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THE HONGKONG TELEGRAPH, TUESDAY, APRIL 28, 1931.
WORLD ECONOMIC
CRISIS.
THE IMPORTANCE OF KING
GOLD.
PROFESSOR'S VIEWS.
TENAN MARU LOST.
FEARS. FOR PASSENGERS AND CREW ALLAYED.
Seoul, Apr. 27.
In a denso fog and a rough sen the 2,100-ton Tenan Maru, from
Chemulpo to Fushan, ran aground, sinking at 6.30 this morning. The fate of her 50 passengers and crew is unknown but fear is expressed as to their safety.
Seoul, later.
BRITISH CENSUS.
· BABY GIRL MAKES ́A RECORD ENTRY.
London, Apr. 27. Strange scenes were enacted in the streets of London early this
morning when the police, armed with census forms, mado a great round-up of the homeless in order that they might be included in the nation's decennial "rall call."
The "down and outs" sięoping on the benches along the Thames Embankment and in Salvation Army shelters all led up the forme and particulars were even taken in two London churches, which nightly give shelter to scores of dostitutes.
Professor Cannan is not inclined to take a pessimistic view of the in- dustrial position. This slump," he said, "will pers as other slumps
Salvagera are rushing to the linave done, although we may un-scene of the accident.-Reuter, consciously be prolonging it through. Unemployment Insurance and other things which strengthen resistance All the passengers nud crew of to movement of every kind. But the Tenan Maru are safe, and are wo are not nearly so badly off an being conveyed to Reisul, in Soath some people make out. We must Korea Reuter. remember that we are getting our {The Tenan Maru, ex-Tenno importa very cheaply, so that we Maru, Is a steel screw
At least one murderer awaiting don't have to export so much as built in 1910 by the Uraga Dock execution was included in the we formerly had to do. That must Co., Ltd., and owned by the Chonen nation's count, while a baby "girl, account very largely for the big Yusen K. K. Co. Her port of reborn at Queen Charlotto's Hospi- tal just before midnight, got to gistry is Jineen). drop in our exports.
the census by fifteen seconds.---
the
Blenmer
type. The Conservatives ought to
tear down, existing Institutions, The Socialists ought to stand for the State against the individuni, but now they are all for the Indi-
Reuter
1. 150
High and Low Wages, "And wages? "Well, I think it would be a good
sagged all over the Western world, / bera always slick up for anybody reduce money-wagen, you reduce.
who wants get a little more out
The real slump was started by American Stock Exchango crash. When slocks boomed the Grow Americans were filled with un- bounded confidence, and when stocks conserve; instead of which they fore last longer." crashed they went to the extreme. They
immedite thought they were much worse instead of realising that they were really no worse off than before. Seyidual against the State. In every thing if we had a reduction of muney incomes all round. I know didn't buy anything, and prices local authority the Labour mem-thare la the old, old idea that if you they
When there is a boom people buy
the purchasing power of your commodities in the expectation that of the State. Then the Liberals. they will go higher. In a slump They ought to stand for liberty, home market. But that is rubbish. of the but they don't, and seem to hate. The
The purchasing power they think that prices are going lower still, and so they stand off In the hope of getting the things they want cheaper. When they think bottom is reached they begin to buy again, and the slump but the difficulty them that bottom has been reached. A boom you end by a spectacular raising of the Bank Rate, but if ynu tiled to end a slump by a apretacular lowering of the Bank iltale to a quarter per cent. people would only say the bottom must have dropped out.
it.
is to pers. All of them are Lumbling over cach { several years, and I don't think It)
Hoarded Gold.
"Do you think
the burden of taxation has much to do with our troubles?
how
much they I used to think there was some people depends on
of mare
theni AFO good in each of the three parties produce, and will be greater if employed. hoy before, but now they have each
America triod what was called lont their special good quality the economy of high wages for other in their eagerness to find a
ix feeling particularly happy curo for unemployment, and it about it now. Higher wages as their remedies are bad."
a cure for depression seem to me pretty much like a man trying to pull himself up by his boot-straps. "Wage-earners require.to realise "Scarcely. We are paying a that they are working for the con- great deal more, but we are able sumer, not the employer. When to pay
a great deal more, and the workman complains that retail hundreds of millions paid in taxes prices have not falien to the same
are pail back to us in extent "It le dificult to say how far the simply
as wholesale prices, he gradual fall in prices which preced-interest and pensions. I don't doesn't see that high wages are ed the lamp was due to the idiotle think that the income tax is a very largely responsible. Take a standard is being burden on Industry-that is, when suit of clothes to your kitchen why the gold worked. Buying and ataring up it is on income and not on depre-scalea and you'll soon and that that i glation or anything which is not there is scarcely 4 lb. of wool in the supply of gold-for
Of course, the very high it, and yet some people expect what the Central Banks are really income. doing by their policy-sends up the income tax and super-tax must clothes to be ever so much cheaper value of gold, just as buying up make some difference to savings. because the price of wool has fal houses and keeping them empty
A man like the Duke of Westmin-en it is because wages have not would tend to increase the value ster must save a good deal less fallen. If you reduce wages you of houses. What one has to knock than he used to do. There has reduce money prices, and people into the heads of the nations is been a great re-distribution of in-can buy more. You need not be that locking up so much gold does come: the working class is getting anxious about dividends; they are a great deal of harm to everybody, the benefit and does not save so falling all right." besides being expensive to them- much as the rich did. But, on the selves. Even if they only consent-ather hand, I do not think the need ed not to increase their heard of for saving is no great as it was.. gold, i think it would have an ex- We don't have to provide for so said: cellent effect. Let us suppose the Central Banks simply left off buy ing any more gold, don't you think that would make a grent differ- ence? After all, £80,000,000 gold is produced annually.
of
"Dennis Robertson says, in his pieturesque way, that If we don't make King Gold a Constitution Monarch the people will soon cut off his head. Well, that is quite true. We can't do much, perhaps, ourselves, since we are not very bad offenders. But if we were to express our willingness to make some reduction in our holding, we should be better able to nak others to follow auit. The Treasury has the power to increase the fiduciary currency under the Act of 1928, if the Bank of England will take the Initiative I think it is high time the Bank made use of the powers given to it by the Act f 1928.
Not Inflation.
great an increase in the future population as our grandparents, and therefore the need for saving is not so urgent."
The Decline In Births,
In conclusion Professor Cannan
I
"No, though I have just reached seventy, and was run inte by n motorcar as I was cycling homo to lunch three months ago, the proverbial gloom of old age has Development Loans.
not settled down on me pet. "What of a development loan?" always ask colonials, Americans. "I can't see how that is going and foreigners who have visited to do any good. Ilow it is going this country at considerable inter;; to help the cotton trade. What the vals how it looks now compared Liberal proposals would do is to with what it was at their former prevent men from going back to visits, and they all without excep normal work by making them into tion answer. 'Very much improved, navvies."
The war killed many of our best, "llave you anything to say about[ind the middle-aged seem rather Unemployment Insurance?"
stupidor in com.quence; but the "It's advocates recommended it young people of both sexes and all on the 'ground that unemployed classes seem to me to be better persons should be able to draw than ever in rhysique, intellect. from a common fund without loss and character. The pity is that of self-respect. They forgot that they will soon le less numerous. one the right to draw 51 when he laughed at for expounding 'he pro- il is always dangerous to give any-Thirty-seven years ago I was has paid in 6d. Even ship and are ability of the increase of popula insurance would be impossible if tion in England and Wales ceasing drowning and being burnt alive by 1950, but I was well inside the "There has been no increase in were rather pleasant to many truth. You newspaper men con- our currency since the 1920-23 de people. Unemployment is now less con! the facts from the publle by flation, and yet the adult popula-unpleasant than it was, and the talking about birth-rates, when the tion has been increasing. It is readiness of people to go anywhere important thing is births. Away | surely perfectly obvious that if you and do anything is thereby dim-back in the eighteen-seventies the keep your currency stationary inshed and trade unions are made annual number of births had gone while the population is rising and less willing to agree to desirable up to about 880,000. Do you know thus increasing the demand for it, alterations. Stumps may there-what it is now? About 650,000.” its value must rise. Preventing prices from going down is not inflation. And the traditional wor- ship of gold is so strongly in- grained that there is little danger) of the plan being carried to ex- tremes.
"Do I think this policy would have an immediato effect? Mind.
it isn't a policy to cure the slump which began a year or so ago, but to prevent a resumption of the slow fall of prices which was go- ing on before and was the pre- lude. However, the announcement of the polley might possibly pro- vide the paychological flip re- quired to end the slump."
The Publle and the Partles. Professor Cannan had no good words to any elther for the polley of loss taxation put forward by the the Conservative Party or plan for a large development lonn put forward by the Liberals. In-
Man,
cidentally, it is interesting to notice that, like a good many other people, he has been struck by the extraordinary apathy of the clcc- torate. When ho
ho was a young he said, everybody took a tremendous. Interest in politics; portraits of Gladstono or Disraeli were to be found hanging up. In nearly every household, and the other one of the two was the Devil incarnate. But he finds now that the general attitude is "A plague on all your houses!"
"The great trouble of the Economist," he said, "is that the political parties do not live up to
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