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Tel. 20527.
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THE HONGKONG TEI
WEDNESDAY, JULY 12, 1933.
NOTES OF THE DAY PLANNED ECONOMY AND The Very Idea!
Few people are directly interest- od in the fate of the foreshore rights legislation, but to those that are, the outcome is 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 been reclaimed and the sistanco to efforts to restrict riparlan owner's rights is, there-
PLANNED PRICE LEVELS
NO. 2
DUR TROPHIES
Banking Privilege is To-day the Subject of Attack from All Quarters in Discussions on the World's Econo- By Edward Kelly, Prize Winner. mic 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- "SYNCHRO
to critical examination.
tion we felt the occasion MESH HAS Lore, easily understood. Sir Philip
warranted, it is not out of In general it is not the function of | mako | Cunliffe-Lister's reply in the House
a comprehensive plan. The BANISHED principle of the local government's economic services. The actual direc: The ablest students of economic theory
of Commons suggests that the government under the present system ablest and best trained brains, given place to recall our own to perform unlimited power, could not do it athletic prowess on some of plans in this regard is likely to betion of industry, the decision whether can, for a litle while, at times when the best tracks of the world. upheld by the Colonial Office, al- more shoes shall be produced and leas their energies run high, see in theore hata, is not made by the state or by tle outline, in schematic outline, an
You did not know, for. in- though the representations appear collective society, but is left to the abstract picture of the economic order. stance, that we have a cupboard) We
ALL
TERRORS"
"The Bynchro-Mesh gear is a great boon and absolutely fool-proof," writes a married 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 has banished all terrore
rots for her."
year
The magic Synchro-Mesh gear box lan joy to lady drivers, because it makes
changing so simple. Though running costs are low, the Cadet engine gives vivid acceleration and power for every need. Steering le
, but finger-light and braking
but decisive. The roomy coach- work gives you every luxury. And as for style the Cadet expresses the last word in good taste. Prices from £295. Let us give you a trial
run.
VAUXHALL CADET
THE CAR WITH THE SILKY PERFORMANCE
HONGKONG HOTEL GARAGE. (SHOWROOM) Stubbs Road. Phone. 27778-9.
Ohe
or
to have produced special provisions choice of independent producers. The concatenation of prices and costs, full of trophies at home.
NATHAN ROAD ISLANDS
There is a fine picco of pewter
in the matter of compensation. Thore independent producers make the inter-relation between the in- Under the draft Bill, it was clear, their decisions with reference to the dustries, the International Inter are keeping them in a cupboard anomalies were bound to arise. state of the markets. The up and relations, the relations of capital until the excitement about their Compensation provisions should down movements of prices and wages markot, money market, securities be reasonably hard and fast to determine whether more or less of a market and industry there is a body loss dies down."
given thing shall be produced. If of economic theory dealing with avold Injustices.
prices are rising in a given industry these matters sufficiently definite and 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 initiala en- the industry whore prices are falling clusions regarding public policy. But graved on it.' 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 aumers 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 the have an immense mass of statistical an the safety first principle. The prices of which are falling Over-detail regarding many phases idea is that persons crossing the supply of any given commodity, ac economic life, but not nearly enough road and finding themselves in the companied by falling prices, thus for purposes of this sort, and not, midst of motor traffic may take re-tends to correct itself, since production moreover, in manageable form. Fur fuge. We mention this because whereas the shortage of supply of an- sufficient speed to enable one central declines and consumption increases; ther, it can not be assembled with 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 statistica
of
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.
The framed certificato on the
designed as traps for motorists, duetion and a curtailment of consump- begins to supply the necessary founda- writ, was awarded to us for win- It is, indeed, possible that so they tion. 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, theyment of labour and capital from intelligence sees only a part of the pic- provide an unnecessary comdustry to industry, the tendency is ture with definito realism. The It was the longest race we ever plication for the driver which may for an automatic balance to be main-coordination of the multitudinous
won, and lasted for several months.
casily lead, one day, to disaster, tained and for goods and services to elements must be through the markets, we paid dearly for our victory. The jaywalker meanders unseeing be supplied in right proportions. A and not through a central brain or
social order la created,. social central authority. and unhearing and unheeding of
cooperation is worked out, largely such elementary safety devices as
unconscious and largely automatic, ECONOMICS MUST YIELD TO islands placed conveniently for under the play of the Impersonal
POLITICS. his benefit. The motorist's pro- forces of market prices and wages.
Hongkong Telegraph pretty useless to provide
WEDNESDAY, JULY 12, 1988.
ANOTHER LESSON
States is
nil,
*
MARKS OF ORIGIN
Foreign resistance to the require- ment of the Nanking Government that goods destined for China
although it seems hardly necesto present difficulties, it is accepted problem is manageable. If a contral their economic implications.
We have beveral similar certi- fleates and letters of appreciation, which, for modesty's sake, we keep Jocked in a drawer.
are
blems are not, lightened for A This system obviously predicates a But, further, no one supposes that Our most valued trophy Is the moment. The fact is, although the sound money which men can trust. if we are to have a planned economic
may
be excellent, it is The success of this system, moreover, order, the matter would be turned silver shield we won for staying pretty useless to provide islands depends upon its flexibility and the over to the men who have trained swimming gala at the Y.M.C.A. and under water. We were watching a for the Chinese. The psychological quickness with which readjustments themselves to see the whole economic, effect of their presence is precisely can be made, and this, in turn, de picture. They would not be regarded fell in the pool. When they pull- pends largely upon the extent to which as compotent to handle the administra ed us out we were half dead, but it is competitive and free from unifled 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 of a collective system undertakes to practical administrators, chosen competitor. regulate the business of a country as primarily with respect to their ability a whole and to guide and control pro- to get along with men, and with re- duction, there is required a central spect to their acceptability to con- We hate to boast any more, but The story of the remarkable should in future be marked with human being who has yet lived, or can of economic planning we should get have collected. One of them is a brain of such vaat power that no trolling political groups, and instead we must mention the medals we ramification of private firma in the United
in Chinese characters has been When millions of people are working, would be made would be only partially shape of a copper penny. On one 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 met by considerable modification of each at his own special problem, harmonious from the standpoint of side is the King's Head, and on. where such marking is considered the guidance of market prices, the political pressures, contradictory In ing his roadjustment piecemeal, under in large part, a mere resultant of
head. sary to go on. The Senate that the language of the country brain must do the thinking for all of
We were given this medal for The administrative problem would winning the Australian national enquiry has already presented a The concession goes most of the mistakes are made, and these mistakes difficult in the United States because with two pennies, which
of origin may be used instead. thom, chaos is Inevitable. Great be an impossible problem, particularly game of two up. Two up is placed 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 of affairs, one which the ordin-gest the probability that few, if be possible under the competitive sys- jurisdictions and our
Constitutional down heads, you win: any, changes will take place in tem, controlled by free prices.
limitations. With the control of in- ary man has frequently sur- foreign markings. It seems to Here then is the central contrast dustry, it would involve an immense People will be surprised to hear matter very little. If small con-between our present system and a bureaucracya bureaucracy so great that we are also a champion dancer. mised, but of which he has carne in Hongkong are permitted planned economy in the problem of that it might, indeed, go far in solving We have & medal to show that we seldom been given a good view. to manufacture articles and attri of men and making a social order,
coordinating the economic activities the problem of unemployment] von a dancing championship in
We used to have an immense respect Shanghai, not so The financial world is a place whose name strikes the fancy of unconscious, automatic functioning of ment to give us clean and efficient dancing establishment at which we bute their source to any country Our present system relies upon the for the power of the Federal Govern-one-side-is-the-name-of-the long ago. On of mystery and wonder to most the manufacturer, without pro- the markets. A controlled economy" administration. In the
old days, people. We have known it to that such markings have ceased public planning, a central brain culd very limited functions, our Internal other side is the inscription "Good. secution, the view may be taken must do it, if at all, by conscious when the Federal Government had won the competition, and on the be a place where vast sums of to have any importance.
ing, controlling and regimenting the Revenue Service was extraordinarily for One Dance," money could be made and lost
masses of men, controlling production, clean and eflciont (If one forgets the controlling consumption, controlling scandals of the Seventies), there was and we felt somehow that INDUSTRIAL CONTROL
the distribution of wealth and, in its administration, and
immense respect for Federal law and other trophy if we can beat our The Editor has offered us an- what went on was ultimately of
large measure, regulating the lives
Wo made The signing of the Cotton Textile and activities of men.
fréquent contrasts between the
disting. record, but we believe great importance even to non- an important step. in America's Code by President Roosevelt marks
efficiency of Federal administration he is actuated by malico. and the inefficiency of State and local, investors; but most people got latest experiment in democracy, the
administration. But, when we gave the Federal Government problems Industrial Control Bill. It has the little more than a confused and effect of reducing hours by twenty-relapse into chaos, I do not think we municipalities, as in the case of pro- If we wish revival without an carly similar to those of the States and hazy idea of how it
all five per cent, and raising wages by shall go far with the advocates of hibition we saw the same evils Crop thirty per cent. It also means that the planned economy. They cannot] . (Continued on Page 10.)"
was done. The Morgan dis-the closures - opened many Security and
share
cost of
production will
intricate industrial society without that it is possible to maintain an discarding the ideals of liberty and admirable and the method of work- Individual initiative. The notion is ing it out will be watched with the testing time will greatest Interest everywhere. The come when the
•
eyes. rise commensurately. The United States appears to be seeking the issues middle road between Communism going to insiders at bargain and Fasciam, clinging to the notion rates before they find their way into the open market; the for- mation of holding companies with the public's money, devised so that clever manipulators can hold the stringa; interlocking effects of internal measures of this series of loans so complex that contacts with the rest of the world. type are revealed by commercial even the man who negotiated The shadow of tariff barriers seems them cannot remember how it to hover in the background. was done without looking at his private records. The general rùn CLEANER ENTERTAINMENT of these operations were not
Evidence accumulates that the wrong legally; most of them, in popular desire for decency in on- fact, gauged by current stand-tertainment is becoming a demand. ards, were not even wrong mor. This applies both to the cinema ally. The world has devised the ain and in the United States. One and to the theatre, in Great Brit- kind of economic and social sys-of the largest British film-produc tem which made it almost neces-ing companies has recently ruled sary for the financing of big talkies must be kopt entirely free that in future the dialogue of its affairs to be conducted in such from profanity. Decency in en- a way. To become indignant at tertainment may be asked for on the individuals directly concern- ethical grounds, or it may be ed is to miss the point entirely. That has long been recognized. asked for on artistic grounds. The thing to do is to change Now it is becoming apparent that the system, to prevent auch it may also be asked for on tangled webs from being con- economic grounds. Motion pic structed, to ensure that the finan-ture producers who are not Im- cing of industry shall be carried wholesome firme are intrinsically. pressed by the argument that on with the public interest the superior to unwholesome onca main consideration instead of should pay attention to the Im the private fortunes of the and clearer that they are also, plication now becoming clearer
LIMITS OF ECONOMIC THEORY AND STATISTICS.
I suppose I could forgot him
BOY. FRIENDS.
forgotten the Trade Union laws
Marge must have temporarily. when she wrote the following:
The other day I ate too many chocolate eclairs and had to call for a doctor. When he arrived and I told him the location of the trouble, he raised an eyebrow and
replied cuttingly: "But Madame, I am a nose and throat specialist!"
It's all very confusing. If you have an ear ache you have to go to an ear speciallat, for a stomach acho you must pick out---- a tummy ditto, and for flat feet 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 mon 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 Agoney. The man who avill do for to-night may be por fectly impossible to-morrow night. And even though you exert the grontest 'caro, still you sometimes. get caught with the wrong equip ment..
To Margie, we reply, shyly but surely, that if she really wants an all-roundor, we know - Just; where the right fellow can be found. But it is Intended for her aweet little oar only. We can't Tot it out. In the column; or the office would soon be swarming with females.
We shall this afternoon wate various breasts in the office #welli
them, "the Jun