1925-07-04 — Page 6

THE HONGKONG DAILY

PRESS, SATURDAY, JULY 4TH, 1925

D'YE KEN

JOHN

THE ORIGINAL

HAIG?

JOHN HAIG & CO., LTD.

Tel Central 135.

53)

OPALIEN

THE TRADE RETURNS. SIX MILLION DEFICIT IN A MONTH.

The Board of Trade Returns, N ve familiarly call them, are going from bad to worse, writes Sir Leo Chiozzi Money in the Daily Chronicle, a well-known organ of the Liberal Party. Those of March puzzled the commentators, some of whom declared that they were ap," while others were WITH equally confident that they were "down." the truth being that they were exceedingly

Distillers, Markineh, Scotland.

Sota ABITI :

GANDE, PRICE & CO., LTD.,

Sr. Grozar's BUILDINGS, ICH Hoca STEET,

USE COLGATE'S SOAP AND RIBBON

CREAM

SOLE AGENTS:

THE HONGKONG TRADING CO., LTD.

BANK OF CANTON BUILDING,

unantisfactory.

As for the April reiurus, the truth is only to plain Our exports of British produce and uurinfactores fell by nmurly £10,000,000 as compared with those of the previous month.

True, there were two working days less than in March, but that is small consolation at a time when we need a great increase in our external trade to satisfy the ever- growing demand for a better standard of! life." to

a very challengeable expression..

He

It is only when drunkenness becouses rare that drunkenness appeals w 05 23 24 social crime. When I was a boy we hudly. took notice of a drunkan man: To-day "we are shocked by what has become a rare sight. Thus, also, it is with poverty.

NATION ONCE SUPREME.

The very mitigations of poverty which have been happily accomplished in the last 20 years, by a succession of splendid legis lative achievements, make poverty the more repugnant to us; they actually increase instead of diminishing the demand for The war and the lavishi more wealth. spending that went with it, when little

DENTAL boys could demand and obtain a better

wage than men had recently obtained. helped to create à false conception of abounding prosperity.

Hard upon illusion has followed the an fortunate position in which we find our aelves-that of a nation, once supreme in commerce; now struggling to waistain what is actually a diminished volume of output and export

BRITISH ACCOUNT WITH THE WORLD

(IN MILLIONS OF £).

Jan. to April, 1925 April. 1920

452.3

HONGKONG.

Imports of Goods... 410.4 Exports (a) British

Goods

60.9

269.6"

(h) Re-expona of

Imported Goods

12.4

52:

Excess of Imports of

'Goods

37.1

Deduct

Excess of.

Gold Exports

0.4

·140.4

4:9

Not Excess of Visible

Imports

36.7

185.5

Maximum Estimate of

Invisible Exports".

30.0

6.7

121.6

14:5

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41

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NOTE

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Excess of Imports

A WAR REMINISCENCE.

We were talking of the position at Albert, where the German wave sport itself. The issue was still in the balance, and Sir Henry Wilson, speaking of the temible position which would arise if we lost a few miles more, nid with that deceptive air of We cannot levity be sometimes assumed, allow that!"

I wrote seriously of these things on April 3rd las. Some six weeks have elapsed, and the publication of the April trude So one feels about, this trade criais. returns brings us face to face with further The record seems too had to be believed. decline.

Last month we failed to pay for our imports by exporting. I direct attention to the very plain summary of the matter which accompanies this writing. We see that in April our exports of goods, together with our exports of gold, failed to pay for our imports by £36,700,000.

We must not allow ourselves to believe that we have lost the power to regist defeat.

But bow different the conditions of this trade crisis from those that obtained in the war crisis of the spring of 1918.

Then we were all working together.. Against this serious deficiency our in-and men with the brains to make plans visible exports (ie., shipping services, could depend upon faithful following and interest receivable, foreign financial business, good will. Now we have to face conditions commissions, &c.) ranked, at the most of peace in which men take pride in liberal estimate, for about £1,000,000 athwarting each other and ecunt dialectical

triumphs as great gains. day.

J

There was, therefore, a deficit for the month of about £6,700,000,

I also give the figures for the four meatbs, January, February, March, April. They exhibit a deficit of £14,500,000.

This is a situation which cannot pos sibly continue. It can go on for a time, for we have a great deal invested abroad azd huge credits to draw upon.

A great trade is in peril; what matter, if a successful joke can end a discussion? It is so easy to joke at a funeral.

AN INDESTRIAL TRUCK.

Yet still we must endeavour to make friends for peace, good will and industrial organisation, for in these things alone can the present discontent find remedy.

There must be an industrial truce. There Sooner or later, however, failing more exports, we shall have to reduce our immust be a concentration by employers and ports by cutting down the stream of employed upon the cheapening of produc commodities, which is already not big tion, through economy bath of capital and enough to give satisfaction to our people of labour.

Everywhere more is demanded, even while

the springs of wealth fail

WORK UNPOPULAE,

ᄇ

There must be a better organisation of

the primary industries, in which the trade unions must help by getting rid of the

The position, would be ludicrous if it childish belief that economy of labour were not so terribly serious. My obl means lower, wages, when, as has been friends the postal workers, I see, talk of abundantly proved in America, it mast lead practising the particular form of a canny to higher wages.

known as "work to rule" (ie, holding up

And surely the Chancellor of the Ex.

the service by working its ruler to the chequer must gravely consider whether this But in time in which to impose special burdens letter unless they get more" pay.

where is the more pay to come from whet apen industry.

already postal charges are so high that they are a severe tax upon business?

"There is not only the incredible artificial silk tax, but the fact that those who employ

Not only postal servants, but every class the largest numbers of workpeople are to

of the community, "asks for more out of be singled out for punitive taxation.

less. And everywhere/work is unpopulari

Or suppese we turn from the external trade accounts to the basis of our work

Coal.

-ÚNWAIE TAIATION.

1:

If I earn £2,000 a year by wholesale-

dealing, or as a barrister, I employ few.

widows pensions.

The grave record has just been published people, and avoid much contribution to that in the week ended May 2nd the coal If I am a manufacturer, earning the same mines of Great Britain, with 1,103,600 income, but necessarily employing many wage earners, produced only 4,048,100

tons of coal, as compared with the 5,684,700 people, I am made a special contributor to tons produced by 1,307,800 wage exriors widows' pensions.

in the corresponding week last year.

A fall of 736,600 tons! A fall at the

rate of 38,000,000 tons per annum!

This is the most serious fact of all, for,

That is unfair, anil its unfaircas punishes not only the manufacturer, but the nation, which depends so much upon the work of manufacturers.

just as coal made us, so a fall in co▲ very grave responsibility rate upon Hay unmake us.

FALL IN COAL XIPORTS,,,

I direct attention to the following tounding figures ;—

April, 1923....

1924

1925

£8,914,749 ....6,326,197 4,541,383.

as all at this time. A serious turning point has been reached in British industry. The world is not exactly waiting for us to recover ourselves, and we are under tribute to the greatest manufacturing country in the world

The conditions under which manufac

As I look at this astonishing record, I turera work have become so onerous that am reminded of what Sir Henry Wilenit requires great courage, na well is great said to me at that grave crisis in the wrenterprise, to make a man proceed at all. when it seemed that nothing could stop the German advance.

(Continued on next Column)

The least the Government can do is to encourage those who bare, in any case, a Buffiendly difficult task before them

QUEEN'S THEATRE.

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