CABLES.
LATEST CABLES,
TROUGE RECTER'S AGENCY.]
DOCKERS' STRIKE
* INEVITABLE”
MEANING OF CONFERENCE
POSTPONEMENT. *
Lesbos, February 14th. Mr. Ben Tillett announced to-day that the postponement of the Dockers Cun ference meant that a strike on Saturday was inevitable unless a two shillings daily increase be granted to-night
FRANCO-BRITISH RELATIONS
MR. MACDONALD'S IDEALS. ·
THE HONGKONG DAILY PRESS, SATURDAY, FEBRUARY 16гя, 1024.
FAR EASTERN CABLE FRENCH INTERESTS IN FAE CAST. BRITAIN AND THE CAPITAL
NEWS,
(THROUGH REUTER'S AGENCY:]
COLORUM REVOLT.
BACKBONE BROKEN,
MANILA. February 15th. Colorum to the number of $35 sur- rendered to Colonel Bowers on Bucas Island.
"The backbone of the revolt i thought to be bioken, now.
13
HONGKONG'S' REGULATED BRO- THELS AGAIN DISCUSSED.
LONDON, February 14th,
BANQUE DE L'INDO-CHINE PRIVILEGE
PARIS, February 14th.
AL Sarraut, in a speech before the Foreign Affairs Committee of the Cham-
LEVY
HOW IT WOULD HAMPER INDUSTRY.
A CONTRACTION OF CAPITAL. This direct result of any reduction in capital resources is sufficiently clear, and it is not materially affected by the sug gestion that the capital taken would, in fact, be returned through the medium of the investment amarket. The argument that a levy imposed for the purpose of
ber of Deputies, referred to the renewal CAPITAL'S PART IN A COUNTRY'S redeeming national debt is
of privilege for the Banque de l'Indo- China. He dealt with the whole ques- tion of France's policy in the Far East from the viewpoint of the important position now held by Indo-China, also French interests in China. He outlined JUL reonomic programme, mining RE accelerating the development of French
Colonies,
TRADE.
Ou the cof the General Election the monthly review issued by Barclay's Bank contained the following article on the subject of a 'capital' levy ~----
AMERICA AND THE
PHILIPPINES,
7
A SPEECH BY SENATOR, FASSETT.
Sonater Fassett who was entertained by the American Chamber of Commerce at
The problem of unemployment is so The Committee adopted the conclusions pressing and up to the present the efforts arrived at in the Guerniers report on the to find a solution have been so unavail question of privilege for the Banque de ing, that hardly any current problems can In the House of Commons, replying to 'Indo-Chine,"
be discussed without having regard to this Viscountess Astor, Mr. C.... G. Ammon The report pointed out that the Com-dominant issue. This is particularly a stated that the prevalence of veneral dimittee had only to consider the privilege in all matters of policy which may even eases amongst the personnel of the China of the issue granted the bank in relation indirectly, affect the organization of in- gravely accentuated. PARIS, February 14th.
Squadron was receiving serious consider to its activity outside French territory,dustry for, in the final analysis, the pro- tion by the Admiralty.
blem of unemployment is the problem of particularly China.
M. "Guernier, proposed a renewal of the reviving trade. It is clear, therefore, present arrangements, with the reserva-that if the desired revival is to be secured, tion that the Foreign Ministry should per efforts must be concentrated on removing manently exercise surveillance over the these various hindrances which, at the operations of the Chinese consortium, and moment, are discouraging enterprise and submit to Parliament an annual report limiting progress, thereon.
transfer and not a contraction merely a Manila last week, made a long and very
capita!, overlooks the fact that the Government interesting speech on the subject of Ame securities which would be cancelled, may,,rican relations with the Philippines. He and in practive do, to a large extent foria | began by saying: the basis upon which credit is obtained!. Even inuring this factor and presuming pine Islands to be among the first twel
God and nature designed thus Philip- that receipts from the levy were immedi ptely used to repay to holders of war delt | ing places for man, nud among the most the amount of their holding, it would be prosperous dwelling places for man, in the quite impossible to ensure, even approx whole world; and nothing can prevent this innately, that the reinvestment of such funds would restore, the balance so rudely except the perverseness of wan himself. shaken by the first operation, and it is the destructive cussedness of greedy and certain that, through the dislocation selfishly stupid politicians, brown and caused, the existing depression would he white, for all of us know that the Philip- But apart from the dirett and immedipine Islands have no monopoly on aggres form of taxation, although not so obvious, ate effects, the indirect effects of this sive nud greedy politicos.
But apart from the individual peculi- are possibly even more serious. Modernarities of peculiar individuals, the future business is conducted upon a basis off the Philippine Islands ought to afford credit, and credit may almost he defined the fairest ground for hops in the world. na confidence. To destroy confidence itself; I wish before starting out to say Now, personally, speak only for my- therefore, to undermine the basis of
tha undoubtedly credit. The seriousness of this aspect of have time to say-and 1 and going to take some of the things I may the queation can only be fully appreciated From the experience of the past few if it is realized that destruction of credit, all the time necessary, may seem harsh, years, it seems evident that we
things may hurt sumeme, but on must although at first sight it may seem to can't make omelets without breaking egg Ar. Milton Purdy, of Minneapolis, he regretfully accept the position that some leave the existing volume of real capital Faithful are the wounds of a friend"
unchanged, does in reality involve exhaus- tion of actual wealth. Capital only kept speech, which it publishes in full by The Mania Times summarises tho
Interviewed by Mr. Bauerwein, cor- respondent of the Martin in Loudon, Mr. MacDonald emphasised that he had not International Reconstruction Conference, which it be an end, not a beginning of 1 chapter. It stood no chance unless
committed himself with regard to an
.
preliquary examinationa completely
Clarified
problems.
He desired frank and honest exchanges of views with France through the Ain- bassadors, and, if necessary, by personal correspondence. Differences of opinion did not matter provided they were with at an ulterior motive. He honestly in- gendel to discuss ideas and not to attack deviduals. He would ase neither ratery or complicatedf. forumlar in iphoney, but he would proceed straight forwardly. solely desiring to alleviate Europe's sufferings by settling the few essential problems in agreement with Frative.
He was strongly idealistic, and believed in the possibility of human progress, but regretfully admitted that the war-like elements were gaining ground in Ger- many.
He said he was of the opinion that we had not used the best means to support. the moral elite of Germany, who, to-day had been almost decimated by misery. The good elements in Germany mast he strengthened, and the imperialistic and bellicose ileas of the Junkers must he
cmdigated.
France and Britain should co-operate
Latty Astor, urged the desirability of abolshing the system of regulated pro- stitution in Hongkong and other British ports in this area, as had been done in other parts of the East.
Mr. Antuon referred the questioner to the Colonial Secretary,
(Continued on "nest column,)
THE PALATINATE.
ANGLO-FRENCH AGREEMENT.
REACHED.
UNITED STATES CHINA JUDGE.
WASHINGTON, February 13th.
China.
་
THE STRAIN OF TAXATION.
atuos
in existence by constant reproduction, selecting from it the flowing Loxnoy, February 14th.
communications an agreement has been As the result of further Auglo-French remehed on the Palatinate question. commission will shortly be despatched to the Palatinate composed of British, French and Belgian officials, to advise the Bavarian local council regarding the car. rying on of the administration pending the establishment of a new and permanent administration. The chief tank at present appears to be the arming of the "polies and disarming the population,
THE SEPARATIST RIOTS.
BERLIN, February '14th. The latest casualty figures from Pirma- sins are 15 Separatists and 15 civilians killed, the same number of each wounded and seven slightly injured at Badbierk heim.
been nominated United States Judge in The Senate has not yet confirmed the appointment--Reuter American Service, (BY COURTESY OF THE "DAILY BULLETIN.") BRITISH CHAMBER OF COMMERCE
IN CONFERENCE.
IMPORTANT RESOLUTIONS,
PIRACY MENACE: BOXER INDEMNITY
AND EDUCATION,
of the factors affecting our trade are outside our control, but there are others dependent upon the conditions existing tout as sentry, and these, to come extent at least, can be affected by con- certed national effort. For example, the great strain imposed upon industry by excessive taxation can, up to a point, he dealt with internally. That, this strain is amongst the several adverse factors affecting our trade is generally admitted, and it is not, therefore, surprising that wany suggestions have beer made for dealing with our national obligations in a manner which would make possible an immediate reduction in annual taxation, SHANGHAI, February 14th. The Conference of the British Cham-
Of all these suggestions, the one which bers of Commerce in China and of has attracted attention is the proposal kong passed the following resoluto reduce the existing war debt by an immediate and drastic levy on capital That this Conference" is of the This proposal is one which cannot be opinion that, the numerous piracies in dismissed lightly merely by describing it Far Eastern waters and the inability of as confiscation, for although it is contrary them calls for immediate action on the should be levied upon income and not part of the foreign Powers.
apon capital, which in general is the only The Conference urges the British equitable and practical method by which Government to make immediate arrange. national revenue can he raised, it is not ments with the Chinese authorities where altogether an innovation. The principle by immediately a piracy is reported of the capital levy is involved in the punitive measures may be taken against existing death duties and the principle the pirates by the British Navy in the being accepted, in however restricted a locality where the former have landed.
form, the extension of it must be enn- sidered on its merits.
tions:-
'high Independence is already bere and is being enjoyed as freely as in any State of the United States,
and, without an adequate volume of trade. light the accumulation needed even to main- tain our resources at their present level, becomes impossible.
LEVY OR INCOME TAX,
Complete separation is a different United States sovereignty and the United thing and calls for alenation of both the States domuin. This can only be need by an amendment of the Constitution. 1 cannot be done by the President, or Con gress, or buth
The Islands were obtained by purchase, by conquest and by treaty. They are domain of the United States as completely as California, Texas, Louisiana and Alaska, and cannot be alienated save by a majority vote of the entire body politia of the United States.
None of these difficulties would be re- moved it, as has been suggested, the levy were in certain cases, to be spread over Tax a period of years-a course which would of necessity he adopted, for no such sudden alteration in the credit struc- ture as the immediate cancellation of a large amount of National, Debt would in- volye, is practicable... Bat under a system of Jeferred payments, the tendency would he for the levy to be converted from: direct tax upon capital into a form income tax. It would thus become merely as addition to the admittedly excessive nations, complete separation would autom 3. Owing to existing treaties with other hurden now being borne, and this, in atically exclude Philippine products. difficulty of maintaining our trade, be market, the best in the world: this would cause of the still greater costs of produenean ruin. tion, and second in a direct limitation of the power of accumulating capital, which tion has ever get proposed a definite pro- 4. No clamorant for completo, separa- is so essential to the future well-being of gramme for effecting it.
morally, economically and politically in / HOLLAND AND THE SOVIET. any Government in China to deal with to the accepted view that direct taxation turn, would result first in increasing the from free entry into the United States.
order to eradicate everything bad in Europe.
He concluded by saying “Let us work with confidence,"
EARLIER CABLES.
HOUSE OF COMMONS DEBATE GOVERNMENT NOT CHALLENGED.
Lesbos, February 15th.
The House of Commons concluded the delmte on the Government's declaration of policy. The division was not chal lenged.
but from the viewpoint of evil, foreign and international policy.
THE HAGUE, February 18th.
In the Lower House, the Communist, M. Ravesteyn, naked whether any nego- tiations were afoot with a view to re- establishment of normal commercial
2nd
diplomatic relations with Russia. The Foreign Minister, M. replied in the negative but added that the van Karnebeek,
Government was giving close attention to the matter.....
BRITISH NAVAL REDIS
TRIBUTION...
MALTA February 14th.
THE RELIEF TO TRADE.
The Conference strongly advocates an increase in the mannber of patrol vessels. espesially in the Canton delta, where the frequent piracies clearly indicate that
It is argued that, in so far as the the existing patrols are inadequate and proceeds of such a levy would immediately als furnishing all gunboats with wire- be devoted to the repayment of debt, lexs
I-That this Conference urges the the actual effect upon the existing volume British Government to give practical of real capital would be negligible, while effect to their intention to devrastar the immediate reduction in the amount British share of the Boxer Indemnity to of war indebtedness, would be so great of interest payable upon the huge volume
Britain and China, and recommends, and not hampered, and unemployment purposes mutually beneficial to Great a relief that trade would be stimulated pending the final decision regarding
our trade.
As incomes would diminish and taxes increase, prosperity would yield to bard times.
5. Complete separation inevitably would produce industrial and financial bank-.. VAST SCHEME OF DEFLATION...
ruptcy. There is however, another aspect off Industrial servitude always produces the problem which cannot be ignored.scal and political unrest. In whichever form it were imposed, whe- ther by the immediate cancellation of existing securities which directly or in directly form the basis of credit, or by the heavy increase in taxation which would be the result of spreading the levy over a period of years, a vast scheme of deflation would be involved.
8. To provide an Army and Navy and consular as well as diplomatic corps would prove inancially impossible, and the nu government would prove defenceless -4. Experiens hows the League of Nations
affords no protection to welk nations.
Mr. Ramsay MacDonald stated that the It is understood that the redistribution cofumitter on Imperial defence was ex- of the Fleet now taking place practically amounts to reversing the positions of the ploring the whole problem of defence in 2 much wider sense than hitherto and not commission. Fresh dispositions have al
Atlantic and Mediterranean Fleets in merely from the viewpoint of the strength roads been made or are impending includ- of the Army, the Navy and the Air Force ing unaccepted certainty that the first allocation, that some portion be placed would consequently be reduced.
Light Cruiser Squadron will be despat at the disposal of the educational com- sing of the Empire cruise.
that of mens with separation. in aid of British educational and medical levy is a practical method of reducing almost entirely a reaction from preceding institutions in China.
existing deht, and whether it, would be indation. Prices fell because of the fall
ABU дока to the benefit of industry if n reductioning of tn af raul, and defation, ensued TSINGTAO SQUADRON.
in taxation were secured in such a man- a natural result of the fall prices. corded him,
It is nevertheless true that deflation or 13. It is silly to talk as though the a large scale would force prices to a still United States were holding the Islands TRANSFERRED TO CHEFOO. The effect of any alteration in taxation lower level and a serious fall in prices in servitude. The only freedom they have
PERING. February 14th.
lately pointed out in a speech delivered Dodation, as the Chairman of this Bank
only he exercised with the greatest care but the United States is not to be bought at Colchester, is a process which should agreed upon if attempted in a right spirit, 10. A modus vivendi can easily be and with due regard to conditions exist or bullied or deceived into a false position. In the face of this argument it is neces-ing not only in this country, but else- II.
in independence which is synony
ched to the Mediterranean at the conclu- mittee of the Chambers of Commerce in sary to consider the proposals from two where. Such deflation as we have already th Interdependence is a far safer cry
Mr. MacDonald said the Governinent would not remain in office five minutes after a division of the House had deprived it of a sense of duty.
The dherai Mr. Frank Briant pave notice of a resolution condemning the action of the Minister of Health in cao-
celling the Poplar order and remitting any likely surcharge thereunder..
The Minister of Health's action relates to excessive uncumployment payments which his predeces..or refused to recog mixe.}
ANGLO-PERSIAN OIL CO.
id
SHARES.
-GOVERNMENT WILL NOT SELL.
LONDON, February 14th
INCREASED FRENCH
TAXATION.
PARLA, February 14th. " confidence, by the Chamber rejecting by The Government has secured a vote of
301 to 212 on amendment of the Govern ment's proposal for an all-round increase of taxation by twenty per cent, on which very keen opposition is anticipated.
"SIEGE OF BERLIN TO BE RAISED.
BERLIN. February 14th In response to a suggestion by General Von Serckt, commanding the Reichswehr, of siege on March 1st. Dr. Ebert has agreed to raise the state
DOCKERS ADJOURN
DECISION.
In the House of Cormons, replying tu three questions as regards the Govern- ment's decision, not to sell its Anglo- Persian Oil holding, Mr. Snowden said the Burma Oil Company had apparently been prepared to pay between seventy- five and eighty shillings for the shares.
LONDON, February 14th. This would represent
The dockers conference has again profit of nearly sixty shillings on the original price, and adjourned, until to-morrow.
શ્રી
·FRENCH POLICY IN; THE
BRITISH GOLFERS'
EARLIER CARLES.
MORE OIL SENSATIONS
BANKERS' STARTLING ALLEGA. TIONS.
iL
A message from Tsingtao reports that the Chinese Squadron there will be transferred to Chefoo and Lungchow..
The cruiser Haichi left for Chefoo on the 11th inst, carrying 100 marines.
HONAN FOREIGN AFFAIRS.
ner.
12
patience
has shown infinito will, and deserves quite
different treatment than has been ac
we won for them.
is rightly measured, not so much by the would result in a repetition of the experiever eere is properly speaking pa
change which accurs in total Governences which followed the collapse of the ment expenditure, as
the relation which boom in 1920.
4༔
is obedience to caciques and
will bring more people. The only By in the ointment is petty politics.
that altered expenditure bears to the.
Therion and no Filipino nation. national income. No reduction in ex- Not only, however, would the effect of kaleidoscope of tribes. penditure is of real benefit if it is arcom deflation be felt in a period of trade 15. The Islands need a common langa- panied by a more than corresponding depression, but ultimately it would have ago, a better school system, a more univer reduction in national income and maxi-a material influence upou the burden of sal press, a more patriotic leadership, fin- This burden is ancial guidance and more capital, Thew mum prosperity can be achieved only by existing national debt. a polity which secures to the nation the measured not by the nominal amount of highest possible income after taxation his taxation, but by the volume of goods been paid. It may be stated as an axiom represented by that nominal amount. In that the maximum national income is other words, a reduction in nominal debt, dependent upon the full and emcient en
if accompanied by a heavy fall ir general apployment of all availabic labour and all prices, might result in an entirely dispra
available capital, and it follows that portionate reduction in the real burden any fresh proposal can legitimately be of that debt; indeed, to take a very ex examined in relation to the effect it may, treme cane, it might even result in the have upon employment
burden not being reduced at all.
FERING, February 14th. Dr. Wellington Koo recommended the Cabinet this meeting to relieve Hsieb Chuao Ting of his post of Commissioner for Foreign Affairs in Hanar and point Li Sam Ling.
CHENGTU BOMBARDED.
PERING, February 14th. " Chinese reports from Ichang state that the Northern forces are bombarding Chengt day and night.
inet.
Tokyo, February 14th.
י ון.
INEVITABLY DISASTROUS.
But it is
THE ONLY PERMANENT RELIEF.
."
16. No anconditional promise of inde- pondence has ever been made, even in the preamble to the Jodes Bill
we tre not obtaining our share of avail- ahle export business and are not efficient ly catering for our internal markets, then the responsibility for some portion of the Permanent relief can only be secured existing unemployment problem is ours, about a sovereign on the current market
From whatever point of view the dis by the gradual reduction of war indebted and it rests with us to find a solution." price, on five million shares, The Goy ernment, after full investigation, was sat-
Yuan Tso Ming, the Kweichow. General cussion of the capital levy is approached, nezs, made possible by steadily increas- CHALLENGE,
GREATER EFFICIENCY NEEDED. isfied that it would not have been in the
who is fighting with the Northern forces it is difficult to conceive that the effecting production, and the more complete national interest to part with the shares
Discussing this particular aspect of the LONDON, February 14th.
efe Luchow for Chengt on the 12th of such an imposition would be anything employment of all our national resources to a combine,
hat adverse. It is only necessary to cop- can only be hindered and not assisted by problem of unemployment in greater de- In particular our naval A conference of delegates of the country interests, for which the original invest golf anions, at York, has amagiraously. A foreign report from Szechuan states sider for a moment the working of any action which prejudices security and detail, Sir Herbert draws the following con- ment in an independent oil company had decided to challenge for the American that the First and Sixth Szechuan Divi- particular business to realize that the stroys confidence. It is difficult to avoid elusions
direct effect of a capital levy would be the conclusion that, in its least unfavour been made, would have been seriously pre-
Walker Cup.
sions are near Tungchuan, which was
"One remedy would be to lower wages, judiced. He added that as the existence
the case of cer- accupied on January 27th by the fare disastrous. Only a comparatively small able aspect, the effect of a capital levy but this would, except. of doubt in the matter was unfair to the
of General Tien and General Yang Seu, percentage of the resources of the ordi- would, in reality, be similar to that of a tain anomalies, be very undesirable. A Anglo-Persian Company, he would state {REUTER'S AMERICAN SERVICE. advancing east and west, respectively.
nary trading concern is represented by heavy increase in current taxation. Such reduction of wages does not necessarily that the British Government hat no inter-
The message adds that Hsiung Keh. W nished articles is saleable, and it may but result in crippling industry, already wages may, in some cases, be more likely readily realizable property. The stock of an increase at the present time could not mean lower costs of production, Higher tion whatsoever of reconsidering its de-
was in Tungchuan, but that he escaped. cision.
be urged that from the proceeds of such over-bardened in this respect, and in con- to lead to that result Another and het THE JAPANESE LOAN CONTRACT. a sale a levy could be paid.
sequence the problem of unemployment ter way would be to increase production from the proceeds of such sales that the would not only remain unsolved, it would by the adoption of improved methods, by "A DEPLORABLE FAILURE,"
business depends for the funds needed be seriously extended.
greater efficiency on the part of Capital, to continue its operations. and if these WASHINGTON, February 14th.
It is easy to prejudice trade by ill-cop-output on the part of the worker.
and by greater efficiency and increased Developments in the oil lease ease are
The first feelings of doubt and dis- funds are not available, the result must
sidered Government action, but it is very ensuing with sensational rapidity. A appointment with which the terms of the be a reduction in business turnover and ficult to stimulate it by the application result in, each worker increasing bis pro We must create conditions which will a consequent increase in unemployment. That a tonge of the French Ruhr banker, Mr. Vanderlip, yesterday, alleg fully endorsed by this morning's papers to satisfy the levy by a mortgage upon ties which are so apparent to-day lies in. The two things go together, for no body......
startling statement was made by the loan were greeted yesterday are more
The same result would follow any attempt of artificial methods, and the only perductive capacity and
manent solution of many of the difful increasing his effective purchasing power.
so automatically policy is net so imminent as is, believed bying that an excessive price was paid to
almont
unanimously declare the con the Opposition press appears in an article the late President Harding in connection tract to be a deplorable failure, and the less liquid assets of the copcern. by Pertinax in the Echo de Paris. de with the sale of his newspaper the even a national humiliation, and refect. Most husinesses, large or small, are. de- the hands of industry is the bitin of people call, for long, consume more tion on the Continent is the chief in thas.they produce, and the only way in pendent upon credit for their-erent that the iden of volle juce on the Marion Star shortly before the Presi-ing a lack of confidence in the political day-to-day needs. The creation of a furat fiuence which is retarding the trado re- which real prosperity can in increased part of M. Poincare in prigues say stability of the countre
vival In addition, however, greates increasing both output and consumption. that France asserting irreducibt immune adheres to her resentment and Mr. Vanderlip has been remata pepeizing the thefavourable would necessarily re per manne
While appreciating the
charge upon the more permanent assets
Is it too much to expect that in greatly whether Mr. Ramsay vestigating committee."
Capi genuine co-operation between all the the fact of this devastating unemployment been floated, the papers contrast the terms available against which "workinccurity efficiency improved organization, and | **** A and M. Poineare will reach an · NOMINATED COUNSEL NOT Indian loans recently raised in Now manner would entail a reduction in turn which alone will enable us to compete for and for the good of the country as
with those of the Argentine and Dutch tal can be obtained, and in the same parties engaged in production are need problem, Labour and Capital will consent. "ed if that real economy is to be secured to work together for their mutual benefit understanding.
FAVOURED,
over," with its concomitant, a reduction the business which is available. So much whole? There must be entire candour an WASHINGTON, February 14th. The leading commercial "organ, the in employment.
depends upon our power to reduce our each side, and the determination to aban The Senate oil committee has decided Chugni, questions the discretion of the (Continued on next column.) costs of production and so many factors don the heresy of the limited market. is prepared to abandon her economic sy Strawn and Pommerene are unacceptable cing when there is no immediate necessity to inform Mr. Coolidge that Messrs. Government in attempting foreign finan
must be taken into account in attempt This involves a realization of the fact tem in the Ruhr and Rhineland she
ing to do so, that the question is one of that purchasing power is measured by maintain military control. The Ere on the special Government counsel. Mr.for large reconstruction fund here, and
great difficulty. But, as Sir Herbert production, and that increased and more velle forecasts the possibility of a Franco-
Coolidge subsequently withdrew Mr. say that the present venture is likely
Hambling points out in his recent prea efficient production per unit, resulting in German commercial treaty. The fan is Strawn's nomination, but not Mr. Pome- to seriously embarrass future, private believed to be inadired by M. Millerand zeno's, na he considera that no evidence borrowings abroad.
dential address to the Institute of Bank lower prices, is followed by increased and the Echo de Paris he M. Puincare, dísqualifying him has been produced.
ere, if, because of high production costs, consumption, a rising standard of living (Continued at foot of next column.)
-(Continued at foot of mest column.)
and less unemployment."
RUHR.
FRENCH PRESS DISAGREEMENT.
PARIS, February, 14th.
It is noteworthy that even the support- ers of the Matin' auggestion, like the Bre Nouele, emphasise that if France
will
which
York
Representative bankers and business men comment similarly, fearing the poes- ible effect upon future financing even domestically.
2