1932-12-02 — Page 7

FRIDAY, DECEMBER 2, 1932.

BRITISH WAR DEBT NOTE

BRITAIN MUST CUT

U.S. IMPORTS

(Continued from Page 1.)

States and the British taxpayer had each year to find from his own in- resources over £80,000,000 for terest on internal loans, out of which advances of £1,600,000,000 were made by Britain to the allies. The Interests of the two coun- trics, looked at from this stand- point, are the same.

Greater Benetits

But even the partial recovery of business activity in the creditor coun- tries would result in aklitional re-

And war debt settlement. how

ever generous it may seem, would

world, and particularly to the futurel

CIRCUMSTANCE

ADDS WEIGHT

TO WAR DEBT

Payment Increased By £10,250,000.

TWICE AMOUNT BORROWED

Great

London, To-day.

BRITAIN'S ARGUMENT

OUTLINED

(Continued from Page 1.)

Panle of 1931.

THE

Such

CHINA MAIL.

To-Day's Short Story.

THE

LAY

her window,

FIGURE

and а

By Gordon Kay.

A PORNITE

She

than

of

mn-

Towards the middle of 1931, some THE window of Miss Fisk's been comely; she had black hair, a thing like a panic prevailed. Since sitting-room commanded an good figure, a sullen mouth, and a then the world has been living under admirable view of Number perpetual air of discontent. repeated shocks which completely un- dermined the confidence on which the Thirty-four. Which greatly wore a kimono at tea-time.

Very interested in the Morrises system of private investiment depend-grutifled Miss Fisk; for, though ed. Currencles are threatened with she was sufficiently interested in was Mies Fisk. From her window instability

not with colinpse and the other houses in the road, she she could see into the sitting-room And controle

restrictions intended to Britain's debt to

remedy trouble have merely aggravat was particularly interested in of Number Thirty-four, and if only

beon Number

Such the light had been more suitably Thirty-four, ed it. Everywhere taxation penditure queer people, you see! America to-day is just twice ruthlessly

arranged she would have known the amount borrowed.

are in deficit or

or balanced with ever- Miss Fisk was small and elderly, even more about that room Regarding the changes of cir-increasing dimculty. The World can-

parrot, and a lot. She knew, for example, all ceipts from taxes, on which they cumstances which have increased not even begin to consider how to re- and incurrably inquisitive. Anti-she did. As it was, she knew quite

store the monetory mechanism, with- macassars would compensate

their exchequer burden of Britain's obligations, out which the modern world cannot church twice on Sunday, and solid about the eccentric furnishing of many times over for the loss of re the Note to Washington points effectively conduct its daily life, until mahogany furniture, that was Miss the two easels, the big divan, venue involved in a revision of war

causes undermining confidence Fisk. Two hobbies she had the host of pictures, the lack debts. It will not pront the creditor but that, firstly, the British debt the country to collect a few million pounds is expressed in terms of gold, have been removed."

the British One of most Important of these knitting and other people's busin-curtains, the uncannily human lay- or dollars if it thereby, perpetuates but the burden on world disorder.

people is measured in terms of is the system of inter-Govern--and by good fortune she was Agure in the corner. And she sterling. Consequently, the pay mental debts. These debts differ able to engage in both simultane- knew all about the quarrels that

her sharp needles surroundings.

Heavene; how they quarrelled, be repaid again and again by the ment on December 16 is increas- radically from commercial loans ously. Day after day she sat at from time to time exploded in these ed from £19,750,000 to approxim- raised by foreign Governments flashing at a bewildering speed, contribution it would make to the ately £30,000,000. Secondly, the for productive purposes.

her sharp eyes missing nothing those-Morrises. Artists, as Miss of United States and the United average wholesale price index in Productive loans are self-liquidat-that went forward in the road, And Fisk was well aware, are notorious | the United States during the ing but reparations and war she was perfectly content, for she for the instability of their tempers, Kingdom, the two greatest creditor period when debt was incurred debts represent expenditure on asked of Life nothing better than but the Morrises were more nations, if they would unite in co was 189, and is now under 94. destruction. Like the shells on a sufficiency of wool and a complete stable than most. They quarrell- The debt thus represents to-which they were largely spent, knowledge of her neighbours ed frequently at great length and operation to make the first and essential sten towarda averting dis sater, both financial, economic and than twice the amount borrowed. pieces and have produced no- and favourite breakfast-foods.

The American tariff has res thing to repay them. In the long

Number Thirty-four was. Miss Morris, causing Miss Fisk to gasp Tremendous Expense. tricted the impor of British run, international debts can only risk's chief delight. The other albud. Once Mr. Morris struck The note recalls the British war manufactured goods, which, bebe paid in the form of goods or houses in the road, though interest Mrs. Morris with his fiat, causing Creditors, insofar asing in their way, were normal, un- Miss Fisk to drop a stitch. Dread- to £2.400,000,000 of which only funded in 1923, amounted to they have adopted a commercial inspired houses, filled with uninful quarrels !

This year's figure policy precluding payment inspired, normal folk. But Number But The Quarrel was superior as about one third was faanced by £60,000,000.

have compelled their Thirty-four was otherwise, for an a spectacle even to these. It. oc! £16,000,000, The borrowing from the United States is

United goods,

curred one evening soon after Mr. Government, Approximately £600.- States imports into United King- debtors to pay in gold. British artist lived there.

Now all artists, as Miss Fisk Morris's return from the Spread 000,000 was obtained by the sale of dom show the remarkable fall of

very well knew, are shiftless, im- Eagle. It began with what Miss gold and securities. In addition from £211,000,000 in 1928 to the British Government raised com- £59,000,000 in the first nine gal, Yugo-Slavia, Roumania and provident, unreliable persons, ad-Fisk called "high words," and pro-

the American months of 1932.

Greece, and also the mercial jonne on

British dicted to cigarettes and carouses, ceeded with startling rapidity to sus- and not to be trusted on any actable thumpings and foot-stamp- States market before the United

The total trade between the Dominions, which had been entered the war to the amount of two countries since the funding pended since the Lausanne Confer- count; do not our novelists tell us ings and shoutings, which were

80%

unfortunately muffled by two win- £504,000,000. Of market berrow- agreement, has fallen from about ence. ings in the United States £275,000 £300,000,000

And the artist at Number Thirty-dows and the width of the road. four was in these respects mani- And then-so suddenly that Miss 000 had been repaid and in respect annually. of United States Government loans

festly the very pattern of what an Fisk jumped and dropped her ball artist should bo.

of wool-the long, strong, beauti- payments had been made' both be fore and after the funding agree

ful hands of Mr. Morris had Mrs. Morris by the threat and ment, amounting to £354,000,000 or £629,000,000 in all.

political.

Once

day, in terms of goods, not less these warloans were blown to loves, hates, incomes, bankruptcies, with intense absorption.

Mrs. Morris throw a plate at Mr.

expenditure, as stated, amounted fore the British war debt was

services.

Wireless Service.

to £100,000,000 | The dobtor countries would In turn have to demand pay Further Restriction.

ment by Germany, of her ob ligations under the Young Plan The United Kingdom has, up to the present, been America's best and the United Kingdom would Ilia name (trust Miss Fisk to

have to do likewise,

know his name) was Morris, and customer but if the war debt pay- ments had to ba resumed the heavy Without the readjustment of the he was a large, shapeless, middle- Meanwhile, advances made by adverse balance of visible trade war debt obligations, the Lau-aged man with a red beard, pince- not be nez, an unwashed look, flannel.col. Britain amounted to £1,600,000,000 amounting to £78,000,000 in 1931 sanne agreement could and had been increased sub would have to be reduced by adopt- ratified, the question of reparations lars, long, strong, beautiful hands, sequently by the addition of unpaid ing measures which would further would remain unsettled and im- and a wife. He wore carpet slip interest. Shortly after the war the restrict British

of provenient in the confidence which pers at high noon, and was an es- purchases British Government offered to join American goods. America could followed the Lausanne agreements teemed patron of the Spread Eagle in any equitable arrangement for expect, therefore, that if payments would be undone and fatal results at the corner. His wife was.com- ac-paratively youthful, and had once all-round reduction or cancellation were resumed to the United States might well be found to have of inter-allied debts. That pro-Treasury, a definite loss must fol-crued to the solution of many posal was not accepted and the low to United States' producer. grave political, as well as financial British Government was called

debt to the mont, the note says that if payment. The proposal for the suspension

Touching on the Lausanne settle- problems, now.under discussion, KWANGSI PLANS upon to fund their United States.

of war debts due to the United of the December payment, which British Generosity.

States Government were to be re- would in no way effect any ulti- They then announced they would sumed the British Government mate settlement, is necessary, to limit their demands on their own would be obliged, to reopen the create a condition favourable to a their successful issue of subsequent debtors to the amount they were question of payments, from required to pay to America. But own debtors-France, Italy, Portu- debt conversations,

in fact, their receipts have amount.

ed to less than half their pay- mente to their creditor. The re- lative position is that the United States made loans of £2,055,000,000 and the United Kingdom made .similar loans of £1,600,000,000. The United States have received £434,000,000 aud the United Kingdom nothing, having passed on all her receipts to the United -States, as well as £134,000,000 in addition.

When the interest is taken into account, somė £200,000,000

has been found by the British taxpayer.

to the

CHRISTMAS GIFT SHOP OPENS.

Sincere Company's Arcade Branch.

KOWLOON LADY'S BAG STOLEN.

Miss Gill Is Victim In City Street.

were

TO-MORROW'S STORY.

To-morrow's short story will be "The Music of Erich Zann," by H. P. Lovecraft.

shaking her this way and that, while Mrs. Morris battled to free herself and scrabbled vainly at the hands.

Miss Fisk gasped, and sat atar-

HUGE CIVILIANing as if hypnotised, utterly in- DEFENCE FORCE capable of speech or movement.

Government Aid For Schools And Farms.

ROAD BUILDING PUSHED

She saw the struggles of Mrs. Morris grow feebler and feebler and finally cease, till she hung limp as s'rag doll in her husband's. hands. She saw Mr. Morris desist from his shaking, stand motionless for a space, and then life, Mrs. En route to Nanking, where he Morris with ease from the ground will participate in the Conference and carry her from the room. of Home Affairs, Mr. Lu! Yan,

Minutes slid by while 'Miss Fisk Commissioner of Civil Affairs in eat and stared at that empty room Kwangal, arrived here yesterday, and wondered what she ought to do. During an interview, with the Should she summon the people? China Mail he said that the efforts While she was seeking a constable made by the Kwangsi Government the villain might escape. Should

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"Jaeger** Agents.

Corner of Ice House Street.

THE

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MECCANO

XMAS & NEW YEAR HAMPERS.

A Christmas gift shop is being Miss O. Gill, of 11 Humphreys to eradicata corrupt influences and she cross the road and tax the mon opened to-morrow in the Arcade of Avenue, Kowloon reported to the to drive out the bandits, had been ster with his crime? No: very de- the Gloucester Building by the Police at Central, that while walk- highly successful. Measures were cidedly not. Well, what then? ing in Wyndham Street near now being sought to improve the Thus she sat and communed Sincere Company, Ltd. A delight D'Aguilar Street at 6.85-p.m. last position of the farming population, feverishly with herself.

And presently, as she thought ful miscellaneous selection of gifts night, an unknown Chinese male and officers have been appointed to While the British share of the will be displayed. The site chosen came up from behind and snatch-investigate conditions. For the and stared again, there emerged promotion of agriculture, the Gov- from the alley that gave total indebtedness to the United is the one recently vacated by the ed her handbag.

We beg to notify Customers that Assorted Hampers suitable for States is only 40 per cent, of the Jade Tree and is an ideal one for a The bag contained articles and ernment is organising a bank,, to access to the rear of Num-

the Festive Season may be obtained from us at the following Reduced Rates: total of payments made United States, 80 per cent. has display of this nature, being easily money to the total value of $41. give loans to those wishing to set ber Thirty-four the large,

No. 1 HAMPER the relief of the agricultural Morris. He wore his hat, and he come from Britain. Coming as accessible from Des Voeux Road, or The thief made good his escape. themselves up as farmers and for shapeless, bearded figure of Mr. population. red dragged behind hiras Miss Fisk they did after losssa resulting from Feddar Street, as well as the Hong

BAIL HELD WHEN

The Importance of education is noted with a shock of horror-1 Qt. Moet & Chandon Dry Imperial Champagne, the war, these effects constitute, in Kong Hotel.

The display will be planneden

GIRLS VANISH. rapidly being realised in the pro- small wheel-barrow. This barrow the view of His Majesty's Govern-

vince, continued Mr. Liu, and the be halted before his front door: 1 Ft. G. F. Peppermint. ment, a strong claim to considera-lincs similar to those adopted by

Government have set aside $280,000 then he climbed the steps and 1 PL DOM tion-Reuter and British Wireless the gift shops of America and

Three Were Seized In Service,

Police Raid.

Personal Parg.

Dr. Lim Tung-hof, representative

not

should prove attractive to Chinese)

as well as foreign residents In the calony

"Chic Parisien" will be featured

the bails, explaining that during a

for this purpose, by vanished into the house. Two 1 Qt. Martell's XXX Brandy.

A citizens defence army had minutes later he came forth again, 2 Qts. King George IV Gold Label or Perfection Whisky, been formed which those between quite boldly, carrying in his arms the ages of 16 and 45 years were thing wrapped in a sheet. A

For she knew now

1Pt. D.O.M

$55.

1 Qt. Superb Tawny Port..

2 Qts. St. Julian Claret.

1 Qt. Old Brown Sherry, Black Beal.

1 Qt. Puritan Old Tom or Dry Gin.

11 Qt." Burgoyne's Burgundy.A

1 Phis! Pomeranzen Bitters.

No. 2 HAMPER

1 Qt. Burgoyne's Burgundy.

$45.

2 Qa. Tawny Dry Port

2. Qts. St. Julien Claret.

1 Q Puritan Old Tom or Dry Gin.

1 Qt. Vino de Pasto Sherry.§.

1 Phlat Pomeranzan Bitters.

No. 3 HAMPER

1.Qt. Burgoyne's Burgundy. 1Pt. G. F. Peppermint. TP. D.O.M.:

in the connecting shop and a Pending their discovery in the forced to join. The force was strange, but unmistakable and ter of the Ministry of Foreign Affairs Charming display of gowns shown. Colony, the $50 bail of three Chin-/divided into two sections, the rifying thing; a thing whose limp, 1 Qt. Guillemart Champagne

especially "designed by the popular went to Canton yesterday, but par- French modiste, Madame Flint, ese girls, formerly of Spring Gar-standing corps and the reserve pale hand hung visible below its den Lane, will remain in the hands corps. In the standing corps, it shroud. This thing Mr. Morris ticulars of his plans are

Ivory, antiques, ladies handbags of the Police.

was compulsory to undergo at laid gently upon his barrow, and available.

and accessories of all kinds, tollet Before Mr. Wynne-Jones in the least six-months' training every over It he drew a piece of sacking 1 Qt. Martell's. XXX Brandy..

2 Qia King George IV Gold Dr. B. W. Hart, Chief United requisites and jewellery will be dis-Central Folice Court this morning, year, and Its the Government's so that so man could have sald States Quarantine Officer of the played, whilst the mezzanine floor Sub-Inspector. A. V. Baker, made plan. to train at least 280,000 men what lay beneath. But Miss Fisk Label or Perfection Whisky, Philippines, and Supervisor of will be devoted to dollar gifts and application for the confiscation of in this manner every year, in ad- had seen, and as Mr. Morris began dition to recruiting 320,000 re-to push his barrow down the road United States possessions in the Chinese silke. Orient, arrived from Shanghal this A high class tailor will be in at raid on Monday night in Wanchal, serves. In six years it la expect she was out of her chair and flying

tendance to take fittings for dresses these three girls, one of whom was ed that the whole province will be for her hat. For she kne morning on the President Taft made from these sills. It may be known to the Police, were caught militarised. A sum of $360,000 what she must do Dr. Hart is en route to Manila."

anticipated that Sincere's Gift They were sent to the S.CA who has been got aside for training As she ran out into the road ahe Shop will arouse great public In

e saw Mr. Morris a hare score of Wing

gave them certain Instructions, purpose Mr. S. C. Lee, head of the

terest

Construction of roads, Mr. Lul yards ahead, proceeding leisurely, and they were naked to report to On Company's Baying Department,

No 2 Police Station. But they said, was being rapidly, pushed as if his barrow held no more arrived in Hong Kong on business,

failed to do DO."

6,000 11 haing alrendy, com- grisly a burden than the oranges to-day aborrd the Dollar liner Pre-

pleted, while another 1,000 which were Ita customary freight. sident Taft.

would be finished by the end of Very, cautiously Miga Fink, follow, ed him, geering eagerly about her Lady Feel has kindly consented President Taft from Shanghai thie The rainfall for the month of June 1988

a foll Mr. Lul, who left on the m-as she went, and soon, at the cor

nical to open formally the Indies, Section morning, Polke boarded, the vessel Wovember wie 04 Inches,

Kassla, to-day will make ner by the Spread Eagle, she found of The Sports Club King's Build-and took into custody a Chinese being registered at the

Thursday December 8 at man who is wanted in Canada for Gardens on two days only, Novem a tour of North China before res that which she sought

Falleged embezzlement

turning to Kwangal

(Continued on Page 19.)

"WANTED" IN CANADA"

On arrival of the Dollar liner

Lber 6 and 24%

2 Qts. Superior Rich Old Port.

$40.

1 Qt. Tower Brandy

1 Qt Amontillado Sherry. 29

1 Qt. Puritan Old Tom or Dry Gin. 2 Qts Medoc Claret.

2 Qua King George IV Gold Phial, Pomeranzen Bitters.

Label or Perfection Whisky.. Other Hampers made up to suit Customer's requirements,

GANDE PRICE

& CO.,

Tel 201355

LID, HONG KONG