1923-07-26 — Page 3

Page

OKEh

TheNavukat Traky

LATEST

4848-Honeymoon Chimes... Dreamy Lotus Land...

1857-Seduccion

Electric Girl...

4359-Morsing Will Conne

Little Rover

4839-Honolul Nights

Who's Sorry Now?

4882-Louisville Lot

Henpersal Bhics

4563--Keep it under your Hat

Old Enrold...

4866-Yes! We have no Bananax

I've got the Ain't Got Nothing Blues

1967-Lonesome Journey Blue

When the Jazz Band Starts to Play

1889-Beside a Bubbling Brook Blue Hoosier Blues

4861-Barney Googhị

Nothing Bu

4333-Souvenir.

Humore

4830-La La....

1/ Glalioli

48344-America

The Star Spangled Banner

4835-The Red, White and Blue

Hail Combin

HITS!

...Waltz

do. ...Tangy

„Fox Trut

do.

do.

4.

Jo.

do.

3o.

lo

to.

do

lo.

11

ปท

do.

de.

da.

do.

...Violin Sulo.

do. ..Saxophone Soi

du.

...Male Quartet,

....Contralto.

Baritone.

OKEH STUDIO,

THE KONGKONG DAILY PRESS. THURSDAY, JULY 26rm, 1923

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BOOKING AT THE THEATRE.

BIDDING AT BRIDGE.

JA COMPENDIUM, [DY SIR WILLIAM WILKINSON.)

PLAYER'S DECLARATION. FOURTH

FOURTH FLAYERS.

A CAPITAL LEVY."

SIR JOSIAH STAMP ON DEFLATION,

Speaking Newmarch Lecturer at University College, London, on June 20th, จน "Economic Aspects of a Capital Levy,“ Sir Josiah Stamp dealt with its immediate defationary effects on the assumption that the lary was feasible in practice. He con; rasted the opinions of those who argued

must ensue with that great inflation views of those who conakleret that heavy dedation would result, and said that looked at a part of the question each

it were the whole, problem, whereus

eudeneies in, both exist, woukl

and the real fourth directions

was as to which would prevail on

4.-" lini on the bidding" (Foster, 448),

but if all the other three players hat pissed: make ny STRONG teriamtion that your hand justifies. Do not declare

No-trumpa on N Kerk no

no-trumper, martly only and treaded it

because the other players pannel. So Dalton, p. 60; and Owen, p. 44, Irwin,

you

让

the available cash and means of production were not to he encroached upon, but would merely clunge hands, no tendency to inlin tion or dedation would in consequence ba

47, when all three have Insert 14hould never inake a weak in: hence. It was often urged that because

play or shin should, never bid except with more than a fair chance of going game, or of curing high honours:

p. 40, nu one but an idiot would bil " poor no-trumper as fourth player. Borgholt-e may be foxing, or the set up.

97,

Love an Average hand, someone

This did not dispose of the matter, “Las cards lie evonly (in which case you should

yourself cause the intention behin the funds in PA): but whenever you find find

the hands .of. their now holders with a strong hand and see your way to

not be identical with the game, do not hesitate to go for it. So would

intention of the original holders. The S. 15.2.22) advises 3. Dalton (E P. if he has a really strong hand, to call payer of the levy who had sacrificed liquid ajor suit or in No-trumps. resources would be demanding working

recipient of Foster, P. 19, if the bid comes to him, capital, but the the three others passing, fourth hand should (whose war loan was redeemed) would not. hold them as trade capital, be very strong to venture a declaration of always wan

the welium of Lank deposita,

any

of those resources

otherwise en or eight tricks at least, even thoften want to acquire secu

a snag, or

but would

as like in character to war loan as he He anticipated

an enhance demand for all "no-¡ prior lien

Les of ordin anla

shares,

of the

the

for

the

would be debentures

he is almost sure to run up against or find that he has cleared the way for a Blood of secondary bids that may bid no Foster, should be m him. tramps fourth and four suits stopped, and there should be at least seven lesser known ones, with greater

a time than at prosent existed bet tricks in hand. To bid a suit, the hand should be at least three tricks stronger than market yield of the two classes of s

The demand for working capital would be necessary for a free bid as dealer.

Work, p. 104, the chances are that with wet partly by creating many new sverage strength in Fourth Hand, there is and mortgages-aurl thrus satisfying some of strength in each of the other hands. the requirements for prior securities-and partly It is wiser then for him to pasdits. The extent to which direct assist by indation through new bank struggling for a doubtful odd trick is not credi worth while unless that trick will win the ence would be required by ordinary trasle game Emmet, p. 43, you should, where was, however, often much exaggerated. that it would be more than equalleri" by coming

from life tenants lo could realize capital to pay the levy, and remaindermen" who intl no famls in hand. He anticipated that many who had relatively

(you have no partial score, pass unless you can He though new deuand for credit

make five tricks,'

43. When Denter has called Due Noleump

and the other players have passed, Fourth Player must, mille, show Second

cheat muit tupen. Ind similarly Deuler's hil was in a major suit. "Iƒ ša a minor suit, pars unless you can go yuase from your ven hand.

all amounts to pay would be tempted to mest the charge out of income without

So Dalton, p. 1; Bus:ale, p. 58. Anthony,atching upon capital, and from this he

p. 60, he must never hazard absurdly rash declarations with the sole object of telling

is partner what his sui Hingley, p. 37,

his

fourth player may have to be more chary in calling Two, unless the No-trump gives opponents the game.

Foster, P. 249, many good players think that any hand that is good enough for an original or free bid should be good enough to ask a lead when the dealer says No

hands tramp,' but (p. 950) there are many in which this is dangerous, unless prepared to save the game against any possible

The fourth hand is in the worst possible pusition for a doubles, aut shouki either but his suit or sit tight and try to save the ganie' (p. 219).

ed nt

11.40

Bergholt, p. 95, if denier has bid in Clubs or Bimonds, and the other two have pass ed, and you do not see a likelihood of game in your

land, let the dealer play it out. if he has made a higher call, and you think that, unless your strong suit, is open once, the game is gone, you must bid to show your partner how to save it

Puchabo, p. 16, Fourth any ventur

tive or six card suit headed by 1 any A, Q; A, J, 10; or K, Q even. In fact he should to so not so much in the expectation the call, but for the purpose of of getting telung his partner what suit to lead in case the adversaries get the declaration by calling

No Trumps.

a measure of deflation, will reduce demand for consumption goods and a fall of price, partly offset by an increased demand for "

capital or production" goods.

It considering the second series of effects following £3,000,000,000 of war loan redanip- tion, the lecturer said the true question was not how much bank credit is now based upon the war loan to be redeemed, but how much

of based credit

the whole mass upon

gilt. com edged and prior lien securities now te that could

based pared with the amount upon that mass (diminished by £3,000,000,000) as redistributed after a levy-the redistribu tion of requirements being almost as impor tant as the reduction in the basis. On the whole, he held to the view that the degree of detation would be considerable, though not disastrous. He distinguished this credit deflation sharply from psychological defla- tion due to Stock

influences and the wholesale

of securities, which selling ge

if based upon might be equally extensive

the ensued, extent to which credit deflation unreason as upon sound reason. To the economic ohject of the levy to make the future burden of taxes for interest and principal less onerous would be partially defeated.

Tise

when the rise

wight o

trade tenden-

lecturer then showed that any im- portant deflation during the progress of that part of the levy which depended on instal ments would have effects most difficult to remedy, and full of injustice und bardship to Emmet, pp. 43, 4, discusses the question individuals. The naly justibiable whether Fourth, hulding

a solid suit, for a levy in all ecominic sense, th should call another suit with a new of be on the the te decising the opponent and of a subsequent cycle, double and possible redouble. He thinks cies to deflation and reduce to a minimam the trick is a bit on the side of meanness such inequalities and hardships attaching to by Dalton (E. S. 8.2.22), taking Foster's Game

all persons who could not meet 86 (p. 230) as a busis, now approves that outright transfers of securities, but who were he admits to be the blu call' of Two Clubs obliged to pay by instalments, or to mortgaze by Fourth on six Diamonds to, A, K, Q and their assets, ar obtain adjustments for life Ace, & of Clubs. [The conclusion would interests in the decade following the initia! seem to be that Dealer should pass and imposition of the levy. slaughter any such call. See S. 28.) 44.When Dealer has calial, and Second has garbid, Fourth must be cautions (as the bid may be forced: see . #1), Third has also called, Parth shoubil, az a general stre, pis.

Dalton, p. 63. Bascule, p. 33, discusses the case where Third has not overbid: if Second

game,

MUSSOLINI ON FUTURE OF FASCISM,

"!

During a speech at Padua recently, Signor Mussolini declared that it was the wish both of the people and of their lead- ers that Imperial Italy should become the

to falfil his contract, or to go reality of to-morrow, The Premier said is north' need not hesitate to make the he could not abandon Fascism, for he had appropriate over-call. If Fourth is very created, raised, strengthened, and kept weak (eg has only eie small) in Second

call, he must deny the suit, by an over-call the movement in order, and he still held (Foster p. 138). In any case he should allow it in his hand. It would be absurd to for the possibility that Second may be a believe that he was going to end up by full trick weaker than he should be if it conforming to the old Parliamentary routine. He was too aristocratic not to were a a free bid (2:1

2. Foster p. 52) Emmet, p. 20, Fourth should simply creslit entertain a distaste for Parliament. Second with being able to make four tricks in his own hand. Pachabo (2 Pachabo, p. 31) notes a case where

after Third has passed should raise call "as! high as possible when there is a chance that' the opponents will switch to another sait

When Second Player is the firet hiddler (Dealer having passed) Fourik Player is in the nave position us was Third chen Dealer was first bilder, and y est loyally support his partner.

Dalton, p. 62, Bergholt, p. 07, the only difference is that you know the hand. bebind to be deficient in high-card

mora

I

-may That you

call of Clabs

Bebid partner. has declared No-trumpe, and Third Hand has pissed, you take him out, if neces sary, in

in a snit, exactly as in s. 35 (c). If Third lins bid two. of a a suit over your part ser's No-trumps,

the situation is practically the Same GA in x 38.

or by a major suit. If your

meru

مسيلة

four

Foster, p. 25, notes a difference: the bulding indicates that an undeclared major suit is split up' (that is, no player holds cards in it) and Fourth may fus he illustrates on p. 253) take advantage of this knowledge. 46.-Do not take your partner ista No-bumps

unt of a free bid of Spades or Hearts or out of a forced bid, in any suit (major or inor), unleer you can put him in ・TWICE Seen).

Cancer is nearly sa common amonget

| mice as amongst man.-Fr. C. E. Walker...

Welshmen sing hymns at football matches because there are no Welsh comic songe-Mr. Modoc Davies.

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