1937-08-31 — Page 8

THE CHINA

THE BOOM AND THE SLUMPCIAR WWAS

THE

OFFICIAL MOOD OF

OPTIMISM

This is the first of two articles în the "Manchester Guardian" on the economic outlook The se- cond article will appear to- merrow].

Chamberlain speaks of the

during the war. But this was subsequently made good many times over. It would be erroneous to think of the

ment în this vein On the one hand, cess of auto-suggestion. The Stock period from 1922 to 1929 as one in their N July 8 Mr. Neville Chamber- the nation's leaders may feel it Exchange may be highly susceptible which people were living on t

on of capital Albert Hall, spoke in an optimistic optimism, since confidence is essen methods are not likely to succeed in embodied in equipment for produe- vein of the next slump. Certain tial to continued prosperity. On the preventing a recession in the flow tion of goods was proceeding at an dismal people, he pointed out, like other, responsibility is disclaimed in of production and trade when that unprecedented rate. In 1929 the people of the world possessed, as a to harp upon this theme. Trade, we advance for any untoward events is due.

result of surpluses realised and all knew, was subject to ups and that may occur, on the ground that

On balance the Prime Minister's turned into capital in the preceding downs: but there was no reason to with the best will in the world

do fear the occurrence of a major catas the Government, can little statement gives ground for grave period, a far richer equipment for we production than they had in 1914. trophe comparable to that of 1931, to assist matters. The responsibil- misgiving. His words, which which was in some sense the legacy ity is thrown back on to private must take to be honestly spoken. Indeed, many people think that the indicate a frame of mind which volume of saving turned over of the of war dislocation and the destruc- shoulders. tion of capital which took place

augurs ill. In making light of pos- construction of capital equipment sible setbacks he is at variance had become excessively high, par- with the majority of experts. In ticularly in the United States au- waiving responsibility on the ground

O'lain, addressing a meeting ar the their duty to sasuna spirit of to paychological trendemus phese capital. The

Some

them. The Government would re- It is open to doubt whether the solutely consider what public works spirit of cheery optimism has the might be undertaken to assist mat- merits claimed for it. ters in a depression; but in any thorities have held the main causes that the limited stock of recipes 4. It must be noticed that the event their volume could only be of trade fluctuation to be alternate which he has in mind would be in- country which experienced the most small by comparison with the loss waves of optimism and pessimism effective, he may receive the sup- severe ravages of depression in the of work involved in a general re- in the business world. On that view port of public opinion so long as period 1929-32 was the United States the of America. Yet of the great coun- cession of trade if that occurred. the Cone method of holding back the prosperity continues. But if Reliance must rather be placed on pessimistic wave might suffice to depression comes upon us, if un- tries this one suffered least from the war itself. If the war was the private initiative discovering new avert depression. The greater num- employment figures mount to un markets, especially abroad, to fill in ber of authorities believe that the precedented heights, if widespread true cause of the world depression, any gap which might occur. depression has more material and classes experience a great loss of how can this be accounted for?

From an official point of view, two objective causes, the operation of income, and leaders of business once. merits might be claimed for a state which cannot be checked by a pro- more find themselves placed in a

THE

$

WORLD GOES BY By “ULYSSES'

A Little Psalmody

SPASM I

T

97..

position in which their best powers. are of no avail to save their firms, public opinion will rapidly assume a different tone.

On the other hand, the United

States is the country in which the modem organisation of production and distribution has reached highest pitch of development.

Its

we connect the recession of 700 If

2

not with the war but with defect Such a situation may set in jeo- in the working of our mechanism of pardy our most cherished institut exchange and finance, the severity tions. There must be something of depression in the United States is wrong with a mode of government, precisely what we should expect. people of Right and Left wing sym-

Apparently she "likes the streets to pathies in politics will alike say 5. The one serious trouble out- be warmed by the time she is astir" under which such a disastrous situa- standing in 1929, which resulted from May I add, for the benefit of the Mantion can arise. The bitter experi- the war, was the arrangement by With the Iron Teeth (who takes no ences of dire economic distress put which Germany had to pay repara- HE guns are popping as they heed of life's lighter side that Ma-out of their minds for the moment tions of approximately £100,000,000 used to pop:

Who's that d'shootin'?

The bombs are dropping as they

used to drop:

Who's that a'shootin' so spry? The cops are copping as they used

to cop.

Hurray, we're sayin' And shoppers are shopping, as they

used to shop

But who's that d'aqueezin' so styf Who's that a'squeezin? Who's that

a'squeezin'?

Compradore's are on the make. Who's profiteering? Who's profiteer-

ing, Making our bank balance ache?

SPASM II

By R. F. Harrod

demoiselle Boyer is a distinguished the finer qualities of our free in- per annum, which ultimately reached actress of the sweetly saucy variety.stitutions. A man sufficiently hard France and the United States. This of life was no doubt a severe burden upon Well, when I was in the army with pat to it for present mean Mr. Bert Buttonstick, I had always will dispose of an age inheri- Germany and might be expected to to get up so early that I swore the tance however precious

produce disturbance in that country. return of Peace should see me a confirmed bed-lover. It was not only that I had to get up early when it was necessary that I should do so; often I and some thousands of others had to get up two or three hours be 1 fore our need. These infernal occa- sions were known as

as Inspections. Bless my soul, how it all back to me!

University Lecturer In Economics At Oxford

Com These words would be, perhaps, But it is ne too strong if the depression to be of proportion.

to keep a sense This payment only

hould the dif- of this order of to events whic

deur a loss of world

I need hardly say to such old expected consisted merely of a minor amounted to a smart fraction of 1 sweats as Mr Buttonstick, or Fifty-setback We have, as Mr. Chamber per cent of the total amual income Two Jones, or Clicketty-Chick Smith, lain remarked, our umbrellas. He of the world. that it always rained for Inspec-does not suppose that we have to ficulties tions. Nor need I say that the Dis-face another reverse equal to or magnitude lea Way down upon the Whangpoo River tinguished General who did the in-severer than that of 1931. This is culmina

specting was invariably two hours the cruical point. Is he right in income of some Boom, boom, they go.

late.

thinking that the events of that time See all the little gunboats shootin'

The sums involved em Scores of 'em, all in a row

Thus we had been dragged from were the legacy of the war and

payments are not greater Night comes, and Shanghai's very our easy little beds at about 4 ack need not be expected to recur?

emma, marched to the rendez-vous,

which might be put in jeopardy by and left there to wait not only the There are good reasons for sup- the serious decline of an industry of Please listen to the pom-poms, dearie unnecessary two hours which we had posing that this diagnosis of the substantial import

Weary

Folks home at ten,

Just like the old times

Cabarets are early closing,

Some clubs shut near nine. Grass widowers are gently dozing; Dreaming of old times to fine.

Early Rising

thought of ourselves,

two hours which guished

wase

the

D NEWS

Yon

also the recent depression is entirely wrong the Distin

1. In 1920-2 the world experienc he oftented a depression which in many la chirp to spects broke all previous recor when he did is perfectly reasonable

No, no! that depression to the war

m

per

2 From that depression

-made time they various rates in

Worl

German those

ace in the world can produce the

rations, then, Constant chop

and

ently

ve

of the

of

the

on levels

world ter

the

world-wide.

DAWN RAID ON CANTON

Terrific A.A. Fire For Three Quarters Hour TWO RAIDERS REPORTED NEW GERMAN

DOWN IN FLAMES

CITY IN PANIC: MISTAKEN AT FIRST

TRAITORS EXECUTED

IN NANCHANG

Nanchang, To-day

FOR CHINESE PLANES Four traitors who have been found

(OUR OWN CORRESPONDENT)

Canton, To-day.

For the second time in a few weeks Canton was thrown into a panic in the early hours of this morn- ing when the shrieking of air-raid syrens denoted the presence of Japanese planes.

As in the previous reported visit of enemy raid- ers, considerable mystery surrounds the incident.

guilty of supplying military informa tion to the Japanese were executed here yesterday by order of the local military headquarters-Central News

JAPAN'S NAVAL CONCENTRATION

Continuously Arriving At Woosung

Shanghai, To-day.

ENVOY TO FRANCO

Berlin, To-day The appointment of Dr. Eber- hard von Stohrer as Ambassador to Nationalist Spain in succession to General Faupel, was officially confirmed here yesterday Ocean

PLANE INSIGNIA

Story Ridiculed By

Chinese

Nanking, Yesterday. The Japanese allegation that two Chinese aeroplanes had been paint- ed with Japanese insignia on their Considerable tension has been wings is branded as pure fabrica- Chinese air force circles stated that seven Jap-aroused by the continued arrival of tion by a spokesman of the Chinese anese bombers appeared over Tungshan, the well- Japanese warships of Woosung, Air Force. Central News- known residential district, shortly after 6 o'clock effort will be made to land reinforce- this morning.

where it is expected that another

Nanking, To-day. ments along the China coast

Chinese circles are most indig- It is reported that there are now nant at the Japanese allegation They add that after the raiders had dropped in the Yangtse delta vicinity. These flaged as Japanese, carry out bomb- 64 Japanese naval vessels anchored that Chinese aeroplanes, camou two bombs near the Chinese aerodrome and after include three aircraft carriers, tran-ing operations in the Shanghai the concentrated fire of anti-aircraft batteries had sports and other auxiliary ships. failed to drive the Japanese planes off, Chinese planes were sent up to engage the enemy. Bombs the Whampoo stretched out to the branded the allegation as a "pure are also reported to have been dropped near Shaho. Japanese Consulate near the Garden and deliberate fabrication." Reu-

Bridge Central News.

The Japanese planes, they allege, then made off in the direction of the coast, off which an air- craft-carrier is presumably lying.

Although two foreigners claim to have seen A.A. shells bursting in the sky this morning, most people on Shameen, although awakened by the shrieking of the warning syrens, heard and saw no- thing.

Canton is in a ferment, the streets being full of agitated crowds, and it is thought that this fresh scare will lead to a further exodus to Hong Kong

Our Own Correspondent.

TWO BROUGHT DOWN

Canton, Later.

Eleven of these ships are anchored fa short distance from the mouth of

ANOTHER AIR RAID

ON NANKING

Driven Off By Chinese Fighters

area.

ter.

Chinese Army spokesman

ALLEGED LOOTING

Japanese Demand At Tsingtao

Sino-Japanese

Tsingtao, Today.

relations are- seri- Nanking, To-day. ously strained as the Japanese au- Fast pursuit planes of the

he Chin-thorities have made representations Air Force frustrated another to the Mayor against the alleged

panese air raiders last night

n the city Fall atisfaction

attempt to bomb the capital by Ja-, ooting of fifteen Japanese houses

An alarm was received in the city remanded-Hua Nan at 6.30 o'clock, reporting that 12

Japanese bombers had been sighted on their way from the coast flying in the direction of the capital.

Chinese planes headed for Chin- kiang to meet the raiders The Ja- panese bombers, turned north when

TSANGCHOW

BOMBED

Pasting, To-day.

A number of Japanese planes sub-

Japanese the result that over eighty non-com- received heavy bombing raid yesterday with Hsuchow batants were killed and many wound- before jed, while scores of houses were de

stroyed Hua Nan

Further details of the bombing attack en Canton in the early they observed the Chinese squadron.jected the Tsangchow District to a hours of this morning show that six Japanese bombers of a fairly heavy type appeared over the suburbs, and although picked out by here late last night, the According to a report Chinese searchlights, were left unmolested as the Chinese thought machines appeared over the planes were their own.

and dropped several bombs The Japanese machines, however, dropped bombs on the out-fying away-Central News. skirts of the town, and then the Chinese aerial authorities realised they were enemy planes, opened fire and gave chase, a fight of fast pursuit planes taking to the air almost immediately.

A dog-fight ensued over the Bocea Tigris Forts when two of the Japanese planes were alleged to have been shot down in flames.

The bombers are thought to have come from Formosa

Own Correspondent.

BRITISH SHIPS REPORTED SEARCHED

Shanghai, To-day.

Our

An unconfirmable report states that the British steamers "Chekiang" and "Wenchow have been stopped and boarded by parties from Japanese war- shups, who inspected the ships papers and then al- lowed the vessels to proceed.

The owners the alleged incident

they have no knowledge of Renter.

FOR CUTS AND BRUISES.

Whether the skin be broken or brus

ed She-ko is equa

ed:

skin om

Smear

boils,

Medic supply

SHE-KO