1934-10-09 — Page 8

BURNETT'S

CELEBRATED

2 CHEERT BURNETTA

OLITON GIN

"London Dry" and

IDONĽDRY

“Old Tom" Gins.

AS WATSON & C»L=

ON SALE AT ALL THE LEADING COMPRADORES OR

FROM THE AGENTS

A. S. WATSON

& CO., LTD.

EST. 1841.

G. FALCONER & CO. (HONG KONG) LTD.

WATCHMAKERS, & JEWELLERS.

DIAMOND MERCHANTS.

Union Building (opposite G.P.0.). Agente for:-ADMIRALTY CHARTS, ROSS'S BINOCULARS and TELESCOPES,

KELVIN'S NAUTICAL INSTRUMENTS,

ENGLISH SILVERWARE, direct from Manufacturers, High Class English Jewellery.

PCHOLATUM

In the

POHOLATUM

since 1882

the unrivalled household remedy for all for use in

asthma.

Rheumatism,

sciatica.

lumbaga, insect bites, sores, head- aches, coughs, colds, chilblains. piles, sprains and dislocations.

POHO INHALER

PROTECTS YOU IN

COUGHS, COLDS & SORE THROATS, Obtainable from all dispensaries

and stores.

"DOUBLE TENTH” FESTIVAL HOLIDAY ANNOUNCEMENT

In celebration of the 23rd An- niversary of the Republic of China, all our stores will be closed on WEDNESDAY, OCTOBER 10th, for one day only.

THE SINCERE CO., LTD.

PENINSULA HOTEL

Roof

Garden TUESDAY

9th OCTOBER

with

EVERY

TUESDAY

MARYA & MARTA (TILL 1 A.M.)

SPECIAL DINNER DANCE

$5.00 per person

Reservations Phone 58081.

HONG KONG & SHANGHAI HOTELS, LTD

THE CHINA-MAIL, TUESDAY, OCTOBER 9, 1934

Whiteaways

"WHITEAWAY LAIDLAW & CO LTD.

SCARVES AND SLIPOVERS

FOR AUTUMN

MEN'S

SLIPOVERS.

White and Plain Colours. All pure wool. $6.50 to $8.50.

Reversible Fancy Checks

PULLOVERS

$7.50 to $11.50

With Roll Collars. Plain Colours.

$8.95 and $9.95

Men's

Smart Wool.

scarves in the latest

Check and Plaid designs. Made in a great variety of colourings.

Prices:

HERE, THERE

and

EVERYWHERE

ABOLITION OF SNEAKING

BUC-

That unpopular character, the Common Informer, is going to bej attacked by the particular sort of Parliamentary move which, on past showing, very rarely ceeds. When Parliament reassem¬ bles Sir Gerald Hurst, K.C, will bring in a one-clause Bill 'under the ten-minute rule to enact that

BRITAIN IS NOT

DEBTOR NATION

"INVISIBLE EXPORTS"

FACTOR

MIDI

WIDESPREAD İNVESTMENTS

(By Andrew Still)

London.

cent. since 1929, and this had

The short answer to this ques-affected the earnings of our Mer- no court shall entertain an action tion: Are We Debtor Nation? cantile Marine to an even greater in the name of a Common Inform-would be emphatically No.

extent. "

jer,

$1.95, $2.50 & $5.50.

MEN'S OUTFITTING DEPT. WHITEAWAY LAIDLAW & CO., LTD.

The China Mail

Hong Kong, Tuesday, Oct. 9, 1934.

Empire Trade

But the question no doubt has The chaos in exchanges since the

has

This, of course, will have no arisen in the public mind owing to greater part of the world went "off chance this session: Sir Gerald's the prominence given in the Press gold" has prevented the remittance object is to get other members to recently to the adverse exchange of interest and dividends (particu ballot for a place for it in the rates on London and the fall of the larly from South America), and subsequent one.

s in terms of gold to the lowest jour income from this source. Another line of attack, suggest-level on record. A golden sover-fallen from £250,000,000 to about ed is that the Common Informer eign is now worth approximately £350,000,000. should be referred to Lord Han-839. at home, but the pound sterl- So much for the position of our worth and the Law Revision Coming is worth only, about 129. in international "current account," mittee, who are dealing with ob certain world markets.

which, it may be hoped, is merely solete statutes.

Foreign exchangea are usually a temporary phase. That would seem a more hope-junfavourable at this season of the lies the enormous amount of Brit- Behind that ful methed than Sir Gerald's at-year owing to our heavy purchases lah capital invested abroad. tempt to get by Captain. Mar- of foodstuffs and raw materials, There is scarcely a corner of the gesson's bland smile of refusal particularly wheat and cotton. In world which has not been largely For his fellow members' jealousy the old days the exchanges could developed by British money and of all private Bills,

*

THE OLD SCHOOL

fluctuate only narrowly within well-enterprise. It is Impossible to es- defined limits, because at a certain timate how much of this is repre- point it was cheaper to ship gold sented by purely privately invest- than to buy, say, dollars..

ment, but it must be an immense

Public Issues

numerous

The suggestion that Thetford If the outflow became inconven- sum,... Grammar School might be the fient the Bank of England rained oldest in England has been turned

its discount rate to such a level as down, with kindly severity, by an might be necessary, and the cur- of their magnitude may be gather- As to public issues, some idea Fold boy of King's Cathedral

School, Canterbury..

rent was promptly reversed.

ed from the fact that in the Stock He states that it was settled by has ceased to function in this way and foreign loans and tallways Gold, however, to a great extent Exchange Official List, colonial an antiquarian in 1897 that King's" and the exchanges move in wide occupy no less than ten columns.

the establishment trade balances in the last few la coeval with

curves according to the size of the In addition, there are years to meet national commit-of the cathedral by St. Augustine

balance of payments between dif-financial, land, investment, tram- ments, and solvency, has aggravated this date at 600 A.D.

Another, less determined, says dared not risk previously.

lators can take liberties which they land mines operating abroad, seat- position. To make matters

tered throughout the worse, the

List and nationalist policy that St. Albans School is believed

Speculation Factor largely held by British investors. fostered by the desire of Euro-to date from the ninth century. pean countries to be indepen-He adds an interesting theory that There is no doubt that specula-Here is a small list of some of dent of sea-borne food supplies in St. Albans would have been made tion has been an important factor the principal. Items: Britain and the dominions are the event of war, has evoked an university by

I. if in recent exchange. vagaries, but it no longer as complementary, eco-lever-narrowing conception

of Francis Bacon, an old boy, had not is not surprising that there is an Indian railways When commercial reciprocity. Nations been impeached at a crucial mo-impression that we owe more than Colonial Governmenta nomically, as they were.

we have to receive-in other words, Colonial corporations the colonies were first discovered are universally striving to be as ment.

and self-sufficient as possible,

that we are a debtor nation.

Canadian railways Argentine Government or. annexed they served

as an beyond that to trade only with!

Temporarily, that is perhaps true Argentine railways outlet for surplus production, countries prepared to establish

preserve national That would put the foundation ferent centres, while mere spccu-way, electric power companies,

It is

reflection.

*

James

Hopeful sign of recovery:

* *

One

Indian Government

་

as regards "current account". By Japanese Government

far the largest item in internation Tea & rubber plantations al payments is represented by im ports and exports of goods.

About

£350,000,000

80,000,000

40,000,000

400,000,000

200,000,000

80,000,000

250,000,000

90,000,000

300,000,000

to certain

Your Daily Smile! provided food and raw materials mutual balances. For single na- Some women stop to look into for Britain's secondary indus-tions this may be practicable, shop windows to admire merchan.

£2,350,000,000 but it is extremely difficult for dise; others to admire their own tries, and coristituted a valuable Britain and the dominions to re

Some of these securities and * For the seven months to the end small proportion of British Govern- and increasing market for Bri- concile their mutual interests

of July Britain imported £163,680,-ment stocks are held abroad, but tish manufactures. Trade be- with the claims of foreign coun--

000 more than she exported, an in our only important foreign obliga- tween the colonies and foreign tries for greater reciprocity.

So far there has beers a ten-of London's exclusive business responding period of last year. For which, if enforced, le recoverable crease of £24,630,000 over the cortion is the war debt to America, countries was relatively insigni- dency in Eritain and the domin- men's clubs recently blackballed the whole of last year this so-call from Allled debtors. ficant, and Britain and the ions to try to enjoy the full an applicant.

ed adverse trade balance was

On capital account, however, we colonies were a highly co-ordinat-advantages of Imperial unity

£264,000,000, and in 1931 it was a are overwhelmingly a creditor Not Yel cd economic bloc. That still re- without any sacrifice of foreign

much as £408,000,000. trade in consequence.

nation, and although some of our These Teacher: "Now, if I say 'I have mains a popular ideal, but it is

look very formidable loans to Russia and other European no longer a reality. The domin- clearly an attempt to eat their went home' that is wrong. Why is amounts, and if they stood alone countries, as well as

cake and keep it, but the insist it wrong?" ions are no longer mere gran-

they would indicate that we are South American States, must be uries and farms for raw mater-jence of foreign countries for

Pupil: "Because you haven't went drawing dangerously on our capital written off as bad debts, there is a more favourable treatment jinls, no longer exclusively a

home yet."

resources. Fortunately, however, sufficient balance to save us from market for British exports. With brings daily nearer the parting

there are important offsets in the worrying unduly about the fature, inevitability of natural

of the ways. Sooner or later,

: Stretched: Britain and the dominions must

shape of what are known as “in- growth, the dominions are be

visible exports." These consist Father: "I'm inclined to sus mainly of interest on foreign in commit themselves to definite, coming increasingly self-suffi-

constructive policies. One of pect your fiance's bank”"account cient and independent Britain

vestments, and revenue from ship also is finding some difficulty in trade advantages to Imperial in Daughter: "Oh, no; Arthur Bay

these is to subordinate foreign greatly exaggerated.”

ping, Insurance, banking, and other reconciling her own commercial terests, to sacrifice if need be it's only just a tiny bit over

ervices. dominions, and that difficulty countries in order to maintain a

profitable markets in foreign drawn." may be expected to increase. maximum trade Between Britain This problem has arisen from no and the dominions. For this to sudden and surprising trick of be satisfactory, either the DOUBLE TENTH" pendent investigators who maintain fate, nor can it be attributed to, the successive crises of the last would have to be restored, or a old complementary relationship few years, though the reaction of redistribution of population be foreign countries first to the ex-rapidly accomplished. In the perience of the war, and secondly first instance,

the

interests with those of the

IN CANTON

The Board of Trade has for many years made a calculation of the total amount of these items, which|| is very valuable as a basis of com parison, although there are, Inde-

that the official estimates are too conservative.

However that may be, the re

the invisible exports werk estimat-

to the depression, has accelerated would have to revert to their

the dominions Prominent Local Chinese sults are interesting. Last year and accentuated inevitable de earlier functions of exclusive

To Attend velopments. The trend towards primary production, and Britain economic self-sufficiency in the abandon the present agricultural DR. KOTEWALL INDISPOSED dominions was only a matter of policy. Apart from the fact that

time.

Depression Effect

even if we have to go a few years longer without being able to collect Jour just dues.

Most certainly we are still a cre ditor nation.

GOLD FORTUNE IN ICE COLD LAKE

Operations Planned Nevada

Tonopah, Nev.

they will have to dredge the ore from the lce-cold waters from à depth of 20 feet. There are 165,000 tons of tailings in the

ed at £260,000,000, so that there - Unusual recovery of gold ore was an apparent adverse balance from mine tailings at the bottom of only £4,000,000, as against £59, of May Lundy Lake in Mono 000,000 In 1982 and 104,000,000 in County, Cal., is contemplated by anything so comprehensively, re There will be no official recep- 1881. Every previous year for which local men... As the primary production of actionary would find little suption at the Chinese Merchants records are available showed C. L. Copper and 0. H. Kirk- the dominions exceeded the de- port in any part of the Empire, it Club, China Building, in connec-substantial balanes in our favour. wood reported that to get to the mands of the British market, the would probably involve restrict- tion with the "Double Tenth with the exception of 1926, when tailings from which they ex surplus had to be disposed of to fed production by the dominions celebration to-morrow. foreign countries. To receive of their surviving primary in- At the invitation of Mr. Liu

there was a deficiency of £14,000, pected to extract $5 a ton in gold 1000. payment for this, the dominions dustry, and by Britain of manu Wen-kai, Mayor of the city of had to import an increasing factures. The alternative would Canton, Sir Shou-son Chow, Drs. amount from foreign countries, involve the development of as. W. T'so, and T. N. Chau, will In 1928 and 1929 net income from lake, it was estimated. and the exchange of goods with high degree of self-sufficiency by leave the Colony to-night by the abroad amounted to £475,000,000 The May Lundy mine from Britain became but a part of all the units of the Empire, and as. Tai Shan for Canton, where and £484,000,000 respectively, and which the tailings were extract dominion trade balances. Simi-exclusive Imperial preference in they will attend official functions the total surplus for these two ed, has not been worked since larly, Britain could produce respect of the relatively small during the holiday. Dr. R. H. years was £226,000,000. more manufactures than the amount of overseas trade then Kotewall, who was also invited It must be remembered, too, that precariously to the face of a pre- 1912 The mine building cling dominions could buy, and could necessary. Self-sufficiency by to join in the celebration, is un-a large proportion of the profts cipitous mountain. invest more capital than they Britain and the dominions would, Ikely to go, as he is at present made by British-owned commercial could use. This surplus also however, demand a decrease of went to foreign countries, from population in Britain, and an in-s which Britain had to import crease of population in the domip- enough goods to pay for exports, ions, to bring primary and secon and pay interest and repay bor dary production nearer equili rowed capital In consequence, brium in each of them. The Britam's trade with foreign problems Involved in the pur countries like the Argentine be

of such a policy are the Ered came at least as impor

able, and call for greater that with any one of

ion and co-ordination of

beens they are by irmountable.

lona, and divergence of followed as a matter of The necessity

Indisposed.

undertakings abroad remains in the country of origin and does not THREE EGGS IN 24 HOURS *DOUBLE TENTH MESSAGE figure in the returnd, but is added to the sum of foreign investments.

Ashtabula,

This evening, from 6 to 7 o'clock, The sharp decline in these invis A pet hen owned by A. L. 1

Wang Ching-wel, President of ible exports during the past three mer is undaunted by

FYuan, will deliver a years is mai due to world de- drought or summer slumps. connection with pressión ac ated by exchange laid three eggs in 24-hours.

on the

the D

celebration through dimcultie

Icasting station, estimated the

"National Bureau the volt

tional trade has drop

itions

Dr. LinWen-tos, Chin dor. Italy!

terna the Shanghai