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A
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THE
HONGKONG
DEBTS.
ADDRESS BY PROFESSOR ROBERTSION.
ROTARY TALK.
"Reparations and War Debts" formed the subject of a most lucid and Interesting address which was delivered by Professor R. Robert son at the weekly meeting of the Hongkong Rotary Club, which was held in Mesars, Lane Crawford's restaurant yesterday, ander the Chairmanship of Rotarian W. E L. Shenton.
The Chairman read Aletler
com-
TELEGRAPH. WEDNESDAY, FEBRUARY 10, 1932
and
Default Practically Certain
but has
коне
TC-
do.
to
3123
the
REPARATIONS AND on account of reparation proper, borrowing "during theee years. conference with the readjustment
that, le, over and above what sho; Further, to the extent to which her of burdens as its sim. has to pay out again to Great borrowing was on short term, sho What has been done, therefore. Britain and the U.S.A. Groat was creating an unsound position is in the first place to call the Britain, on the policy an for herself, which would be a Special Advisory Committee
in the Balfour note, source of danger to her if econo-ferred to above. This Committee nounced receives just what is sufficient to mic confidence for any reason be has reported, and, after a care- cover her liabilities to America,
came shaky.
ful examination of Gormany'a when her receipts from FrancH Actually, the stream of foreign trade position, her budget, and hor and other debtora are added. Italy, tending stopped as a result of the place in the generally depressed Belgium, and other states receive American stock market boom and economy of the World, has not sum which allow of small sur
its subsequent liquidation, Her only stated Germany's Inability to
Wan thereby transfer the conditionn
part of pluses.
and industrial position This fa a very rough aketchy necount, but it is sufletent weakened, and as the world crisis the annuity in the year beginning
further developed, and the catas-next July for our present purpose to keep in trophic fall in prices rapidly In-fur ns to "draw the attention of mind that the bulk of German Retenslied, Germany's economic sys- the Governments to the unprece paration payments goes ultimately,
This tem, burdened as it was with the dented gravity of the crisis, the to France and the U.S.A.
load of Reparation indebtedness, magnitude of which undoubtedly involves the further consequence
exceeds the relatively short in that any scaling down or cancella-Was gravely threatened,
The nationals of other countries, pression envisaged in the Young tion also falla most heavily upon theso two states, whose untianali themselves weakened by the worki Plan."
To Prevent Disaster. of Messrs. Lane Crawford's stances, suffer a considerable net situation in Germany, began to Buy nervous about the
Behind these words lies the un- draw in their short-term balances in restaurant, thanking Rotary Club loss. of revenue.
that country, and it looked as if mistakable conviction that some- membera for their generous
The Young Scheme.
a new flight from the mark was thing more than mere postpone- Chinese New Year collection of
Germany's ment is necessary to prevent disas. $188.
The letter stated that the It may be further noted here about to take place.
In com- ter. "We appeal", they said, rift was appreciated very much that the annuities which Germany budgetary position was, and that the "iya" would always has to pay under the Young man with that of practically every the Governments on whom the re- do their heat to give good service scheme are divided into condi- other stato, insecure, and deficit sponsibility for action reals to and try to make the Rotary tins tional and unconditional, or post-threatened on that aide also; there permit of no delay in coming to
n close connexion decisions which will bring ponable enjoyable and successful.
non-postponables, of course, Rotarian Roberstan. Professor parts. The unconditional part of between her budgetary instability amelioration of this grave erisia on all of Economies at the University, each annuity is an absolute and and the wasting sickness which had which weighs no heavily
alike." It seems unlikely and formerly of Edinburgh Uni- irrevocable obligation, umier the attacked her industrial life.
action will be taken before May: versity, suid:The present world terms of the llague agreement.
the British government has, how- depression is without parallel in The other part may be postponed,
To make a long story short, ever, reiterated its belief that the milern history. At ilk am-in each case for not more than two mencement people spoke of the
that funds were flowing outward from problem can only be properly solv. if it can years,
be shown
golded by a cancellation of all Repara- trade cycle, and the rhythm, the Germany's exchange and economie Germany, the Reichsbank's
and Governmental war- rine and full of industrial ae-stability will be endangered by was being drained, the mark ex- tione Livity. But the economic sickness the payments.
change was wobbly, and default debts.
Prophesy Impossible. which has befallen us has passed In this event, the initiative lies was practically certain. beyond the point at which theories with Germany herself, who may The Hoover moratorium, which What will finally emerge from of the trade eyele are appropriate, apply for the convocation of a followed on Dr. Bruening's striking all this welter of debt and depres: We are forced to ask whether Special Advisory Committee ap- pubile arowal of Germany'a pasion it is imponalble at this junc The disease is not a wasting sick-pointed by the Bank for Inter- tion, was an attempt to prevent Boss, due to deeprooted causes national Settlements, itself an off-collapse.
It lifted from Germany ture to say. The great difficulty in the way of adjustment of cancellation which, if not removed, will renderspring of the Young plan. It was and all the other countries which
lies in recovery impossible, Are there this Special Advisory Committee were linked up in the nexus
divergence of interests among the any factors in
the present-day which met, on Germany's official inter-governmental debt, a burden interested governments. It is al world which preclude the hope application. in December last, and that could not have been met; this ways the same: allies during a war that an upward movement from issued the report which is called was to be for a year. It did not, are united in endeavour, for their the trough of depression can take
the Basle Report.
by itself, solve all Germany's pr main and immediate interests are place? Is there some one element,
blems. The short-term position of the same; after the war, their in- The Hoover Moratorium. or group of elements, present in
Germany was still thoroughly un- terests tend to depart more and the modern world, bat unknown in Some months before this, how-sound; her exchange stability was
more widely from each other, and be RA- which may past crises.
ever, the Hoover Moratorium had still threatened by withdrawals this reacts on the possibility of an erited the desperate nature of our suspended for one year the whole the London Conference thereupon,
agreed settlement.. case? Is it due to the maldistri-series of inter-governmental pay-which met in July, added to the
Grent Britain's position is clear; bution of gold, io tariff barriers of ments included under Reparations Hoover moratorium of Inter-
the remedy the an unprecedented height, to the and War Debts; with the excep governmental debts, the so-called cancellation is disproportion between the pricesting of sum (amounting to some Standstill agreement, whereby con- favours; she has already adopted of primary goods
and those of £7,000,000) necessary for the ser-mercial short term balances to the policy under which this measure
would be in hor Industrial manufactures, to the "stickiness" vice of the Dawes and Young amount of some £300,000,000 were economic interest, and would pro- of production costs especially in loans. The moratorium, that if to remain in Germany
JA.
for six the matter of money wakes, to the was something outside the Young months. re-distribution of the world's plan, and was prompted by the lending power into unaccustomed desire to save Geraniny from im- to the burden of inter-minent financial collapse.. handa, governmental indebtedness?
What had happened was some- entered into, there has been little thing like this. Germany had for sign of improvement in the world issued at an unfortunate juncture, several years, since the inaugurn-situation. England, with an un- and the manner of its appearance My purpose today is to isolate tion of the Dawes plan, been en-sound short-terin position, and with may have had untoward results;
Fast-named of these in an
abled to meet her payments under much of her normally realisable but it did mean, on Great Britain's its place that scheme. to assess
She har, however, Basets tied up in Germany, was part, cancellation of all she stood by enforcing her legal among the factors of economic during the same period, heen bor forced off the gold standard. World to unin
claime
her former allica. listurbance. In isolating war-in-rowing heavily abroad, both on prices have continued to fall; there debtedness in this way 1 must not long and on short term, this bor has been a fall of 30 per cent, in France's position is different; she be thought to imply that the re-rowing was, of course, not govern the wholesale price level in the holds fast at present to the in- violability of the Young Plan; the moval of this burden would solve
mental borrowing, but commercial space of two years, a fall unpre- devastation she suffered calls for all our problems, or even that its Much of it, doubtless, had been cedented In history.
reparation payments over 'existence was one of the initial applied to productive ends which, Instead of recovering, Germany's above what she requires to pay causes of depression. It
given normal conditions, would industry, like that of her neigh Great Britain and America; can- likely, however, that we cannot lead at some future date to greater] bours, remains in a depressed cellation or scaling down would emerge from that depression un capacity to meet the increased bur-state; her finances are kept in mean for her a ancrifice, and a con- Is the hurden is lifted or den of debt thus created; and der only by the most rigid considerable item on the credit side of lightened, and it is certain that Germany had also, during the same trol and heavy taxation; it has her budget (some 117,000,000 at the events in Germany last sum-period, een herself applying the become evident that it is quite Im- present) would disappear or be re- mer, which accentuated our dim-
own people to possible for her to resume pay duced. culties
and led straight to our savings of her
ments of Reparations next July. own crisis in Great Britain, were capital construction.
She believes that her chances of inextricably linked up with the
An Unsound Position. existence of the German Repara-
But the fact remains that her tion lability, which, in its turn, was, to a great extent, determined Payments under the Dawes scheme by Inter-governmental indebted were exceeded by her foreign propitious
umong the allied countries. There is no time to go into a detailed account of the various settlements which, taken together. constitute the problem of Repara-
ras .
and Debts. Briefly Ger- the liability rests upon mitay' Youne Acheme as finally adopted at the Hague early In 1930. According to this, she is called upon to pay, for a series of years ending in 1988, certain annullies, varying in amount. but commenc- tag about £95.000.000 and reaching at their maximum £120,000,000.
Reparations Proper.
AFTER-DINNER DANOT
Every Wednesday & Saturday-Orchestra Buily.
CABLES "RUNNYMEDE"
RUNNYMEDE HOTEL, LTD. George Goldisack, Manager
THE EUROPE HOTEL SINGAPORE,
"RENOWNED BY RECOMMENDATION"'
| DANCING:- After Dinner every TUESDAY, THURS
DAY and SATURDAY.
MUSIC:-
On the VERANDAH :— Mondays to Fridays 7.45 p.m. to 8.30 p.m. Saturday 12:30 pm. to 1.30 pm and
8.00 p.m. to 8.30 p.m.
THE EUROPE ORCHESTRA PLAYS DURING TIFFIN AND DINNER EVERY DAY.
GRILL.
THE EUROPE HOTEL Ltď.
Telophone 3341 (8 lines) Arthur E. Odell Cables "EUROPE" Singapero."
Managing Director,
WORKMEN'S
COMPENSATION INSURANCE
COVERING ACCIDENTAL INJURY
TO EMPLOYEES.
For full particulars apply to:- CHINA UNDERWRITERS, LIMITED
Phone: 28121.
Hong Kong Bank Building.
the
Isolating War Delits.
endeavour
ex
ACCES
These annuities in reality con- stitute what may be called, repar- ationa proper (compensation for war devastation) plus an amount each year aufficient to cover the recipients obligations on their own war debts. Among European countrica, France for 37 yenza recolves 3 considerable surplus
SALESMAN SAM
WHOOPIE!
WHOOPIE!
Loss of weight
often leads to extreme weakness, even consumption. SCOTT'S Emul.
nion builds the body, enriches the blood, uids digestion and leads to increased weight and better Jalth. Ask for
SCOTT'S Emulsion
The protector of life
IS FAGGED
OUT FROM TRAILING
QUIET
THEL MASKED MYSTERY PLA
TRYING TO FIND OUT WHO THE
HECK
the
15
WHOOPIE!
WELL, WHAT'S ALL THAT
ABOUT?
Nowort!
RAJİLER
and
World Situation. Since these arrangements were
duce no adverse effect on her budget.
Balfour Note.
The Balfour Note may have been
בס
American Opinion.
and
ever recovering are bound up with American public opinion, if it is a removal of the burden. of in- truly reflected in Congress, is debtedness, but the times are not against cancellation or reduction of
for an international (Continued on Pans 10.)
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