be
PREMIUM BONDS.
Attractive Scheme for Wage-Earners.
!
capital, and in subscribing, at a discount, for "a debenture that may be deswa for redemption at par or a premium.
interest on £5 in the interval.
THE HONGKONG TELEGRAPH, SATURDAY, OCTOBER 20, 1917.
CO-OPERATION WITH
JAPAN.
Naval Representatives to Confer with American Navy Department.
الله
the
ENGLAND-AMERICA.
the Observer writes :—s
termination of the war. Thess
connected with that problem the tion.
"Сва the Atlantic be
CBD
가.
the second to the cost of Por will
Four Years ago.
►
DURING AND AFTER WAR
in London,
A London correspondent of the
be fairly regular, the of loans. Arother is the main.
winter. How is it to be raised ?!rcheme in question is based on a indicated that it was probable occupation of the war has olosed Bgreement with him. And it is lightebip will be established at position by virtually eetting spart One could see where the money bonds would be issued in series problem the Entente nations rolopments of science and en-long series of duration of fight could speak to-day of the mechso of excess profits tax. Although
"In the case of previous loans cet of 5 per cent. The premium that on certain phases of the
was likely to come from. It is of £10,000,000. The 5 per cent. might be consalted.
maoh more difficult to see where the next Ican will come from. The old sources of, eapply can still be relied on, to the mesKUTA of their power, but some ground must be broken.
дек
"In the last loan moet com
ponies and individuals of what
would follows:-
be apportioned
...
5
84
..
are available. Success with It is not likely that "a" alraight, mschines of today in contingent course could be kept, but- allow. upon thres things, the reliability ing a margin of twenty degrees Ocean to be Spanned by Flylag of the motors, keeping a reason of error either to right or left the "The War Loan itself is a case
The axirtion correspondent of ably straight course, and the distance to the European coast in in point. It was imted at 95,
wind. From all of them uncer-litoreased by no more than 250 Sir George Touché, who spoke The capital and interest are
It would be difficult to find to tainty can be almost entirely miles. There would be an ample Financial Impression Prevalent Washington, September 7.---
eliminated. in favour of premium bonds at secure, and the holder may make]
margia for even greater diver the annual meeting of the profit by its redemption at 100. Such agreements for closer day an aeroplane designer, or
There are, by the way, good gence from the course. But with manufacturer, an aeronautical: Trustees' Corporation, of which In essence it is a premium bond, co-operation in war motivities as he is chairman, explained more but of a type which dose not may be entered into by Viscount engineer, or an aeroplane pilot alternative router to the shorteatr, lack the trip might be secom- For be firat attempt a flight fally in an interview with appeal to the man with small Ishii, bead of the Japanese who would not admit that a flight with halts at land, namely, plished in sixteen hours. representative of the Observer the savings, who looks for something Mission, and Secretary Lapaing, by aeroplane across the Atlantic no thern route, via Greenlad
the, more attractive than the promise will be based largely upon the from land to land is a certaints/aud Iceland, of which the stages from east to west is undesirable | New York Evening Post, writing national advantages .of echeme. He referred to the of $5 by 1947 for each £4 10%, conferences between Vice Admiral of the near future; that, indeed, are Labrador to Greenland, about oa áccount of the big indentations on August 23, sayo:—In con⚫ enormous wage land of the paid now, even with 5 per cent.Takeshita and American naval the event is only awaiting the beat 650 miles; and Iceland toywinde, moreover, are more fra at the pressat lime, there are 600 miles; Greenland to Iceland, in the American coset. Westerly sidering the finances of the war officers. country 8, & rast reservoir, of
long continuing, three broad considerations upper- potential savings which might To the small investor the rate
It was indicated at the State are the people who know what Scotland, about 500 miles; and a quent iban
can be done, Without their southern route, via the Axaree, reliable easterly corrents. Bus moet in men's minde. Ons is the come back to the Government in of interest is not material, The Department today that the form of a lown if a really man with £1 in his pocket is not outstanding points had to do Asent the visions of posts and consisting of two stages the first in a very little while after the actual fiosrcing of the war while inclined to part with it for a with transportation, and it weg dreamere could never be realised 1,200 miles to Horta (Fays]), and first crossing flights both wayein progress, through the process attractive appeal is made.
"The German war machine promise of le. a year, which is 5 stated that to determine questions To-day their soawer to the qtugal, 500 miles, Both indirect | time occupied, of course, varying | tenanos during the war of the in- may break sooner than is expect. per cent. interest. Bat give him ed, or the end may, be bastened a smaller rate of interest, and Japanese" Eval representatives crossed by aeroplane ?" in "roates are off the main steamship considerably according to wind. {ternational credit system, so that
trecke, the southerly, mostly so, BOSWIT" We
The Nerve of the Pilot. payments between belligerents by Austris," he began by saying, apply the balance of the per cent. would confer with experts of the . Test
certainly supplement, with but they afford etopping places,
Probably Transatlantic machin- and neutrals shall in some way be bat it is of the utmost import-in providing substantial boucees Navy Department.
wili."
where a full load of petrol and es will have two pilots. It is doaht. continued. The third is the fin- Secretary Lansing will meet ance that we should base cur plan or prizes to be determined by
"The business man hes objected oil for the engines could be taken fal whether any ose man could ancial condition likely to prevail
aboard. on s protracted struggle. The drawinge, and his attention ia Viscount Ishii again on Monday,
when it is expreted a more that the crossing will be no more
endure the whole flight anaided, when pesca itself is declared. strain of another winter should so easily aroused."
Many seaplane pilots £nd that. In this country we have det öne Carros, and the Iste Gast long voyages out of land are cardinal principle before o weaken the resistance of Germany "Can you give a practical definite outline of the negosis than a desperate adventure, little
batter than flake, proving Bamel urged for the first attempt that the 1918 campaign will be illustration," Sir George was tions will be made.
nothing and leaving us as far cΠ( Involved in the problem, are
extremely extaneling to the namely, that taxation must always asked, " of how the scheme would; decisive,
the non-stop fight on ordinary "The
the questions of aid the Japanese ever from the establishment aeroplanes anencumbered with nerves, and that the sense of bal-be on sufficiently drastic resle work?" question of playing:
of a regular Transatlantic service.
naca is temporarily impaired. In to insure new and permanent power is all-important. It hae! "Certsioly. The issue might Government can give in increasing many aspects of which finance ie) take many forme. I will assume, the ship tonnage in the Atlantio Three yesra nga that view wool, floate; and therefore able to carrycrossing the Atlantic there would revende, enfficient to smply re- only one, but a very important for the sake of illustration, a very as well as in the Pacific, the aid have been justified. To-day it Hamel, before his untimely death, vilot would see nothing bat ceann national debt, both during and a larger supply of fuel. Gustave hours upon hours when the cure all fixed charges on the one. Already it is clear that simple basis. It is the scheme that this Government can give not. The interval between the bad made advanced preparations and sky, labouring all the while after the war. I ay "incore,” her firat Traceatlantic flight and the for the Trausatlantic fight on an ander accertsintice and anxieties though that should be recognised carrying са "Germany is a realm where bank prepared for the Parliamentary Japen in raploy will reign after the war. Premium Bond Committée, of shipbuilding programme, and establishment of a regular service aeroplane which was designed us to speed and course, It would a rather difficult thing to se Financial embarrasements are
which Mr. Hame Williams, K.O, the possibilities of Japanese will be less than a decade: pro- ie cbaircasa. It has been so well Jarde increasing ship construc- gress will be far less slow than at the sacent to drop its cader-be such a trial to a men that the 'complish, either in Great Britain thick upon her.
that of marice navigation in the Carriage and become a
mere il pioneers will have to be of an or the United States, when con- The financial strain is great thought cat that probe bly notion for the Eatente Powers.
By the american and fourteenth and ff eenth centuries, ug raft capable of sating in the excaptionel type. But the world ditions are so wholly abnormal here also. The handreds of better illustration of the premium millions raised by the last War bond method osn be given. I Japanees conferrees it has been when a "ebip that sailed for event of a forced descent in. 156 always provides the pioneer, who that much of the revenue bé to Loap represented a wonderful give its features from memory, made clear that the only ques America faced bigger riska than water, but incapable of rising would have been dependent upon
come after..
actor reflecting, war rather than achievement by the Chancellor of and may not be exact in trifling tions to be determined are those will the Traceatlantic pilot of from the water sgain, Hamele binge easier for those who be treated as temporary in char-
looking to A better mesne of next year. the Exchequer, but they are not detaile.
Quickly after the first success normal conditions. a single engine. In that respect fal crossing Transatlantic flying Our Ferrymen," inexhazetible. A new loan will "The last War Loan cost the uniting the forces "of the two
That is why, is this chunky, the great aviator Garros was in will become methodical. Probably we have endeavoured to meet the For three years the pre- next: Government El per cent. The countries in the war and it was necessary, perhaps
And if one the revenue received in the shape the eyes of nearly all of us to de- to be remembered that all the ingresi i
records by which the non stop ism and accentories that gineering in extra-war aspects, When peace comes-peruspe like fight bas increased to twenty- actually available any doubt last year, may easily rur up to 150 are thie revenue, during the present a thief in the night we shall four hours bave been on single regalar Transatlantic Bring ser.or 200 millions sterling, we shall wake up in a transformed world. agine seroplanes, showing that vices are very soon to be establish take care to have sufficient from Interest, tax free 26 per cent. "Premium bonds have been Louis Bleriot's fight across the Barc-motor reliability is even cowed would be cleared away.
our other taxation to insare the Prizes
pasiderable. It is, however, now 1 per cent. successful in France, where they English Channel in 1909 weess
And then will be an end meeting of all fixed charges on Incoise' tax
...1 per cent. have encouraged thrift. Why "foolhardy ad would be an pesible to take into practical that six days, faced by present the debt. Sabject, however, to should they not be successful attempt to fly the Atlantia this consideration machines having a day travellers, of almost complete this one stable proviso, we are of per cent. here? If the money is not saved week on a modern aeroplane. He dual-power plant, one unit being severance from the world, not the opinion that taxation should
it will be spent.
would be a mad pilot who to-day is emergency power in the event
mofficient to fly with, so that there without danger, besides being not go to the point of endanger- may be called the capitalist class "First, a regarde intereat, "The mean of investment get out to cross the Chandel on responded generously within the Each bend would be for £1, es se open to the working classes are Bleriot's fragile craft with it of the breakdown of one of thes, costly, and wastefal ing eaccess of lean fotations.
As to coat, the new era of a I have reason to think that, limits of their capacity, limits to be available for very small few. The rich man has many faltering engine. By the day of motor":
One great factor of uncertainty the time spent in travelling so ie adhered to, one of two methods. bich were considerably strained savings. It would be camber opportunities of employing his the outbreak of war, from first to
regaler flying service will make assoming the voluntary system. But the enormous wage fand of some and expereive to pay inter capital to advantage, and adding last during those five years, there that of keeping a straight brief that the food and laxaries may be adopted. One will be to the country did not contribute as est periodically on these small to it. Why should the poor man bad been less than a hundred cross-course. It is a simple matter to of present-day travel will be adopt more or less the plen now it might, in spite of the bandred amounts sepecially at a time when have no similar opportunities Channel digute. Now there are carry a compar, and to escer by reduced to a trifle, millions or so collected by the every office staff is reduced. The eave in betting and gambling? & hundred per week. To by from it. The aviator knows the dir-
in vogue on your side, namely, War Savings Associations in two £1 bonds will therefore be repaid Why should the State not provide England to the mainland, or from ection of the points of the com- man whose money is in the flying for one thousand million pounds, The practical flying man, the smaller loans than our last boo yenre ander the able direction of at 28 at the end of ten years, him with a legitimate mesne of Flanders or France to England is pars, and heade his machine in business, regards Transatlantic with the object of securing ever- Mr. Kindersley. This sub That is equal to a repayment of gratifying the natural and com-to a Service, aviator one of the relation thereto. Bat with air services as a certainty. It is subscriptions. The oiber method scription, although large actually, principal, with compound interest mendable desire to use his little mere incidents of bis calling, nothing in view save cea and sky for the nation to take full men might be is mall relatively.
at 2: per cent, the old rate on capital to advantage, without risk The men who have it to do as the he is unable to accertain the eare of the new era that is draw-ceedingly large loan-Isrger than Console, but free of income-tax. of loss, but with a chance of sub-principal part of their routine are amount of drift be may be making ing. To the United States and the last-bat with insta menta come of the astion is in the form "The li per cent for prizes etantial gain?
known in the Air Services as
owing to wind, and he may have England, now joined in arms, spread over a greatly prolonged of weekly wages, and reprefer te caid permit of a distribution of "Even if the State were not" ferrymen."
a very erronecas estimate of the their destinies Os some days a sam of over a thousand millions, £150,000 in prizes annually, or pressingly in need of all the na- whole quadrone, besides alderength of the wind, and, there together for all fature, the science imagine there will be a clanso closer period. In that case I should In those times the yearly wage £76,000 each six months, in tion's resources it would, in the machines, wing their
ford, may greatly miscalculate bis way across. fand is far beyond that. Bere, respect of each issue of £10,000,- opinion of many, be a wise thing Every man ought occasionally perd. In the case of marine which at one mighty stroke gate for bidding any applicant to pay up the distance from five or six in fall, as the object would be to then, is a vast reservoir of poten- 000. These vary from £1,000 to to institute premium honde in the to look round and try to under navigation the currents Bre chars days down to one is to be hailed give the Government the "call" tiel pavinge which might come $5, and would be decided by interests of national thrift,
28 BD angel friend of the canoord of money over a very long period, stand the meaning of discoveries ed, and their speed, which is back to the Government in the drawings,
Certain precautions will be and erente, se they will influence ever great, ie known; in serial of great civilisations, Flying rather then to escure a huge form of loan if a proper appeal "Every bond drawn and win-cece.eary. Working Де sze our welfare in the days to come. avigation the corrente are not which came to us in blood and war amicunt on a given date, with fie aing a prize is to be paid off and ebrewd, At first they may be of theee things seronautics is charted, and their epeed many he will serve pesce in far mightier consequent disturbance to mone- "I fear the officials of the extinguisbed. The drawings soepicions of new appeals to their among the most important. It encrmone. The dead reckoning Treasury who guide the Chan would go on for ten years, pro- pockete. They may be afraid of concerns paticnal welfare, the which is canelly faily secuate in cellor do get give much stads viding colour and interest balf-being exploited by unscrupulous amenities of civilisation, national marine navigation cannot be
Meanwhile, sad -as dialicct to the psychology of the people. searly to all holders whose bonds agents or intermediaries. It is prestige, and in a very special de-relied upon in serial travel. Out
from the question of actual loan They do not seem to realise that had not been drawn previcuels. essential to remove those fears.gree nations! defence and all that of sight of fixed landmerke an
raising internally, there is the were security of capital, and at the end of ten years the bal From correspondence I have is included, in the term air seroplane may go widly out of Merare. J. Spunt and Co.'s problem of external payments on fixed rate of interest, arouse no sace of the loan would be repaid received their fears appear to be
the estimated course.
weekly cotton market report, the part of all the belligerents. power. enthusiasm in the man whose with interest, and no one would two fold:
Before the war a fight of 320 Interesting Wireless Data. issued on October 11, states:Thanks to our economising of our savings run into a few pounds have lost a penny of the money 1. That intermediaries may miles from Scotland to Norway
The advantage of keeping to The market has been pretty gold resources, Great Britain's only. Nor does the man with be subscribed. This this where bay up the bond issues and had been made by a Norwegian steemship routes is obvious. The sctive during the part week strength in this matter, especial- small savings bimself realise that the plan differa in principle from
retail them at a higher price aviator. Before the war a man had writer has reliable date, showing and a farther material advances with regard to the South they are of vital importance in lotteries and South Sea Babblest
African output, is of enormone than that received by the flown for over twenty-four hours that by so doing sa sviator would of The 1.50 to Tle, 2 the prosecution of the war. Tell and rubber booms and other
Government.
on a slow machine in an ender- not at any time be more than half pical has been established with a importance. At the same time, him that mountains of munitions mischievous and often disastroue 2. That intermediaries may ance test, covering a distance of an hour's flying from a steamship more general interest on the part and as regarde not merely the will emesh Germany. He agrees gambles.
sell bonde in respect of which 1,200 miles. During the war e equipped with wireless apparatus. of the local mills and outside possible prolongation of the war, with enthusisem. Tell him that "The scheme was preferred by the prizes have been draw Frenchman, Becond Lieutenans This extraordinarily interesting public, who freely enlisted on the but the conditions likely to arise millions of pounds will provide Sir William Pleader and Mr.
already.
Marchal, few from France to fact, which has not hitherto been ball side, das more or less to afterwards, it is increasingly the mooztaine of mazitione which | Ball," general manager of Lloyds
"It will be easy to provide Rassis, 1,242 miles, There have observed, is of immense import heavy advances in the New York clear that the problem of the will smash Germany. He agrees Bank, and several members of safeguard against bath these been raids on Eesep, and forty ance bath in marine and aerial market coupled with the sharp fatore will be to devise resouross .Again,
the London Chamber of Com-fears.
miles beyond. There are reguler navigation. It really brings the decling in the silver market. The of exchange and international "Then tell him that the small merce were on the committee "I am not so rash as to esti-aeroplane mail services, one becanestleatic flight by an aeroy ara situation, on the other head, credit which shall not depend savings of the people will provide which settled it..
mate the number of ten million tween Sardinia and the main plane equipped with wireless to neema lifeless with very small bas entirely upon gold. these millions of pounds, and that "These prizes will be won by issues which premia bonds land.
the quite practical stage. inces doing sad ualosa a decidèd This will be an outstanding therefore, the small caringe of small investore in all parts of the might cell forth, Mask depends
Since the war began it can be improvement takes place abortly problem until abnormal condi- the people will emash" Germany. country. They will be the best on the manner of their introduc- The distance across the Atlan-shown indeed that the idea of a the replacing cost of cotton will ions become sufficiently normal Except in a relatively small num. advertisement for future issues, tion, the skill with which the tis by the shortest direct route, Transatlantic flight has developed show no inducement to spinners to make the trade balance bet- ber of cases the Isat proposition The neighbours of the prize wine issues are managed, and the de- namely, from St. John's New from that of a rather wild adven-to part with their holdings at ween the various countries of fails to move him. He does not nere will know of the good fortune termination to make them sfoundland, is 1,800 miler, but it tare to a perfectly sound eater-raling rates. While it is difficult more crdinary dimensions. In- realise the power of the only of the winners, and will be stima-saccess. The working of the is reasonable to get help from the price.
to give a forecast of the pre-deed, even when peace occurs, it contribution he can make. lated to save up and invest, in-scheme must not be left to unwind, increasing the number of Machines that would keep up sent complicated situation, the is quite clear that there will be What then will appeal to the stead of spending their money willing converta who could point miles per hour travelled by the sepred of more than eighty miles general feeling seems to be little material change to the pre- wage earner? Something which doprofitably,
to a failure as a justification of machine. In the record flight of per hour for twenty or twenty-five more on the ball side then tent grest Trade balance in faroor contains a hope of profit large în It will be an immense stimulas their objections.
twenty-four hours the aver-hours are in existence. That otherwise, and with anch of the United States for many proportion to the som invested: to thrift. The saving habit will "But I do say that no legiti-age speed of the machine mesna a distance capacity of cables from New Orleans regard. years to come. It is true that on Give him a security where the spring ap in multitudes of cases mate means of attracting the wes Lees than forty-nine more than 1,600 miles, Bat the ing the firing of the price of raw the one hand there may be a great capital is safe, where a moderate where it does not exist at resort. Bavings of all classes should be miles per heat; had that fight first flight would be made with a oction at a minimum of 30 cents rush of American tourists to rate of interest is safe, and where, Exponditore on imported goods neglected, having regard to the been made in a direct line on a favourable wind, and this, which per pound, very little hope of an Europe. The spending on the in addition, there is a fair shapes will be checked. The growth of great and growing financial needs following wind of thirty milre can really, in the opinion early declins in values can be part of your citizens in Europe of considerable gain, and I be the enormous trade balance of the Gvernment. The issue of per hour, the distance travelled of the highest experts, looked for pending more news may be upon an unprecedentedly liste be will respond. All these against or, even now 40 or 50 the war depende on the mobiliss would have been 'nourly 1,000 be an absolute, certainty, would on the subject, Another leatore large scale. But even that in conditions are falfilled by pre-millions a month, owing to the tion of all our monetary resources, miles!
increare the range to at least that must not be overlooked isilaenes would be more than offt mium bonds."
excess of importa over exports, for none of our Allies, zoepi But meobines having an. In 2,20 miles, “With the 'wina "
that a fair export business is by the tremendous orders which There is no difference in will be arrested, and the Govern-America-not- even France dependent - speed, of eighty or in an seroplene means that go reported, which will no doubt be would "poar into America in prisciple between subscribing for ment will get the use of a sem could continue the war without zibowy miles per hour and cap are “racing the wind "by what another contributing Belor in connection with the repauring a premium bond, in the hope of which, in the aggregate, might be financial smirtance from Great able, moreover, of non-stop flights ever air-speed the machine reupholding prices. Tone of the the destruction in Belgiam / getting something more than your very large,
Britain.
of twenty or twenty-five hours quires for its capport,
market firm.
elsewhere throughout Europe
**In normal times half the in-
were made.
"
a
4
The Way Across.
ways.
bound
Chinese Cotton.
per
tary conditions,
13