-day ailments which affict men and women, such ng concern, a fact that lends intrest to the economist, but some little further exposi
sessed one of these attributes, the power following estimate of the Bureau's sertion of this part of the subject must be came to birth, permitted me. vice to the manufacturer: NS
Heer Drill you buy fellow the adoption of Huk¥** The quotation. I have given shows that of labour. They were in fact obtaining pains after eating, biliousness, head- by it the means to continue their own
of appetite, and Pailing kas in comb and brush car Dandent ecards her growthy Eat Frenzy buman Maalism
Dific, send coupon for free supply. dandry and surf." have their origin in impaired be overcosse in consule a day
Hale Dokt "As a practical manufacturer and ex porter, I entertained to a mild extent capital takes one of two forms. The die personal existence and provide for the aft constipation, a feeling of fullncent an instinctive scepticism regarding the tinction drawn by Adam Smith is of continuance of their kind. In this they languor action on the part of one fores efficiency in organization and productive vital importance. He points out that it did not differ from animals other than
MILLIONS PRACTISE HAIR-DAILL capacity of a Government bureau as con may be either fixed or floating, Fixed those of their own species. It was, there other of the organs of digestion: it is pleasant hair beauty exercises, in which all the hair to new life, sail will being lack all its natural healtla
action of pared with the highly organized forces capital does not need much explanation fore the skill of the first inventor that in just such conditions that Mother necessary materials are supplied free of charge.
strongthens and regulates characteristic of large private enter-all the houses and buildings, the facave rise to those changes, which brought Seigel's Syrup is most helpful. It tores,
Hatlens Hair-Drill Bare:OL SER SON all too com tories and warehouses, the ronds, rail- feeling a mon among business men. I find that a ways and canals, the docks and harbours about what we call civilisation. We may these important organie o to Mr. Edwards, the Enventor - Discoverer ef receipt of Post Once 2.0 which should include sú Dolask prises, for this is
picture to ourselves some primeval man
from it
now pactae Higiene Hair Birlik but à fanure deeltel of the value of the
(so far as the latter are the result of oasessing this skill in extraordinary nourishment eat, and to obtain anthems are millions of people she world över who FREE- misapprehension on a typical ignorance | human labour), the rivers, like the measure. He devoted himself to its strength and the vigour of health in the or to offer taillion. Harlene Hair Brit Bureau is of the Bureau's current activities. Please Thames, the Clyde, the Tees, and others exercise and endowed others with the only way in which they can be obtained. Optats free, so that every much. laxuslass
les, betans it let me emphasize the conviction that the which have been made navigable by results of his skill in exchange for the Mother Beigel's Syrup is excellent for bascual hair at any age. Bureau of Foreign and Domestic Com-uman labour, form part of the fixed
That man was the first capitalist. He made from more than ten varisties of THE FREE GIFT PARCEL COMPRISES: merce is a genuinely producing agency capital of the country. I have omitted Products of their labour stomach and liver troubles, well organized, and calculated to assist land for reasons which will appear bore in himself all the good and evil, medicinal extracts of roots, barks, and eminently useful."
or
..what
Thus you secure
atisfaction that they can grow tichy,
1. Trial Bottle of "Harlens,” the wonder-
our manufacturers and merchants in ways But we must not omit all the equipment all the rights and responsibilities in combination, exert a fal bar tents simulant and drassing that
AUSTRIAN FOOD SHORTAGE.
in the organs beneficial effect of a less fixed kind thep the items we capital. It is well to note that it was an
toning, strengthening, and have briefly enumerated. It is clearly individual who had got this position. of
stimulating them to healthy activity. THE LAND With your digestive organs performing impossible to draw a valid distinction between a locomotive engine which draws the traffic on a railway and a fixed. When we apply these considerations to their functions naturally you may expect engine which by means of transmitted land, we are met with certain dificulties, to look well, foel well and be well es
Here is a statement of what it did Zurich, December 10th-At a conference power, by rope or compressed air or If the absolute and uncontrolled owner of the Vienna municipal authorities, electricity moves the wagons on the line ship of land is vested in some individual in the ease of Mr. A. TWishart, who which was attended by several members Equally hard is it to discriminate be or group of individuals; then the rest of writes, from 15 Perkins Street, Port of the Cabinet, the Burgomaster stated tween a fixed lathe and band tool which the community could only exist at the Elizabeth: Allow me to add my that the city had no reserves of bread performs work of the same quality, pleasure and by the goodwill of such testimony to that of the large number stuffs, consequently the grave danger though in very dillerent quantities. In owner or owners. There have been times of people who write out bread. The milk supply, he added, had fallen from 900,000 litres to 170,000 pelled to include all tools and equip tions of the sore were not unknown, but
ment in the term fixed capital
FLOATING CAPITAL
existed that one day they would be with a word, we should find ourselves com in the history of mankind when cond they receive from you of the benefits
Seigel's Syrup
Ae a user of this well-known remedy for even then the good sense of the people many years, I feel qualified to give ub per day.
prevented the logical application of the non, and can conscientionsly recon- law. But if we try to estimate how much end its use to anyone suffering from
Indigestion a General Hoefer, the Austrian Food
more com- the actual surface of the globe when previously to using it, I suffered con- Controller, reported that owing to the Floating capital presents more unfavourable harvest the quantity of plicated questions. To begin with, there brought under cultivation owes to pre flour coming frean Roumania would he
is no question as to when (broadly cisely the came causes as have produced siderably from this distressing ailment, Germany, he considerably reduced.
while some of them gave temporary added, could furnish neither four nor speaking) capital becomes fixed. You capital in other ways, we shall find for which I used many prescriptions as possess come kind of wealth which re ground for regarding the ownership of well as numerous advertised medicines, other breadstuffs, because the conditions turns an incore by way of usufruct, the land for the purpose of cultivating weed, none of them could compare
effective and there were President
bad.
the Let us say, shares in a railway. A as standing on much the same footing as
Relay relief experienced Capitale
of Mother Seigel's of General
mittee, said that the dividend comes to you in the form of a the ownership of any other Provisioning Covince, vero non nearly cheque. To avoid complication we will Some recent caleniations 1 have monde, Crap. Having derived such sufferings of the mon
the so great as those of people in other porta asume that it is paid to you in cash charmed by inquiries from persons much from its use, there is no wonder that: of the Monarchy. The inhabitants of Today we must say "in the circalating better able to form an opinion, lead me I always speak of it in the highest terms. some districts in Northern Bohemia had medium of the country. Fill three to the belief that if you could imagine seldom without it, as I find a timely had to go whole weeks without bread. years or so ago we should have meant in a plot of, say, one hundred acres of land dose is an excellent preventative for In-
President of the Food Commission, sovereigns. While it so remains in your of average quality in this country, sitant digestion The
and it is income. Beware of parting of quis to markets, a writer and its kindred allment supplies were sufficient to Inst over Christmas. Beyond that he could say nothing.
with it! For the moment it goes out of your possession it runs the risk of losing so far as you are concerned, that pre
drained, nor tilled, not fented with no in your own case houses on it to accommodate the coltiva tors, and no barns to store the produce
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