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Scottish Letter.
SEVEN-A-SIDE. RUGBY.
ITS GROWING POPULARITY. THE GAME EXPLAINED.
[FROM OUR OWN CORRESPONDENT. ]
EDINtion, April 7th.
"BY., CHINA.
WHERE DOES IT GO?
EXCHANGE. PROBLEMS OF
AN EXCHANGE PROBLEM.
10-cent
MONEY FOR LOST SON.. ANNUITY OF £750 IF, CLAIMED.
THE ABSORPTION OF SILVER the Tientsin Coverament mint; and thore is a fractional difference in exchange be tween all. Fer example, a few months ago, 100 yen Newchwang notes were
A FATHER'S FAITH. equivalent to 133.90 yen ordinary yen notes; 100 yen Newchwang notes were
Sir Thomas Fink, head of Messrs. E also worth 817.15 small Chinese money, Silver is perhaps the greatest aspect of while 8100 big,Chinese currency was the and T. Fink, Ltch, jam manufacturers, equivalent of 103.40 yen Newehwang who died last January, aged 70, left estate the problem in Eastern banking and ex notes, or 137 yeri ordinary notes. Again, valued at £976,000, with net personalty To his eldest son. Thomas Bernard change. The East has an insatiable ap-81 big money exchanged for $1.21 swall | 250,000, petite for the metal. It flows into China, money, or 233 coppers, and
1730, if and when he applies for it. "," coppers.
the will explains. I have lost all trace. It is only a few years since seven-a-side and the stream into India is a never-end-piece, small money, exchanged for 21, he bequeathed a life annuity of Rugby was started on the Scottish Boring one; it rarely flows out of either
of him since 1914.
the der; but now it is the recognised wind-up country." Where does it all go to an of the season in Edinburgh and Glasgow, Eastern banker was asked.Confucius all the leading clubs taking part in italone knows; I don't!" was the laconic lately it bas even gained a place at, the reply. Anyway, we've got to have it end, of the London programme.
to finance trade," he added. What is the seven-a-gide game? Many
Well, in 1923 Chins imported from men in the East have never seen it; and England and the U.S.A. some 60 million only a few who read these lines cau bave standard ounces, and in 1921 she took any full knowledge of its play. Shortly about 62 million standard ounces. How put; the seven-n-aids is founded on the it ised in China? In this way, principles of Rugby proper, under the same rales, but is devided on the knock. Silser in China is used as a measure of notes into 71 Shanghai taels, and, finally, this belief, for he was a man who kept
The phrase is characteristic of Was
brief and non-communicative. how a close personal friend described it.
"It tells you so little," he continued. The last we heard of the boy was that he had gone to Canada. That was in 1914. The war came and passed, bringing no news of him. We assumed that he had
A European banker may envisage the problem of the transfer of money to other ports in China. The procedure is highly complicated. The money to be transfer- red, if it happen to be in Chinese sur rency, must Arst im
converted into Japanese yen, and again converted into the currency of the port to which the au is to be remitted. For instance, if 8100been killed-there was a rumour that he big Chinese money is to be sent to Shang was in France with the Canadian Forces. hat the banker would first convert it into
"Only Sir Thomas believed him to be 10340 yen Newchwang notes. Then he alive. This belief sustained him in his
He rarely mentioned would convert 103.40 yen Newchwanz derining years remit the sum in taels to Shanghai, where the person to be paid would ex out tie system. The most striking thing!
peet to be paid in silver. The yen is the about it is the immense speed at which |
standard currency in Dairen, hut other
We know no more than you do your. currencies can always be exchanged, it is played. Even though, each game? only occupies fifteen minutes, seven "each ever be their value in terms of gold in though there is no official quotation for sell. a member of the firm said. "W
francs, marks, roubles or other kinds of would gladly welcome news of him for a foreign money.-W. J. SPALDING in great deal of money turns on the annuity
left him. Spectator
way, with a minute's interval, a team may be quite exhausted in this time if they
go all out."
It is obvious that with only three for wards and four hacks, the game must be very open; there is none of the tight serumnaging, wheeling and shifting of
value of commodities both internally and externally, The Chinese expect to be paid in silver for their purchases what
the countries from which they emanate. They also require payment in silver, no matter what be the gold price of China's exports, and the banker has, so to speak, to hold the scales between the two, and
to squeeze his profit in the process. The Chinese do not view silver as a measure
the serums to which we are accustomed of value in the sense that we view gold. in the parent game. A premium is placed Apart from the exchange between silver on running by the backs, and there is and gold as silver in Chinn is a com- greater scope for individuality than inmodity, its value rises and falls accord- Rugby proper. The full-back, the fastesting to lount conditions. If there be a large supply of the metal in one pro- man in the team, comes up on the open vince, and a scarcity in another, silver wing, when his forwards secure the ball in the first province will appreciate to a a scrummage, while the three-quarter degree almost beyond comprehension in Western countries. The price level of who has put the ball into the serumimage Commodities in the place where silver is drops back into the full back position scaree will depreciate in an even greater To do this it is plain that the all-hack ratio. For each occasion that it is pro must keep closer to his three-quarter line table to transfer gold from que country to another, it is many times more pro- than usual. When defending, the full-fitable to move silver from oar Chinese another, and it is the back comes up into an intermediate posi tion, such as the stand-off half normally occupies. Whichever three-quarter is nearest to the serum when it is formed puts the ball in and nets for the time being as serum-worker.
The great test of a seven-a-side team is its ability to conserve its energies. Thus, if a three-quarter gets well away in one of the preliminary ronnds of a com petition, the players who have clearly no chance of overtaking him give up the chase, and it is no uncommon, sight to see them sit down and rest all the moverment is completed.
province to banker's job to take advantage of these varying conditions and to circulate the silver. If he seize time by the forelock and lays down funds on the spot just when wanted, the greater his profit. In a world with silver he has got to know what to do, when to do it, and how to do it: that is the alpha and omega of silver exchange.
SINO-FOREIGN TRADE AND EXCHANGE. Banking in China in a complex busi hills of exchange, the banker has the ness. In addition to the negotiation of ever-present anxiety of buying and selling silver. With silver it is weight Also, there is no object in piling up that counts," not the number of pieces. score: it is wiser to secure a lead and Time and again China has scemed to be then to rest on it, employing such tactics on the verge of adopting a dellar cur- us defensive kicking to touch. When the reacy, but numerous as are these coins final round is reached, it is a differentia circulation, they have never replaced matter, for by that time the fastest and fittest player has probably had the edge taken off his speed, and there is a better chance of his being caught even when he has a clear opening.
THE SCOTS JOKE.
!!
the ubiquitous tael, or Chinese ounce of silver. Of taels, again, the number. is legion. For the most part the taci of silver circulates in the form of small ingots or shoes of syvce," of varying weight and size, and every province has its own Lael weight differing just a little If Scotland is ever done away with," from that of every other province. Shoes said Mr. Thomas Jay, the Punch man of sycee, so called from a fancied resemb when ance to a Chinese woman's foot. are responsible for the Causerie,' speaking in Edinburgh, professional taken by weight and not by count, and are exchanged at, their silver value as humorists will be reduced to penury." Mr. Jay exaggerates somewhat, of a commodity. course. Even assuming-preposterously that Scotland was abolished, he would still Wax merry over plumbers and mothers-in-law. over axophones and steel houses, over Prohibition and pul verised pedestrians.
We sympathise with him, however, in his ambition to go on making jokes about Scotsmen. If he and his fellow- humourists across the Border don't do it, we shall do it ourselves. We like it There is a legend that Mr. Henry Ford's factory includes a joke-manufacturing department. It may only be a legend, since jokes do not lend themselves to mass production fethods, but the fact remains that Ford jokes are a good ad yertisement for Ford cars.
Similarly, Scots jokes are a good ad- vertisement for Scotland. Let the Eng- lish jester carry on, therefore, and let any thin-skinned Scott who objects to his facetiousness console himself with this thought: that though the Scotsman may be a joke, bis detractors are always ready to admit he is not a "standing Joke
Apart from the internal demand, it might be asked why trade should be so. dependent upon this silver. It is not a matter of chance that Sino foreign trade i so largely carried on through the medium of sycee silver, but one of neces sity. Sycee silver is the only accepted' medium of exchange of which trade can be sure of getting a fres supply, hence the continued demand for the metal from the West. Just how the value fluctuates may be briefly explained. Suppose there be a large demand in, say, Shanghai for sterling owing to heavy imports, the Chinese will require gold exchange with which to pay, and as demand increases, so the value of sterling (gold) rises and that of silver falls. It is the reverse with
exports, Heavy exports from China in the dering of gold billa, on London in exchange for silver, and the greater the supply, the more will silver appreciate, In practice, exchange and trade may be said to react upon each other. The value of Chinese commodities being expressed in terms of silver, and the value of most of the commodities im- ported by China being in terms of gold, BRET HARTE ON GLASGOW."
exchange between gold and silver will tend to vary with the nature and extent "The Letters of. Bret Harte," jost of this commerce. Silver it is plain, is published, contain some amusing refer the variable factor, and since the rate of ences, to the time when he was Consul exchange, say, Shanghai on London, ex- at iasgow. I cannot get acclimated?
presses the equation between two factors, he writes. I cannot help feeling that gold and silver, the price of the one of I am living in a damp cellar by which is fixed and that of the other light, with an occasional whiff from variable, it follows that the rate of ex- drain, from a coal heap, from a mouldy change with China is intimately connect potato-bin, and from dirty wash-tupsed with the fluctuations in the market Even Glasgow people tell me that when price of the metal.
they return from a temporary absence
they usually fall !" He is not aur-
THE CURRENCY CHAOS.
prised that Scots, cannot take a joke, Silver is, however, only one aspect of for Nature never smiles upon them. It the problem in Eastern banking the is in his letters to his English Friends, chaotic condition of the currency is an and particularly the Boyds, that the other. We may take the present position whimsical humour of the writer beat ap-of Dairen as a good example. Although pears. From the Scotch Lines to A, S. & supposed gold standard has been Boyd, of which he says"I don't adopted by the Japanese authorities claim much for the poetry; it's the strict there, both Chinese and Japanese cur- accuracy of Scotch epithet and descrip- rency is in circulation. There are two tion I was after," we quote the first and varieties of gen notes issued by the Japanese, the ordinary yea note and the We tws ha'e heard the gowands sing Newchwang note, the latter being 30 per Sae soft and dour, sae fresh and ger cent more valuable than the former. And paidlet in the brae in Spring, Quite recently, 100 yen in Newchwang
last stanzas-
To scent the new mown Scots whs
hae" (hey).z
And yet ma frien' and trusty frere,
We'll tak' a right.gude Willie Waught (Tho' what, that may be, is not clear,
Nor where it may be made or bought).
notes were the equivalent of about 1341 yen in ordinary yen notec Then, of Chineze mouey, both "dollars and frac tional currency (stnall money) are int circulation, some issued by the Fukien, Kwangtung and Hupeh minte, some by
his own counsel."
Sir Thomas solicitors, Messrs. Hicklin, and Pasamore. Trinity- Washington square, are equally in the dark.
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