1931-09-12 — Page 6

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TELEGRAPH, SATURDAY, SEPTEMBER 12, 1931.

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28. Queen's Road C. and Stobbe Roadt

IN MEMORIAM.

DAY BY DAY

ན*

Hin Excelleney the Governor has appointed Mr. A. E. Wood to act un Secretary for Chinese Affairs,

A

forenoon.

Secretariat.

11.E. tho

Why is the

GOLD STANDARD

By HUBERT PHILLIPS.

VITAL?

analysis of the proposals that a vary great part of the money saved

ALL OUR WANTS, BEYOND THOSE by cuts and of the funds secured

WHICH A VERY MODERATĖ INCOME by new imposts is required for the WILL SUPPLY, ARE PURELY IMAGIN- unemployed. That point can be ARY.-Bolingbroke. demonstrated by the fact that on u deficit of £74 millions, a sum of 4 millions is required to meet unemployment grants and relief.

proclamation by That is what the cessation of bor Governor provides that the Merchant rowing for the Unemployment and Shipping Ordinance comes into effect Road Funds Involves. Indeed, Mr.from the 17th Instant,

able to show that Snowden was

Les Wan-ngan, married woman, was while seven years ago the Unem-admitted into the Kwong Wah Hospital ployment Fund was paying its way, last night, where she died as

result of swallowing oplum. this year it is costing the Exche- quer about a hundred million pounds. It is very obvious, there fore, that a considerable propor- tion of the money saved by econo- mics and of the new revenue raised Will go towards the workless in one form or another. The unemployed have to bear a slight cut in the granta, of course, but aside from this the money which they absorb will be provided by those, of all classes, who are in work and by those of independent moans. De creased revenue and increased un- employment reflect the general de pression which has been felt by Britain in common with all other countries. These are the main factors which have caused the de

Tenders are invited for Aberdeen for many "wrapt in mystery." feit. Only by balancing the Bud-West Catchwater--1st. Section. The What A Pound is Worth. get enn British credit- abroad be work consists of the construction of a

concrete catchwater' #1- What is the gold stuwlied? restored. Already, without the cement

proximately six thousand feet Jong

Quite simple: it is just a yard proposed economics and fresh tax-along the west side of the lower

stick International yardstick! nion, the British taxpayer is bear-Aberdeen Valley.

of value. If the currency of a ing a big burden.

Returns issued by the Royal Olinee country conforma to the gold stan

That paint han, of course, not a heavier load. vatory show that the average mean dard, its unit of purchasing gawe been reached. Our economic posi- now to shouller

temperature during August was 82.7,in our case, the pound sterling) Happily, despite the severity of the the highest being 04 and the lowest has a defialte value in relation to The proof of this is the recent tion is still fundamentally sound. Indications 74.8. There were 2018 hours of sun-gold, and therefore in relation to action of the Central Banks proposals, there are

The Government has submitted įtry piling up debt on such a scale Its plans for balancing the Budget. as to make me wonder if it can ever And the obstacles likely to be laid meet its ilabilities. What do I do? in the way by the Labour Party suggest that the necessity of balancing the Budget is not yet everywhere realised. the

He has perforee

dispose of my holdings for what they will fetch-I get out while the going is good-and, with other investors equally inclined to get "Why bother about the Budget?" panicky, the depreciation of Bri- Bay some critics. The country is tish securities will soon set in.

And this tendency will speedily wealthy enough-she only in

Why not gather momentum. A "fight from It is notified that His Honour the temporary difficulties. Chief Justice has ordered that the next go on borrowing, as we are doing the pound" will set in-an naxfaty, Criminal Sessions shall be held on now, and wait till the clouds roll that is, to get rid of claims upon pounds and to exchange them, as Monday, 21st inst. at 10 o'clock in the by

The query

sounds plausible soon as possible, for claims upon enough. But, unfortunately (as other currencles,

This is how the post-war depro- A revised copy of the Fiji Customs shall try to show), the point has Tariff is to be seen at the Colonial been arrived at when we can go on ciation of Germany's currency be- ferential rates on goods produced and thin

This provides pro borrowing no longer. Unless Dri-gan-a "flight from the mark"' in- demonstrate, beyond volving an economic crash from manufactured in Hongkong.

envil, that her Budget will balance which Germany has not yet reco- next March, she may well be forced vered. It was only a determina- off the gold standard.

tion to avoid, at all costs, a repeti. And if this happens, incalculablation of that nightmare that nerved disasters may ensue,

Germany to the desperate mensures To make this clear, I shall en-which enabled her to weather the deavour to answer three questions: recent crisis. Firstly; yohat is tire gold standard? It is now perhaps clear how the Secondly, home condit" ter be föreed |forcing of Britain off the

ut it? Thirdly, what would happen if we

|standard might come about.

If her creditors took it into their heads that she is running the risk for bankruptcy-that she may reach the point where, with the best will in the world, she cannot balance her Budget they would begin cashing in their pounds. They would domand payment in gold of Jautstanding obligations on a scate which might compel the Bank of England to close its doors. We are Sound,

Chu Siu-kes, an electrician, was admitted into the Kowloon Hospital yesterday with burns received when a switch blew out and he received a shock. His condition is regarded as serious.

and to-morrow

Special impromptu concerts have been arranged at the St. Francis Hotel for tonight night. Among the contributors to the programme will be a visiting baritone, Mr. Marahall.

weare?

is

issuo Though in fact the straightforward enough, the au- swers in these three questions are

rail

of

In ving memory of John Henry that the country is prepared to shine amt 1427 Inches of rain, while the currencies of other countries | France and America, in placing al

Pidgeon who departed this life on September 12. 1927. Foutly membered.

the average humidity was 81.

A mishap in which u Hotel bus wa

which are on the gold standard too. make the sacrifice. The only re-

This definite value is maintained our disposal a credit of £50,000,000. But this impressivo underpin- gret is that the Labourites led by

Hongkong by the free movement of gold be Mr. Henderson should show such Morrison Gap Road yesterday, the the settlement of International pay it was also a definite hint that we Involved occurred in tween gold-standard countries inning of our financial structure waa not only gesture of confidence:. an uncompromising front and seck victim being an old woman aged 79 ments. to raise a class war on the pro-year, who was knocked down

removed to the ROSARIO --At St. Joseph's Building, nosals. We can only hope they Government Hospital, where she is gold standard, the pound sterling

BIRTH,

an the 11th September, to Mr. and Mrs. 1. A. Rosaria, a daughter.

The

Hongkong Telegraph.

SATURDAY, SEPTEMBER 12, 1931,

THE EMERGENCY BUDGET.

injured. She was

CORRESPONDENCE.

will soon

to Come

realise the not expected to live, futility of their tactics, and that the coming year will witness such a trade revival as to make it pos- sible for some of the new burdens to be removed. The main thing is that Britain is determined, cost what it may, to show to the world that she is sound at heart.

The University Setisation.

[To the Editor, Hongkong Telegraph.]

one of

and

Thus, as long as we are on the must set our house in order,

If we fall to no so, disaster, as 1 have said, may overtake us.' The will always buy 486 dollars, 124 francs, and so on. And hence our maintenance of the gold standard

is more vitally necessary aversena ereditors know exactly

than to any other country, what their claima upon the pound

For two reasons: sterling are worth, in terms of the

The one, that currencies of their own countries.

overseas trade.

to us

more than any

Now if we should off the gold other country do we depend on our standard this certainty (which is the basis of international confi-We. Must Keep-Sound.

dence) would disappear.

creditor of Britain holder, say, trading community is confidence. of British Government stocks. (and whether we destroy confidence Suppose I lose confidence in the or restore it depends on what we future of sterling-I see the coun-do now.

The other, that the credit of Imagine a yardstick which men- Pures 36 Inches one.day, 32 inches other countries depends largely on If the next, and, once it has begun the integrity of the pound. Sir-iteferring to the "ng-to shrink, is liable to go on shrink- sterling should collapse the col- lapse of the mark would be inevit- How to Balance Budgets, ging" affair in Lagard Hall, I ing with alarming rapidity,

wish to bring into prominence a This is what units of currency fable: the collapse, too, of the cur- Mr. Philip Snowden has given few points which may be of intend to do, once they cease to be rency units of many other Eure- related to the gold standard. peun States. They would go down such a disagreeably efficient de-terest to the public. I hope For this there are two reasons-like-a-house of cards. The result monstration of what happens when will be-kind enough to spare me One is that a vicious circle Is got could only he

economic chaos, The Emergency Budget pro-

little space in your paper. reduced income is called upon to posals outlined by Mr. Snowden meet increased

It is said that the "rag" took up of rising costs and prices (as bringing revolution in its train and expenditure that such a violent form as to cause witness the post-war circumstances perhaps a European war. It needs in the House of Commons Of few British residents of this not only serious injuries to the of nearly all European countries); no warning from me to emphasise Thursday, drastic though they are. Colony will find themselves echo- victim, but almost his death. This, the other is that there comes into that we cannot afford to run these do not acension a great deal offing Mr. Browning. whether the I am afraid, is an exaggeration. play, he all important psychologi- risks.

The Budget then, must be under-cal factor. the many

The curse of Inflation is that it balanced, that the gold standard surprise. In fact, they follow very season be April, June or Novem-As

Bradentes who are intimately closely the forecasts which have ber. On the whole, depressed acquainted with the actual state breeds the expectation of further may be saved: since to Imperil the inflation; like the groen-eyed gold standard is to court such recently been given, They mean, yer notwithstanding, we (includ of affairs, I wish to make it known

ing Government servants, and that the victim was in no sense monster, it begets the think it disasters as we can perfectly easily

feeds on.

avold. Jin brief, that every section of the teachers) should regard ourselves seriously injured. As matter For example, suppose I am a The most priceless asset of a

community, from unemployed to as very fortunate. We are not of fact, he voluntarily went to artisan, and from the salaried likely to get forced off the silver swim the following morning, and played tennis a few days later. class to the wealthy, is being called standard, if a joke about a serious Had he been unfortunate enough to receive savage attack, which upon to bear a share in the bur-matter is permitted this once, and to den which has to be shouldered. though economies have been in-might easily have proved fatal," escapable, most of our Government he would have been compelled to Disgruntled Labourites may com-departments have probably been spend a month or two in a hos plain and allege unfair treatment able to find reasons why their own pital. Such, however, is not the of the working classes, but particular work is indispensable. This does not mean that honest, andysis of the proposals does not One thing strikes us particularly unbiassed, scientific enquiry of the Ad-in connexion with the National case will not deserve our respect. support their contentions. mittedly, the unemployed are to Government's economy proposals, Far from it. But when the And- pious hope is ex with our commonsense, we have lags of a great authority clash suffer a ten per cent. cut in bere-however. A

pressed that £5,000,000 will be ts, and the working classes will saved on the defence services, lavery right to doubt the authority

$11 question, whether he is have to pay more for their beer, addition to cuts in pay and pen-scientist, or a medical mun.

toimeco and entertainments; but aions, though "it is recognised" I the present ease, as in al- against this we have to place the says the White Paper, "that this most every other case, we should out COMMON-GENso heavy cuts suffered by Ministers will be difficult in view of the ex-rever desert

for the anke of medical evidence. Can any sensible person Imagine and Civil Servants, as well as the tensive reductions made during re- big extra sums which the middle cent years." Yet it is an undeni-that the victim, receiving serious able fact that with a disarmament injuries during a savage attack, and upper classes will have to pay conference, to which the whole proved himself so equal to the oc- ia Income Tax whilst at the same world, has been invited, pending, casion that he voluntarily went to swim the following morning and ime contributing their share of the Britain's appropriations for purely played a game of tengis a few days

defensive-inter?-- Increased taxes on tobacco, beer, military or rather, entertainments and petrol, to say purposes, exceeds. £100,000,000...per nothing of the loss which they will annum, sum greatly in excess of the estimated defcit for the ovidently be compelled ta suffer na

current year. The saving of

In conseifuence of the forced con£1,600,000 provided for is a mere

version of War Loan.

rake.

Yours..ctc.....

K. F. LEONG. (Undergrad).

л

drop in the bucket. Even were the sustain against a reasoned argu- The task of working out the im-£5.000.000 referred to, added, the ment, but a survey of the finances

nntions- posts so that they shall not fallavinir would only amount to a ef solely Europear'

had I' defleft of unfairly on any one section of the trifle over eight per cent. Cheese-Amerien people has been a stupendous one, paring is not enough. The way to 2200,000,000 last year—shows that economise is to economise. The only five out of twenty-three are but the Government would appear way to disarm is to disarm. And balancing their budgets. England to have succeeded extraordinarily the parallel can be combined. The makes the sixth, but at what a cost. well. Feasibly the Labour con- way to economise is to disarm. Is too much to hope that Genova ception is that everybody else but Ware Britain the only country in February will provide an all- the working classes should be affileted with financial difficulties, round alleviation of budget pro- atung; but, needless to point out, the principle would not be easy to bloma?

"I ain't been down that way in 14 yeare. You don't suppose. she's already married to somabody else, do you?"

.