Page
MARTELL'S
ONE STAR
V
TWO STAR
v. s. o.
THREE STAR
V. S. O. P.
GEMART
THE HONGKONG DAILY PRESS, SATURDAY, SEPTEMBER 15TH, 1923.
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DANGER OF BREAK WITH PHANCE. turing the biggest share of the world's
The following constitutes the major part of an article written by Lord Rothermers recently for the Sunday Pictorial, one of the group papers he controls:
The British Government appear to be on the verge of a definite break with France upon the question of German re- parations, but it is difficult to see how the interests of this country or of Europe MARTELL & CO. will be served by the course they are
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Here, then, we have this warning people, who have no lost the secret of hard work, who are not led asteny very much by windy agitators, and who pos sess within their own boundaries nearly all the materials they require for expe
trade and for heuping up fresh" stores of riches, Why in the name of common- sense should we worry about their future." and quarrel with France about them. when othing men stop them from dir tearing us in the rare for trade secryl sterù insistruce upon the deteine that. the Zoari muat pay?
ቴነ
ام
Nothing sms to me mire muddle- hended than the idea of the British Govt erneut that if the French withdraw! from the Ruhr unemployment in this country will instantly diminish, while our export traile will "expand.
It will not profit us to bank with France Such an interruption of the cordial re2 lations which have bevu, maintained with
I have lately shown in my nowspapers) our neighbours for the last twenty years by repeated and convincing evidence that can only make the European situation the French abandon their policy of more unstable than ever.
pressure, and if we fossily try to stabilise I am sometimes asked by unthinking the mark-which the Germans can do people whether it is my desire to see Gers quite well themselves-the immediate con- many crushed and impoverished and sequence will be the almost complete dis-{ helpless. They tell me that if Germany appearates of our own export trade, ani lapses into utter chaos, financial, seong immens inergase of unemployment, and mie, and political, she cannot pay her a swift declips in the value of the pound debts, which is obvious enough.
sterling, with disastrous consequences to our payments to the United States
A SUICIDAL COURSE.
My reply is
Firat. It is no part of the duty of Great Britain to set Germany on her feet again. The Germans can pull themselves together whenever Herr Hugo Stiune and the rest of the industrial magnates, who are the now Junkers, care to say the word,
;
FROZEN NIÁGARA OF TRADE, Here I may pause to observe that when Fiance, during the Revolution, swamped herself with a deluge of paper money, it was never suggested that other nations; should step in to retiress her plight. She saved herself, and Germany must do like wise.
:
» Strand, It Gondang, with no debt and Meanwhile we should reflect upon the with an inexhaustible supply of docile existing position in the Ruhr. Although cheap labour, is to compete against us the Berlin Government profess to be up in the markets of the world without any to the neck in financial embarrassment. hajdicap, she will quickly ruin our in they have sent encrmous suns to the dustries.
nccupied area to hribe the industrial Third, The handicap we are entitled population into passive resistance to the
Part of these payments hure! in impose upon Germany is that she must: French bear her share of the hardens of the war, been used as subaitlis in the huge new which she is now evading. Even with factories, in the Ruhr district, where the the moderate handicap propried under workpeople have been paid a haré sub. the later reparations schemes, she will satenge, wage with the Government's I probably still underge!! us in every #for-acney. They have produced and accu- eign market and even within our own mulated trecendous quantities of goods, shares, owing to her superior resources particularly of woollen textiles. and her low costs of production."
The Ruhr may thus be deserial as a Fonth. It is therefore imperative. if frozen Niagara of trade? Our Govern we are to save our industries, that the mout want to melt it, and to let these scheme of France, for bringing" pressure great accumulations of goods tanmufactur- to hear upot Cermany in order to com-ed almost at a nominal cost sweep through pel her to pay to reparations should be the world's markets. supported by us without any reserva-
tien.
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Such a fleed would rapidly engulf Brad- The course now being taken by the ford, which is already hard hit, British Government is almost suicidal. would destroy our steel trade and compet They want the French to leave the Bubrt of our blast furnaces to clota dewn. thereby relieving Germany from any form at the same time our local exports would of pressure. They want to give the Go. quickly decline and our shipping business mana very easy terms of payment, begin would be injured more than ever. ning with a long period during which It should not be forgotten that the they will pay nothing at all. They want Germans, who say they cannot pay ris to facilitate by every means in their parations, are increasing their output of power the economic recovery of Germany new ships to an amazing extent.. Last and they do not seem to realise that they, year their shipbuilding returns equalled can only do so at the exprust of hurtown hall the British output, a very remark able increase, while they are a'so neru "Mailjentyita.
ally buying back the merchant ships we obtained from them as part of the terms of peace. In the meantime we have large munters of ships laid up.
#
RICHEST COUNTRY IN KUROPE
I wonder if it has ever occurred to our Ministers to consider what will happes if Germany regains financial and econo mie stability without having to meet her full liabilities pader the head of repar
“tions
There is only one way out of this economic difheulty. The Germans must he forced to pay their share of the most
It does not seem to be realised that of the war, and they will never pay u Germany is to-day the richest country less we stand by France and jointly in-
in Europe, Wealth tannot be measured sist upon an equitable settlement.
of San Francisco,
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**Boy! A Good Smoke, my
Slippers and Armchair."
THE
a
Do not supply Slippers and Chair, but They do supply a
in terms of paper currency or of gold So far as Great Britain is concerned. HONGKONG CIGAR STORE, LTD. reserves or of credit facilities. Id the Germany, can pay us in kind, as I love! last warf wealth consists of the natural of shown. She can pay us in sugary! resourers of a country, and potentially in in timber, in building materials, in the productive capacity of the people, paper-making qui-ities, in high-grade That Germany is printing currency, instival" instruments, and photographic notes of the value of five million marks materials, in ritrates derived from the which will only purchase goods worth one air, and in various ether commodities. paun stering is no indication of the We should have no dificulty in obtaining netnal position. Such a fantastic develop from her at least £30,000.c00 a year in ment leaves Germany's natural wealth this way. uaimpaired. Even now she is not in so bad
a plight financially as Austria was a year
GERMANA WANT TO. DUMP.
agu, while the German standard of com In warning my ecuntrymen against fort and living has never fallen as it did, the grave dangers implied by the efforts. in Austria.
of our Government to secure for the Ger Germany was at one time supposed to mans untramcelled access to foreign be a poor country, but when this impres markets, I would express my strong belief aion prevailed German industries were that in this devastated world the demand; still in their intancy. To-day Germany for manufactured articles is not de per is both the greatest agricultural and the cent, of what it was before the war.
manufacturing country in There is no prospect of an early revival: Europe. In no other land in the Didin Russia. A certain amount of trade World do we find agriculture add in stems to survive in China, even when the dustry united upon so vasta
greatest
scale.
."
GOOD SMOKE.
158
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France is mainly agricultural, Britain Government disappears, but it will be a 67, QUEEN'S BAD is. mainly industrial, but Germany ex-ryong time before the Far Eastern creds much of hes neighbours under both markets recover their strength. Austria and Hungary and the little new States these heads.
Germany's waterways and her railways cannot be large buyers of imported manu- combine to give her the cheapest possiblefactured articles, because they cannot tennaport. Through her central position finance transactions on an extensive scale, she enjoys an incomparable advantage in The idea that 65,000,000 Germans are distributing her products. Mr. Baldwin going to be heavy prefasers of our bimself has in effect pointed out in his pufacture articles is ludicrous speech at Glasgow that the Germans eau Germans do not want to buy our manu practically absorb the trade of Russin factures but to dump their goils upan
wa. They are dumping now. when it revives.
The
I observe experts say that although Owing to the exhausted condition" of Germany has been deprived of important Turkey it will be some time before we confields, he still possesses more cont shall see any considerable expagsion of than Britain, France, and Belgium com- trade in the Near East, in spite of the bined, while she has also vast deposits fortunate conclusion of the Lausanne of brown coli.
She is a better off Peace Treaty. Before the war Turkey! than Great Britain as regards what is was Lanoushere's third best customer. sometimes enlled *' white conl””-1 meun All this means that we are going to feel water-power, which she can levelop to the full weight of Gennan competition in a very great extent, No other region in such; overseas markets na romain - open. Europe has such immense ineral de-It is not preposterous for our Govern posits, and it is hnitted that her Aupant to want to bolster up Germany, le plies of palls of various kinds are almost encourage her to evade her Babilities, and iHimitable,
to stiffen her attitude of resistance by She was producing twice as much iron ostentatious's parting company from -mud steel as Britain even before the war. France ?
and as she has long been a large importer of iga ore, the loss of the Loraine fron deposits will not seriously curtail her output.
£20,000 is offered as a prize to the Above all, Germany, has the most American, who subinits the most practical trnetalde and the annat intelligent work: {"plan" by which the United States may co- ingseluas population in" the world." I esti. operate with other nations to achieve mate that even when the mark is stabilis and preserve world peace. The award is ed or definated in some form or other, as to be paid in two parts, half for the plan} muet ultimately cecur. German costs of itself," and the balance when its prac production, including local taxation, will|ticality has been demonstrated either by not amount to more than half ours. At Congressional ratification
CE popular present, of course, they are much lower. endorsement.
Shining eyes
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