For
CRAVEN
downright enjoyment I smoke
Craven "A"
They
never
Vary!
CRAVEN
VIRGINIA CIGARETTES
CRAVEN A
IN 'EASY-ACCESS' INNER FOIL PACKETS, ALSO 'IN "TRU-VAC" *50* TINS When we seal the TRU-VAC alright TIN the FACTORY. FRESHNESS of GRAVEN "A" in securely imprisoned until the seal is broken by pulling the rubber rab-no SAKET: $119 Jagerð rúgen.
HONG KONG DAILY PRESS, WEDNESDAY, MARCH 4, 1936.
MANAGING THE CURRENCY
Remember
CRAVENA
ARE MADE SPECIALLY TO PREVENT SORE THROATS.
MADE IN LONDON, ENGLAND, BY CARRERAS LTD
TO-DAY'S RADIO PROGRAMME
Broadcast by Z.B.W.
On 355 Metres
12.30 to 2.15 p.m.-European record-
ed programme.
1 p.m.-Local Time and Weather
Report.
1.30 p.m.-Reuter. Press Bulletins.
Rugby Fress news, etc
2.15 p.m.-Close down.
4 to 7 pm.-Chinese programme.
C to 6.30 p.m.-Childrens' Studio
Concert.
7 to 11 p.m.---European 'programme. 7 to 7.30 p.m
The B.B.C. Wireless Military Band
The Flamborough Sword Dance-
Folk Dance (arr. Cecil Sharp), ! Kirby Malzeard Sword Dance-
Folk Dance (arr. Cecil Sharp). Woodland. Pictures-Rural Suite
(Fletcher).
Mirella Overture (Gounod, arr.
O'Donnell). Lynwood---March (Hume),
Prairie Flower-March (Hume). 7.30 to 8 pm-
Instrumental Variety Banjo Bolo-Three Little Words.
-Len Fillis.
Novelty Plano Duet-Strike Up the Band-Jean Wiener and Clement Doucet. Hawallan Paradise. Andy Tona
and his Islanders. Organ Solo-Lover Come back to
me-Reginald Foort.
Plano Solo-Heute Nacht Oder i
Nie! Mischa Spollansky. Banjo Solos-On
a Southern Plantation.Ken Harvey. Xylophone Solo-The Woman in
the Shoe-Rudy Starita,
Plano Ducts-Gershwin Fox-Trot
Medley-Harry Roy's Ragamumins.
& p.m.--Local time sigual.
8 to 8.15 p.r.-
B
A Relay from Daventry
C.AUSQ
DONATIONS
Love, Life and Laughter-Selec-S.J.A.A. and Brigade
tion,
8.30 to 8.45 p.m.--
Alves.
From the Studio
The Director of Ambulance has the honour to acknowledge with A Planoforte Recital by Fred grateful appreciation and thanks
the following donations:- Sir Ely Kaloorie and Sons $500.00 200.00 Mr. Tang Shu Kin Mr. Tang Shin Ku
presentation)
PROGRAMME
1. Three Preludes.-Chopin,
2. Etude in E Major.-Chopia,
3. Ritual Fire Dance.-De Falls.
1.45 to 9.15 pm.-The J. H. Squire
Celeste Octet.
Richard Crooks (Tenor)
1. Movement Musical (Schubert ›
Serenade (Moszkowski).
2. I Love you 80-"Merry Widow"
(Lehar).
Kathleen Mavourneen
(Crouch).
3. Humoreske Paraphrase for
Strings (Dvorak).
Salut D'Amour (Eigar),
4. Tell me to-night (Spoliansky,
Only my Song (Lehar).
5. Andantine (Song of the Boul)
(Lemare).
9.15 to 9.30 p.ru-A Relay of the Daventry News Bulletin (Copy- right by Reuter).
1.30 to 0.40 p.m.-
Three Songs by Master Robert Harris (Boy Soprano)
1. One Night of Love (Kahu). 2. Love's old Sweet Song (Molloy)-
From the Studio ·
"The English Lyricists" by Alta-
tair Drummond.
10 p.m-Big Ben.
10 to 10.30 pm—-—--
A Relay from Daventry "Yorkshire Pudding."
Revd. H. W. Banes Mr. A. White Anonymous
Per Miss Kwan Wat Chven ·
(Ha Tauen)
Per Mrs. Li Lam Kit Ying
(Fanling)
(Continued from page 3.)
BRITAIN AND EGYPT
Negotiations For New Treaty
SOMETHING SIMILAR
credulitles loosely classified as ex-satisfactory and the most certain pert opinion on, the currency of to defeat its purpose. It may be i Something very similar to this
What this country.
that the times are such that all has happened' in China.
The anfortunate thing about nations need a dash of immorality can honest bankers think of this currency jugglery?-not "that it currency experts is that they try to round out their Escal policies. to do too much-and do it! If Ideological' unscrupulousness in matters much what they think.
London, Mar. 20 our minds had not ceased con- because 1 bank
The praliminary conversations were
nearly all nations, the ideals and managers
La connection with the negutia- honest, and really thought all sciously to function in face of the practices of sound banking and incredible happenings about LIN
tions currency that are based on the
for the Ang.o-Egyptian they meant, our lives would be a series of
we might make some attempt to fundamental need for a metallic Treaty were rormaly opened in continued calamities!
follow these academic abstrac- standard. Certain it is that if we
Cairo 10-day. For Britain they (Loud laughter).
tions. As it is, we cannot alto-want security for our dollar that are being conducted by Sir Mies Stripped of the cloak of a res- pectable phrase, a managed cur-gether detach from our bewilder-
was not only good yesterday but Is Lampson, High Commissioner with nient a sort of unholy admiration, good to-day and will be good for the msistance, among others, of rency stands revealed as a kind of
for those whose ideas are of
so over hereafter, we can and that officers of Royal Navy, Army and lowest common denominator
From edifying, but so lacking in convic expert
practice.
security in gold, and in gold alone, the Royal Air Force as expert ad- sharp
tion--those who sincerely belleve Failing that I think we should visers. whatever angle you regard it there i
have held on to our silver. There' The Leader of Egyptian delegu seems to be something fishy about that economie self-sufficiency can be realised within a framework ts. It achieves too much to be
was no need to nationalise silver. tions Nahus Pasha, who in his entirely respectable. It enables of national instabilty.
The essentials to a sound scheme opening speech expressed hope of currency reform are a strong
that the occasion would result in you, to lift yourself by your boot-
NOT AS BAD
and united government with some
a Anal settement of, the Anglo- laces. (Laughter Coupled with
You may possibly have gathered guarantee of continuity in polley. Egyptian relations. On 江 bals its confederate, Inflation, it cheer-
an impression that I don't like, internal Becurity for trade, a
which would recognise Egypt's In- fully lengthens
cloth by your shortening your yardstick.
hanaged currencies.
time (Laughter) balanced budget without resort to dependence. but at Gov-
Some managed currencies, it is the inflation inevitable to local would safeguard the British inter- ernments balance budgets by its
true, are not as bad as others, borrowing, and honest administruest. thus enabling the two CONN- means, yet if you attempt to en- dow an orphan asylum by the though even the few that are al- tion of fiscal affairs. Stabilization of tries to contribute to the mantea-
most good are a great deal worse the dollar would better have been ance of peace. same means you find yourself in
than those that understand, them achieved by a foreign loan, pre- g301. (Loud laughter).
suspect; but in my generalization ferably in the United States, with I except our system in Hong Kong, an agreement modifying the Ame-
rican silver polley in such man. We are peculiarly fortunate in our conditions. Our currency can give ner as to make it possible to retain rise to no possible anxiety. It is in this country the metallic back well controlled and well centred.
ing for China's currency that is It is easily expanded or contracted essential for its security and for as needs arise. Our notes are 15 the safeguarding of the national any man with sense enough to ap- preciate the same great truth amply secured on their present credit, must go to gaol, then those Gov-basis as they were when backed by Our government ernments are putting the brake of silver reserves. a gnol sentence on the inexorable of Gresham's Law.
In most countries on managed currencies it is an offence in law for any person to possess, gold. Now, in this way Governments concede the obvious conclusion that paper is not as good as gold and at the same time enact that
Modern times have not produced A more sinister affinity than this between a managed currency and
same
in-
Sir Mics Lampson said his was the opinion of the British Govern: ment, as it was their arat hope that by the exercise of patience and understanding, and by a dis- play of goodwil on both sides would be possible to reach an agreement that would satify
vidual and joint interests and the aims of the two countries:
With a view to removing at out- set any obstacles to an agreement, which had ceen experienced in past, it had been decided that us a pre iminary to the negotiations A Treaty settlement, there
he
AMERICA UNFAIRLY BLAMED In some quarters America is is firmly established. We balance our budget with regularity and rather unfairly blamed for the therefore immoderate Inflation is chaos that exists in national cur- unthinkable and political control rencies formerly based on gold. for of credit is out of question. The The fact that the note circulation should be a confidential discussion worst we can say of our system is of the United States is not more in the spirit of potential alies, of Inflation. The French-who have cccasional flashes of wit--have a that if the fact that China nation- than about fifty per cent of her the matters which hed, caused saying "La presse a papier conduit alized silver doesn't speak well for gold reserves is a deplorable state most of the difficulty in the 1830
of affairs, but it is absurd to blame negotiations. my her morals the fact that we fol- 12. guillotine-Pardon
The British Government. America because gold is Howing Southern accent! (Laughter) It loved her example doesn't speak raeans, in real language "After ny better for ours: but we were into the country instead of goods added looked forward to the time Our cur- No greater misfortune can befall when as result of the Treaty free- the printing-press comes the gull-, driven to this course.
rency is irrevocably linked to the nation than the piling up of un-ly entered inte by both parties, ictine"--a sardonic reference to
want gold. The United States Lew era would be established. in the fact that immoderate inflation currency of China. Like Agag. we leads to civil
Government is only acting in ac-the relations of two countries-an revolution. The walk lightly by her side, and I we Government of China has very have perforce to stray from grace cordance with the equndest prin- era when Egypt having assumed wisely placed the management of
we can console ourselves with the ciples in turning a deaf ear to the her complete sovereignty, and the Its currency with a department or reflection that only by being a lit-blandishments of those that ad- krounds for past misunderstanlings
having been removed, they vocate tle bad can we fully appreciate
currency inflation Chinese banks that, command the
means of raising prices and relev-appeal to the word as allies and confidence of every financial cen- the value of those moral principles
w adopt when we decide to be a g. unemployment. The American equal. tre of the world, but the whole
ritish Wireless. hierarchy of government depart-little worse. (Loud laughter) Even sliver-buying policy, however, is ments will riot prevent inflation if the strictly moral currency that much more difficult to understand. political expediency demands it, formerly, we had was under some in view of the nation's huge sur- plus of gold. To us, it seems simp- Advocates of managed currencies suspicion of being a little more
to be ly incredible that the United and consequent inflation always than it pretended not
States should bid up the price want more of one of these vices (Laughter).
of foreign silver by fifty per cent. only when they have had enough
and then proceed to buy all the o both. To inflationists, to think
silver in sight at enormous profits Before his departure for Gene- is to act. The trouble is that they
nation va, the Foreign Secretary, Mr. continue to act long after they
Eden received Prince have ceased to think, (Laughter).
Anthony Inflation is all right so long as it continues, but it produces a crisis when it stops. If it goes beyond
the point at which it should stop it leads inevitably to a limitless rise in prices, and it comes to a chaotic and when prices rise so rapidly that money ceases to be an effctive means of payment.. I
asked 2 50.00 once
leading London 25.00 banker what advantage Holland 20.00 had by sticking to the gold stand
5.00 ard. He replied that they were preferred creditors in the world's 21.80 bankruptcy. They knew now that they wouldn't get anything.
cn 10.50 whereas countries managed currencies wouldn't know it till they themselves crashed in to ruin -that was where the preference came tri (Laughter).
p.m.-"Let us sing of Love Songs by Fritz and Lucie Vogt,
with accompanying verees. 530 p.m.-News in English.. 5.45 p.m.-"An Ocean Voyage is
Lots of Fun.".
A sea-faring story set to musle,
A
the sellers-that B
as a
A MANAGED CURRENCY IN HONG KONG managed currency in Hong Kong will not bring us back the labouring under the disability of a trade we have lost through tariff hundred per cent, surplus of gold barriers and subsidised competi- should seriously announce to the lien, but it will help tremendously world its intention to buy 1,250 We still have by its million dollars worth of silver for the trade stabilising effect on the dollar. I which it can have no earthly use should stimulate enterprise and and that cannot possibly be sold foster new connections abroad. It back except at a mere fraction of should enhance our credit and re- its recorded value in the United store conndence in the machinery States Treasury. We must assume of our commerce. Unstable mone- that this puzzling policy had an object, but it seems clear enough tary conditions are
now that whatever that object was trade, but a greater menace is an unstable government. The pro- t has failed lamentably and is blems that face China are being largely, If not entirely, responsible tackled with courage, and resource for the unfortunate position that
a menace to
would
EDEN MEETS GERMAN DELEGATE
London, Mar. 2.
Bismark of the German Embassy at the Foreign Office,
to
of
the
The purpose of the visit was to convey to Mr. Eden, the reply the German Government proposal made to the German am-. bassador on January 25, that Ger- many should negotiate a bilaterai naval agreement with this country, embodying the results of any agreement reached at the Naval Conference.
Prince Bismark Intimated that his government were in principle ready to start negotiations for such by her able ministers, but China China finds herself in to-day. a bilateral treaty.-- ls & country of endless variation. The present government, with British Wireless. It can be standardized only from the co-operation of Chinese banks, within. It seems to me that this has successfully upheld its fiscal attempt to stabilize currency by policy for the past few months. transferring tangible wealth for Notwithstanding the present im- the establishment of credit abroad perfections and potential dangers * SOMETHING FOR NOTHING- will be ineffective so far as is con-of a system hurriedly conceived
Until China succumbed to the cerned the rehabilitation of the and boldly put into practice,
psychologists call nation's trade. What is most must be the earnest wish of every Jure of what
MEDITERANEAN WATCH
EXPENDITURE
London, Mar. 2.
It was announced in the House a wealth consciousness, and
what needed is confidence in the ad-friend of China that the gloomy of Commons that the monthly cost plain people call getting some- ministration of Internal affairs. prophecies of old conservatives like of the continuance of the special Inge Vesten, soprano: Franz thing for nothing, her currency The recent loan of $400,000,000 at myself may be falsified, and that naval, military and air precautions in the Mediterranean, on the pre- Wolf, baritone and the short stood four-square to all the world six per cent., primarily to balance China may yet confound her Wave Station little orchestra.
as 'based honestly and unreserved- the budget, is not reassuring. critics and progress from strength sent scale Conductor: Will Genssier,
There is only one sound way of to strength in defiance of every 6.30 p.m.-Working for Progress.
balancing a budget and that is to conventional conception of cur- 6.45, p.m.-News in German.
reduce expenditure by economy rency and every accepted tradition 7 p.m.-Concert of Light Music.
and to increase revenue, by taxa-
of economy. (Loud applause): tion. When a government borrows,
8 p.m.-News in English.".
I
F
al
6.15 p.m.---Newa in German on DJA,
DJB, DIN. 9.30 p.m.-"Let us king of Love.......!! Songs by Fritz and Lucie Vogt,
with accompanying Verses,
ly on a solid backing of silver. China, almost alone among the nations, had never defaulted on her currency. The best that can be said of present conditions is
WES estimated to be about £500,000.
Mr. Morrison who replied for the Chance.lor of Exchequer, when asked whether better uze could not be made of this money, replied,. "No, Sir." British Wireless.
8.15 p.m.-Concert of Light Music well stated in the simple terms of money to balane its budget it in-"
VOTE OF THANKS (continued).
an eminent authority on currency flates the currency. The process 3. Bird Songs at Eventide 19 p.m.-Close DJB, DJN (German,
-an economist of international is automatic and invitable, and, as (Coates).
English).
reputation-They have not" he I see 1, it is of primary importance Professor Robertson in rising to 0.40 to 10 p.m.-
9.95 pm- Call DJA, DJE, DIN said, "deduced fundamental prin- that, at a time when this great propose a voté of thanks for Mr. | Grossman, E. Lewis, H. B. L. Dow-
(German, English),
ciples from essential facts, either currency experiment is on trial, Champkin's able address, said that biggin, C. De Roza, G. E. Tetton. German Folk Song.
by a sound empiriciam or a solid Inflation should be avoided at all the disagreed with the speaker's J Stevens, D. H. Blake, J, Manners, Programme Forecast (German, economico-psychological analysis. cost. There are many examples views. The Latin saying "Nihil W. J. Hanson, N. E. Neilson · H.
English).
These measures are founded only of the evil consequences of easy tetigit qnod non ornavit" (He Hallgren, G. 6. Hugh Jones, Li Bhu on & formal dialectic. There is a borrowing. Loans for budget par-touches nothing that he does not Fong. P. Gockchtií, T, A. Martin, residue of phenomena not capable poses lead to loans to repay loans, adora) ably applied to Mr. Champ-C P. 8, Wong (Canton), C. M. of being subsumed under this gen- and the next step is loans to pay in (laughter). It was difficult for Dagarno" (Scotland), H. Mead, Dr. eralization. The whole scheme is interest on outstanding loans. any country to go back on cur- E 8. Tai, K. S. Morrison, A. Mur- Irrelevant to the main corpus of Then it is that the inherent dan-rency, based on either gold or sil- dock, E, V, Duggan, D. Ballantyne, economic theory as applied to a ger of a currency system dominat- ver, as it was impossible to know C. Stigter, P. de Roux, and 1. consideration of the catastrophiced by political considerations be what the metal would do. He felt Jesserand. cyclical crises accidental to re- comes obvious to the understand that the speaker's talk called for A prominent visitor, who was in- formed and stabilised capitalism." the of its most enthusiastic ad- a lengthy reply, and suggated that troduced by Professor Forster dur- This states the tase for-orvocates. Then it is that negative a fellow Rotarian should do so in❘ing the course of the tiffin, was against-managed currencies with impulses come into play-the fear the near future, before, the memory Mr. Guy C. Bowman, of Columbus, admirable fairness" and restraint. of failure rather than the deter-of Mr. Champkin's splendid ad-Ohio, Mr. Bowerman, said the I haven't the least idea what it |mination to overcome-the easy dress was forgotten. means, but I don't think you path of inflation rather than the should doube it merely on that ac-hard way of retrenchment and count., (Laughter) The more ap-taxation. Of all expedients that Among the visitors that attend-ly passed through the Colony some parent it seems the more seemly it have ever been employed toed were:-Messra A Collison, R. time ago as a passenger on the Programme Forecast (German. 12 midnight-Close DJA, DJN appears, and the same may be balance budgets. this device of a Stock, WA, Mackinlay, J. Pym, R. mound-the-world cruise of the
said of most of the astonishing in-managed currency la the least A Ridgers, E. 8. Abraham, E. "Empress of Britain,"
Tiger
pro- gramme of Sketch and 'verse from the East of the Pennines. 10.30 to 11 p.m.-Dance music. 11 p.m.--Close down,
A
BERLIN PROGRAMME
4.50 p.m.-Call DJB, DJN (German,
English), German Folk Song.
A Talk by The Chief Engineer of
the B.B.C.
8.15 p.m.-Local weather report.
2.20 to 8.30 p.m.--.
New Mayfair Orchestra
Tunes of not-so-long ago-1924.
English).
10 p.m.-News in English on DJA
and in Dutch un-DJB, DIN, 10.15 pm-To-day in Germany.
Sound Pictures.
10.30 p.m.-Woman's Hour: A Visit to the Reich Buero of Nurses for Confidential Consultation.
10.45 p.m.-Flotte Bursche (Fine
Fellowa),
Operetta by Franz v. Suppě.
Conductor: Walter Bieber;
Direction; Horst Wauer...
(German, English).
VISITORS PRESENT
J
President, was a man who travel- ed, about in an endeavour to get better acquainted, and had actual-
1