WHY pay exorbitant prices for a pretty bottle when we can sell you the same article in a plain bottle at half the price of other Lime Juice Cordials?
WATSON'S
THE HONGKONG TELEGRAPH. FRIDAY, JULY
!
14, 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-
WACHT RACHT! By' Edward Kolly, Yachtsman,
commander of H.MS.
The appointment of Mr. G.C. Pelham as the first British com- mercial representative in Hong- kong, after a year or two at the Embassy in Peking in the role of a Junior Vice-Consul, does not, All us with any immediate enthusiasm. We are not in any way casting reflection upon Mr. Pelham or his abilities, but for some reason wa-had a rather different view of the requirements and importance
It may or may not be true that shield. Every creditor has a debtor. ly, digging him in the ribs tho now post from that the
cause of a rino or fall in the Every debtor has a creditor. If we
ease the burden of existing debtors with an amiable finger, apparently officially
exhibited. average of prices is due to money by this method, it would only be to "Whaffor the glasses?" FULL JOY of Exactly what we expected would A rise in prices may be due to the transfer that burden to another group.
"Strained eyes," he re
mic Problems. Below is the final instalment of the YESTERDAY we met the other side of the question, de outlined by Mr. Benjamin M. Anderson, the Economist of the Chase National Wishart. He was wearing Bank. He subjects President Roosevelt's programme smoked glasses. to critical examination.
"I NOW
LIME JUICE CORDIAL
JIME JUST CORNAL
'TORY FROM THE FINEST WEST INDIA LIMES AND PURE CANE SUGAR,
$1.00 Per Bottle.
NEW
REALISE the
"I have owned and driven care for over 20 years and
Cadet have I realised tha full joy of motoring • • That's one owner's opinion of the Cadet and Srachro-Mesh. There's magic in the gearbox. The power and flexiblity of the Cadet engine, perfect steering and decisive braking give you confidence and perfect control. There is true comfort in the room, coachwork and everything about the the Cadet expresses appearance of good breeding. Prices from £295. Let us give you a trial.
not till I purchased my
VAUXHALL
}
:
CONCLUSION.
be hard to define. Obviously it fact that the world has increased its and we should have at that time the was too much, unless Mr. Folham consumption of goods and decreased name kind of instability that we lind
+
PETERSEN'S VICTORY
from ruined debtors for more credit
1
STRANGLE OF MARKETS.
•
"What hol What hol What ho!" we said cheerful-
up
of
MANUFACTURED IN OUR OWN FAC MOTORING" in spirit a and a manner which, it would scem. I during the war, so that goods become of violent reaction, and the same cry friendly foot into, our stern. scarce and dear. It may be due, on and more currency manipulation. "Been watching the Chinese was not contemplated by those the other hand, to money itself, as The adherents of the doctrine of relief
warships." responsible for making the ap-was the case from the middle 'Ninettes from the present situation by cur pointment. The impression given down to the war tinio, due to the set themselves much more modest battle reminiscences we parted, rency and credit manipulation must And after this exchange of la that they envisaged little more fact that the world's production of objectives than the 1928 price level if than the creation of an office from gold increased enormously, and that we are to avoid disaster.
for, to be exact, we went away.
The commander is not an ap which may be issued, from time gold itself was cheapened. But tha
preciative listener, otherwise we to time, pamphlets or puff pars. great fall in prices from 1929 to the Probably Mr. Pelham has his present is, in my view, much more In the second place, however, while could have told him how we began by own Ideas regarding methods for due to non-monetary causes than to all of us would recognize that it is our career as a naval horo
monetary causes, and I think that the desirable to have a rising price level Bailing our model yacht (pro- promoting British trade interests remedy is to be found very much in the present situation, if it comes nounced yacht, the same as wacht, in the Colony. We hope so for more in non-monetary mensures than soundly, it is surely necessary to raise nacht and tacht.) on Jack Straw's in monetary measures. From.the end the question whether the desirable we should be only too pleased to
of the war on, the world was busy thing is to strike directly at the price Fond at Hampstead Heath. be able to develop some enthusiasm in multiplying tariffs and other trade level or to use Indirect means for Later, when the owner of our about the project.
imrriers which operated to prevent the rectifying troubles that have led to yhat-pardon, yacht-turned marketing of goods. But, from 1922 the great fall in prices. A physician, we had to seek other means on to 1920, we offset that by creating dealing with a headache, does not furthering our ambition.. an unsound fabric of credit. which usually rub the patient's head. Ho made it possible for lending countries looks about to seo if there is not a to extend vast foreign loans to debtor typhoid germ or something of that countries, selling then: goods without kind, or he considers whether there Over sixty thousand people paid receiving goods in payment, and may not be a digestive apact. Even under water every other Thura- sums ranging from five shillings which enabled the debtor countries to if we set a higher price level as an day, which was our bathing night, upwards for the privilege of see-consume far more goods than they objective, we have till the question and the day after we received our
could afford to consume, on credit. of whether we wish to strike directly pay. ing Jack Petersen beat Jack Doyle Then, with the smash in 1920, these at the price level or use indirect
One memorable day we threw a for the British heavyweight chum-cretlits erased, and repayments began methods of reaching it. Moreover, |pionship after approximately four to be demanded, and then the effect the identification of the value of life bolt to a drowning baby. Wa and a half minutes of fighting, of the trade barriers, which prevented money with the reciprocal of the price were unable to save the poor mite the normal marketing of goods, level surely begs the whole question that way, and it was fortunate It seems to have been an un-promptly manifested themselves, and if it is to be made a premise in the that it was only a few feet from pleasant scramble, with both play-the grent international st. ples fell argument. Is it money and currency the water edge and was able to violently in price because they no that are at fault, is it gold that is at ing the part of primitives, Peter-longer had markets. Later, and more fault, or is it the strangling of the crawl ashore, again. sen being compelled to adapt him- slowly, declines in other prices came, marketa for goods and the distura- as the decline in the purchasing power ances in the balance among the dif- of the producers of the great inter- ferent industries? national staples made it impossible for I am convinced that it is the latter drinking rum and singing them to absorb, in accustomed amount, primarily. I am convinced that it is, shanties. Next year we went up the manufactured goods they were first of all, the excessive tariffs and for our examination. used to buying.
other trade barriera which we have We would have passed this okay been laboriously building up, year if we had been able to read the PRICE RAISING VERSUS PRICE after year, and which we have so in- questions. Half way through the
STABILIZATION...
tensified since the great trouble began
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.
Chater Road.
Tel. 20527.
"STUDY YOUR STUDS"
SQUARE BACKS
...some new designs.
Something new in Stud design
a square back instead of that old round pattern.
and
They are not so casily mislaid .. they save a man's time and prolong his patience.
Made in SOLID COLD and in one plece too. they are practically unbreakable.
Are supplied in Sots of 2, 3, 4 or 5 Studs.
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Essential Jewellery for Gentlemen. LANE, CRAWFORD, LTD.
CADET
THE CAN WITH THE SILKY PERFORMANCE
HONGKONG HOTEL GARAGE. (SHOWROOM)
Phono 27778-9.
Stubbs Road.
The
Hongkong Telegraph.
FRIDAY, JULY 14, 1988.
THE CONFERENCE
and
an
1
We took to holding
our hend
When we were ten we began
sea-
self to the tactics. forced upon him by Doyle. Finally Doyle was disqualified. At first glance the great fight seems to have deve- loped into a fiasco almost war- ranting a demand for the return It matters little whether one of entrance
money. The real decides that President Roosevelt truth is revealed in the very An interesting development of this in 1929. I am convinced that, if the examination we were just reach- has been driven or that he has vividness of the description and school's line of thought is the doctrine, London Conference is successful in ing hard. a'port for the sailor's
keep in our. getting these trade barriers down, comfort which we
the examiner been attracted away from his the employment of such adjectives widely current to-day, that we should that there will come a great rise in hip-pocket when
radically raise the level of commodity to original world policy. There is as exhilarating in reference
Each country will be able to sneaking it from us, just like that we should stabilize the prices dispose of those commodities which that. no doubt that he is making de- the smashing blows delivered. prices. In 1920, proposals were made commodity prices throughout the took the wind out of our sails by The spectators, whether or not then existing, and the doctrine was are most depressed in price because sperate attempts to bolster up they realised it, went away far that it doesn't matter where prices produced in great excess within its And wore we mortifed? You. economic nationalism, is turning more satisfied mentally than had are, so long as they are fixed, either. Borders, with an immense lift to the can imagine our feelings when he of the producers of came back with the empty bottle inwards and concentrating en- they witnessed fifteen rounds of a rise or a fall being regarded as
After all, a box- evil, but to-day we are being told buying power scientifle boxing.
countries will and said he had had it analysed tirely upon internal problems of ing ring is merely the modern that prices should be radically raised, those things. Tho
its and, in particular, that they should balanco one another, equilibrium will and that he must give us a bad,' the United States. And it mat-style gladiatorial arens
will creato.ad- employment
to the King, and ters little whether one is of the uppeal is merely to the sadistic be raised to the level of 1928, this be restored, an immenso widespread mark for breach of etiquette, dis-
average being considered one that growth of in all of us would be fair to debtors and creditors,
ditional payrolls and additional buying loyalty opinion that the effort is destin- Instinct which is
He was so overcome by the ed to failure. There is no doubt varying, of course, in strength or being considered one that somehow power on the part of labour, an im- lese majeste.
und influence. Four minutes of or other has a sacrosanct quality, for mense increase in the utilization of existing plant and equipment will that he has destined the world cave-man stuff appeases the in- reasona riot definitely stated.
create additional buying power for analysis and the rum that after Economic Conference to failure.stinct when pure boxing would
Let me say that the effort to reach shareholders and partners in buat he had marked down our paper it may the 1926 level of commodity prices nesses, income growing out of increas- he went to sleep. The other Im-candidates unscrupulously marked His express instruction to the miserably fail to satisfy.
be regrettable, but it is human from the, present level would involve ad production will support an American delegation that cen- nature, tral bank co-operation must not be discussed, following unanim- ous agreement a day earlier that the issue should be taken up, more or less completes the task of coffin-sealing. The Confer- ence may end to-morrow or it may end next week. It is imma- terial. Little good will come of
immense instability in general eco-tion are not nomic life. There would develop particular level of prices, but, rather, warships, but our heart was no delaying the recess. Now the
become position is clear, it is interesting, the impositions and certain lines at a great new group of speculative in whether there is a good balance longer in the game, and, at four
debtors. You cannot extend credit among prices, full employment, and teen, we decided to have been brought practically to a without creating debt. Credit and things of that kind.
military hero instead of a naval- if idle, to speculate apon whe standstill. The effect of the new debt are opposite sides of the same (Continued on Pago 4.)
one. But that, as Napolean said; ther events might have worked duties is, in fact, largely to pro-
is another story. out differently had the Confer- hibit the importation of all but a ence been held elsewhere under minimum goods into China and other circumstances. The dele- this we feel sure, was far from being the objective when the new gates met in the heart of Lon-schedule was designed. Not only don's West End in Ascot week. is it likely that customs revenue Their hotels have been swarm-will show an off-fall as a result of ing with visitors and luxury Money has been poured out on every side for their entertain- ment. Yet they were met to
CHINA TARIFF ISSUE
n rise of about 66 per cent, and that mensely increased consumption, and their own papers and sent them such a risc, put through by methods prices will rise. We shall not need to in, and were appointed to warships- of currency manipulation in a short force an expansion of credit. Ex- the next day, period of time, would involve all the panding industry will invite ovila against which the adherents of expansion of credit.
an
They told us afterwards that
the price stabilization school have so I should be greatly concerned if we The most hopeful aspect of the cloquently warned us. It could como set as our objective any particular we had missed the flagship by one heavy increase in China's tariff about only as the result of an im- level of prices. How far prices can mark, but, anyway, it's a dog's mense speculative movement, in the safely rise without generating un- life, and there's as good fish out schedule is that the step will course of which some prices would rise reasonable speculation and unsound of the sea as ever went down to defeat its own object and that the very much more than others. There credits is not something we can tell advance. The tests of
We had a brief spell of collect-- new revenue anticipated from this would develop a new great unbalance about in source will not accrue. Hong- in the price and cost system, and an whether we have a wholesome situa
to be found in anying cigarette carde of- famous kong's trade is seriously crippled in a dozen different directiona by
AVAST, SIR GALAHAD !
For
are certain to encourage large- the change, but the high duties scale smuggling. The facts seem self-evident and there is reason to hope that when the Finance Mihistry is presented with figures assuage the hungers of a star-showing the result of the higher ving world. May not the dele- tariff policy, modifications will be gates have been led to forthcoming. draw. false conclusions about the reality of the crisis from their surroundings. Sup- posa instead they had met
Sir Galahad was a pirate! in blighted Lancashire or near- soven years a herole conception of ly bankrupt Cardiff, or amid the Britain's gallant cruender has kept silent shipyards of the Tyne or watch over the portal of the Sea- men's Church Institute in New. the Clyde. They would have en- York.
And for Boven years joyed themselves less, but they swivelgnited knights of the soojy would have been in closer touch pail and slice bar have gazed with affection and admiration upon this with the realities. They would exatted survivor of the days when have understood better what the marlinespike knighthood was in Prime Minister meant when he full sall. Thon a well-monning lover of sen lore, long on its said that "the fate of genera-genealogical trail, emerged the tions may well depend upon the other day with the startling dis- courage, the sincerity, the width.closure that South Street's, noble of view, which we are to show guardian had been taken from the within the next few weeks." privateer brig Galahad out of What hope can really be held Marblehead nearly two centuries out for those · generations now man- lawful one, to be sure, as ago. Sir Galahad was a privateers.
tragically comie
the rollicking, sea-roving plunderer, Premier errors.
it.
*
•
(Did Edward Kelly attain his life- long ambition and riso from a batman to a gouty-footed Colonel, marrying the Brigadier's daughter in the in- terim. See next week's thrilling instalment of this palpitating serial, or, if impatient, look up the Army Records under "Deserters".).
HOT WEATHER REMEDY.
As we were saying, when some mutt came along and interrupted us, there is a great deal in the complaint of one of the girl- friends, who has many boy-friends, who worries because ahe has offended one or two by declining to hold their hands in the cinema. We are not fond of these chap- pies who demand their money's- worth, anyway, but Alicia, not to be confused with the author of that but mystery. letter yesterday, Alicia says she finds hand-holding vary trying in the hot weather. even when cinemas are air-cooled," air-conditioned, air-cleaned and yet. more air.
This is a common difficulty and we sympathise with Alicia. The only recommendation we can offer. is a dummy hand-an old kid glove, filled with capok (we confess. ignorance of the spelling).
Of course, we are not prepared to take the consequences If the boy- friends squeeze too hard causing An overflow, a
Hind Awesome Alteli'.kothar. | friends are probably the: soft; cha
would stand for an