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HONG KONG DAILY PRESS, WEDNESDAY, AUGUST 21, 1935.
"MODERATE RECOVERY"THE GOOD-NEWS
(Special Air Mail Service)
London. July 30.
2
The
t
TELEGRAM
(Special Air Mail Services
London, July 30. tional trade that have been The Post Office announced that erected" in the form of tariffs, it will start a special service of "Greetings Telegrams." They will quotas and restrictions on the supply of foreign exchange. not be sent at a specially, cheap Although some attempts have rate; in fact, they will incur a been made to circumvent these special charge of threepence over obstacles by compensation agree and above the ordinary ments, these bave often had the There will, however, be. effect of deflecting the course pensating advantages rather than of actually increas- ing the total volume of internd tional trade.
taria.
'com.
In the first place, the Greetings Telegram will be delivered on a special form bordered with a red and gold pattern, which includes doves with letters in their beaks and an octave of music represent- ing. a peal of bells. This will be ericlosed in a positively dazzling gilt envelope embellished with red and blue. The message itself wh consist of words written or typed, not of strips torn from a tape, and it will always be delivered by hand. instead of being telephoned.
How far and how speedily are we emerging from the terrible depres- son of 1929 which swept us into a cur- whirlpool of falling prices, rency depreciation, tariff wars, and left each luzced economies and country with the bitter burdens of heavy unemployment, lower wage levels, and depressed areas? The International Labour Office, whose membership includes every great nation except Germany (but has Such trade agreements were 10 Lon-League members in the United 1934 almost entirely between, in- dividual countries-that is: "bila- States and Japan), is a body pecu-
tera" agreements. Since most of larly fitted to supply the informa-
them aimed at an approximate attempt to tion upon which an
arithmetical balancing of the value answer this great question can be
of trade between the contracting its hased. In
"Year-book for 1934-5," now published, it draws Parties (a fetish that the text-book and historians of ten years ago said statistics from hundred
had gone out with the Middle sixty countries and although for Germany it has to rely on figures Ages). they have inevitably result- the accuracy of which is not above ed in the reduction of triangular
are trade. while where there are 50 suspicion, such materials
called "clearing" arrangements unique and comprehensive, generally accepted view is that the "the balance that has been attain- beginnings of recovery were visible ed ha (generally been at the in the autumn of 1932 and that level of the country which import- 1933 saw a pronounced increase of ed less rather than of that which The spread of
BOON FOR BAD MEMORIES Throughout imported more." economic activity.
These
seem superficial may import quotas in place of, import 1934 recovery continued, "although
duties has also had the effect of benefits, but there are others more at a somewhat less rapid pace but
solid. The Post Office will accept with some falling of in the m'ddle undermining the liberalising in- fluence of the most-favoured-
Greetings Telegrares to be deliver- there has at of the year," and least been no recession in the first nation" clause in existing treatiesed at a particular moment of a six months of the present year. and therefore of hindering inter particular day. They will even national trade. The most promis- accept from a forgetful person “a But the "Year-book"
ing attempts at expansion have list of the people to whom he been the few agreements conclud- wants greetings sent during the ed among groups of countries. year, and the date on which each
is to be sent. There will be no ex such as the" Rome agreement be- tween Italy, Austria, and Hungary.
tra charge for these services be- But as it is plain that the limits yond the threepence which is add- of internal expansion are now cannot go approaching. recovery mach farther without a substan- tial increase in world trade. The vital steps in this direction are an international currency agreement and a movement to reduce trade barriers.
wartis Us
that several of the features of this improvement are of an essentially temporary nature; for instance, the stimulus given by the increased Government expenditure on arma- ments and on public works, which, it pertinently observes. "If con- tinued indefinitely must lead to bankruptcy or war. But to this statement must be added by way of qualification that where public works are of real utility they may lead indirectly to a permanent in- crease of economic activity.
وا
The pundits are now arguing which step can or should be taken first. If Intelligence ruled the world they would be taken together.
HARLEY-STREET CURING
CRIME
〃
(Special Air Mall Service)
The intention, of course, is to provide a form of message appro- priate to those Joyful occasions- weddings, birthdays, success in ex- aminations, and so on-which the Greetings. Telegram is intended to celebrate.
ed to the usual rates,
who
HOW TO SEND GREETINGS The procedure for those want to send Greetings Telegrams an ordinary tele- will be to use graph form and to put the word "Greetlugs" before the name of This word will not the addressee
be charged for, nor will it appear on the tetegram as finally deliver- ed. Such telegrams may be sent from any telegraph office. private telephone, or call office.
Any number and form of words may be used-paid for, of course, at the usual rates after the first uine words. Directions. ss. to the exact time of delivery may be add- ed to the address, and, like the word "Greetings." will be sent free and will not appear on the tele- gram as delivered
OTHER FEATURES "Among other, featuses of this
the wide phase of recovery spread downward tendency 01 incerest rates. In some cases & policy of "cheap money". was de- liberately adopted by Governments, but in many countries (certainly in Great Britain) it was brought about rather by shortage of com- mercial bills through the slackness of international trade, by the dis- couragement of foreign lending,
It should be made clear that the and by economies in expenditure on normal State services. In the
facilities for delivery at a particu- two big Fascist nations, Germany
lar time or for arranging the dis- patch of telegrams beforehand ap- and Italy, cheap money was lavishly spent to pursue an in- Just as medical science searches ply only to Greetings Telegrams The facilities, and the telegrams ternal expansionist policy through
out the hidden cause of some ob- employment-creating public works vious physical malady, so it is now alike are experimental, and their
will extension
the depend on of the subsidisation the Anding the way "to remove those
Elsewhere, mental disorders which lead to public's response. armament industries. outside the gold block countries; crime.
The Institute for the Scientific there, was a good deal of internal expansion-in Great Britain this Treatment of Delinquency, which was especially noticeable in the has a clinic in Welbeck-street, W. an office in. Grosvenor- building industry-and the wond1. and
and
ac-
London, July 30. Harley-street is tackling crime 25. a curable malady, and cures which give signs of permanence are being effected.
The
has re-
index of industrial production rose street, W. 1, has just issued a re- sightly. In countries where pro- port on its work last year. duction increased mo: the
It shows that 71 new patients verse effect of the consequent were received in 1934, and there
g prices on the export trade were over 1,000 attendances. was partly offset by simultaneous majority were from police-courts. currency depreciation. The coun- Others came from medical practi tries which have not depreciated tioners, clinics, philanthropic socle- tles, and friends of delinquents. their currencies have hardly in- creased their production at all and Eighteen were under 17 years of at the same time have had to put age,
All the cases were examined up with a reduced share in world trade. Altogether the gold block physically and inentally, usually countries have had a pretty lean by different physicians. Four were time lately and Internal and discharged as cured before April
to of last year, and none external pressure upon them devaluate and so reduce their costs lapsed. Nine were discharged as and increase their foreign trade improved. has grown. But this increased home production in other countries is not of a kind that would find "universal favour with economists. In almost every case the increase has been mainly in the investment and not in the consumption in- dustries. Some economists would argue that such progress is lop brief: sided and is bound to be followed Alpha-As a boy, stole: sooner or later by a further dis-young man, embezzled, always from astrous fall in prices. On the women; again and again he pro- amend, but relapsed. other hand, since there was great mised to shrinkage in investment during Until he received psychological the depression, it is possible that treatment he had no idea of his the present tendency ta only unconscious false values. making up lost ground."
INTERNAL EXPANSION
ALL TYPES OF OFFENCE Nearly all types of offence were false dealt with embezzlement, pretences, attempted murder.sex offences, attempted suicide, theft,
and violence.
are Here
specimen cases, in
as a
Mrs. B. C-In prison several times for stealing, especially shop- lifting finally put on probation But it we may congratulate for. treatment: no trouble of any ourselves with some reservations kind since.
gaol X. Y. Z. A recidivist, in on this internal expansion we have to observe that international every year for ten years, his last trade remains almost stagnant. sentence being for 12 months; Taking 1929 as 100, the volume of sent by the Prisoners Aid Society trade in the rat quarter of 1935 for diagnosis and treatment; no was 77, but in the corresponding repetition of offence for two years; quarter of 1932 it was 76, so that he is cured, ple the improvement is indeed slight. The "Year-book" says:
The vice-presidents of the insti tute include the Archbishop of York, the Earl of Feversham. Lord The reason for the failure of
Dawson of Penn, Lord Horder, Bir world trade to keep pace with W. Langdon Brown Prof. Cyril general internal recovery is no Burt, Lady Chatterjee, Prof. Wind- doubt to be sought in the tred Cubs, and Lady Tyrrell. Dr. numerous, and in some cases ET. Jensen is chairman of the increasing, obstacles to interna- couriculott
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