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Hardware Dept.
Phone 28151
LANE, CRAWFORD, LTD.
THE HONGKONG TELEGRAPH.
the
"I NOW REALISE FULL JOY of MOTORING"
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There is true comfort in the roomy, coachwork and everything about the appearance of the Cader expresses good breeding.
Prices from £295. Let us give you a trial.
TUESDAY, JULY 11, 1933.
NOTES OF THE DAY PLANNED ECONOMY AND The Very Idea!
PLANNED PRICE LEVELS
Banking Privilege is To-day the Subject of Attack from All Quarters in Discussions on the World's Econo- mic Problems. Below is the first instalment of the other side of the question, as outlined by Mr. Benjamin M. Anderson, the Economist of the Chase National Bank. He subjects President Roosevelt's programme to critical examination.
CHILDHOOD" DAYS
By Eddie "Glaxo” Kelly.
man
A few years ago, a gentle- named Mr. Ring Larder pinched an idea we had been cultivating from childhood and produced a book called "The Auto-
World Economic Conference pro- spects look a trifle brighter thie morning. No decision was resched upon the all-important Issue of the scope of the monetary discus sions, but the gold countries agreed to examine the problem generally with a view to the drafting of an agenda. This represents a distinct advance. The gold countries are, at least, prepared to listen to the arguments of the other side. This is the mood in which mutual con- cessions are most likely to be ob- tained. The problems were debat- We must be clear as to our objec-tariffs and other trade barriers, biography of a Wonder ed in the House of Commons but tives. To my mind, the great and choking the flow of goods across 112-
Man." He did it without they provided only one interesting vital problem confronting the United tional borders. feature, a hint from Mr. Neville of getting many millions of men back cessive credit and artificially cheap and made a lot of money States and the world to-day in that The old economies taught that ex- offering the slightest excuse,, Chamberlain that the British
to work, getting business going again, money would generato great specula- Government would be prepared to gotting goods moving throughout the tion and the piling up of unsound debts out of it. consider a return to the gold country and throughout the world, which could not be paid and which, mane-increasing enormously the volunts of in their qualitative, deterioration and
production in the world, so that the collapse, would create crisis and panie, punished by the Society for the Morcover, he was Bever volume of consumption may also be But we spent the post war years,
standard or an international
tary standard.
NO. 1
greatly increased. But among the especially from 1922 into 1928, in an Prevention of Cruelty. All of THE CABARET PROBLEM
proposals which purport to have this
altogether unprecedented expansion economic revival for an objective there of credit at artificially low interest which encourages us to produce Much has been heard about are not a few which really look to rates, with rediscount rates held below herewith the first instalment of cabarets lately, chiefly complaints ward different enda. There are, as the market instead of above the mar- "Another Biography of. Another of residents who nightly suffer usual, social revolutionaries who like ket as the old rules prescribed, and Wonder Man," from the symphonic (1) blarings to fish in troubled waters, who would we generate a credit bubble and a of the bands. On the other hand, seek radically to recast the whole speculative bubble, the collapse of All this wo will do without any there has been a complete, almost economic system, to shatter the sorry which has brought us untold disaster. hope of monetary roward in this John Stuart Mill know the dangers life and with a prayer on our lips
both of excessive tariffs and of ex- cessive credit. No new economics was that we will escape punishment needed to avert them.
for it in the next.
scheme of things and "then re-mould painful, silence on the part of it nearer to the heart's desire." Government concerning the pro-
Whatever else measures of this sort posed Cabaret Regulations. Two might accomplish, they would not, in months ago we were promised them the near future, restore production
The old economica taught that in- "In a fortnight". The promise is and consumption in the world, or set ternational debts must be paid pri- still a "debt unpaid" on the legisla men to work. And there are many marily with goods and servicen. It tive account of the Hon. Mr. G. C. more moderate proposals which, while taught that the debtor country, in the Alabaster. In the meantime, a they might or might not be meritori-period when it was borrowing, would Kowloon resident has appealed to
ous in themselves, if adopted in have an import surplus, but, that the Court for assistance, and has tranquil time, when the general when it began to repay, it must have functioning surplus, sending more
Book One. Chapter One. Act. One Scene One.
into
VAUXHALL for line economic mnohinery, est, intering an export out pous, send me it taught world during a time which future
CADET
*
THE CAR WITH THE SILKY PERFORMANCE
HONGKONG HOTEL GARAGE. (SHOWROOM) Stubba Rond. Phone 27778-9.
Hongkong Telegraph.
TUESDAY, JULY 11, 1933.
"RACKETEERING". IN HONGKONG? The startling drop in the sales of Government Monopoly opium is gathering pace rather than improving, despite the intensive
an
HOM
vincingly, told that pending the with economic revival if adopted to that a creditor country, when the time historians will term memorable. proposed "regulations", nothing can day. There are schemes for the re-came to receive payments, must re- be done to alleviate the position. distribution of wealth, which schemes ceive an import surplus, a so-called In China a civil war was raging There has been ample time for may or may not have merit, consider-adverse balance of trade. But the old and the stock of all bandit cor- action. Residents have a right to ed na long pull measures, but they economics also know, what the new porations was selling at a pre- some sort of protection, whilst the certainly are not revival measures. economics seems unwilling to admit, mium. There was a famine in cabarets are at present in
There are other proposals, growing namely, that it was good for a creditor Russia, a water shortage in Hong- out of the righteous anger of honest country to receive an excess of im- kong and a invidious position. For their own
strike in Australia. sakes they would prefer to know men who have discovered iniquity, parts, that the term "adverse balance The newspapers were prophesying which are punitive in their nature, of trade" under these circumstances trouble In the Balkans and thera exactly what is to be their status, and which can easily go so far as to a meaningless and misleading what privileges (if any) they are impair the efficiency of existing phrase. The old economics taught was revolt in Mexico and Chile. to enjoy, and to what extent they economic machinery which is neces- when goods come into a country in It was summer in the Southern are to be subject to control.
sary to facilitate revival. We must be clear as to our objectives. If, as payment of debts they do not reduce hemisphere and by the strangest the ability of the country to buy the coincidence, it was, at the same an incident to revival measures, or if products of its own labour, but, rather, time, winter in the northern as contributing to revival measures, we can end old abuses and can im- increase its total income and its total hemisphere. You can see in an consumption. The foreign goods instant that once that there was The chorus of complaint against prove the general economic system, coming in in payment of debts are sold the dumping of Japanese goods is so much the better. But we must not in the creditor country, and the pro- a bright future ahead of us. Wo swelling. New Zealand, Germany permit the present unhappy state of
As we look back on those good
JAPANESE DUMPING
as I believe is the case, we can
AGE-OLD FALLACIES. The old economics knew very well
"Leave one there for me," we called out as they trooped out to McGinnty's pub.
and Australia have added their the world and the present flux of beceeds in money are not taken out but, were, in fact, unique. protests in the last three days, al-wildered political opinion to. be rather, are turned over as income to
capitalized by those who advocate new people within the creditor country, in-1 old days, we feel a pang of regret, : though what satisfaction they are their incones by the which likely to obtain, it is difficult to making of hazardous experiments. amount in money as the goods which imagine. Japan la the one country This sick economic world of ours is a come in in payment of the debts, and remember poor old father calling. which has maintained a reasonably patient in a hospital, not a subject for leaving them with undiminished buy his friends together and proudly high level of prosperity during the experimentation in a laboratory. Anding power for their domestic products, announcing our arrival. They all But the now economics seems to be clapped him on the back and anid world-wide depression. Her ex- when those of all oth since 1920 measures, surely we have no right to teenth century policies with respect to ports have increased
cure this patient by tried and tested returning to seventeenth and eigh- "Good old Kelly."
"Well," said father, "Let's go campaign directed towards the have diminished
discard those tried and teated meatheac matters, seems to be afraid of on a rapidly sures and to turn the patient over to goods, afraid of production, afraid of and wet the baby's head." . suppression of the divan. The growing scale. To invite her to a new school of physicians who have income, and afraid of an abundance latest figures, which we believe surrender her business activity. know to werk.
stop selling, is to invite her to some theories that have never been of goods for consumption. to be reliable, show that the The complaints of unfair competi In medicine, when radical new
"All right, Son” he said. revenue from this source has tion may be fully justified. measures are proposed, it is at least
The neighbours came round to dropped to below $2,000 daily, Her answer is that despite, the the common practice to try them out that it was absurd to try to expect
on animals first, and then, after long any definite equivalents in imports and see Old Kelly's son bathed for the less than a sixth of the gross cost of production, her national them out tentatively on human beings. countries. It understood triangular first time in undistilled alcohol. allegation that she is selling below and careful experimentation, to try exports as between two particular income from sales prior to the wealth is increasing rapidly. We must certainly ask the new schools and quadrangular trade. It knew that We remember many of the Dad's adoption of the new policy. The Japan seems to have discovered of economic practitioners to try things if a country's general balance of trade old friends broke down and wept significance of this cannot be the secret that while the value of out on a small-scale first, tentatively with the whole world was in proper as they witnessed the ceremony, lost. If the decrease in sales of goods and commodities consum-to
newly produced goods exceeds that and cautiously, before they ask us adjustment to its creditor or debtor transform the whole economic position things were going right, and that nothing need be done about it. represented a decrease in con-ed, the is. little to worry about system radically.
In March, 1903 we met Esther. The new economies seems to be veer: Esther was our first sweetheart, sumption, the Colony could bear nationally,
ing strongly toward the notion that regulated, and that trade must be were too young (we were only the volume of exports and imports which she will learn for the first with every particular country must be time when she reads this. We discouraged with every country which two) to know the exact wording of a formal declaration, so we kept out soul-stirring love to ourself.
OLD AND NEW ECONOMICS. the failure of the so-called old We have heard a great deal about economics, and the need for new doc: trines. I think it can safely be said
it with an approving smile, but TOMATOES AND PATRIOTISM it simply means that smokers
One of the queerest cases the are leaving one kind of opium indefatigable American Civil Liber that thero has been no failure of tho does not buy more from us than it
it is dearer than and inferior to seem to be that of the labour agita- | because, so little of what the old this recrudescence of sixteenth and another. It also means that
tor who has been accused of defi!- economics advocates has been done. soventeenth century fallacies!
The old economics taught that there ing the American flag. He was ad- The old economics taught, and teachos, they are able to get the cheaper dressing meeting, suitably be that tariffe should not be unduly high, is no such thing as a general over: and better brand. Since we last flagged and decorated, when a
and that goods should move with production. It taught that the power examined the situation which group of ex-service men showered reasonable freedom across national to consume grown out of the power to borders. The post war period has produce, that consumption grows out
(Continued on Next Columns.) has arisen from the closing of cayed tomatoes and such like. The seon a steadily mounting body of 1
the speaker with ancient eggs, de-
the Hongkong factory, it has charge against him says he used an developed features which are American flag to wipe from his face sufficient to cause grave concern, trickling eggs which took lodge- stray bits of squashed tomatoes and The smuggling organisation is ment there. His defenders retort perfecting its system and a that he wiped his face with a problem is being created for the handkerchief, and that the flag was Colony very closely approaching defiled by the flying missiles them- that of the United States under selves. But even if the charge was Prohibition. In A milder true, it is difficult to get indignant fashion, it has always existed, cooked tomato omelet in the face is about it. A man who gets an un- To-day, with only unwanted likely to wipe it off in a hurry, and oplum legally obtainable, it has to use the first thing that he can lay been intensified tenfold. In its his hands on. different way, the situation bears
*
an astonishing resemblance to TICKET TO MONECOPOLIS the American scene under the
08
overy
operation of the Volstead Act. No better example of the way The moonshine stills are re human thought runs to extremos presented by illicit opium boiling can be seen perhaps than In the "factories." Smoking dens are recent Ideas which have been numerous as speak-enaics, advanced about the city of the The only thing missing is the architect, has gone to ono future. Mr. Frank Lloyd Wright, "racketeering" and it is not at extreme with his vision of the all certain that the Colony will broad-ncre city, where not experience the "racket" family would have its acro of accompaniment to the game of ground and everybody would be defeating the Revenue Officer. back to nature again. And now With a craving greater and more the prediction is made that the tho future. will be dangerous than alcoholic liquoreity of to cater for, the emergence of "a monecopolis, a single, vast, un- rival gangs seems a logical out-burnable, high building, whose corridora aro, streets, and whose come. We are not creating a light, ultraviolet, and ventilation bogey. Stories of "protection"
entirely NTO
artificial." This in certain areas have already monster called monecopolin, it reached us. The case with seems, la the inevitable outcome of which illicit opium is obtainable progreen, the progress which la in clubs and boarding-houses is making possible the conditioning Astonishing. It also suggests of air, the building of windowless other modern aling of investigation which factories and "might
ted with developments. But who that looke. 'advant
uthorities if forward to the morning stroll from boma to nice would give this
the monecopolisT
Many a night we cried ourself to sleep over Esther. The way. we looked at it was that if wo couldn't see Esther, our old man wasn't going to Siesta either. So
we made him walk the floor.
Our second love affair was with Marlon. But she was the Marion kind, if you get what we mean.
Just now we've got a date with Jennie. With a bit of luck we will be back here in time to write to-morrow's column.
of production. A man producing one commodity, as. automobiles, contri- butes to tho supply of automobiles, to be sure, but equally contributes to the demand for wheat, for slik, for cotton and for other commodities which he wants. And the man pro- ducing cotton or cotton goods con- tributes to a supply of those things, but also to demand for silk, for sugar, for automobiles and for other things which he wants. The old economica recognized that things could be pro- duced in
como.
things too mg proportions, some others too little, and that then great abnormalities and dis tortions would
Tho
old economics recognized that when you had overproduction of certain things and underproduction of other things, the terms of exchange between them could be so deranged that the buying power of the producers of the exces
commodities would sink very low, and then even the underproduced com
would seem to be over-
moditige,cause they could not be
Bold. But it wought the romedias in better balance and better proportion, and not in a goner contraction of all economics saw production. The
-power growing out of pro- duction, and it held that a good. equliibelum
tha
varous
ments of Sotto meant large aga
regate purchasing power, which could, tako of large aggregate:
Production
separaten production and E power It looks on goods on the one band and buying power on the oli