1931-11-05 — Page 6

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TELEGRAPH, THURSDAY, NOVEMBER 5, 1931.

THE HONGKONG HOTEL GARAGE.

The Hongkong & Shanzhai Hajela. Bil

Incorporated in Hongkon Stubbe trat

Happy Valley

ACKNOWLEDGMENT.

Mrs. de Hawk und Camity thank their relatives. and friends for their kind expressions of gym. pathy, floral tributes and attend-

recent sad bereavement.

The

Hongkong Telegraph.

THURSDAY, NOVEMBER 5, 1931.

[ prospect of their doing so.. Yet, on the other hand, Britain's commer- cial position has become so streng- thened by her change of policy that the United States must be feeling the effects. Her export trade' in bound to suffer so long as sterling Temnina low, and thin, at a time! when she alrendy has millions of unemployed, is a matter which can- not but be regarded as likely to. aggravate the situation. The point therefore naturally suggests itself that America may be forced by the actualities to use her influence in the restoration of sterling. The atlitude of the British Government

DAY BY DAY

Mr. M. S. J. Walsh has left for business on the which sailed last evening.

HUBERT A. MEREDITH says

Hands off the Banks!

EXEMPTION FROM MISTAKE IN NOT THE PRIVILEGE OF MORTALS; BUT WHEN OUR MISTAKES ARE INVOLUN- TARY, WE OWE EACH OTHER EVERY CANDID CONSIDERATION; AND THE MAN WHO, ON DISCOVERING 'HIS

THERE is a popular play at It acts solely as a middleman be- ERRORS, ACKNOWLEDGES AND COR-

present running at a Lon-tween those who have money and RECTS THEM, (8 BCARCELY LESS ENdon theatre where, in the last act, those who require money. It lends TITLED TO OUR ESTEEM THAN IF HE the principal character, who is of its customers' money to those who HAD NOT ERRED.-Dr. Pye Smith.

humble status, receives a cheque desire to borrow it, always, of for £100.

course, providing that the credit "He has never had a cheque be- of the borrower-la. doamed satis- fore.

but, his son explains what factory. It aids home trade by financing it in a variety of wayн. must be done with it.

"First," says the son, "you pay it Into a bank, and then you draw has yet to be disclosed. First

It out."

They would either be run on the thoughts suggest that It is to the

Surely no truer or simpler de present sound Hines, in which case finition of a banker's business can there would be no altera- business intercat to keep sterling

be given. The customer who pays tion in the position, or else they down, Tit there are many other

in hie money only does so on the would be run on what might be complications to be considered; in-

Mr. and Mrs. A. L. Shields are distinct understanding that when described as more philanthropie leaving by the Hamburg Amerika he so desires It can be drawn out; lines, credit being granted regard- cluding the position of London usines. Serland salting on Sunday while the banker must never lose less of security, in which event, The chief financial centre of the next. world.

་

"Ex-Volunteer."--Your letter can- not be publisher, n the ease to which you allude in still sub julier.

•

What would happen If our banks were nationalised?

sight of the fact that he in the cus-a very short space of time, all the todian of his customers' funda and funds of the bank would either be must be prepared to repay them lost altogether or else frozen stiff.

Political Attacks.

If the banks were guaranteed by the Government, then the de- positors would presumably be At first blush it would appeur safe, but this safety would only unnecessary even to refer to so last as long as the Government re-

matter. In a report to the police, Mrn. H. 1'.[obvious

But recent mained solvent, and this would not Kenry, of 3, Armend Building, states political utterances show only ton he long if it started experiments flances in running that on or about the 1nt inst. some clearly that there are those in this with public person stole a quantity of silk 'valued country who do not, presumably, banks on philanthropic lines, at $58 from her house,

:

Inexpert Managers.

If our banks were nationalise.l,

If and when an International The weekly whint drive of the whenever they so desire. monetary and economic conference Police Recreation Club will be held at the Clubhouse, Happy Valley, to-night is held, we may expect to see the fat 8,45 p.m. whole situation overhanter, with consequences which will depend on haw the chief countries of the world renet to the proposals put forward. It is becoming increas-

agree with the accepted functions) ingly realised that the great essen-

afa bank. Such people endeavour to make political capital out of the tiaľ In a' revival of world confidence.

Mr. N. B. Kitchell, 11. Matheson subject, blaming the banka and who would manage them? Politi- I was the lack of this essential Street, has reported to the police that those who administer them for our cians who would be changed after

alster, Miss Mary Kitchell, aged element which caused such a wide-, has been missing from the house present financial troubles, and ad-ench general election? Civil Ser

vocating as a remedy for existing vanta who, no matter how ahle in spread dight from the gold stand-for the past two weeks.

ills the nationalisation of the banks, which presumably would their own departments, could have no knowledge of banking, which is Two German residents of Hongkong entail State ownership and State a life study, or of industry, which were married at the Peak Church by administration. the Rev. E. G. Powell yesterday after- |

Those who attack the banks ap-can only be nequired by actual ex- the present per- noon when Miss Caroline Denjen be-pear to be under the impression, perience? Or

souncl? enme the bride of Mr. Arthur A. or else are desirous of conveying

The present bank officers ob Wessel.

the day to hazard any views, as to the extent or nature of the develop ments likely to occur.

Reducing Taxation.

J

clays, Lloyds, the Midland, Na- were started by the withdrawala of Itional Provincial, and Westminat-j vnat sums by foreign lenders,

No Confidence.

caused

ard. As one commentator has ex- pressed it, it is impossible to main- tain an international standard in absence of international con- idence. No country can possibly And out the economic level of its

it, that they are owned by a limit led number of "plutocratic capita-viously would be the wise choler. currency until confidence has been

Bata" whose policy is solely ac-but these would only function if restored to an extent which will al

An eleven-month old child, Yu Ma-tuated by a desire to accumulate the banks were carried on on their law trading factors to operate in rn of 74, Austin Road, reported to vast and unjustifiable profits for present sound lines.

have been missing an October 30 last, themselves.

Το talk wildly of our bankers. some rational fashion, The con-has since been recovered in Macao Let us see how hard facts dispel being the cause of our present versations which M.Laval has been where it is said to have been taken this theory. Taking the five ble troubles is absurd.

The alleged kidnapper has since been joint stock banks (that is, Bar- Our recent financial troubles having with President Hoover and arrested. with the German Ambassador in Paris may be expected to produce The Plymouth can valued at $1,500, ler) we find that the last returns These withdrawals were results greatly affecting the whole which was reported by Mr Pingshow that, instead of their owner not by lack of confidence in our nnee at the funeral in their situation, but it is yet too early infer-la to have been stolen from ship being in the hands of a few bunks but by lack of confidence in

Saigon Street,

capitalists, near the Majestie "plutocratic

their the financial polfey of the Labour Theatre on Tuesday evening, has been capital stock is held by no fewer Government. recovered in Min Street, near the Kun than 313,875, shareholders. Fur- Chung Market.

ther their mid-up capital! amounts £64.715,450, which makes

If our banks were nationalised each shareholder's average hold and our banking and credit system Suffering from injuries received ing £206 68. 2d.

wore brought under pubile control, through being knocked down by A similar state of affairs exists the foreigner would certainly not public motor car in Tin Lok Lang as regards the Bank of England ed sting in the inx collector's de-4, of 8, Chinese Street, was removed. Court of Directors represent some this country..

flard times always pat an add- yesterday, Li Fa-song, a woman aged itself, as the Governor and his supply credit to be utilised in So- cialistle financial experiments in mands., No-one ever really en-to the Government Civil Hospital for 14.500 investors who are stockhol- trealment. Her condition ia not THE GOLD STANDARD. oya paying taxes, of course.

serious, although she was injured diera. it in only when a depression comes about the head and face. that the average ratepayer' really The recent marked, decline inputs his heart into his complaints, i

How are you going to reduce taxes is not entirely helpless in the that in addition to this large num- of technical talk in bankers' jar- the cross-rate-between London and by cutting down expenditure?grasp of local governments, and/ber of stockholders, those who con-gon, which will be quite unintel- New York has had its inevitable And how are you going to do that? by intelligently following the dealao responsible to the customera This is

trol the destinies of the bank areligibin, to the average person, reactions on silver prices, with Suppose it is municipal expenses liberations of his "guardians," who deposit money with them. Anance does not come into cousequences which have been you want to reduce. Where will and by organising himself when There are over 6,000,000 people question. Confidence In banks seen in the rise in loent exchange. you start? With the fre and the time for action comes, he can who have accounts with our banks, and those who administer their It is true,

And this number includes some himself from correspondent police departments? With

extra

tion. Their credit must school budget? With pointed out yesterday, that there

the road rates and taxes which the author 600,000 having an average deposit funds is the primary considera-

of about £5. maintenance department? With ties, in their anxiety to push to- were general expectations of such services as sewage disposal,ward certain schemes, may enden- tions.

Now let us see how a bank funerat, and obviously their credit would suffer were the Socialista" improvement in sterling following garbage collection, building in- vour to thrust upon him. Unfor- the return of the National Gay- fapection? There is hardly a city |tunately, Hongkong is not Eng-/ploys the funds of its customers, as a glorified Government depart- but, for a variety of where cuis could be made in any land, and here the taxpayer has and, acting as it does as a trustee ment to be attempted!

Then most certainly would our for these customers, It obviously reasons, anmie diffeult to fathom, of those services without doing little or no say in what shall or is bound to safeguard their in- banks and their policy be swayed considerations--a prognosticntions have not been genuine damage. They are essen-

by political state of affairs that, despite street borne out by events. The dump-tals; in most cases they need to

corner Sucialist orators, has never be extended, not reduced. Whut ing of foreign goods Into England is the answer, then? Must taxes

occurred in the past. has no doubt been one fuethr, but go on increasing, year after year, it cannot alone account for de- in good times us well

as bad? velopments, since it has beenIsn't there any hope for a reduc

crnment,

208 2

But

the often save

oreurring for very ma weeks tion at all? I isn't quite so bad

past. There are sither

reasons,

as that. The ordinary city, where Anancial and economie, including its expenses without in any way municipalities exist, can reduce

we have heard it suggested, aca- sonal trade, to be taken

account.

cutting down any of these essen- intotial services.

But every citizen will have to help, and the job But whatever may be the won't be an easy one. Ratepayers dominant causes, there can be no in England are often saved from doubling the fact that by going the recklessness of municipal au- } off the gold standard Britain haathorities by the Imperial Govern- ment, which has to give consent to immensely improved the prospects the numerous schemes projected of her export trade. This match by the City Councils before they! is evidenced by duffy reports of jean be put into operation. But urders from abroad. Other - the people have plenty of oppor tions have deemed It wie totunity of personally expressing follow the lead, some because theythuir views against schemes which, in their opinion, are wasteful, uri- ore tied to the pound sterling, and

economic and unnecessary. Re- through sterling to gold; atill

cently, in a county, borough in others, such as the Scandinavian England, the local Council intro- family, have felt the gravitational ducer! a scheme for the erection pull of the pound through their of new municipal buildings, which, commercial or financial relations in view of the attendant call for national economy and the amount with Britain. General Smuts anxious that South Airles should of money required from the rate- not be left in the lurch, especial-footiably wasteful. The ratepay payers, was generally considered ly since there is a passibility that Jers organised themselves, and, at even more countries may deserta Government Enquiry, succeed- the gold standard. He does noted in making their wishes felt so onvisage either the United States rongly that the Ministry of Health refused to unction" the or Franco joining in the move-

scheme. The taxpayer in England mont; nor, indeed, is there any

18

shall not be dono.

Six Million Depositors,

The home investor would also withdraw his money and hoard it rather than risk it.

For electioneering purposes this It is as well to point out also issue will be cloaked with a mass

unnecessary. Academic

the

come

In addition to its expital, it em-experiment of running the banks

terests.

This new general munager won't last long. Liston how he.

words this lotter-"

No. Hands off the banks!

PHIPPS on

Chic Looting.

Economy cuts in telegraphie ser- vices are reported from Nairobi, Kenya.

The native belles of the district, anxious to balance their budgets but unwilling to forgo their an- nual redecoration, helped them- selves to slices of telegraph wire and made them into bracelets.

Once started, the scheme spread, and the economista were soon mak- ing cuts all along the line:

The postal authorities, however, pointed out firmly that their tole- graph wires were not to be regard- ed as trousseaux, and would the Indica kindly park their pliers with the kraal-commissionaire?

This the ladies, albeit sorrow- fully, have been compelled to do.

These dark doings reveal an at- illude towards public services that is not so much immoral as amoral. As far as the nativeR

the telegraph were concerned, poles were Christmas trees.

But one hopes that the principle will find little favour in our more civilised communities. Any aud deni vogue among the fair sex for two plece costumes made from rail. way carriage blinda of lingeris.

‘antimavasdiks cut from hotel might lead to positive boom In chic

Tooting

Continued on Page 7)