1927-10-19 — Page 10

10

THIS DESIRABLE STORE FOR RENT.

IN TIENTSIN.

THE TIENTSIN PRESS.

beg to arounce that as

SHANGHAI BOWLS

TEAM.

BIG WIN OVER K.B.G.C.

FEEBLE DISPLAY BY THE GROUND TEAM.

[BY DIAS.]

THE HONG KONG DAILY PRESS, WEDNESDAY, OCTOBER 19th, 1927.

AQUATICS.

LAST NIGHT'S CARNIVAL AT THE V.R.C.

AUSTRALIAN CHAMPIONS TAKE PART.

UNIQUE MOVIE SHOW.

the

Porribly the most uninteresting of With the assistance of the Aus- the series of Club games with tralian swimming quartette re the Shanghai interport team

Pan-Pacific was turning from thas of yesterday afternoon when Competition as Tokyo, a thorough- the visitors trounced the Kowloon ¡y enjoyable time was spent at the Fowling Green Club to the tune of V.R.C. last night. 29-17. The Shanghai rink put up

The first item on the programme, another record in the series by which was slightly altered, was the scoring the maximum of eight in 30 yards members handicap. The one head After that, with, perfual resulted in a close win for haps, the exception of the skip. the S. V. Gittins, 27 seconds. E. Zim Kowicon lot dropped their tails" mern was second. and never recovered from the cold

The blindfold race was won by E. Zimmern, with da Roza second.

A fancy diving contest took place LTD. doute. Before then they gave pro-W. G. Urquhart and E. da. Roza they mise of providing a close game, for competing. It was we easily by have decided to

theis after they had secured a lead of Urquhart, the local champion.. discontinua retail by ok department on or about the 6-1 at the fourth head, the Bowling 31st October Bezt, they are prepared Green Club stiff led by.ene shot to consider offers for the lease of their before the fatal eight were register- modern state.

ed against them and they scored only three heads subsequently.

The result was!- Shanghai Makoha Ichards Brierley

The premises built in 1920, cousint and distinctive style, wall lighted store i with ground doir (pavad Terrazzo Marble and Balconies, area of ground fone 55 square feet, and of Balconies. 147 square feet, a total ama of 2,465 &quare feet.

4,

Six excellent display wiapowa, central

K.B.U.C.

Farrell

Muir

Holland

Aitkenhead

W. Russell

(skip)...... 29

(skip)....... 17

The Game Described.

*

The first head was a ding-dong,

Australians' Display. Tom Boast (Australian champion back-stroke swimmer) and Reg. Grier (220 yards champion) have delighted V.R. C. audiences on a previous occasion, and with Ernest Henry and Victor Moore, who were then unable to participate, they gave an extremely interesting ex- hibition. Boast swam six lengths back-stroke, Henry did

four

GOLF.

INTERPORT MATCH AT

MANILA.

MANILA HONG KONG,

11

NARROW WIN FOR MANILA,

The result of Manila e. Kong match, Phted at yesterday, was as follows:-

Erskine beat Few 32 Bloxham beat Nell 54." Mason beat Stark 7-6. Fielder beat Brown 6-3. Ivory beat de Rome 3-2 Cranston beat Bennett 5-4.

FOOTBALL.

DIOCESAN BOYS' SCHOOL r

56rn CO., R.E....

"On Monday, the, R. E. defeated the School by 2 goals to 1 on the R. E. ground at Argyle Street. Mongkok. The R.E.'s two backs were too good for the School whose outstanding players were Shu Sung

*CAN EUROPE PRE PHILIPPINE ATHLETICS.

VENT THE NEXT

WAR?"

VIEWS OF MR. BERNARD SHAW AND PROF. MURRAY.

The National Championships of the Philippines Amateur Athletic Federation will be held in May... 1928, instead of February, a pas originally planned. (y

The change in plans is due first to the fact that the Manila Car- nival has been suspended for 1999.

Hong Pok (goal-seeper) and Reed (full has published a series of interviews For this reason it is deemed inad-

Manila back).

Manila won by 2 holes, scoring against Hong Kong's 23.

The Hong Kong team was:-C Capt. A. F. Bloxham (of the C. Stark (captain) T. G. Bennett. Police), Lieut. Commander W. D. Brown, R. Captain Ian Erskine (Scots Guards) and F. J. de Role.

int,"

+

The Manchester Brening News

with public men who were naked to answer the question: Can Europe prevent the next war" The ques- tion arose out of an article by Mr. Ramsay MacDonald en disarma

visable to gather athletes from alt parts of the Islands in Manila, t that time. A large number of Participants in the National game are students, and the idea of hold- ing the championships in May. which coincides with the vacation period, will suit their convenience Mr. Bernard Shaw soid:- and will, in addition, not take them **I think the thing could be done away from their studies-Manila without "waiting for

a United Timer.

FIFTEEN YEARS FOR STEALING CAR. Ignacio Paguntalan y Peasfora was given a prison terni of 13 years by the Supreme Court of Manilament in the previbus day's issue, for having robbed Dr. Florencio pleading for "A United States of Buendia of Batangas of an autono Europe." bile and goods valued at P.1,100. in prison, but for being an habitual Ignacio was sentenced to 10 years

uelinquent, his penalty was in-

creased to 13 years in accordance

with Act 3062,

PROFESSOR IRVING

FISHER ON ILLUSION PROBLEM.

1

States of Europe, if any State. really wanted to do it. "England could have prevented the war of MONEYquically announced in 1913 that 1914-18 single-handed if she had un-

THE FLUCTUATING VALUE OF CURRENCY.

INFLATION AND DEFLATION.

Speaking on

The Money Illu¡ We may best review these changes xian" before the School of Inter-of the value of gold since 1860 by national Studies at Geneva, Pro-purchasing power of the dollar of expressing them all in terms of the fessor Irving Fisher, of Yale Uni-1913, the pre-war year for of that versity, said;—

of 1960, the pre civil-war year, which happened to be about the same). In terms of this pre-war

hasting, specially suitable for Baukani, three or four players. get lengths, Grier sam ten lengths, very greatest, of the unsolved dollar as 100, cents, we find that the the chronically terrified people. I

Lffices, or Store.

For particular and plant apply:

TIENTSIN PRESS, LTD.

181, Victoria Road,

TIENTSIN.

NORTH CHINA.

[5040

THE TYPEWRITËR

THAT

INTERESTED. H.M. THE KING.

It is now a matter of in- terest to all users of Typewriters to know that this Machine can be obtained in Hong Kong..

THE

W

'IMPERIAL'

TYPEWRITER

Machine

that embodies all the latest improvements, and it is not only better but also cheaper than other Typewriters of Foreign Make.

Demonstrations will be given at any time at the

Sole Agenta:

T. E. GRIFFITH, LTD.

6, Queen's Rd. Central. Tel G. 3517

ting the shot in turn until Holland and Moore also gave an exhibition

rested on the jack and then took it with his next shot. After a decl between Malcolm and Farrell Halland "got the shot in the next head caly for Brierley to go one better, but Russell took the jack through and gave his side a couple. After Russell had burned the third bead Malcolm showed the way to the jack and Shanghai opened their

account.

Aitken-

swim...

!

WEA

Another interesting item given by the visitors in pairs Each pair was linked together and wated the other, the movement being and then with the back-stroke. executed first with the breast-stroke

Another interesting item was visitors and a similar number of V.R.C. men was strenuously fought out. the result being a win for Razavet, Lyon, Boast and Grier by

touch against Giltins, King,

Moore and Henry,

Grier gave an amusing sketch in the water, and he was ultimately saved from drowning by Boast, who fished him out, rendered first aid, and promptly turned him over into

the tauk!

A

One of the greatest, if not the economic problems now crying for solution is the problem of unstable money. The recent price upheavals caused by the world war have stir- red a new interest in this problem and shown it to be primarily inter- national-a world problem.

Yet this new interest is still con- fined to a few people; most others scarcely know that such a problem exists.

Why is this Why is it that we have been so long in taking up this most elementary, most fun- damental, most important concern of business the fixation of the unit by which we measure the value of everything 1

4

It is due to what might be enlied the money illusion." We take it for granted that a dollar is dollar," a frane is a franc atable; therefore, we are not in- terested in stabilang it. In much same manner centuries ago.

the

is

Muir and Eussell were mainly responsible for the local Club sccring another couple. Brierley was the hero of the fifth aead and after he had drawn a real gem Russel unluckily tipped in a second Shanghai wood.

Movie “Ezhibition. head did the needful in the sixth The visitors had brought "an head and in the sevenit Shanghai excellent movie Blas of the conspeople tock is for granted that this got three tear the jack without at the Pap-Pacific Competition as earth was fixed; that the sun, moon resting with anything like opposi Tokyo in which they took part, and stars revolved around it pace tor. This gave them the lead by The Hong Kong Amusements, every twenty-four hours.

3. Farrell led the way for a Ltd., with their usual lend in Club recovery and the result of the moving pictures, exhibited this pic- next herd was four for the Club ture after the close of the sports. 10-7. Malcolm next up two per- it was, indeed, an aquatic feast, feet woods and his skip did like and, was very much enjoyed. The wise, with the result that four went fancy diving display, particularly, on the board for Shanghai, who led was very pretty, some of the dives 11-10. Russel saved the situation being shown in slow motion... in the 10th head, taking the shot and lying a couple. In the next

Memento For Visitors. brud Shanghai simply smothered At the close of the evening's pro- ep the jack and the Kovicon play-gramme, the Australian visitors re ers seemed to fight shy of it, with ceived from the V.R.C. & silver rose the inevitable (?) result that Shang- bowl as a moments of their brief

4 put up a new record in an stay and for the excellent sport interport gante by scoring the whole provided by them.

eight, which made the score in their favour 10-19. The local Club followed with a couple of singles, but Shanghai got a score in the succeeding half dozen heads and led by 2814. They had nothing to bat bar Russell and hi, luck was not in. On the 20th head the Kow-

on, Club natched a three but the last head saw one go to the visitors aid the side thas won by 29-17.

Malcolm was at times deadly at No. 1, and Richards played a use ful game, as did Brierley at No. 3 whilst Aitkenhead played his usual tool and steady game.

Unoficial Game.

The unofficial game resulted:- K.B.G.C.

Hedley Magill

Chapman

*Hall

Shanghai Carr Green

Phillips Borras (skip) 30 (skip)....... 20

Visitors Entertained.

CHANNEL SWIMMING.

MISS GLEITZE TO DO IT AGAIN.

SEQUEL TO THE HOAX.

(THROUGH REUTER'S AGENCY.)

1) Sp

"

Fluctuating Dollar.

Every country is subject to the its own currency, which always ap

mancy illusion in respect of pears to be stablo while that of any other country seems to be moving. America is no exception in regard to the money illusion." Even with our gold standard we have a

very fluctuating dollar, yet we think of it as fixed in just the same fatal way as the German, the French can, the Austrian, Englishman, or the Hindu thinks of his own country's money as fixed. ̧

dollar had the following appro

ximate values:---

IS80

100 pre-war cents.

40

1963

1879

100

1306

150

"

1913

100

1020

40

1999

TO

1998

60

t

1997 (Aug.) 73 What would we say if our yard-

stick, pound avoirdupois, bushel basket, or kilowatt were to swing like this, nearly fourfold back and forth?

varies

unlike the yard or any other We have seen that the money unit, units, used in commerce, greatly from time to time. That is an important and incontrovertible fact.

The question now Why does money thus change in

arises purchasing power! The answer, in brief, is: "Inflation and deflation will, as distinct from maney, go far Scarcity and abundance of goods toward explaining the rise and fall of individual prices. But they will not go far toward explaining prices. All those who have offered changes in the general level of Buch explanations' make one fata! mistake. Because of the

money

illusion they look at the wrong side of the market.

They seek the causes wholly in the shoda, the prices of which have changed, and not at all in the money, in terms of which those Prices are expressed. The conclu sion to which all studies of this question lead is that, usually, at least, when the index number re- presenting the general level of prices rises or falls, the secret is to be found not ir. the abundance or

·

To illustrate how the changes in money will deceive an investor, sup- pose that you used to receive from n company, before the war, a per sent. dividend, or $4 per share, and scarcity of goods, but in the scar- that now you are receiving 85 per its substitute credit.

city or abundance of money and, share. You cherish the illusion that your dividend is 25 per cent. more than it used to be. Ás & mat

as the

Direct Statistics.

C

We have direct statistics to in-.

ter of fact, it does. The dollar dicate this. These show, to take a of to-day, as compared with the clear case, that aine: 1896 and up dollar of 1913, worth about 70 to the outbreak of the war in 1914, pre-war cents that is, it will when prices rose about 50 per cent. buy about 70 per cent. as much throughout the world, there was no goods, on the average, LONDON, October 17th. dollars of 1913 bought. As a sequel to Dr. (Miss), Logan's Now, suppose that you take your Channel swim bax and subsequent 85 dividend to day and translate it confession, Mas Mercedes Gleitze, back into the old 1913 dollars that who swam the Channel on October were bigger than the dollars of announces her intention of to-day. Since each of these five Krkin attempting the Channel modern dellars as really 70 cents of, swim from Cape Grisnez, on pre-war standard you and that you Wednesday night, accompanied by have only five times 70 cents, or 331, Swimming Association officials and of pre-war standards pressmen, as personal vindica- |tion of women "ewimmers.""

Doubtful Worth,

Sth

Afterwards in the Club-house Miss Gleitse has been 'advised i So long asa foliar is not såle, Mr. Charles Bond, President of the that the season is too cold now, Any agreement to pay a dollar or K.B.G.C., welcomed the visitors but declares that she will not fail any bond whereby you expect to sad song,stulated them at the same Asked how the knew that she swam tire on winning the interport game the Channel on October 8th, seeing against Hong Kong a win that that she was semi-conscious in the every Hong Kong bowler must say last hour, Miss Gleitze said are not sure what the dollar is was fully deserved on play. Shang was a care of sub-conscious or in hi had certainly sent down the stinctive knowledge in that last strongest team they had ever chosen hour.

in

|

progressive scarcity of goods in gentral to explain that rise: on the contrary, there was a progres- ve abundance of goods; there has been little in the statistics of goods to explain price movements. Thus in 1921 goods were scarcer than usual; yet prices fell.

to

On the other hand, the statistics of money and credit are clearly con sistent with the theory that the) great price, movements” of History are due to variations in the volume of circulating media. Professor Cassel, Professor Keynes, Profesor Holbrook Working and many other receive a dollar is not safe. How economists, including myself, have ever sure you are that you are found that, while other influences going to get paid the dollar, you were felt, inflation or deflation was the usual outstanding factor in all going to be worth when you get it. great price movements.

This money illusion is streng even

We find then, the master-key, to standard countries, despite changes price levels is infintion to come here and he could only hope A London message of October constant reminders of the fact fust and definidon. Sometimes we hear that Hong Kong would be able eth stated: The success in swim their money has lost its one people opposing the idea that the next year to bring back the flag. ming the Channel achieved by Miss time relation to metallic money. In quantity of money has anything to By their display that afternoon the Mercedes Gleitze, a London girl.sion is especially strong, because I demand settle the price of every- standard countries the money do with prices because supply and Shanghai team had again, shown typist, was very remarkable owing what sterling bowlers they were, to the lateness of the season and it no such reminders are present. In thing." In a sense, this may be and he had pleasure in presenting being carried out in a dense fog. fact their absence is often pointed admitted; but the supply and de- them with souvenir spoons

The water was calm, but the ten to with pride as proof that the mand, of what? The general ten Mr. B. Wylie, Vice President,perature was 60 degrees.

money is sound stable.

dency is to think of supply and de supplemented the President's ro Mase Gleitze staggered ashore An even more absurd "proof" is mand of wheat, of corn, of sugar, marks, and Mr. Aitkenhead suit. semi-conscious.

sometimes cited: buperficial peo of steel, etc, and to forget the sbly replied, thanking the Club Interviewed, she said that after ple; that is that the price of gold supply and demand of money and for their hospitality. As customary two hours swimming she felt hitter in a gold standard country never money substitutes. he presented spoons from the Ghangly cold. She did mot tell those in the varies. In the Dirited States pure In bref it might be said that the hai Lawn Bowls Association to the accompanying boat for fear they gold sells at 820.67 an ounce, and volume of currency is all the time. Crab rink and then called for three would advise her to give up. She has remained aturshat fixed price running a race with the volume of cheers for the K.B.G.C. and the endured great pain for the last ever since 1837, when the weight of trade. When. the volume of cur HONG KONG H MEETING to provided a very ex. three hour.

the dollor was fixed at 23.22 grains rency outruns the volume of trade cellent tea. the Mr. The fog rendered the land in of pure gold.

when we have inflation-prices.rise Bond three cheers were accorded visible. Just before her feet touch- Of course, the two figures mutual- When the volume of trade outruis the visitors

ed the shore she asked the pilot fly imply each other and present the volume of currency prices fall. by swimming another three hours absolutely no evidence that gold is These two propositions do not ex- she could do it, after which she was constant in parchasing power over plain everything; but they do ex- most surprised to feel the beach other commodities. They merely plain the greater part of big move- beneath her.]

mean that gold is constant in gold.ments of prices in history.

ON SALE.

PORTS. of the

[4.2.9.1]

[120

of the LEGISLATIVE COUNCIL for the Bession 1928.--||

Revised by Members.

-PRICE

Hoxe Koze DAILY PRESS OFFICE.

This afternoon the Shanghai team bring their bowling programme to an ead when they visit the Taikoo Recreation Club

"}

MANILA'S FLOWER BILL.

MANILA, Oct. 13th.

The city, spent P.783 for plants last week to decorate certain sec- tions of Manila. A detailed report from the city engineer's office was submitted to the Mayor today. showing that 8,576 plants were purchased during the week ending October 8th for decoration of public parks and playgrounds.

Among the places decorated are

Nozaleda Park and other public the surroundings of the Legislative Building the Magallanes Landing. grounds.

if either France or Germany open- ed fire on one another she would join the attacked party solely be cause she would not tolerate war on any terms, and that on the same ground she would, suppors Ger- many against a Taarist attack, · ́

"England, Germany, and France could combine for the same end,

the United States to hold aloof, if and make it morally impossible for

only they would take their foreign policies out of the hands of the bloodthirsty people who are also

Professor Mirray. Holland and the Scandinavian Professor Oilbert, Murray, Pre- States would join such a combinasident of the League of Nations tion almost automatically. This Union, "said :- would be quite enough to begin of Europe represents an idea! "I think that the United States with without waiting for the ad- which ought to come, and is prac hesion of States which are about titally certain for come and, of

pacifist as the Scottish High-course, I fully accept the two prin ciples daid down by Mr. Mac Donald-biz1) No international "Unfortunately the Powers, interference in domestic affairs; from mere military and diplomatic within the bounds of the Federa (9) No war of any sort permitted habit, are still manoeuvring for tion. These two principles are al- the inside grip in the next war, ready implicit in the Covenant of tiers which and still defending military from the League. Another principle to which I attach the utmost practi- are grossly incon enl importance is (3) All internal gruous with the ethnographic fron-tarifs to be abolished, and all fron tiera that peace is impossible until tiers made to matter as little as they are rectified.

possible. That is the only solution: for many questions that are now troubling Europe.

lands before 1745.

Everybody applauds Christmas card platitudes about peace and goodwill towards men, but if any- one points out that the first quali fication of a stable frontier is that it should be undefended (like the Canadian frontier), and as far as possible indefensible, he is dismiss ed from consideration as a joker or a lool. Still, a fighting states man whose pugnacity was directed against war might make the begin- ning of a supernational police movement, for even our military amateurs are beginning to doubt whether we can afford so expensive

blood sport as modern war."

(Continued on next Column.)

There are however, two difficul- ties: (1) The porsible danger to the League. I regard it as absolutely essential that any confederation of Europe which may be made abould be inside the League, subject to the conditions of the Covenant. It is

absolutely zererary that Europe should maintain its present coven- unts of peace and co-operation with South America, Japan, and the rest of Asia. (2) There is the problem of the British Empire. Should it be in Europe.or cutside Europe in some intermediate position?

or

I will not try to answer these questions to detail beyond express- ing my own opinion that it would to Great Britain if the two lost be disastrous both to Europe and touch or became in any way far- ther spart."

GENERAL ACCIDENT, FIRE & LIFE

By Appointment ASSURANCE CORPORATION, LTD. -

J■"By AppolubmuaKI È

THANK GOODNESS TAM INSURED

For Full Particulars of Accident Insurance,

Apply to the Agents

JAMES H. BACKHOUSE,

14, CHATER HOAN (BED FLOOR)

L