THE HONGKONE DAILY PRESS, ERIDAY, DECEMBER Örn, AVIS.
The Motor that gives entire satisfaction
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AUCE WORD
FOR EUROPE AND AMERICA,
INDIA, AUSTRALIA, &0..·'
PRIVATE RESIDENCE AT THE OUTPOETS,
A Comprehensive and Complete, Record
of the
NEWS OF THE FAR EAST
Is given in the
ONGKONG.
PRESS
EEKLY
with which is incorporated
The CHINA OVERLAND TRADE REPORT,
Subsription, paid in advance,
$19 per annum. Postage.
to any port of
GUARANTEED.
SHEWAN, TOMES & CO.,
Machinery Dept.
Economy.
HONGKONG.
Owing to the quality and concentration of its ingredients, LEA & PERRINS' SAUCE is very economical in use.
A few drops only are necessary to give a delicious and appetizing flavour. to the plainest dish.
A far larger quantity of a cheaper sauce fails to give the same satisfaction.
Qburn the signaturs
Lea Perrins
in while, scrote the vad labai
on scary botils.
A GOOD INVESTMENT
is always sought after. Any expenditure, however, which premuntas one's wall, being is a sound investɔnezia Good health, widonhtedly; že one of the greatest assets a'mas of Woman can possess for without it none can be at their "best physically or mentally, Minus, good' hanith, the jeg, at life is dimmed. · Beschám's P00S ́ATO K paying invostanan) for all who desire to promote and maintain good health,
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· [9456
PAYING FOR THE
WAR
A BOLD FINANCIAL PLAN.
[BY SI2 A. CONAN DOYLE.]
To many of us the financial side of the war is a perfect nightmare. We cannot see any "alternative between a continued taxation which would weigh upon us for ever and a compulsory levy upon capital which would "causs auch an economic crisis as the world has never seen. It is difficult to say which of the two is the more fatal to the nation. We beat Napoleon, but he left our National' Debt, like his Corsican stiletto, deep in our vitals to plague us for a century, It looks as if several centuries would pass before our children would get the burden of William. II. off their weary backs
And now there comes forward an American man of affairs Mr. A. E Stillwell, a man of ripe experience, who has been at the head of a great trans- atlantic railroad, and be outlines a scheme by which all our troubles may be averted. It is at least worthy of most serious discussion, and in discussing it we should not let smaller difficulties or objections stand in the way. It is a time for new methods since the emergency is.
DAW.
Put in a nutshell, this scheme is to draw upon the resources of the future. instead of the past in Ending this money, and to pool the matter with all the other) nations concerned.
The nations interested, including the Central Powers, would solemnly bind themselves to a peace of a hundred years, and also to boycott utterly any nation which broke the pledge. Large finoacial guarantees would also be required, to be held by some central authority. This is the Erst step in the plan, and is the most easy since it is inconceivable that any nation will be in a position to wage an expensive war for a century to come.
The second stage is that all nations concerned shall pledge themselves to re- duce their military and naval expenses by three-quarters of what they were in the three average years before the war. Their taxation, however, should be kept at not less than the same average as dur- ing these years. This should give in. Great Britain alone a sum of about £30,000,000 a year in excess of expeadi- ture. This sam, together with similar sums from all other nations, is paid into a central fand, which would mount up from year to year at a rate of not less than 950 millions a year, and mutin course of time represent an enormous total. This sum could be reckoned upon and used by a security before it was actually received in its entirety, as a man can raise money on a reversionaty interest.
This enormous "central security sould be a guarantee for bonds which should be issued to each nation in proportion to its expense incurred by the war, Thus, when the delegates meet. Britain claims, we will say, fire thousand mil lions. Bonds to that face value are handed over. The British delegate then hands a thousand millions, or whatever
ESTABLISHED
1814 100 YEARS.
100 YEARS. 1914
JOHN
HADDON
AND CO.
Export and Import Agents
For ONE HUNDRED YEARS in the CITY OF LONDON we have acted as Buying and Selling Agents for Traders,Storekeepers, Growers of Colonial Produce. Are you requiring the services of London Agents to promote your interests'? We shall be pleased to enter into correspond- ence with a view to arranging terms to mutual advantage.
BANK CREDITS. ABRANGED. . CASH ADVANCED · AGAINST SHIPMENTS.
JOHN
HADDON
AND CO.
Colonial Merchants and Produce Agents,
·SALISBURY · · SQUARE, LONDON, E.C.
Business men have implored
the figure may be to the American dele-typewriter companies to build
gate, but receives bonds from France; Italy, Russia, or whoever owes us money. Thus, in a single sitting, the, whole read- justment can be made on paper.
The British delegate now takes his bond home and lodges it at the Bank of England. Smaller notes, in tens, hun- dreds, and thousands, are issued on the security of that bond, and passed into circulation, all the nations concerned having agreed to accept them at face value as international currency. Inter est upon debt, and finally the debt itself,! is paid of in this paper, which is really money, as our present notes are money, since they are guaranteed by the credit of the whole world, and by a central sum which will furnish ample security.
This plan does not mean that Germany will escape financial retribution. Any proportion of her bands can be demand- ed from her at the final readjustment. On the other hand, if she and her Allies have to pay so much into the interna tional exchequer every year, it will be a guarantee against any aggression which would forfeit all benefit from this accumulated wealth.
*
а
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Such in bald outline is the plan which Ecems to me to be the alternative to a very terrible future for the human race. I submit that it is entitled to our most close and sympathetic attention. It will no doubt be open to objections, but are they more weighty than the objections which apply to any alternative course? There will be talk of inflation, but so long as the central security is suficient there is no inflation, and the currency. can be issued only in proportion to the growth of that security. There will also be grave political objections to the im mense reduction of armaments, but they will be the same for all nations, and the balance will be undisturbed. It will be most doubtful in cases where a large force is needed against barbarous, neigh- bours, but the inventions of modern war- fare, the acroplane and machine-gun, give civilisation a new advantage against savages, so that large forces are noHERAPION NO. 3 longer to needful There are other. objections which will come out in discus sion, but the objectors are still always met by the urgent necessity that home- thing be done which will save us from an intolerable financial crisis.
THE NEW FRENCH REMEDY THERAPION NOVEM TERAPION No
Ke 1 For Bladder Catarrh, .No. 2 for Blood à Fabm) Dimenkori Chraste - WalTANDING ** foun at Leaded CIEMNIE. PRURIT Esoláry, B. Dm. LA CLARO Man, Oki, Haverstock BauM,325, London. AF TRADEMAissa Wosia (TEBLATION" W "ONE BET GOTE. Braxe Arrano to GETURN PACOMA,
[2074
"ASAHI BEER."
PILSENER BEER
GRAND PRIZE.
ASAHI
B
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COMPAN
SOLE AGENTE 12. MITSU BUSSAN KAISHA.
AMERICA'S
LEADING
MOTORCYCLE
Indian
Count the Indians on the road
We have just received a shipment of 1918 BIG TWINS with Electric equipment. Price has been reduced to $580-the lowest it has ever been. Later shipments will be higher in price. Next year's Indian will be exactly the same as the 1918 model
ALEX ROSS&CO
4, Des Voeux Road Central,
Telephone 2487.