FALSE EXCHANGE AND ITS COST.
BY COL WEDGWOOD, M.P.
Our exports are too few and our imports too many. We have sold
f our American securities to pay for imports. We have no more gold to export wherewith to pay. Our deht to America is
enormous.
This would, in course of time, right itself naturally. The ex- change would go against us;" that is, a smaller sum in dollars would buy a pound's worth of Foods. But, by means of ever
wing credits, provided by Messrs. Morgan for the British Government and British people, the exchange is being artificially kept at 476 dollars to the £it the Government would cease to raise fresh credits in America the exchange might drop to 3.70 dollars to the £. This
provide
natural would stimulus to our export trade, a natural check to our imports. It
A
uld do exactly what the Board of Trade is trying to do by licences and prohibitions.
Take first the effect of a fall in exchange on exports. The Amer- ican consumer would find his dollar go 25 per cent. further in
it this
than
does country at present. He would have
per cent.
25
more
reasons The
for buying from us. American investor would be able
invest his capital here 25 per cent. cheaper than before. We want parchasers, and we want capital. Therefore the change would benefit the export trade.
Imports would be reduced. The goods-food and cotton and machinery-that we buy from the States would cost us 25 per . cent. more.. The prohibition on the investment of British capital abroad might be taken off; no one would want to pay 25 per cent above present prices in der to buy stocks and shares in America. I should add that it is not certain that cotton would cost us 25 per cent, more, for the Americans have to sell in any case, and must take what they can get.
די
change to appear.
THE HONGKONG TELEGRAPH.
FRIDAY, MAY 19294
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J7
returning to
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NOTICE.
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NOTICE We have authorised
TO BE LETA 5 roomed house in Conduit Road
Mr. John Johnstone Pater-from 1st May next. For parti son to sign for the Company culars apply to
per procuration " from this date.
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& CO., LTD. Hongkong, 1st May, 1919.
TO BE LET.
H. M. H. NEMAZEE,
1, Des Vœux Road.
NOTICES
SPARKLING MINERAL WATER.
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AN EXACT REPRODUCTION OF A WELL-KNOWN SPA AT HALF THE PRICE BLENDS PERFECTLY WITH SPIRITS, ESPECIALLY WHISKY, S. WATSON & CO., LTD.
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THE
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GENERAL NEWS.
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THE MOTOR UNION INSURANCE CO., LTD.,
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LIBERTY MALT
BEVERAGE.
James Stagg, who for many was the years prior to the war professional of the Vienna Golf Club, has just got back home to Musselburgh, after being a civil- ian prisoner of war for four and a half years in the Austrian capital.
An Australian labourer, living Quarter of à century ago he played full back for Musselburgh at Molong, claims to be Dan Kelly, the bushranger, wires the Windsor.
The Chairman of Crystal Palace Sydney correspondent of the F.C., Mr. S. Bourne, charges West Times. He says that he escaped TWO VITAL REASONS.
Ham United with selfishness and to India, and subsequently fougat Be Considering merely, the export
with badly treating their old in the South African War. and import trades, it may be said
to the of continuing the exchange at! There are between 30 and 40 friends, in whose eyes, he says, considers that this service ex- that the disadvantage latter, almost balances the ad-4.76 are three, as I understand applicants for the managership dust has been thrown. He declares piates his early misdemeanours.
that the West Ham club did not "Ned" and "Dan" Kelly, brothers, WE SELL EVERYTHING IN vantage to the former; that there them: First that the Lancashire of Preston North Ead.
But cotton mills would suffer by har-Lieut. W. Seldon, the full back follow a straight-forward course in were noted bushrangers, who, two other desperadoes, is little case for a change.
worked in Victoria ow the two vital reasons for the ing to pay more for imported cot of the RAF, Service Champion-seeking election to the English with
normal conditions ton. It may be so; but we can ship fifteen, is a Northern Union League.
In June, not afford to risk a million a day:
Mr. W. G. Millar, of the S.A.B. New South Wales. player..
G. and WA, informs us that a 1880, they were tracked by the Mr. D. Copland, formerly of the Suppose I want to buy £1,000 to save 25 per cent in the cost of
record entry of 115 has beea police, surrounded in a wooden Bellahouston Harriers, now re- of American cotton I go to the raw cotton.
The second reason is that if bank or bil! discounter with, my
that Association. The previous gang except "Dan" Kelly were killed. "Ned," who wore a suit record was 9£ £1,000 cheque to transfer it to under natural conditions the presents the Clydebank Football Soured for the championships of shanty, end, it is stated, the whole of of home-made iron armour, and Mr. The South African cricketer.
M'Cartney, Heert Ameriga. I ask for 4.760 dollars Italian exchange rose to 60 lira Club in the SAAA
"Ironclad for it. He tells me he can only to the £, Italy could never pay!
Midlothian. has been asked by was known as the Kive me 3,700 dollars. At the interest on her debt to us, or her Vogler, one of the "googly present day I do not accept his debt to America, which we bowlers, has been engaged by the Imperial War Museum, Bushranger," was wounded and Government backed. It would in effect double Rishton, the Lancashire League London, to send a history of the captured. He was tried, convict offer; I go to a
club.
Edinburgh Footballs for Soldiers' ed. and hanged in October, 1880. Department, which considers and it. The answer is that such a
DAYLIGHT SAVING. Approves my purchase as being rate of exchange would be tem- A sister of John Kerr, the Fuad for inclusion in the archives institution. Grateful in the interests of society." He porary; the exports from Italy Greenock cricketer and Rugby of the then gives me a piece of paper to would increase: the bonus to football player, is the first lady acknowledgments in connection Morgan's, of New York, on which exports being, not as is pur case member of Greenock Corporation.with the fund bave been sent to in all the countries which have Jesse Pennington, the West Mr. M Cartney by Admiral Sir tried the daylight saving plan in due course Messrs. Morgan 25 per cent,, but over 100 per
enormous saving in fuel, gas and pay the full 4,760 dollars. Some cent at first, and till the ex-Bromwich Albion and English David Beatty and Field-Marshall have found its result to be an San Miguel's Special Brew, Guaranteed to be non-alcoholic but tastes
American back, is recovering from
Sir Douglas Haig, day, when we have to pay interest change improved.
The governing bodies of sport in electric light, gardening. trans- industrial accidents, to Mesers. Morgan, and as long capital would rush to Italy for severe attack of influenza.
England are petitioning the Gor-portation. as the exchange stands at 3.700, investment, and again the ex- pneumonia.
ernment on such matters as the eye wear-and-tear, and health, the Out Look: In the British public will begin to change would improve.
Iremonger. Oates, Hardstaff,
shortage of playing fields; the sys says realise that they are paying Over The third reason is less easy to the Gerans, Payton, and Alletsonail for the reduction to pre-war America last summer the day- 1,000 dollars on that transaction fathom. They say there would are all to be available for Notts rates of railway fares in connect-light saving plan resulted in the chat they are giving a 25 per be a "nasty jolt" to our credit County Cricket Club this summer.ion with sport; the taking off of conservation of at least a millioh of coal and of about celt. bonus to the importet in and to financial stability. Un-i C. Falkiner worked in the coal the Entertainment Tax; and the tong
amount of this country. And ever as our doubtedly the bank rate here
pits from the age of 13 till he was importance of providing greater one-fourth in the
Eight bille. The debt grows, as our exports would have to be advanced; un-17. He then became marker in swimming facilities. None of the artificial bour of daylight diminish, and as our imports doubtedly gilt-edged investments
But club where his father was Scottish sport bodies are repre-extra increase, the exchange gets worse would droop still further.
sented. The conference included gave home gardeners a "chance and worse-3.50, 3 dollars, 24 trade and solid reconstruction steward.
An offer of a 3500 purse has presentatives of the Football, they never had before indeed, it dollars where is it to stop?can never come till a firm bottom and the British taxpayer makes is reached. I see no reason why been made at Cardiff for a contest Hockey, Boxing, Wrestling, Ath-gave some men and women the up the difference.
the banks should suffer through between Bombaradier Billy Wellsletic, Lawn Tennis Associations. first chance they ever had to have and Seaman Ivor Powell, the and the Cross-Country and Cy-la garden. The advantage of day- light for recreation to office, elists' Unions. Seen in this way the course a return to sanity.
The New York Tribune tells a store, and factory workers was pursued by the British Treasury The real difficulty is that there Welsh heavyweight.
Twelve of the Australian fifteen appears somewhat short-sighted is no Government in this country and manifestly unjust to the at present. Mr. Lloyd George is for the Imperia! Services matchstory of the U.S.boxer, "Shamus" also found last summer to be very Coffey, which apparently relates great. Indeed, the overwhelming community. But the fact is the away, and when at home is too recently with the Mother Country to the irish-American Jim Coffey. sentiment of the country is for a case is really far, far worse. The busy to understand exchange or at Leicester, are rankers. All the Anyhow, this particular boxer continuance of the plan. British
No other Mother Country men British Government, in addition what it costs us..
are com-joined the American Navy and newspapers are also recording! o-raising credit for the British Minister is sufficiently interested missioned officers.
was ordered to play football. similar experiences and express- Head Ones: No. 4743, naught Real, encral, Hongkong, Talaphoon No. 1739 % 2230 There is
Branch Factory: Wing Hing Street waseway Bay, Hongkong importer, is also guaranteeing or sufficiently understanding, or
a feeling that the In the first game he played ing the hope that daylight saving Frincipal Factory: Na. 71. Korth Brochowo, Shanthal, hins Telephone No. 5885
Cable Addzu "HINGWAR" w25 tackled by fire will be made permanent. the French and Italian importer. sufficiently pushfil, to make a British Olympic Council would Coffey We are artificially and by uso change. The result is that support the holding of Olympic opponents, and when he bad
department goes.. of British credit keeping the lira each
its Games on the Continent in 1929 disentangled himself he stared and We way; at 30 to the £, and the £ at 4.76
have if they were confined to the land, to leave the field and would not The £ dollars.
only the lamentable experience of air sea forces of the Allies..
be persuaded, back.
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3
11
A
and
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He said States. If it be true that Jess has
worth 3.70 dollars, the lira the Treasury keeping up a system Lieut E E Booth, one of the "I'm willing to die for my country deposited. 10,000 dollars with bira which Italian importers now which bolsters up importe and original All Blacks, believes that is, if it is absolutely the bank as forfeit, it really exchange with America at 30 reduces exports by one piece of that Private J. Ford, of the New necessary-but I'm not going to looks as if he meant busi- 4.76 to the dollar-may, for all interference with the laws of Zealand Service fifteen, is the be murdered on the football feldness. He is to get 100,000 one can tell, be rally worth only supply and demand, while the fastest thing on two legs with the by a lot of young assassins, You dollars out of the engagement, 60 to the £. We are, indeed, Board of Trade invents a whole ball in Britain to-day, giving the lira in America perseries of other interference in
and looks like Beer. It Creates an Appetite, and Ensures Good Digestion. Recommended for Children, Women, and the aged. WHOLESALE OR RETAIL VICENTE ATIENZA.“
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Quality containing a larg perpostage of Sintea Starch and Ghats at's sad.” principal components of Flava? Glaven easier to digest and wontalis maza nutriment than Starch Mammfacturel nailer the mow mnitary conditions, 10
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Terins moderato, especially for Arealet Oris executed promptly. THE HING WAH PASTE MANUFACTURING CO., LTD.
Team of of the dam COLONIAL DISPENSARY
can send me to a submarine, but win, losa, or draw, and Dempsey's suit on Shandus Coffey, I'm with each having a third interest you'll never get another football share is to be 27,500 dollars, m the pictures. After Dempsey Everything has been fixed up had signed the agreement, he
hape 22 times its real value order to bolster up exports and Archie Irving, 1/9th Royal For every £1,000 of food that suppress imports. When will Scots, who was reported missing through." Italy gets from America the this madness end? When shall on 23rd July 1916, and is now British tax-payer may, if the we find a Minister strong enough presumed to have died on that
the Williard-Dempsey battle, and now is to knock Jess Willard Italian Government fails to meet to bring departments into line, date, was a member of the Leith eave the venue in connection with declared All I've got to do understand Franklin Cricket Club. In season the promoter, Tex Rickard, says out, and then I'll be champion of tr obligations, have to pay near wise enough to 17 $2,000. This is the road to political
economy?
News
CHEMISTS.
Daily 19the proved a very effective it will certainly to login Shin the worlds If land the punch 14 Queen's Road, Central.
wicket-keeper.
the boundaries of the United that will win