YEAR IN YEAR OUT.
THE SAME UNVARYING QUALITY !
"HENCE ITS POPULARITY"
DEWAR'S
"WHITE LABEL"
FINEST SCOTCH WHISKY.
IT NEVER VARIES !
Sole Agents:
S. WATSON & CO., LTD.
11,
EST. 1841.
MOUTRIE PIANOS
Exquisite in design and perfectly proportioned,
every constructional detail reflecting the very
highest standard of craftmanship.
The Moutrie Piano is offered to you at the
lowest possible price consistent with quality-
and our system of graded payments enables you
to place one in your home without a large initial
outlay.
Ask for an illustrated catalogue and particulars
of our terms.
S. MOUTRIE & CO., LTD.
York Building.
THIS
SEASON
Chater Road.
EXCLUSIVE
FURNISHING.
FABRICS.
ENTIRELY NEW RANGES OF CRETONNES, SHADOW..
TISSUES,
ART SILKS
& COTTON
THE HONGKONG TELEGRAPH FRIDAY, MARCH 31, 1933.
ZOUZZA
Refinements
Feature
Rockne
Six
Models
WIDE DOORS
Front doors of 1933 Rockne Six sedans are 29 inches wide. Rear doors measure 291⁄2 inches. Coach and coupe doors are 39 inches wide.
THE HONGKONG HOTEL GARAGE.
Stubbe Road
Haver Valer
The
Thongkong Telegraph.
FRIDAY, MARCH 31, 1933.
THE COMING WORLD
CONFERENCE.
а
"
WAR DEBTS
DEBTS ARE The Very Idea!
NOT A PROBLEM
By PETER BROWN
covery will be halting and re-t stricted if unaccompanied by broad measures of reconstrue- tion. Three years of worldwide dislocation have generated a vast network of restrains upon the normal conduct, of business which, defensively intended, and in some cases unavoidable, have developed into a state of virtual economie warfare. It is over struck you this way? clear that if a full and durable
And goodwill is an asset not to be Confidence cannot be restored by
scoffed at recovery is to be effected, this cancellation, repudiation, breaking
There is no getting away from prevailing conflict of national one's word. Russia refused to the stark fact that under present economies must be resolved. In honour her obligations, and was conditions the debt deadlock and the essence, the necessary program-cast out from the community of
IT PAYS TO ADVERTISE
ing. Has the question of war debts STAGNATION OF TRADE.
were
me is one of economic disarma- civilised nations Are other peo-stagnation of trade will continue, ment, in which the responsibility ples to follow the course they so must continue. No sound reason of Governments is clear and in-be chaos?
rightly condemned? Is the end to has yet been given why cancella- tion of debts should result in a wave of prosperity.. escapable. That is why it is
The payment of war debts Farid
Moreover, if cancellation necessary for the various preparations constitutes no problem, resorted to, it could again be the tions to confer in advance, so as or becomes a "problem" only for only expedient in any future mess. to prepare the ground for de- the want of clear and statesmanlike And so it would go on. Chaos. finite action.
thinking, a deplorable condition Would any trader give credit when exhibited in its gross climax at he knew the customer might not Lausanne.
honour his word?
Japan and Manchuria
A few months ago we looked to Rightly handled, the fulfilment of Lausanne to put everything right. obligations presents no impedi-ļ Excavators in the archives of Lausanne came under the spell of ment to the return of prosperity. the Foreign Office have turned the
slogan: "Wipe the slate A sane financial system will, in up diplomatic correspondence clean." What passing the sponge fact, give us undreamt-of prosperi- which discloses that in 1904, over the slate actually amounted ty. just before the Russo-Japanese to was that the European late be- each War, the situation in Manchuria ligerents were to forgive was almost a duplicate of that other their debts (with Britain as Forgiver-in-Chief), and that those which has disturbed the world nations were then to do their best A. The Creation of a Rational Basis in recent months-except that to wheedle the United States into Japan was then on the other forgoing her rightful claims. side of the fence. the
To-day
23
the
PROPOSED WORLD FINANCIAL CONSTITUTION
of World Finance.
(1) Form a Financial League of Nations.
(2). Issue League bonds, bence
the debtor nation.
assekaTM
of Nations is RESTORING CONFIDENCE. League demanding that Japan,
There is no need to point out forth the universal standard of a preliminary to conciliation who was behind the Lausanne value. See' and drive the New Rockno with China, recognize that Man- "agreement." That
(3) Bring the national currency is obvio
units individually into value re- Six to-day!
churia is part of China. That Who stood to gain?
lationship with the League bond. much granted, Geneva has shown Confidence can be restored only (The League unit represents the
willingness every
to allow by every nation keeping its word mean value of the national
cur Japan unusual privileges and Under the present financial system, Fency units.) freedom of action in Manchuria. however, it is impossible for
This should be done on any Japan has refused. Tokyo tried nations to meet their liabilities
ment according to the present to make it appear that Japan without destroying the whole fabric equitable basis, say: By
of civilisation..
rates of exchange. would accept the ten fundă- But it is only the system that is (4) Credit every member of the mentals of Chaßter LX of the at fault. Given suitable adjust-League with an adequate number Lytton Report, but when quesment of the system, it is a matter of League bonds. tioned point blank about the of no great difficulty for us to give Each separate credit-secured on seventh fundamental-recogni- | America ' yalue for the value we productive capacity, the only real. tion of Chinese sovereignty in received, and for all other countries wealth-to be allocated as de- Manchuria--refused. In 1904 to fulfil their obligations. It scribed hereunder.
(5) Payments in regard to com- Japan was defending the sover- would give even Russia a welcom: eignty of China against Russia. due liabilities and to re-enter the to be made in the
opportunity to acknowledge her mercial transactions of every kind currency of A Japanese note to Russia dated family of nations. Feb. 6, 1904, speaks of the re
Adequate expansion of the facili (6) All amounts of foreig peated refusal of the Imperial ties for giving real value for real currencies held in cach country to Russian Government to accept value is required. The sovereign be cleared through national clear- Opportunity is being taken of the obligation to respect the ter- remedy is to create the one logical ing offices, any balances between the presence in London of Mr. ritorial integrity of China in international standard of value (a nations being payable or receivable Norman Davis to arrange
|Manchuria." Indeed, the note bond representing the mean value in League bonds. All foreign cur- week-end discussion with the seemed to make this one basis of the national currency units),rencies handed in to be bepaid in British Premier on the coming for breaking diplomatic rela- and to credit every nation, equit the national currency.
ably, with an adequate number of (7) Payments of international World Economic Conference. tions. In explanation of that the international standard units of debt to be made in League bonds, This will enable further pre break, Baron Komura, then value. These would be given in (8) At the end of each world liminary exchanges of view on Japanese Foreign Minister, re-normal gradual settlement of all financial year, a nation which had League fundamental points, very ported to the French Minister International debt, each nation increased its holding of necessary proceeding if theto Tokyo that: "Japan desires having to endeavour (for an essen-bonds would pay its surplus into Conference is to achieve de-that Russia should recognize tial purpose) to maintain its hold- the central League fund, in return finite results. Already, experts Manchuria as an integral part of ing of bonds by the requisite pro- for an Increase of the national note duction of commodities. The out-issue (or an appreciation of the from various countries have held China. Provided such a de-line of the suggested World Con-national currency unit). a series of meetings in Geneva, claration is forthcoming, Japan stitution 1 give below.
(9) The League membership of dealing specifically with finan-is prepared to allow Russia com--
Apart from pointing to they nations at war with each other As a plete liberty of action in that necessity of extending the facili-
to be automatically suspended." cial and economic issues.
annotated province." Of course, circum-ties for exchanging real value B. The Provision of Adequate consequence, an
Internal Cash Resources. agenda has been drawn up, stances alter cases, and there are for real value, I make the following which covers all the ground some reasons why Japan should suggestion:-The war debts owing likely to be covered when the deny to-day the sovereignty of to the United States should repre- Conference actually meets. China in Manchuria which she sent the total amount payable increased in every country, in Some idea of the gravity of the demanded Russia should concede war debts and reparations. Forty manner described here-under.
per cent. of this amount should be Method of Apportioning The most noticeable paid (in equitable proportions) by situation with which the Con-in 1904.
Currency and Bonda, ference will have to deal can be alteration in the case of Man-France and her Allies in the war,
of the gained from the fact that un-churia since. 1904 is its trans-and 60 per cent. by Germany and The existing amounts employment to-day..according to formation from a sparsely set her confederates. America should national currencies all to be mul- International Labour Office tled Manchu domain into the do her bit by forgoing all interest tiplied by the same number.
on the loans, and if she went still figures, which are probably an home
Half of each resulting multiple nearly 30,000,000
further and reduced the principal to represent the national note under-estimate, involves at Chinese farmers. Undoubtedly shell would earn the lasting issue. The other half to be alloent- least thirty million workers, not this tremendous Chinese migra- gratitude of all other nations. led to the nation as League bonds. including their families and de- tion into a region where Japan pendents. Wholesale commodity has vital interests has changed But it has prices, expressed in gold, have Japan's attitude. declined since October, 1929, also made Manchuria actually by roughly a third, and raw and far more truly than in 1904 Material prices on an average by "a part of China."
from fifty to sixty per cent.
In the meantime, world stocks
of agricultural products and
of
Windmills
the
An ancient windmill on other raw materials continue to accumulate, industrial produc-Lea, said to have been in use tion has been drastically curtail-ever since William the Con- ed, and the international flow of queror held deep'speech with trade has been reduced to in-his barons and began the Do- credibly low levels. In this con- mesday Book 850 years ago, has nexion, it may be pointed out just been abandoned. The first that the total value of world recorded opponent of windmills trade in the third quarter of is Don Quixote, who mistakenly 1932 was only about one-third of regarded them as fit objects that in the corresponding period for his lance... But the last cen- of 1929, the fall during the tury has discovered that wind- three-year period having been mills have much more danger- continuous. National incomes ous enemies than ever Cervantes' in many countries have fallen gentle knight could have been. by over forty per cent.; govern- Economic forces have almost ment revenues have declined, swept them off the face of Eng- and unprecedented budget de land, only leaving one here and ficits have resulted.. Only a there to serve as a reminder of handful of countries now retain long-vanished times. But a free and uncontrolled gold cur- champion has arisen to plead the In the result, cause of windmills even at the rency systems. currency disorganisation, price very moment when they ap declines, and curtailment of peared likely to disappear for trade have thrown into sharp ever. This champion is no less relief the problem of indebtednexpected an organization than acas with which many countries the Institute of Agricultural Re are confronted. It will thus be
search. The institute defends realized that further loss of windmills, not on picturesque or ground cannot be contemplated sentimental grounds, but ac- LANE, CRAWFORD, LTD. without grave forebodings. cording to the strictest rigour of
"PIECE GOODS.
Modern Ideas Expressed With Dignity and Restraint.
Your Inspection Invited.
FURNISHING DEPT.
Happily, there have been some economic reasoning. Where recent indications of improve the electric grid has falled, there ment in certain quarters, but re- the windmill may triumph.
The national note Issue to be fr- the
"Good heavene, Henry, are we going to waste another evening at home, worrying over your silly, old income?"
By Eddin "Stop Presa" Kally. There's too much dignity about newspaper advertis
Firms should tear into cach other, just like the Peak and Kowloon do,
Newspapers try to scoop each. other with news; why shouldn't. advertisers do the same?
After all, selling news about a cheap hat is no more and no less than selling the news about double yolked tomato.
Here's how: SENSATIONAL STORY DENIED
Scandalous Misrepresentation of True Facts
MEN'S HATS CANARD Uisit's story' this morning of the disposal of 2317 pairs of genuine Stetsire hats at $228 is now. re... vealed by Rightaway. Laidlow's as a pure fabrication. Further in- vestigations suggest that at the back of thie scandalous mis- representation is a deliberate at- tempt to foster the iniquitious No-hat system.
The Stun Company reiterates an offer of a pair of extra pants with every suit. An unkind rival. Palmbernards Ltd. comes back with:
SO THEY SHOULD!
We not that our reptila con- extra temporary, is offering in pair of trousers with every suit. they You'll want them. Pity don't offer two waistcoats and an extra coat. ··
If you can wear out a pair of our trousers in six months we will tear up your chit.
To which the Stun Company. replies:
STOP PRESS
If you can wear Palmbernard trousers for two minutes without being run in for a breach of the peace, we will give you an extra kilt with every set of bagpipes purchased between 9am. d. 10 a.m. on Friday. The Sincere Company enter the fray:
TRUTH IN ADVERTISING Preserving Dignity & Free- dom of the Trousers Press
Our renders will note with scorn. and not a little scepticism the con- troversy that has been engendered by rival 'Grms. Our supporters do not need to be warned that neither the Stun Company nor Palmber- nards are in a position to face the facts. They're not SINCERE'S. Poster advertising would also own. Instead of their Own wares, come into its advertising manufacturers will provide pos- ters derogatory to the rival pro- duct.
For instance, Colgolive could advertise Listergates tooth paste by coupling the product with a dentist's advertisement.
The Hongkong Electric could offer, at reduced rates, supplies of candles for China 'Light and Power consumers, while the latter would undoubtedly retaliate by supplying electric consumers on the island with free brochures showing the methods to be em-- ployed in resuscitating the ap- parent dead from, electric shock. Rival shroffs will also come into their own. The shroff for Lane, Crawford's will sing his own praises by advertising in glaring. headlines:
OUR CUSTOMERS PAY Unique Record in Collecting for Past Month
ONLY THREE REFUSALS Something unique in the an- nals of debt-collecting in last Hongkong took place month, when our shroff succeed- ed, at grave personal danger, in collecting almost every account outstanding, Only three re fusals were met with; and for the first time in five years, no
кая violence personal countered. But the rival shroff for the Hongkong Hotel will score the scoop of the year. A special edition, brought out for the occasion, will
in announce, streamer headlines:
en-
EDWARD KELLY PAYS
VIGOROUS LANGUAGE.
Mr. J. II. Thomas's power of vigorous and explosive (if un- Tarliamentary) expression is some- times useful to his Cabinet col- leagues. Towards the end of a. recent Far East debate Mr. D. M. Masón accused Sir John Simon, with a smirk of recollected relish, of having once called big "a bloody-minded pacifist."
"My honourable friend," said Bir John Simon, "must be mis- taken. He must have been talk-.. ing to the Secretary for the Do minions."
Engulfment of Mr. Mason under arising tide of parliamentary mirth!