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THE CHINA MAIL, APRIL 6, 1938.
The China Mail
Ninety-Third Year of Publication
Igoods for everyday consumption. But a further question remains, and that the vital one. Why is there this refusal to replace worn- out and obsolescent machinery and plant or to make extension
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a portion of the population loses employment, and not only those engaged on the production of capital goods. The purchasing power of that section of the people is greatly diminish- ed, and consequently the demand for goods in everyday use de- clines, and some of the men and women engaged in rendering ser-
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the production of those goods also but lose their employment. This is
what has occurred in the United States during the past 12 months. Why, after progressing as far as it did, did recovery slip back? Simply through the business and industrial communities losing confidence in the future. Loss of confidence ensued when it was made plain that the leaders of industry and business not only disagreed with President Roose velt and his plans, but were in active opposition to him and them. So far as social ameliora-
Hong Kong, Wednesday, April 6, 1938-tion and labour rights are con-
AMERICA'S "RECESSION”
cerned, the United States is a long way behind immediate pre- |war conditions in Great Britain and the Dominions. As the les- ders of industry and business in One of the most disturbing the United States are fighting to retain their position as against factors in the present interna-labour, and are fighting to avoid tional situation, to those who be the cost of social amelioration, lieve that it is still possible to not only are savings not being placed in investments for pro- adjust the stresses and strains ductive purposes, but attempts without recourse to world war, is have been made to get money the continued failure of the Unit-out of such investments made led States to make any definite previously. Hence the slump and, jat times, panic on the New York move towards business recovery Stock Exchange.
of be
In the last two weeks, the New
The remedy for the lamentable : Yerk Stock Exchange has slump-want of confidence so evident in led to its lowest ebb for several the United States to-day, and for the industrial "recession which years and there is no assurance
it has caused, is clearly the that the bottom has been reach-adoption of a conciliatory attitude led. The latest business index by both parties. Workers for discloses that the volume of social reform in the United States cannot expect to make up all the business is approximately 22 per leeway in a couple of years, fcent. lower than it was a year even in five years. It may ago. Employment continues to possible for them, however, to travel at a pace faster than the fall, causing greater anxiety,
pace travelled by other English- and even promises of extensive speaking peoples a quarter of an rearmament have failed to stimu-century ago. The track has been cleared, and if the United late any sign of rallying power. States determines to take the It must be admitted that between track it can travel faster. In- July and October last year, Brit-dustry and business have to de- ain showed signs of following cide whether they will continue to fight to the last ditch and lose the trail marked out by the Unit-
a good deal more, or whether ed States many months before, they will surrender something but doubts regarding British re-with the certainty of saving a covery have now vanished, and great deal of what they have got. It may be freely admitted that most authorities agree that, the faults in the present quarrel apart from international compli-between the industrial and busin- THE KAILAN MINING ADMINISTRATIONcations, conditions are favourable ess leaders on the one hand and the Roosevelt Administration on to profitable industry. Such be- the other have not been all on**** DODWELL & CO., LTD., Agents, Hong Kong.
ing the position in Great Britain, one side. Actions have been if only the United States would taken and accusations made recover the ground lost last year which Wall Street to us a use- there should be a substantial re-ful generic term was justified covery in commodity prices, and in resenting. But the refusal at so the world would move nearer this important juncture to co-
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What is the hindrance? Profes-Jectly, with the President in his sor D. B. Copland who has been endeavour to reverse the present engaged on a study of American sharp downward trend of indus conditions, explains that it is trial activity and consequential primarily a refusal on the part upward trend of unemployment, of the American people to make would deprive Wall Street of any investments, a refusal to put just claim to leadership or good money into the production of citizenship. In economics as in capital goods for the purpose of politics, -- magnaninity is not
ncreasing the production of seldom the truest wisdom.
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