CCONE
SPEED'
Great Age.
Liqueur Cream
Quality Par Excellence
Whisky.
The Croam of Scotland's Produco.
$5.25 Por Bottle.
Sole Agents
A. S. WATSON & Co., Ltd.
st. 1841.
NEW
VICTOR RECORDS
NOW ON SALE
INCLUDING
"TELL ME TO-NIGHT"
Sung by RICHARD CROOKS. (Ask for Record No. 1619).
S. MOUTRIE & CO., LTD.
York Building.
Tel. 20527....
MAKE YOUR
OWN
SODA WATER
AND
FRUIT DRINKS
AT
HOME
TRY
Chater Road.
OUR NEW
SPARKLET SYPHONS.
Bottles (Quart size):
Recharges (Bulbs).
Hardware Dept.
$8.00 each
$3.00 dozen
Phone 28151.
LANE, CRAWFORD, LTD.
THE HONGKONG TELEGRAPH.
WEDNESDAY, JULY 12, 1933.
NOTES OF THE DAY PLANNED ECONOMY AND The Very Idea!
Few people are directly interest- ed in the fate of the foreshore rights legislation, but to those thint are, the outcome la of very con- siderable importance. Fortunes have been made in the past by firms and individuals whose lands have abutted on a part of the sea which has boon. roclaimed and the
restrict riparian owner's rights is, there-
"SYNCHRO-sistance to efforts to
re-
HAS fore, easily understood. Sir Philip
MESH BANISHED
ALL
TERRORS”
"The Synchro-Mesh gear is A great boon and absolutely fool-proof, writes a martied man.. "We found the case of changing gear most useful and delightful. To change gear suddenly used to be a nightmare to my wife, now she delights to take the car anywhere at any time; the Synchro-Mesh gear but banished all terrors for her." The magic Synchro-Mesh gear box is a Joy to
drivers, because it makes
simple. Fear Though running costs are low, the Cadet engine gives vivid acceleration and ample power for every need. Steering la positive but finger-light and braking smooth but decisive. The roomy coach- work Cadet presses the last word gives you every luxury. And as for style in good toate. Prices from £295. Let us give you a trial
run.
CADET
THE CAR WITH THE SILKY FERFORMANCE
HONGKONG HOTEL GARAGE. (SHOWROOM)
Stubbs Road. Phono 27778-0.
The
Hongkong Telegraph.
PLANNED PRICE LEVELS
OUR TROPHIES By Edward Kelly, Prize Winner.
Banking Privilege is To-day the Subject of Attack from All Quarters in Discussions on the World's Econo- mio Problems. Below is the second instalment of the NOW that Crawford has other side of the question, as outlined by Mr. Benjamin added to the American M. Anderson, the Economist of the Chase National depression, and we have re- Bank. He subjects President Roosevelt's programme covered from a little celebra- to critical examination.
tion we felt the occasion
'NO. 2
our
own
In general It is not the function of make comprehensive plan. The warranted, it is not out of Cunliffe-Lister's reply in the House of Commons suggests that the government under the present system ablest and best trained brains, given place to recall
to produce goods or to perform unlimited power, could not do it. athletic prowess on some of principle of the local government's economic services. The actual direc- The ablest students of economic theory plans in this regard is likely to be tion of industry, the decision whether can, for a litle while, at times when the best tracks of the world. You did not know, for in- upheld by the Colonial Office, al- more alioes shall be produced and less their energies run high, see in theoro. hats, is not made by the state or by tic outline, in schematic outline, an though the representations appear collective society, but is left to the abstract picture of the economic order. stance, that we have a cupboard producers. The concatenation of prices and costs, full of trophies at home. We to have produced special provisions choice of Independent in the matter of compensation. These independent producers make the inter-relation between the In-
inter-are keeping them in a cupboard Under the draft Bill, it was clear, their declelons with reference to the dustries, the International anomalies were bound to arise, state of the markets, The up and relations, the relations of capital until the excitement about their
should down movements of prices and wages market, money market, securities Compensation provisions
determine whether more or less of a market and Industry-there is a body loss dies down. fast to
It be reasonably hard and
given thing shall be produced,
of economic theory dealing with There is a fine piece of pewtor' avold Injustices.
prices are rising in a given industry these matters sufficiently definite and
NATHAN ROAD ISLANDS
and falling in another, the tendency sufficiently clear to enable us to reach resting on the top shelf, and some is for labour and capital to flow from some very important practical con- day we shall have our initials en- the industry where prices are folling clusions regarding public policy. But graved on it.
'At present it bears only the name "H. & S. Hotels, Ltd.” which is the name of the sub- scribers, or makers, we for- get which. We won it for the best. balancing feat at the Empire Fair.
to the industry where prices are rising. to put flesh and blood upon this ab- The islands which have been The tendency is, moreover, for con-stract skeleton, so as to make it a constructed at various points along sumers to consume less of those goods thing adequate for conscious control of the length of Nathan Road are in the prices of which are rising, and to industrial life, is an impossibility. We tended for the use of pedestrians, consume more of those goods tho have an immense mass of statistical are falling. Over-detail regarding many phases of on the safety first principle. The prices of which idea is that persons crossing the supply of any given commodity, ac-economic life, bu. not nearly enough road and finding themselves in the companied by falling prices, thus for purposes of this sort, and not, midst of motor traffe may take rotonds to correct itself, since production moreover, in manageable form. Fur declines and consumption increases; ther, It can not be assembled with fuge. We mention this because whereas the shortage of supply of an-sufficient speed to enable one central
оп The framed certificate pedestrians as a body appear to other commodity,, accompanied by planning body or one central brain to have misunderstood their purport, rising prices, likewise tends to correct use it in making day by day decisions. wall that looks so strangely like a believing, perhaps, that they are itself through an increase of pro-Neither economic theory nor statistics
an unnecessary
nil. WEDNESDAY, JULY 12, 1938.
MARKS OF ORIGIN ANOTHER LESSON
Foreign resistance to the require ment of the Nanking Government for China goods destined The story of the remarkable that future be marked with ramification of private financial the name of the country of origin
*
:
the:
a whole and to guide and control pro- to get along with mon, and with re- We hate to boast any more, but
соп-
VAUXHALL designed as traps for motorists. duction and a curtailment of consump- begins to supply the necessary founda- writ, was awarded to us for win- It is, indeed, possible that so theytion. Under this system of free, tion for dealing with such a problem.ning a race against a well-known. will prove. At such a point as private enterprise with free move. The best industrial and financial in-shroff. Jordan Road, for instance, they ment of labour and capital from in- telligence sees only a part of the pic-
with definite realism. The It was the longest race we ever provide
comdustry to industry, the tendency is ture
multitudinouson, and lasted for several months.. plication for the driver which may for an automatic balance to be main- coordination of the easily lead, one day, to disaster. tained and for goods and services to elements must be through the markete. We paid dearly for our victory. The jaywalker meanders unseeing be supplied in right proportions. Aland not through a central brain or
is croated, social order
We have several similar certi- social central authority. a and unhearing and unheeding of cooperation is worked out, largely
ficates and letters of appreciation, automatic, such elementary safety devices as unconscious and largely
ECONOMICS MUST YIELD TO
which, for modesty's sake, wo keep- POLITICS. islands placed conveniently for under the play of the imporsonal
locked in a drawer. his benefit. The motorlat's pro-forces of market prices and wages.
But, further, no one supposes that
Our most valued trophy is the blems are not. lightened for a This system obviously predicates a
can trust. if we are to have a planned economic silver ahleld we won for staying moment. The fact is, although the round money which men
be turned under water. We were watching a motive may
be excellent, it is The success of this system, moreover, order the matter would
have trained pretty useless to provide islands depends upon its flexibility and the over to the men who for the Chinese. The psychological quickness with which readjustments themselves to see the whole economic swimming gala at the Y.M.C.A. and.. can be made, and this, in turn, de- picture. They would not be regarded fell in the pool. When they pull- effect of their presence is precisely pends largely upon the extent to which as competent to handle the administra-ed us out we were half dead, but it is competitive and free from unified tive problem--and they would not be. we revived sufficiently to accept the conscious control. If a government The thing would be turned over to prize. They thought we were a
administrators, chosen competitor. of a collective system undertakes to practical regulate the business of a country as primarily with respect to their ability duction, there is required a central spect to their acceptability to brain of such vaat power that no trolling political groups, and instead we must mention the medals human being who has yet lived, or can of economic planning we should get have collected. One of them is a bo expected to live, can supply it, political compromise. The plans that valuable Australian medal in the been When millions of people are working, would be made would be only partially shape of a copper penny. On one firms in the United States is in Chinese charactors has
met by considerable modification of each at his own special problem, harmonious from the standpoint of side is the King's Head, and on to be continued in October, the proposed regulation. In cases studying his own special market, mak-economic consistency. They would be, the reverse side is another King's
head: although it seems hardly neces-where such marking is considereding his readjustment piecemeal, under in large part, a mere resultant of the guidance of market prices, the political pressures, contradictory in
We were given this medal for to present difficulties, it is accepted problem is manageable. If a central their economic implications. sary to go on. The Senate that the language of the country brain must do the thinking for all of The administrative problem would winning the Australian national of origin may be used Instead, them, chaos is inevitable. Great be an impossible problem, particularly game of two up. Two up is placed enquiry has already presented a
The concession goes most of the mistakes are made and these mistakes difficult in the United States becauso with two pennies, which fairly clear picture of the state way; far enough, in fact, to sug- are carried much farther than would of our conflicts of State and Federal thrown into the air. If they come
Constitutional down heads, you win. limitations. With the control of in- of affairs, one which the ordin-gest the probability that few, if be possible under the competitive sys-jurisdictions and our
People will be surprised to hear any, changes will take, place, in tem, controlled by free prices.
Hore then is the central contrast duetry, it would involve an Immense ary man has frequently sur- foreign markings. It seems to
between our present system and a bureaucracy-a bureauscracy so great that we are also a champion dancer. mised, but of which he has matter very little. If small con planned economy in the problem of that it might, indeed, go far in solving We have a medal to show that we
cerna in Hongkong are permitted-
We used to have an immense respect Shanghai, not so long ago. On seldom been given a good view, to manufacture articles and attri- coordinating the economic activities the problem of unemployment! von a dancing championship in. of men and making a social order. bute their source to any country Our present system relies upon the for the power of the Federal Govern- one side is the name The financial world is a place whose name strikes the fancy of unconscious, automatic functioning of ment to give us clean and eficient dancing establishment at which wo of mystery and wonder to most the manufacturer, without pro- the markets. A "controlled economy" administration. In the old days, won the competition, and on the secution, the view may be taken must do it, if at all, by conscious when the Federal Government had people. We have known it to that such markings have censed public planning, a central brain guld. very limited functions, our Internal other side is the inscription "Good
to have any importance.
INDUSTRIAL CONTROL
and We made
We
are
of the
ing, controlling and regimenting the Revenue Service was extraordinarily for One Dance." masses of men, controlling production, clean and efficient (if one forgets the
The Editor has offered us an controlling consumption, contrailing scandals of the 'Seventies), there was the distribution of wealth and, in a immense respect for Federal law and other trophy if we can beat our large measure, regulating the lives its administration,
contrasts frequent
between the existing record, but, we believe and activities of men.
efficiency of Federal administration he is actuated by malice. and the inefficiency of State and local administration. But, when “we gave the Federal Government problems
-
LIMITS OF ECONOMIC THEORY AND STATISTICS.
(Continued on Page ¿-)
be a place where vast sums of money could be made-and lost and we felt somehow that what went on was ultimately of The signing of the Cotton Textile Code by President Roosevelt marka great importance even to non-an important step in America's investors; but most people got lateat experiment in democracy, the
Industrial Control Bill. It has the If we wish revival without an early similar to those of the States and little more than a confused and effect of reducing hours by twenty-relapse into chaos, I do not think wa municipalities, as in the case of pro all five per cent. and raising wages by shall go far with the advocates of hibition, we saw the same evils creep hazy idea of how it
thirty per cent. It also means that the planned economy. They cannot was done. The Morgan dis- the
cost of production will closures opened 'many eyes. riso commensurately. The United- States appears to be seeking the Security and share issues middle road between Communism going to insiders at bargain and Fascism, clinging to the notion rates before they find their way that it is possible to maintain an intricato industrial society without into the open market; the for- discarding the ideals of liberty and individual initiative. The notion is mation of holding companies admirable and the method of work- with the public's money, devised ing it out will be watched with the so that clever manipulators can tasting time will come when the greatest interest everywhere. The hold the strings; interlocking effects of internal measures of this series of loans so complex that contacts with the rest of the world. typa are revealed by commercial even the man who negotiated The shadow of tariff barriers acoma them cannot remember how it to hover in the background. was done without looking at his private records. The general run CLEANER ENTERTAINMENT of these operations were not. Evidence accumulates that the wrong legally; most of them, in popular desire for decodicy in on- fact, gauged by current stand-tertainment is becoming a domand, ards, were not even wrong mor- This applies both to the cinema and to the theatre, in Great Brit- ally. The world has devised the ain and In the United States. One kind of economic and social ays-of the largest British film-produc- tem which made it almost neces-Ing companies has recently ruled sary for the financing of big that in future the dialogue of its talkies must be kept entirely free "affairs to be conducted in such from profanity. Decency in en- away. To become indignant at tertainment, may be naked for on the individuals directly concern-ethical grounds, or it may be ed is to miss the point entirely. That has long been recognized. The thing to do is to change Now it is becoming apparent that the system, to prevent such it may also be asked for on tangled webs from being con-economic grounds. Motion pic ture producers who are not im- ted, to ensure that the finan-pressed by the argument that dustry shall be carried wholesome firms aro intrinsically le interest the superior,, to unwholesome ones plication now becoming cigaror and clearer that they are also
to pay better
•
asked for on artistic grounds
Fi-could-förrst
new like they
bounteri
BOY FRIENDS.
Marge must have temporarily forgotten the Trade Union laws when she wrote the following:
The other day I ate too many chocolata éclairs and had to call for a doctor. When he arrived and I told him the location of the trouble, he raised an oyebrow and replied cuttingly: "Bub Madame, I am a nose and throat. specialist!"
If
It's all very confusing. you have an ear acho you have to go to an car specialist, for a atomach ache you must pick out a tummy. ditto, and for flat foot you have to call a dog doctor. Sitting there holding my tummy and musing on doctors in parti cular, I finally got to thinking about, men in general. Darn all this specializing! Gosh, what I wouldn't give for one good All- around Boyfriend!
Honestly, in order to take care of any situation that may arise, every girl has to run a sort (of Boyfriend Agency. The man who will do for to-night may be per- fectly impossible to-morrow night. And even though you exort the greatest care, still you sometimes get caught with the wrong equlp- ment.
To Margie, We reply, shyly but. surely, that if she really wante an all-rounder, we know Just where the right follow can be found. But it is intended for. her, sweat little ear only. We can't let' it out in the column;; or the office would soon be swaleming with: females.'