DODWELL & CO.,
Regular Sailings to
THE HONGKONG DAILY PRESS, WEDNESDAY, JUNE 1ST, 1821.
LIMITED
NEW YORK andör BOSTON
Yia Suez or Panama Canals at Owners' Option.
LLOYD TRIESTINO.
TAKING CARGO ON THROUGH BILLS OF LADING FOR LEVANT, BLACK SEA ́à DANUBE PORTS.
FIUME having been re-opened for traffic, cargo is also accepted for this port on through Bill of Lading,
4.6.
FOR BRINDISI, VENICE & TRIESTE
vis SINGAPORE, PENANG & COLOMBO, "INNSBRUCK ”.
A "NIPPON "...
...iling on or about 13th Jun
ailing on or about 20th Juna.
FOR
SHANGHAL ·
t
"INNSBRUCK "...
sailing on or about 31st May.
„Passengers" Luggage can be insured at the Office of the Agents.
NATAL LINE OF STEAMERS.
Regular Passenger and Carge Berrics to
SOUTH AFRICAN PORTS from CALCUTTA & COLOMBO, Through Bill of Lading issued from Hongkong.
For Freight or Fassage on any of the above Lines apply te
DODWELL & CO., LIMITED,
Agents.
N. Y. K.
NIPPON YUSEN KAISHA
7
HAILIERS. PRON KONELONA SPKIROS TO ALTERATION."
THE GERMAN MARK. PERMANENT RECOVERY 18
UNLIKELY.
portion of the German revenue (mes ured in good) which would have to be paid ovor sa interest to the bolders of the German national debt would be in- cressed in the same proportion. That Mr. J. M. Keynes, in the Manchester is to my, German resources, which would Guardian, deals with a popular mistake otherwise be available, in part at least, about the foreign exchanges which seems for reparation, would be divated to the to be extremely comman. It is popularly German propertied clacson The Allies supposed that the future of the exchange would hardly allow this Yst the only value of a country's cutmacy chiefly dealternative, a partial oscompiste repudia pends upon intrinsic wealth in the forum which they might hesitate to encourage
tion of the German debt, is a precedent
of natural resources and an industrious
INDO-CHINA
STEAM NAVIGATION COMPANY. LIMITED.
SAILINGS, SUBJECT TO ALTERATION.
BANGKOK via SWATOW STRAITS & CALCUTTA SHANGHAI VIA SWATOW... MANILA
KOBE SANDAKAN HAIPHONG vis HOIHOW.....
*
"FOOSHING” „Thors, 2nd Juve, 3 p.m. "OSAKHANG " Thurs, 2nd Juno, 3 pma
“HOPSANG
"YUENSANG-
*YOOKSANG"
EINSANG"
Bat
Man,
TAKBANG !! Wed
3rd Jans, 10 KM:
3rd June, 1 pa
4th Juns, Dighi. 6th June,
Nova.
8th June, 9 m
population, and that a far-sighted man Furthermore, the holders of the Ger is right to expect an ultimate recovery man public debt, who are mostly Ger- in the value of its money if the countrymans, are not the only persons into looks likely to enjoy in the long run cvalue of the mark would put a great
whose pockets an improvement in mercial or industrial or agricultural strungth. The speculator in Rumanian deal of money. There are also the CALOUTTA LINE-This. Line affords regalar sailing to Caloutta, Paning and
zerland.
the
MANILA
not less than 10 milliards of paper harks At the rate of exchange-260 asrks equal £1-these holdings are worth
200,000,000. But at part they would be TESTSIN worth £2,500,000,000 and even at 100
keeps up his spirits by thinking of foreign speculative holders of German the vast resources of that country in corn carrency. It has been estimated by the and oil, and finds it hard to believe that parts of the German Government that Rumanian money can in the long run be the amount of German money hald worth less than the money of, say, Swit-broad and of credits granted to Ger
The speculator in German many by foreigners, by far the greater marks bases his hopes on the immense Part being in terms of paper marks, SHANGHAI industry and skill of the Germans people, mounts to about 70 milliards of paper which must, he feels, enable her to pull acks, of which something, less than half round in the long run.
is held in the forin of actus), German Yet this way of thinking is fallacious paper money. We can probably reckon If the conclusion of the argument was
therefore that the amount of GermaX HAIPHONG that in the long run the Rumanian or less speculatively outside Germany is BORNEO
bank-notes and bank-balances held more Bant and the Rumanian proprietor and an industrial nation like Germany ought to be able to live comfortably, or must be able to survive, the conclusion might be sensible But the conclusion that car tain pieces of paper called bank-notes: must for these reasons tome to be mors marks equal £1 they would to worth BANGKOK, valuable than they are now is a different £500,000,000, As a speculative holding kind of conclusion altogether, and does German noter yields the holder no not necessarily follow from the former.terest, he presumably does not intend France was the richest country in the to keep them as 1 permanent investment world: not excepting England, when, in and is only waiting for an opportunity the last decade of the eighteenth co-manent improvement in the value of the of realising them at a profit. A per- tury, her paper money, the assignat mark would entail, therefore, paying fall, after five years violent fluctus tions, to be worth nothing at all on the to foreign speculatore very large bourses of Lisbon and Hamburg.
sums of money which would otherwise be available for reparation. There would be no great advantage to Germany in this, and the Allies would hardly allow the claims of the speculators to rank in front of reparation.
AGAINST RECOVERY,
“AGAINST ALLIED İNTER BIS.
War, revolution, or a failure of the sources of the rational wealth generally begins the depreciation of a paper cur- reney. But the recovery of this money to its former value need not result when the original calamity has passed away. In addition, therefore, to all the usual A recovery can only come about by the difficulties of reinstating a fallen cur- deliberate policy of the Government, and macy, there are strong reasons in the there are generally weighty reasons can of Germany for thinking that a re- against adopting such a policy. In the instatement cannot be undertafin. Gør- case of the money of the French Revolu. many has two classes of foreign creditors tion, the depreciated notes were simply to desi with--the Allies, who have re- swept away, and their pisce taken by a paration claims which are expressed in now currency of gold. I do not rememtams of gold marks, and the foreign ber any case in history in which a very speculativa holders of German bank greatly depreciated currency has subse balances and of German currency, which quently recovered its former value. Are in terms of paper marks
To in- Perhaps the best instance to the concrease the value of the paper mark in trary is that of the American groenbacies relation to the gold mark benefits the after the Civil War, which eventually letter at the expuse of the former. It is their case the maxima degree of the the German Government to pay over hugs depreciation was moderate in comparison suns to foreign speculators, and it is with recent instances. The various decidedly contrary to the interests of Bound currencies existing throughout the the Allied Governments. Whatever tem- world in the years before the war had porary fuctuations there may be, it is not always existed, and had been esta therefore extremely unlikely to happen. blished, many of them, upon the debris I do not expect therefore, a permanent of carlier irretrievable debasements. forecovery
value of the German For may book
SEATTLE & VICTORIA or VANCOUVER vis Manila, Keelung, recovered to their gold parity, but in no particularly in the interests of
Shanghai Japan porta
Cargo to Overland Paints US in connection with Gross Northern Northern Pacifo wad Calengo, Milusakan à 82. Paul BaliwaJA ZUSHIMI MARU (omitting Manila & Keelung)Wednesday, 1st June, at 11. smə KATORI MARUZA
Friday, 17th June, st II a.m. ixth July, at 11 am . The dar KASHIMA MARUmg (omitting Mantia)
Friday, 29th July at 11 am. JUWA NARUM
LONDON & ANTWERP is Singapore, Penang, Colombo, Sues
Port Said and Marseilles.
ATSUTA MARU
SHIDZUOKA MABUJ..
KAGA HARU
YOKOHAMA MARUTI
LIMA HARU
Friday, Friday, ...Friday, Friday,
10th June, at 11 am 24th June, at lḥ im
8 July, at 11a.m. 2nd July, at £1 ́ma
Middle of June.
HAMBURG, MARSEILLES, LONDON & BOTTERDAM
IN
LIVERPOOL & MARSEILLES via Sues.
MELBOURNE & SYDNEY via - Manila, Kamboanga,
Island, Townsville" & Brisbane,
BOMBAY & COLOMBO vis Singapore.
TATSUNO HARU
Bingspore; returning from Calaista steam irs promal, via Straits. and Hongkong to Japan, ocassionally calling at Shanghai All stemmers bare excellent passenger accommodation, are kitted with Electric Light and Fans and carry a tally-quslided Surgoon.
LINE:-Sailing approximately every five days between Canton and Shanghal, sometimes calling at Swatow Through tickets.can. be obtained and through : Bill of Lading are issued to all Northern and Yangbaze Ports via Shangbai.
LINE :-A weekly service is maintained with Manila by vessels with good LINE:-Shinge. Approximately weekly for passengers and arg passenger accommodation, sailings from both ports ovary Friday calling at Holkar when inducement offers. LINE:-Ogo miling, per mouth between Hongtong and Sandakan, by
a steamer having up-to-date accommodation for passengers. Uarge taken on through Bills of Lading for Kusdat, Jonsafton LINE:-galar Morrice is run from March to November between
Labuan, Tawao and Lahad Datu,
LINE-A weekly service is provided between Hongkong sad Bangkok,
Hougtong and Tiantain, calling at Weihaiwet and Caeloo.
via Swatow, by four steamers åtted with up-to-date passenger accommodation,
CALCUTTA LINE.
15.5.
CHAKSANG” will be despatched on or about Thursday, 2nd June, at 3 p.m., for SINGAPORE, PENANG & CALCUTTA.
Through Bills of Lading issued to RANGOON, PORT SWET- TENHAM, MADRAS and DUTCH EAST INDIES.
For Freight or Passage apply to-
THONY Na4215)
Jardine, Matheson & Co., Ltd.
GLEN
GENERAL MANAGERS.
AND SHIRE
terest to restore its depreciated money, siiblised at some very high figure to the. and a supersession of the old money sterling. But the Allies persevera may be better than its resuscitation... A with their reparation demands the mark return even of former prosperity way is much more likely to continue ita fall be quite compatible with a collapse in until the final stage is reached, where the value of the former
to currency
the simplest and most sensible course, will. nothing at sil.
seem to be to supersede it altogather by Let me apply some of these considera-Bome new unit. And all this may hap- tions to the case of the German mark: pen even though in the end GermanyU.K.-STRAITS, CHINA As I write there are about 250 marks may have recovered a considerable mea-
to the 3 sterling, but within the last sure of her economic strength.
twelve months the rate has been as high
a8 360 and as low as 120. As the par value of the mark is 20 to the £1 sterling.
Thursday Gorman bank-notes are now worth less
TANGO MABU
Tuesday,
NIKKO MABO
Tunday,
AKI MARU
Tucaday.
NEW YORK VIA PANAMA.
TOBA HARU
***
Friday,
tist June, at 11 am : :19th July, at 11 1.11. 18th Aug, at 11am.
24th Juno.
SOUTH AMERICAN PORTS via CAPE,
AWA MARU
Sunday,
10th June.
Friday
10th June.
MALACOA MARU
NIKKO KARU
JAPAN PORTS—Nagasaki, Kobe & Yokohama.
Friday,
̈DALOUTTA & BANGOON vis Bingapore & Penang,
***Monday,
6th June.
- TSURUGA MARU
Saturday, Monday Monday,
SHANGHAI, KOBE & YOKOHAMA
TOTOMI MARU.
YOKOHAMA MARIJ
17th Jane, as I am
4th June 6th June, 13th June, at 11 am For further information apply to NIPPON YUSEN KAISHA
Telephone Nos. 19% & R32,
8. YASUDA, Manager.
YAMASHITA KISEN KAISHA.
(THE YAMASHITA S.S. Co. LTD.)
REGULAR FREIGHT & PASSENGER SERVICE
#UNBETWEEN
KEELUNG, HONGKONG & HAIPHONG. "Sailing from Hongkong..
FOR HAIPHONG vla Pakhol
SS, HOZUIMARU “U!
FOR KEELUNG via Swatow & Amoy
8.8. "TAIKWA MARU”
For further particulara, please apply to Brunch Office,
No. 37, Bonham Strand, West,
Tel. No. 1550
on or about 7th Jane.
on or about 7th June.
M. KOBAYASHI,
AGENT GAR Top Floor, Kinga Building, To No. 140.
R. A. M. C. MEMORIAL.
THE ABBEY.
than a tenth of their nominal value... Even without a Bolshevik Government TABLET AND "GOLDEN BOOK IN matters can be much worse than this; for the bank-notes of Poland or Austria and worth less than a hundredth of their nominal value. But for the purpose of our argument let us take the less-extreme case of Germany.
..: GERMANY TO-DAY,
The memorial to commemorate the off- cars, non-commissioned officers, and men of the Royal Army Medical Corps who
were killed or died in the war will take the form of a tablet in Westminster, Now it is well-known that the pre- Abbey, and "Golden Book," contain- sent time there are many causes at working the names of those whom the memo- which are tending to make the value of
rial is designed to commemorate. This the mark progressively worse even than
"Golden Book will be placed in the it is at present. The expenditure of Abbey Chapter House. Replicas of the the Government is about three times its tablet will be presented to Edinburgh
and Dublin. revenue, and the deficit is largely made After consultation with representative up by printing additional notes, & Policers and other ranks of all branches cess which everyone agrees must diminish the value of the notes; Germany'a 'com. of the Corps, and with the cordial and mercial experts (i.z., excluding deliveries generous consent of the Dean and Chap- under the Treaty), although showing te erect a tablet in Westminster Abbey, ter, the general committee has resolved some substantial recovery from the worst. are still short of her absolutely essential in a suitable position on the wall, near to the grave of the Unknown Warrior, imports, and, thus the balance of trade and also to place in the Chapter House is against her; the economic condition of the Abbey, for permanent keeping, of her neighbours, Bussis and the frag Golden Book, containing the names of ments of the former Austro-Hungarian all the members of the Corps, those ser- Empire, which used to be her best cus- tomera, make impossible any early revivalices and sacrifices the memorial is de of trade with them on the pre-war scale, signed to commemorate. Replicas of the and these very adverse conditions and Dublin, to be placed in positions tablet will be presented to Edinburgh present and operative, in not making chosen by the city authorities. current payments on account of repar tion up to the standard, or anything like it of even the most moderate proposals for a settlement of the Allies demanda, If and when these demands materialise in payments the difficulties of the Budget and the difficulties of the trade balance are certain to be aggravaled.
WHO WOULD BENİZİTİ
SABBEY RESTORATION.
The provision of the memorial in these forms will be the first charge on the un, allocated portion of the memorial fund, and the balance, which probably will be not less than £10,000, will be devoted to the fand now being raised for the res toration of certain portions of West- minster Abbey. This gift will be record- But let us put aside these considera ed on the tablet to be placed in the tions for the moment and look a little. Abbey wall; and it will not only be in further ahead. Most of those who look keeping with the fine work and tradi- for a recovery of the mark are not think-tions of the Corps, but will gain addi- ing of this year, or even probably of tional significanes and appropriateness next. They believe that ultimately Ger- from the fact that very many of the many will pull round, and that when fallen, both officers and men, belonged this occurs the mark will recover also. at the outbreak of the war to the civilian Now though the process of the depro- side of the medical profession As a ciation of money (ie, the rise of prices) shrine of national faith and national is easy, though painful, the reverse pro sentiment the Abbey will mean more to czas of appreciation. (ie, the fall of the bereaved than Millbank or any other prices) though dificult, is also painful, military centre, and it is felt that the The upset to the economic organisation whole of the R.LO., as well as the is quite as bad, as we have all been find revives and friends of the fallen, will ing out lately as the
pect. pet caused by deeply appreciate the high honour cox- ising prices, as nations debt which fetted on then by the placing of the
now amounts to 350 milliarda of paper grastest of our honoured dead are in- marks, and is likely to sanat to a still torred, higher figure before equilibriam bas been The amount contributed to the memo- oblained in her national finances. Iris fund is 210,308, but £1,666 has been tha
mark were to double in value far earmarked by doors for families and more if it were to increais tenfold the dependents of the fallen, and this ma money burden of the service of this debt will be allocated for administration to would remain the same, but its real the R.A.M.C. Begalar and Auxiliary burden would be proportional to the in- Finds in proportions to be determined erenme in the value of the mark. The by the general committen.
Vesel
£8**GLENAVY
Connel
BS. "GLENOGLE* 89. “GLENGYLE".
Joint Service of Steamers.
& JAPAN SERVICE. "OUTWARDS,
HOMEWARDS. Leava Hongkong
*17th June
2nd July
Das Hongkong
10th Ju
Discharges
LONDON, BOTTERDAN & HAMBURGE GENOA, LONDON & Hai
Movements are subject to change without notice. For freight or further particulars please apply to :--
Jardine, Matheson & Co., Ltd. The Glen Line, Ltd., ABESTE.
"
Tali No. 21 rub. 5 ex 13. and 2896
Oable Address
Kswakisen, Kobe.
Bentley's A.HC. 6th HL-
and Butt's Coder.
KAWASAKI
KISEN
Telephone: Sanam
3844, 6933
(HAWASAKI STEAMSHIP Coa
CAPITAL PAID-UP-
KAISHA
Y20,000,000
President: Mr. Y. KAWASAKIA Vice-President Mr, K. MATSUKATA. Managing Director: Mr. MARATA AB,
The Company has on hand a Large Number of
NEW CARGO STEAMERS
ALWAYS READY FOR CHARTERS of all descriptions.
The following are composed in the Company's Float :---
Eleven steamers of 8,100 tons each deadweight
And under the Company's Management
Twenty steamers of about 9,100 tons deadweight exch
Two steamers of about 6,400 tons deadweight
(Balonging to the Kawasaki Dockyard Co, Ltd.)
For Uharter Rates and all other particulars apply to the
KAWASAKI KISEN KAISHA.
No. 8, Bunn, Ko