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April 29, 1940.-
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10 h.p. motoring at its best
The highly successful Vauxhall Ten Is now in its third year. A polley of consistent improvement has been followed, with the result that over 35,000 have been sold
40 ML.P.G. You cannot buy cheaper real motoring. This Ten is by no means a small car. Yet it has baby, car running costs (over 40 mpg.
We
How Should
The Money?
Raise
MR. J. M. KEYNES
wants to pay for the
with normal driving). is lively war by deducting a portion
roomy; smart; comfortabic; safe,
It offers the riding comfort of the of practically everybody's
special Vauxhall system of inde- pendent suspension. If you are
you drive a Ten, without oblign
used to ordinary motoring, why not income as a forced loan Ting us to-day? We'll gladly lat
during the war years, to be repaid by the Government when the war was over.
tion.
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Monday, April 29, 1940.
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Nazis In Poland
Two Interesting items of news come from Italy. The rat is that Hitler has refused to allow an envoy from the Vatican to visit Poland. It was generally understood that when Ribbentrop saw the Pope he 20-
LTD. plained that the accounts given in the
LTD.
Chater Road.
broadcasts from the Vatican of the sufferings of Poland were based on misleading reports. It is impossible to discover now the full details of past crimes, but a visit of inspection to-day would throw a good deal of DAMAGE AND ANA fight on present conditions. It was belleved that Ribbentrop. offered facilities for such a visit and that the Pope accepted the offer and suggested -the-Pepui Nuncio-in-Berlin as an
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A forced loan would be paid everybody with incomes over
y
*****Debate Between.........................
J. M. KEYNES &
(The Fam 9 12 8 Econontist)
་
☆
Douglas JAY
("Daily Herald"
City Editor)
the whole of the war effort to be shouldered by others.
Jay: Why do you wish to allow the
small minority of, wealthy (with property of over £10,000) to be paid interest and offered repay- ment for their savings instead of having them appropriated by a Capital Levy?
Do you not agree that a permanent' increase in big property-DWNETT' claims on the national income would be far more evit even then
a temporary inflation? Keynes:
I was in favour of a
a certain exemption limit. This Here is what they both have to the Government will have to absorb Capital Levy after the last war, and nearly half the total national in would be in favour of one after this come and on an estimnie of our war, if the circumstances prove potential output.
similar. But it is precisely the tern- J. M. Keynes: The fate of my
Most authorities consider that I porary Inflation, which will increase proposals mainly depends on have not gone far enough, and that, the claims of the rich. The objeci how Labour receives them.
50 far from aggregate working-class of my plan is to prevent a repetition I believe that they are great- consumption being increased, it will of what happened last time.
Much better that the working ly in the interests of the work- have to be diminished. ing classes and offer the only It is a matter of opinion whether class should have savings than that way by which the worker will the exemption limit should be put they should be deprived of the value
If the Intation is temporary. obtain a real reward for his £3 week or lower. My own of their earnings by inflation, even feeling is that, while incomes of war effort.
less than £3 should be tet off light- I should not oppose a modification
limit would be something like 368. a week for a single person, and 458. for a married man, with extra allowances for children,
Mr. Keynes believes that this la the only way to stop inflation. He argues that if the mass of the people are not forced to re- duce their spending by a forced loan, prices during the war will rise rapidly, and although wages will follow they will never catch
up.
The majority of the popula tion will thus, he believes, suffer a permanent loss of real income. Under his plan they would be forced to reduce their spending now, but would get their money back after the war.
Since Mr. Keynes specially wants the Labour Movement to consider his plan, the London "Daily Herald" invited him to answer certain questions asked by Douglas Jay, its City Editor.
Is
Are you aware
But they are novel, com- ly, the lunft of total exemption for of my scheme to allow no interest: plicated and difficult; capable of a man with a familly should be nearer on the compulsary savings of the surtux class. But the idea that the many variations and amend- £3.
war can be finariced by those with ments and improvements; touch-
over £10,000 a year is a myth. The ing human and social and poli-
that those with Chancellor of the Exchequer has if the whole of tical, quite as much as econo- less than £5 a week are responsible pointed out that, mie, problems. Full public dis- for nearly two-thirds of the whole their incomes were taken away, this consumption of the country? Yet would not keep the war, going for cussion both on principle and on estimate that less than a quarter above a week or ten days, out of the details is very advisable bofore of my savings-levy would be raised year, we come to a conclusion. Jay: By what argument or cricula- It would not be fatal to my scheme
tion exactly do you maintain that to take more of the savings from Jay: When forced saving-cuen by people the class above £5 a week. 11 is with incomes below £5 a week for others to say whether it wank is necessary to pay for the war? be fair that the man with nearly Keynes: This calculation is based £5 a week shoukl maintain or in- the Chancellor's statement that crease his consumption and leave
on
from them.
Read This, Then Ask Yourself
it
easy
THE
really so to be brave?
envoy. This may or may not be true. HE war is still being fought| If it is truc, the Nazis have since
mainly at sea, so far as thought better of it. The significance Britain is concerned. And from
of their decision is obvious. It will unly confirm the impression made on
news of this refusal comes just after the news that the Nazis have asked the Government of the United States to withdraw its consulate from War- saw.
you first announced your plan you declared that prices could not be controlled by nation- ing alone, as it was only a But is not "pseudo-remedy!" rationing an important part of the fight against inflation? Keynes: There is a good case for establishing a' standard; subsistence [ration of primary necessities avail- able at fixed price, with higher prices for other goods or for larger,
amounts.
י,
This is rather a different idea from "rationing" as at present con- ceived, but I agree that it might be a useful addition to my plan.
Let me emphasise the main ob-. Ject of my plan. It will be physical- ly impossible for the working. classou 10 increase their present consumption. Yet they will be asked to increase their work. It. follows-that-they-can-only-be.....re-.. warded for their increased work by "In my case I know it was be- being given a title which will allow
white yet, so I didn't'-hurry--not-so |-·because - we'd-stopped- ourselves-gut
as you'd notlee, anyway. "We went up to the
bont
deck,
ourselves under control.
and going past the galley door saw cause I had too much else to think them Increased consumption after the sea we are getting almost Joe, the steward, pretty worried, about. I might have gone a bit mad the war.
the ent. if my wife and child hadn't been I do not want all the claims to the Vatican by the news received daily stories of heroism that He couldn't find Ginger,
So I hops down oft again, and Joe there.
future consumption which will arise from the Primate of Poland, The rival any of the last war.
Hoes for'ard,
"On the other hand, Anding my out of the increase, in. the National As a reporter I have interviewed
"We had to let up looking for the self uninjured after the first shock, Debt to belong to the richer classes. in the past few weeks scores of title devil when the Old Man yells I might even have thrilled at the The working classes' cannot be given. urvivors from ships which were at us to get up to the boat deck, adventure had I been alone. I can increased present consumption, but struck without warning.
pronto. And it was only when the say that now I am safe. It's easy they can be given a share in wealth, Let us bulid up from what these poor old packet gave a sigh and to be brave with a whole skin on in other words, a claim on future The acute tension crented between people have toki me a pleture of up-ended that I found I'd left my the Nazis and the Vatican by the the scene at sea just before the mouth organ behind."
The alternatives to my plan all behaviour of the Nazis in Poland enemy strikes.
No panic, you will have noticed, Then, of course, we must not for- mean that the working classes will gives a specially odd look to the There is the distant thud of the Just a calm survey of the situation get the impressionable mind of the get nothing in return for their extra. second piece of news from Rome. propeller. An occasional creak, and and (1 few unbelievably casual children who, unfortunately, always] hours and effort, For while the Pope has pronounced the regular lapping of cloven waves. thoughts. This composite-serman I seem to be on board in large num- such strong condemnation on that be- At their stations are members of have quoted is just
an ordinary bers. haviour, the Italian Government has the crew, their vigilance intensified seam who desn't want to die. Rone out is way to pay a compli- by war-time hazards.
The only reason why he didn't ment to the Nazl ruler of Poland, In cabins and lounges are passen- think of death was because he had
yes.
you."
And 80.
consumption.
Douglas Jay-comments. I am glad...
abolishing all interest on the com- What effect has a shipwreck on pulsory savings of the surtax class..
probe infant minds, but I know of Debt interest bill becoming un- But not at least one small child who will be manageably large.
terrified of water for the rest of her If we allow the total debt interest claims of big property-owners dur- She was Д passenger on one ing the war to rise from £250,000,- mined ship with father, mother and 000 to perhaps £1,000,000,000 there
THE CHILD ....... Mr. Keynes, would not object to.
Frank, who has made himself gers-men, women and children. every faith In the arrangements notorious by his ruthless oppression. And in a psh that unseen hazard made by the Board of Trade for his the very young? It is difficult to it is vital to prevent the National He is to receive an honorary degree strikes.
safety. from the University of Modena. The The bows of the ship gape wide He was exelted, honour is to be given him on the pro-and the foremast reels to part. posal of the Minister of Justice. In Poland, 'as in Czecho-Slóvakio, Nazi spite has been vented specially
The boat has struck a mine.
.
frightened.
How would you behave in such a THE PASSENGER..
on
crisis?
the universities, It would be interest-
There
Bre
two distinct types
The situation as seen by the pas
Ilfe.
ing to know how the Orator who among the people on board-the/senger is very different. He doen elder sister. She was only two years will be very little revenue available.
presents Frank for his degree will seaman and
the passenger. And,
career. In the fifties of last centuryly to the crisis before them.
.'s
not know the sea; in many cases old. Into one boat had gone mother for social services for an indefinite
This tragedy can only be avoided. touch on this aspect of his energetile of course, they react quite different does not ke it. He is not dis- and alster, while still on the deck period after the war.
ciplined to meet an emergency on were the small child and her father.
The boat was lowered away-full if we prevent the claims of the rich shipboard. He hos his boat drill, un Austrian marshal who had made What do they think and do during but it is not an enduring lesson.
-before the father could place hia Investors from Increasing by un-
himself famous by the cruelty with
Xas
THE SEAMAN
Shipwreck is one of the things he
So when the shock comes, he child in the mother's waiting arms. posing an annual capital tax during feels that death is very near, Hours There were no more beals in the the war.
that side of the ship, Of course, the incomes of those afterwards, safe on shore, you still davits on
with capital of over £10,000 could. see the staring, fear-filled eyen that which was setting rapidly.
So he dropped the chikt over- not, as Mr. Keynes says, pay for the the 'explosion' has caused.
catch her.
which he had suppressed Italian and those terrible moments when they
are face to face with death? Hungarian rising
roughly
Let me tell you. handled by Barclay and Perkins's draymen when he was rash enough to visit London. In Brussels he only Just escaped. with his life. It would
"My first thought was amazement board, hoping against hope that the war.
But by an annual capital tax ra small allée of their securities could have been u'shock to all the British is disciplined to meet calmly. On at the fact that I wasn't hurt. Then mother ar somone in the boat would friends of the Italian Risorgimento in a cargo ship every man knows his suddenly fear and dread seized me.
She fell into tho sen and it sea- be taken from them (2 per cent. those days to know that a German duties. He has no passengers to aid "My wife and child were in their who had been even more cruel than and calm. It is simply out with the cabin. How were they? Where was man dragged her by the hair into would raise £200,000,000 a year), Haynau would one day receive high | boots and over the side.
my life-belt?. Had I got my wallet the boat. The father Jumped him and the Government could sell these honour from
Where was our boat sta- self; was rescued by another boat. securities to ralec money, during the an Italian university It is easier to get a boat away on ine?
On and the family was reunited, war. while stilt pursuing his carcer of from a cargo ship than it is from « Then, somehow or other, I was warm and fed, the two-year-old Those with Incomes of over £5 a crime. The, University of Modena passenger liner, might recall a famous poem in which
So this is the sort of survivor-out on the deck, crying my wife's child seemed to have forgotten Kar weak aliould be able to buy these Victor Hugo asked a bishop who had story I have been getting from the name. Suddenly I was holding her ordeal when I spoke to the father, accurities out of their savings. Thete- hastened to condone the coup d'etat average scaman:
hand and carrying our child, She was in his arms. Suddenly she total spendable Incomes after de to wait till the blood had been
"I don't remember thinking of whimpered, burled her toad on her ducting present taxation and saving "When it hit us I was snugged anything else after that other than father's shoulder, and cried:
—are at Jqual £1,500,000,000 a year, washed from the pavements. But down in my bunk. My old ticker the three of us must keep together. Daddy don't throw me into the If Mr. Keynes would support a the blood shed by Louts Napoleon in did a couple of ups-and-downs, but After the first few moments, you water!" December, 1882, was the merest then I remembered I'd gone to don't think of dying, trickle compared to the blood shed sleep with my trousers on. I know by the new Dociar.
tion?
through the smoking room door and
capital lovy after the war, why not.
"I was glad that I hadn't panicked G. Leslie Carter un annual capital tax during the
our cargo would keep us up for at saw nobody who did. It wasn't
warz.