1932-01-21 — Page 6

TEN

UP

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Dewar's

WHITE LABEL

White Label

Dewars Song

THE WHISKY OF DISTINCTION

New Shipment Received

DOA

of the

VICTOR RE-16

Radio-Phonograph Combination.

THE HONGKONG

1 Super-efficient RCA Victor Super-Heterodyne eircuit,

2 Continuous band-pass variable tone control.

3 Shock-proof rubber mounted chassisc

1 Scientifically Impregnated condensers,

RE-16 Noise eliminating power transformer,

6 New RCA Victor automatic volume leveler that

corrects Inding.

7 Three point shielding (Taben, chuasi tant cațites. Perfect acoustic synchronization of chassis cabinet,

9 Over-size electro-dynamic speaker.

and

10 New RUA Pentode tube with push-pull application.

Operafes on lochi voltage

without power

transformer.

S. MOUTRIE & CO., LTD.

Chater Road.

CADDY

BAGS

LARGE AND VARIED RANGE

IN

LEATHER

AND

WATER

PROOF

CANVAS

FROM

$8.50

UPWARDS

ZIP-FASTENING HOODS

& POCKETS ·

Lane, Crawford, Ltd.

SPORTS DEPT.

BELIEVE IT

OR NOT

'CHEVROLET

TELEGRAPH. THURSDAY, JANUARY 21, 1932.

No Chevrolet owner can drive his car into habitable country that does not contain Chevro- let dealer representation.

more

-

Chevrolet service is that a pane; it is a world- wide fael, The enormous Chevrolet organizati braces the world's northern- most and suthernmost auto- ruobile dealers, Eighty-five hundred miles of ice, snow, rivitization and tropical jangles separate the Chevrolet dealer in Horstad, Norway, an outpost in the sub-Arctic, auch The Chevrolet dealer on the island of Tierra del Fuego, admest at th

South tip of America.

AUTHORISED CHEVROLET

DEALERS.

DAY BY DAY

THE MAN WHO FEARH NOTHING

HE WHO

18 AS POWERFUL AN FEARED BY EVERYBODY.-Schiller.

$1

The R... Empress of Canada, from Shanghai is due here on Saturday at 7 nam. and will leave for Manila at & p.m.

war for which she demands an- nuities which will ultimately riso to about £81,000,000 a year. It follows that if German reparations; continue to be paid, the great bulk' of the proceeds will go to America. The Balfour Note suggested an all- round cancellation of debts, but,, falling general acceptance of that proposal, it declared that in no circumstances would Britain ac cept from her debtors more than

The Royal Observatory reports that ww needed to pay her debt to Am- the anticyclone is central to the onst of Tokyo, moving east. Another is erica. Acting under the latter dr-forming over N,E. China. claration, she has made debt ngree- ments under the terms, of which she will receive far less than half the sun to which she was en- titiel. As against that is the fact (that under her agreement with Bri- tain, the United States receives the whole of the sum originally bor- rowed, pha interest totalling no less than £1,390,000,000,

Queen's Colleges bolding its annual speech day an Friday, January 29 at p... when the Chief Justice, Sir Joseph Kemp will distribute the prlars.

Mr. M. Manuk will give sume im

nt the pressions of his travels

17 Theosophlen! Society's Lodge, Queen's and Central, 1st Floor, at six o'clock to-night.

The photographs of the St. Paul's whith Girls Schoul Girl Guides appeared in our Pictorial Supplement Saturday last were by A. Fong, aui not the Ming Yuen Studio, as

sinted.

THE ONLY WAY TO

WORLD PROSPERITY

I may be further explained that the amount which Behain has 1 pay to America reaches 138,000,- 900 a year, whilst under Britain's agreements with her debtors they

Recent arrivals to the Colony in have to pay about £20,000,000, »0 | elide Mr. and Mrs. Janes Middleton Smith on a visit from Shanghai. Mr. That if all the b agreements THE HONGKONG HOTEL | stand. Hettain will be burdened for Professor Middleton Smith of

Hongkong University. GARAGE.

lover sixty years with an excess Facts and payment.

Struck by a plere af coperete while quakes, opari, all great Ggures which cannot be explained employed in a building which was extastrophes are

wear the Pulace stupidity. Hotel in Haiphong Road yesterday,

The Hongkong & Shanglies incele, Esot Tomorporated in Hongkong. Grubbe in

Happy Valley

DEATH

HYNDMAN At hur de subemer,

durdan Roul. Kowloon, at lea Heti stre flman. aged

Fotoad with Heeply regretted par Monument Phos evening DE S. pau (Macau, Shanginti, and Manila paper pilsores regard

The

{

These

James Middleton Smith is the son of By Gilbert Frankau.

the

ŢATURAL

such

This position, you will admit, Is fantastic. Yet even more fantastic is it to imagine, a ne muny of those set in authority over the world seen to imagine, that this position is a natural one; a mere slump in the ordinary sense of that niach misused word.

There is reason for the pre- doxical condition in which planet now finds itself. And that crasm is the misbegotten trenty of world-pence known as the Peace of Versailles.

if ever bunun stupidity reached its apotheosis it was in that same Peace Treaty of Versailles, Nor can any man, however good his intentions, who helped to frame that treaty escape his share of responsibility for the position in which the

Average household of every civilised country in this universe this itself to-day.

Because, as the fundamental financial busie of that treaty, the allied nationa mortgaged their.

ftares to America, blindly trust-

ng that an afron ly broken and as, never too honest creditor of theirs.

Neat, and warth to wit, Germany,

alue to

01:

Nix

ALA

human paying the interest on that mort- human age for them until such time s it was in a position to pay off the nway So far as Britain's polles being demolished

The world to-day, and Great principal too. To bring this down Is converted, she still status brolie was taken in the Kowloon Britain with it, is face to face with to brass tacks and to the average comprehension, Great the first proposal of the Balfour Hospitat with hend injuries,

a catastrophe of appalling magni-citizen's tude. The finance of the universe. Britain, our Dominions, France, Note, namely, all-round cancella

While calling of Dr. Tiumphreys, B, has broken down, ine bulk of the and Italy and the rest of the Britain, it has again and dental surgeon, ant the fourth four of

work's population may yet starve Allies, excluding Amerlea, relied Alexandra Building yesterday. Mr.

and in the midst of plenty,

Germany to pay them aguit been explained, is willing to. F. Shiels was, aerording to a 27

Hix hundred million - There is no lack of any single thousand Deep Thi plan when all report munde ta the puller, robbed of a

hat, and a cont which he left in an commodity. We have enough brend, pounds sterling--and proceeded to the other debtor and creditor na-

bave, settle with etch ather just uter room17.

meat, we In the gunt was if wallet: we have sough tions are ready to de the same.

enttaining $26.

enough vegetables, we have enough though this incredible amount of tea, we have euuugh coffee, we havej money were as good as coah. This sacrifier would be made for

Qui Continental Allies had bor Censingh and more than enough of! the good of the world But at the

sery article of food and drinkrawed a couple of thousand million foment American policy is deak

That human appetite can crave for sterling from us.

Birty to feed and over-feed the entire rowed eight hundred and starlust any such solution. She,

at our planet. There million sterling from America. In

which we or the dominating seetion of her

there is wood addition to

had lent steef emaugh, pupilation, still fail to see that

"That never mind about all the plight which the United States.

said we and the world. "Germany is now in is large past the offert of the system of war debts

ptions which is strangling the world.

Hongkong Telegraph.

THURSDAY, JANUARY 21, 1982.

AMERICA'S

Tar

ANSWER.

Being

willing

to consitier the ennenŝlation of war debts, the 'nited States has made

F.S, Credit Corporation.

General Charles Dawes does not

it plain that she will not even turn from diplomary to high finance. the with a vision of a new world to extension of agree to TEX

The author of the first Horiver Moratoriam. If this is conquer,

German Reparations, Plan, pre- nut laming the loom," they

sident of the Central Trust Com- jobrase has a weaning which we

pay of Chicago and a recognised have not yet fathon. America | authority on the American bank-i

Bs the European Powers that ing system. his ability to perform They must settle the debts problem the task assigned him by

Pre-

sident Hover is not likely to be by themgolves, apparently failing called into question. Nevertheless. Ta ser that the matter is one in he is given a heavy responsibility. which the 'Viited States is as The purpose of the Reconstruction vitally concerned ne Europe is, Finaner Corporation, part of, a Tudeed, how the issue

be larger programme for mobilisation colod without action of some kind of America's credit resources, is mainly to restore cotisklence in all be the United States," we cant

quarters connected with

Anance, i

יויו

Can

But America sets Furaja anļand to do so, the handling of the impossible proslyn, well knowing | Corporation's affairs will need to that Frave will not budge untess be extremely delicate. in the first she herself makes some eoncession, and says, in effect, that when the imponulife has been arranplished,

place, the proposals suggest, despite! assurances to the contrary, that! the United States is cont to embark 011 a policy of in-

è ho may be prepared to consider { dation however restricted it may bư any further demand for debt pest-in its scope. It is argued that to penement The attitude, to say the extent that it tends to supply the demand, it will not amount to in- the least, is not helpful,

flation but to counter-deflation. The Nearly three years ago, it was other danger is that of a serious painted out by Mr. Snowden, then drain on the reserves of the Federal

| Chanreffør of the Rscheiten, that ↑ Hoserve System, by throwing them

if the statesmanlike policy of wigs pen to the use of general invest- ing off all debts and claims to re- ment securities. The official an- parations had been opted in wer, we believe, is that there will be no heavy drain, that the more 1919. Europe would have been say availability of the funds will be ed from the economie chaos which sufficient to restore confidence. In followed. But that policy was not reference to both these dangers, adopted, and this problem of re-officialdom is definitely inclined to- parations and debts has ever since wards optimism. In reality, the poisoned the cenomic life of situation will have to be watched with the greatest care. it is doubt- Europe and the world, to say noth-ful whether anything resembling' ing of embittering the relations complete ronikhnee can be restored between all countries, bath creditor in the United States, while there #dearth of confidence and debtor alike. His pertinent ] remains

to point out that the United States abroad, almost the last vestiges secured from Great Britain a fund having been rooted out by the re- parations tangle. If the desired ing of the British debt to her confidence in Amerien proven fuck- - which will exart a total payment, ing and the feared drain on the apread over sixty-two years, of no Federal Reserve System's reserves less than £2,200,000,000 01 the becomes an accomplished fact, this original debt of £900,000,000.

Am-coupled with inflation will ultimate- ly drive the United States off the orion, moreover, has agreements gold standard. The danger is pra- with France and Italy which will]iably more apparent than reak. But | ultimately require about £24.000,- General Dawes has certainly not ac- 000 of annuliion. America thus cepted the appointment in a belief has claims on her Allies in the that he has fallen into a sinecure.

HONGKONG SHARE

MARKET.

OFFICIAL SUMMARY BY STOCK EXCHANGE.

The market this morning again little opened quietly stendy, with variation from the rates of yesterday,

Salen.

Banks, St410/81,420. Star Ferrien, $975. Ewas, T. 16,30. Chini Lights, $264.

Royers

Douglases, $236.

Providents (old), $5,35, Providents (new), $2.45,

Tramways, $22.10.

China Lights, $26.

Cements (combines!), 539.15. Craints (new). $5,46, ILK. Government

prenitam.

Lonn.

322

Benguets, $11. Chinese Estates, $95. Ewas, Tls. 16.10. Star Ferries. $97. Singapore Fractions, 34- Sinceres, $10. Constructions (old), $5%. Constructions (new), $185,

Sellers.

Indo-Chinas (ref.), $15, Indo-Chinas (Def), $3.

.K. Landy, $8211. Electrics, $78. Dairy Farms, $30. Constructions (old), $5%. Raubs, $39.

Providents (oh), $5.10. H.K. Renities. $12. - Telephones" {part paid), $29. Entertainments (ali), $1674.

We had bor-

Jenunch, there is brick enough to countless millions to our Dohar"

hose and aver-house millions.

All

ouri

Of wool, of cotton, of all the is going to pay six thousand six textiles meded for human etoth hundred million sterling. Out of ing, we have super-abundance, that cast sum there will be plenty could pave very street in all for us to settle with one another." our towns with rubber

and still

The Far-secing Balfour. not feel any lack of it. Of copper

i we have mountains. Of silver and

And not until three years after zine, of every metal needed for the that crazy piece of international implements of modern civilisation; hook-keeping, for it was only in- we posses such storks as the world i ternational hook-keeping, did has never seen before,

one

the

We have

countless ships. W clear-eyed British statesman,

tate Arthur Balfour, wake up to of factories. We the fact that The World Limited myrintis i have batteries upon batteries of vas in exartly the same position which had presented

campany

its shareholders with a fraudulent balance-sheet. The ability nido the of that balance-sheet, Arthur Bal and four recognised, might be correct aits to the ultimate furthing. But on

the asset side stood

it a figure world over six thousand million pounds

most

optimistic estimate one hundred million sterling.

; have

the most up-to-date machinery. Ruinous Trail of Treaty,

Wheresoover we look about world supplies are adequate over-adequate. What, then, us? Not even demand.

The population of the still demands to eat. In drink, tolsterling, actually worth at the house itself, to clothe itself, and to make merry,

Yet the demands of the world go unsatisfied. The average man, the average womaḤ are occupied, even their goverments are recupied, ith the balancing of budgets. Whether here or in America, whether in France or in Germany. whether in India or Australia, the average household of the world is fed with the one problem, "What ean we do without? How enn we economise next year?"

with

They say they liked my screen test and want to star me in an underworld picture as soon as my present contract

cxpircs."

WO

our

Recognising which Arthur Balfour said, in effect, that should surrender share in German reparations and that all inter-allied in- debtedness should be written off in one great transaction. We should thus have given up claims on paper amount- ing on balance to some £2,550 millions, but the wärld would have been saved all or most of its present misery.

Arthur Balfour, in other words, and all honour to his memory for it, was the only statesman with the pluck to tell the world of its insolvency. But nobody would listen to Arthur Balfour. And to- day, nine years after that original not of his, the ledgers of the world are still cluttered with false entries. With the solitary exception of America, everybody is entered #194 owing everybody. And none of these debts, these 1914-1918 war debts, can anybody pay.

This is the reason, not the only but the main reason, for the stark circumstance that in a world stock and over-stock with all the commodities man needs for his sustenance there is no means of bringing the supplies within reach of the people who demand them. And Ao long MA the "hick" mentality, the cataclysmic ignor- ance of the average stay-at-home American continues to deminate politics at Washington, so long ns her peasants and ker petito bourgeois continue to dominate. France, long s financial jugery and the war-mind tinue to operate in Berlin, no long will the average household of the world, whether in Bolton, Brooklyn, Bremen, or Bulawayo, tontinue face-to-face with starvation with plenty rotting at its very doors.

но

con-

For these debts, these fraudulent book-keeping en- tries in the world's balance- sheet, are clogging all the (Continued on Page 7.)