1930-08-11 — Page 6

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DAY BY DAY

THE WAY TO AVOID THE IMPUTA-

W

Gold-Handmaid or Mistress?

THY is there all this bother Without this golden link between

about gold, and why are we the money's of the world Inter always hearing that the national trade tends to become a

dence of inability to function pro- porly. It is useless to blame Wang Chingwei and others for the pre sent troubled state of the country, for, as a Peking journal pertinent ly asks, who is to blame for the TION OF IMPUDENCE, IS, NOT TO BE atrocities to Mrs. Hearng and Miss ASHAMED OF WHAT WE DO, BIT Nettleton which have occurred in NEVER TO DO WHAT WE OUGHT TO

BE ASHAMED or.-Tully. territory claimed to be under Nan- king control, and what has Nan-

Amongst the passengers who ar ing done to suppress brigandage rived. here from Australia by the in Kiangsl and Hunan? The plain &a. Tanda were Mrs. K. B. Lpresent trade depression is due to blind gamble, because those who

Brun, Miss N, Reid, and Lieut.- fact of the matter is that the Nan-Col. Loring.

gold scarcity, which is going to sell abroad do not know what the king Government has allowed mat-

get much worse in a few years, foreign money for which they sell ters to get out of hand, and now A paint-scraper of the Kwong as the output from the mines of their goods will be worth when they It seeks to fasten the responsibi. Hip Loong shipyard at Cheung Sha the Rand declines, asks Hartley turn it into their own home money. lity on to others.

Plenty of it. Having been In power long this morning for stealing á quan-

But though gold is thus stil enough to bring about a marked imtity of brass from the yard. Ser- plece in these times, but we do our

geant Madgwick Intimated that ac-business quite conveniently with wanted, there is no reason to want provement in the state of the coun-cused was seen by the watchman notes, token coins of silver and, mountains of it, or to handle the try, the Nanking regime has done to take the brass

if we are lucky, a cheque-book and existing supply, which ought to be very little in that direction. It has

a comfortable bank balance be more than ample, in such a way that On a charge of larceny of a hind it. concentrated far more on foreign quantity of electric wire from the

scarcity is produced and appre- 4-Wheel Duo-Servo Brakes politics than on domestic affairs. Kowloon-Canton Railway shed at

Why do we want a metal that wehensioni bf still great scarcity are forgetting the primary importance Hunghom, two young Chinese never see, and why cannot the aroused. It is only needed as a were each ordered to receive nations do, in international trade, reserve for purposes of confidence of the things near at hand. Sure twelve strokes of the cane by Mr. what we do in our daily business and for export when the state of ly It must be pateat to Nanking's Whyth Smith at the Kowloon at home, and use some international the market in exchange makes gold politicians that their best method Magistracy this morning. Both form of notes and cheques?

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The

Hongkong Telegraph.

MONDAY, AUG. 11, 1930.

Wan was fined $5 by Mr. Whyte Withora in the Daily Mail! Smith at the Kowloon Magistracy

Most of us never see a gold

shipments the cheapest form of re mittance.

of securing a higher and worthier defendants had previous convici-

Why we Have to Have Gold... tions for stealing. place amongst the comity of nations

Because the most important thing

For both these purposes a quite is to carry out Internal reforms Caught attempting to steal two about the money that we handle moderate amount of the metal loaves of bread from a compra-whether it be made of paper or should suffice, if public opinion on and show to the world that China dore's basket which had been left anything else is that we must have the subject were reasonable, and if is a country worthy of the position outside 233, Nathan Road while confidence in it-that is, we must the central banks of the world would to which she aspires., If the energy the coolie was delivering groce-believe, when we take it, that show a certain amount of 'common and persistence which have been fore Mr. Whyte Smith, at the Kow-buy things will take it.

ries, n Chinese, who appeared be- everyone from whom we want to sense,

In most of the central banks of displayed on foreign affairs had loon Magistracy this morning. If this confidence is lost, money the world the bullion vaults are

...

Too Much.

af

been expended in putting the coun- was fined $5 or seven days hard becomes useless for buying and bulging with unnecessary boards try in order, China might by this labour in default.

selling. Government may say that of gold, kept there at a loss by it is legal tender" and must be bankers who are obsessed with the time have found that the external

Intimating that he was a police accepted, but cannot force us to delusion that a big stock of gold Is problems would have automatically pensioner, & Chinese pleaded for part with goods in exchange for a sign of strength, whereas in fact solved themselves. Unfortunately, leniency on behalf of his foki when money that we do not trust, as was any excess of reserves in any form, the latter was charged before Mr. shown in Germany when sellers of carried beyond what prudence re- window-dressing has made a big Whyte Smith at the Kowloon Magi- goods would not take marks, but quiries, is merely bad banking, ger appeal than real hard work at stracy this morning with hawking only sold for dollars or pounds or THE POWERS & CHINA.

home, and the upshot is that the without a licence. The man stated some foreign money that they

that the stall belonged to him, but, trusted. nation to-day is in a worse plight being lame, he had to have the de- than for many years. Foreign fendant to carry his wares. His Although at the moment there countries cannot go on for ever Worship imposed a fine of $2,

being half the usual penalty. is no question of foreign inter-making allowances and exercising. vention in the Chinese situation, it patience; and unless matters ma- is evident from news telegrams terially improve in the near future, that the Powers are watching deve it is quite conceivable that con- lopments with some measure of concerted action will have to be taken. cern and anxiety. The recent sug- gestion that the United States and Britain were conferring on the position has been disposed of by an official statement from Washington, and it seems clear that the Ameri- can attitude in regard to China is just what the British policy is to endeavour to secure protection of its nationals by leaving to the commanders on the spot the ques- tion of movement of military or

The most notorious example, is ly due to the fact that it has gold Banks show about £615,000,000 of This confidence in money is part-America, whoso Federal Reserve behind it, owing to the experience gold stock 83 per cent. of centuries that has taught man-liabilities, whereas the legal re- The manager of the Kwong Lee Governments, a piece of gold will

kind that, whatever may happen to quirement is 40 per cent,

In England we have no legal vegetable stall, 108, Central Mar- always be taken for goods. Though ratio, but because the Cunliffe Com- at about 7 p.m. yesterday he sent that our money has a gold back-as a stock to be aimed at too many ket, has reported to the police that we never see gold, the knowledge mittee once mentioned $150,000,000 two fokis with a sum of $1.600 to ing is one of the reasons why we people in the City and elsewhere hand to the compradore of the s.8. believe in it. Moreover, the gold look on this figure as a Lung Shan, who was to deliver the backing has the very important ad- minimum and begin to shiver when money at Canton. About half an vantage that it prevents the unit ia approached. hour later, one of the men returh-limited creation of money by im-

Watford Gets Publicity:

For

of common assault, as a result of

Its International Benefit.

ין

Bacred

have a serious effect on the total gold stock.

It may be that Watford has so ed with the news that his com- pecunious Governments pro Fortunately the Bank of Eng- few claims to distinction and so panion, who was

carrying the ceeding which leads to. the dis- land knows better, and last year few opportunities of becoming a money, had suddenly disappeared astrous result of "Indation" and a

allowed its stock to fall to £180,000,-. centre of Interest that the head while on the way to the boat. The headlong rise in prices.

000, showing the world that a real master of a County Council School man who returned is being detain-

banker uses his reserves and does there has issued an edict of such

ed by the police, pending investi-.

not sit on them and try to grab gations.

more. a nature as to throw the light of

For international trade gold is publicity on to the town.

If the Bank of England's spirit The police were informed of an There is, as yet, no world authority and policy were followed by the

still more necessary, as things are. there can be no other reason for alleged murder in Aberdeen - to issue a money in which all trad central bankers of other countries the headmaster's action In sending terday, but further investigations ing peoples will have confidence, gold would be redundant instead of boys wearing open necked shirts revealed that it was only a case and so all the leading nations are scarce, money would be really cheap naval forces as the circumstances back to their homes with the strict which a woodcutter, Cheung Tsai, into gold when it is needed for would give business men a holiday prepared to turn their local moneys and abundant, and if politicians necessitate. With matters as they injunction that they must wear (25), living in an un-numbered foreign payments, are, this would appear to meet the ties. We read with amazement matshed on the hillside near Wong:

from meddling, muddling, and more taxes we might have a chance of the situation, although, as a Paris that this action has been endorsed Chuk Hang village, was sent to This arrangement gives to for- trade recovery.

traders the incalculable newspaper suggests, if things get by the school managers who, pre-the Government Civil Hospital eign worse and it is proved that local sumably, are following in the foot-ith a broken jaw. It appears benefit of stability in rates of ex- At least we should have plenty that the man was assaulted by change, which means, for example, of time to work out measures. of forces are inadequate to protect steps of certain employes who have four other woodcutters, and dur- that the number of franca that will gold economy before the dwindling foreign life and property, it is pro-less dresses. In a recent comment injured his jaw.

forbidden giris to appear in sleeve-ing the assault fell on a rock and be turned into a pound cannot vary output from the Rand begins to

beyond certain limits. bable that no interested Power on men's dress we suggested that would refuse to co-operate in con- the first essential was for conven- certed action.

tion to ba overcome. There is no There can be no questioning the question of a break from establish- point that the Nasking Govern-ed practice either in schoolboys ment's authority is still seriously wearing open necked shirts or in jeopardised by the activities of re sleeves. The action of these so- girls wearing dresses without bellious groups in different parts of called reformers, therefore, is all the country. Peking, the old capi- the more difficult to understand. tal, is still in enemy hands, as also They merely seek to impose anwar- is Tientsin, whilst the allegiance of ranted conditions on people under the authorities in many other cen- their control, to fetter a freedom tres, including some in the South, offence and to heap upon them- which causes not the slightest is very loose and doubtful. In selves no little ridicule. If Wat- Shantung a significant victory has ford merely wanted publicity or just been secured by the recapture even notoriety, it could have been of Talan, but, nevertheless, the secured on rather, more sensible situation in this province is still lines. It is not at all strange that far from settled. Frankly, we the boys attending other schools should like to see the Central Gov. in Watford have had no similar ban imposed, upon their liberty for,

OPEN END TIES ernment emerge triumphantly from fortunately for the world at large,

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MEN'S WEAR STYLISTS.

•

the present threats to its existence, there are comparatively few people because ita overthrow would in- who develop kinks of this kind. evitably lead to much confusion and They may have the courge of their only nggravate a situation which is convictions and may consider that already bad enough. But the Nan. they are instituting much needed king regime must be brought to

reforms. Their convictions, how- realisation of its full responsibill ever, are usually so deeply rooted that the weight of argument of the ties, especially in the protection due majority will not shatter them. to foreigners. If it is unable to Ridicule, however, la a potent control the situation so as to weapon and we can imagine Wat- guarantee, and not merely pro-

ford getting quite a fair share. mise, such protection, then it. Our sympathies go out to thei

schoolboys and also to the dress_re- must stand

stultified in the formers who probably never con- eyes of the world. We fully realise templated that as well as fighting that it is at present up against for more sensible clothing they tremendous difficulties, but most would have to fight to prevent the of these are due to its own weak-movement being retrogressive ness in the past. The very fact

one.

that rebellions forces have been

The P and O. 8.8. Mantul, from able to lay hold of big districts, Singapore, with the English mails, seize important cities and defy con-is due here at 10 am on Thurs- stituted authority is in itself evi

day.

Kataly

you write novels! Well, I got a boy, friend who's a bookmake