1921-12-20 — Page 5

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CABLES.

LATEST CABLES.

~(THROUGH_REVTER*8_ADEXOT.]

WASHINGTON CONFERENCE. FRENCH PROPOSALS APPROVED

BY THE GOVERNMENT.

WASHINGTON, December 19th. Contrary to earlier statements Renter learns on the best authority that the French naval proposals were fully op praved by the French Government be fore submission. Moreover, the French are not disposed to consent to a material reduction of the proposals, which include the construction of ben new battleships, aggregating 350,000 tons, the first of which, would be laid down in 1928 when

BLONDZOH

THE HONGKONG DAILY PRESS, TURSDAY, DEOFIBER SOTH, 1111.

· LATEST CABLES.

PRIME MINISTERS!

CONFERENCE. ***

GENERAL EUROPEAN DISCUSSIONS, MAY FOLLOW.

LONDON, December 19th.

M. Briand arrived in London last evening, with a large retinue of experts, for the inter-Premier Conference, the Agonda of which is so far-reaching, in- cluding reparation debts, exchanges and currency, that neither side pretends to sim at reaching concrete decisions but to clear the way for comprehensive dis cussion between all the Allies. The most 'immediate issue of reparations is in soluble without the inclusion of Belgium and Italy. Regarding this matter, the impression nowhere exists that pre cipitate curtailment of Germany's stain- tory "indebtedness is contemplated in any way. The question, is bound up

THE FUTURE OF BRITISH|question: Mesara, J. E

INFLUENCE IN CHINA. POLICY OF THE ASSOCIATED CHAMBERS OF COMMERCE.

וייי

SUPPORT OF SCHOOLS AND MEDICAL

to enter upon a

MISSIONS,

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:

BITTER TRUTHS" ABOUT, GALLIPOLI.

(IYAM... 0. PRAXIST, “DAILY EXPENSS

MAVAL CORRISPONDENT. Į

ignore.

The proposal for the Dardanelles ax- pedition was entirely sound in theory it was, indeed, the pre-ordained wär plan for an amphibious nation like Bri tain. "We seem to see in what prompt-

tinct warning that the old influences which had never permitted us to concen trale in the main European theatre of a great war were about to reassert them-

doctrine" would have none of it. The selves."

The calamity was that "pure military" troope that should have accompanied the fleet at the outset were denied us, and

our naval leaders at that time were too supine. So they consented to a com- ing told them was disastrous They put promise that all their instincts and train- their opinions into minutes that did not they washed their hands of responsibility. even come before the War Council-and

old and six new dreadnoughts; in 1836 with the whole European economic and illustrate the period when China will In many cases equipment also is re and forbidding aspect, and rigged up in Posterity's opinion of Pilate is not high.

her capitalship tonnage would be 164,000 consisting entirely of old dreadnoughts; in 1931 of 200,000 tons, consisting of two

of 235,000 tons, consisting of seven new and one old dreadnoughts, retching a total in 1911 with 330,000 tons, consist ing of ten Dew dreadnoughts. French experts, claim that the French Navy at the end of a decade would be approxi- mately 200,000 tons in battleships or only 60,000 tons over the Americas ANGLO-BALTIC YARDS FORMALLY a reaction which may well fail to achieve

EARLIER CABLES.

M. SABRAUT MAKES A VIGOROUS

PROTEST.

PARIS, December 18th. According to a message from Washing. too at the meeting of the Naval Com mittee of the Disarmament Conference, M. Sarraut vigorously protested against American press criticisms of France as obstructing naval agreement. He declar. that France came to Washington to colla borate wholeheartedly in the labours of the Conference. He would prove the in- justice of the charge of imperialism. France regarded the proposals as un- acceptable in view of her naval require mentu, especially in view of the import ance of her colonial possession. He pro "tested that it would be unjust to impose a fresh reduction upon the French fest, which had already been voluntarily re- duced. There was good reason to believe that a satisfactory solution would be eventually found.

#1

LATER.

A more hopeful feeling developed this evening when it became known that French naval plans for a new feet of tea capital ships cach 35,000 tons had not yet been approved by the French Govern- ment, Admiral Debon having framed the project after the departure of M. Bripad and M. Viviani.

financial condition thus inspiring ambit- ious hopes that the Allies discussions

conference on the Washington model, will develop into a general European attended by neutral ex-enemies and

perhaps even Russia.

ESTHONIAN SHIPBUILDING.

OPENED..

REVAL, December 19th. The Anglo-Baltic shipbuilding yards: have been formally opened under the British and Esthonian flags.

EARLIER UABLES.

which Prussianism stood suffered defeat

In the case we have in mind a man.

THE CONTINENTALISTO. ''

The tragedy of Gallipoli was duo to ignorance, We became hag ridden by the result was failure. spectre of the military situation. The Is the lesson of that the Empire! failure even now known to the rulers of It is certainly unknown to that band of Continentalists who clamour for a unifed Ministry of Defence in which the Navy would be subordinated to the Army. The German navy, be it remembered, was commanded from army enemics, having done nothing throughout headquarters and surrendered to its the war.

this second volume,

Gallipoli takes up the greater part of

which

covers the period from the Falklands to the sinking of the Lusitania. Dogger Bank. Sir Julian Crobett makes There are, however, other events, notably the battle of the it perfectly clear why the German battle cruisers escaped from Beatty's force that day. He also makes it clear that those of us who challenged the accuracy of the despatch which the Admiralty issued over the signature of the admiral were justi- fied. The despatch" bore small rela- tion to the facts, and (we know, now) was beavily doctored.

S. Cooper, A CHINESE CRIMINAL TRIAL, Chairman (Arnold Brothers & Co Ltd), N. S. Brown (Butterfeld & WHEN EXTRALITY "** IS Swife), J. L. Bodington (Asistio Petro-

ABOLISHED, latine Co.). W. B. Kennett (British) American Tobacco Co.), G. W. Sheppard Under the caption of "Concerning

Jardine, Matheson & Co., Ltd.), and

The "dispassionate review of the facta W. P. G. Taggart (Chartered Bank). Swearing," after stating the various ways They will be sasasted by the Bav, O. G. of administering the oath in Chinese and shout Gallipoli told by Sir Julian Cor- Sparbam,

Secretary of the London Foreign Courts of law the Central China | bett in the second volume of the official Whatever the tangible achievements of Missionary Society, which is respondible Post, gives the following account of a the Washington Conference may prove for five out of the fifteen or so secondary Chinese criminal trial:-

naval- history of the war is a lesson for the future that W cannot afford to to be, there can be very little doubt that Boys Schools that are echicating Chinesa. the publicity which has been given to China's problems will gradually affect has embarked is twofold. It consists

The problem upon which the Committee A Chinese criminal triat "is a sight worth soing, and much more intercating British residents in this country very closely, and for this reason, that China's

(a) of placing these schools in a posi than any play that was ever put on the

tion to do their work efficiently problems have been brought within range

boards. Most likely it will be held a (6) of making good the financial ence itself is an outcome. No single of the influences of which the Confer

losses suffered by British medical night in a large and dimly lighted hall. word will serve to label these influences :

missions whose educational work full of fearsome shadows and terror insed our action at this time a first indis- is a factor of fires elaas import- piring implements The bench is made there are too many of them and they a

ance in the modernisation of of plain deal boards and supported on ars too complex to be brought under any

Chine. The first half of the problem is re.

...] trestles; on it are placed a stand of one head. Self-determination is a word which describes, or at least has been soluble into the following elements: In Pencils used in connection with, many of them: the first place, from the report adopted containing black ink and red ink. There

as big as paint brushes, and slab internationalism describes other dis by the Conference, copies of which are is also a vase with bamboo tallies, and placed at the head of another group. schools are doing excellent work but and his clerk. When the court is called armament and arbitration could be readily obtainable, it is clear that the behind there are seats for the magistrate All of them, however, have one charac in the face of great difficulties due to crowd of underlings come rushing in, for settlement by consent rather than schools are inadequately housed and are ing, beating sticks and chains, who take teristic in common, namely a preference the lack of funds. Almost all the together with six or eight lictors carry arbitrary decision; India and Egyptin serious need of money to provide their stand on either side of the hall. illustrate it in the East. We are about suitable and adequate accommodation. They have been selected for their strength

play also.

quired, especially for the teaching of such a way that the very sight of them For their origin we need, for prac science. Serious as these difficulties are strikes terror. tical purposes, look no further back they are in almost every case over

Then the magistrate appears clad in with the Power that represented them, than the war, when all the beliefs for shadowed by the shortage of British his robes with top boots, buttoned hat In the second place there is a need of takes his seat with great dignity and the and string of beads all complete. He To suppoes the defeat permanent would scholarships to enable Chinese students court comes to order. be contrary to the teaching of history: to do in China what our own boye do in front of his chief the documents in the The clerk places contrary to its teaching also, bowever, at home, namely, to mount the educas, and-after-e-glance at these he calls would be disregard of the strength of oua ludder by proceeding from sec

out a name, when the person in question the reaction which defeat inaugurated, ondary schools schools that is to say is immediately dragged to the front of which give an education such as our the beach by the gaolers and forced upon the very big objects aimed at Washington

Public Schools give to Universities. his knees where he humbly knocks his without, however, failing to produce the educational problem incizdes the witness, but since he received the sum Over and above these two elements, head on the four. This man is merely a good 'many lesser results. N

One of them as far as China is con- Hongkong University is

question of University education itself. mona to appear in court he has been kept corned is likely to be a disposition to British University within a short dis he had been accused. The swearing then the only in confinement and treated exactly as it make foreign life in that country fit intance of China. The cost of maintain begins. with ruling conceptions elsewhere, con ing a student there is roughly $1,000 a ceptions which have already altered so year. The cost of sending him to a bad been killed in a village brawl, and WALL STREET EXPLOSION.dy named, India and Egypt.

much. for example, in two countries University in England and maintaining the Yamen runners had captured quite

In him is probably about $5,000 a year.

a number of the villagers to be brought LINDENFELD CONFESSES AND

both British Government. influence is If the residue of the Boxer Indemnity, up for trial. Such mischances often hap TURNS INFORMER.

definitely liberal. In both, local opinion, a sum of over £9 million, were pon and it is not unusual, in such a the opinion that is to say of resident mitted all three elements might be case, for all the men folks of the village Britons, bas found itself outpaced by tackled as a whole. The British Govern to run away and remain absent from more rapid ideza.

ment has appointed a small committee, their homes till the affair has blown over. of which Sir John Jordan and Sir Charles The magistrate interrogates the witness Addia are members, to consider the s to his name, age and occupation, and matter, but meanwhile the assistance of is promptly answered, but when he puts the secondary schools alone can be the question as to where the witness was undertaken. Together they require an

on the night of the murder the answer annual sum of $123,000, apart from his life say anything likely to incriminate The poor witness dare not for is a lie. capital needs. support of British medical missions, it far him the contempt of all the neigh The other half of the problem, the out being actually compelled, would earn the guilty party, since to do so, with also capable of being expressed in bourhood and bring down on his head gares. To cover their immediate re the vengeance of the guilty man's friends. quirements, that is to say, to make good The witness therefore replies that he OEDENBURG FOR HUNGARY. we mean unwillingness to yield at all to the loses which they suffered during was not in the village at all that night the spirit of the times; unwillingness to the war, from the high exchange and bub away at an adjacent hamlet attend contemplate any modifications in the other couses, a minimum sum of $184,619 ing to a sick cow. The magistrate takes odifice built up on the Treaty of Nan-is needed.

this badly. He swells visibly with in- king, notwithstanding the economie; in- These are big but not unmanageable dignation,, his eyes protrude. "What," tellectual and moral changes which have figures when considered in relation to be cries. would you deceive the district taken place since then;

#die-hard," the robject of this article, the future of magistrate?" and stretches out his hand opposition to the Chinese in whom the British infnence in China. A list of to the rase containing the tallies each changes are embodied. By "progres subscribers is to be published shortly of which means a hundred blows. sive" we mean readiness to consider from which it will be seen that the sum witness hastens to amend his evidenco. Mercy, Ta Lao Yeh, mercy was there proposals for change on their merits subscribed to date comes from com and to listen to, and where possible paratively few hongs and in amounts but asleep in my bad. This puts the help, their proposera with a view to raging from donations of $100 totally on for the magistrate withdraws a guaranteed grants of Tis. 20,000 to be and dashes it on the bench with a helping China on the road to muccess.

If the published reports of the recent spread over a period of four years. Bad bang. The lictors spring on the witness

two hold his shoulders; two bold his "as times" are," many more hongs, and Conference of the British Chambers of individuals also, can, and, it is hoped, 58, and one on each side wields the best Commerce may be taken as an index, will subscribe"

ing rods for all they are worth, while British influence in China, in so far ES it comes, from Britons resident in the

the hall is filled with resounding whacks and the screams of the poor victim." That is the way a Chinese witness is sworn.

After that, all is plain sailing- The witness is now at liberty to tell his story with an easy mind and may do so quite truthfuly. Whenever the magistrate thinks he is straying from the path of strict veracity he has only to reach his hand towards the vase and the hint is taken.. The next witness may be of the the war and for many months following There was a common impression during the fund, in other words, is topposite type. He is only too eager to the war, that the whole country was tell everything.. Evidently be desires to plunged in an orgy of extravagance- repair..

"bite

someone, and implicate an in- Without doubt there was reckless spend- 3.-The eighty per cent., on the other nocent man. The magistrate does noting. There are always plenty of impro hand, is to be allocated in annual like it, so the previous performance is vident people to whom more money means granta, on the principle that the gone gone through again. "What?" nothing more than more spending. But help given should be continuous so he shouts and down comes a tally. Per- there are others, and the great number of as to enable the schools to be thaps it takes more than one licking to those others was revealed by the Duke of least properly staffed. Obviously hammer the truth out of this witness, but Atholl at a conference of Scottish Savings, "men cannot be engaged on spas the magistrate gets it, for he seems to workers held at Ayr. Before the war only modio and uncertain' granta. possess an uncanny faculty of distingu. 345,000 persons in the United Kingdom ishing between the true and the falso were holders of Government funda. Now In the course of a couple of hours be the number is well over 20 millions. Scot will unravel a murder mystery which land alone has invested over 500 million would occupy a foreign court for several pounds in War Savings Certificates and days without elucidating the facts. If

0

NEW-YORK, December 18th. According to the Associated Press cor, respondent at Warsaw, the police state. that Lindenfeld has confessed and agreed, to turn State evidence. He has given full particulars as regards the conspiracy and declares, that the carefully planned in tention to kill Morgan miscarried owing

It behoves us, therefore, to consider, and to consider very carefully, the qualities which may be given to British influence in China Clearly they fall into two classes. There are those which which may be given to it by ourselves. to the bomb exploding prematurely. He It is with the latter that this article also says that the Third Internationale is concerned. In the days that lie ahead of Moscow paid the New York Com-wo shall hate a clear choice, the choice munists $30,000 for distribution among between being what is termed reaction- the five principal conspirators, all of

ary and what is termed progressive. whom are now in Europe.

By reactionary" in this connection

THE PLEBISCITE RESULT

BUDAPEST, December 19th. Voting in the Oedenburg plebiscite re sulted in 15,340 votes for Hungary and 8,7 for Austria-

MOPLAH CASUALTIES.

DELEI, December 18th..

The naval sub-committee's action to- ward the five power naval pact has there- Tore been delayed pending an answer from Paris both on the ten ship pro-

It is officially announced, that since the gramme and the American counter-pro- outbreak of the Malabar rebellion 1,828 posal for a French capital ship of 175,000 Moplahs have been killed, 1,500 wounded, Bons, compared with the present 164.000 | 5,434 captured and 14,241 kave surrender- tons. In this all other delegations inter-ed voluntarily, " ́ested concurred. Signor Schanzer for

Italy cordially accepted the counter-pro-

posal, provided that France also agreed. FAR EASTERN CABLE

WAR RESPONSIBILITY.

CORRESPONDENCE BETWEEN EX- KAISER AND HINDENBURG.

NEWS.

{BY COURTESY OF THE " CHINA MAIL."]

SHANGHAI SUPREME COURT CLERK SHOOTS HIMSELF.

Chairman of the Conference in Com mittee, and at the end of the Conference the Chambers adopted an educational report which will have a definitely pro. gressive effect.

country, is going to be progressive. "This Association stands for equality of opportunity, the open door and the cause of peace and good government in this country," said Mr. Mackay, the Chairman of the Conference. "I am confident that LONDON, December 18th.

I correctly interpret the spirit of this A significant commentary on Gør-

SHANGHAI, December 19th.

Conference when I say that we are firm many's attitude towards reparations is

Mr. B. R. Comley Adams, assistant friends of the Chinese people; we seek afforded by the publication in the clerk in the British Supreme Court com. Deutsche Allgemeine Zeitung of corres

no rights which are incompatible with mitted suicide yesterday morning, shoot justice to them and will lend support pondance between the ex-Kaiser and ing himself at Vancouver Lodge. Heta no schemes which are inconsistent Hindenburg. Writing on March 30th, died at the General Hospital three hours with best interests," said Mr. Kennett, Hindenburg declared that the Versailles later. He had been suffering from shell Treaty aimed at the annihilation of Ger shock, and gas poisoning and also from many. The fiction of Germany's res insomnia. He served with the colours ponsibility for the war was the founda practically throughout the war. He was tion of this policy. Germans were terri- single and his age was 39. bly penalised for this admission of Ger- many's responsibility, wrung from them LATE MR. A. OREN'S FUNERAL AT against their convictions from German

SHANGHAI. representatives at Versailles and it was antrue that an admission of Germany'a guilt was made by Simons in London. Replying on April 5th, the ex-Kaiser calls God to witness that he did his utmost consistent with the security and integrity f the Fatherland to avoid war. maí 10 talk of Germany's guilt for war is out of the question. There is no longer any doubt that not Germany but the Entente methodically prepared forwar and deliberately brought it about.”

·AFFAIRS · IN INDIA.-

A LOYAL DEMONSTRATION AT __BENÄRES.A

SHANGHAI, December 19th.

with the death of the late Mr. A. Oben, The funeral ceremonies in connection a director of the Sincere Company, took place yesterday and were largely attend. ed. The deceased, who was a devout Christian, was buried in the Cantonese cemetery.

P. AND O. DIVIDEND.

A recent issue of the Times says:-A reduction in the final distribution on the Deferred stock is announced by the Peninsular and Oriental Steam Naviga tion Company. The payment will be 6 LONDON, December 18th.

per cent., free of tax, making with the The Indians resentment at the efforts interim dividend a total distribution for of agitators in connection with the visit the year ended December 30th of 12 per of the Prince of Wales is exemplified by cent. (tax free). For the previous year events at Bepares, where, despite pro- the company paid a final dividend of clamation of hartal, large crowds massed per ecat, plus a cash bonus of 3 per along the Prince's route. The hartal was cent., making 15 per cent., (free of tax). entirely ineffective Generally speaking. In addition it the repeated the practice as well-informed correspondent inbegun in 1919 of paying a rip dividend India remarks, when not terrorised by a of 6 per cent. The present dividend of small minority of axtremists the immense mass of the people of India have shown

bery desire to express their loyalty. PROMINENT NOM CO-OPERATORS SENTENCED.

Of British effort in China hitherto three things may be said,

(a) that in the modernisation of the country the British have played a part educationally far emallor their other activities in this country justify;

(6) that - result of this, British influence has been, unduly narrow- ed to the spheres of business and (c) that this narrowing is a bad thing both for Great Britain and for China-for Great Britain, because

1

funds on the following linea: "The Committee propose to deal with 1-Eighty per cent. of the total is to be given to schools; 20 per cent. to medical missiona..

2-The latter proportion is to be dis tributed outright For the needs of the medical missions which it is Lesired to meet, and which were cansed by conditions that will not recur. The object of this part of

4.-The allocation is to be based primarily on the number of pupils of secondary grade in each school, a certain sam to be reserved be fore distribution on this basis to enable special grants to be given in cases of special peed, 5.A farther principle underlying grants will be that they are not to ... take the place of financial support hitherto received from Missionary and other cORTOES.

The

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BIGNAL MISTAKES.

escaped because of mistakes in signalling their submarines and mines.

The Germans did not escape because of They

out of the line damaged. The second in- cial moment when the fagship dropped both sending and reading at the oru-

command received a mistakon impression of what his chief expected him to do. One is merely left wondering how any man, knowing Beatty,, could have been misled into actions so unlike anything which that Rupert of sea warfare was likely to order at such a juncture.

Misunderstandings in signals, too, led to confusion and the escape of the enemy battle-cruisers which bombarded Sear- borough and Bartlepool on December 16th, 1914. Beatty's scouts were actually in touch with the fleeing enemy-who was pinned between our battle-cruisers, and Warrender's battleships when a signat "Light was flashed from the Lion, arisers resume your position for look- out. Take station Sve miles ahead. was meant for the two wing light cruisers only, but it did not any so: the others felt there was no course but to obey. So the enemy slipped sway into the mist.

Sir Julian Corbett is pitiless in his exposure of our blunders. It is as well. An official history should tell the whole truth.

SCOTTISH THRIFT.

the magistrate wore upright and many Government loans-an average of £100 for of the old time men were justice would every man woman and child in the land. These are remarkable figures; they speak done although obviously it was in his power to make out any kind of case he not only of thrin, but of something even pleased.

more relevant to the prosperity and This method of swearing is supposed been understood that one reason for the stability of the country. It has always to have been abolished at the revolu

ment.

PERSONAL LIBERTY.

Such is the educational policy of the tion, but it continues as before, save in rational conservatism of the French pea it minimises the just rewards to Associated Chambers in qutline, and places where it may come under foreign santry is that they have a real stake in which the work of her sons in this business men will, we think, agree that observation. It is reported the Russians the country. They are not readily cajoled *** country entitle hor; for China be it is thoroughly practical-in the first in Harbin are occasionally sworn in this by the plausibuities of the agitator be causa British education has certain place because it is not designed to at-way, and when extrality is abolished it cause their savings are invested in Goy- qualities which are not to be found in any other. The fact that tempt too much; in the second, because will be our turn. There is however, one ernment funds. And so with the 20 mil- lion investors, big and little, who have it i designed to attempt more as more comfort for those in the know the lick

It amongst the just rewards alluded becomes possible. The scheme is, in ings can be made an utter furce by the grownup since the war in Britain. to are commercial opportunities is fact, capable of adaptation, and exter application of a little palm oil to the means that half the population of the United Kingdom are directly concerned the least important consideration.tion of resources. It is a scheme into hands that wield the rod. The issue is a much bigger one which the smallest contribution and the

in the maintenance of the British Govern, than commercial opportunity. The renission of the Boxer Inderuity will issue is the all-round part which alike fit, as will also the natural profer Britain not only as the leading ences of individual communities, which

POLICE BOOTS AS ORNAMENTS. Power in the East, but do the will be able to support the institutions Lecturing on "Mount Kenya,” at the centre of a vast Empire built up aituated in their own locality through Central Young Men's Christian Associa on traditions of government from the channels of a central fund Nor is tion, Aldersgate-street, E.O., last month, A Hyde Park orator returning home which every free country in the there anything in it inconsistent with Mr. Halford Mackinder said he discover finshed with his efforts, and also from world has borrowed, ought to play what are belleved to be the co-operative ed in, a remote part of Africa. a number certain spirituous causes, found a mild in this country which is daily plans of the China-Educational Commis of nativos dressed in the familiar uniform curate seated opposite in the tram-car reacting to foreign ideas and sion which is understood to be aiming of the metropolitan policemen. "I found, "It may interest you to know," he said example.

at systematising education in Chim on said the speaker, “that the cast off uni- truculently, "that I don't believe in the Fift en prominent Non-Co-operators of Payment now declared seems sufficiently bers of the report just referred to and national endeavour Progressive both had been sold to the natives We gave nodded, and went on reading his newa

The adoption by the Associated Cham- federal lines while leaving full play to forms had somehow got over there, and existence of a 'eaven." The curate merely the United Provinces including office explained by current conditions in the the subscription of over Tla. 95,000 as in design and spirit the operation of the them boots, but ther soon took them off paper. You don't quite realize what I'm bearers in the Indian National Congress shipping-trade, tho-market-appeared to the beginning of a fund to put it into scheme will, if successful, place British and slung them round their necks as orna trying to make clear. I want you to ad the Khilafat movement have been bo disappointed with the sanouncement; effect show that these facts are appre educational influence on a footing with ments. (Laughter.) On one occasion understand that I don't believe for a sentenced to periods of four to eighteen and P. & O. Deferred stock yesterday ciated by leading British business or British commercial and financial in some natives came to our camp, and single, solitary moment that such a place months imprisonment on a charge of us quoted 15 points lower at 200. At ganisations which have appointed the fluence and in so doing invest the latter through their chief, said: We don't as eaven exists." "All right, all right," maisting in the management of unlawful this price the yield on the stock is £4 following members of their stalls to with greater potentialities for the re want to fight you, and we don't want to answered the curate pleasantly," go to ociaticos. Altogether there have been 4. d. (net), equal to just 8 per cent. serve on the Committes authorized by formative work which the difficult times fight your friends, but tell us whom we hell, only don't make quite so much fuss 13 arrests in Dolbining into a con a less-tax basîs

the Conference to jackle the educational that lie ahead will certainly demand

ebout it."!

12 por cent is, therefore, the equivalent of 12.7 per cent on the capital at it stood. before the scrip distribution a year ago and representa nearly 134 per cent, on the capital-shown in the balance sheet

BOMBAY, December 18th two years ago. Although the reduced

may fight."-