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HONG KONG DAILY PRESS, THURSDAY, MAY 16, 1935.
THE WORLD AND HER NEW DEALS
Interesting Talk By Prof. R. Robertson
· Continued from Yesterday)
For the purpose of avoiding the disturbances that might arise if foreign trade were allowed to in- terfere, economic barriers "Have been maintained or strengthened, or created where they did not exist before. Having thus attend- ed to disturbing threats from out- side. the Government's proceed to reorganise "domestic, industry. and to do what they can for ex porting industries. The incon-- sistencies which may thus présent themselves are apparent.
Now, Arst what about prices? They must be raised. or at least kept from falling further. Hence monetary experiments on an un- precedented scale. Australia shows the way by letting her exchanges
fall.
ነ
Great Britain, with a tradition of financial orthodoxy, is forced off the gold standard. but having come off is glad to have freedom from the yoke of gold and pro- ceeds to make the most of her opportunities: by getting her price-levels more in harmony with the outer world, and by acquiring experience in a manag-: ec currency so that her money becomes a servant and not a master. Many other countries Hink themselves to her and form a sterling bloc. There is a clear determination not again to be harassed by adherence to an in- ternational monetary standard which is not properly regulated. America goes off the gold · stand- ard too, at a time of banking crisis admirably met by emergency measures which prevented a com- plete banking collapse and also provided safeguards for the future.
â
A Middle Path This was an immense gain and great achievement America's well- currency experiments are known and it is impossible to do more than mention them. The the President has proceeded on whole in a middle path between' monetary orthodoxy and undilut- ed inflation. America has learn- ed that you cannot restore in- dustry simply by "priming the pump" by injecting more and more currency into the system. Business will not-revive simply because money is mäde plentiful. Confidence la required and un- fortunately monetary uncertainty which arises from currency ex- periments is one of the greatest [obstacles to a return of con- fidence. Even relief expenditure. and public works on a large scale will not start the machinery of private business going again. Spending power is this no doubt distributed in such a way as to create a demand for certain kinds of goods rather than for others: but since it cannot go on in- definitely, business men will not embark on capital development, which is the only way in which recovery can finally be achieved. Managed Money
The dollar is devalued in gold. but it is still uncertain whether devaluation will proceed further. It is also uncertain to what ex- tent inflationary proposals (in- cluding aliver measures) will be forced in however qualified a manner upon the administration. This uncertainty is the chief de- fect of American monetary plans. It is difficult to see how it could have been avoided during the ex- perimental stage. There is an undoubted gain in the experience obtained with managed money, and at least the way has been prepared for some sort of stabiliä- ation in the future. and a stabilisation which will be crested. in new and better monetary and banking conditions..
Courageous Plan Unemployment rellet is not so much a device for recovery, 35 a socially necessary expedient to mitigate distress. It cannot be regarded as anything but tem- porary and must be accompanied, by recovery calculated to absorb into normal employment the greater part of those who are rendered idic by depression. Relief in the form of money does, not necessarily promote industry. Money is only a symbol of pur- chasing power, and when it is. given to relieve the unemployed- (and everyone agrees that it must be so given)," it simply means, a transfer of purchasing power from one section of the commun- Ity to another. Normal recovery, - would mean that the greater part of the employable population was actually engaged in creating pur- chasing power for itself, symbolis ed in money, rewards, for/ ketua jeffort. Where relief is accom- panied by public works of a con-
'structive character some, Indirect help for the time being is given to Industry, and there is a great deal to be said for a courageous. plan of public spending at a time. when private industry is depress= ed. But there is a limit to it alse; the burden rests on futurs taxpayers; it is also something of a deterrent to the employ- ment of resources in private industry.
Aftermath of the War
In many countries, but especial- ly in America, agriculture and the extractive industries have suffered more from price-falls than others. This is due chiefly to the after- math of the Great War. which brought among other things A very heavy increase in the pro- ductive capacity of these in- dustries. New deals, have there- fore commonly applied, them- selves especially to the protection. of agriculture and the diminution spread between agricultural "and" other prices. This has also been accompanied by various forms of rellet from indebtedness, as for example through the guarantee- ing of mortgage debts for Amer- ican-farmers.
Mr. Elliot Great Britain has set himself with great zeal towards the restoration of the English farmer. In the United States," the Secretary of Agriculture. Mr. Wallace, has likewise been ener- getic in this direction. In - Eng- land we have had the marketing schemes and quota schemes. The former are in many геврести valuable and necessary, for was- tefulness in distribution costs bes beer a considerable disadvantage in the past. The value of the quota, schemes is more debatable. and they have not been without serious effects on our trade, with the countries on which we must continue to rely for the bulk of our food. In America, there have Been wholesale restrictions of acreage, with payments for with-' olding land from production.. These payments have been met by processing taxes on the in-
dustries which use the products.
It seems paradoxical to attempt
AFTER FORTY YEARS
to restore prosperity by limiting Commander J. Mills
production, but these Industries. had certainly become overblowu In the last decade, and for a pro- per balance restriction seems the only practical "device" meanwhile, It must not be forgotten that American farmers produce not for the home markets only but for abroad. When every country has been protecting It's awa } farmers," "thê
surplus for." the American "farmer became inenbus
Retires
THE SIAMESE NAVY
Visit To Last Four Days
Singapore. May 16 Four Slamese warships, the quik- boat Sukhodaya and three torpe de boats will visit Singapore for
four days on their way back to Bangkok after a cruise of the west coast of Sigm. They are expected to-day. HT
Road To Recovery. Better plans for industry have played their part in new deals everywhere.
the especially in form of the American" "codes". The American President has set himself to reduce the power of great corporations and public utility companies. He has alsʊ almed at recreating the cond!- tions of industrial employment through the National Industrial Recovery Administration. Of late his policy in this direction, seema have been modified. and. although the alm is still to secure a better distribution of the pro- duct of industry, less is heard now of high-wage fixing and the spread of employment.. "The Pre- aldent seems to be laying em- phasis upon profits and the in- centive of profta as a necessary road to recovery.
to
It is clear that a new deal is a complicated matter. Some plans will succeed, others will not. It "is a tremendous task co-ordin- ating the various schemes, which enter. into these experiments. That good will come of them there can be no
doubt, That each nation should be attempting by deliberately conceived "action to set its house in order for the future is a necessary prelude to recovery,
Klang, May 4 Early this morning Commander John Frederic Mu, RN, (retired) LSO. JP. Harbour Master, Selan For the oldest European resident in Selangor, left the shores of Malaya from Fort Swettenham by his native the as. Macgan · for home in England after a residence of 44 years in this cquntry more than a quarter century of which has been spent in, the State of Selangor.
As the
*
visit is unofficial character there wil be no official receptions.
Nava and Lieut. Luang Chum- deum Bhadejsuk
Lieut. Commander Luang Yudd÷ hakich Bilas is in command of the ersise an annual training Born on May 27, 1855, he will for cadets. Officers in command be 80 in a few days. At the age of the turpedoes) are Lieut. Com- mander Luang Phalasindhavanu- of 14 he joined the British Navy and retired in 1891 Immediately tika (who is also Torpedo Squa- after he came to Malaya as Har-dron-Leader), Lieut. Luang Svas- bour Master of Matang, in Perak, which was a port in the early days. A year later he was trans- ferred to Telok Anson and remain ed there til "1909 when he came to Selangor £3 Harbour Master, Part Swettenham He retired from that post In 1920 but con- tinued to be a pilot till 1925 when he came to Klang to settle down.
Public Work
The warships are due to refuel at Pulo Bukom at 7 a.m
TROOPING THE COLOUR
In
་ ་
(Special "Air Mail Service)
London, April 30, accordance with custom, guardmounting will be carried out During the. 44 years of his re-
from the Horse Guards Parade sidence in Malaya he has been every weekday in May," weather home on leave twice, first in 1901 | permitting, beginning on May 1, and again in 1912, Since then he but excepting Mây 6, 22 and 30.5 has not crossed the Straits of This will be preceded by the cere- Malacca
mony of trooping the colour by the Whte at Telok Anson he was battalion Binding the King's, gueril appointed as magistrate in addi-for the day. tion to his duties as Harbour The ceremony, which will begin Master. Perak. ·
Į at 9.30 am, each day, is a survival When the World War broke out of former days, when the guard he was called upon to do magla- mounting took place from the terial work both at Klang Bcd, Horse Guards dally throughout the Port wettenham: -
year. It is not a rehearsal for the There is the public work with | King's birthday parade."-
Rehearsals for the.. birthday which Commander Mills has not still
identined himself. He brought parade will be carried out on May his ripe experience and versatility 22 and May 30, to bear on all problems that he was called upon to tackle, be it as on him the Imperial Service Order secretary of the. Klang Club, or | which was soon followed by creat- president, or as a member of the ing him a Justice of the Peace Klang.Sanitary Board op which for the State of Selangor. body he sat first as an
come to look upan member and later as unofficial for | Malaya, which he loves so much, a number of years.
as his own home and he leaves
The international sphere Ewaits its new deal. Unfortun- ately national new deals have a. habit of becoming raw deals for other nations, as we do not need to be reminded in this quarter of the world. But it may hoped that as the nations proceed in their individual, attempts" at re- covery they may also begin to Ånd ways and means of restoring to some degree at least the balance of international economy:
L
nimal
The Government recognised his meritorious service by conferring
He
has
the country on medical advice with a pang of regret.
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