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A survey of Chinese Currency and Banking System in Historical perspective and of the reactions of the World Slump upon Chinese Trade, Industry, and Finance, from the beginning of the depression to the Establishment of State Control of Silver-with Statistical tables relating to movements of Gold, Silver and Prices in General.
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WHAT TRADE
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OCTOBER 14, 1936.
DEFENCE
The Capacity To Keep Going In War
BY SIR HERBERT RUSSELL
One frequently reads, or hears, the opinion that the next war, when and if it comes, will be so frightfully devastating, In character that it cannot last very long. This, of course, is an impression and not a conclusion arrived at by a study of war. The possibilities of science lead to very sketchy films upon the mental, screen: pictures of London a smouldering mass of ruins; Portsmouth and Devonport Dockyards harbouring blackened and mangled ships; Aldershot a ghastly spectacle of gassed corpses, and so forth. The fact that any or all of these things could be dons leads popular imagination to visualize the state of affairs when they have been done. This always has been 10, varying only in the matter of degree.
We are
living in a headlong world and therefore the assump- tion is that the next great war will be a terribly rapid business The morold streak which provides the sensational complex in the popular fancy seldom lles very deep. It splashes the colours on very thick so as to "end civiliza – tien" in the smother. The craving for the "hectic" must be satisfied and all the talk about educating the people to a full knowledge of the horrors of modern war as the best means of ensuring peace is bun-
kum, for the simple reason that the people would not pay the alightest herd if horror were not always popular-of course. at a respectful distance
A NEW AND ADDED MENACE That the development of air warfare has brought a new and very formidable menace to this country is a fact so obvious as only to need admitting, not discussing. But this new menace has not suŋ- planted any of the old ones; it merely adds to them. We still live by the sea not only as much
DS
ever we did. but ever- Increasingly so, Whether we shall ever be able to live by the air is
a question which, for the present,
manly possible. "of course, and probably take considerable toll of nostile sea raiders. But they could not go beyond their limitations, and all our food-borne supplies far beyond Eave to come from those limitations.
An enemy sea. Power, knowing he was immune from any formid- able naval threat, could afford to Of course, be very enterprising. but in this way the thing is sim
Yet it is not so ply fantastic. fantasie but that plenty of people, some of them at least with names
ut repute, have seriously advocated 1t Their thesis is that battleships are of no avail against bombing aircraft; therefore why go on building -battleships? Lord Stra- bogli is one of the most didactic of this school; he periodically re- peats that We could build one thousand aircraft for the cost of one battleship (a very doubtful as- sertion), leaving the obvious ference to his hearers.
DISPOSING OF THE EMDEN Whether he realizes the ground charges which would attach to the malatenance of a thousand war 'planes I think" we may, fairly doubt. That he would be prepared to answer the question as to what
we may leave to writers of fiction. fone thousand aircraft could do-to-
|
ROYAL AIR FORCE
Equipment Officer At Singapore
Wing Commander HG. White, who was appointed to headquar- ters of the Far East Command. Singapore, last May, has now taken up duty as Senior Equip- ment Staff Officer in succession to Wing Commander H. 8. Kerby, Kerby, D.S.C.. A.F.C.
LAMMERTS AUCTIONS
PUBLIC AUCTION.
THE Undersigned have received
instructions
TO BULL BY PUBLIC AUCTION
UN
FRIDAY, OCT. 16, 1936
COMMENCING AT 2.30 P.M.
AT THE SALES ROOM, DUUDELL STREET.
Wing Commander White was in command of No. 501 (City of Bristol) Squadron, and was pro- moted in the midsummer list. He has had over 20 years' flying ser- vice. Joining the RF.C. from Sandhurst in April, 1018. Three months later he was in France with No. 20 Squadron, with which he served for 11 months, and in February, 1918, he returned to France as a flight commander in No. 29 Squadron. A permanent RAF. commission was granted him in August, 1919, and from 1923 to 1928 he was with No. 28 Squa-Drawing Room Furniture, Dining dron in India.
OUTPUT OF PILOTS During October several courses of instruction for pilots at "the
schools flying training
were completed, and
output of
the
trained pilots will begin to up- proach the maximum which was provided for when the expansion scheme was started in May, 1935. It was not until February, 1938, that the last of the 13 civil flying schools at which elementary train- ing is now given was ready for use, and not until March that the last of the five additional service was in flying training schools operation. There are now 11 of these service schoola. No. 1 Bchool at Leuchars is reserved for the
training of Fleet Air Arm pilots. At each of the others there is ac- commodation for two courses, each of 48 pilots, so that the maximum capacity of the 10 schools is 980. As these courses pass out the
A QUANTITY OF VALUABLE HOUSEHOLD
· FURNITURE
Comprising:-
་
Black Wood Ware, Teak Office &
hoom and Bed Room Furniture, Carpets, Rugs, Carpet Runners, Electric Table Fans & Camps, Old Paintings, Pictures. Upright Piano, Ornaments, Curios, Glass & Porcelain Ware, Brass and Aluminium Ware, E. P. & Bras Ware, Ice Quests, Sewing Machines, Gramophones and Records, Typewriters, Slot Machine, Cutlery, Rattan Furniture, eta, etc.
ON VIEW FROM THURSDAY,
THE 18TH OCTOBER, 1936. "
TERMS: CASH ON DELIVERY,
LAMMERT BROS..
AUCTIONEERS.
formation of new squadrons can |PUBLIC AUCTION.
field service dress during bad weather.
All the aircraft of the British Em-¡ wards the defence of blue water pire ́ do not total the weight-my fullest appreciation of his skill proceed more rapidly.. carrying capacity of опе big in elusive debate scarcely extends B.A.F, OFFICERS' BLUE GAFTERS Details of the blue-grey web to inducing me to expect. To be steamship.
OUR MOST VITAL NECESSITY sure, he might fall back upon the galters, which were included in the We live by the sea. This being pronouncement of a former Min-modifications to service uniform a, the most vulnérable point in ister of Civil Aviation who, in the of R.A.F. officers introduced in our national. defence is clear to course of a public speech, declared May last have now been approved any powerful enemy. Alr attacks that a squadron of aeroplanes in and particulars communicated to to which we shall be perfectly pre- the Indian Ocean would have dis- all concerned. The gaiters are in- tended for wear with service or pared to very effectively respond.posed of the Emden in no time! might shake the national morale; Let us be so strong in the air they could not possibly finish the that the most bombastic disturber national resistance. There is only of world. peace will hesitate to une way in which to reduce this make himself merely ridiculous by country to surrender and that way threatening an aerial invasion of 12 11mine. Trade defence sounds this country. But let us keep this very much less dramatic than anti-eminently desirable doctrine se air defence; yet it is the most vital | parate and distinct from the ques- necessity of all
tion of ses power. It would not be true to say that our new naval programme is only dedicated ensuring the security of our sea communication; it would be true to say that in any attempt at a categorical definition of the func- tions of our sea power this is the most. important. Nor can we dif- ferentiate. the duties of the vari- ous types of ships either already building or to be bullt. All are units of the Fleet, and the war- time task of sea, power must be regarded as the work of the Fleet,
What is more, as far as the £300,000,000 rearmament plan has yet been unfolded, it bears pretty good testimony to the fullest reali- vation of this fact. Naval con- struction is being pushed to the limits of our national shipbuilding resources. Certain politicians, with no other aim in view but to embarrass the Government, keep on asking, what this is for. The answer is to protect the country, including themselves. They then want to know how the Navy can protect the country against the air peril. Again the answer is very simple; it cannot. Finally comes the question: Then what is the use of the Navy?..
IGNORANCE OF THE EMPIRE
Lord Bessborough's Warning
Several interesting speeches on public affairs were delivered during a recent week-end
4
harmonious it
The Earl of Bessborough, a for- mer Governor-General of Canada, speaking at Portsmouth said that Imperial questions had been left rather in the background because the country had been very much CAPITAL SHIP'S JOB Thus trade protection is not the If Imperial relations were to con-
occupied with European affairs. direct function of the capital ship.tinue smooth and Eer job is to hold the outer ring depended greatly en our own peo- for the lighter craft which striveple, and on the younger generation to keep the ocean highways clear,
knowing more about the Dominions At present concentrated exort is
and taking a greater interest' than directed to the production of
they appeared to take now, With- cruisers and destroyers, which are the two types particularly suited to knowledge, and without knowledge out contact there could be no real commerce protection. But these
their turn need to be covered there could not be full sympathy
and understanding. against possible intervention by more formidable vessels. One of
ISOLATED SECURITY Suppose we were to say that Instead of spending umpteen mil- ilons upon sea power we would put the money into aircraft. The re- sult undoubtedly would be such an aerial deet as to justify the claim that we could contemplate with equanimaliy ay menace from the German "pocket battleships" tlon. She had to harmonise the
enemy air forces. It might even be reasonable to say that with such a great preponderance of air strength we could dominate our home waters and so complete the sense of Isolated - security.
מד
practice such & situation is quite
Canada was in a curiona posi-
!
THE
HE Undersigned and rewired
Instructions,
To SELL BY
PUBLIC AUCTION
ON
MONDAY, OCT. 19, 1936
COMMENCING AT. 2.30 P.M.
AT TEXIR SALES ROOM, No. 85, HANKOW ROAD, KOWLOON:
A QUANTITY OF VALUABLE HOUSEHOLD
4
FURNITURE Comprising:-
Teak Drawing Room & Dining Room Furniture, Bed koom & Office Furniture," Black Wood Ware, Cutlery, E. P. & Brass Wars, Aluminium and Porcelain "Ware. Glasses, Ornamenti, Table lamps and Shades, Ice Chests, etc., etc.
ON VIEW FROM SATURDAY, THE 17TH OCTOBER, 1986.
TERMS: Cash on DELITERY,
LAMMERT BROS.. AUCTIONEERS.
move-
purely Canadian point of view, the merely select an example at ran- dom-could play the very deuce Northern American point of view, drawn in
to share the respon- with a normally-constituted com-
and the British, point of view of sibility, and as in 1914 the Opró- voy. Strategical foresight would her population of ten millions,sition will cease and our
Three and a half millions were of aim at necounting for all such
ment will become officially part of risks by measures and counter French stock, and a further two
the totalitarian War Cabinet. measures only rendered practicable millions were of non-British stock. Fby. material superiority of It was estimated that unless there was increased immigration in 50 capital-ship strength.
years time the French-Canadian would have a majority over Bri- tish stock in 'Canada.
&
SUBMARINE A SINISTER.."
MENACE
unattainable, but let us admit it as a theoretical possibility. » We tave sacrificed all claim to mas- tery at sea and established mastery in the air-in our own air, that is
The submarine still remains the to say. We will hypothecate that
most sinister menace to unarmed | SOCIALISTS: AND ARMS PLANS no hostile warship would venture
ships. The aircraft likewise has Siv Stafford Cripps, M.P., In a to run the gauntlet of the Chan- great potential qualities for tradespech at Street, Somerset, said. nel during the hours of daylight.
attack. Both of these threats are that opposition would become a The old bogy of invasion would be limited in radius and it is imposai farce if the Labour Party adopted thoroughly laid by the heels.
ble to assess their probable sert the line of conditional support for LIMITATIONS OF AIRCRAFT
ousness without visualizing the the Government's Tearmament But why should any hostile war geographical situation of the com-
plana slip want to run the gauntlet of batants. But in any case it may
"It is quite idle to imagine." he the Channel in such circum- be taken for granted that a very addei, "that we can combine with stances? The job of every avail-large proportion of British sea-
an imperialist Government to carry able enemy. warship would be to borne commerce would have to out a policy of anti-Imperialisra, get upon our trade communica- cross the practicable radius of the If we combine with them now to tlons, outalde of the radius of our submarines" and aircraft of any fight Fascism it will be as rival "hormets of the air," and to cut Power with which we might be Imperialists, and, win or lose, we these so effectually that our food at war.h
shall have done our best to con- ships and ol-carriers and all the The more distant such a Power solidate in this country the forces rest of the great freight-bearing the more opportunity should it making for FascismI procession would not be able to find and embrace for the em reach the Channel. Our legion. ployment of ocean raiders. The airmen would do all that was hu-Naval and Military Record."
"I trust the Labour Party will not choose a national front with the National Government in pre- ference to a popular front of all those who are prepared to oppose: the Imperialist basis of our for- eign policy and the inevitable Im- periallat war which will result from it.”
Mr. A. Greenwood, MP... at Thornbury, Gloucestershire, ex- pressed the opinion that Labour would not embark on
a futile armaments 'race, but was not op- posed to the provision of the arms required to full Britain's inter- national obligations
It would work for peace in every possible way in association with all nations who honourably destréd peace, but it would not tolerate the fron heel of despotism. The Labour Party had made it clear that if peace" methods falled. It "Inevitably the Labour move would not shrink from the necess ment, once it has assented to the ary, preparations to resist aggres policy of rearmament, will be son and Imperiulism,