1921-11-22 — Page 3

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THE HONGKONG TELEGRAPH.

TUESDAY, NOVEMBER 22 1821.

STABILISING THE MARK. 200,000,000 people there is no

Plan of U.S. Secretary of Commerce.

WORLD SERVICE.

Lord Birkenhead on a Hopeful Movement.

Lord Birkenhead, opaning the World Service Exhibition at 9. Deorge's Hall, Liverpool, Init month, said it was the object of those who had undertaken the movament to show that there. was in almost every sphere of

an opportunity for those who wished to hold out a helping band

to others.

hope of stability in the rest of the world, nor of our commerce. These states are making a manful and vigorous effort to build themselves up, but these processes, will be Speaking at the twelfth annual slow indeed unless they can bare convention of the American same assistance from stronger Manufacturer Export Associa-commercial communities.” tion at New York; Mr. Herbert BEES UNEMPLOYMENT

DECREASING, Hoover, the US. Secretary of Commerce, outlined a plan where- Unemployment, Mr. Hoover by the Government banking said, is decreasing and he ex-human activity, and human effort systems of the great powers, in-pressed gratification that recom clading the Federal Reserve mendations of the Washington Board, may get together to devise Unemployment Conference is means for establishing sound receiving the most extraordin

Surely, of all the periods in the aystem of currency abroad as the ary response throughout the

world's history, the present was first step to restore normal busi-country."

the one in which such a more- ness conditions throughout the Senator Walter E Edge of world.

New Jersey declared that the ment might make an appeal. They did not need to look round Mr. Hoorer declared that the only tariff legislation needed at the streets of large towns or to irst international financial prob-present must be of a temporary read the daily Prose to be re- lem to be solved was the situa-nature, and be favoured passa minded of the many causes for tion in Germany and the stabiliza- of an act giving the President discouragement, and even for Secretary Governments or mark. cannot begin to settle these mai- Treasury discretionary powers depression, by which they were surrounded. It would be strange ters, he said, and it behores theto levy ambargoes upon im- commercial community at large, ports that threatens to flood the at a period so close to the if it seeks restored prosperity to country at the expense of Ameri-ggle through which the nation had passed, there were not a | assist, in the struggle with inter-can manufacturera.

hundred causes and justifications national fiscal and financial "To get at the so-called rich, for gloom, and he would be a problems.

must we continue the depression dishonest adviser who would "I do not wish to say that we of the so-called poor" Senator dare to hold out prospect of a on the threshold of 207 Edge asked of those who oppose very swift or very complete boom." Mr. Hoover said, "the sales tax and legislation re-alleviation of their troubles. have a long way to go to get back moving the excess profits tax They could not dissipate the to economic stability. We have and war excise tEXOS,

result of the accumulated sav- yet to go through with much

The American Manufacturers,ings of generations, and even readjustment in price levels, but Export Association went on re- of centuries; they could not cord as opposing the "American sacrifice so much of the brilliant ** Except far our, foreign valuation

plan as continued youth of the nation before they basiness in agricultural produce in the Fordney Tariff had mate the contribution of a there is little satisfaction in the bill. This action WES taken lifetime of full effort they could position of our foreign trade. following an address by Mr. not suffer these things and then do not propose to enter into even Thomas J. Doherty of th- Nation-raturn to normal prosperity and a catalogue of the obstructions to al Council of American Importers happiness.

tion af

are

we are definitely on the road.

can secure some

of

the

the of

its recovery, but the first of these and Traders, who picked to pieces They must be prepared for a is the destructive effect of violent arguments that have been ad-period in which they would have fluctuations in foreign exchange.vanced in faroor of taxing into straggle constantly with cir- No one with reason expects ports upon their American selling comstances of profound difficulty, foreign currencies to return to price.

and every individual citizen, în-' pre-war parties over many years,

"This plan," said Mr. Doherty, stead of repining and complain- bat it is certain that until we has no title to the distinctive ing, should ask himself whether

measure of

name of American valuation." there was anything in bis power sability from month to month. This so-called 'American valuz-that would assist the country to or that there is hope of our foreign tion plan would entirely sup. come through the difficult time. trade of any other country retura-ersede the bistoric method and It was in that spirit that they ing to normal.

would reader absolutely useless must address themselves to the FORMER PLANS HAVE FAILED. and obsolete practically all the fature if they were to meet it with

"We bare had many plans pro-knowledge and experience gained success.

His conception was a very posed for gaining stability in ex- under the historic method.

It was the old and change relationships, mus:

Gentlemen, this whole matter simple cue. them revolving around the issue of tariff revision has been handled familiar conception of co-opera- of fiat paper of some kind. All of throughout in a rather narrow,tion, the cdnception that the them are opistes of commerce-proviocial way. It does seem as sasociation of a nursber of people All of them fail to take into if some of ourstatesmen are total-in any enterprise, whether it were account the primary basis uponly-unaware of the tremendous oral, material or industrial in its which stability must be erected. change that has taken place jo scope, would achieve results That is, the individual nations of the commercial, figancial, and which on their material side the world mus: balance beir particularly the economic position would be far greater than if they badgets and cease the processes of the United States as compared were made in isolation, and which on their moral side would produce of inflation. There can be no hope with the rest of the world." of stabilization in any of the

The only speakers of the con consequences incalculably more world's exchanges so long as antion who favoured the Fordney valuable and incalculably Sner. inflation continues in so

because they would have taught Con Tariff Bill with its American siderable part of the world.

valuation clause was Mr. John F. each individual that his part is "Unless our commercial com- Zeller, tax expert for the General this life could not, if its fullest mocity is willing in some way Electric Company. Mr. Zeller de development were to be attained, to interest itself in the countries clared that the fluctuation of be based on lines of egotism and

self-centring. struggling with fiscal financial foreign exchange made it impos problems, we must expect to say sible to hope for LO equitable He believed the spirit on which many thousand fold in the 1099 ad colorem duty.

the exhibition was founded was of sa good omen and encourage- of export markets and in the

Co-operation with business employment of our people.

men in other countries for thement to the country as was the If we survey the situation of removal of international barriers spirit which inspired the Boy Europe in these respects first the to rade wera orged by Mr. John Scout and Girl Guide movements problem that confronts us is the FL. Fahey of Boston, a Director of Dy years ago. sitastion in Germany. The solo-the International Chamber of

tion of this question rests solely Commerce. Mr. Fahey's char

apon the wisdom of reparation ad-acterization of American trade departure might interfere with justment. It should not be beyond information service as "nothing their private profits or emolu- the intelligence of the bumsnrace less than chaotic" was endorsed ments. The progress oftheir more- to secure such a solution of this by Julias Klein, Director of the meat was being watched care- matter as would result in some Bureau of Foreign and Domestic faily around many a board table. stabilizing of the German mark. Commerce. Better arrangement of this mater mast take priority if we are to see stability in any of the European currencies."

Other countries, Mr. Hoover declared, bare additional prob-

such jeme,

as unbalanced budgets and economic barriers to trade.

RUBBER SHAREHOLDERS' ASSOCIATION.

The First Meeting.

If their membership grew space during the next few weeks he ven- tured to predict that they would scon see the effect reflected in the policy of the directors and others who had their capital in charge. MEMBERS OF THE COMMITTEE.

The following gentlemen were unanimously re-elected members of the Committee-Mr. Henry

CONFECTIONERY

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24

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"The great" banks of issue are Mr. D. F. L. Zom, presiding at the guardians of stability in cur- the first ordinary general meeting. Brice, Mr. R. B. Fidler, Mr. W. rencies," Mr. Hoover continued. of the Hubber Shareholders' AC. E. Gibson, M.B.E., Mr. R. Gordon Macmillan, Mr. William "It would appear to me that sociation, Limited, in London, last

Hills (inventor of the Mille's these institutions-the Federal months which there was a Reserve, the Bank of England, crowded attendance said that bomb), Mr. C.H. Niven, Mr. James

UNIONISTS.

were opposed to them in politics. the Bank of France, the Bank of this was an association of rubber. Railton, Mr. Charles H. Rigg. Mr. LORD DERBY'S CALL TO [include many who before the war He cared nothing as to who was Amsterdam and the Banks of Italy shareholders as such, and their W. B. Stavsacre. Mr. W. Syming

lender, so long as the policy was and Spain-consider that it object was to render the great too. Mr. E. Seth, and Mr. D. F.

L. Zorn.

"Sink Party Politics."

that to which he could subscribe. within their province to concert body of shareholderts articulate,

The Chairman, replying to

Lord Darby, speaking at During the war thay sank party sorue unofficial plan leading to re-and to provide them, as it were,

дегте centre, zo that questions, said that if there'

last month, urged politicssons to have a united Lancaster establishment of this primary with a condition of economic life. Their decisions of vital importance to should be any overlapping with Unionists to keep their party front. He would like the same guidance and supervision indeed the rubber planting industry the Rubber Growers' Association, intact, because, whatever the out- thing now.

There were two great difficul- might encourage not only local, might not be made without the he hoped it would take the shape come of parties proved to be, they bas such private foreign capital shareholders themselves having a of co-operative effort. The mom would find that the nucleus wastles besetting the country. The bership of this association was the old Conservative and Unionist movement would have to desi as may be necessary to currency proper voice in the matter,

daily increasing, sad included Party. Many people who had with Ireland and unemployment. rehabilitation in each case. And They desired to be fair to every bolders of large blocks of shares. been opposed to them in the past in these grost questions they through such action there might one, and were not so foolish as to Among those who had joined now saw eye to eye with them to should not allow party politics. be sore gaidance in fiscal policies suggest that any particular body lately were directors of big Lon- a great extent, and any future to interfere, but all should in. some of these countries that of men, whether directors or are the very promise of stability. others, could be blamed for the don banks and of several large definition of Unionist policy do their

trust companies.

enough the Prime Minister "Due to the many political crisis in the industry. What be

Mr. A. L. Devitt, of the firm of and the doar should. be his policy regarding Ireland and currente that flow through all this did say, however, was that during azee, there seems little prospect recent times an uneasy feeling Mesura. Lewis and Peat, after opened wide enough to allow the policy that would be initiated warda gave particulars of stops these people who were for dealing with unemployment. that this things could be brought had grown up among shareholders that are being taken to extend the ready to stand with them now to The great danger of the country about by political action. Yet that proposals for the better rega.

join their ranks in the common was its very existence during the some effort in these directions lation of the industry were not use of rubber.

should. be broed

best

to

support

ID

One or two speakers suggested fight against the common fos.war, and he did not know that is at least worth a plan at the weighed up and considered purely hands of the great banks of issue, upon their merits, but that in the advisability of the association They had to fight in the future we were not in an equally danger- for against them no one can bring good many cases the decision of a undertaking the direct mana the forces of disorder. Having ous position at present. He the charge of other interest than particular company se to whether facture and supply of rubber on the Unionist sids order,hould be sorry to introduce any that of economic stability to the their support should be given to a articles, and the Chairman point-constitutionalism and rational discordant note that would pre- world as a whole...

scheme was influenced by the ed out that the question of mann-reform, such policy could be vent the support of the Prime "So long as acute economic invested interests of those who facturing was really one of raising formulated as would hold together Minister at this extremely critical

the Unionist Party, and would" moment-- stability exists in these areas of feared that the suggested newshe necessary capital.