1933-04-12 — Page 6

WATSON'S

For the BEST "SHANDY"

mix Whitbreads Ale with

Ginger Beer.

COOLING and

Refreshing yet (Gently stimulating

There is nothing

like it!

Whitbreads.

GRAY'S YELLOW LANTERN SHOPS

For Finest Lingerie - Linens - Peking Carpets, & Costume Jewellery.

Hong Kong:

Alex Bldg.

Tel. 24566.

Hong Kong Hotel, Tel. 27424.

Curios: Gloucester Arcade.

Kowloon :-

Arcade, Peninsula Hotel.

EXCELSIOR RESTAURANT

22, Des Voeux Road Central (Opp. Government Radio Office). Excellent English Food and Special

RUSSIAN and INDIAN dishes. Tiffins $1.25.

Dinners Afternoon Tea and Delicious Icecreams, Renowned Russian Chef - European Manager.

BRITISH PRODUCTS

with A BRITISH REPUTATION.

SMEDLEY'S

CANNED FRUITS AND VEGETABLES.

STRAWBERRIES, RASPBERRIES, GREENGAGES, RED CURRANTS. RED CHERRIES, LOGANBERRIES, BLACK BERRIES, GOOSEBERRIES, VICTORIA PLUMS. RED PLUMS, GOLDEN PLUMS: ETC. ETC. PEAS, BEETROOT, MACEDOINES, ETC. ETC.

Obtainable from all leading compradores

and departmental stores.

-

W. R. LOXLEY & CO,

SOLE AGENT3:

IN THE LONG RUN

Gas for cooking shows the

greatest all-round economy.

ECONOMY

in time, in labour and cost.

HIGHLY EFFICIENT

all-enamel Gas Cookers may be purchased for cash or on casy terms (one or two years) or a hired Cooker can be had for a monthly rental

of $1.10.

HONG KONG & CHINA GAS CO. LTD.

Central Showroom ;--Gloucester Building Kowloon Showroom :

West Point: Telephone 28181,

Nathan Road

THE CH

WHITEAWAYS

SPECIAL FOR EASTER

SOAP

EASTER EGGS

Fine quality Toilet Soap done up in the Shape of an Egg. Each one nicely, packed in Céllaphane Paper. A distinct Novelty that makes a useful and acceptable Easter Gift.

SPECIAL

PRICE

FOR

EASTER

$t.

1.00

for 4

TOILET DEPARTMENT.

WHITEAWAY, LAIDLAW & CO., LTD.

The China Mail

Hong Kong, Wednesday, April 12, 1933.

American Banks.

HERE, THERE

th, and

EVERYWHERE

The Road to Promotion

Sir Patrick Duff, who succeeds Sir Lionel Earle as Permanent Secretary of the Office of Works, is

WEDNESDAY, APRIL 12, 1933.

ROOSEVELT REVIEWS

DEBT PROBLEM

NOT SUITABLE TIME FOR LENIENCY

a Balliol man and a former official BRITAIN'S REASONS FOR REMISSION

of the Board of Trade." He has been at 10, "Downing-street for nearly a decade as Principal Pri vate Secretary to the Prime Minis- ter.

For the men who make a success

(By Viscount Snowden.)

With the forthcoming visits of than the debts themselves can be Great Britain, France, Italy, Ger secured to the tax-payers of The duties of a Principal Private Secretary are onerous. He many and Japan, to Washington, the America, discussions" on the ques-

war debt problem again becomes the tion need not be continued." has, it is true, a string of assist-question of the day. Many await

No Argument ants, each a specialist in his own with interest for the proposala which, That is a plain. statement of the subject, but the hours are long and will be put forward by President position the British delegates to the responsibility is considerable. Franklin D. Roosevelt after Easter. Washington have to meet. It is no This seems hardly a suitable time use going there and arguing that the of this task the rewards, however, for a debtor of such a country to ap-mere remission of the debt will be an are great. Sir Robert Vansittarti was promoted from Downing Street Proach America for leniency, espe- advantage to America. Only a neg- cially when the debtor country ap Higible opinion there would accept to be. Permanent Under-Secretary for Foreign Affairs over the heads pears to be in a better financial posi-that view.

Neither the United States Govern. of half a dozen of his Bentors. tion.KTE

According to present arrangement nor Congress would consider Now, at the age of forty-three, Sir| Patrick has been given one of the ments the conversations between debt revision except on the basis of

Great Britain, and Americn on the Senator Borah's statement. plums of the Civil Service.

debts question are to begin at ence." They cannot tell the millions of Cabinet Survey bankrupt farmers who owe £2,500,- -The ground has been prepared by 000,000 on mortgages that increas informal talks. The British Cabl-ing the American Budget deficit by THE DIFFERENCE.

net has surveyed the position, and it £50,000,000 will stop the foreclosures YOUNG WIFE (at dance): You may be assumed that it has prepar- on their mortgages, and enable them are Improving wonderfully as a ed its proposals.

to sell their produce at a remunera- dancer. Don't you remember how you used to lear my dresses.

YOUNG. HUSBAND: wasn't buying them then.

Your Daily Smile.

*

*

Yes,

AND SECONDST Mrs. Henpeck was going away for the first time in her married flife.

·

The situation has changed mater-tive price in competition with the 'fally since the exchange of Notes producers of countries with depre- I between the two Governments last clated currencies.

MRS. HENPECK: Do you know

goes to plied, while relieving the symp-what time my train toms for the time being, have morrow?

HUSBAND: Yes, dear, from! weakened the patient and in- Creased the danger of the disease now it is 19 hours and 37 minutes. from which he is suffering. That there are grave weaknesses in

QUE A PROBLEM

*

*

+

JUST NATURAL,

الا

"But you quarrelled yesterday." "So did we on our wedding day.":

the American banking system! "Do you ánk it's possible to love has long been recognized in the two women at the same time." "Not if they know about it.” United States. But these weak- The weakness of the banking!

nesses cannot be held entirely system in the United States was responsible for the bankingį apparent before the crisis occur-crisis, although they have cer- "I have been married five years' red last month. The need for

tainly intensified it. Something and my husband and I like each drastic reform has now been made more obvious, and the of the-kind was bound to follow other as well as on our wedding emergency methods applied at the unparalleled and unjustified day."

boom which finally broke in the the outset of the crisis will be

autumn of 1929. When the un-! followed by wider and more per easy situation in Europe led to a manent legislation. The "free restriction and ultimately to a ling of deposits" was only a tem-cessation of foreign lending by porary measure, as restrictions the United States, the immense on withdrawals, while necessary stock of gold and gold credits| to save threatened institutions found an outlet in speculation on Americans have established a from immediate collapse, can the Stock Exchange and in real bottle factory in Venezuela and clearly do nothing to restore estate. Prices of shares and of are planning to manufacture win- public confidence in the banking and were pushed up to heights dow glass and other glassware. Įsystem.

It is equally clear that out of all relation to any return they can do nothing to revive which could be expected from!

Facts You Did Not Know.

December. The case for revision as The discussions at Washington then put forward by the British will centre round the compensation Government now requires a different which Great Britain is prepared to

offer for the remission of the debt. 'emphagia.

weight The natue of that compensation No appeal will carry any with Americans which does not con-has, been made clear. "The markets vince them that it will be to their of the world must be opened more advantage to make a revision of the freely for the American farm and factory." There is an irony in such debt agreement.

And they will not be so convinced a demand coming from a country unless they get some obvious com- whose high tariffs prohibits even pensation for the sacrifice of £50,- the admission of goods in payment 000,000 a year due to them from their of debts.

But there it is. Both the ex-Pre- European debtors.

The care put forward in the Bri-'sident and the new President, Con- tish Notes urged three main reasons, gress, and the 'American citizen are for the cancellation of the debt. agreed upon this.

This claim that American goods under, must have freer entry into the mar- kets of the world does not necessar-

1. The nature of the debt, and

the circumstances which it was incurred.

2 The Impossibility of continu-lly mean the lowering of foreign ing to make the payments tariffs, though there has been const- without a serious dislocation, derable" annoyance in the United of the International ex-States at the disadvantage at which American products are placed by

changes.

3 The effect of the debt pay the preferential rates given to Cana- ments on world trade, and as dian and Dominion imperts into a contributory cause of world Great Britain under the Ottawa depression, from which Agreements.

America is suffering more This matter will probably be raised as one of the items in the ca- than any other country... The first of these arguments makes talogue of compensations..

appeal to the American A more important item, than the In tariffs in the programme' of com- it people. They answer

no

Mr. Coolidge's laconic reply: "Didn't pensations for a revision of the debt Formed to fit a standard kitchen they loan the, money? Why then will be the currency and exchange trade. The curtailment in many them. They were bought, not sink, a new dishpan can be used shouldn't they pay it back?"

questions, States of ordinary banking faci-to hold, but to effect a profit by for roasting mests or to bake four lities, and the threatened curtail- ment. in others, had the inevit, ja quick resale at a still higher loaves of bread at once.

price, and the whole structure

able effect of reducing the volume collapsed when prices could be

If America were in a prosperous This problem is arousing tremen- condition a moral appeal might get dous interest in the United States, some response, but not when she has and their difficulties are being altri- buted in a large measure to the ef- the fect of the depreciated currencies of

(Continued on Page 11.).

without disturbance of the ex, changes, has unfortunately been blown sky-high by the experience of 31 FATAL CASES OF

the results of the December pay- ment.

SMALL-POX.

36 Cases During Last Week.

of business, which in its turn pushed up no higher. American Periscopes have been specially & Budget deficit of £250,000,000.

The second reason, namely, only made worse the position of banks lent money freely, and in designed to give drivers of high the banks. There was a ten-

some cases themselves embarked motor trucks views of the roads impossibility of making the transfer so many countries.

behind em. dency in many quarters to find upon highly speculative opera- the immediate cause of this new tions. Every one was encourag- crisis in the publicity given to ed to speculate on "margin." the proceedings of the Recon-As was inevitable in the panic nation, hindered payment in struction. Finance Corporation, conditions which ensued, the

e goods; the shipping policy| The payment in gold removed the which was founded

fourteen prices fell as far below the mor- largely blocked payment in necessity of buying dollars, and this months ago to protect the banks, mal level as they had been push-services; and the purchasing avoided a depreciation of the ', ex- insurance companies, railways, rd above it. The rest wealth of countries had been denuded of change. In anticipation of payment and other corporations in diff-the holders, of course, was not their stocks of gold, of which an in dollar the exchange in November 36 cases of small-pox occurred in culties by the use of Government affected They were still in excessive proportion had been, fell as low as 3.14.

the Colony, during, the week ended credit. The amount of the ad-possession of the same shares in drawn into the vaults of the Since then it has continued to ap- on April 8. Eighteen occurred in vances that this Corporation has the same businesses and of the New York banks, So far as felt called upon to make has same plots of land. But, reckon foreign customers were able to preciate. The gold earmarked for Victoria, seventeen in Kowloon, exceeded all expectation. An ed in money, men who had felt continue buying from America the December payment has been more and one in Shaukiwan. The total than recovered in two months, and number of deaths from this disease official summary of its operations themselves rich suddenly found it was by the loans which they

the obvious interpretation placed was 31. issued Inst month showed that themselves poor All classes were able to float in the United

upon this by America is that the Three cases of enteric faver, oc- up to the end of January it had throughout the country had join: States. When these loans ceas authorized loans totalling over ed in the boom, and all were suf-ed, and the credits on which method of payment adopted in Decurred resulting in two deaths, cember can be repeated next June, and six cases of cerebrospinal $2,000,000,000. Naturally, as ferers when it collapsed. They they were based were used to The true explanation, of course, fever resulting in three deaths. Mr. Hoover predicted when the naturally and of necessity began finance the orgy of epeculation that Americans have been In- The total number of deaths practice of publishing details to curtail their expenditure, and on the Stock Exchange, the ex-vesting money in London because from tuberculosis during the week was introduced last summer, there followed a restriction * of port trade both in manufactured g the bank panie in America, was 69. every institution known to have trade activities, which have now goods and in agricultural pro- But be the fact what it may, cir- On Monday four cases of small- received an advance at once came almost reached stagnation point, duce was immediately affected; cumstances have so turned out that pox occurred in Hong Kong and under suspicion. There are some creating unemployment on a and that in turn created grave cannot tall America now that four in Kowloon, making a total of who maintain that the whole catastrophic scale. In these con- difficulties f many Industries payment by us is impossible without eight cases of notifiable diseases in policy of using Government ditions what would normally be and intensined the impoverish-exchange disaster, We shall have the Colony. credit to prop up private com-sound assets have become un-ment of the farming popu- to let that yarn, go in the coming OT panies, however important, which realizable or realizable only at lation, one whose prosper discussions, an were too weak to survive the an immense sacrifice. Even in ity depends ultimately that There remains the third argument crisin by their own unaided favourable circumstances the of the whole country and is the British case, namely, the ef- trength, was in the long view a collapse of a boom like that who were already suffering fect on world trade of these inter- profound mistake, and that, which came to an end in 1929 great hardships from the fall in governmental debis, Here we are on painful as the dislocation would would have put a severe strain the prices of their staple pro sound ground. have been, the economic system on any banking system, especial-ducts. The collapse on the Stock The British Government will have A new récord for, the transit would ultimately have been ly on one of the American type. Exchange came when the econo- to confine its efforts at Washing time of air mail between London: strengthened if they had been It came moreover, at a time mic system was least able to ton to convincing the Americans and Hong Kong, was catablished;" allowed to go into liquidation, when the whole economic posi-withstand Its effects. The re-that the debts are strangling That herole policy or, as some tion was gravely strained. Both covery so confidently predicted ca'a trade, and that revived prospe would prefer to call it, that the agricultural the mant-in the early days still seems as ty will come to Her by their remis policy of despair -- was not fact adopted, and

it

Also now Utilb

clearly impracticable to go

{to} {te Palliati

found to tide the

the crisis

been found for

causes

The tro

oft as ever, and the banking elon.' dess, which necessarily re-

will be indult: state of bitsiness

miny make up our minds " In" serious difficulties, pemission

ain whi will be cons

somethi

have been BAT

LONDON MAIL HERE

IN 13 DAYS.

Air Mail Record,

yesterday, when the M-Liner Chenonceaux brought in a batch of letters despatched from Londen on March 29 at 7.15. a.m. and regaived We here yesterday at 10.30 am, make that no ing a total of 15 days, 8 hours.

gures supplied by the Postal Bayesterday w that the inauguration.

Tes on August 2, 1932

wards has doubled, .