1921-06-11 — Page 2

THE HONGKONG DAILY PRESS, SATURDAY, JUNE 11TH. 1991

THORNYCROFT

JOHN I THORNYCROFT & CO., "LIMITED, SHIPBUILDERS AND ENGINEXBI,

LONDON, SOUTHAMPTON, AND BANINGSTOKE,

Shanghai Ofice: 10, Kiukiang Road,

15B.H.P. 30 BH.P. 50 B.H.P. Engines in Stock

For quotation apply

SHANGHAI OFFICE.

JUST LANDED

Very smart new range of Gents Soft Felt Hats, in pleasing and dressy shades of Grey and Green, with Black Bands, roll-stitched brims, and lined White Sik.

Inspection Invited,

$15.00

$25.00

each:

انگر نه من برا تو

MACKINTOSH

*Co., Ltd.,

Men's Wear Specialists.

10, Des Vœux Road,

Phone 29.

points, outag

INTERNATIONAL TRADE. ESSENTIALS FOR REVIVAL

The financial, svetion of the London Chamber of Conucce has adopted a report of a committee (presided over by Lord Farrer) on the international finan

come to

CHINESE. ONLOOKER AMONG

THE BOLSHEVIKS. MACHINE GUNS FOR STRIKERS.

THE DEARTH OF FOOD, China has an Official Observer at Chits.

CHINESE REFUGEES,

INDUSTRIAL JAPAN, THE ATTITUDE, OF THE WESTERN

WORLD.

It used to be the practico in many industrial circles, says the Times, in- leading article, to deery German ware for bulag imitations of British articles,

British

a matter of growing Though possessing ample

14

and soms

(iii) The currencies of the from Moscow, is doing a lot of good work create conditions that are almost ideal

FOREIGN EXCHANGE, UNLIKELY TO RETURN TO PRE-WAR BASIS.

Europe's enrrencies are unlikely ever again to regain their pre-war inter national values, according to Dr. Heary A. E. Chandler, economist of the cial sitention. The terms of reference who reports to the Government from time Few recognized that Cermany's selection National Bank of Commerce in New were three main lines of inquirs (1) the Republic. The following translation of activities was a tribute to

to time on affairs in the Far Eastern of the best model for her industrial York. The reason for this, he says in encouragement, of British industry and the May issue of Commerce Monthly, the commerce in the face of present adverse his latest report is supplied through upremacy which, while it made her ca

petition serious in bank's magazine is the radical redueuropean trade and manufacture (3) For not having kept a proper look-out sipas markets for British goods. In the

circumstances; (2) the rehabilitation of Reuter

her in other directiony directions, made-

one of the prin tion of the purchasing power of this the difjustment of the international among the troops that he money Even the re-establishment of debts of the various countries concern General Eiche Commander-in-Chief of Japan, has lately arisan The Industrial Far East another industrial competitor, commanded, nonal trade baines could but Alone ed. The report at first sets forth the the forces of the Far: Enstern Republic, Section published with our Trade Supple bring the exchanges back to par, he world, and shows the effects on trade ncept dismissal, saying that he had been of her industries. The story is interest present state of the exchanges of the has been removed. He at first refused toment contains a full account of the rise The committee go on to say that, assum until a telegram had been received from Empire of the East and our qua is closer appointed by Trotsky, and it was not for the parallel between the Island "With two or three exceptions there at anywhere near their present quota. Le latter that Eiche left Chita. He then life becomes more, vigorous, the necessity,,

ing that the various exchanges remain is

runed to Soviet Russia by special

than most people imaging As industrini justify the hope that the present curren- that it will be difficult, if not impos cies of the former belligerents will re-sible, for Great Britain to export any

train, taking his staff with him."

material becomes Three weeks ago a strike occurred among importance turn to the pre-war mint parities," Dr. considerable values to the Continent, the railway workers at Chita, owing to stores of coal and rich veins of copper, Chandler says. "The actual purity to Before the exchanges can become nor. their, not having received the usual food Japan must perforce depend upon other which present exchange rates tend to anal. European countries must export a allorance. conform is, in the case of most of the very large amount of goods of which achine-guns were mounted at places of iron ore, and oil seeds True, she has an As trouble was expected, countries for sach staplesds wool cotton, ourrencies of the former belligerenta, so considerable quantity must

vantage in the workmen's quarters. The asset of great value in aericulture, which far below the old mint parity that for Great Britain. Any country doing this ride of the workmen was very defiant. has been pursued for so many generations purposes of analyzing our present prob-h

The authorities, however, managed lers" the latter may be considered United Kingdom with which to buy our was given to the men, and the trouble was has developed a remarkable physical anti-

can establish for itself credits in the

to that scrape together & quantity of food which like the cotton operatives of Lancashire, section of the community. not, un obsolete.

"Gold has practically disappeared the effects are reversed. The fact that work. No seret is made hero of the other respects the silk industry in

goods in return. As regards the U.S.A. thus averted, as the men then returned to tudo for the work. In this from the channels of trade of nearly all there is no international standard of shortage of flour and of the fact that the corresponds to the cotton finde in Great important European comitries and in value at the present time tends to in population is half-starved. The Govern Britain, though Japan has an advantage Japan its place we find grip of heterogue crease the fluctuational exhanges and to nent hopes to improve the situation, now in the home production of the raw ous paper currencies, which have been make trade more difficult. The countries that riverine communications have been material. In shipping. Japanes pro issued frequently in such volume that which meet their obligations by merely restored. It is plain that if an improve gress has been equally notable. The many of them Inck any semblane of creating paper currency stability of valië,

are to that ment does not lake place trouble nong Japanese mercantile marine ranks third The exchange problem is, of course, making the exchanges.more adverse to man, although willing to wait a little a large share in the development of its extent depreciting their credit. and the workmen may be expected for the in the world. British senmen have had extremely complex and even those most themselves. It will be admitted (the re

tonger for their familiar with if hesitate to offer ex- port continues) that the main troubles without having their hunger appened.

wages, cannot carry on sea-going fleet, Likewise in shipbuilding. eichplanations of some of its most puzzling at the present time are, briedy, as

in which wonderful strides have beca details. However, some widely spread follows: Real Velvet Plush Velours in Cream with Black Band, or in minderstandings, are not so much

Another batch of refugera, 500 in all many of the principal yards having beau made, British influence has been empreme, from the complexity of the problem as of purchasing power of individuals in still at Verkhne-Udinsk, I am given to owes much of its greatness to the British.

(l.) The prevailing po

ty and

passed over: the Onon bridge after it was originally under British direction. while poverty want

restored. As to the number of refugees it is gonerally agreed that Kobe itself Dark Lavender, lined. White Silk.

from failure to recognize certain clearly countries affected by the warme established major elements in the sitaa- (if:) The exchanges are at levels out inanding, those in hospitals. The Chi-years ago. As regards the modern use of understand that there are about 5,000 Polony which established itself there many tion. The first step is to point out two side previous experience and, in addi pese Workers Union. whose local execu electricity, the natural configuration of principal sources of misunderstanding. tion, are all over the place," and con- tive consists of Chinese students returned the country and the abundant rainfall viz., our habit of thinking in terms of stantly "luctuating. the pre-war mint parities, and our habit of trying to explain all exchange prob-nations are depreciated

of the various in the matter of repatriating Chinese for the hydro-electrical engineer. Even lems in terms of the intimational trade degrees is compared with gold, and in- funds whatsoever and the students are hillside the ci lamp has been abolished in various from Soviet Russia. This Union has no in the dwellings of the poor on the lonely balance, and flated by issues of paper, with the result themselves poor. They are nevertheless and the electric buib shines brightly in "It measuring the extent of the de-that there is no international standard negotiating with the Russian Authorities its place. That is characteristic of the preciation by the difference between the of value in Europe. pre-war mint parity and the exchange (i) Trade, so far as it can be carried Rugs.

about getting their countrymen out of present era in Japan. Hard by the rate many people have been led into on at all, is being directed by individ- home without having to pay fares, the the fields with the primitive implements Recently they sent Chinc mod ra factory the agriculturist still tilla. serious errors. In the case of most of unls according to its profitableness or chinese agreeing to work for seven days of his grand fathers; luxurious modern the currencies the range of possible otherwise into entirely different chan on the Onon bridge construction without motor-care roll down the wide streets of Buctuations is actually much narrower aels from those in which it fowed before pay their food being supplied by the the principul cities, while, within a few than such a method of measurementhe

Tailway authorities." would suggest The exaggeration of the (v.)"

Chinese merchants, and tradere

miles, the unwieldy hasha and ox-drawn possibility of those fluctuations has, in more than their national times auerties of the Far Eastern Republic, and are plete, in

Governments are spending receiving good treatment from the authori-port. The metamorphosis is not yet com- are carts are a common form of road trans some cases, fed to a peerless degree of the worst offenders, creang doing profitable uncertainty and, therefore, to placing currency to make up the deficiency regions.

proftable business, in thesWhat should be impediments in the way of normal inter- national trade. Again, in misunder one another huge advances difficult to I can confirm my previous report about eindes not only the Islands proper but

(vi) The nations themselves owe to

attitude of the Western world toward the phenomenal standing the nature of the post-war pay

rize of the Japanese Empire, which in lity many people have been led to (vi.): The dearth of created by When he arrived at Chita he was met by and Chosen A narrow view would be the doings of General Chu Lan-ting the vast adjacent territories of Taiwan purchase foreign currencies for specu the war and by the penselves a special guard of honour and ar auto or of apprehension not unmixed with lation hoping that the exchanges would having borrowed from own sub-rapbile was placed at his disposal during jealousy, but a eaner satimate of the return to the pre-war levels.

jecta to meet theironses-eg, the whole of his stay here. As he had notou the Swedish economist, that the new ing money in a no-productive way course, to discuss anything officially with perous countries alone mako prosporous Citing the theory of Gustav Cassel, British Treasury bill- hus employ proper eredentials he was not able, of potentialitics of the future takes into normal exchange parity is the relative which would otherwise have been used the Far Eastern Authorities, nor was, he customers. It is impossible for one account the fundamental fact that pros purchasing power of the currencies Dr as capital in trades

able to commit the Chinese Government nation to live to itself, and to progress Chandler continues

"A large part of the depreciation of home manufactures, handicapped in every wonder why he had come to Chita and The advancement of industry in Japan Thus Wo find international trade and in any way: "hence the former began to while the rest of the world stands still. the European exchange below the pre- was by the abnormality and Huetan began to make inquiries. They learned and elsewhere entails the increase war mint parity with respect to the tions of exchanges, by the state of the he had brought with him belonged to chasing power-That, we believe, is the

that the car-load of flour r and other goods United States is to be accounted for by surrencies employed, by the poverty of merchants and that it had boens sold.pirit in which the more enlightened of of the several countries. The relation by what money the individuals have brought on his car by his servants wa reservation, they will cordially welcome the change in the relative price levels the individuals in many countries, and Likerise a good quantity of alcohol gratis people will view Japan's pro- of these new price: levels presents a new being Jargely borrowed by their Goren seized by the Chits militia, when it was the heir to the Japanese throne, whose exchange parity based upon the relativements and used in a non-productive way taken from the train, and loaded on a forthcoming visit to this country will, we grees among the nations, and, without purchasing power of the currencies of The committee, having examined the cart, the escort then disappearing. His trust accentuate the friendliness of the the several countries. M

This new parity between the car conclusion that there is no one scheme cious as his arrival, for instead of ions already existing between two

situation, have.

come to the distinct departure from Chita was not to auspi rensies of any two countries has not which run possibly be a panaces for the guard of honour and music he was become stable because the two elements evils of the situation. Leonomy in non sented with a bill for railway transport was pre

great land nations in the parity, viz., the two price levels, have repeatedly changed. Several fac volume of production are the primary back to Manchali. General Chu disputed NAVY DAY AT PORT ARTHUR. productive expenditure and a large for three cara from Manchali and one turs have entered into the changes of necessities everywhere if trade is to in this bill, which was for over 8,000. and the relative price levels, but in our prove, Ler costs of production will give it was eventually reduced to $1,000 which We take the following from the Man- present problem the most important is the advantage to and will make pruh paid. As can well be understood the chur Daily Jem, small sheet, pub the continued issue of paper money or table the industry of, any country, arrival at Chita of Chinese officials with lished in English by Japanese other currency in Europe So long Stable currency and steady exchanges out proper credentials merely creates a Dairen foreign governments continue to emit will help but will not create trade. ad impression upon the Chita authori new agues in large volume and trade is Trado needs purchasing power in in-tice.

The sixteenth anniversary of the Naval not increased in proportion, we may dividuals. It also needs certaluty of

Battle in the Tsushima Straits was cele expect the price levels of those coun payment of debts. It must not be for

brated at the Ryojun Naval Depoc by tries to rise in relation to the American gotten that the level of the exchanges

Vico-Admiral N. Nakano, Commanding. price level a

Ollicer on May 27th. At 8.30 am. out In other words we may expect the pur itself tends to remedy some of the

door sports wire brought off in the yard chasing power in the currencies of the troubles by proportionately encouraging

The Offee of the Police Commission masham naval engagement was start of the Coast Guard Bardacks. At 11.30 issuing countries to fall and, therefore, Thus the situation, if left alone, may of Chihli announces that 5,000 more ed in the East Basin. The ahore front

exports from the derelict countries. the new parity to continue to decline gradually work out its own salvation to famine, sufferers are ready to go to was crowded with eager spectators, while On the other hand if those countries,

Heilungkiang for the purpose of saloni gaily-decked treasure boats, carrying full whose production has been below normal There are, however, at the presentation, and that General Chung Tao-lin, human freights, sculled about the can bring it up to, or increase it beyond, moment, various schemes for dealing Inspecting Commissioner in Manchuria, surface of the Inner Harbour. normal and at the same time resist the with different phases of the situation and has given permission for them to go to Naval band kept playing lively tunes. temptation to issue more currency we attempting to ameliorate the position, that province may expect the price level to fall and, including the Government scheme for

Then there were masquerade processions other things being equal, the purchas export credits and the Ter Meulen already been sent to Heilungkinng and of warship, 30. ft. in length; was scen Three batches of famine refugees have promoted by sailora. miniature model ing power purity to use the case of opinion expressed in their first report colonize. The Office of the Police Com-1 attacked by the fleet of fourt

appears that in the

scheme. The committee remain of the two other. Manchurian provinces to in the centre of the East Basin. It was several Buropean was cor actual exchange rate has remained for

destroyera (Minalaki, Nagazuki, royal road leading direct to stable ex-

miniature sub- chasing power parity Superficially Governments as well as in individual affair this depreciation may be explained in Trade, in its essence being exchange be The first batch of refugees shipped part by the ammulation of large adverse tween individuals or the aggregate of consisted of 98. families made-up by 301 trade balances that result in throwing individuals which form a nation, de men and women, and 157 children upon the market a large number of ponds ultimately on credit, or belief that evergrown-up person was given four foreign bills than Americans require for the payment for their imports, ar payment will be made on either side, enities of grain and $1.20 and every cases, however the underlying cause such a condition of certainty, between child received two cities of grain and to be found in a long series of trade antions as between individuals, can only 0.50. Altogether 3,846 catties of Footing, restrictions and other obstacles to the be endured by conditions of peace according to the announcement made by free outRow of goods and other values throughout the world, which would allow the Police Office, were distributed, and or to obstacles to their importation into exchange to be steadied, lie to form amounted to $468.40

the money given to famine refugees REALLY GOOD SPECTACLES other countries. Again, in, the case of smalle part of the traders or merchant's

The second batch to Heilungkinng are such a comfort to tired or strained eyes that several countries uncertainty as to the problem instead of large one, future value of the currencies as well as

consisted of 75 families or 28 grown-up their value cannot be over estimated. If your uncertainty as to future political con

persons, and 131 children. In order to Togs undoubtedly accounts for a partOften it has been assumed that the 2,051 citties of kaoliang, and $328.20

Paul enable them to proceed to Manchuria, eyes need glasses, they should have the best your

APPOINTMENT

Apollinaris

"NATURAL MINERAL WATER,

NOW AGAIN OBTAINABLE

Since its foundation in 1872, the Apollinaris business has always been BRITISH OWNED.

THE APOLLINARIS CO., LTD.

Obtainable at:

THE HONGKONG HOTEL THE REPULSE BAY HOTEL and all leading Clubs & Stores.

Sold by:

LANE, CRAWFORD & CO.

NOTICE.

MESSRS. GILLARD & CO.

HAVE GREAT PLEASURE

in informing the

PUBLIC

bat they have just received

THE WARRANT OF APPOINTMENT

AS

SAUCE and PICKLE MAKERS H.R.H. THE PRINCE OF WALES THESE SAUCES and PICKLES

May be obtained, from

LANE, CRAWFORD & CO.

All other Stores SHOULD THEY BE UNOBTAINABLE FROM TUTE DEALER PLEASE "COMMUNICATE WITH

DONNELLY & WHYTE,

TEL. 634.

*

some extent.VEN

A PROPHET WITHOUT HONUVRA

EMIGRATION OF FAMINE

VICTIMS

glassy

The

torpedo

a considerable period below the pur change except honesty and economy-In and Shantung, is in fall charge of the moased on either siding in from, tha

"power" parikym

marine was geen

month of the Harbour, and model hydro down bombs. Anon. a fish torpedo planes were flying overhead, throwing charged by ons of the tropedo destroyers hit the enemy ship and caused a destruc dis

tire explosion, blowing up the auc

atoms.

of the depreciation below the purchasing re-establishment of the normal trade were given to them by the Police Com can get. That menas (1) careful and expert

Dr. Chandler emphasizes, the noi

the balance would bring the principal missioner. The third batch followed naimisation; (2) precision in the making; (3)

point European-exchanges back to their old soon afterwards, consisting of 85 families

that numerous other factors contribute mint parity. Nothing, of the kind mayur 267 men and women and 127 children je to o niety; (4) the best of materials. to the fall of exchange rates below their be expected for the reason that the trade In connection with their departure for All the above, the Hongkong Optical Co purchasing power parity, especially the balance his not been the cause of Manchurin, the Police Office distributed

partial disruption of the machinery for most of the larger depreciations below 8,403 catties of kaoling and 38416 in Successors to Clark & Co, Manufacturing & financing both importation and exporta- the pre-war mint. parity. The most that ensh

tion, the actual shortage of exportable may be expected when Europe, finally The refugees are transported to Refracting opticians the most competent optical commodities in certain cases, and the teaches the point wherethe normal trg Heilungkiang 20 the expense of the locat establishment in South China, located in 88, decline in the credit of the nations, balance can become reestablished authorities. General Yang I-teh has Turning again to the trade balance in bring the foreign exchange rate appro taken personal interest in the better Queen's Road Central, offer you. Teating the relation to the old mint parity, he mately up to tho then existing purchasing ment of their livelihood which is procur power parity, as expressed by the ratio (Continued at foot of neat column.) of the facies levòls,

add

able only in the uninhabited rich land sight and fitting glaseck their exclouisS outside of Shanhsikwan