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ESTABLISHED 1883. MANUFACTURERS OF
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Mr. U. SUGA Mr.L. HONDA
Mrs. A SUGA Mrs. 5. HONDA
8 Queen's Road Central
Hongkong.
METALS
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SINGON &
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(Established A. D. 1880.)
HING LUNG 5T.
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MEE CHEUNG ICE HOUSE STREET.
FOR.
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•
VÍSIR NEW FRENCH REMEDY,
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General Managers.
NORTH BRITISH
AND
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THE OCEAN MARINE INSURANCE CO., LTD.
AND
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THE HONGKONG TELEGRAPH TUESDAY, JUNE 10, 1919.
THE STRANGLEHOLD ON TRADE.
REMOVE THE SHACKLES OF!; BUREAUCRACY!
Mr. Sydney Brooks writes- Mr. Austen Chamberlain began badly. But in the past week he has retrieved his position by two strokes of policy.
He has "unpegged" the Ameri- can exchanges he has lifted the embargo on new capital issues.
JyJoyal Warrants of AppsvísČIOR TAG. sharang Three Succnatore #magze
JEYES FLUID
These are both signal acts of liberation. They restore freedoni to two great spheres of business and finance They allow capital which is the motive power of all industry, to flow where it will.
So far as they go they abandon the "always fatal, always futile, efforts of Government to super sede the laws of supply and de- mand and squeeze the infinitely varied operations of trade into a bureaucratic pigeon-hole.
And both decisions asked courage. We may see the pound! sterling, as measured in Ameri- |can dollars, fall to an unheard-of level. We may see gilt-edged securities of the pre-war pattern; somewhat shaken, and Govern- ment borrowings made rather mare difficult, as the result of releasing fresh capital issues from the supervision of Whitehall. Į BEDROCK TRUISM. Never mind. Things will quickly right themselves. have only to hold on, and the disturbance will pass.
More effective than Government prop" of British credit abroad or at home is the simple freedom of the average man to buy and sell and invest
as he pleases.
Mr. Chamberlain has achieved, at any rate, a partial vision of that bedrock truism.
Let us encourage him to go on) til the last vestige of red tape has vanished and British industry
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standard and we are on the is free to stretch its limbs once downward slope that ends in Imore. "
economic decay.
For this new fight for libert Enlightenment will come. To- has only just begun. Mr. Cham-morrow we shall see the necessi- berlain is not yet wholly weaned ty of liberating all capital issues, from the idea that only the whether for home, Imperial or bureaucracy can safely manage foreign employmert, if the stakes the business of the country and we have acquired in every quarter its citizens.
of globe are to be preserved. “
He has set capital free for domestic purposes. But he still insists that before British money can be employed outside the United Kingdom a licence from the Treasury must be secured.
On what ground. I wonder, is this distinction maintained?
The courage to take the plunge to face the music, to trust in free- dom and its radically restorative effects, is the one thing needful. All Ministers need this courage, but Mr. Chamberlain most of all, for nothing else can be right with a country if its finance is wrong: and the war has bequeathed to us financial burdens hideously ag- gravated by political pusillanimity and Treasury incompetence.
WAITING FOR PEACE
THE UPHEAVALS IN CENTRAL EUROPE
Boston, March 28--The Hun- garian upheaval, genuine or feigned, has created a feeling of uneasiness at this financial
Taken centre.
by itself, it is by most .. persons regarded as mere froth. Among bankers and merchants there is, however, a tendency to view, it as an outcome of the ineptitude of the Allied statesmen, and it is this, and this alone, that consitu- tes the seriousness of the situa- tion New England was far more tranquil and cheerful during the worst periods of the war than it is to-day; it really had little doubt regarding the outcome of the fighting, whereas it appears to have a great deal of doubt regarding the outcome of the peace deliberations.
The Teutonic Powers admitted [defeat; their military forces have been demobilised to a very con- siderable extent; their military supplies have been heavily reduced by transferrence to thet Allies; their multifarious Govern- ment have been revolutionised and presumably, for the time being at least, rendered less capable of resistance to outside pressure. Yet they appear to be more of a menace than they were on the morning of November 11, 1918.
•
we
Briefly, the situation here amounts to this: While were not afraid of Teutonic armies, we are now more than a little afraid of Allied statesmen.
The latter appear either because of an initial fail- ure to grasp the essentials of the situation or because of obstruc- tionist methods on the part of some of the delegates to the Peace Conference, to have come dangerously near pursuing a course which can be described only by the words "from sub- lime to ridiculous.”
OUTCOME OF ANARCHY.
This is not overstating the case. At this distance it is, of course, not possible to frame a satisfac- tory Bexplanation of the alleged conduct of Hungary in ostenta- tiously throwing herself into the arms of the Bolshevists. At this centre, however, there is a strong feeling that Germany is back of the movement. On this supposi. tion; a leader of Boston finance
P
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THE CHINA: PROVIDENT LOAN AND MORTGAGE CO., LTD.
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said this week. It is calculated THE SIAM INDUSTRIES SYNDICATE to put Germany in a position to laugh at the terms of the Peace Conference and to say, "What
ате it?
you going to do about And what are they going to do?" This way of stating the case may or may not accord with the facts, but it is certainly re- presentative of this community's way of looking at the situation. But even supposing that Germany' is blameless in this matter, the largely jud-series of upheavals in Europe,
Take, for instance, the Ex-
of. To what was London's financial and commercial pre-eminence due if not very largely to British investments abroad? What was it that more effectively balanced our trading accounts. buttressed cess Profits Duty. I venture to think Mr. Chamberlain's capa- British credit. and developed a world-wide, commerce than the city to meet these tremendous
times will be speculative pluck of our people
The Undersigned AGENTS for the above Company are prepared to ACCEPT RISKS against FIRE at Current Rates, SHEWAN, TOMES & CO. Agents.
CREEN ISLAND CEMENT COMPANY, LIMITED. '
PORTLAND CEMENT.
In Casks of 375 lbs. nat. In Bag of 250 lbs. net.
SHEWAN, TOMES & CO.
General Managers. Hongkong, 16th August, 1916.
*
MASSAGE HALL 23. FLOWER STREET.- MR. T. TAKAYE, MRS. MORITA, CERTIFICATED MASSEURS. PATIENTS TAZATED IN THEIR Own Hoses IT. DRAPED.
THE
in sending their savings to exploit ged by his handling of this single the resources of all corners of problem..
the earth?
Why should we now abandon the incomparable position we had thus won for ourselves to the
Americans?
PENNY WISE AND POUND FOOLISH.
teach
try
that a
How many people realise that we are now raising from the profts of industry some £300,000.- 000 a year? And who on earth There are huge treasures of expects British trade to bound metals and oil and these are the forward, or, indeed, to make any real key industries "waiting progress at all, with such a mill to be unlocked all the world over. stone round round its neck?
The New York capitalists have
Here again our old principle of laid their plans for swooping freedom comes in. To teach us down on them. What chance what? To have we of forestalling them if Chancellor who thinks only of every company that wishes to raise. British capital for invest-revenue is as foolish as a man- ufacturer who thinks only of ment. in the Dominions or in profits; that it is bettter for the foreign lands has first of all to State to forego a large amount of apply for a Treasury permit?
ready cash rather than fill its We know well enough-the coffers from а tax that war has taught us the ways of hamstrings: enterpise. and these Treasury Committees, with checks development; and that their endless forms fand formali-while it is just that trade ties. their arbitrary and fantastic should contribute from its decisions, their intolerable delays, profits to the national
To interpose such an obstacle penses it is utterly wrong-a- to the fertilising flow of British shining instance of penny-wisdom capital is in effect to hand over and poundfoolishness-that its to the Americans the financial contributions should be on such a scale as to clog the instruments Mr. Austen "Chamberlain does by which alone new wealth is not see that ret. He is still to
created.
The same maxim holds good some extent the slave of the myopic timidities of the Treasury for every form of commercial, atmosphere. He still believes manufacturing or financial that the nation gains more by in-enterprise. Muffled up in a. vesting in a Sheffield factory than bureaucratic respirator to protect in a Venezuelan oilfield or 22 her from the quickening air of South American iron ore mine. freedom, Great Britain will He does not yet realise that merely stumble along, losing Great Britain, from the stand with every timid step she takes
not an isolated group of islands in point of commerce and finance, is all sense of direction.”
Give her freedom- not on Sep
LONDON DIRECTORY, predominance of the world.
(Published Annually) enables traders thrwegnől; the World to communicate direct, with Kaglikh
MANUFACTURERS & DEALERS in each clam of works. Berides belag compiese commercial guide to London and Suburbs, it contažna liera në m
EXPORT MERCHANTS ·
with the goals they hip and the Pasionis and Yorwigs Macker they supply: slo
PROVINCIAL TRADE- NOTICES ·. of leading Manufacturers, Melchach, ers in the principal Provincial Towns and lo Hartzial Centres of the Toited Kingdom Baines Cards of Merchants and Dealer recking
BRITISH AGENCIES
an now be printed under on tode in which they are interested as a cost of ter each trade heading. Larger lection. Imanta Zrom ES to £12.
A copy of the dinsatory will be sent by posti Jon, receipt uf, pormal nader for £,4-10-0.7
THE LONDON BIK ZATORY, DO, STB. L-Abchurch Lane, London, E.C.
ex-
of which the Hungariah revolt is merely the last, seems none the less, barring greater skill at Paris than has yet been made manifest to the world, to point to an ic passe.
Frankly, New England has 2 fear that the positive fruits of the war are in danger of being lost to the Allies. The feeling is uppermost that too many cooks are spoiling the broth. By one New Englander whose views are usually listened to with respect the situation in Paris is likened to that of persons quarrelling while the house burns over their heads. Such view may be unjust
in the Peace Conference, but they are nevertheless widespread. Rightly or wrongly, the Peace Conference is blamed for the pre-
sent chactic condition in Europe.
WHAT GERMANY WANTS. Why? Because, according to the prevailing view here, it has misconceived ita task, bas squandered its time, and has done everything in its power to goad
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Samples & Prices on Application to
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Sole Agents.
E. HING & Co.
SHIPBUILDING MATERIALS, SHIPCHANDLERS AND
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25, WING WOO ST.
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FRENCH LESSONS,
G. MOUSSION, 15, Morrison Hill Road.
THE MOTOR UNION
INSURANCE CO., LTD.,
(INCORPORATED' IN ENGLAND)
Being agents for the above company, we are prepared to issue POLICIES against FIRE the enemy to despair and thus and MARINE RISKS at cur- rob him of his reasonableness. rent rates. Germany was decisively defeated") in 1918 and was put completely at the mercy of the Allies. The evidence is incontrovertible that she knew this to be the case. Her people, like those of every other nation, were anxious to get back to work immediately, to put" the war
behind them with the least delay, to
For further particulars, please apply to UNION TRADING CO., General Agents.
Yorkshire Insurance Co.,
Limited. ESTABLISHED 1884.
The
Undersigned AGENTS
for the above Company are prepared to ACCEPT BISI8 sgainst FIRE at Current Rates, SHEWAN, TOMES & CO AGENTS.
regain their wonted comfort (so end of time be automatically industrial interests are after far as possible) "as quickly as settled...
convinced that the Alllesy will might be. These aims could not
It is not necessary to discuss muddle through the present be accomplished until the peace the merits of this programme situation successfully under the terms were definitely framed and per. It may be the right thing, preasure of public opinion. There signed. The Fasce Conference, but the common sense of New is no real fear of Germany in however, having met to settle a England says that at this time this section of the specific and urgent question, and in these circumstances it is real terror of Bols apparently decided to link this the right thing in the wrong place, appreciable drama, question up with a method by Yet it is encouraging to note calcitran which all questions, related or how little effect such innrelated to the war of 1914-1918, chaotic factors as the
utare, military politi-apheaval have hai on our me or social, national Alienationde
onal could until the
the North Sea; is greater even tember 1, but now-to import and than the British Empire; in fact, export as she pleases; remove all the whole world.
these strangulating wrappings of licences and certificates; let her COURAGE TO TRUST,
business mer attend to business Once narrow, our range of instead of running round vision, once cease to think Government offices and you will, internationally, once start soon find that our old country, measuring our commercial and which was never youngarihan.: financial needs by any merely now, will reconstruct”: herself in cal national
merely Imperial more then her former splendour.
of our