1933-01-21 — Page 7

SATURDAY, JANUARY 21, 1933.-

Will No One Stand SPECIAL DAY AT

166

For Britain?

:

Banners Trailing In

The Mire'

CRITICISM

ގ

OF THE MINISTRY

(By Lord Beaverbrook).

They were wrong when American debt settlement made.

the

They were wrong about the re- Empire. turn to the gold standard.

.

D. B. S.

Good Progress Shown In Year's Work.

BISHOP HALL WELCOMED.

The rapid progress achieved by the School during the past year, as reflected in the high standard of

set. in. success examinations and

tion.

was

TV VNIHO MAI

To-Day's Short Story.

THE UNPRINCIPLED AFFAIR OF THE PRACTICAL JOKER L. Sayers.

T

By Dorothy

"Yes, madam", -

"Could I speak to him for a mo- ment?"

"His lordship has just retired, madam. If you will step in I'will Inquire."

Mra. Ruyalaender followed him

rooms which the Magnifical pro- vides for the wealthy pilgrim.

HE ZAMBESI, they said, was waiting, with a sort of desperate re- expected to dock at six in the lief one experiences after hearing morning; Mrs. Ruyslaendera dangerous letter thump the bot- the University booked a bedroom at the Magni-tom of the pillar-box. Whatever in the marked fical with despair in her heart, the adventure, she was committed caprit de corps prevailing, was a bare nine hours and she would to it... feature brought out in the formal be greeting her husband. After The man-servant was of the im- proceedings at the Diocesan Boys' that would begin the sickening perturbable sort. He neither In- School yesterday, which took on the period of waiting it might be vited nor rejected, but stood res double character. of Speech Day and "The Bannera of Britain are not be any improvement until we welcome reception for the Rt. Rev. days, it might be weeks, possibly pectfully upon the threshold.

"Lord Peter Wimsey?" murmured for, the inevit trailing in the mire.

produce at home articles above all Ronald Hall, Bishop of Victoria, and even months-

Mrs. Ruyslaender. able discovery. foodstuffs-which how we

buy parents and friends of the institu- The reception-clerk twirled the "The group of men in this coun-from abroad.

register towards her. Mechanical- try who have been directing our The real problem before us is The ability of the new Head-ly, as she signed it, she glanced at fnancial policy in the past have not that of finding money to pay master, Mr. C. B. R. Sargent, in the preceding entry:

the debt, It is that of finding having within the comparatively been wrong, wrong, wrong!" "writes

"Lord Peter Wimsey and valet money to provide foodstuffs. It short time that he had taken charge London-Suite 24."-" Lord Beaverbrook in the Sunday may be a very grave problem yet. brought about a marked change for Mrs. Ruyalaender's heart seemed Expreas of December 11.

We are not far from the day the better in the life and work of to stop for a second. Was it pos- into one of those palatial sitting- when inability to pay-sheer lack the School of cash--will compel us to produce eulogistic reference

the subject of sible that, even now, God had left a in both the loophole? She expected little from was our own food at home and to find Report of the Inspector of Schools Him-all her life Ho had shown

"Will you take a seat, madam ?” · our raw materials within the (Mr. A. O. Brawn) and in the Himself a sufficiently stern credi

The man stepped noiselessly to different addresses yesterday by dis-tor. It was fantastic to base the the bedroom door and passed in, For three years I have been adtinguished speakers.

frailest hope on this signature of a shutting it behind him. The lock, |vocating the pressing necessity for They are wrong again now ship-pursuing this policy.

man she had never even seen.

however, failed to catch, and Mrs. For ten Sir Henry Pollock, K.C., presided, Yet the name remained in her Ruyalaender caught the conversa- ping our gold to the Americans in years I have been condemning the members of the School Committee mind while she dined in her own

tion. payment of the debt mstalment American debt settlement and the present being Bishop Hall (Chair room. She dismissed her maid

"Pardon me, my lord, a lady has which is due on Thursday.

gold standard. And all this time man), Hon. Sir William Shenton, presently, and sat for a long time called. She mentioned no appoint- I have been ridiculed and abused Hon. Mr. R. H. Katewall, C.M.G., looking at her own haggard reflec But the highest pitch of folly is by these public men. Give me a Professor L. Forster, Very Rev.tion in the mirror. Twice she rose this decision by the Ministers not to hearing now.

Dean Swann, Rev. W. Waltan and went to the door-then turned nak payment from France and Italy

The American debt instalment la Rogers, Rev. N. V. Halward, Major back, calling herself a gooi. The of their debts to us..

a secondary issue compared with H. B. L. Dowbiggin, Mr. E. H. third time she turned the handle the grave riddle of broad, Squandermania.

Williams, Mr Chau Yue-teng, Mr. quickly and hurried down the cor The United States must come to J. M. Wong, Mr. P. S. Cassidy ridor, without giving herself time to Will no one stand for Britain? recognise the position. She is de- (Hon. Secretary) and the Head-think.

ment, so I considered it better to Must we us a nation go on squan-pendent upon us. However reluc- master.

A large golden arrow at the cor-acquaint your lordship." dering our

tant her people and their legisla- i assets because these

ner directed her to Suite 24. It tors may be to do so, the pressure Winners of Scholarships for 1932. was 11 o'clock, and nobody was voice. It had a slow, sarcastic in-

"Excellent discretion," said Ministers have no courage?

It is a preposterous and intoler-of inexorable economic facts will The Ho Kom Tong Scholarship, within view. Mrs. Ruyslaender tonation which brought a painful able situation.

force a change of attitude.

awarded on the results of the gave a sharp knock on Lord Peter flush to Mrs. Rdyslaender's cheek. What is the toll of folly of these

There aro

most compelling Matriculation examination:- Wimsey's door, and stood back, "I never make appointments. Do I successive Baldwin and MacDonald reasons, which can be quickly dis-

know the lady?" closed. The United States must Ministries? We never. can be

"No, sell to us certain raw materials quite certain which of these men wields the power. In any case, it is a matter of indifference. The deeds are the same, no matter whose the hands that do them. Thoir cost to us as a nation is past calculating.

But their last outrage is their greatest. They have deliberately

ན་

M. Drysdale.

which cannot be utilised by them. on the results of the Junior Local The Piercy Scholarships, awarded

Some of her essential raw examinations:- materials have outlet for 44

no great proportion of their surplus production but this country.

Poon Yuk-pui.

Lui Kwal-to. Tseung Ying-kay.

According to figures given in an

The Chan Kai-ming and Arthur American book, "War Debts and World Prosperity," by Harold G. Scholarshipa, awarded on the school Moulton and Leo Posvolsky, their examinations to the three best boys excused France from paying us cotton export market represents 54 in Class 3:- the debt instalment she owes us, although France has gold reserves per cent. of production, tobacco 41 amounting to about £938 millions per cent., cupper 36 per cent, and

kerosene 34 per cont. sterling at three dollars to the pound.

And this at a time when, accord-|

Peril To U.S. These producers of raw

ing to their own, Note, our gold materials, and many others in the United States, would be completely reserve is "widely regarded as no discrganised if they lost their mar- more than sufficient for the responket in this country.

They would 'sibilities of Londen as a financial

be brought to ruin. That is ап centre":

David Mok.

Leung Kew-wal. Leung Che-cheong.

The Woo Hay-tong Scholarships, awarded on the results of Chinese!

BANKING

REFORM

MONDAY'S STORY,

Monday's story will be "According to Plan," by Brandon Fleming.

1

4

my lord. But-hem-I know her by sight, my.lord. It la Mrs. Ruyslaender."

"Oh, the diamond. merchant's

FOR U.S. wife. Well, find out tactfully what

Financier Condemns Present System.

"AMERICA : WILL KEEP ON

·GOLD STANDARD,”

(Reuter's Special Mail Service).

New York.

jit's all about, and, unless it's urgent,

ask her to call to-morrow."

The valat's next remark was in- audible, but the reply was: "Don't be coarse, Bunter." The valet returned,

"His lordship desires me to ask you, madam, in what way he can be of service to you?"

"Will you say to him that I have! heard of him in. connection with the Attenbury diamond case, and)

work to the three best boys in each The extension of the control of am anxious to ask his advice."

of Classen 6, 7 and 8:-

Moo

"Certainly, madain. May I aug-

the Federal Reserve System over all Class-Wong Yew-aun,

the commercial banks of the coun-gest that, as his lordship is greatly Ping-koon, and E. Fisher.

iry, large and small, and the enact fatigued, he would be better able to They are not morally right. and argument which the Americans Chun-tat and Chan Kwong-fai.

Class 7-Li Bing-cheung, Leo ment of "sensible" branch banking assist you after he has slept?" they know it, though some of them must listen to now or inter.

kwong and Wong Buck-choy.

Class 8-W. Mok, Leung Yuen-provisions are the two most vital changes necessary for banking re- form and for the stabilisation of the banking system in the U.S.A., ne cording to Thomas W. Lamont of J. P. Morgan & Co.

As for us, we must do everything we can to sustain Mr. Neville the payment of this debt. Chamberlain, if he is really against

would like to give the impressive that they are. Morally their posi-| tion is in no way superoir to mine They say, "We'll pay this time,

I am told he is," But I know but not again.” In other words, they give six months' notice of nothing about it. My information their intention to take the course may not be correct.

I advocate.

If it is true, I suppose he is not unwilling to say so.

Bonar Law

did not hesitate to say he was

I say, "We cannot pay, and we should, not pay this time."

Will the public do something to against the American debt settle- show that at last the counsels of ment, although he was forced by

ST. PATRICK'S SOCIETY.

Third Annual Meeting Yesterday,

"If to-morrow. Would have done, I would not have thought of dis-i turbing him to-night. Tell him I Em aware of the trouble I am giving

"Excuse me one moment, madam." This time the door shut properly. Mr. Lamont told the academy of Political Selence that 60 per cent, of After a short interval Bunter re- the banks in the United States with turned to say, "His lordship will be with you immediately, madam," and aggregate resources of over 12,000 to place a decanter of wine and a 000,000 were outside of the Federal box of cigarettes beside her. Reserve System. He declared that there are still too many banks in but had barely sampled its flavour Mrs. Ruyalaender lit a cigarette, Mr. Baldwin to concur in the pay! Col. C. D. Myles presided at the spite of numerous failures in recent when she was aware of a soft step third Annual Meeting of St. years and that thousands of banks beside her. Looking round, she per- Above all things, we must turn Patrick's Society of Hong Kong lack proper safeguards. should pay are living in a world our backs on those men who are which took place yesterday at the

ceived a young man attired in a He recommended larger banking mauve dressing-gown of great Among those units with branch banking facilities splendour, from beneath the hem of make-belief. The problem of responsible for the mad, bad policy Hong Kong Hotel.

present were Sir Joseph Kemp, and the merger of small of which peeped coyly a pair of

primrose silk pyjamas.

A [O'Connor, Capt. P. T. Mahoney, Mr: Lamont asserted that “we "You must think it very strange Mr E. H. Williams, Mr. R. H. D. have never been near to the point of of me, thrusting myself on you at Wade, Mr. F. P. R. James, Mr. J. Abandoning the gold standard." this hour," she said, with a nervous Horsford and Mr. B. H. C. Hal The Federal Reserve System, he laugh

the men who cry "Pay" are no longer tolerable?

The Ministers who think we

world debts cannot be solved on

any basis of payment.

It is easy to demonstrate: The world owes the United States 15.5 billion dollars for in-

vestments and 11.5 billions for

war debtaa total of 27 billion dollars, or 9,000 million pounds

ment.

of the past.

That is our task!

BRAZIL PROHIBITS COFFEE PLANTING.

3-Year Ban To Prevent

Over-Production.

(Reuters Special Mail Service).

Rio De Janeiro,

Prof. F. A. Redmond," Mr. M. G. capitalised Institutions,

lowes.

said, was largely responsible for the Lord Peter put his head on one. maintenance of the gold standard side.

The Annual Report and State- ment of Accounts were adopted. on a sound basis in this country. "Don't know the answer to that, sterling. If interest were calcul- ated on that sum at, say; 5 par

The election of officers then fol Mr. Lamont pointed out that 90 he said. "If I say 'Not at all, it cent, you would get a figure, an

lowed and resulted in the appoint per cent. of the bank failures be sounds abandoned. If I say Yes nually payable, of 1,850 million

ment of the following members to tween 1921 and 1980 had been in very, it's rude Supposin' we give it dollars, or £450,000,000, at, three

the Committee Professor FA. rural communities and that most of a miss, what and you tell me what dollars to the pound.

Redmond, Mr. B. H. C. Hallowes, the banks were not subject to the I can do for you?") £450,000,000 a year All the With 18,000,000 sacks of coffes on Mr. J. Horsford, Mr. F. P. R. control of the Federal Reserve sys- Mrs. Ruyslaender hesitated. Lord gold in Europe, including France hand and the present crop exceed- James, Mr. T. Murphy, Dr. G. Wtem. Fallure of surburban banks Peter was not what she had ex- and Switzerland, would only sufing anticipated exports, President Pope, Mr. R. H. D. Wade and Com- near Chicago this year could have pected. She noted the sleek, straw fice to make that payment of in- Getulio Vargas has issued a decree mander MacCarten. In addition been avoided, he said, if branch coloured hair, brushed flatback terest for about four years, prohibiting the planting of coffee to the above the following will serve banking were permitted under the from a rather sloping forehead, the

As for the British position, the throughout Brazil for the next thres on the committer, having been elect- illinois laws;

ugly, lean, arched nose and the facts are plein. All in high plater years,

ed last yearSir Joseph Kemp, He attributed hoarding on a large faintly foolish smile and her heart In this country know that we had Not only planting is prohibited, Colonel C. D. Myles, Capt. P. 1. scale last year to the weakness of sank within her, s a trade deficit of £100,000,000 last but replanting on abandoned farms Mahoney, Mr. G. P. Murphy; Mr. the country banks. He said that «I—I'm afraid It's ridiculous of year, and that we enall have a as well. The decree was issued in M. G. O'Connor and Mr. E. H. laxity in granting bank charters me to suppose you can help me,” trade deficit of the same dimen- the hope that it will put a stop to Williams. ⠀⠀⠀⠀ --sions this year. There has been no over-production and prevent an in- 'improvement, ao far as that is concrease in the already heavy, agrplus,

cerned. 9

• It supplements previous restrictions

HONESTY "REWARDED"

and in supervision was due to the she began. confusion From forty-nine bets of Always my unfortunate appear banking laws, State and Federal. ance, moaned Lord Peter, with Concluding with his remarks on such alarming acumen as to double the gold standard, Mr. Lamont said, her discon "Would it invite (Reater's Special Mail Service.)|"Nothing can or will drive us from confidence more,

gup Chicago. the standard. A Democratic ad dyed my hair black an Honesty may be the best policy ministration just like the steadfast News but Emery Tower doubts it A Republican, one before It, will can you d gentleman gave him a reward for. his honesty in handing over 20 (one which he had found inter

loh

* It is true that there has been ʼn Over a period of several months, marked decline in the visible trade 10,400,000 sacks of coffee have been, deficit. But there has been a cor- destroy, responding decline in the revenue

we draw from what is

Invisible exports"-the insura

Ing/services we sell to

foreigners, the income we der

from foreign Investments.

Problem,

News In Brief

Two

CABEB

ther and two ca

There has been no improvement | were, notified to the in the trade balance. There can- thorities on cukuru

The reward was a cheque for Americ gitia 31 good in every respect except Au that the bank it was drawn on bas

been closed fortolz montha.

f the

mplete in-11 ane

ingaz It's very

vahways to look as

útd possi

your name in the hote

it seemed, Just, z chance.

Continued on Page 12,

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