1933-08-30 — Page 2

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HONG KONG DAILY PRESS, WEDNESDAY, AUGUST 30, 1933.

PASSING OF THE DR. HU SHIH IN

“BRADBURY'

Memories Of A Great Event

CHICAGO

Making Haste

Slowly."

THE CRISIS OF 1914

London, Aug. 0.

On Saturday, August 1, 1914, an unwonted spectacle was to be seen at the Bank of England, an excited crowd changing banknotes into gold coin. People even sat on the steps in the quadrangle of the Bank, counting out, sovereigns,

The war crisis had cut right across the delicate strands of credit The joint-stock banks, in an access of panic, had refused to pay out gold and compelled their customers to take notes. But five pound notes were no use to pay wages, and when "the joint-stock banka clung to their gold, the public were compelled to get sovereigns from the Bank of England.

measures

"TOWARDS WESTERN

WAYS

Chicago-Stumbling along in ad- justing itself to the new world, China is nevertheless, working ahead toward a new civilization, Dr. Hu Shih, "Father of the Chinese Renaissance, declared at the University of Chicago. The noted Chinese scholar, who is cre- dited with bringing on the recent innguage reform of China, is reporting on cultural trends in modern China

The ideas of the Western World were imposed on Japan from abore, by the ruling class, said Dr. Hu Shih. In China, Western civilization made its way up through the misses.

and efficient progress as prevailed in "The advantages of auch an orderly Japan are obvious, commented the professor of philosophy at the Nation- al University of Peiping, "but there are some important disadvantages. Japanese leaders undertook this rapid transformation at a time when even the most farsighted could see and an derstand only superficial phases of the Western civilization. Many other phases have escaped their attention.

Emergency

followed. The Currency and Bunk Notes Act, 1014, authorised an issue of paper money, currency notes for $1 and 10s. issued not by the Bank of Eng land but by the Treasury, und legal ly current in the same manner as gold coin. The notes had to be im-" ncovised in

"In short, the rapid cultural trans: inarked paper takes time to manu-with too great a speed and at too early few days Water formation in Japan has been achieved facture, and recourse was had to the a date to allow sufficient time for the stocks in the hands of the Post Office new ideas and influences to penetrate for postage stamps. Round the edge into the native institutions and attain

of each big sheet was water-marked a more thorough cultural readjust

the word "Postage", and occasion- ally a note with a broken fragment such as "Stag," upon it would come under-suspicion among the public.

Sir John Bradbury

Sir John (now Lord) Bradbury was at that time. Pentenent Secre- Lary of the Treasury, and his signs tyre in fascimile, which appeared on the notes gave them the same of "Bradiaries."

ment..

form of engrafting an alien culture on "The whole affair has assumed the the stock of traditional Japan. Much of the traditional culture is artificially protected by a strong shell of militant and nationalistic sentiment. Much that is preserved is of great beauty and permanent value; but not a little of it is primitive and pregnant of grave dangers of volcanic eruption.

Whereas control in Japan has been in the hands of the ruling class, the cultural changes in China bave always By August 7 the first consignment been from the people. Such change of notes was delivered to the banks are necessarily slow, but sometimes to the amount of £4,130,000. That they can be very rapid. It took less was quick work, but it was never than a year for bobbed hair to become theless necessary for the Bank of a fashion in all the cities. Even the England to exceed its fiduciary use of the spoken language in writing, issue on August and 8. Postal both prose and poetry, in place of the orders had also been made tempor-classical literary language was adopt- arily legal tender and free of pounded among all young students in the nge. The notes

course only three or four years. were joint-stock banks. But this method soon made "The disadvantages of such diffused way for a direct issue by the Bank processes of cultural penetration of England to any depositor who

are numerous: they are slow, desultory chase to cash a cheque. The equi. sometimes blind and indiscriminate, valent of notes issued wae.credited also undeniable advantages. They and often wasteful. But there aro to the Treasury. Thus the notes were being used to finance the war.

are voluntary; that is a new idea or usage must first convince the people, That did not mean unlimited infix-of its distinct superiority in utility or tion. The limits were imposed convenience before it can acquire through the credit system, and par general acceptance. The changes often ticularly the control of the foreign come about by almost imperceptible exchanges, the exchange on New replacement or modification of the old York being pegged at 178) from the by the new. end of 1916.

After a few months the first has ily contrived issue of currency potes was withdrawn and replaced by a more considered design. This, like the first, was an black and white. But a coloured design, with

"If anything is retained of the old, or any of the old things is thrown overboard, both the ecoservation and the change luve leen voluntary and probably practical and reasonable.

DUKE'S ROLE IN TATTOO

Captures A Motor Bandit

TIDWORTH THRILLS AND COMEDY

(Special Air-Mall Service)

Tidworth, Aug. 9-The smart capture of a modern Dick Turpin by 'the Duke of Gloucester, in the role of a mobile police officer, and the rescue of Beauty from a mechanical dragon by St. George (1933 version) on a motor cycle these are incidenta in the Tidworth Tattoo,

This tattoo, which has been orgn- nised by the Southern Command on glimpse into the non-stop variety of Salisbury Flair, gives a revealing Army life. It starts on Saturday and with accommodation for nearly 30,000 continues for the whole of next week, people a night.

As a captain in the 11th Hussars the Duke of Gloucester naturally takes part in his regiment's "turn, but before it was time for him to take his cuo ho sat in the grandstand engrossed in the show and surrounded by the children of his fellow officers.

He laughed with thera at the antics of the mounted clown, and shared. their wonder at the wheeling motor- cycles, the careering horses, and the colourful tableaux.

" St. George's Motor-Cycle"

organised by men with an appreciation

This "Aldershot-in-brief" has been

of the changing demands of the med have produced a spectacle from which orn public, with the result that they even Mr. Cochran might take a few tips. Here is no humdrum parade of Army drill and maneuvres-it shows the romance of fighting men and the glory of regiments which have colour- ed history with their deeds.

The scene.in which the Duke took part contrasts the Dick Turpin of 200 years ago with his modern equivalent, the motor bandit. The first episode, showing the hold-up of the London- York mail coach, changes to reveal the Great North Road bearing modern limousines and sports cars to and from the city. While one car is about to be robbed by Dick Turpin's successor a fast police car, with the Duke of Gloucester nt the wheel, disturbs the bandits.

The Duke immediately sends out a wireless S O S, and the gang are caught The Duke showed, himself to be a first-class driver, but the crowd which cheered the car's sixty-mile-an- hour dash across the turf had no idea of the driver's identity. As far as the captain in the 11th Hussars, doing his tattoo is concerned the Duke is just a job of work well with the rest of the men.

Costs of £10 A Minute.

Officer Commanding-in-Chief, told me Gen. Sir Percy Ruleliffe, General that none of the expense of the tattoo falls upon Army funds.

"Everything is hired from the War Offico," he said, "and their charges are sometimes pretty stiff. For instance,. their charge for a tank is £ra mile. The tattoo costs £9,000 to run-£10 a "In this way, China has also arc-minute-which is rongbly one-third of ceeded in bringing about a cultural the total takings. a picture of the Houses of Parlia transformation which, though painful ment on the one-pound notes, folly slow and piecemeal, and lacking lowed later, and remained in cir. coordination and coherency, may yet elation to the end. By the end culminate in solving some of our basic of the war

the currency notes in problems of life and culture, and circulation had reached £440,000,000 achieve a new civilization not in Parliament had never enacted any compatible with the spirit of the New

"World." gold reserve requirement, but the Treasury had accumulated a reserve of £29,500,000. The gold coin in circulation in 1914 (outside the Bank of England) had been estinated at £123,000,000.

Gold Standard Goes "

THE ARMY

Military Appointments

(Special Air-Mail Servic?)

In March, 1918, the link between the pound and the dollar was brok en, and by the prohibition of the export of gold the gold standard

London, August 9. was suspended. In December, 1019, The War Office announces the the Treasury issued a Minute (an following appointments:--- executive regulation with no ste Colonel F. 8. Thackeray, D.S.O. tionary force) limiting for the M.C., to be Commander, Shanghai future the uncovered issue of cur- Area, the British troops in China rancy notes and providing for a the appointment to take effect gradual reduction of the the latter part of 1933. limit. The wild inflation of 1919-20 brought the pound down

to 83.20 in February 1020), but there

"The profits will be devoted to wel- fare and recreational funds of the troops throughout the whole command and to charitable institutions which manist Service men or ex-Service men and their families. Since the incep tion of the tattoo £31,000 has been given to these objects,”

MARLENE FLASHES BY

In Scarlet Velvet Trousers

(Special Air-Mail Service).

Paris, Aug. 9. Vivid scarlet, velvet is the material of the latest trousers with which Miss Marlene Dietrich, the film star has stunned Paris.

Misa Dietrich arrived back in Paris Clad in these brilliant "brecks”.

last night from Cannes, apparently ignoring the general warning issued by M. Chiappey the Paris Police Prefect, when she was here a few months ago that women who caused crowds to gather in the streets by wearing masculine garb were liable to arrest.

followed a period of severe deflation 1928. Following a recommendation which gradually raised it till the of the Cunliffe Committee, which return to the gold standard at the had reported in 1918 on Currency old parity of $4,66 became possible and Foreign Exchange after the in April, 1927. At that time the un-War, the Act authorised the issue covered currency notes amounted to of Bank of England notes of £1 The public does not under £218,000,000, and it was impossible and 10/- to replace the currency stand,eaid the film atar plaintive: to restore the general circulation of notes. The new Bank of England ly, that I honestly do prefer gold coin. Ever since their first notes have the characteristics of trousers, and that my wearing of issue the notes had been legally concurrency notes in that, unlike notes them is not an affectation.". vertible into gold coin at the Bank of £o and upwards, they are legal Miss Dietrich, however, will not of England, but so long as the gold tender in payments by the Bank it- coin could neither be exported nor self. But they purport to be "pro give Paris much opportunity to ap melted it was no use to anyone and mises to pay, wherens: a currenty preciate her latest fashion, for she convertibility was inoperative. When note claims to be legal tender and is leaving at once for Switzerland, the gold standard was restored, to nothing else. The difference is one accompanied by her husband and

ether with free export of gold, the of form, for there is no medium in little daughter-British

Press convertibility into gold coin was which the Bank is bound to make abandoned, and a gold bullion payment. The sale of guld bars is standard, beed on convertibility in not "payment"

...

United

Canton. Mr. Tang Shao Yi,

to large gold bars was adopted. The greater part of the currency standing member of the Bouth- The massage of gold coin into cir- notes were soon withdrawp, but, the West Poitical Council and former culation was prevented, but conver Act followed them to remain in cir Premier of the Pelping Govern- tibility became a reality for the culation and deemed them to be ment, will arrive here to-day from purposes of the market in gold.

Bank notes till such time as the Tongchiawan to attend the meet Bank should call them in. That lasting of the Kuomintang Bouth-we step has now been taken and they Executive Committee. Mr. Tang is have ceased to be legal tender, concurrently magistrate of Chung- The final phase come with the though, of course, the Bank itself shan Model County and will coma Currency and Bank Notes Act of will still give its own notes in ex- to Canton via Macao-Central

(Continued on next column),,, change for them.

The Final Phase

Presя

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