MONDAY, SEPTEMBER 7, 1931.
THE CASE FOR MASS gently need fiscal protection against
PRODUCTION.
Results of Partial Adoption.
mass produced Importa dumped in this country at far below full cost and to enable them to compete with the mass produced products which they encounter in the Empire and foreign markets.
Sir Eric demonstrates how, to an ever-increasing extent, the foreign The Pelican 'ress has just issued miss, producer can sell in this lone in the form of a brochure an ad-free 'traile market at far below full dress on Mass Production, which cost of production and still Improve Sir, Eric Geddes, chairman of the
his profit position. Dunlop Hubber. Co., originally des
"If," he concludes, "our manu- facturers cannot be equipped with
THE
CHINA
A HATRY VICTIM.
London Stockbrokers' Big Loss.
An order of discharge, subject to,
suspension of one month, was Court to Mr. A. M. W. Proctor, granted at the London Bankruptcy stockbroker, lately of Drapers
Gardens, E.C.
The debtor falled inst February
A GREAT TORY LEADER.
Lord Salisbury and
the Queen.
WORLD DEPRESSION- CAUSE & CURE.
Wasteful Use of Credit.
ADDRESS TO. BANKERS.
graphy of her father ("Life of atmosphere and I think we are at Lady Gwendolen Cecil's bio "If we could pacify the political Lori Salisbury," 1880-86, Hodder ist making advances in that direc- and Stoughton, 218, net), after tion-we may he very near the reaches its third volume, and bottom of the depression. But be- completion of her task, presumably a fourth will see the fore we can rise again, we must!
Leuch bottom.
livered to the 1900 Club, in which the full armour of mass production. with ranking liabilities £58,851 and an interval of nine years, now
he declares that while we may have been dilatory in protecting our in dustries under the old factory sys tem, further detay will be suicidal under the revolutionary system of mass production:
The theme is illustrated with a number of telling diagrams showing how, in one case, the cost of hand production is 77 times greater than that of mass production. Another. diagram demonstrates the fall for five industries in productive Inbour cost and the rise in other costs. A third diagram shows the effect of rising and falling turnover on profit margin to-day, and a fourth gives a similar lication of the relation between turnover and profits before the Wur.
Fiscal Protection.
MAPPING THE EMPIRE.
Rasets 08.
There was nothing enigmaticn! about Lord Salisbury certain-
our export trade must pass from us.
it does pass, what, I ask you, will Stock Exchange from 1919 until He was a member of the London be the effect upon the greatest em- last December and also partner in pire the world And what the effect upon the staaber. 1930. with an
has ever known?
"Experience has shown that even a firm of stockbrokers, until Septem-
income of ly not in the period 1880-86. A the most wasteful use of credit does dard of life in our island, home?"
between £12,000 and £13,000 a year. Tory tout simple, he was Lord not, enable us to inflate permanent. Owing to the collapse of Hatry and Beaconsfield's, natural successor his associates in September, 1920, as head of the Tory party. Hey the price of free commodities. the debtor and his firm were in-made no pretence about being a This being the case, we cannot hope volved in a heavy liability and in Tory Democrat. Indeed, he. dis- to be cured by maintaining privileg- December list the first recovered trusted alike the name and what a prices for privileged goods." judgment for £14.472 against the it stood for and those who pro- fessed it. He had no sympathy debtor for his share of the lose.
The debtor further attributed his with Lord Randolph Churchill or failure to depreciation in the value his methods. of his securities.
J
Surveyors See Latest Methods.
Ordnance surveyors from all parts of the Empire met in confer-| ence at the Ordinance Surver Office, Southampton recently, to discuss methods of map production under, the varying ellmatie conditions of their own stations.
These two latter diagrams by
Among them were delegates from comparison Illustrate in a striking India, Ceylon, Malaya, Australia, way the relative increase in fixed the Gold Coast, Hong Kong, Kenya, charges. Sir Eric here makes the the Sudan, and South Africa, and point that the foreign mass pro- they were introduced to the most duver is now in a position to force up-to-date methods of mup-making. our unprotected manufacturers into The special attention of the dele- fast increasing losses merely by-gates was drawn to an important reducing the latter's volume of addition to the machinery, a map trade, comments the Financial mounting machine which, made to Times..
specifications drawn at the office. turned out 2,000 mounts a day, the work of thirty hand mounters.
In an address of welcome, Erig.. H. St. John L. Winterbotham, Director-General
Ordnance of Survey, said:
"From the earliest times we have been regarded as the national sur- veyors. We have no overlapping of surveys and no rivals.competing for funds from the same public. Alone among the nations we cater in one place, Southampton, for all the na- tional land measurement. We ad-
He defends the home manufae- turer against the charges of lack' of courage, enterprise and ingenuity: He notes that since 1914 the work- ers' earnings in the British motor industry have about doubled, al though prices to the consumer have fallen to about one-half of the 1914 level consequent upon the fall in the cost of production resulting from the partial adoption of mass production methods.
He argues that British manufac-vise on all boundaries and on topo- turers in reproductive industry ur-graphical questions.
GILLETTE SAFETY RAZOR CO.
The London agents of the Gilette Safety Razor Co. report that net earnings for the six months to June 30 last, after interest, depro- ciation, taxes, and a special reserve of $1,200,000 for obsolescence were $2,682,345, equivalent to 95e per common share. The company states that as at June 30 last it held in its treasury $4,238,000 of its own ten-year 3 pc. convertible deben
tures.
CATERING FIRMS MERGER.
These were the concluding words of Professor Eonn, of Berlin Uni- versity, in an address before the
chair.
He wrote in 1884: "Randolph and the Mahdi have occupied Institute. of Bankers in London re- my thoughts about equally. The contly, the president, Brig.-Gen. Mahdi pretends to be half-mad Sir Arthur Maxwell, occupying the and is very sane in reality; Randolph occupies exactly the converse position." When some. one condoled with him on having two exacting Departments to run, the Premiership and the Foreign Office, he replied that he really had four, the other two being "The Queen" and "Randolph."
Causes of the Slump. Professor Bonn was dealing with! the present world depression, which he held was not due to gold scarcity any more than the rise in prices from 1914 to 1920 was due to gold
abundance.
inflation
War scarcity and war After Lord Randolph's head were the causes of the phenomenal strong resignation he would not rise in 1914 to 1920, and it was as hear of taking him back, remark tounding that return to a normal Ing that for five years he had currency system and to peace con- been "incessantly employed in ditions of production should bring making things smooth between about a swing of the pendulum in him and others, both by word the opposite direction,
Collapse of European currencies and act." Moreover, he disliked which made him, insist that we sury-house of the world; it made "his friendship for Chamberlain, made the United States the tros- should accept that statesman as thera prosperity-mad; the invasion Lord, Salisbury was quite deter- an unexpected lift; the British coal our guide in internal politics" of the Ruhr gave British Industries mined to have none of that. The strike enabled German industry to reach a kind of false prosperity and the world had not recovered the balance.
Details of a provisional agree ment for the amalgamation of R. E. Jones with Slators and Bodega, the well-known entering companies, have been issued to shareholders of both companies. If approved at the convened extraordinary meet ings of the two concerns, Sinters and Bodega will acquire the under-old Tory instinct in him dreaded the reaction of Chamberlain's in taking of R. E. Jones in exchange
substantially for shares in. Sintera
and Bodega.
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fluence upon the Tory party.
France and the United States had accumulated a disproportionate stock of the world's gold, and were increasing the disproportion.
Points made by Professor Bonn
He once remarked grimly that if his party abandoned its prin. ciples, "I should walk for the last time down the steps of the Carl- ton Club without casting a glance For a regret behind me."
"Hence, wer:c perhaps his. rather disdainful The most potent single cause of aloofness from the rank and file. over-production in foodstuff and He had none of Mr. Gladstone's raw material was the scarcity ex- personal magnetism. Yet he perienced during the war and after was trusted more than most the war. party leaders because' he spoke the truth as he saw it.
Reducing purchasing power was partly responsible for the crisis, deeper cases being ever-expansion and misdirection of capital. .
Three times he offered to waive the Premiership, once in favour of Northcote, twice in favour of However useful' inflation- may Hartington, both men of much have appeared to the debtor, inferior calibre to himself. Yet it was considered sheer dishonestly he was little of an auto-rat too by the investing public. little, somc of his Cabinet Misdirection of capital in some colleagues thought. It was
acases had been a by-product of Gov- matter of principle with him that erament, intervention, rather than "the Cabinet was the unit of a settled general policy. government, the centre of re- It was far more healthy to dimin- sponsibility, the source of policy." ish capital's fixed share of the As Lady Gwendolen acutely ob-national produce by a natural serves, though' not autocratic, growth of capital facilitated by fall- #his temper WRS essentiallying prices, than by some sort of in- authoritative."
flation designed to reduce purchas The Queen came to considering power of fixed incomes. him an even greater Prims Credit, had not been stinted on in-i Minister than Disraeli. "Always dustries. It had been badly dis- speak the truth to the Queen,"tributed and wasted, The crisis was his advice to those who ap- would never be overcome if the mis- proached her for the first time. takes were not completely liquidat I will not have the Queen wored. Credit was only helpful if spent ried," he used to say when his colleagues desired to press her to distasteful decisions. He had the highest opinion of her personal estimates of foreign potentates and their motives. She knows what she is talking about," he used to say.
productively.
HERRING EXPORT SLUMP,
Scottish Fishery Report,
When Mr. Balfour went to Wind- sor just after tlie "Black Week” dur-] The results of the Scottish sea ing the Boer War and began to talk fisheries during the year 1990 must in a tone of reassurance, the Queen be regarded as disappointing. from "cut him short with the characteris- the point of view of the industry tie quick little bend of the head as a whole. This is the verdict of in which all regality seemed con- the. Fishery Board for Scotland' in centrated: Please understand that their forty-ninth annual report. thero is no one depressed in this. The recent, improvement in the house. We are not interested in economic position of the trawling the possibilities of defeat. They section of the industry was unfor- de, not exist.” Such a Queen de- tunately not maintained, and the served the loyalty she expected as results of the Summer herring fish- har right!
ing were the lowest in quantity, for Lord Sallsbury's part in the Carany year since 1925 and in value narvon episode is authoritatively since 1923. explained and justified He cer For the disposal of the cured pro- tainly never coquetted with the iden duct, eohditions were very un- of a Parnellite" alliance. But a favourable. At the end of the year "more" wary party ledder would have over 300,000 barrels bf cured her
sharply forbidden the ill-advised rings were still on hand, the low Interview which Carnarvon had prices of alternative foodstuffs hav with the Irish leader and of which ing an adverse effect on sales. Farnell gave a totally false account.
The book is notable as a contribu-l-natured. There is nothing of tion to letters. The styla has real the artisan, the authore paints distinction the Earn of phrase and her portrait with due admixture of Bentonce le felicitous, the judgment light and shade, with
Aug
is well balanced, and the Cecilian gets the close relationship-By comments are shrewd but never Firth in the Daily Telegraph.
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