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EXPERT
FRUITLESS GEAR CHANCE
TELEGRAPH. WEDNESDAY, APRIL 12, 1933.
this polley of penetration. It is to be observed, however, that it should be seen against the back- ground of Franco-Italian fen- sion. One of the chief European problems of the League of Nations is the reconciliation of the easily conflicting ambitions of France and Italy in the Mediterranean. If statesmen-- either French or Italian or as "honest brokers" of some other
AMERICA GASPS
President Roosevelt has already achieved "50 per cent of the In- possible"-that is the pithy way financial developments in America are summarised, Washington has been left breathless by the startling concussion of events. Through it all-overing over it)
DRIVERS nation could effect a real under all-is the broad and engaging
This advertisement is ad- dressed to the man who rarely makes a bad gear change, för te is probably the only motorist who thinks he doesn't need the Vauxhall Synchro- Mesh easy change gearbox.
You may never make a bad gear change on your present car, but "Synchro-Mesh. can still help you to drive better, faster and with greater safety.
MAY WE SHOW YOU? 26.33 h.p. Six Cylinder Vauxhall Cadot Saloon £295.
THE HONGKONG HOTEL GARAGE
Stubbs Road. Tel. No. 27778" 27779
ANNOUNCEMENT.
Mr. Lo Cheng Shis begs to announce daughter Enid and Mr. John Letablere Litton will take place at the Registry on Wednesday, April 26th, and that a Reception will be held at the Hongkong Hotel at 4.20 p.m. No formai invitations are being issued, but
that the marriage between his
all friends are cordially invited to the Reception.
The
standing, the foundations of European and of world peace would be very much surer than they are.
Chamberlain Economy
possible of the £130,000,000 of
1,5
Congress, under stimulus, is per
has any-
The Very Idea!
THIS POPULARITY
By Eddie Kally, the Noted Economist.
WE
are cursed with poisonality. Overburdened as we are with this and other in- teresting characteristica not with usually associated newspaper men, we find it very difficult to turn our friends and admirers away.
But something has got to be done about the matter. The Chief came to us yesterday and complained about the state of affairs.
"Look here, Kelly," he said, #we don't mind you cluttering up the Very Idea with your drivel, but we do object to you clutter- ing up the office with these shroffs. You'll have, to get rid "of them."
M
Jealousy, of course. In case of misunderstanding we wish to make it clear right now that our Great and Admiring Public. Sometimes, of course, there are exceptions.
Anyway, just to please the Editor, we have drawn up a time table for visitors to our desk.
TIMÈ ALLOWED FOR INTERVIEWS WITH KELLY
WITH
Hr. Min, Ber.
2
0 2.1
1
法
0
0
0 0
00
Longkong Telegraph. We have harbours that need to-day, that, Mr. Roosevelt will go $700,00,000 in principal, 560,000,- THOSE WHO WISH TO 2450 0
WEDNESDAY APRIL 12, 1933.
་
MAD MELODIES.
59.
It was yesterday morn at ten to,
nine ...The sun decided to kick up a
chine;
smile of Franklin D. Roosevelt. The smile meets newspaper men crowding to the White House; it bathes the face of calling congress- men; it ahines upon Carter: Glass and upon Huey P. Long alike. "It seems to hang over Congress. Its manifestation' is heard on the air,}; Criticism of the Chamberlain in radio appeals to the entire na: economy policy is growing in tion. And to say that the response strength and volume daily. He to this amile and voice is like that has falled to ration the Depart of a desert to a tropical rainy season ments, where so much unproducis only to begin to describe what is tive expenditure goes
and
going on. seriously thinks of more culs in the social services. The Times has, at the same time, come out forming wonders. It is, of course, banking system can this be achle- with a demand for a reduction of a brand new Congress. It is, too, ved:
Congress. taxation even if it means a small thoroughly cowed
In the second place, Mr. Roose- deficit on the Budget, while the Every bank in the United States yelt has struck for governmental. plea of Government spokesmen was closed when it took office. economy, and actually got a 266 to that "the real reduction of Then, too, federal patronage, le still 138 vote from the House giving him taxation will come when we are in the capacious pocket of Mr. power to cut the budget $500,000,- able to get an increase of reJames A. Farley, the astute new 0001 venue"-invites challenge. It Postmaster General, who has a Economy" in. this instance is a should scarcely need saying that smile of his own, a little harder cuphuism for cuta in veterans' ex- the increase of taxation often around the lips, perhaps, than that penditure. The fact that Congress, inishes its returns. Con-of his superior. But even so, Mr. after all these years, has actually versely, the reduction of a tax, Roosevelt's own smile has some voted authority to cut the surest by easing the flow of business. thing to
do with it. Old-time source of political patronage, vet erans' compensations-has in fact may increase its yield. One newspaper men gaze in wonder, authorised twisting the tail of the thing certain is that the revenue mixed with awe. It is not easy to most powerful bloc in politics, the will not increase until more awe a newspaper man. But the American Legion-leaves the most FRIENDLY CALLS money is put in circulation not subservient behaviour of Congress fluent reporter almost inarticulate. FRIENDLY CALLS by way of largesse, but in return is a portent so incredible that it
WHEN BUST While desiring to eschew hy LIFE INSURANCE
AGENTS perbole, the rormal reaction here for economic equivalents. The Government's objective bught dashes even a Washington journal-seems to be that if such things can HOSTILE SEROFFS
happen, then there is really no res- FRIENDME to be to convert as much as ist,"
+ 0 5 Events are moving-so fast it is zon why the business slump should
TO LET US IN ON "dole" into creative expenditure. hard to keep up with them; so continue any longer; and that if re- FRIENDS WITH SCHEME WIL
LING There is abundance of work that surely that goals which for years thing to do with it--always provid- FRIENDS WHO ASK US TO
vived public confidence
GROUND" FLOOR 0 0 0 needs doing and would need have seemed only equal in theiring the relative position of Con-
DRINK
I ? 1 doing even if we had no humani-desirability by their impossibility, gress and Mr. Roosevelt's smile FRIENDS WHO ASK US TO tarian standards at all. The now set possible.
holds good-the time for turning | · EAT
0.53 0 GIRL FRIENDS WHO CALL FOR Gunarders need building. Char- The odds are, as Washington over a new leaf is at hand.
OUR AUTOGRAPH OR There is no real sign of inflation. ing-Cross Bridge needs building.feels it in its new lift of confidence
PHOTO. The big govenment obligations
BILLS modernising-steel works in the right ahead, amiling to achieve the 000 in interest-maturing March same plight. The Government other "50 per cent of the impos-15, right in the thick of the crisis, cannot dismiss these things as sible,"
have been taken care of, by two "relief works." They are vital
In the first place, Mr. Roosevelt proposed new issues of short-term to our national business and
cent-made possible by the reopen- ITALY & FRANCE livelihood. They would be realready has extraordinary powers securities 4 per cent and 4% per
quired even if our industry were to control the banking system. ing of the banks,
This is purely emergency legisin-
To go a little deeper into the At a time when the League of performed by robots on whom it tion, but it carries with it the question of inflation, the now Re Nations is faced with the great throb of human
was not necessary to waste a
sympathy greatest degree of banking unity, serve notes show every indication of est crisis in its career, when the There is no prospect of their befor the time being. America has being adequately controlled. The possibility for inflation is there, of success of the Disarmamenting done unless the Government had.
course, but supervision is left with Conference still hangs in the takes the initiative.
It seems incredible that this dc-the Federal Reserve Board which balance, when experts and one of them, from the moment gree of unity should ever again be has been as definitely set against statesmen alike are engaged in it is begun, will take men off the returned to the old system of 49 reckless currency inflation as any- preparing a road through the dole and bring money into the competition controls. Certainly a body throughout the crisis. True, There is every ad-banking house cleaning is in order. the notes will not be backed by gold, but they will be backed by the tangled labyrinth of economic
vantage in attending to thege Evidences of this already $7,000,000,000 resources of the nationalism to the larger mea- things in time, and when money accumulating. The Government Reserve System. sures of international co-opera- is cheap. Why should we keep is putting emphasis on the super- There is a bank tax on the new sort of johnny, at the first hint-of- tion which it is hoped the World "pegging away" at inaction until for strength of members of the currency which will aid its retire-Spring the amorous goldfish comes ment when the emergency is pasa- over all girlish and coy, and goes Economic Conference will bring, they are still compulsory, hut Federal Reserve System by letting ed. It will cost the banks more to barging around in his bowl, tick- it is not surprising that the
more expensive?
these banks open up first. There use this currency than other types, ling the hens with his dorsal fin.. recent visit of the King of Italy
is unfd to be a rash of private which will make them use it spar- and offering them presents of anta' to Egypt has not occupied much
bahka to join the Reserve System ingly. There are other similar eggs and slices of worm........Perfect-
ly darling of him, don't you think?- space in the columns of the
Other privileges to Reserve safeguarda.
Summing it up, there is the pos- Press. Yet, though it may be
Gladly he smiled from ear to ear., possible to exaggerate the im- It is becoming increasingly Banks, or conversely, impositions sibility of Inflation now as always,
Whispered that Spring was draw-
ing near. portance of this event taken by clear that, to a very large extent, on non-member banks, are likely, but probably less from the new cur
Ice-cream men gave a hearty itself, those who have followed the speed and extent of the re- and they will aid the unification of rency than from the fact that the
cheer the Italian expansion-movement covery which the world will banks into one big system it is Government over the past three in the Near East and in North- make from the depression de- thought. At any rate, Mr. Roose years hus coined its deficit," 000. With balanced budget, it ern Africa would not be inclined pends on the amount of courage velt has once more insisted "we do amounting now to about $5,000,000,- statesmen. not want any and will not have will be easier for the smiling Mr. to neglect or belittle the sym- possessed by its bolic value of what is happening President Roosevelt is giving a another epidemle of bark failures."Roosevelt to handle the situation tional finance is as fascinating as a to-day. Till now no European powerful lead. We are no long-And only through a sound, unified than at any time in the past. sovereign has set foot on Egypt er groping blindly in a fog, ian soil since the day when the seeing grialy phantoms dimly Suez Canal was opened and the outlined in the mist and starting Khedive Ismail celebrated the nervously at the sound of our event by lavishly entertaining own footfalls. That stage has several of them. It is well been passed. The way ahead is known that Italy has increasing beginning to open and the fog is ly cultivated a grievance because lifting. But we are going to she was not entrusted with any need courage first of all, because of the Mandates alloted to the process of recovery will not various "advanced
We nations" be quick and automatic, when the League of Nations was are not going to get into safe formed. She has adopted a harbour the day after to- definite policy of economic ex-morrow. We must realise that pansion all round the Mediter- we still have a long way to go; ranean. Italian Consuls are the nerve to take.temporary de- active in pushing Italian in- lays and setbacks in our stride terests and Italian influence and without getting disheartened. prestige in all the countries to There will still be sacrifices to which they are posted, and make. Some may have to sc- Italian traders are encouraged cept a sharp loss on securities. by the Home Government and A writing-down process. seems Italian banks to extend their to be impending, which will not business in every possible way, be entirely painless. Most of all In Egypt, whose historic re- we must have the courage to ac- lationship with Italy goes back cept what may look like radical ----with interruptions, it is true-departures
from traditional
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And each
The Fog Lifting
to the days of the Roman policies. Social and economic Empire, Italy possesses some organisation may be erected on very special advantages. The lines unlike those of the past Italian colony is numerically We are going to see govern- smaller to none of the foreign mente trying to do things that settlements except the Greck, were not formerly considered a and the Italian seems to have in government's job; we are going a more marked degree than any to see them try to do old jobs in other foreigner the capacity of an entirely new way. identifying himself with the Egyptians among whom he lives. It is not suggested for a moment that there is anything wrong in
The
world must greet these changes fearlessly, without hanging back. If it does not, they can- not be made.
are
"Please wait a minute, dear. This is very educational for
Queenie,"
The weather report said Fair to
Fine,
With possibly local showers, The birds began to chatter and
shout.
The goldfish waggled their tails
about,
And the sun shone out, the sun
shone out
For two and three-quarter hours.
There are few more beautiful sights than a goldfish in love. De- ually a doleful, down-in-the-mouth
To think that Winter was over.
• • •
HIGH FINANCE.
To a simple soul-like us, interna-
fairy story full of enchanters and goblins. The Americana have enough natural wealth in their country to feed several times the population, "yet milliona of them are starving. They could employ many times the present number of workers, yet ten millions of them can't get work. They have all the money in the world, yet millionaires. are having hair-cuts and chalking it up until Saturday..
All this is due to our marvellous financial system, but don't ask us why. It was once explained very lucidly to us by a man who was af- terwards taken away by two tact- ful men in brass buttons, and we believe that ha invented it..
We only know the main ides is.. that the more wealthy a ration, and the more the people produce, the more difficult it is to dispose of the stuff, until chros results. Wa ourselves have worked this dirty trick on the Americans by paying. them the money we owe them. They asked for it, and they've 'got' it.
We don't understand this para- dox, but it has given us an idea, We are preparing a circular letter to all creditors citing the Americans as an awful effect of getting your debtors to pay you, and pointing" out that if we paid them they would obviously soon be selling matches and sleeping in'casual wards,
At the same time, if anybody hates us sufficiently to want to ruin us, they need not bother bo cause they don't owe us any money. | They can send it just the same, lots {and lota of it. It seems dangerous | stuff, but we're quite prepared to
take it off their hands.