1936-03-04 — Page 3

Page

PREMISES TO LET.

10. LET-ST. GEORGE'S

T CHATER ROAD Attractive Suite overlooking Harbour and single OFFICES Immediately availa la, also SMALL SHOP near STAR FERRY Apply:- LOWE, BINGHAM & MATTHEWS.

11083

FLATS TO LET

TO LET FLATS &t "TICIA

MANSION" 16, Macdonnell Road, with modern conveniences, desir- able locality. Apply: XAVIER BROS..

LTD. Tel 93722 or 23916 1983

HOUSE TO LET.

10 LET-From First April-Flat To-Kellets House", 196, The Peak, Four loams, Flush System, Separate Kiteben, Servants' Quarters. Apply All Modera conveniences, DEACONS

(105)

PIANO TUITION

DRIVATE LESSONS, Graduate of

PV onservatory of Music (Pupil of Mine Marguerire Long) PIANO offers rapid progress to

moderate. Terms EFFICIENCY. Write £87, Prince Edward Road. Phone 58211.

FOR SALE Special printed Envelope Commemorating the inauguration of the Air Mail Service

by Pan American Airways from MACAU to AMERICA.

at 20 cts, per Envelope

GRACA & CO.

No. 18, WYNDHAM STREFY, HONG KONG.

The Most Comprehensive Survey Yet Compiled of Reconstructional Progress in Modern. China

B

RECONSTRUCTION IN CHINA

EDITED BY TANG LEANG-LI

CONTENTS

Chap. 1-Political Rehabilitation.

II-Ainus and Machinery of

Reconstruction.

I-Industrialization. IV-Educational Reform.

V-Athletic Progress. VI-Public Health and Social

Reliof.

VII-Cultural Reconstraction. VIII The Law and Its Enforce.

meat.

XI-The Banking System.

X-Railway Development. XI-Road Construction. XII-Commercial Aviation. XIII-Mercantile Marias. XIV-Posts, Telegraphs, Telephones. IV Rural Rehabilitation. XVI-Town-Planning and

Municipal Development. XVII-National Defence. XVIII Miscellaneous Progress.

Royal Boo-440 pages-Cloth Cover With 120 pages of Half-Tone Illustrations and 3 Maps Price: In China $15 (postage 30 cents)

Abroad G10 (post fras)

Onilers received at:

THE HONG KONG DA'LY PRESS OFFICE

Publishers:"

CHINA UNITED PRESS 299 SZECHUEN ROAD, SHANGHAI

Courtesy, Comfort, Service

and Luxuries of Modern Hotel

Construction

HONG KONG DAILY PRESS

ALBIL

10 c & 20 c. 20°c.

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and

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If It's anything in PHOTOGRAPHY We have it CAMERAS

for Stills and Movies. PHOTO SUPPLIES of every Description.

A. TACK & CO.

29, Des Voeux Road, Central

THE SILENT GUIDE

TELLS THE WORLD I

SERVICE TO READERS

THE HONG KONG

DAILY PRESS, LTD.,

and the FONG KONG WEEKLY PRESS, through

WEDNESDAY, MARCH 4, 1936.

MANAGING THE CURRENCY

An Opportune Talk At

The Rotary Club.

A SUBJECT WELL TREATED

A subject which is uppermost in our minds and is of transcendent importance was truly and well expound- ed yesterday at the Weekly Tiffin of the Rotary Club held at the Roof Garden of the Hong Kong Hotel, when Managing The Cur. Rotarian C. Champkin spoke on rency.

The speaker "treated the subject from almost every angle so far as the currency was concerned in the mat ter for trading and other functions. "All sorts of prin ciples are being shelved--the law of supply and demand-- Gresham's Law--the law of diminishing returns and of the velocity of circulation," so said Rotarian Champkin in his opening address..

A managed currency in Hong Kong will not bring us back the trade we have lost through tariff barriers and subsidised competition, but it will help tremendously the trade we still have by its stabilising effects on the dol lar," opined Rotarian Champkin when speaking about the effect of a managed currency in Hong Kong..

Rotarian Champkin's addrese "was as interesting as it was witty, coming as it did at an opportune moment the speaker was heartily applauded for his talk at the close."

ECONOMIC PROBLEMS

SURVEYED

է!

MANAGEMENT OF CURRENCY

#f

PERVERSE IDEA PREVAILS E

We

Now, when

consider" as Doctor Johnson would say, the number of people in Hong Kong that don't read. the Government

that

Gazette it is not very surprising many crude and perverse ideas prevail as to the import of recent official changes in our cur- Tency. Yet these changes should ir.terest

LAMMERTS AUCTIONS

PUBLIC AUCTION.

HE Undersigned Dave received

Instructions

TO SELL BY

PUBLIC AUCTION

THURSDAY,

ON

MARCH 5, 1936 ·

COMMENCING AT 10 A.M.

MABES. KOMOR & KOMOR,

CHATER KOAD:

A QUANTITY OF SHOP FITTINGS AND SHOWCASES ETC.

TERMS: CASH

us appreciably, because every that amicts this Colony- from economic ruin to moral per- fection is popularly supposed to be deep-rooted in some defect in the currency of China. Though. we, in Hong Kong, profess vir- tuous alms we are the last to ad- mit that we deserve to succeed in cur profession, (Laughter) but if AT nevertheless, appropriate that we should seek some explanation of the causes that are disturbing that those exacting principles govern the conduct of other peo- ple's affairs.

We are able to do so quite dis- recited We have passionately. the Litany of penury so long and have suffered economic ruin so often that a little thing like a managed currency is not Ukely to hurt us. We may even learn in time to endure our moral perfec- tion with a guarded sense of civic satisfaction, for morality, after all. is only a study in conflicting emo- rate bons. (Laughter) At any we are not dismayed when our currency experts, in circumstances O the most cheerful licentibus- ness, confiscate our silver at forty per cent. below its value and give us paper in return. We are quite unmoved when they tell us, with expectations that surpass all laws China of logic, that henceforth will conform to the principles of what is euphoniously termed a managed currency.

*GOLITIOTI

ik

* DELIVERY.

LAMMERT BROS, AUCTIONENES

PUBLIC AUCTION

THE Undersigned have received

Instructions

וי

TO SELL BY

PUBLIC ABCTION

SATURDAY,

MARCH 7, 1936

CONKENC NO AT 11.00 A.M.

AT THE SALES ROOM, DUDDELL STREET

4

21

Cigarette Papar

Artificial Fruits

1

·Brass Rolls

1

Fish Hook

11

2

1

11

25

Dates

Buttons #

Gass Buttons

Beaded Fringes

Flower Ornaments

WHAT IS MANAGED CURRENCY What exactly is meant by the To term "managed currency?” what extent can this euphemism The gathering was presided over, dubious "Ideas based on theories

be correlated to the impulses of dense and common their London Office, at 53, by Professor Forster who in intro- that are sound in certain circums-

the speaker said that tances may lead to disaster under honesty? To these two questions FLEET STREET, E. C. 4, Tel.ducing

Rotarian Champkin very kindly unforeseen conditions of working there are two easy answers-and 23 Cases Beads 3137, are prepared to give consented to speak to them at very reality. It is this academic lack both of them are wrong! (Laugh-" short notice. The speaker, Pro- of contact with reality that is, I ter) Let us admit that a manag- Subscribers and Visitors fessor Forster said was eminently belleve, responsible for many of ed currency backed by the aberra-

the conomic ills from which the tion of government polley is bet advice regarding accommoda-suited for the task and he was

sure those who were about to hear nations of the world are suffering ter than a mismanaged currency backed by goal. Then we have to tion available, motoring faci the talk will have no misgivings to-day

as to its essence.

concede that every nation on a lities,

suitable shopping

managed currency must establish If I followed the customary pro- its prestige through its M'nistry of centres, etc.

cedure in an address of this kind Finance. We have to admit the I should make clear at the outset gigantic fallacy that the state can the idea underlying state manage-manage the currency more effec- One might tively than the Bank-a delusion Addressing the gathering Mr. ment of currency.

suppose its simple matter to ex- that is misleading bankrupt States Champkin said:

plain, but it developes complexities to-day into the error of supposing when considered in detall. It is. they can prop their tottering an in- economic regimes by waving a In fact, better stated as spiration than an idea, Confucius wand over their currencies. It is said: "Begin by defining terms easy to be misled by, the fact that and making them exact." It is bankrupt countries are apparent-

those prosperous. It takes perhaps unfortunate that responsible for currency policies long time. under the system of nowadays have no more in com- managed currencies, to discover. mon with Confucius, but they cer- low rich they never were (Laugh-

THE HOTEL RIVIERA utmost assistance and

MACAU

Cable Address:"Riviera, Macau."

If, when at home, they will call or telephone to the above address, they will receive the the

latest available information on. all subjects of enquiry will he placed at their disposal.

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THE ADDRESS

I have too much respect for this Club to feel at all easy in my mind about giving an address that! I have had insuficient time to other hand I the prepare. On *have

for 'our great respect B worthy President and fully ap- preciate his difficulty when the programme of our activities is in- terrupted and it becomes neces-

them a

sary for him to call upon some-tainly have clearly defined, exact ter).

and uniformly unedifying ideas

Mr. Hoover, formerly President body at short notice to speak on

about almost everything concerned of the United States, said recent- a subject that nobody under-

It is only because of that with money. (Laughter) They do ly: "This is a time for plain standa. respect that I stand here, not not all agree in their generaliza-speaking and blunt statement of

ations, but if their ideas take wide-

exactly under protest, but with feeling that I would rather be listening than talking--a sensa- tion that I confess is rather un- usual for me. (Laughter)

are

5 Beams Blotting Papers

also

1 Case of Imitation Jewellery

and

A Quantity of Provisions in Small Lots and Sundries.

TERMB-CASH OR DELIVERY,

principals. sume fundamental y differing form, they are at least Managed Currencies are potent in agreement on me particular devices for destroying confidence. that although, politics and econo~ | Through politically managed mic are now one and the same, credit they lead to devastating in-

LAMMERT BROS., AUCTIONEERS.

there is no very good reason why nation. Politics are bound to be PUBLIC AUCTION.

1n

government-managed every the public should know. Ib. In fact, so far as the public is con-

currency. The dollar will never. cerned, it would appear that what ring true on the counters of the

in

WE

Instructions

they think we need most urgently world, nor on the counters of the Undersigned have received

these cult times is not banks so long as there is the alloy more knowledge about things that of politics in it."

Now, let us see to what extent Mr. Hoover is justified in his mis- trust of the politically-minded

of their banking an example

camomists of his country. Here is operations. By the Gold Reserve Act of 1934 the Government arbi- I came across a very sage reflec- trarily took over all the gold of tion the other day in Boswell's the Banks, giving them certi-

V

Life of Johnson. "Bir," said Doc-ficates in exchange that represent- 合数 equivalent tor Johnson, "why should stealing ed theoretically

TO BELL BY.

PUBLIC AUCTION

TUESDAY,

ON

MALOH 10, 1936

COMMENCING AT 9.30 A.M.

Ar H. M. KOWLOON NAVAL DEPOT

Managed currencies are promin- ent in our minds at the moment and I have undertaken to talk on this subject because, first, it is op- portune, secondly, because it is of importance, and transcendent thirdly, because it is, I think, very We don't understand, but more desirable that we should survey ignorance about things that they conomic problems from stand- think it doesn't do us any good to

(Laughter) I sup polats remote from conventional understand. attitudes. We are living in times pose they know best, though it when even the most dependable seems a pity they don't know any

better! platitudes" concerned with econo- mics are open to question, All sorts of principles are being shelved the law of supply and demand-Gresham's Law-the law of diminishing returns and of "the be thought a crime? When wermomit of gold. The next day velocity of circulation. We

consider by what unjust methods the dollar was devalued by more new about silver is acquired, where is learning something

the than forty per cent. In twenty- rent and interest and wages-what i harm in one man taking the surer four hours the government made, is capital and what monopoly of another? Besides, sir, when we at the expense of the banks, a what the three factors in produc- i consider the bad use that many profit- you like to put it that tion are and, what

laws people make of their silver, and way of two thousand million dol- govern the distribution of wealth

how much better use the thief lars. One day the banks had gold. capital and among monopoly,

may make of it, why then, str. The next day they had paper, that labour. While we have to keep in stealing may be defended as on its face gave them a call for mind that the greatest enemy to

less than sixty per cent of the economic freedom is enslavement

We may, I think, reasonably in- gold they had the day before, and w convention, we have also to consider that there are primary fer from these sentiments that they rouldn't even get that, and laws that govern all currency sys- Doctor Johnson was born several they cannot get it to-day, The tems, and that a nation that generations too soon for his econo- profit on this stroke of-the-pen Lots may be inspected on, Monday evades or abrogates those funda-mle expertness to be properly ap operation was taken into the re- Laughter) I have atib sources of the Treasury to help in mental laws and surrenders to praised destructive ideas will sooner or stituted the word "silver" for Doc-balancing the budget. I think it Johnson's word "property was Voltaire who said that Roy- later, tread the path that leads to tor economic prostration. While! and for this trifling überty I prof-ernment is a device for taking fer to the shade of the eminent money out of one person's pocket Therefore, we should cultivate a bold independence of thought on lexicographer such apologies as and putting it into another'c! currency matters it is equally ira- may be called for, appropriate to (Laughter). portant that we should realise the times and satisfactory to the that the premature adoption or Government of China.

new

very allowable practice?"

&

(Continned on Pago 4.)

OLD.. AND SURPLUS VICTUALLING STORES

Comprising

Clothing, including Blankets and Duok and other. Remments, Berge, Electro Plate, Cutlery and Table Linen, etc., etc.

the 9th March, 1936.

TERMS OF SALE:-as detailed in Catalogues.

LAMMERT BROS.

AUCTIONEERS.