1922-10-19 — Page 7

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THE HONGKONG DAILY PRESS, THURSDAY, OCTOBER 19TH, 192%.

WORLD THEATRE

Hongkong's Most Modern and Coolest Picture Palace.

TO-DAY 5.15... and 9.15 r.x.

The Most Beautiful Girl on The Screen.

MARION DAVIES

In

THE BURDEN. OF PROOF

A GRIPPING STORY OF LOVE AND INTERNATIONAL INTRIGUE WITH A FLAVOUR OF THE BIG WAR FOR A BACKGROUND.

2.30 & 7.15 p.m.

CHARLES HUTCHISON IN "DOUBLE ADVENTURE.” Episodes, 14 & 15 (Final).

USCAL PRICES. BOOKING AT THE THEATRE.

Tel. Contral 2313.

P. O. Box 530.

MADELINE PEARSON

AFTERNOON AND EVENING

GOWNS

2. Queen's Buildings. Ice House Street

(opposite Café Wiseman).

Bedtime

When you feel you want a drink last thing at night take the best of all hot drinks-Bovril.

Have you tried aspoonful of Bovril in hot milk before retiring

Always have

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'AGENTS AND MERCHANTS.

We manufacture products that.

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11

GERMAN WAR DEBT.

REPORT BY BRITISH ASSOCIATION.

EUROPE'S CHIEF NEED,

At the meeting of the British Asociation at Hull on September 13th, a committee reported to the Economic Section on credit currency, finance, and foreign exchanger. The Secretary (Mr. J. E. Allen) summarized the report for the benefit of the members.

On the question of InteriAllied debts und German reparations, the committer pointed out the rastness of the sums involved in comparison with the princtive power of the debtor countries, and also with that of the recipient countries. The amounts to be paid by Germany were still indednite, and questions which ought to have been considered and decided in accord ance with common sense, and economic Law, hal bet confused by electioneering and politica exigencies. No unbiased observer imagined that the enormous sums imposed by the Peace Treaty chuld ever be put by Germany,

abort-lived booms, followed by longer depressions. It would seem to follow that a policy which would check the boom period would be advantageous in.the long run.

The great need of financial reconstruction it was really, more important to act on credit was stable conditions, and to attain this end than on currency, and accordingly the banka could do more than the Government.

INDO-CHINA

7

STEAM NAVIGATION COMPANY, LIMITED.

SAILINGS,' SUBJECT TO ALTERATION.

SHANGHAI & ANTUNG

KOBE

HAIPHONG

HOIROW

NEWCHWANG ria SWATOW,

TAKSANG"

"BOSANG."

...Thursday, ...Friday,

19th Oct, 20th Oct,

Nood Noom

"LPESANG"

...Friday,

HINSANG"

Friday

20th Cat 4th Oct,

Noom Noon

YUENSANG " ...Friday, CHIPSEING

...Saturday,

guth Oct, S patilla 21st Oct, 4 Patta

24th Oct. 10

4. РАКНО... ... SANADKAN MANILA TIENTSIN

TSINGTAU SWATOWTM

SHANGHAI BANGKOK SWATOW STRAITS & CALOUTTA TSINGTAU SWATOW

&SHANGHAI HAIPHONG vs HOIOW BANGEOE via SWATOW STRAITS & CALCUTTA KOBE.....

Pussing to the question of armaments, the Committee considered that on the whole excessive and competitive armaments caused more political insecurity than they cured;; while they also made it impossible to balance budgets and stabilize the currencies of countries without public credit. The chief news of Europe with the reduction öf military budgets to a police level, but the Committee were not sure whether the Army should be proportioned to the population or the cost proportional to the tax renue. The unsettlement of the war and the consequences of making a fetish of nationality at the subsequent Feure Conference hail résulted in a good deal af political instability, both external and internal. In several cues forces, largely in excess of the necessary atinimam were maintained, and is enied probable that several entries would have to apply the SHANGHAI pruning knife themselves, being driven to

Sir Drummond Fraser, the well-known bunker, dissented from the other members of the committee, holding the view that Germany was able to pay her full reparations if a genuine business proposition were by huascial exigencies. It was possibly placed before her, drafted by business men

an argument against an immeliite cun- and not politicians plus aculeinicians. Hudiation of war debts and wär obligations. the case been reversed, Germany, he held, would not only have put à sound business proposal before the Allies, but she would also have exacted the uttermost farthing or reparations."

Four alternative plans, which appeared never to have been contemplated on either side, offered themselves, said the rommittee, in place of exacting full payment. These

were--

(1) Granting delay in payment of interest

and instalments.

(2) Reducing an agreed rate of interest..

Reducing the principal of the debt. (4) Forgiving intrest for a certain manter

of tears.

AMERICA'S POSITION,

If a general reduction, or even a 'can- cellation, were made" by the United States, With Great Britain participating as an act of equity and friendliness, du adverse effects need has, anticipated. The offset- ting of debts as between the Allies was obviously desirable, but it was not easy at present, owing to the doubtful nature of some of these debts, The important coun- try for the remission of debt was the United States for the offsetting of debts the important country was Great Britain. Probably from the British point of view the time would not be ripe till a reason able valuation could be put upon the debts owed to us. It was suggestive that the worse the financial administration hel been in the past the more ready we were to accept foreign obligations to this country. as irrecoverable,

Cancellation of good delis, such as ours to the United States of America, quld be likely to benefit the debtor tomfry by rai. ing its exchange, improving its credit, and rebering its internal financial difficulties, thereby bastening its industrial recovery and indirectly that of other countries. At present the debts caused little inconvenience because no attempt was being unde to pay even the interest, except, to America by Great Britain. It seemed reasonable, there fore, that the Inter-Allied debts contracted in food and munitions at exorbitant prices should be scaled down and the creditor country should agree to receive interest-il tariff-free commodities of the debtor country, If German indemnities were reduced to a level at which they were generally recogniz” ed as within her capacity to pay her bonds might be saleable abroad and capital, might be available for, among other things, France and Germany to balance their Budgets and remove many of the hindrances to industrial

recovery.

It was not certain, however, that the competitive power of Germany as an export ing country could be lessened if her liabilities on account of reparations and indemnities were cancelled or reduced. The stimulus to exports given by a depreciating mark was not a healthy or lasting one.

vl the

- DEVALUATION OF CURRENCIES.

The Committee were divided on the ques tion of devaluation of European currencies. The majority held that some currencies, such as the rouble and the Austrian crown. the Polish mark and the German mark, had lost all relation to their pre-war, value and must bewaled down. It seemed doubtful". if the Italian lira and the Greek drachma could revaver. The real problem was that of the franc. On the whole, they thought that the polity of the Bank of France, aim ing at the ultimate restoration of the frune to its old gold purity, was an unwise and prolably impossible one. When countries who currency was depreciated 01 8' co- siderable a scale saw their way to balance their budgets regularly, they should cou- «iler means of giving the currency unit a gold value lower than its nominal gold equivalent.

"

Professor A. W. Krhaldy, vice-president of the Economic Section, said one could not help feeling that those economists whe bad been in the limelight had not been very helpful.. some Leing too nervous to give a definite opinion. The unofficial report of an. investigator who recently studied conditions in Germany lisclosed the rather remarkable fact that the business houses and trading corporations had not yet been assessed for Lincome tax for the year 1920. In other words, the money which ought to have gans to taxation was" being used to improva Germany's industrial equipmens.

"YATSHING" Tuesday, "OHAKSANG*

Tuesday, "LAISANG Tuesday,

"BANGSANG

"MINGSANG'

"DRUFAR

"BOSANG

Thursday,

fith Ooh, 10 m

24th 'Uct.,

3 pre

6th Oct, 10 am

31st Oct. 10

Friday, 27th Oct, 10 am). Tuesday, ...Thursday,

9th Nov. 3 p.m.

... “KUTSANG...Thursday, 16th Nov,, Noon. CALOUTTA LINE – Thù Line afforda regular Ballings ce Calcatta, Penang and

are

to

Singapore; returning from Calcatta steamer proceed vin Straita and Hongkong to Japan, occasionally calling at Shangha All steamers have excellent pisenger sccommodation, fitted with Blestele. Light and Fans and carve a fully-qualified. Surgeon LIND-Salings approdmately every three days between Canton and Bhanghai, omenimos calling at Swao. Through Hicks can

issued be obtained and through Bill of Lading re Norther and Tangise Ports via Bhanghal MANILA LANE:-A weekly marvice is maintained with Manlis by rosaels with good

paenger socommodation, sailinge from both ports every Friday HAIPHONG LINE 8«liingi approrimately weekly, for passengers and cargo BORNEO

calling & Falhow when inducement offera LINE-Fortnightly sailings to and from Sanda. by two 5,000 bom

beamers 1.6. “HINSANG" and A. MAJNANG" both steamers of having excellent passenger accommodation. Cargo taken through Bula of Lading for Kadat schon, Labuan Tawao and Lahad Dat LINE-A regular service is run from Marob Movember between

Hongkong and Tientsin, calling as Weihael and Chefoo LINE:-A weekly service is provided between Hongkong and Bangkok,

via Bwatow, by äve, steamers Ästad with up-to-date „passenger accommodation,

TIENTSIN

BANGKUK

CALCUTTA

LINE

"... "LAISANG" will be despatched on or about Tuesday, 24th Oct., at 3. p.m., for SINGAPORE, PENANG

& CALCUTTA,

Through Bills of Lading issued to RANGOON. MADRAS, PORT" SWETTENHAM and DUTCH EAST INDIES.

Fr Freight or Parrage apply to-

Jarding, Matheson & Co., Ltd.,

TruEPHONE: "Cașrral No. 215.

GENERAL MANAGERS,

GLEN AND

SHIRE

Even an eronomist could use his imagi nation and try to see what would have happened in Germany been the victor. There would have been no shilly-shally. The amount which fermany would have exacted woull have been the maximum which would be extracted. He felt per- fectly certain that if our Government had been advised by the soundest commercial people in this country they would have U.K.-STRAITS. CHINA & JAPAN SERVICE.

followed a better course. In regard to dedation the Government had been well advised. By a wise policy of deflation we had suffered somewhat. We had our unemployment diffinities, but, the steps taken in this connexion were calculated to put us on a favourable footing to take advantage of the return of gopi trule when it should arrive.

Mr. Gaga, of Glasgow, said they could not hold down any great nation foralong period of years.in regard to the payment of indemnities or reparations. Mr. Joseph Chamberlain discovered this in the case of South Africa. In view of the fact that the sums mentioned at Versailles were impossi ble and could not be recovered, the first thing to do was to ascertain how much Germany could pue by way of compounding her debt to the Allies.

Mr. Allen, concluding the discussion, said that it would have been better it immediately after the Armistice we had come to an agreement with America.

We felt bound to pay our debts to America, and Germany did not feel bound to make reparation to ÚS.

Passing to the question of national debt," the cominitted expressed the view that immediate reduction was not very important in view

present heavy burden of taxation. The apparent ease in the financial situation largely illusory. It had beer tempor- arily relieved by the sources liberited. the British Government to milk distribu

Was

About £14,000 has to be returned by

Vessel. "GLENGARRY"

*" GLENIFFER."

Vessal “GLENOGLE” "GLENAPP "GLENGARRY"

Joint Service of Steamers.

OUTWARDS.

HOMEWARDE,

Leaves Hongkong

Das Hongkong.

20th October,

16th November.

Discharges

... 23rd Oct., London, Antwer?, ROTTERDAM & HAM1026.

Otk Now LoxDON, Åstwæer, Borzardan & BaXU30, ... 27th Nov., GENOA, LONDON, Antware, Rotterdam & BARKURO,

Movement aga subject to change without notice.

For freight or further particular please apply 】 to —

Jardine, Matheson & Co., Ltd, The Glen Line, Ltd, AGENTS

Telephone Central No. 215 sub-ex. 23 and Central 3686.

TRADE MAR

REGISTERED

Shining ey es

and glossy

Ita

carls

-of your little boy or girl,

that will not forever, stay,

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This transaction is cx-

FOUCAULD

BRANDY OLD MINDA

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PARIS i

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from industry by the exceptionally severe depression. The main points of difficulty tors owing to the decision of the House

an illegal levy. were the Boating debt, the foreign debt, of Lords that the Food Controller made and the method of funding. It was soundcluded from the War Charge (Validity) policy to endeavour to reduce the Hanting Bill and foreign debt as far na possible, and the funda for this purpose must come either from new savings or from the Budget. In the present time of depression, and in view of the moderate progress already made, it serged necessary, to restrict this year's contribution to the Budget surplus, almost certainly a dubious result, which might mean negative debt redemption.

J

MILITARY BUDGETS DOWN TO

POLICE LEVEL.

Hal there been adequate economy in Government expenditure there would have been's surplus for a respectable reduction of debt this year. If Government was bound to provide so many millions a year for specific sinking funds, it was forced-to- retrench somewhere, for the national debt. as a whole, the only real sinking fund, was a surplus of revenue over expenditure.

Dealing with the question of currency, the Committee passed the criticism that, taking a long view, the governmental matipulation of currency had been, and, as far as could be foreseen, was likely to be, mischievous. The aim should be to work towards an ultimate liberation of the currency from interference, with the minimum disturbance Further contraction currency should be gradual until an effective gold standard was restored. If things were left to themselves trade was like ly to be rather feverish, with alternations of

of

of.

TERRIBLE ITCHY RASH ON BACK

Irritation So Great Lost Rest. Cuticura Heals."

"My trouble started with a terrible ching on my back." "I rubbed and scratched it and made it worse, änd

a red mash and small pimples. broke oot. The irritation was so great that I lost rest at night." "Turied different remedies but they did not seem to help me. I read an advertisement for Colour Soap and Dintment and went for free sample. Hound it was. doing me good so bought more, and after using one box of Oinment, together with the Boap, I was som picely healed."(Signed) Mr. Eowd, 120, Chatizcis. Square, Walworth, Lordos, 8. E. 17, Eng

For hair and skin, beülth Cuticura Boep and Gintment are supreme. Soap 11. Oletment 18, 3d, and 2a, 6d. Sold

he, London, E. 1. 3. Alm formal orders with geriem. **Callours Boep shares without inNE..

23-20

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