LIME JUX DI
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
· lime juice CORDIAL
MANUFACTURED IN OUR OWN FAC- TORY FROM THE FINEST WEST INDIA LIMES AND PURE CANE SUGAR.
$1.00 Per Bottle.
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.
Chater Road.
“STUDY YOUR STUDS”
SQUARE BACKS
.some new designs.
Something new in Stud design.
A square back instead of that old round pattern.
They are not so easily mislaid
and
they save a man's time and prolong his patience,
Made in SOLID COLD and in one piece too. they are practically unbreakable.
Are supplied in Sets of 2, 3, 4 or 5 Studi.
--And Ideal Gift for a Man-
Essential Jewellery for Gentlemen. LANE, CRAWFORD, LTD.
Jewellery Dept.
THE HONGKONG TELEGRAPH. FRIDAY, JULY 14, 1933.
NOTES OF THE DAY PLANNED ECONOMY AND The Very Idea!
PLANNED PRICE LEVELS
WACHT RACHT!
By Edward Kolly, Yachtsman.
Banking Privilege is To-day the Subject of Attack from All Quarters in Discussions on the World's Econo- mic Problems. Below is the final instalment of the YESTERDAY we met the other side of the question, as outlined by Mr. Benjamin commander of H.M.S. M. Anderson, the Economist of the Chase National Wishart. He was wearing Bank. He subjects President Roosevelt's programme smoked glasses.
to critical examination.
The appointment of Mr. G.C. Polham, 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
"What ho! What ho! we had a rather different view of
What ho!" we said cheerful- the requirements and importance It may or may not be true that shield. Every creditor has a debtor. ly, digging him in the ribs REALISE the of the now post from that
the cause of a risc or fall in the Every debtor has a creditor. If we
an ease the burden of existing debtors with amiable finger, apparently officially exhibited, average of prices is due to money by this method, It would only bo 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- MOTORING"
" NOW
"I have owned and driven cars for over 20 years and not di I purchased my Cader have I realised the full Joy of motoring.
CONCLUSION.
we are to avoid disaster,
crashing a
And after this, exchange of battle reminiscences we parted, or, to be exact, we went away,
be hard to deflue. Obviously it fact that the world has increased its and we should have at that time the was too much, unless Mr. Pelham consumption of goods and decreased same kind of instability that we had
his in spirit and a manner which, it would seem, during the war, so that goods become of violent reaction, and the same cry friendly foot into our stern.
from ruined debtors for more credit
more currency manipulation. "Been watching the Chinese was not contemplated by those scarce and dear. It may be due, on rom
the other hand, to monoy itself, as The adherents of the doctrine of relief
warships." responsible for making the, ap-
was the case from the middle 'Ninoties from the present situation by cur- pointment. The impression given down to the war time, due to the rency and credit manipulation must is that they, envisaged little more fact that the world's production of set themselves much more modest than the creation of an office from gold increased enormously, and that objectives than the 1026 price level if which may be issued, from time gold itself was cheapened. But the to time, pamphlets or puff pars. great fall in prices from 1929 to the Probably Mr. Polham has his present is, in my view, much more own ideas regarding methods for promoting British trade interests in the Colony. We hope so for we should be only too pleased to be able to develop some enthusiasm Prices from £295. Let us give you a trial about the project.
That's one owner's opinion of the Cadet and Synchro-Mesh. There's mogle in the gearbox. The power and flexibility of the Cadet engine, perfect steering and decisivo braking give youconfidence and perfect control.
There is true comfort in the roomy coachwork and everything about the appearance of the Cadet expresses good breeding.
VAUXHALL CADET
THE CAR WITH THE SILKY PERFORMANCE HONGKONG HOTEL GARAGE. (SHOWROOM)
Phone 27778-9.
Stubbs Rond.
The
Hongkong Telegraphing the part of primitives, Peter-violently, in priee because they no that are at fault, is it cold that is at
FRIDAY, JULY 14, 1938.
THE CONFERENCE
STABILIZATION.
•
Wo took to holding our
pay.
that.
Пр
of
head
The commander is not an ap- strangle of MARKETS,
preciative listener, otherwise we In the second place, however, while could have told him how we began due to non-monetary causes than to all of us would recognize that it is our career as a naval hero by monetary causes, and I think that the desirable to have a rising price level salling our model yacht (pro- remedy is to be found very much in the present situation, if it comes more in non-monetary measures than soundly, it is surely necessary to rafse nounced yacht, the same as wacht, in monetary measures. From the end the question whether the desirable nacht and tacht.) on Jack Straw's of the war on, the world was busy thing is to strike directly at the price pond at Hampstead Heath. in multiplying tariffs and other trade level" or use indirect means for Later, when the owner of our barriers which operated to prevent the rectifying troubles that have led to marketing of goods. But, from 1922 the great fall in prices. A physician, yhat-pardon, yacht-turned on to 1920, we offset that by creating dealing with a headache, does not we had to seek other means an unsound fabric of credit, which usually rub the patient's head. He furthering our ambition. PETERSEN'S VICTORY
made it possible for lending countries looks about to see if there is not a to extend vast foreign loans to debtor typhold germ or something of that Over sixty thousand people paid countries, selling them goods without kind, or he considora whether there sums ranging from five shillings receiving goods in payment, and may not be a digestive upset. Even under water every other Thurs- which enabled the debtor countries to if we set 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 still the question and the day after we received our ing Jack Potersen beat Jack Doyle could afford to consume, on credit. of whether we wish to strike directly
One memorable day we throw a for the British heavyweight cham-Then, with the smash in 1929, these at the price level or use indirect credits ceased, and repayments began methods of reaching it. Moreover, plonship after approximately four to be demanded, and then the effect the identification of the value of life belt to a drowning baby. We. and a half minutes of fighting. of the trade barriers, which provented 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 premises in the that it was only a few feet from pleasant scramble, with both play the great international staples fell argument. Is it money and currency the water edge and was able to sen being compelled to adapt him- longer had markets. Later, and more fault, or is it the strangling of the crawl ashore again.
slowly, declines in other prices came, markets for goods and the disturb- self to the tactics forced upon as the decline in the purchasing power ances in the balance among the dif
When we were ten we begani. him by Doyle. Finally Doyle was 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 sea-. disqualified. At first glance, the them to absorb, in accustomed amount, primarily. I am convinced that it is, shanties. Next year we went up great fight seems to have deve- the manufactured goods they were first of all, the excessive tariffs and for our examination.
other trade barriers which we have We would have passed this 'okay' loped into a fiasco almost war- used to buying. ranting a demand for the return PRICE RAISING VERSUS PRICE been so laboriously, building up, year if we had been able to read the
after year, and which we have so in It matters little whether one of entrance money. The real
tensified since the great trouble began questions. Half way through the 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- keep in our 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 the examiner been attracted away from his the employment of such adjectives Avidely current to-day, that we should getting these trade barriers down, comfort which wo
the commodity prices throughout took the wind out of our sails by original world policy. There is as exhilarating in reference to radically raise the level of commodity that there will come a. great. rise in hip-pocket when
the smashing blows delivered. prices. In 1920, proposals were made
us, just like no doubt that he is making de- The spectators, whether or not that we should stabilize the prices world. Each country will be able to sneaking it from
And 'were we mortified? You. sperate attempts to bolster up they realised it, went away far then existing, and the doctrine was dispose of those commodities which that it doesn't matter where prices are most depressed in price herause economic nationalism, is turning more satisfied mentally than had are, so long as they are fixed, alther produced in great excess within its
a rise or a fall being regarded as an borders, with an immense lift to the can imagine our feelings when he buying power of the producers of inwards and concentrating en- they witnessed fifteen rounds of
scientific boxing. After all, a box- evil, but to-day we are being told those things. The countries will came back with the empty bottle tirely upon internal problems of ing ring is merely the modern that prices should be radically raised, balance one another, equilibrium will and said he had had it analyzed the United States. And it mat-style gladiatorial arena
its and, in particular, that they should
to the King, and ters little whether one is of the appeal is merely to the sadistic be raised to the level of 1926, this be restored, an immense widespread and that he must give us a bad Instinct which is in all of us, average being considered one that growth of employment will create ad- mark for breach of etiquette, dis-
ditional payrolls and additional buying loyalty opinion that the effort is destin- varying, of course, in atrength would be fair to debtors and creditore
He was so overcome by the ed to failure. There is no doubt and Influence. Four minutes of or being considered one that somehow power on the part of labour, an im lese majeste,
or other has a sacrosanct quality, for mense increase in the utilization
existing plant and equipment will that he has destined the world cave-man stuff appeases the in- reasone not definitely stated.
create additional buying power for analysis and the rum that after Economic Conference to failure. miserably fail to satisfy. It may stinct when pure boxing would
Let me say that the effort to reach shareholders and partners in busi- he had marked down our paper His express instruction to the be regrettable, but it is human tho 1920 level of commodity prices, nesses, income growing out of increas he went to sleep. The other im-candidates unscrupulously marked from the present level would involve ed 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 price stabilization school have so I should be greatly concerned if wo They told us afterwards that the issue should be taken up,
The most hopeful aspect of the cloquently warned us. It could come set is our objective any particular we had missed the flagship by onc more or less completes the task 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 un life, and there's as good fish out of coffin-sealing. The Confer- schedule is that the step will mense speculative movement, in the safely rise without generating ence may end to-morrow or it defeat its own object and that the course of which some prices would rise reasonable speculation and unsound of the sea as ever wont down to
advance. The tests of would develop a now great unbalanco about in may end next week. It is imma- new revenue anticipated from this very much more than others. There credits is not something we can tell
We had a brief spell of collect- aource will not accrue, Hong in the price and cost system, and an whether we have a wholesome situa
to be found in anying cigarette carda of famous terial. Little good will come of kong's trade is seriously crippled immense Instability in general eco- tion are not
There would develop particular level of prices, but, rather, warships, but our heart was no delaying the recess. Now, the in a dozen different directions by nomic life. position is clear, it is interesting, the impositions and certain lines also a great new group of speculative in whether there is a good balance longer in the game, and, at four-
have been brought practically to a debtors. You cannot extend credit among prices, full employment, and teen, we decided to become
military hero instead of a naval if idle, to speculate upon whe- standstill. The effect of the new without creating debt. Credit and things at that kind.
one. But that, as Napolean said, ther events might have worked duties is, in fact, largely to pro- debt are opposite sides of the same!
Ja, another story. out differently had the Confer-hibit the importation of all but a ence been held elsewhere under minimum goods into China and this we feel sure, was far from other circumstances. The dele-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 will show an off-fall as a result of Their hotels have been swarm- the change, but the high duties ing with visitors and luxury. are certain to encourage large- Money has been poured out on scale smuggling. The facts acom overy side for their entertain- self-evident and there is reason to hope that when the Finance ment. Yet they were met to Ministry is presented with figures assunge the hungers of a star-showing the result of the higher ving world, May not the dele- tariff policy, modifications will be gates
to draw falso conclusions, about
been have
jed
CHINA TARIFF ISSUE
forthcoming.
And
the reality of the crisis AVAST, SIR GALAHAD ! from their surroundings. Sup- poso instead they had met
Sir Galahad was a pirate! For in blighted Lancashire or near- soven years a herole conception of ly bankrupt Cardiff, or amid the Britain's gallant crusader has kept watch over the portal of the Son- silent shipyards of the Tyne or men's Church Institutd in Now. the Clyde. They would have en- York: And for seven years joyed themselves less, but they swivelgaited 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 exalted survivor of the days when have understood better what the marlinospika knighthood was in full sail. Then a well-meaning Prime Minister meant when he lover of sea lore, long on its Baid' that "the fate of genera- ganonlogical 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, privateor brig Galahad out of Marblehead nearly two centuries What hope, can really be held ago. Sir Galahad was a privateors. out for thon generations now man-a lawful one, to be sure, na the test has been made. It seems its latter of manque attests--but a tragically.com
Premier word
·
of
a rise of about 66 per cent, and that mensely increased consumption, and their own papers and sent them such a rise, put through by methods prices will rise. We shall not need to in; and were appointed to warships of currency manipulation in a short forco an expansion of credit. Ex the next day. period of time, would involve all the panding Industry will invite evils against which the adherents of expansion of credit.
(Continued on Page 10.)
an
it.
*
1
B
(Did. Edward Kelly attain his life- long ambition and rise from a batman to a gouty-footed Colonel, marrying. the Brigadier's daughter in the in- terim. Beo next wock's thrilling Instalment of this palpitating serial, or, if impatient, look up the Army Records under "Desertars".)
·
•
HOT WEATHER REMEDY.
As we were saying, when some mutt came along and interrupted us, there is a great deal in the of the girl- complaint of one friends, who has many boy-friends, who worries because she has offended one or two by declining to hold their hands in the cinema. We are not fond of these chap- ples who demand their money's- worth, anyway, but Alicia, not to be confused with the author of that mystery lotter yesterday, but Alicia says she finds hand-holding vary trying in the hot weather, evon when oinemas are-air-cooled, air-conditioned, air-cleaned and yet more air.
This is a common difficulty and we sympathise with Alicia. Tho 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.cp
Anyway, Alicia's “othe frlandsäni probably.