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HONG KONG, TUESDAY, SEPTEMBER 2, 1930.
弍拜雞
THE WORLD'S TRADE DEPRESSION.
ITS REAL CAUSE.
THE COLLAPSE OF PRICE FIXING.
N. LAZARUS,
OPTICIANS
18, Queen's Road Central
BAÐKE¶¶ANE Price Single Copy, 10 cts.
The following article by Prof. I probable causes of decrease in de- winter a promthent so-called econo- Gustav Cassel recently appeared in mand and the continued decline in mist stated that the gold-saying the Manchester Guardian:-
prices Old over-production theories policy was mainly of theoretical in- buried long ago a revived. Interest and could only assume any. the financial Press writers who practical importance in a distant claim to be experts in economics future. He evidently did not dream are using comprehensive but ill- how soon, how completely, and how digested technical arguments, and disastrously the actual events would
disprove his assertion.
events
"
4
Harmful Tendencies,
It is remarkable to observe how difficult it is for people to form a comprehensive view of what is happening at the present time, and how they fail to understand cor rectly the fundamental connections equally ill-digested statistical between the economic events of material in an attempt to prevent their own period, even when these a scientifically coreet explanation. can be clearly compared of the true facts. In the final fe. with those of past periods. The sort this kind of article-writing tion which is of such importance to It is indeed uncanny that a ques strong and general fall in prices años at proving that there is the economic welfare of the people of goods which has been causing neither a definite nor a necesssary can be treated in such a way. II uneasiness during the last twelve connection between the economic only a better understanding of the months is, in fact, a phenomenon erisis-and, above all between the nature of the problem had been which is by no means without pre-level of the prices of goods and allowed to develop if the pro- cedents in economic history. And the world's supply of means · of yet the public has so far failed to payment, and, that therefore we gramme of the 1922 Genoa Confer- realise what are the fundamental cannot speak of a responsibility of boration between the central banks ence, embodying a definite colla- reasons of the extraordinary dif. the central banks for the general for the limitation of the gold de- ficulties which we are at present collapse of prices. If such confu mands, had been really carried facing.
sion of thought characterises the through; if the other central banks even in leading financial jour-of England, especially in regard to writers on economics unfortunate had acted in the spirit of the Bank nals,then we need not wonder that the general public fails to find its bearings.
"
For the last ten years experts have issued warnings of the danger of too greatly restricting the gold supply of the world, and havë pointed out the necessity of meet- ing this danger by a systematic policy of saving the gold reserves and of making the supplies of ceans for payments, as it were, independent of gold supplies. It
Banks and Prices,
from too great dependence on the the liberation of money supplies
gold supply then indeed the world's economic position would to day be very different. This, of course does not mean that all our. present difficulties are due to the gold policy, which has unneces
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has been stated in the most unhappens to the purchasing power sarily driven up the value of gold. IR VICTORIA HOTEL”
The central banks have in fact always shown a tendency to decline any responsibility for whatever
equivocal terms that any deviation of money. They and their com- from such a programme would ex-rades at arms even go so far as pose the world economy to a strong to deny that the central banks have decline in "prices and a correspond any influence whatsoever on the ing general depression..
fixation of prices. On the other Now we have reached this point hand, there are still some people Recent times have been charae who have not forgotten to what terised rather by a relentless absurdities this meth led during struggle for gold than by a con- the inflation of the war and post scious collaboration aiming at that war periods. Although at that time limitation of the demands which the impossibility of maintaining would have been necessary in order such a view became evident to to stabilize the purchasing power everybody, it is now hoped that the of gold. The result has been a fall world will obediently return to the in prices, the extent of which is belief in the perfect exemption unique, if we except the deflation from responsibility of the central
How Events Have Given Them
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1)
SHAMEEN
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and Special Care Taken of TOURISTS. VICTORIA.?"
Unfortunately, we have to reckon with other harmful tendencies, like the Protectionist cutting up of the world market, monopolies in several other forms, and impediments in Cable Address: the international movement of capital. The change in the value of money is nevertheless a factor of prime importance, and, more.. over, a factor which could have been the easiest of all to control. with a little insight and goodwill.
Further Depression Possible.
for an improvement of the economic. Now, the whole world is waiting
that prices have fallen to such an extent that they are bound to have reached their lowest level. This is indeed a somewhat simple argu- ment. If grave mistakes have been made in the management of money matters, then the results must not be assumed to be the outcome of
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of the post-war period. This col-banks, for the evolution of the price situation, while in is being argued THE HOTEL RIVIERA lapse of prices resulted in a general level and the fate of the world's depression which found its expres cconomy which depends upon it." sion not only in heavy losses on the stock exchanges and in econo- mic difficulties for industrial, com mercial, and transport undertakings but also in an industrial unemploy ment which has assumed disquieting proportions in almost every country, To this was added a very serious agricultural crisis which spread over virtually the whole world.
Responsibility of the Central Banks,
And yet people fail to see, or do not want to see, the connection. The business world follows its usual tendency to ascribe" any and every decline in prices to unfavourable market conditions within a given branch of business, and does not consider the higher point of view which demands that the fall in prices should be taken as a general fact the prime reasons for which are to be found in the change of money values. Just in the same way, financiers, when interviewed by the newspapers, talk of the unrest in China and Russia or the short skirts of the women as the
7
The absolute incompetence of those directorates of, central banks who object to any scientific analysis was prove l. conclusively, during the post-war period by the actual developments. Nevertheless, cer- tain central banks are again as suming the same attitude." These same authorities stated only a year ago that the central baaka were following the development of the gold market with an attention which rendered any interference by economic scientists unnecessary. To-day we all know what the ex- pression of this attention has been.. It is especially remarkable that the Bank of France has consistently and quite unnecessarily acquired enormous amounts of gold without troubling in the least about the consequences which such a proce- dure was bound to have on the gold supply of the rest of the world. and therefore on the world's economic position. As late as last
predetermined cycle of events, and no improvement can be expect ed before the mistakes have been
realised and put right again." It, for instance, the American Federal Reserve Board should repeat the, fateful mistake committed a year ago, when in order to counteract the share speculation the supply of money was reduced and thereby the general price level was forced down, then the world may still expect A further fall in prices of goods and a further increase in the economic depression.
A real and reliable change for the better can only be expected after we have realised the funda- mental evils of our present econo mic position, and are again in a position to give a more or less satis factory stability to the unit in which we calculate the price of our goods.
Diary of Coming Events.
To-day. ̈(September 2.),
Theatre Royal- Efrem Zimbalist, Violin Recitals:
Wednesday. (Septembler 3.)
Queen's Theatre: " Such Men are Dangerous.”
World Theatre: "The Changing
(Chinese Film).
Star Theatre Resurrection." Central Theatre: "The Dance of Life."
Queen's Theatre:"" Such Men are Dangerous."
Age
World Theatre:"The Changing Age" (Chinese, film)
TA
Star Theatre" Résurrection. Central Theatre: "Gentlemen of the Press.
Majestic Theatre: The Wife's Relations
Sanitary Board Meeting, 4.15 p.m.
Majestic Theatre: The Wife'a Belations.'
Water Polo 1st Div.: Chinese Athletic v. V.R.O
Dinner Dance: Hong Kong Hotel
anned 9.30 p.m.
Sals of Crown Land, KIL. No, Tides: High, 5,40 am, and 0.24 2375, at offices of Public Works Dep.m.; Low, 1.38 p.m. and 11.56 pm partment, 3 pm
Lannis: AD
LR.C
Thursday,
Broadway?
Danes – Beninsula EclslynderQuer's 8.20 p.m.
Melody." European Mail-Inward: Europe de
Central Theatre: "The Dance of vid Siberia (Barpedon), Outwarde Life, Europe vid-Siberia (Autolycus), 2.30pm, Europe via Marcilles (Sarpedon), 0p,24
~Tidos-- High, 4.18 a.m.; - Low, 12.52 p.
World Theatre: Three Passions Star Theatre:
Majestic
Hour.
heatro:
Nostrum
Secret
I
Annual Dinner and Dance: Por- tuguese Company, E.K.V.D.Cat Club de Recreio.
European Mail:-Outward. Europe via Vancouver, BC. (Emp. of Canada), 10 a‚m.
Tides: High, 8.48 u.m. and 0.38 p.m.; Low, 214 p.m."-
Friday (September 5.)
Queen's Theatre: Broadway Melody."
World Theatre: "Three Passions."- Star Theatre: Mare Nostrum.” Contral Theatre: The Dance of
Life
Majestic - Theatro: The Secret
Water Polo Div. Kowloon“
Chinese Bathing Club. A Dinner Dance: Penimuis Hotel, 8.30 p.m.
European Mail:-Outward- Europe 14 Marseilles (Katori Maru), 6p.my
Tidos High 741 am and 2:51 p.m. í Low, 12.57 6.m. and 2.46 pim.
Cable Address :—“ Riviera, Macau.”
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