1932-04-25 — Page 7

MONDAY, APRIL 25, 1932.

Australia's Political and Economic Chaos

Present Depression Was Inevitable

Warnings Unheeded and Future Disregarded

block imports? Furthermore, if Australians are such confirmed pro- tectionists who buys the great volume of imported goods?,

Shutting Out Imports to Make

Work..

THE CHINA MAIL.

Perhaps what, more than any- thing else, demonstrates the pro- found ignorance of protectionists' regarding the economics of ex- change is the demand of protected

HONG KONG STOCK EXCHANGE.

Market Quieter To-day.

The official summary issued by manufacturers to block imports so the Stock Exchange to-day states: that they may make the goods In-states:

COMMUNIST

ACTIVITIES. CONTINUE

But Amoy Remains Quiet.

KIANGSI REDS LOOTING,

Communist activities

stead and give employment to Aus- Markets were somewhat quieter Although tralians. This, too is the large size this morning, but, it being the eve of in Fukien and Kiangai continues to idea of Messrs. Scullin & Co. They Settlement Day, this was to be ex-cause anxiety, Amoy remains quiet, see goods

coming here from pected, although the settlement It and it is not thought that the Com- and abroad

fondly imagine self is of small proportions.

munists will actually try to take that If they could keep

the City. them out, local manufacturers would get the job of making them. It must surely be obvious, however,

that if the loans had not been rais

The following article on Australia is con- tributed by an Australian business man recently ed abroad, and if outsiders had not

arrived in the Colony,

Convicted of, False Pretences.

affection

for

if

Ob-

It

But if

Sales.

Providenta (old), $4.70/4.75. Providents (new), $2.27%. Hotels (Rights), $2. Hong Kong Realties, $11.55. Ewo Cottons, Tis. 15.05. Star Ferries, $90%. Hong Kong Electrics, $78. Telchonpes P.P.), $24. Cements (combined), $18.40.

Buyera.

Douglases, $27. Benguet Explorations, 29 centa. Docks, $20.

Providents (old), $4.65. Hotels (Cum Rights), $13.15. Hong Kong Realties, $11.40. Chinese Estates, $98, Ewo Cottons, Tls. 15. Hong Kong Trams, $22.80. Yaumati Ferries, $351⁄2. China Lights (old), $21.10. China Lights (new), $20.60. Hong Kong Electrics, $7314. Macao Electrics, $24. Cements (combined), $18.35. 'Constructions (old), $5.

Constructions (new), $1.75. Govt. Loans, 4 per cent. Premium.

Sellers.

Kailan Mining Ad., 23/9. South China Motor "B". $12. Hong Kong Trams, $22. Star Ferries, $90. Entertainments, $144. S.C. Enterprise, $10.

GOLD EYELASHES

Coming U.S. Fashion.

"New York.. The "Beauticians," who have been

With regard to the situation in Amuy, the local Naval authorities | issued the following statement to the Press yesterday:-

Situation is quiet, but a little janxiety is beginning to be felt at Amoy because of rumours of in- tended Communist demonstrations.

Communists are reported to bo five miles from Sung Sui, while | Communist handbills were distri |buted last night in Kulangau.

Reports from up-country are very conflicting.

is

at

This message, which bore Satur-

was day's date,

received from H.M.S. Devonshire which present stationed at Amoy.

From April 14 to April 19, Changchow City was reported on various occasions to have been cap- tured, so that it was disappointing, when eventually forces did enter, they were found to be those belong- ing to Chu and Mau, the Com- munist leaders.

The "Reds" in Kiangsi, taking advantage of the Communist dis- turbances in southern Fokien, which necessitated the transfer of troops from Kiangal, have` again]; been active and have looted some of the flourishing villages. They met with little or no opposition as these villages are weakly guarded.

On his return to Canton, the Commander-in-Chief, General Chan Chai-tong ordered his two trusted commanders, Generals Yu Han-miao and Li Yang-king, whose regiments doing anti-bandit work in Fukien and Kiangsi, to remain at their posts and await further move- ments of the main bodies of the Communists before launching at- tacks.

are

TURNED INTO A CATI

Batu Pahat.

The Johore correspondent of the Malayan Police Magazine, writes:-

"Batu Pahat is once more in the|

invested their capital in Australia, | the goods would not have come in lat ull. There would have been no Our vaunted "high standard demand for these goods at all. In Australia is now experiencing the inevitable result of her political and living" has been largely due to

essence the loans are loans of goods. economic chaos. Intelligent observers fairly long run of good returns for No loan no goods. But such loans

High stan- could not fail to observe the fatal our staple products.

give Increased purchaseing power to trend of affairs, particularly during, dards based upon production sold on Australians, over and above the War-a competitive basis are Bound purchasing power created by their the last couple of decales.

and though in the case of Australia, nings, growing in frequency

No loans, less own productions. purchasing power, and consequently, urgency, have been sounded, and no owing to climatic conditions a run

How then one with any pretence to economic of good seasons must necessarily be less demand for goods.

is the manufacturer to get any understanding could be persuaded balanced with lean times.

We are now experiencing one of more work by shutting out goods that much of our vaunted prosperity

those lean periods. These, how- which in any case would not come was other than "Brummagem."

are apart of what may be were it not for loans. He is chas- Those who have ventured to draw ever,

the distinctive termed normal Australian condi-ing a will of the wisp Heaping on public attention to

We have been through them customs taxes does not supply the signs and omens of approaching tons. trouble have usually been made the before and shall have to go through people with purchasing power.

They them again. Australians have had Every school boy knows that. Butts of ignorant criticism. have been dubbed "Calamity How-to accommodate themselves to such viously the only way the manufac not the turer can get the job of making lers," "Knockers" and so forth, by conditions, but they are

who have cause of the serious troubles in goods in place of those that come protectionist scribblers

who which we are now enmeshed, though here as a result of overses loans, is deluded people successfully

being naturally at this juncture, they ag to grant loans himself to give peo vainly thought they were

The real trouble is ple the capacity to buy his goods, borne along on an irresistible cur- gravate them.

It is due to our un- Protection Not For Employees. rent of prosperity, but who have deep-seated.

It has been the fashion of the been merely "Joyriding to Bank-scientific finance schemes, and in Mr. Hamlet's ex- this regard it is doubtful whether'

spoon-fed manufacturing frater- ruptcy," to use

more stupid schemes could be dis-nity to whine about the harassing pressive phrase.

covered if Bediam itself

were efforts of the Arbitration system. Convicted of false pretences by combed fore and aft for the purpose. I hold no brief for that system.

Borrowed Plumes of Prosperity. is only another form of protection- the logic of events, the fiscal quacks

The greater part of our so-called out of the stable in. fact. are now endeavouring to shield

on every prosperity however has been due to protection be a good thing, why not themselves by prating, conceivable occasion, about the de-, the lavish borrowing policy. Loans confine its benefits to a section of True, have been raised abroad and splash- manufacurers? Are not employees pression being world-wide. the world generally seems to be ex-ed about, much upon projects of equally entitled to it?

Most of that The employees have been deluded periencing one of those depressions doubtful character.

re-loan money has been spent upon ex by the idea that protection was as with monotonous- which occur

that tensive construction schemes.

much for their benefit as for others. gularity, so regular indeed they have been dignified by the title Labour has been diverted extensive- They were told it would assure them "cycles" and, as such, are regardedly from productive channels to constant work and high wages. by works of a capital nature. It is What, can they think about it now, with peculiar

and problematical if production per head the statistical mongers

in view of the mess they are in, we in congress here, have rejected a Theory Of Prisoner's Escape At who

a of population has increased. Cer-shall all know very soon. That motion that they should call them- near-economists

look tainly, it has not increased pro-protection was Variety of queer reasons,

not intended for selves "beauty culturists," in spite them as "something we portionally with the big addition to them must be clearly evident upon

to of a protest against their following the public works which mainly, if not

anyone capable of thinking. Even the example of the undertakers, must have", something in

That they entirely, paid for by borrowed

the tariff Board plainly told them who are known as "morticians," economy of nature.

defiance of im- money. That, however, is not the'

as much back in 1926, That board follow from the

A parade of mannequins showed If worst feature of this wild loan told the trade unions that if every that the "rat" coiffure has returned limelight owing to the escape during mutable laws cannot be denied.

the night-time of a Javanese pri- however, a fraction of the time policy.

increase in duties was made the after an absence of twenty years. goner, who was being held on a Spurious Revenue,

Joccasion for a successful demand For dinner parties detachable eye-| devoted to the preparation of els borate statistical data, conducting By the tariff device, the Federal for higher wages the high duties lashes "two and a-half inches long charge of murder, from one of the cells of an admittedly prehistoric expensive post-mortems and chart Government has collected vast sums would fail to effect their object of and tipped with gold" are fore-

of these "cycles" of taxes upon the oversea loans as increasing (sic) production. In shadowed. They will be in three lock-up. However, the fact remains that the cell was found locked and an intelligent they materialized here in imported 1927 it re-iterated previous war-colours-bronze, gold; and silver,

intact on the following morning and search for the "causes of recurring goods. Probably about twenty pernings as to the danger of the tariff To tone up the morale of New paroxysms of industrial depres- cent of such loans has in this way, being used to bolster up

an ever-York women and remove "depres neither of the two prisoners who sion, it would not be long before been misappropriated, thus giving increasing cost of production.

sion wrinkles," the beauty shops in were incarcerated with him could explain the absence of their fellow all the economic Jonahs and their the Commonwealth. Governments a

Protectionist Mendicancy. New York have adopted bargain} jimcrack paraphernalia were

The Tariff Board in its 1927 re-rates and in some cases free treat-criminal. As the Javanese had ceremoniously thrown overboard.

Who Struck Buckley?

ne year was the "large number of ap-resolution passed by the "Beauti- current theory amongst the Malays doubtedly land themselves in "the plications for higher duties from cians," declaring that the financial 18 that he transformed himself into Apart altogether from outside

dock." But that sort of thing, happenings, which necessarily cause

a great many industries which al depression is responsible for the cat and walked out through the forsooth, is called the "settled ready enjoy

a very considerable breakdown of beauty standards, and bars and over the roof. All aus- repercussions locally, the fact repolicy" of the country. The mains that our

re measure of protection." They have "mental lethargy" with facial re-picious looking cats are being care own gross mie-

dundant and spurious revenue pro- been at It, hammer and manngement and

tongs, sults, which may become chronic fully shadowed."? governmental

vided an excuse for the Federal! ever since, ably assisted by fresh re- unless a prompt remedy is applied. muddling have created acute. diffi-

Government to subsidize State Gov eraits to the ranks of protectionist culties which could not but bring us

So while the tariff to the sorry pass in which we find ernments to construct roads and mendicancy.

generally to shovel out largess in bolsters up the high cost of pro-might a man capitalize his income ourselves to-day. By our fantastic

the shape of subsidies, bonuses and

the committee and impetuous schemes for ushering doles of all kinds calculated to gain experts, appointed by Mr. Bruce prepare a "statement of affairs":

duction, or as

of and other taxes. Now that we must. in the millenium by spoon-feeding votes or placate importunate special neatly put it: "The cost of the we shall find paper values, which and by encouraging a miscellaneous

tariff becomes à cause of its exten-figure in our statistical returns as assortment of lame-duck concerns,

The Adverse Balance Bogey. |sion." "Part of the tariff is re-"wealth," will suffer 1 severe we have prevented the orderly and

Much has been said about the so- quired as a protection against its diminution. Our supposed surplus logical development of industry, and

called "adversa balance of trade." we have been vainly trying to poise By that is meant the excess of im-for employees to live, the employees vanlah.

own costs," thus making it harder of assets will seriously shrink if not But the cardinal evil of the economic pyramid on its apex:ports over exports, That so-called] We have so extended and exalted "adverse" balance has been caused higher wages or they will wreck the expenditure of borrowed money, on are bluntly told to stop claiming our fiscal lunacy is that the profuse governmental busy-bodyism (mas-

mainly by the following:

ricketty old ship which they large government works particularly querading largely under the high

(1) huge oversea loans, (2)have embarked. falutin'

Verily he that has greatly enhanced. land values. title of "humanitarian.

private capital for investment in earneth wages earneth wages to put It has engendered an

orgy of legislation"), that the Australian

Australia and (3) payment for it into a bag with holes. people are in danger of becoming a

Kural speculation. It has enriched a exports.

If there is one fact which stands comparatively small section and race of habitual paupers.

No goods come here unless we out as clear as noon day it is that fastened on intolerable additional The appetite for protection has grown by what it feeds on until establish a credit in the outside with increasing tarif taxes the diff lability on the people. It has put The sale culties of protected manufacturers the people in pawn twice over, once nearly every industry is either in world to pay for them. receipt of a bonus, a subsidy, or of our products abroad in excess of Eave also been increasing and con- to oversea lenders, and again to tariff shelter, or it is clamouring for financial obligations to outsiders, sequently increasing protection is local landowners to whom it has We establishes a credit, the benefit of no solution of their difficulties. - - opened a ventibled purse of Fartu- a dole of some description.

Counterfelt Values.

natus are fast approaching the time when which can only be enjoyed by pur- Similarly, each industry will be called upon to chasing outside goods.

Now that we have been brought! Spurious capital in the shape of subsidize the rest, coming to the loans abroad and capital for invest up with a round turn, people may artificially-enhanced cost of plan time when we shall take in one an-ment in Australls establish credits by looking, clearly see stark realities machinery, buildings, etc. as

abroad and the only way of getting of the long reign of extortionate sult of protection. other's, washing to maintain our **high standard of living." All that, the benefit of those credits here is

taxation

and protection-run-mad. apúr

ing the courses

were devoted to

un-large and spurious customs revenue.

however, must rapidly come to an

end, The people are now asking

to be shown the way, and when they

have autered complete

the insane zinapein,

and

Were business men to practise that port mentioned that a feature of the ment. This was the sequel to a been observed praying fervently, the

kind of finance they would

interests.

.

per medium of imported goods. In By reason of the heavy tarif, faxes, high by

no caso, can we buy more than the on loans and capital, capital

amount of our credits: That should have been sw

be obvious, even to a proté

land

and

COMING SHORTLY

* TO THE KING'S,

but simply

Delicious

JANET

COLUMBIA

ALL-ELECTRIC GRAMOPHONE

THIS GRAMOPHONE IS AN INSTRUMENT WHOSE

OUTSTANDING ATTRIBUTE IS POWER:

Less

Model

10%

No. 920.

Discount

$300.00.

For Cash.

HERE IS AN INSTRUMENT AT A PRICE WHICH WOULD HAVE BEEN REMARKABLY LOW FOR A· STANDARD ACOUSTIC GRAMOPHONE A SHORT TIME AGO.

GIVE US A CALL AND WE WILL GLADLY DEMONSTRATE THIS MODEL TO' YOU

THE ANDERSON MUSIC ·

CO., LTD.

Ice House St.

PALL

MEDIUM

VIRGINIA CIGARETTES

gt

65 cts.

per tin of 50's.

Sole Agents:- TABAQUERIA FILIPINA

26 Queen's Road Central.

Tel. 21322..

MALL

& Rothman's

Pall Mall

By Special

to H..the

Apportunt

VIRGINIA

MEDIUM

HONG KONG BENEVOLENT SOCIETY.

A

JUMBLE SALE

WILL BE HELD AT

2 & 3, BEACONSFIELD - ARCADE

ON

WEDNESDAY, APRIL 27th, at 2 p.m.

Clothes and household gooda' gratefully received

any Monday or Thursday from ∙10.30 am, to 11.30 a.m.

IMITATED BY

MANY.

PERFECTION SCOTCH

EQUALLED BY NONE.

oval bottles and flasks.

GAYNOR

Also

GANDE

PRICE & CO LTD.