1937-05-14 — Page 11

THE CHINA MAIL, MAY 14, 1937.

Why

Not

It is suggested that a com- mon monetary standard within the Empire may be one of the subjects discussed at the Im- perial Conference which opens in London to-day.

You

Commonwealth Pound?

J

¡most

or by

conceal

To-day the position has changed, the boundary line of sweet reason- first used by the more honest-na- the pound has fought its way to ableness in the eyes of the orthodox tions to fight each other, as an ad- level in Canada and South Africa; financial expert.

ditional tariff weapon. But as time it still maintains itself at a pre- The late Sir Basil Blackett, a direc- went, statesmen in other countries mium in Australia and New Zea- tor of the Bank of England, and also saw their use in deluding the land of roughly 25 per cent.

one of our foremost financial ex- masses. Just as dishonest mon- It is rather an amusing commen- perts, stated that an "Imperial Cur- archs in days gone by manipulated OU would be annoyed if the tary on those paper money enthu- rency Standard aiming at stability currencies to get rich at the ex- pound note handed to you by siasts who see no importance in gold of internal prices throughout pense of their poorest subjects, so a bank cashier in London was re- to recall that in the days gone by the Empire might perhaps be at the more disreputable political lea- fused by a shopkeeper in Manches- Australian sovereigns circulated tainable without encountering the ders in Europe sought to pass the ter on the plea that only Manches- freely in Britain at their par value, political storms and stress, which burden of taxation on to the ter pound notes could be recognised and to observe that the main bar had. for the time being smashed helpless workers, by inflation in Manchester. Custom and com- to an Empire pound is now in the the international gold standard. It manipulating currencies monsense have long since settled the

pernicious budget operations. matter. Yet custom and common- sense are a long time in

It is good to think that in Britain at least we have been spared this infamous course of action. It is. the was possible to conceive of an Im- out the Commonwealth, while many also good to observe that through- comprise the British Commonwealth. Home and the Australian pounds. perial currency authority far more countries indulged

It is not without some interest For years the idea of an Imperial easily than a world currency

in orgies of to find that. where

ramps, the laws which failed to discover a way out of the out the whole Commonwealth link- the Imperial Currency

currency have Standard Commonwealth variable monetary ing the British Common-wealth of would soon attract into its orbit a periment in Canada is perhaps more been impinged upon. The little ex- systems, commerce hammered out Nations into one vast

financial number of countries outside the Bri- of local interest than is generally its own solution or at least has done structure has been the dream of a tish Empire.”

optimistic so in part and will finish its work few

prophets,

thought. As a whose

Those who know of Sir Basil's its value; as an experiment it was news item it had at some not distant date.

schemes have received scant atten- remarkable career

а fin- About six years ago the London tion. However, now that the paper ancial authority

impportant that it should be tried. at the Trea-

settling

the matter of a pound note which will be accepted anywhere within

By Roy Hopkins

the boundaries of the nations which difference in value

between

au-

currency.

statesmanship pound with an equal value through- thority. Successfully established, govern sound

DECK LANDING

as

much water has flowed under the each grappled way.

not

pound would only purchase 163. pound has come to stay, many of sury, with the Bank of With democratic peoples, schemes worth of goods in South Africa and the old prejudices regarding gold England and in India, will not do not develop downward from lea- about 18s. worth in Canada; in Aus- and paper currencies may have gone doubt that had his proposal been ders to voters, but rather upward tralia it purchased 25s. worth of by the board, and what once seem- impracticable it would never have from voters to leaders. Thus Lon goods and in New Zealand appro- ed mere idealist theories might pos- been suggested, and that he would don could not institute a Common- ximately 22s.

sibly be regarded as coming within only have pronounced these signi- wealth currency reform. - The de- ficant words after giving the sub- mand for a change must come from ject mature consideration.

the younger members of the group. Sir Basil was thinking on these In the last five years the states lines ten years

ago. Unfortunately comprising the Commonwealth have their currency bridge since then and currencies troubles in their

The A Cameo Of The Fleet Air Arm

are being used in a way which Bank of England has lent its sup- might have surprised him. When port and whenever called upon has Suddenly the telegraphist of n't have been too bad, we've both high tariff barriers

being s sent out able men to advise. But Fleet "spotter" number "26" stif- hit the same spot." Suddenly the erected throughout the world-bar- in the main it has been left for fens in his seat, and taps out a few rain blinded pilot of number "26" riers which brought chaos to each state to work out its own letters on his Morse key, in ans- zooms violently, forcing his crew Europe and America, as was fore- monetary salvation. wer to the carrier's call. Then, almost to their knees. He has seen they would the next sacrifice The Commonwealth pound, like scribbling something on a signal barely avoided the topmast of a to be made by the peoples of the most movements which take form pad, he hands a written message to destroyer sticking through the low-world was to be compelled to aban- among English-speaking peoples, lying clouds. The sight of it re- don the sanctity of currencies. will develop the sooner by not being "All aircraft return," the obser- lieves the tension somewhat, for In the international trade strug- pushed, by not being made the pet ver reads, passes the information she is one of the destroyers attach-gle after 1930, currencies were at of any political party... on to the pilot, and gives him the ed to the carrier, and the parent- ship is somewhere, not far, ahead of her.

the 'observer.

homeward course.

The

"Another ten knots air speed," The carrier is steaming full suggests the observer, "It'll come ahead into the wind. Smoke is torn on to blow soon." So saying, he

from her funnel, and the signal -drops a smoke bomb over the side flags stand out like boards.

and notes the time. A small wisp flying-deck party are huddled in of white vapour. flicks from the

the safety nets on either side of grey-green surface of the sea where the streaming deck. the bomb falls.

Number "26" lands on after the

He finds the wind has freshened other machine. and shifted. Allowing for this, he The bomber is down "Will the works out a new course. Unless he lift never come up again?” frets does so they will never find the car the pilot of the "spotter." Deck rier, now nearly a hundred miles landing in half a gale is an ordeal

he wants to get over. Soon they are flying through rain, "Number "26" land on!"shouts with dense cloud above and below. the observer, as a new signal Is The pilot dives to come out beneath hoisted aboard the carrier. them.

away.

"'Ware aerial, sir!" warns telegraphist.

"Aerial!" echoes the

through the voice pipe.

:

The 'plane meets a bad bump in the the last stages of her approach, and is forced to zoom clear. Round observer again she comes. Her pilot slewing her from side to side, in a most The pilot climbs a little to raise alarming fashion, as he tries to get the weight from the sea. The wind a view straight ahead. He throt- must be measured again at the les back over the stern and lands. lower altitude, so another smoke Although the "plane was drifting bomb is dropped, and the navigator sideways a little a seaman grabs her checks up his calculations.

wing and saves her from damage. Through streaming goggles they **Fleet "spotter" number *26** look for the ship. Another five taxis forward towards the lift, fig- minutes and they will have over ures in gleaming oilskins hanging shot her. If they can't find her on to her wing tips. Once in posi it'll mean a landing in the "ditch," tion, wings are folded back, the pilot followed by an uncomfortable cruise switches off the engine, chocks are in the rubber dinghy,

placed in position and the wings "Plane to starboard!" yells the folded back. The observer and observer.. The pilot has already telegraphist climb down from their seen her, and banks away steeply cockpits. A warning⠀⠀⠀bell⠀⠀⠀ rings. to avoid a collision with the oncom- continuously as the lift carries the ing torpedo bomber..

'plane and her crew below deck to ““Mm!” mutters the observer of the gleaming white hangar. number “26.” “My reckoning could-

J. C. C.

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