1924-10-10 — Page 2

Page

DCL

* Distillers Company

EDINBURGH

LP

THE HONGKONG DALLY PRESS, FRIDAY. OCTOBER 101, −1924

D.C. L."

MALT EXTRACT

with

PRIVATE CAPITAL.

NEW POLICY IN RUSSIA.

CONFIDENCE OF LEADERS, 1

RIC

0 Recognition that the New Economie Policy is "the only proper one for the

quantities of flour from the State stores. and sold at the usual prices, with the result that bread speculators suffered severely, and the price of bread on the open market dropped as swiftly as it had risen. It is action of this kind that they bave in mind when they announce, as they, now do announce, “we can affirm that we shall conquer" hostile and backward

between socialised undertakings and other economic forms."

COD LIVER OIL Pre does not mean any theore euonomic forms by the market struggle

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THE DISTILLERS

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Per 2 lb. Jaz va

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DAIRY FARM NEWS.

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tical relaxation in the Communist dislike of private capital and private trading. It merely means that these things are not to be prohibited, that they

Apart from this advantage which the are to be allowed to continue in the cer tainty that at present they are essential State trading institutions have over to the well-being of the country and in others there are many more. The State the belief that by the time the State will can depress the balance against the pri have become able to perform their funevate trader in a thousand ways. It can tax him at a higher rate than the social- tions they themselves will have found the game not worth the candle. Thus, so far ised or semi-socialised institutions. from the new attitude of the Communists van tax the individual who trados pri being a recaptation of former beliefs it vately more than it would tax him if he is a renewed affirmation of them. The were to sell his trading ability to a co Communists are so convinced that State operative institution. I can charge more industry and State trading are economic rent to private than to co-operative firms. ally an advance on private industry and it can give credit only to those economic trading that they are prepared to let the forms, of which it approves (though it has two fight it out while carrying on busi- already discovered that in su doing it may ness, in the perfect confidence that sooner itself be heavily out of pocket). In or later their own favourite will win general, the State can turn the privato However, they do not for a moment pre-trader into an Ishmael, against whom is tand that they are going to remain aloof, every man's band, and so long as it can hold the ring, and see fair play in the do this without efeating a feeling that it struggle. For them, the whale point of is itself lessening the general supply of the revolution is that it enables the State commodities it will meet with no opposi-` to be unfair to the private capitalist. tion whatever from the public, to whom it is a matter of indifference and not of principle where it buys. On paper, in- deed, with all the advantages it has, the State should beat the private trader out of the field. In actual fact, only stout partisans oue way or the other are very certain as to what is happening in this dim, shadowy struggle, which, though touching every side of Russian life, is ignored by 99 per cent. of its participants. Statistics are of no avail because it in "Competition on the market by the impossible to get at the figures. The Proletariat means competition by the Communista themselves cannot any where State itself, the Co-operatives, and by the State trade caves off and private trade State trusts, etc., which do business on begins, how far private persons are bene behalf of the Proletariat," The new fiting by State trading, or what private Commissariat of Internal Trade is intend-transactions may or may not be actually ed as a sort of general headquarters for strengthening the State, which has had co-ordicating and directing this competi- the lion's share maybe in the original tion, which, as the Communists now see manufacture and sale of the goods con- it, is far more subtle than any taxing ceraéd. One thing, however, is clear, the private trade out existence which and that is that the most important was once the notion of some of the more article of State export-namely, four-is simple-minded. It means the assumption. actually strengthening throughout the by the State of the functions often per country the innumerable small private formed in other countries by large com- capitalists who produce it.-A. Ransoms bines which, by dumping.or by refusing in Manchester Guardina. to sell, contrive to throw their rivals out of húsiness or to raise the selling price of a cominodity. The Communistă hope by the same methods to throw out of business their rivals, the private capital- ists (not at once, of course, but by a lengthy process), and, in kraaller things, to prevent any change in prices of which,

A NEW COMMISSARIAT. Conipetition on the market on the part of the Proletariat is no less than o specific new form of the class struggle. Consequently everything a fair, and though the private capitalist will not find himself legally abolished as in the period of militant Communism, he will find it quite useless to expect any justice from

the referee.

H.K.W.G. & M.C.L.

they do not approve. They see all this CHILDREN'S FÊTE.

part of the struggle with private capital as a struggle between rival combines, and they think that their own combine is the better armed of the two.

SQUEEZING A STATE TRUST.

This clear conception of the fornit the struggle with the private capitalist is to take has not been reached suddenly. It may have been in Lenin's mind. It was certainly not in the minds of the bulk of his followers during those years when, gritting their teeth, they watch- ed the first effects of the New Econdwie Policy that they then regarded simply as A concession forced from them by the hostility of the peasants. They have reached it by an adventurous process of self-education. During the years which,

SATURDAY, OCTOBER 25TH, 1924

WATCH THIS SPACE.

!

KEEP THIS DATE.

[1327

as distinguished from those of the exult P&O, BANKING CORPORATION

ant slow murder of the rouble, may be described as those of the rouble's reprieve and subsequent astonished convalescence, the Communists in charge of the financial

organs of the State, under the tutelage

LIMITED.

(INCORPORATED IN ENGLAND, 1920) with which is affiliated

TEX ALLAHABAD BANK -LTD,

INDIA.

| of several specialists of the old regime, have come to find that they control an extraordinary number of levers mich |AUTHORED CAPITAL more subtle in their fteers than the sim- SUBBED AND PAID Ur

rile, obvious levers of confiscation and dis. | Bzxxxv. FonD

criminating distribution of which at Srat they were exclusively aware. They have been tentatively trying the effect first of one and then of another of these fascinat ing newly discovered levers and, experi- menting at first on the unfortunate bodies of other State institutions, have convinced themselves of the universal operation of certain financial laws which elsewhere are accepted as axiomatic. For example, they found with ingenuous glee that by refusing credit to one of their own trusts- they could compel it to bring down the prices of the goods it manufactured Comrade X of the trust thought this very unfair of Comrade Z of the Commissariat of Finance, because it lessened the beauty of the balance-sheet he had been hoping to present. But Comrades A, B, C, and D, looking on and observing the desired fall in prices, applauded Comrade Z loudly, and said that they had never seen anything so clever in their lives. Would he please do it again And Comrade Z, delighted, did it again, until some of the trusts were squeaking for mercy."

ROUTING THE BREAD SPECULATOES. Well, if you can make one of your own trusts squeak for meruy and, although with the ear of the Government, squeak in vain, what can you not do to the pri vate capitalist And, ns the result of a number of experiments, it has been dia covered that a great many things of this kind can be done in far more effective ways than by decrecing maximum prices, forcibly closing down shops, or pulling the small "private" trader together with his Back from the roof or buffers of a railway waggon. The Communists are now in the exciting, -delectable position of youthful engineers who sit surrounded by levers the purpose of which they have just learnt. They are exultantly looking for ward to using them,

They were recently delighted by a little. skirmish with the private trader over the price of bread at the time when the news of a threatened drought led to a panid in the districts which remembered with hor. ror the, famine of 1921. It was said that the panic was artiñcially stimulated by the traders, but the memories of 1921 Kro too recent to need much artificial stimula tion. The price of bread flew up. The State organizations 'were supported with

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HI

Kun OPER

£5,000,000

€2,594,160 £135,000

122, Leadenhall Street, London, E.C. 3.

WEST LONDON BARCH

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|

BATEAN BRANCHES:

Bombay, Calcutta, Karachi, Hair, Colombe Singapore, Hongkong and Shangbai

The Corporation undertakes General Banking and Exchange Business of every description and in addition to its Branches has Agencies inval the principal Cities of the World.

0. CHAMPKIN,

Manager.

22, Des Voeux Road Central, Hongkong.

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