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HONGKONG TELEGRAPH
February 15, 1941.
One Irishman Advises Another
An Irishman who has never minced his words with his own country or ours, and has courted the brickbats,, Mr| Bernard Shaw here tells Eire and us that Mr de Valera dare not give up the ports, but, for the love of Eire, must (privately) beg Mr Churchill to take them.
By George Bernard
Shaw in an interview with W. R. Titterton
You ask me if Mr do Valern is acting a reasonable man in refusing to let Britain bave the ports,
If Mr de Valera wère a reasonable man he would not be in his present position.
As a reasonable man he should call upon Britain to fulfil her obligation under the trenty by defending Ireland against foreign invasion and blockade, as Ireland is quite unable to defend itself against Germany and Italy combined.
Four millions of extremely disunited Irish cannot fight 123, 970,758 Germans and Italians; and any talk that ignores this glaring fact is mere waste of breath.
As an Irish politician, Mr de Valera should inform Mr Chur- chill privately that he cannot give him the naval bases without compromising Ireland's neutrality and perhaps losing his job and his power for good, but that he cannot prevent him from taking them.
Therefore will he kindly do it with a tactful speech explain- ing the necessity and assuring Ireland that the ports shall be given back when the common enemies of England and Ireland are settled with.
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man invasion from the west he would make Ireland the cockpit be sent to of the war.
In that case is formal duty would be to fight Germany, and Italy on the west, Ulster on the north, Britain on the east, and the British Navy on the south, without the support of Roose- veltian America. What would you do in his place?
It is suggested that Mr de Valera, being a ruler of what is called now- adays "a demueracy," must remember hig gollery, and that if he leased the ports and other bares to us there would be a rumpus. Well there will be a rumpus anyhow. Does a rumpus matter much with a European War on?
Before the war began I sold, as you recall, that the British Isles are one military unit, and that it was of the question for one fraction of the unit to maintain effective neutrality when the other fractions are at war. And you ask if the event enforces any oplelon.
Of course it dars. The event always confirms my opinions. I wish it would take the Governments of Europe a little less than 20 years to find that out.
As to command of the seas, which is what is in question, how many battleships, submarines and Fulmar torpedo pinces has Mr de Valern, or Lord Craigavon? There are no German naval bases In Ireland: but there may be some German money in the pockets of young. Irislumen
hunds.
Please bear in mind that if Mr de Valera provoked a Ger- humbugged by Nazi propaganda, and even some, German guns in their
FINANCING AND AID
elther The Hon. Treaturer,
or
H.K. Refugee and Social
Welfare Council, Bank of Canton," Hongkong:
The Hon. Secretary,
H.K. Refugee and Social
Welfare Council. No. 3, Gloucester Bldg., Hongkong.
„ERTAK, 2914
METROPOLE
FIREPROOFE
FALL ROOMS WITH: PRIVATE, MATH
AMERICA'S DEFENCE BRITAIN POLICY
TO
bank
મ
Since we met in this place a year tomary rate of year-to-year growth in press statement recently that it ernment cannot pay down its debt defence programme requires. After ago, the European war has moved in productive capacity. Agriculture might be necessary to ask Congress to the banks, but has to increase it a long period of idleness, which has has lost most of its foreign markets, to increase the Federal debt limit, to The effect of this is constantly to in- also been a period of solidification, closer to the United States, in fact so that surplus stocks have continued 60 or 65 billion dollars. In his crease the volume of bank credit the banking system desires nothing so if not in geography. At that time to rise. But against these disadvant- budget message the President ques- and therefore the volume of deposits, much na to put its whole strength at the forces of the belligerents were ages are certain overwhelming ang debt limit except as it serves as a prices and invite inflation. Financ
ad- tioned the significance of a statutory the effect of which in turn is to raise the call of the country. -largely inactive, awaiting the change vantages, which, given time to bring
ing defence on commercial
Congress has already recognised -in reasons behind fortified lines with them into play, are bound to serve fiscal monitor.
the national purpose fully
fully and well There are so many variables in credit is almost as bad
from the these facts. In October, 1040, *it in their own frontiers. In the air We are nearly half the economie the problem that it is a doubtful public standpoint as to finance vast passed legislation known as the and on the sea action was following world, Our industrial productive exercise to forcast the probable Government undertakings by Issuing Assignment of Claims Act of 1940, the pattern made familiar before capacity, though geared to peace amount of new Federal borrowing greenbacks or borrowing from a the general purpose of which was time uses, is second to none and is during this calendar year. I should central bank. As a matter of fact, to facilitate bank loans to industries 1918. American opinion, already barked by a vast multitude of skilled say in parenthesis that the President, it was exactly this abuse of central engaged on defence contracts. For favourable to the cause of the de- and unskilled workers who adhere in his budget message, was speaking, bank predit that culminated in the nearly a century it had been the mocracles, believed nevertheless that to the American tradition of initia- of course, noi of the calendar year vast German inflation of 1023. war in Europe and war in Asia tive, ingenuity and
com- but of Use. fiscal year Our com-
beginning July whether services. would eventually be resolved with- munication
are at their highest point to be covered by loans during the out hazard to the liberties of Ameri- air or
are unequalled
cans.
Denmark and Norway and the cof-
energy.
where.
of wired
by
k
rail, 1, 1941. The
The amount of the deficit
Any
the
Savings
policy
of the Federal Government to prohibit the assignment of any claim anainst itself. By the new legisla- carefully defined pro-
tion; howode whereby claims under
The general deduction to be drawn vision is made year will depend upon the
Our financial strength SAVE of
taxation; upon the from this is that the defence
slock
upon it.
clements of our national.cco
_cconomy_s0...
by
pro- defence contracts can be asstened to
.
at-
of industry to produce; upon gramme in order to minimise the banks for the greater protection of But with the invasion in April worked by then urters of
of monetary gold and the reductions which Congress and
and potential Inflation involved in any loans made at intermediate or short
Farge such of meeting any capable
the administration demands
expenditure
the term to the protection of lannis made be able to may lapse a month later of the Nether that the national welfare or the make in non-defence expenditures, Government, should be financed not to the contractors. Without
it and Bands and Belgium, American opinion national
detence can make
may by banks, which are depositaries of tempting to recite the provisions upon the
the finacial aid we was shocked into the realisation that The problem is to fuse together these give to Britain, again turning in funds, but by the owners of the funds of this liberal law or the specifica- themselves. Fortunately, and this tlons of the contracts made under The first line "öl"denstratig-defence-menta
Altogether, in the light of 15 an unique advantage the United it, the broad chcet
pul hold iFL the world at
here Federal credit behind bank loans at present, there had plercest. The downfall of France Wit they can pass the criticni test produce the capacity of industry to them which lies ahead, which indeed we such information as is available out- Is an à disaster to liberty may have to face in the next few side the Treasury, it seems fair
immense amount of money in to defence industries in a degree such as the world has not seen in months. My purpose here is to make conjecture, and it is only Con- the country secking sound invest- not permitted heretofore. The guar- the memory of living man, and made such contribution as I may toward Jecture, that the cash deficit for the ment. The owners of savings and antees in all cases are not absolute, it clear that the totalitarian system solving the problem of how
Muciucancion willing to lend them to the Govern- unrestrained lending, and the credit was deep within the bastions of free most dom. The question remained whe- national purpose,
in June was
ther or not Britain could stand,
we
usefully
employed
Financial Problem
our
for the
That in a word was the situation six months ago. It still is the situa- The financial problem is really tion. But in the meantime we have twofold, one the problem of financing seen the gallant behaviour of the the Government, the other the prob- British at the evacuation of Dunkirk. Iem of Anancing the defence in- We have seen also not once but
many dustries. times the fortitude of the British
The under
Government's problem devastating fire from
is people
air, and
seen Britain clearly a very large one. The third have extending her defence to Africa and session of the 70th Congress made the Mediterranean, and the Greeks defence appropriations of nearly 9 President reversing their position from de- billion dollars. And as the
ian indicated in his budget message a fenders to attackers in the Albanian mountains. The low point of the week ago, additional defence appro- war, from the side of the Alles, was priations of about 11 billion dollars the retirement from Dunkirk. It may be expected from the new Con- remains to be seen whether it was gress. These vast sums do not talte into account the ordinary costs of the turning point.
running the Government, nor do they include the cost of such help as we may give to Britain in the shape of funds, credits ́or.equipment,
must
be
lier
already
The accompanying' ex- tracts from the speech of Mr Winthrop W. Aldrich, Chairman of the Board of Directora of the Chase National Bank," is of in- terest in view of the simi- larity of aims between the United States and the De- mocracies in the struggle `· to check Nazi and Fascist aggression.
delivered last month as a report to the Bank's share- holders, was also broad- cast, and was heard dis tinctly in Hongkong.
samoscow
Investment funds will be ready and the is not open for
ment. They include not only the standing of the contractor has still to large institutional holders of money, be taken into consideration. But the such as the insurance companies, the conditions created by the law are savings banks and university and such that the banks have made loans other endowment funds. but also to defence contractors and are con- to make them, at rates of numerous private investors, large and sinall.
infer than at any time in a
While generation.
individual Ionns The success of the Treasury be- have been large, notably to the air- ween 1017 and 1910 in distributing craft industry, only the surface of the Liberty and Victory Loans to possibility, taking the nation as a very brond public and its success in whole. has been scratched thus far. recent years in selling low-denomina- tion bonds to small investors show
•
Normal Function
how large a market stands rendy to The speech,
share in defence financing. This is Loans of this sort, as Congress and The democratic way. In our great the administration forcaw, have programine
of total defence, the special advantages. In the first place, whoic
people should
have the they utilise a system already highly opportunity to share in financing it developed. The American banking For this
purpose.
I suggest that the system is the most decentralised in bonds to be issued should a fair the world, providing some fifteen rate
that they be thousand outlets for bank credit. Ac. of reswell as in large denomina cordingly, once the available
practice and calendar year 1941 will be around flons, and that they be fully taxable.
of this sort of lending aro billion dollars. In addition to issu- In order also not to penalise the credit needs of the ing new obligations to cover this patriotic subscriber who over-
Industries, now becoming
the principal share of the
new
in small as
Defence Industries
advantage of HE
a
loans
Arsenal Of Democracy There can be no doubt but that the great weight of American opinion destres it to prove in fact to have The question here is not whether defielt, the Treasury will be faced estimates his capnelty to buy, I mug- more and more widespread, can be been the turning point. But the de- the Governmen enn raise the sums with refunding about 2.7 billions in rest that the new bonds be made most promptly satisfied. Further, cision hinges not on the gallantry of required. No one has any doubts on notes and bonds that mature or are freely marketable.
lending to industry for purposes of the British people in
production this
that score at all. The problem is callable during the year. total war,
one of the normal func- Debt And Credit
tions or even upon their endurance under rather how It can raise and spend
which banks are designed to siege, but upon their capacity to pro- the money to the least detriment of
serve and Granted conditions 19 they are, vide themselves with the materials of the coat it intends to zase through raising such a large sum of money posed by the defence programme, with the minimum of delay, and I come now to the other problem for with which they are most Loans can thus be made war. The wastage on account of khown that to submarine warfare and the losses of invallon as large a share of the de- The choles of method, however, is a tries. Here again the question is not speed at this stage of the defons
no formidable difficulties. that of financing the defence Indus- do presents fence ext
expenditure as possible. That he
not programme is the one indispensable Industrial output due to attacks from stetermination is spind financial prac order of Judgment on a part of the how they shall be obtained to the rac different rantler and calls for a high whether funds are available but the ale make it Impossible for Britain
But condition of success. In the next Lice and it to maintain Herself from
bank credit when so used for own marionn accords with the best paper of
best long-run efforts alone. In consequence, these American
the defence production does, not remain Iesses abroad, mainly from the United others, of diverting productive Treasury obligations with the banks, untry-that is to say, with the least outstanding 'but is retired in duc.
'made good, from ing by taxation. Defence, financ- Treasury.. The easy way is to place vest,
has the merit, among States. Thus, in the phrase recently into channels directly serving the relying upon credit to provide danger of inflation. Now, it is nere nurse from the proceeds of taxes and the fectly clear - that government Government loans, And finally, it used by the President, we are the national defence. It does this by money. But at this time, even though agency could provide the lake these Government
limiting useless or postponable ex-with leannilo funds, this is not the government
ex-tie banks of the country are replete defence contractor needs, that the chased out of savings penditure, and
and by utilising the funds best
the Treasury, and that, DR. It is an integral part of oyr own vastelinquished: to pay military or way. The commercial banke na funded agency could obtain the funds, o8.now proposed
defence costs. There is, how far back
Juck A last June already owned the Treasury could obtain the funds to so. large a programme of Governa defence programme, undertaken as ne
ever, a a certain limit beyond
hy Or, Treasury obligations, nearly 30 per to extent the law permits, the and kept within bounds by normal Netherland, Belgium and Franco, o faxation for defence, as for other cont of the entire Federal dobt, They thould borrow from the methods of control. reality, the two efforts are but one point at which taxation becomes standpoint of the notional advantage greenbacks.
purposes, should not go. This is the cent
could readily buy more, but from the Federal Reserve banks for they are to mer ve antracy against destructive, in the sense that stene it, would be unwise for them to do so methods is inflationary: they differ time end in inls place i land-up to Every one of these In making these suggestions at this pose of preserving democracy croaches upon the capital equipment totalitarian aggression. The condi-
of the country.
from one another in that respect only one compelling thought, that the Determining where on a grand scale. under which we have taken up
Up this point Iles is one of the
The reason for this can be clearly in degree, and they do not make use main objective of the country in 1941 most the task admittedly are not ideal. dificult and delicate decisions that very nature of their business have to financial position in which the coun- forward to a prompt and overwhelm- seen. Commercial banks by the of the extraordinarily favourable in to press the defence programme ged from ten years of depression in
rely upon their borrowers to reduce try finds itself. Not only is there a ing success. It is the business of the which we lived in one degree or It is not to be expected, of course, their foons from time to time, pre- vast store of investment, and savings whole financial community to devote another upon our capital. The debt that Federal taxes can pay currently ferably out of earnings. If the Gov- enplial ready to be, tapped, but the itself without reserve and with every of the Federal Government has more the costs of defence. A larze part emmènt is the borrower from the American banking system to prepared resource of energy to, the sound and than doubled. In many of its branches will have to be borrowed. The banks and lis expenditures are run- to finance the productive, activities speedy accomplishment of that purs Industry has fallen behind its cus- Secretary of the. Treasury Indicated ning nhiend of its revenues, the Gov- of industry Si any amount that the pose.
arsenal of democracy.
This lond we are proud to bear.
our comment on the Invasion of the
tions
60
DODWELL & CO., LTD... The United States has recently enter Congress is called upon to make,
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are pur- and investment. then the dangers of Inflation, alwaya
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