1920-08-10 — Page 3

NOTICES

Piano

Tuning

European Expert Tuners

at Your Service

Moderate fees, guaranteed work.

We will keep it Place your piano in our care. in first class order for a small yearly subscription,

S. Moutrie & Co., Ltd.

Chater Road.

COOKING RANGES BRITISH MANUFACTURE...

DOVER No. 6, 7, 8 & 9.

Also No 9 with side bailar

DURBANIAN:

A Large Size Range Sultable

for a Hotel. Prices to Suit All.

C. E. WARREN & CO., LTD.

Nos. 30-32. Des Voeux Road, Central. Established 1930.

JAMES STEER.

9. ICE HOUSE STREET. WATCHMAKER AND JEWELLER.

CHRONOMETERS, CLOCKS, WATCHES AND NAUTICAL

INSTRUMENTS REPAIRED UNDER MY,

TEL.2377

PERSONAL SUPERVISION.

TEL. 2877.

WHEN YOU THINK OF

BETTER SOUP & PUDDINGS

THINK OF

THE HINC WAH PASTE MFG. CO. LTD. (No. 47-48 Connaught Road Central, Hongkong)

MANUFACTURERS

OF

MACARONI, VERMICELLI,

PASTE

STARS, EGG NOODLES &c. RING UP-2230.

JUST ARRIVED

Large fresh Stock

OF

COCOA NUT OIL SHAMPOO

ALSO SELECTION OF HAT DYES THE COLONIAL DISPENSARY

14, Queen's Road Central,

Tel. No. 1877.

THE HÒNGKONG - TELECH

SHIPPING FIGHT.

AMERICA'S BID FOR

SUPREMACY.

UKRENE

AND HIGH PRICES

all the

to have been pra

the "American & continenta brought into communication with

The British Trade Review the West. Then, to take only the

The Observer's shipping co-writen ——— respondent writes:Now that

principal countries, wo find that against an increase of 27,639- The last few years have seen 960,000 in the face value of the increase in the notes in: cirontation, there has wo bare the texter of the new an enormous Mercantile Marine Act signed by issues of paper currency, so great, been an increase of only £498- President Wilson an Juns 6-it in fact, has been the output from 1000,000 in the goki bald as cover is generally known as the Jones the currency printing presses for the notes. The natural result Bill it is possible to form some that the face value of the paper is that prices have been forced idea of the extent to which it currency emitted during four up in the various countries to will affect British shipping. The years of war exceeds the total andreamed of lovals, or, in other, object of the Bill is described in value of gold and silver produced words, the currency bas de the preamble thereto as being in the whole world since the dis-preciated, and the value printed the provision of measures to covery of America by Columbus.on the notes is only a chimera. provide the United States with a The evil in aggravated, too, by In the circumstances, readers Trade Re- the British mercantile marine commensurate the fact that barely one-fifteenth of with her position in the world. of the paper pates put into cir-ries hardly need to be re minded of one of the most elamen- and to carry the greater portion fealation by the varions Govern-

ments has any sort of metallicar economic truths-thatmoney of her foreign trade.

There is nothing in this pur-backing at all, and yet we get declines in value as it advances pose to which we in this country the perpetrators of this debase-is quantity, just in the same way can take objection The United ment of the currency pointing to as money may be said to advance States is now the most important the prosperity of the countries in in value as it declines in quantity. commercial nation in the world, which paper circulates. But this

The position is this: if the and it is for the benefit of the prosperity is only apparent, not

contracted or currency da world in general that they should real, and the monetary history of

country has a limited supply marine all countries abounds with exam. mercantile Possess adequate to their economic re-ples illustrating the rapidity with in circulation, the value of the quirements. There are, however, which people fall into the delusion money is high, that is, the two ways in which this can be that bigh prices, due to over amount of commodities and goods done: one is the fair way, the issues of paper mones, are evid- which it will purchase will be other is the unfair way. The ence of prosperity. The real evil are. On the other hand if, the volume increased, the value of method adopted. as it appears in paper mones is the emission currency be expanded, that is, its

inconvertible noies. the from the text of the Bill, is a lof misture of the twa, for whilst the effect of whicb, or, indeed of any the money will be relatively low, since the quantity of goods or objects of the Bill are praisewor-excess issue of paper currency, thy, some of the steps which are to drive gold out of circulation services it will purchase will be advocated to advance them can But the currents does not de relatively small. It is this in-

creasing volume only be described as retaliators preciate or, to put it another way, which is the principal source of and discriminatory.

prices of commodities do

world

a

not

A

of currency

the trouble with which we are It is really rather curious to begin to rise until the paper ex faced to-day from the world-wide consider the jealousy which has ceeds the quantity of metallic rise in prices. Before the war a teen aroused throughout the currency which has been super-limited amount of gold was doing

by the ability and seded. That is the position we are

vahie was high and fairly stable: magnificence of the British mer-in to-day: gold, and lately, silver money's work and its exchange cantile marine during the war too, has been displaced by vast but during the war and after, the Befor the war the British mer quantities of paper money and so precious metals have been with- cantila marine subsidised the trade fast has this addition to the world's drawn and larger quantities of of the whole world because it car-currency been made that, as we

notes issued. Consequently,down ried by far the greater proportion have stated, it has taken but a

goes the purchasing power of the thereof, and. during the war, il

pound sterling the frane, the lira, provided the means whereby most

the mark, and many other mone- tary units. In our own country we see the result in the increase

of the conotries of the world were

la

mak-

able to continue whatever tra le unnecessary either for the pur- hostilities permitted them. poses of obtaining information in retail prices. On December 1st Naturally, the result of this has for the revenue authorities, or st the average increase in ben to teach other nations the for the better safeguarding of the price of the principal ar- importance of owning a mer-American interests; and have ticles of food as compared with cantile marine, and we find no been devised admittedly for the July 1918 was 134 per cent. that practically very country is purpose of learning every ists of some of the other European copa- making efforts to build up business transacted. by foreign tries the position is still worge, mercantile marine which, should companies with a view to passing and antii all of them make a another war come, wight enable the same on to American concerns.really honest effort to parge their them to carry on during hostilities. The object of course is that, hav-currencies of a great deal of the But in two countries in particular ing this information, the Govern-paper notes now circulating, we with this lesson has come a feeling ment. by financial aid or other shall not go very far towards of the most bitter jealousy against wise, may assist the American bringing back prices to their pra- our mercantile marine. These companies entirely to cast British war level. two countries are France and the insurance. In the same vein is It is useless for people to state United States.

the clange which waires in favour that society as a whole is stimul of American insurance companies ated by this apparen: acquisition THE NEW CONDITIONS.

Las. of wealth to the accomplishment The principal provisions of the he Sherman anti-Trust Mercantile Marine Act provide This is entirely on a par with the of great things: the tread of recent for the conversion of the immense methods adopted by the Shipping events shows only too clearly that Shipping Board Fleet of about Board during the war, when the world to-day is given over to 2,000 vessels into a privately-transpired that confidential in-leness and selfindulgence. The owned fleet: the co-ordination of formation given to the Shipping sudden influx of riches instead all the transport resources of the Board solely for the purpose of of being multiplied, in country-ocean shipping, coast the war was being used to enable ing available, through labour wise shipping. inland shipping. American shipping to defeat and skill. the undeveloped res- ources of the world, seems to railways ports, docks, etc.-to British shipping after the war..

A BIG FIGHT.

have caused the energies of the form one immense undertaking which shali force American export

We in this country now know various countries to relax and to sad import trade into the holds of although we may not yet know stand still. Everywhers we hear American ships. So far there is the full extent-ba: we are to be the cry of more for less work;} nothing to which foreigners can faced with the most bitter com-depreciated paper money pur- object. Any Dation which feels petition for the supremacy of the chases less labour. that by these clauses it is being sess which we have ever had to round in this vicious circle, and noit is to this pass that a redundant. discriminated against has the

There is however meet.

Not remedy in its own hands-if it reason to believe that we are currency has brought us. considers the matter worth while unable to successfully emerge until the paper currency of to-day Against the clauses which prov.de from this contest. Our opinion. is contracted and placed on a that American ships in which the too, is that America bas been sound metallic basis will there be Government holds any interest beaten br her own Bill. One of any material betterment in the must be classified by an American the most voluminous statates ever position. By the continued re- classification society and insured passed at Washington, the Bill is demption of the present excess to the extent of the Government's in many respects unworkable. supplies of paper money will interest in American insurance Without doubt diplomatic action prices of commodities be lowered, companies, no serious opposition will prevent some of its most and as soon as these begin to fall can be raised. The private ship-obnoxious features being imple- so soon will the worker perceive owner and the private cargo shipmented. Some of the clauses that his wages will purchase per are not obliged to comply must eventually work out to the more of the necessaries of life: with these clauses-in fact, they detriment of American shipping he will sell bis labour for less: he are unaffected Ly theraud and insurance. A child cannot will moderate his demands; there there is nothing to prevent a walk merely by Act of Pazila will be a greater Incentive to in- merchant at Galveston, who has ment, nor can American shipping crease production, and the whole sold his cotton to Liverpool, rule the seas by the grace of world will benefit and be 3. kap from shipping his cargo in Senator Jones! Experience is pier place than it is today. On British ship and insuring it with the most vital asset of a national the other hand, if we continue on a British compaży.

mazine, and experience is com-the rake's progress, if we go on siderably lacking in this respect watering our curency by the other side of the emission of more and more paper,

So we So

AIMED AT THIS COUNTRY. But there are certain clanses on the to which exception may be taken, Atlantic. The Bill must result in notes, the day will surely come and they are those which are, considerable friction beteen the when the whole' fabric will ex- and were intended to be discri-State and the Federal authoritian, plode, leaving xo enligtened and minatory against this country and no less friction will be camed ruined people to mourn over the and against Japan Amongst between the independent ship-limbecility of the administrators them may be mentioned those owners and the Shipping Board.of their country. which authorise preferential Shipping cannot be operated by s treatment of American vessels inį bureaucracy, and what the Bil American ports: those which means, to large extent, is the grant preferential railway rates creation of a bureaucracy to con- to American cargoes exported in trol American shipping-but with a means of alternative em- American vessels; and those out taking any real responsibility.

Winster (Derbyshire), after which probibit the transit trade Admittedly we are in for a big ployment the lead miners of vias foreign port, or country, of fight, but before America can win strike lasting twenty-six weeks, goods conveyed between Americs the fight she must creates nation-ve floated a company with or any of her colonial posses al feeling for a mercantile marine; 27,000 capital to work several sions. Other clauses, more she must be prepared to pay-con-

STRIKERS FLOAT A COMPANY,

particularly concerned with in-siderably higher freights and in mice acquired gratis under the surances, impose the most drastic curance rates on all the ftuport Feak custom, of forfeiture. The

kaders sad oficials of forms of returns, which are and exports; and she must have first, dieselors - Cars - the based absolutely upon the log to forego profits on hera methods of the German-Ingar- ping enterprises for many ranto companies, against which The purson who is most going to

sted so feel ther pinch of Amenes revious to her entry bitions will be the Americká“.

LANE, CRAWFORD & Co.

BUTLER S

SHEFFIELD

SOLE AGENTS

FOR

POCKET KNIVES MAPPIN & WEBB

SHEFFIELD STAINLESS

RAZORS

WE HAVE JUST RECEIVED CONSIGNMENT.

OF

HIGHEST GRADE SILVER PLATED WARE

INCLUDING

"PRINCE'S PLATE"

IN

CAKE DISHES, FRUIT STANDS, EGG FRAMES, TEA & COFFEE ServiceS. BUTTER DISHES, CUTLERY - CABINETS, ENTREE DISHES, SAUCE BOATS, ETC. "STERLING SILVER WARE IS OUR SPECIALITY,”

WATSON'S

E WHISKY.

MILD, MELLOW, MATURED.

Pre-war high quality still maintained

A. S. WATSON & CO., LTD. TELEPHONE 616.

WHITEAWAY'S

GREAT SUMMER

SALE

WILL COMMENCE ON

Tuesday August 3rd.

For One Month

ENTIRE STOCK INCLUDED

The reductions at this GREAT SALE are generous, and, as a lot of the goods we are offering were bought under

favourable conditions, the prices at which we are selling them are in many instances, LESS THAN MANUFAC

TURER'S COST TO-DAY.

BUY NOW & SAVE MONEY

BARGAINS IN ALL DEPARTMENTS

WHITEAWAY LAIDLAW & CO. LI