ΤΗ
PARFUMS DE LUXE
By
LENTHERIC, PARIS
A. S. Watson & Co., Ltd.
The Hongkong Dispensary.
"H" Have you Received
a copy of our Catalogue
M. Record
"V"
REUOKan
No. 10.
If not please phone us--wo Aro offering you very attrac-.
tive discounts and 11:0 catalogue contains selections of unusual interest.
?
S. Moutrie & Co., Ltd.
Chater Road
THE HONGKONG
"H"
M
Have you seen our
LATEST ROYAL
E
KRUOKAS
PORTABLE
equipped with the new DUO-CASE?
In soft brown alligator grain, with fittings of Incquered brass, it harmonizes with the smart: est of Luggage.
Call for the ROYAL man to-day
Phone 28151.
Lane, Crawford, Ltd.
TELEGRAPH. THURSDAY, SEPTEMBER 17, 1931.
have aborbed practically all tho gold, but their, reserves have be-
WATCH THIS AD. Come sterilised. They no longer
DAILY FOR GOOD serve as the basis of credit; they AUTO VALUE
G.
ARMSTRONG-SIDDELEY cyl-15 h.p. 6-Fass. TOURING CAR-MAROON UNDER 1,000 Miles-IN PERFECT CONDI- TION
PRICE HK$2,500.
CADILLAC MODEL 61-V8 7- pass. TOURING CAR-SPECIAL BODY-completely equipped and in EXCELLENT CONDI- TION LESS than 41,000 Miles.
PRICE HK$2,500.
CADILLAC MODEL 01-V8 7-pass.. TOURING CAR STANDARD BODY-STAND- ARD EQUIPMENT-IN VERY GOOD CONDITION
PRICE HK$1,200.
CHEVROLET STANDARD SEDAN NEW 1931 MODEL- 5 WIRE WHEELS-SPARE TIRE & TUBE GREEN OR BLUE
DAY BY DAY
IMPATIENCE DHIES THE BLOOD SOONER THAN AGE OR BORROW.----
are, for all intents and purposes, useleaa. On this point, Mr. Chut- chill was right when ho asserted | Crean, that unless all the countries of the world can either utilise gold
A
The P. and. O. as Saudan, from
Saturday morning.
for the function which it has Shanghay, in us here vin Keelung un
hitherto discharged, or can devlae some new index of exchange, the continued fall of prices and the destruction of credit will reduce civilisation to a breakdown and to ferocious barbarism. It in on this ground that the plen is made for an international conference on
The Pound and the Franc.
By HUBERT PHILLIPS.
MY article on the gold standard remitted the bulk of her debt to
has produced a considerable Britain, is lending us money now? crop of queries, 1 propose, there- Secondly,how comes it that this A man named Chan Chin, who was fore to deal with none of the more same country has amassed enorm- said to have spent only six months important of the points that have our stocks of gold-amounting, at
present, to some £470,000,0007 out of prison since 1928, was sentenced been raised, to 12 months' hard labour by Mr.
Thirdly, why, since France ap- Fraser at the Kowloon Magloiracy
pears to have made such a good this morning for returning from banishment before his term of 10 years.
Gold Standard Countries.
on
the gold question. What must The arrival of a shipment of English ing nations of the world. Not I will take these points in or
fresh fruits and vegetables to-day,
the
To begin with, I am asked what thing of her bankruptcy, should countries are to-day actually
we not follow her example, and de- the gold standard. The inawer valuate the pound as France de- is: practically all the great trad-valuated the franc?
der. U.S.A., strike the layman as difcult to brought out in cold storage, makes an only Britain, but understand is why there should experiment which will be watched by Canada, South Africa, and all the be so much hesitancy over calling loent residents with interest, for, if States of Europe. (except Spain, helping at this juncture to under- successful, regular supplies will be Turkey, Fugo-Slavia and Russia) such conference. Mr. Snow-imported. Mesara, Lane, Crawford, are gold standard countrica. den'a attitude on this is identicnt Ltd. and Mne's Cafeteria are the dlx.
rb
the
tributing agents.
on'
The fact that most of them, like ourselves, une paper currency for internal purposes, is of course, Irrelevant,
Exceptions and Why.
flow comes it that France is
plu British credit? Does it mean that she is, after all, a wealthier Country than Britain is?
Britain's Responsibilities, By no means. The reason that France at this Juncture hins money to lend is that up to now, she has
with the stund he took on silver problem--the Government
A 14-year old boy was fined $200, will be happy to attend a Conor
month's imprisonment, in ference if one is hell. Other addition to 12 strokes of the cane, by
Mr. Fraser, at the Kowloon Magis
Notable exceptions are Aus. played comparatively little part in nations have similarly reacted to tracy this morning,
for unlawful tralin, Argentina, Chile, Brazil, the business of international in- passession of a quantity of opium." the suggestion. Surely nothingDefendant said he had been given 20 which have been forced off the vestment. Before the war Britain would be last, but everything gula-cents to carry the drug, which was gold standard through incapacity was for and away the most im PRICE UK$4,610..
to meet their abilities.
portant of the world's "creditor" ed, by an international examina- found tied to his whist
countries. These are all "debtor“ coun- VEHICLES MAY BE INSPECTEDtion of the whole question. It we
The development of new coun-
THE HONGKONG HOTEL GARAGE.
The Hongkong & Shanghai Antela, Did. Incantated in Hungkong. 26, Quess's art 0. and Stubbe Road
Intel.
DEATH.
W
AT OUR STUBES ROAD GARAGE Jean have world conferences on dis- the victims taking oplùm, came to 1hed by foreign capital, the interest tries like Australia, Malaya and
Tw coses of attempted suicide, by tries. i.c.. countries largely finase- armament and such issues, Why notice of the police yesterday, with on which has to be paid out of the Argentine largely depended on not on the gold problem? The the removal to the Government Civil What they produce; and they have our lending them the wherewithal
Hospital of two Chinese from failed to make ends meet because to purchase capital equipmont, mere enlling of the gatherianifferent boarding houses in the city. their products are to-day serious- Since the war America has to would not commit any nation. Both are young men and appear to ly undervalued as against the some extent taken Britain's place; have arrived in the Colony recently products of the countries that land | but our aggregate volume of over- The more the situation is looked in destitute circumstances.
them money. This is a major seas investments is still greater ints, the greater does the necessity
cause of economie dislocation. than hers, appear of boldly grappling with The Asiatic Petroleum Co. (S.C.).
Most of the world's currencies, But other countries-France There has latterly Edd., write us in regard to yesterday then, are gold standard the problem.
eur-among them-have not played the report of ease concerning the dis- rencies; but most of them also,part to which their resources en- |been a decided revival of interest covery of three rifles at their North since the war, have undergone re-title them in this business of An- CROLIUS.---Squadron Leader John R. in bimetallism as the most pro- the arms were found by their Installa- America are, I believe, the only Partly for political reasons.
Point installation. They state that construction. Indeed, Britain and ancing Oversona Investment. Crolina, R.A... formerly of
and Certainly there tion Manager, and that the ex- Hongkong, died at Port Said nmising solution. 3th August, 1931. Deeply reis much to be said for Internation- Jemployee referred to in the case has belligerent countries whose eur-partly because she is still
the appropriate ot sailed for Home, although he has rencies successfully withstood the familiar with al action along these lines. The left the Colony. It is added that the ordeal of the war and its after-technique, France has lagged be- hind; like the traditional peasant fixing of a definite ratio between head storekeeper was not dismisset, math. silver and gold, with an enhance service. In explanation, we have to It had resigned from the Company's
of her country-side, she has large- ly hoarded her wealth in a stock- CLARK. At Victoria Hospital, !ment of the value of the former state that the statements alluded to
Evelyn, wife of Walter C. Clark,
were made by a police ulcer during The Peak. the 16th metal, would without the least the hearing of the case, September, a sun (John).
doubt increase the purchasing power of a big proportion of the people of the work. This in turn must open up trade. In the mani- Rak advantage of everybody. Here at any rate we have one de- finite propal which is well worth analysing. Many leading bankers and economists are now support- ing the movement. Eventually by mere force of elreumstance it may
118
BIRTH.
The
Hongkong Telegraph.
THURSDAY, SEPTEMBER 17. 1931.
THE GOLD PROBLEM.
rome fulo its own.
11
HONGKONG BANK REBUILDING.
PLANS NOT DEFINITE AS YET.
France After the War.
ing instead of applying it to pre- ductive purposes.
The credits which
she is now
France, whose economic position I Take for example, the case of
propone to discuss in some detail. France, like most other belliger. providing for Britain represent, ents, came out of the war insol-in a sense, a call upon this stock- vent. She was pushed, by forceng.
That Hoarded Gold.
of circumstances, so for along the perilous path of inflation that she could not hack her way back. To continue the metaphor, the She was compelled, that is, to meet enormous board of gold deposited her national liabilities by print- in the Bank of France may ing paper money, which-as, of taken to represent this peasant's course, always happens-dimi stocking, How did all this gold bulk. nished in value as it increased iu get there? Through the pursult of a policy which, dictated by poli-
A
be
con-
of.
respon.
The Twopenny Franc.. Now, finally, let me return to this question of devaluation. The devaluation of the French franc (ie. the substitution of a two- penny franc for a tenpenny one) was inevitable. Hor currency was wrecked the post-war hur ricone, and she salvaged as much an she could. She emerged, too, not irretrievably damaged, be- cause her liabilities were In the main an internal problem."
While admitting that the que tion of remodelling the Hongkong and Shunghai Bank building had Finally, in 1926, when it looked tien considerations, is economi- heen under consideration for some way of the mark (which, as every-policy of promoting experts while as though the franc was going the eally indefensible. This is the It is leominst inereatingly ap
time, Bank authorities this morn- parent that the world depression
ing declared that reports in the one knows, collapsed altogether, endeavouring to shut imports out. vernacular press were not quite reducing Germany to economic Gold has flown steadily into which is causing so much concern
correct in all their particulars. chaos), a desperate effort was France 15 an inevitable to practically all countries is pri Naval Pay Dissatisfaction.
Oficials said that some few made to stabilise the position. sequence of this policy.
France returned to the gold stan- marily a monetary problem. That |
Minis It is dificult to withhold a mea
was decided to
Reparations-the payment fnet is slowly but surely impress-sure of sympathy for the men of building shortly, but no definite table, that is, in terms of other ceiver-have added their special stable currency which damaged both giver and re- renovate and rebuild the Bank dard and ing itself on statesmen and busi-the Royal Navy who And the time had been set down for the currencies but on a basis of 124.2 dificulties to the operation of the ness men everywhere. It is easy solves unable to arcepl heavy cuts beginning of the task. That the ranes to the pound sterling in general principle. to talk of restoring Britain's ad. In their pay without a word of work would be begun next year stead of 25.2 france as before the
In my opinion, therefore, the the Bank's war. protest. The avowed policy of was improbable, as | verse balance of trade, an some of the National Government in for Turner, had not yet been instruct- voluntary liquidation, declaring economic strength as evidence of accumulation of gold in France is architects. Mosars. Palmer and; In other words, she went into not so much ovidence of great the Protectionists at Hom Aremulating their economy measures ed to make n survey of the build-(dividend" of approximately doing, by Instituting a fariff, but was equality of sacrifice.
four the pursuit Naval ing preparatory to drawing plans shillings in the pound.
a miataken econo- mie polley. It has resulted in a the problem is not quite so simple ratings have been asked to ac of the proposed alterations.
And now for some of my read-distribution of the world's gold In addition, nothing definite has era queries. Three special dif-which is out of proportion to the of adjustment as that. As Mr. cept reductions varying from niue-
day. This been decided on the amount to be ficulties in regard to France a distribution of financial Snowden points out, a tariff to pence to a shilling
nlineated to the work or what pear to present themselves. In represents a very serious cut.
sibility. have that effect would have to be some instaures the lower
arrangements would. be made First, how comes it that a coun- grade while the building is under recon- try which came out of the war in- prohibitory and would therefore ratings
are asked to contri-struction.
solvent and in addition, has had produce no revenge. The emer-bute to the saving of sterling by genty tariff idea is exploited by the accepting pay of 12/3 to 14/-, less assertion that a tarif, once put on, than the workless workaby. The remains: it therefore ceases to be naval authorities in Hongkong 'state that the majority of the rat. an emergency luriff. Pot an even
ings on the China Sintion have a more effective submission than cepted the reductions philosophi- these is the fact that nations withcally, and this being the case, they tariffs are being just as badly hit are to be congratulated. The re- just now as those with none. It isduction ordered is ons requiring u obvious, therefore, that tariffs of deep philosophy to stifle feelings of dissatisfaction. It is, in fact, themselves cannot remedy the pre-a notable tribute to the inherent loyalty of the bluejacket that the In the House of Commons debate only serious development hitherto on Tuesday, we had the spectacle | has occurred among some men of of Mr. Churchill, who, more than the Atlantle Fleet, Their pra any other man was responsible for tests have resulted in a cancella Britain reverting to the gold stand-tion of the programme of nanocr- vrea, pending an investigation into ard, pleading for a world conferrepresentations of hardship. Even ence on the gold situation. Te in the Atlantic Fleet, It needs to would
seem now to have very be emphasised, there has been no serious doubts whether the policy suggestion of a breakdown of dis which he adumbrated was a wize cipline in any way whatsoever. The men feel they have a griov- quo, but he appears-to-cover his
ance, have voiced their grievance tracks by suggesting that the art in the proper quarters, and are ficial and abnormal distribution of good-humouredly" wilting the gold in the past few years has sequel to their representa- created a new position. We canons, Genuine cases of hardship afford, however, to put on one alde must exist in the etrcumstances. It is inconceivable that their Mr. Churchill's Inconsistencies.
claima will not receive earnest The main thing is that there is consideration. For the others, we growing volume of opinion in feel sure that, however disgruntled favour of going to the root of the they may feel at the moment, they world problem by looking into the will soon return to the attitude of operation of the present monetary the description of "the Jolly Jack mind which has earned for them system. It is common knowledge." Ithat the United States and France
sent situation.
NO PARKING)
"Ofcer, I think you're mean not to let us of with a blowing-up. We're strangers here and not acquainted with your parking rules.”
The Integrity of Sterling. Fur different would have been the case if Britain had similarly sacrificed sterling.
Devaluation of the pound in 1925 when the return to the gold standard was made-would have had the gravest repercussions throughout the world's oconemle structure. Britain cannot think In terms of her industry alone, but must think also in terms of trade, Investment, banking and Insur ance on an international scale.
It is for this reason that the mysterious entity called the "City" speaks always with so much au- thority. The "City" does not as the T.U.C.Beams to suppose. mean a handful of Atock-brokers. It stands for a nation-wide net work of activities upon the in- togrity of which the bases of our prosperity depend."
And if. in 1926, devaluation was, not feasible, it is out of the quoa tion now. To tamper deliberate ly with the exchange value of sterling would be suleldal as an net of policy. The Report of the Macmillan Committee-wherein every shade of opinion la repres Bented lends unqualified support
to this view.