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· BANKERS OPPOSE WAR WEALTH TAX,
MISSING THE PROFITEER: HITTING THE PATRIOT.
Evidence on behalf of the bank- ers was given when the Select Committee on the Taxation of War Wealth met at Westminster recently.
CHANNEL TUNNEL.
PROTECTION OF LEAGUE NATIONS.
THE HONGKONG TELEGRAPH. SATURDAY: MAY 1. 120.
COALITION'S "JUMPING CAT” POLICY.
LORD R. CECIL ON FUSION,
The Aldwych Club entertained Lord Robert Cecil to luncheon: recently at the Connaught Rooms, Great Queenstreet, Sir Arthur Pearson presiding.
Lord Robert Cecil said that the air was full of what was called] "fusion"; they were told that the object was to replace the present. Coaltion, by a new party. Ap parently, one of the chief objects for the change was to get rid of the unpopularity which was sup- posed to attach particularly to Coalitions, Not all Coalitions were bad, but any one would admit who had studied the sub-) ject that Coalitions were not free from danger. They had certain, characteristic defects, and the gravest and most serious defect was what was often called "op- portuniam." It was obvious that | if a Government were formed not; to carry out any particular policy, but merely, as it were,accidental- ly between persons who happened to find themselves in the same) Government, there was a grave danger that it would have no policy of its own-no policy which represented the collective opin-i ions of the whole Government. Its action in such a case would he determined by the political exigencies of the moment k is obvious that, if the policy of modification in obedience public opinion were carried beyond a certain point, you would have an uncertainty and an on- reality which was fatal to all good administration. And if the Coalition really had no policy of its own. and merely waited for an inspiration from outside, the
case
to
was still worse, for the country expected that Ministers should have mints and opinions of their own-that they should. lead the country, and not merely follow the varying phases of popolar sentiment. (Cheers.) In a word, the policy of the jumping eat was fatal to any Gorernment that adopted it. (Cheers.)
against
Proceeding. Lond Robert Cecil said that most eminenent mem- bers of the Government had de- clared emphatically nationalization, bat be was forced 0 ask if reasures like the Transport Act and the Electricity. -Baron--Broile B. 12. Bill did nos coma- rather near to lecturing of the Channel Tunnel,te management, or very exten- at a meeting of the Anglo-Frenchjsive State control. The Parlia Society, held at the Eolian Hall.mentary Secretary of the Ministry recently, said now that the League of Transpors recently declined to of Nations had been formed, it commit the Government either Sir. William Pearce, the Chair-was essential that a legal instru- for or against the nationalization. ment should be created in order railways. He said that he that the companies to which it could aut give the slightest! was desirable to extend an interindication of what the Govern national protection. should be ment's eventual decision would registered under its degis.
be. The Minister of Education (are such an instrument was the other day, that nationalization was reported to have said, only created a Channel Tunnel Com-was a question of expediency, and
any would-be registered under its auspices. The company would that each industry must be con- bolt all the share capital and allsidered by itself. though the the debentures of the French and
Government had decided that the English companies, and wouldplicated for nationalization to be mining industry was too Com elect the minority of the French) and English directors
successful in it. This seemed to boards of those companies.
the him (Lord Robert) an instance of a failing of Coalition The net The majority of the directors result was to produce uncertainty would be elected in accordances and bewilderment in the public
the
provisions of the mind, and uncertainty might Articles, by the British and really be described as the food French Governments.
by which industrial unrest was sided, said there could be no
Viscount Burnham, who pre- nourished. Cheers.)
Had not this Coalition disease!
man, said the sum of £4,000 [b]- 000 represented the estimated total savings of the whole rom. munity. The sum really before the Committer was one-third less than that, roughly £3,500,000,000, Mr. B. H. Martin, director of the Bank of Liverpool. and Martin's, Limited, and chairman of the British Bankers Associa tion, gave evidence at the request of the Insitute of Bankers and the London Clearing Bankers.
A tax on war profits, he said, would undoubtedly appeal to the electorate as a jest one. end it would go far to appease the re- sentment felt by the public with Wards the
zar profiteer. In regard: however, to a tax on war wealth, in other words a capital levy, it was the opinion of the bankers that such a tax would be question that the tunnel would extended to foreign affairs also? be of untold value to both Britzia) He did not want to examine the and France.
a direct attack on thrift
ونات
history of the Government policy in Russia-la voice: "They have not got any." and laughter)-but even now, could say one say for
RZAL OFFENDER GOES FREE. "The man who has stinted bimself during the war," said Mr. Martin. "and has, by diminishing nearly £400.600,000 of War Say-Leertain whether they dit or did bis expenditure even in a time of Tags Certificates, besides a great not intend to enter into relations rising prices, sared money in deal of other savings. For it with the Soviet Government? order to help the State by invest-would be substituted the deter-With regard to Turkey. M. Poin- alent in War Loan, is now to see mination of the public to spend in care declared in a recent speech that saving raided if it exceeds order to have a good time while that, up to £2,000, even if he can prove that the means existed.
the beginning of in amount it is no more than he "We roused the hunt to chase Government was vehemently is January the policy of the British was putting by year by year in the elusive profiteer," added Mr. faroor of ejecting the Turkish pre-war days-
Martin, biz he has, either by Government from The real offender in the eyes of crafty manipulation in his deals nople, and that then it entirely Constanti- the public-the profiteer, Bauntput his spoil out of our reach, or went round, and became strongly ipg bis newly-made riches before has so manoeuvred that we can-in favour of allowing them to re- the public in magnificent motors, not enmesh the rogue in our net main there. As to the economic In larisb dinners, and garish unless we catch jewellery, race horses and general ostentation-goes free, for is he
not wise enough to spend and not to save?
patriot as well.".
the
DANGER OF PANIC.
honest chaos of Central Europe, a recent
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observer in Vienna had pointed out policy was needed, and not were existing system. that you would find, in two almostly a series of expedients to deal giving a new and definite form to Indeed, by Mr. H. W. Paine, joint manager sitting to devise measures for the
adjoining rooms, one Commission with such emergency as it arose, the present arrangements it might "What could be more destruc-of Lloyds Bank, said be entirely relief of the starving population, Observer
He thought it was stated in the actually make things worse. tive of thrift, and at a moment denied that there was any such and another Commission sitting
recently that wben, if England is to recover thing as war rapidly and completely from the country 23
new party" proposal was based wealth in the to consider how this population on the personal rivalry of two with constipation or liverishness
WHY BE MISERABLE a whole. ravages of war, each citizen would be the greatest blow to the Allies. Laughter.) He sc- necessity of maintaining the pre-to set matters right? These A lary might pay a large indemnity to distinguished statesmen, and the when Pinkettes are all you need should spend every working hour thrift which the nation had ever cepted fully the assurance of the sent Prime Minister in office. dainty little. laxatives act as
had. The compulsory transfer Government that they of so large a sum would cause whole-heartedly in favour of the people of this country believed gently as nature,
were He felt bound to say that if the
st work and every available pound
earned ja productive reinvestment to repair the ravages of war?
ATTACK ON BAVING HABIT.
Once a leavy on capital bad been made, be continued, it would be impossible to make the public lieve that such a levy would ever be made again. The result would be to attack the saving babit that bad secured for the nation
grave disturbance of trade.
any such motive it PINKETTES
be regarded by the
League of Natione policy, but he that the new party took its origin It was his deliberate opinion, felt some doubt as to what exactly from he said, that as a result of the they understand by that policy. would proposed levy there would be There was ground for fear that country with well-deserved con- cure Biliousness, sick headaches serious danger of a financial panic such as this generation had Council regarded the League as defect of the present Coalition Diarrhoea and Dysentery: TO-
some members of the Supreme tempt. (Cheers.) The very serious foul-smelling breath; not known. The nation as an inferior and subordinate body, was its
pravent whole was not richer, but poor as He was sure that any such im-towarde opportunism.
dangerous tendency lieve Piles. Of druggists every- the result of the war.
Unless where, or post free, 60 cents the pression would be disastrous.fusion could get rid of this defect, vial, from Dr. Williams Medicine Here again a clear and definite it would be no better than the Co., 96 Szechuan Road, Shanghai.
The Committee adjourned.
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