FOREIGN INVESTMENT · AND TRADE.
DOES TRADE FOLLOW THE DOLLAR OR POUND OR WHATEVER BE THE MONEY EXPORTED.
[B HARTLEY WITHERS.]
In the September number of the *American Economic Review" there was an article by Mr. A. P. Winston, discussing the question whether Trade follows the Dellar; the writer devotes a good deal of study and research to proving, du- parently to his own satisfaction, that it does not, while his own admissions and statements seem to
indicate very clearly that it does, indicate very clearly that it does.
With all deference so the opinion of this very painstaking exponent of an interesting economic problem, I venture to think that he has read far too much. into the arguments of those who try to prove that a country which is investing abroad is likely to well goods brand. He puts the case as follows:-
This is appreciable influence." probably all that those who have rather overstated the ease really meant, though they might also point out that it is not only a inatter of national prejudice, but also of ease and convenience. When one deals with one's" own country- men there is no question of differ ent language, currency, measures, business methods and so on. If his
Trade Follows Loans,
But most of us who believe that
THE HONG KONG DAILY PRESS. FRIDAY, NOVEMBER 11th, 1927.
YOUNG ENGLAND SUSPICIOUS.
EFFECTS OF PROPAGANDA.
INFLUENCE IN OUR SCHOOLS.
THE REV. CALINGTON, D.D.,
HEADMASTER OF ETON.]
`A WAITRESS AT THE PALACE,
ENGLAND'S OLDEST WOMAN
AND THE KAISER.
QUEEN VICTORIA A PERFECT
LITTLE LADY.
THIS AMATEUR ACTING.
Authorities on the subject say that never was there so much amateur acting as there is nowa- days, writes a theatrical corres- pondent in Home paper. One London theatre, the Scala, is kept Mr. Sarah Collins, of Shilling-going half the year by amateur Discussion has been raging of ton-street, Battersea, who has ele, productions, and all over the coun- Pate on the subject of propaganda brated her 108th birthday and is try there are prosperous societies business. In Hastings, which is on behalf of the League of Nations claimed to be the oldest woman in concerned with this play-acting!
poor opinion of in the schools, and crities have fal- England, has a len foul of a circular issued by modern girls. But she has a good not a tremendously big town, there are no fewer than four such or some "educational authorities" (or word to say for the Kaiser.
"I was a waitress at Bucking-
ganisations. were they called "experts" ad-ham Palace, and I have shaken vocating the teaching of history hands with the ex-Kaiser, Queen
with the League in constant view
In this there is nothing to arouse goods are not too dear, one's neigh- bour has all, this natural protection surprise for anyone to pose as an
educational authority or in his favour. But it does not, and
educational expert. is enough Mr. Winston is right in insisting to arouse the embittered hostility on this, close the market for him if of the average educated English
and he cannot deliver the right goods. He neizes his pen, sces that
h's inkpot is well filled, int the right price.
plunges headlong into the fray, Educasional experts, indeed
he, with the light of battle in This attitude, or this action, of his is entirely praiseworthy. There are very few subjects on which so much nonsense has been written as education, and much of the non- sense has been written by experts. It thight indeed be maintained that it is one of the happiest features of English education that it has not been too much guided by au thority or too much dominated by
goods sold will follow money: lent. The opinion has gained general argue on much wider and simpler acceptance that investments abroad grounds. Mr. Winston is good have an important effect in stiran encugh to quote an article of mine lating export trade, since. (it is which said that "if a South African assumed) the manufacturers of the state that is building railway country supplying the capital are nssured of a preference over other raises a loan in London, it may nationalities in the sale of materials-spond the proceeds on steel rails
and equipment for these under takings" (presumably the under takings financed by the capital ex- This power of aiding ported.) trade is ascribed to one or other
Elect of Foreign Investment. Mr. Winston is able to cite a large number of quotations, chicfy of American origin, which show their writers have believed that the effect of foreign investment is much more direct than it is in fact. One of them said, for instance, that "if American financiers were to undertake the building of a rail-
his eye.
the expert.
开
JY Amateur is frequently em: played as a term of reproach, and no doubt there is much that is amateurish in English methods of education or their absence, but it is difficult to see why one who loves his subject, which is, after all, what the word implies, should be out of court as an exponent of it, and it is at least possible that too close a fallowing of the theories of ex- pert authorities will quench that love of the profession without which teaching becomes the merest drudgery.
Heeadmasters And Their Critics.
Victoria, the Prince Consort, and King Edward. The ex-Kaiser was great friend of mine. He often talked to me, and be was a nice man, generous and kind.
"I was sorry when I was told we were at war with Germany, be cause I was fond of the Kaiser.
"Queen Victoria was a perfect little Indy, but my favourite wa King Edward. He was always so falls and pleasant. Several times he stopped to ask me if I was happy when I was working at the Fainee."
Mrs. Collins then talked of air- planes. Someone offered to take me up in an airplane a year or two she said, "but I don't hold with such things. It doesn't seem natural to fly in the air like a bird. Hesses are inuch nicer.”
ngo,
(let us say) or Mr. Leo Maxse I should unhesitatingly welcome the latter, and I hasten to add that I regard both as admirable exponents of their own point of view.
These societies," with their cóm-
mittees, un their play's on per fectly business-like lines, but-as. someone used to say at the Gaiety in the old day there are others," especially at this time of year. Hundreds of people have re- gently said. Let's get up a play for Christmas," ond they have pro- ceeded to get up their play. The Theatre-Royal-back drawing-room season is in full swing.
Great Fun-or Friction? Now these amateur theatricals enn be great fup: as they should be, or the means of friction-Ra ‘is sometimes the case. There is some- thing about the stage and its works that is apt to ruffle tempers and make those concerned "tempera- mental? (as the polite word has it), and unless the right spirit and the right sense of proportion and humour prevail squabbles are cer- tain.
more
But beneath; this question of League of Nations propaganda lica
The days are happily past when the wider question. how history amateur actors thought it necessary should be taught, and here there to give an imitation of Sir Her can surely be no doubt. It mustbert Tree, Sir Henry Iring, nud be taught with scrupulous fairness Mr. George Robey all rolled into
Nowadays they are and a real desire to present differ one. ent sides, so far as the knowledge modestly content just to act" of the teacher enables him to do themselves, with as required-a so: but to demand that the teacher dash of Sir Gerald du Maurier or should disguise his own interests a pinch of Mr. Leslie Henson. It and conceal his own prejudicess is really very much better so of to degrade both himself and his course, mest, good actora DTC mimics, but very few amateurs are subject..
good actors.
innufactured in Belgium or on rolling stock manufactured in the United States, but the Belgian or American seller of the goods will lake payment in sterling drafts because sterling credit is all that of two sorts of investment:-(a) the borrowing Government has got Loans as for Chinese Government for making payment for them, and railwaya The loan contract, it is either they or someone else to whom said, commonly requires the par- they pass the credit must buy one chase of material and equipment thing in England for England from the country of the leaders; the only country where the particn- (b) investment at the investor's own lar kind of money that has been risk, as when a European company borrowed passes current in ex- obtains a concession for a railway, change for goods and services." enterprise in South America. In Mr. Winston reinforces this quota- that case, it is said, the investors tion with his own. olservation that give a preference in making purit is of course true that, without chase to manufacturers of their
Any contract stipulation, loans and own nationality.
other exports of capital bring about an exportation of goods from the
Our erities, then, are right to lending country-as the payment of the loans like other payments be suspicious, but in this case their fears are baseles, for there is not abroad is effectuated through an exportation of goods." Which the least chance that the godly ad surely is only another way of say-monitions of circulare from high ing that trade follows the dollar quarters will receive undue atten- or the pound, or whatever is the tion. Headmasters, as a body, a
far too neutely conscious of one money exported.
another's infirmities to be likely Foreign Investments. way line in Argentina, etc.. the rails
There is this reservation to be to institute propaganda of any bridges, ears,
effective gold standard may have kind because a committee of their own number recommends it. There would be largely if not wholly supplied by manufacturers in the money that it leads or service, but
of men than headmasters (if the U.S.
on foreign lending, when it, threat- with regard to loans, that no her end to turn the exchanges too loathsone word may be admitted), Tower would voluntarily consent to the restriction under discussion, sharply against London, were in, rather, the only suggestion to which is certainly true, but does Posed by the Bank of England, which they yield is auto-suggestion. I have made history.live rise up to pompous efforts to have themselves not affect the facs that it is often But except at times when the gold That, as their critics unkindly and imposed, as he admits when he position needs delicate handling, unfairly assert, is the reason why Again, if the critics would, con- say's that Governments (notably those who invest abroad can cer they geed such long holidays.
tainly lay the flattering unction to the French) have at times attempt their souls that they are helping der the matter a little more close ed. with doubtful success, to give their country's export trade, though, they would recall a fact which as Mr. Winston has clearly proved, is no doubt well known to them, their manufacturers a preference."
it med not be that branch of the and presumably to the headmasters whom they erilaise-namely, that export trade which might see
most likely to benefit from the propaganda directed to schoolboys is completely without effect in this Among the Latin races investment.
things may be, and probably are, different, and we all know that the German propaganda bore disas trous fruit in German schools; but
He is also able to show, in gold. This is why restrictions exists no less "suggestible" body saine exceedingly prosaic minds nothing it has its feelings, and it
Motives of Patriotism.
actresses
A Story Of Bishop Creighton. History
must remain, in its Not To Be Taken Too Seriously.
Once that fact is good-humoured- wider range, subjective, and both teacher and historian must be given ly realised things are likely to go what- on the well and be a success. It is true the right to say balance of the evidence they have that amateur theatricals frequent- came to believe. Objective history, y amise the players more than save in the most limited sense, is they do the audience, but even if a fiction of the poets, or rather of the audience is given something for is probably going to be better en whose works have little valpe save as books of reference. The great tertained by the actors realising names of all the historians who that they are just foaling than by
taken seriously. There is a story, dear to his- The very worst thing that can testify against them. torians, which, illustrates the nar-happen is to bave any suggestion rowness of the path which the im- of seriousness about this Christmas partial writer must tread. Bishop play business; the worse a per- Creighton who wished to have it formance is, within reason, the bet said of him that he tried to write ter is it going to be enjoyed Very true history," and whose, wish has few amateur actors o been fulfilled, wrote his brilliant should ever take themselves serious- As to the second class of Invest ments, such the building of
History of the Papacy while he ly, particularly when, after the was editor of the English Histori-performance, they are warmly ad cal Review: Lord Acton offered to vised that they ought to go on the railways in Argentina or Brazil by,
India does not care to have the
review it and the offer was grate- stage. foreign companies, Mr. Winston believes that there is an assumption best engine, which is a shareholders Bank, some second best such as the
fully accepted, but the unfortunate editor when the review arrived felt that the administrators of the en terprise will be led by motives of stockholders' Bank, which was con
not responsible for the opinions patriatism to prefer the products sidered in recent discussions, might
disposed to add a note that be was of their own country, and he adds do very well, as long as it guar- that no other motive is suggested. niteed a genuine independency in pedigree seems to have rendered us of his contributors, for the re- immune in boyhood from this dis viewer reviled him bitterly for his This assumption he derides, on the the Board's constituency. We do
astrous inheritance. The British undue tenderness to the gas of the not agree with a section of India boy profoundly distrusts anything medieval popes-a reproach which ground assumption he derid, on
ne round that it even the home public opinion that a shareholders which he is asked to believe, and was hard for an Anglican his railways of France and other coun Bank would have fallen into the his first intellectual efforts are altoriun to bear from the lips of tries use large amounts of imparted hands of the great industrialists Joaterial" and "there is no reason Bombay. The industrialists themes: certain to be directed to the distinguished Roman Catholic. But to expect a different policy by selves do not seem to think so, and effort to prove that what his master Creighton's history was very far The shareholders says is wrong. This is no doubt from being "objective"; he limit- investors of the same countries they are right.
depressing at first to the mastered himself to the belief that ment when they go abroad"; (2) that in the Bank would undoubtedly de hopes when he is young that they are to be fairly judged must railways are so poor an investment have come to be the minor well this enthusiasms are bearing fruit, be judged in relation to the stan that they could not afford it: and do of all classes and communities and so no doubt they are, but fruit dards of their own time. (3) that foreign Governments, whe But the difference in the advantage of a nature, which he neither ex- ther borrowing or granting char- of a shareholders Bank and some ters, would not subject their railway other sort of constituency for the pects nor desires. Eystems to uneconomical methods of Board is not one for which it is purchasing. And yet he admits that when the manufacturers of measure of reform. It is not worth
of
worth white to delay so great a
country.
for some blessed reason our mixed
an investing nationality are able while to sacrifice the whole electricred on different Enes: he will be (like these of Great Britain) to eat installation because one cannot supply needed material of good make up one's mind whether an oil quality at low prices, the national engine or a steam engine is the prejudice may doubtless have an better.-Paancial News,
Cars from Kuala Lumpur, Ipoh, Taiping and Penang are constantly coming and going and the neigh- bourhood is crowded with pilgrims, many of whom are Chinese nonias.
Nationalism.
And this after all, mutatis mutandis, applies to the League of Nations. It is potentially at any rate the biggest political fact of our time; it has a legitimate an- cestry which should be carefully traced, but it must not be allowed
It is no real recommendation for the stage that a girl is just
Mr. like" Miss Gladys Cooper, or a
just like "
young man
Henry Ainley. There are plenty of copyists, looking for work in the theatre; what is wanted is people who are different" and so "dif- ferent that vast numbers of other people will be prepared to pay good money to see them act.
The Danger of Amateur Theatricals, There are few things in the world that cause perfectly rational people to lose. their sense of proportion
more than
amateur theatricals. The only proper way to treat them is as a piece of good fun.
UNCLAIMED TELEGRAMS.
SUNRISE AND SUNSET IN HONG KONG
FOR NOVEMBER, 1927. " STANDARD TIME OF THE 120th MERIDIAN, EAST OF
Law Of Boy Nature. When he is a little older, and a little gore cunning, he will pro- ware of praising, det us say, a poet
The E.E. Telegraph Company or a prem, and will confine him
to cast its shadow, or rather its have an unclaimed telegram from self to the suggestion that they are
The Great not entirely negligible, though add light, back on to centuries which Foochow for Huleung. ing that they are rather difficult knew nothing of it. It depends Northern Company have unclaimed to understand. So will he be spar- for ite success on a right under telegrams for Imakodiad from ed the sorrow of hearing that his standing of the character of man Osaka and Wilvicit from Brad- enthusinsin for Tennyson has nad of the motives which condition | ford. A TAMIL MIRACLE MAN.
driven his pupils to Browning, or his action. Many of these motives that they have heard so much about have been demonstrably bad, and Wordsworth that they never wish the true moral interest of history STRANGE DOINGS AT
to hear him mentioned again. If lies in seeing how their badness has SUNCEI PATANI.
A correspondent writes to the Bishop Creighton was right in been realised and how they have
maintaining that exaggeration given place to something better. Singapore Free. Press that he went
was one of a teacher's best weapons. Nationalism has many sins to THOUSANDS CROWD TO BE
with a party to see the holy man, he might have added the caution
answer for, but it has also many CURED..
but failed. There were over against the repetition of exaggerat-great achievements, and our pur- thousand cars and buses waiting enthusiasms.
pose of teaching history is not to The League of Nations is by ne
lecture the past for its ignorance According to the Pinang Gazette, and it is estimated that there are all yonda lead to Sungei Patani; over 8,000 people, every day, seek means exempt from the action of but to show the lesions which it for miracles are being performed ing the assistance of the miracle this curious law of British boy has to teach the present.
The least suspicion that League of Nations is one of the November 11th...33.a.m. 5.12 p.m. there by a Tamil of the Pala caste worker, who has a bodyguard of nature.
it was continually dragged in, or organisations which exist to lead Amed Arakaylam, for 17 years a four Bengalis and a fence round the tindal on the Sin Ban Cuar Rubber deserted hut to keep the mobs at represented either as beyond critic the world into the paths of up- Estate. Arakaylam, some weeks a distance: The healer makes noirs, or as the one sure cure for selfish co-operation, and though ago, had a dream in which he was charge for the cure but the motor the world's woes, would at once is not, as is sometimes, implied,
which richarouse the boy's hostility, or rather
such organisation .. only promised the gift. of healing and car drivers, are reaping a
exists, it goes without anying that was told to proceed to a deserted harvest and people are paying awaken his critical faculty.
I have listened to many addresses
every boy and girl ought to know hat on the estate where he would dollar a emali bottle to an enter-
for the water given to boys as the subject, some of the existence of the League of find proof of a guiding intelligence, prising "merchant He did so and saw a new pongs with which the miracles are per- by distinguished enthusiasts, some Nations, ite achievements and its rather ill-equipped exponents difficulties, and to wish it the suc (white ant's next) rising from the formed. The natives say that the by Hoor. Breaking this open, he healer has but to touch them and and some by definitely hostile cose it deserves.
This is not propaganda, but his found a quantity of gold; also a they are cured, no matter what the erities, and I have no doubt what- snake, which he captured. He bas disease may be. The lane, the ever that it is the last who have tory, and is all which its suppor been ouring the blind and the sick blind, and the balt, wait all night done the cause most good I am ters have any right to demand; and it is certainly all that they by sprinkling water over the sauf in the rain for a chance of being myself a convinced supporter of ferers' heads and praying for them." touched" and cured next day the League, but if I had to have will get, whatever fears and hopes by International Committees for. Now, it is difficult to get near him It is stated, that Arakayiam has its claims discussed before an au for people from all over the country taken no food and has not drunk adience of schoolboys by Lord Cecil may have been needlessly aroused
Intellectual Co-operation.. have been crowding to see him. drop of water eince his dream.
(Continued on next Qólumn.)
The
Date.
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