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Hongkong Telegraph.
TUESDAY, JANUARY 9, 1934.
NOTES OF THE DAY CURRENCY EXPERIMENT
An interesting experiment in the
issue of special currency in the
form of Labour Notes has been town of Woergel. The town has about 4,000 inhabitants, two-thirds of whom are workers and salaried employees. At the beginning of 1982 its position was extremely serious. The principal under takings had been obliged to close down, placing the whole popula- tion, including small manufac- turers and peasants, in a position of great distress,
carried out in the small Austrian
LABOUR NOTES
When all other devices had falled to improve the situation, the Mayor decided to issue a special currency in the form of so-called Labour Nolas, which were to lose 1 per cont, of their value each month. The denominations were one achilling, Avo.ochillinga and ten achillings, and were used main ly for payment of the salaries of municipal officials and the wages of workers employed on public works. They were issued to, a total value of 32,000 schillings, and were fully covered by a deposit in the municipal savings bank, which undertook to exchange them for State banknotes at a discount of 2 per cent. The proceeds of this discount, together with the suma accruing from the depreciation of the labour notes, were devoted primarily to unemployment relief, By means of these notes, which were issued. In July 1932, a pro- gramme of public works was car ried out, including the building of ronds, canals and bridges, and electrification work.
BANK INTERVENTION
The success exceeded expecta- tions. Some employers even bought Labour Notes from the savings bank to pay their workers. A revival of trade set in, and the municipal funds profited as arrears of rates amounting to 79,000 achillings were paid. When neigh- bouring places showed a tendency to imitate this policy, the National Bank became alarmed and secured an injunction against the issue of such notes, under an Act confer- ring on the National Bank a mono- poly of banknote issue. Tho question is at present before the Administrative Court.
GESELL'S THEORY.
JANUARY 9, 1934.
IRELAND'S THOUGHT
The Very Idea!
THE REPUBLICAN VIEW, By Myles Mordaunt SAY WHEN, MONSTER
FOOTBALL
ALL teams often as-vided with sinocures in a North of sume their country's names, Ireland Manchukuo, and I think even in so serious a matter as football it is a big as sumption.
When twenty-two professional footballers, often of very mixed nationality, meet in a competitive way, the placard "England. Do. feats Austria" exceeds the facts. When the matter at issue is econ- omica and politics, life and death. It only exaggerates and obscures business-to-talk of trouble bos tween "England" and "Ireland."
Notoriously the climate of these islands sults the natives of either equally well, and the racial intermixture is nearly complete. The Imperial Government at this moment has Scots, Welsh, Jewish and Irish components, and the troublesome Dominion Govern- ment has been selected from hardly narrower compass.
Whon your newspapers laud "Ulstor" for loyalty, they are praising a lot of professional palf- ticians in whom there was found little to admire when they addrned the London scene, politicians like Ronald MacNeill and James Craig. For 12 years such as these have range of enjoyed a complete Cabinet salaries and Civil Service pickinga, exceeding in some cases the Imperial equivalents.
To subdue Any "bandits" who
might demur, this Manchukuo Is made by the 1921 Treaty a Major General's command with full com- plament, plus a heavy coast bat tery and other trimminga. Not one of these highly praised_loy- alista bat has a sporran full of bawboca na part of his uniform; and the area of territory they mal-
administer is less than Yorkanire,
•
•
By Eddie Kelly, Worm II monster yogus has caught THE
the public fancy, and in addi- tion to Loch Ness, monsters have been sighted near Syracuse, Bielly and at Tarberry, at the mouth of the river: Shannon, Ireland. Beatsmen are indignant at the Insinuation that their monster thay be just an ordinary walrus ór alligator-Newa' item.
NYWAY, what's a mon-
AN
ster between friends. We are so used to being a monster ourself that all this stuff in the newspapers bores, us to tears.
The last time our wife called us a monster we bit our fingernails and strode off into the night.
That's what we think of monstera.
F
In the recent correspondence, and less populous. Mr. Thomas, doubtless proud to be simply Welsh, signs in the In the South this expensive buż- style of England. If Mr. dolden is dupllented. But enormous Valera's nationality is less sim-as these bribes must have seemed ple, certain it is that oficially be to the small shop keepers, farmers' But, seriously, all this .com- was regarded as American at the sons, professional novices, and un-petition might be good for the time he escaped the evil conso-employed clerks the Treaty party monster trade, but it's business quences of the 1916 revolt. succeeded in the South by the for us and the lesser journalistic
Nevertheless, there are sorious | narrowest majority. differences between our two coun- The Roman Hierarchy
fry, who have to write the cables. tries, and lost the reader get res for it, the country was prostrate Protty near any time now we tive at a recital that might begin after the black-and-tan excessos
con expect to hear of other with the first ancient Infraction and threatened with an intensified monsters appearing on the scene. of the Brohon Cade I shall keep renewal of that campaign, yet and then our newspapers will be
Mr, within
Thomas's letter. | throughout every year of its un- full of monsterosities like this? Simply, where is that letter con- easy, life, Mr. Cosgrave's Govern- trary to the facts na we in Irement only maintained itself by land experience them? What those violent methods which the oise in it is calculated to give British Press readily condemns in
offence?
Nazi Germany.
wore
Nanking, Jan. 9.
A terrifying monster, bolching smoke and flantes, has made its Mr. de Valera escaped the hor-appearance on the outskirts of Nan-" First for the offences of no sub-rors inflicted on more serious op- stance, that is, of course, those ponents of the Treaty and his which destroy all goodwill and events to le Dominion Parlia- ment as official Opposition "helped hurt most.
to take the bare look of It," na we any here.
The relteration of the Irish Free State.
namo
Suppose for the broadcasting purposes of Armistice Day some officlous Scotsman at the B.B.C. thought it more
. The
king. When interviewed this morning the monster apologetically said that it has journeyed overland from Loch Ness, and, providing there was n objection, intended to take up resid
once in China.
"I had to beat it out of Scotland." said the monster, whimpering slightly. "The place was full of Scotmmon, and
I would have starved to death, if it hadn't been for the haggia I dug out of the huil banks."-Tranco Osean Kuo Min
Foochew, Jan. 10. Interviewed to-day regarding the report that Nanking has discovered a monster, Mr. Eugene Chen, Monster for Foreign Devils in the Fukien Provincial Government, advised
all scepticism wide recogniae publicity emanating from
When he took the Dominion Premiership from Mr. Cosgrave he Was accepted without excessive conformable enthusiasm as the only alternative "SAFETY FIRST"
with the Statute of Westminster to that Imperial statesman. In to alter the last couplet of Rupert himself could hardly have missed the circumstances Mr. Thomas Designed for the benefit of
election. pedestrians and motorists alike
Brooke's lines:
"There is some corner of a Hongkong is to have a "safety
foreign field
There is no affection in Ireland First" campaign, beginning on
Which is for ever... British Free State"!
for any Dominion politician. One the 22nd, instant and continuing |
I think the least emotional listens to them sceptically and for two weeks. The plans al-
Englishman would feel more than votes for or against with critical ready made should ensure the
objections metrical
to
They this. opportunism. success of the project. They include the flooding of the
mayor of the town was Throughout Mr. Thomas's lotter this and their Incursions into Im- Colony with handbills and pos- formerly an engine-driver on the there is insistence that what the perial politics are only made for ters, the carrying of "Safety State railway, active as a right- Dominions enjoy must satisfy all domestic effect, just as a politician First" emblems on motor-cars, wing Social Democrat, and a mem- reasonable aspirations for Ire in the Union of South Africa
12 land. This is gailing even to the might angle for Nationalist senti- tw ber of the town council for the display of slogans by tram-years. He lo convert to the sort of shoneens we Republicans ment by making some fuse about cars and buses, newspaper pro- theories of monetary reform advo call "Free-Staters." To the most a flag-having all the while no in paganda, school talks, daily ented by Silvie Gesell. The central venal of Mr. Cosgrave's followers tention of jeopardising his job broadcasts, and special cinema feature of Gesell's theory was that even the Irish Free State is some under the Imperial Constitution. of more ancient Incage, In fact, the intent is to defeat a features. In this way, it is money should be made to deterior thing
than a nigger-robbing colonial domestic challenger for the em- hoped to reach all sections of ate in value when hoarded, just as
oluments of office.
Mr. Cosgrave painted all the the community. Of the need every other form of wealth must convict-settlement. for such a campaign there can which would lose a percentage of deteriorate. He proposed notes
Now for the clear differences pillar boxes green and gave that
The
in
reading
only monster in Nanking is
Chaing Kai-shek," declared Mr. Chen. Mr. Chen further declared that the two or three monsters in custody, and Peoples Provincial Government had they would be placed on exhibition was settled.-Router. as soon as the affair with Nanking
Hongkong, Jan. 10.
From no less an authoritive source than Mr. Edward Kelly, a well-known and highly respected local citizen, it is learnt that several monators were
be no two opinions. The steady their value.every week, unless upon facts. Mr. Thomas calls colour also the honours of the geen roaming the streets of Hongkong growth of motor traffic. the stamp was attached which would the 1921 Treaty a free associa Ponny stamp,degrading-red to last night. In an interview Mr. Kelly
narrow and congested charac- ter of many of our streets, the lack of any real traffic sense | TAX ON MONEY by so many pedestrians, and
keep each note up to its face-value.
•
*
tion, an honourable attempt to end the long period of bitterness between two countries; the years since are described as filled with friendliness and growing co-opera- tion.
the halfpenny.
states that he saw the first monster. shortly after leaving the Hongkong Hotel. As far as he could remember, had Mr. Kelly declared, the monster The annuities are real. And
his hand. When Mr. Kelly tried to aboo the economic consequences of the six hoads, and insisted on Hleking dispute thereupon are clearly un-
it away, the monster gazed at bin derstood in Ireland. All the emo-pathetically out of its twelve brown As a fact, the deal was as ras- tional rhetoric seems to come from oyca and, breaking down, wept eally a one as ever came out of a England on this question. What huddle of politicians, and the ten are annuities? Briefly the vari years of its vigorous enforcement ous in Southern Ireland are compar able only to the Machado regime in Cuba.
the reckless driving indulged In Woergel, each note contained in by some of our motorists a space divided into twelve sec- all these are factors contributions, each section marked with the
name of a month. At the begin ting to the accidents reported ning of each month a stamp had to almost every day of the week. be bought from the municipality to Statistics show that for 1932, ensure the continuation in value of the latest year for which the noto. This stamp cost one per figures are available, no fewer cent, of the note's value, represent than 1,134 traffic accidentsing an "unorthodox" tax of money
By this cynical expedient the of 12 per cent, per annum. In were reported to the police, an average of over twenty per addition, when the "work-notes" wolf-beset Coalition Government week, while over sixty people were changed back into national got rid of its greediest attackers; a whole Tory Party bloc was pro- money a two per cent. tax was lost their lives in such mishaps. levied on the amount exchanged. These figures, if not startling, Gesell argued that by a device of are at least impressive, the this kind money would be driven more so when he consider that, into circulation instead of being with ordinary care and pru-hoarded, and would circulate with dence, many of these accidents much greater speed, might have been avoided. Ob- viously, it is in the common in- SPENDING MONEY terest that efforts should be
The Woergel experiment scema made to bring down the toll of to have confirmed this. This traffic casualties. Not all the Labour Notes passed from hand to fault, of course, lies with the hand with such rapidity that the motorist; in many cases, the rat issue of 1,800 schillings re pedestrian is equally to blame, turned to the municipal coffers in if, Indeed, not more so. At the Payment of taxes within a few same time, there can be no days and went out again to pay public debts. Within-three months, that point questioning the
although the issue had not exceed many of our public car and ed 12,000 schillings, public works lorry drivers take amazing to the value of over 100,000 risks to themselves and other schillings had been paid for with users of the roads by their reck the Notes. The success of this lessness. The polico wage a experiment with the Gesell theory daily war against these pests, will recall to mind the, special but it is becoming apparent that articles published in the Telegraph only the severest penalties have about eight months ago when Mr. any effect on the evil. In this Copo advanced a
scheme for
in
tackling the world industrial do. connexion, we cannot help feel-pression by the creation of Spend- ing that the magistrates should, ing Money,. notes whose value as at Home, have the power of would lapse after a period of time ordering the suspension of unless renewed. licences when dealing with scri- ous cases, instead of merely making recommendations to the successful. We welcome, police authorities. In this way, particular, the invitation to the greater and prompter publicity public to send in suggestions to would be given to suspen the Divisional Superintendent alons, thus serving as & of Police, Kowloan. All: auch warning to others. Mean will be given the most careful while, it behoves residents consideration; the sooner they to co-operato in every way pos- are sent in, the better. Let sible with the police, in order us all unite in a movement do to make the coming campaign algned for the common good.
GARS
to
Irish land wars, waged "undo the conquest," that is, to recover landa forcibly allenated from the natives, ended In this familiar political subterfuge.
Individual landlords were often
bitterly,
Mr. Kelly's subsequent encounters with monsters were made while he was crossing the harbour on route to Kowloon. In the resultant con-
fasion, Bir. Kelly was badly injuro and had to be led away to the hospital in a
a straight jacket. Latont
tost reports indicate that Mr. state that he passed (Continued on Page 4.)
modical advisers found indefensible by reason of Kelly is progressing favourably. His a fairly comfortable night, all his monsters have disappeared, with the oxception of a pink and vermillion Armadillo, which was sitting on the foot of his bed, tickling, his toes Our Own Correspondent.
"I'm through with just staying home alone all day.",
*
Washington, Jan. 19. Tho United States has made plans to secure the largest monster in the world and thus end, once and for all, the financial blizzard that is sweep- ing the country.
"None of your pikinh prohistoric monsters for us, either," declared President Roosevelt. in announcing his new policy. "When we got our monster it will be the most modern in the world."
When the President's policy was mado public this morning, Herringa and Sardines crashed to a new low level on Wall Street. There was, however, an upward trend in wines and spirits-United Deprosh.
London, Jan, 11..
kgainst "Unfair discrimination British monsters must stop, otherwise we may be forced to take retaliatory action," declared the Prime Minister, Mr. Ramsay MacDonald yesterday. The
referring to reports that a certain attempting to
to corner monster market.
Mr. MacDonald added that any attempt to disparage the Loch Noss monster would be construed by the British government as a reflection upon the qualities of Scotch whiskey.
SALAD
I went to see my Mayonnaise,
Mu nocd for her was pressing, Her mother, with a frigid gate,
"Said "You cannot so my
Mayonnaise,
For Mayonnaise is dressing!”