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THE TRUTH ABOUT
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Beer is a beverage rich in vitamines SO necessary to the well being of the hu man organism and as a defence against disease. It is aseptic, for the wort has been completely steri- lized by prolonged boiling in the presence of the hop bitters, which are strongly
antiseptic.
CASCADE
Pure Beer!
THE NAVY'S CHOICE
Coates?
ORIGINAL
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Trade Marken
It quickly braces up, the system when undone or suffering from the after, effect of illness. "Bynin" Amara stimulates digestion" and enables those who suffer from loss of appetite to en-" joy their meals thoroughly and to derive full benefit from them. It is invaluable in all cases of weakness, nervousness, lasgitude, debility, etc. Exhaustion from heat is quickly overcome by taking ***Bynin” Amara,
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Free sample available upon request.
RICKSHAW" BRAND
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THE HONGKONG, TELEGRAPH SATURDAY, OCTOBER 2, 192
THE WRONG WAY IN
RUSSIA
HECOGN
vidence, on the futility ing to solve in a plece.
any-pause of the
afal and economic for the Manchester Guardian,, afforded in the recent roport of the League of Nations on
schemete Facttld in Soviet Armenia the 20,000 Armenian re- fugees now in Greocda and Gon- stantinople. The Commission has concluded that the scheme as new elaborated for the Irrigation, and settlement of Armenians, on about 100,000 acres in the neighbourhood of Erivans technically sound. It would be commercially possible in the sense that, if sufficient securi- ties could be made available to ob- tain a loan to carry out the righ tlon work and settle the refugees, the returns from the land should be sufficient to meet the debt service and amortisation of capital. The report continues: Unhap- plly the Commission is not in a position to make positive, recom- mendations as to the methods of financing the scheme."
The Government of the Soviet Union is prepared to Issue # loan for the purpose of the proposed refugee settlement and to guar- antee its amortisation and the pay- ment of interest by the State Bank of the Union. The service of the loan would be borne, on the State Budget of the Armenian Repubile, and consequently on the State. Budget of the Union of Soviet Re- publics. Incidentally, it should be mentioned that in. 1924-26 the Armenian Soviet Budget showed an expenditure of 2,680,000 roubles and receipts 1,019,000 roubles, or a deficit of 1,661.000 roubles. The Commission therefore decided that the guarantee of the State Bank does not seem likely to be suffi dient in itself to obtain the neces- sary loun (about 21,500,000). As in the case of all such loans, any capitalist who might be disposed to come forward would expect adequate securities for the pay- ment of the annual interest and the amortisation of the capital. This difficulty is, of course, further com- plicated by the fact that the land to be developed under the proposed. scheme cannot serve as a real security for the lenders, as the Soviet legislation prohibits the ap propriation of land by individuals.
The transfer of some 20,000. Armenians from a difficult exis.. tance in Greece to a possibly equal ly difficult situation in Soviet Armenia may not impress itself, ng a subject worthy of serious con.. sideration, and the Commission it- self falls back on the probability that much could yet be done to as sist their less fortunate brethern by the wealthy.Armenians to be found in the principal centres of. trade and finance throughout the world. The Commission, however, contains well-known names--M Jules Pams, French Senator and ex-Minister; Herr Bergmann, for- mer Under Secretary at the Ger- man Finance Ministry; Signor Rossini, Councillor of State and former Secretary General to the Italian Treasury; Sir Murdoch Macdonald, late Under Secretary. of State for Public Works in Egypt; and Dr, Fridtjof Nansen.
The disconcerting feature is that the League should not have seen that the solution of the Russian problem cannot be attempted by a back door approach and that the fabours of a Commission of such importance should more profitably have been utilised towards a states- manlike solution of the larger pro- blem. The labours of the Com- mission on the Armenian problem have failed for the obvious reason that confidence in Russia has not been restored and that it is only by a general international under- standing with the Soviet Govern- ment that any progress can be made on particular questions.
If any real advance is te be made within the next ten years in the relations with Russia, the first need is for an agreement provid- ing for economic, recontruction, under export financial and econo- mic supervision, after Russia's clear recognition of public and private debt and debt principles and exaction. The Soviet Govern, mont, for with it the initiative must He in this matter, would do.'" well-seniously to consider the im portance of an early exchange of views with this particular Com Emission of thon Longues (which is well constituted for such a tass, on the larger and vital question of the responsibilities which must be accepted before interna tional assistance towards recovery can be given.
GO
SINCERE'S BIG EVENT!
GREAT REDUCTION SALE
NOW IN FULL SWING.
UNPRECEDENTED BARGAINS.
SENSATIONAL PRICES
The whole of our stock has been substantially marked down and it affords
really genuine opportunity
keen bargain lovers; of saving money.
TAKE ADVANTAGE OF OUR TIP & COME EARLY TO GET THE PICK OF OUR STOCK.
Men everywhere have learned that Chesterfield quality" means the same untiring good taste, always
Chesterfield
If you cannot obtain Chesterfleid Cigarettes from your tobacco
tobacco dealers, Duty Pald
or In Bond, please call up C. Chan & Co. 10 Des Voeux Road Central, phone No. C. 4055.