1939-03-22 — Page 10

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THE CHINA-MAIL, MARCH 22, 1939

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Hong Kong, Wednesday, Mar. 22, 1939.

Discovery

Discovery by Bela Imredy of the existence of Jewish blood in his family probably was not the only reason, possibly not even the prime reason, for his resigna- tion from the Premiership in Hungary. That Dr. Imredy stressed this reason in a speech before his colleagues of the Na- tional Union Party, however, throws into dramatic highlight the question of racial tion.

** ་ ।

persecu-

For Dr. Imredy is an anti- Semite. He has been urging anti- Semitic legislation upon the Hungarian Parliament. Thus, Dr. Imredy's programme has been directed at racial elements which he now finds are part of his own human make-up. Legally, under the laws he had proposed for Hungary, as under the Nurem- berg, laws in Germany, Dr. Im- redy would not be classed as a Jew. But he declares that his position has become "inconsis- tent."

Yet that position is no less consistent than that of supposed- STRETCHING GOLD [ly 100 per cent. Aryans. For there is no persecution of race or

The significance of Britain's nation in which the persecutors decision to revalue its gold re- can escape its dire effects. The serves is that such action for-human race is so interdependent malises an accomplished fact. In that no section of it can long be 1931 Britain severed the pound kept in distress without inviting from a fixed gold content, or a distress for other sections. The gold standard. That is, gold no post-World War depression in longer had a legally-fixed price in Germany -for which German pounds. Left to its own devices, leaders with some justification gold started to soar in London, blame the treaties of peace-en- where, unlike America, private gendered depression over a con- transactions in gold are permit-siderable part of the earth. Eco- ted. The price is now round. 70 nomic, oppression of Jews has per cent. more than it was in brought economic losses to the 1931. And yet the Bank of Eng-world community, including those land has continued to value, its who discriminate against them. own holdings at the 1931 valua- tion.

Indeed, moral effects of mis- Now these holdings are to be on those making the mistake than taken racial policies fall heavier revalued from time to time at on those who are the first but the market price. The result is not the only ones to suffer from much more than to set at rest them. Jany academic question that Brit-

Loving one's neighbour ain would restore the 1931 gold the one expressing the love as to is a policy quite as beneficial to standard. It shows that Britain the one receiving it.

It is a

is still not ready to restore any policy as necessary to the well- kind of gold standard.

Such a decision runs

counter

being of the one 'as to that of the other. As men make this dis-

to the American example. In the covery, they need make no other United States the price of gold is to learn the inconsistency of an fixed, albeit provisionally. It has opposite policy. been fixed at $35 an ounce ever since 1984. Britain prefers to recognise a free market, where buyers and sellers make the price,

though the American willingness The Style and the Man to buy and sell at a fixed price) is the determining factor in the

Photographs of leaders of the London market.

Those who call America's dollar indicate that a full complement Arab delegation from the Yemen "rubber" would be hard put to of what our own Army calls it to find a designation for the "side-arms" (at least when they British pound. Perhaps they concern the infantry private) is would call it elastic.

evidently a-recognised feature of No doubt the British action the "walking-out dress" in that has been expedited by Britain's part of the world; a dagger in the recent losses of gold. By revalu- belt and a sword at the side.com- ing what is left the British are plete the full equipment. But be- able to show a stronger gold fore anybody begins to argue that position. Some £222,500,000 in the display looks a little exces- the Bank of England's treasury sive for peaceful parts like Fall is much better looking than Mall it should be remembered £127,000,000! "And this doesn't that we are all entitled to our take into account some £350,000,- conventions and that Mr. Cham- 000 in the British Exchange berlain's umbrella would no doubt Equalisation Fund.

look just as unnecessary in the

As a matter of fact, Britain's rainless regions of Arabia. But gold losses didn't look serious if he should happen to go to even before revaluation. In the Arabia, would anyone suggest that pre-war days the country operat- he should leave bis gemp be- ed on only a fourth of its present hind? Not for one minute gold holdings. But the need for Prime Minister brolly is the the the metal has grown with inter-equivalent of the Arab leader s national uncertainties. Gold is a sword. If he should! – happen war chest

ellence, It is visit Arabia Imore

befo bear the umb rishes.

prov tons

should certainly him. And make-uri for the doubt he could