1932-03-23 — Page 18

DEWAR'S

Whatever the standpoint from which you regard Dewar's fine old 'White Label' Whisky, its superiority is evident. There is the refined flavour-there is the maturity due to great age-and there is the high quality upon which the world's expert opinion is unanimous.

WHITE LABEL

Sole Agents:-

A. S. WATSON & CO., LTD

Wine Spirit Merchant. Est. 1841.

A few selected titles from an

Interesting consignmen

Victor & "H.MV "

just unpacked.

t

Recneds

THE HONGKONG TELEGRAPH.

RADIO EQUIPPED

STUDEBAKER

DICTATOR EIGHT

STUDEBAKER S•P·A· PIERCE-ARROW

THIS 80 HORSEPOWER SEDAN UNLOCKS THE WINGPOWER OF MOMEN- TUM. YOU DRIVE AS YOU HAVE ALWAYS DRIVEN. YOU CHANGE GEAR AS YOU HAVE ALWAYS CHANGED- BUT WITH FAR MORE EASE, WITH ABSOLUTE QUIET AND WITH LESS USE OF THE CLUTCH.

Every time you take your foot off the power in a convential ear your motor fights your car. Your motor should pult the car --not be pushed by it. THIS

AND PETROL

OIL SAVING CHAMPION STUDE- BAKER NEVER DRIVES YOUR ENGINE-EXCEPT WHEN YOU WISH IT TO DO SO FOR ADDITIONAL BRAK- ING EFFECT AS WHEN DECENDING A STEEP HILL Publis traille And highway allicials throughout Amerien Free have given Studebaker Wheeling endorsement distinct contribution to publi anfely.

il

WEDNESDAY, MARCH 23, 1932.

drastic downward movement. Therefore tariffs, whilst having a distinct influenco, have not been the primary cause of the continued depression,

DAY BY DAY

ALADDIN CLOSES HIS

On the general question of the! I FIGURE THE JEW AS THE ELDEST existing trade situation, there are yoRN OF TIME, TOUCHING THE CREA- muny who hold that the outstand-TION AND REACHING FORWARD INTO ing volume of credit in dependent] THE FUTURE, THE TRUE BLASE OF WANDERING. upon the volume of business. But THE UNIVERSE-THE

JEW WHO HAD REEN EVERYWHERE, this would appear to betray a

SEEN EVERYTHING. DONE EVERY- failure to grasp the relationship

THING, LED EVERYTHING, THOUGHT of credit and production to the VERYTHING, AND BUFFERED EVERY price level. It is Dr. Marvin's THING.-Iaract Zangwill. contention that

volume of the

Thu T. and O... Rajputana, from credit has fallen faster than the volume of production, and that it Shanghai, is dus here at 6 nm. ontoes it mean?

Friday. Is this relationship which has pro-

A farewell party to Mr. D. W. Morley, who sailed for Home on leave this morning, was given by the Hong- kong University, Engineering Society yesterday. Mr. Morley in a lecturer

By IAN COLVIN.

CAVE.

How these pipes word forTROG MILÍ A The diamond mines of South whence came this clay are mysteries ALADDIN has closed his cave. Africa are shut down. Since dia- beyond the selence of the geologist, monds are still counted the most Some say their origin is plutonie: filled by precious things known to man it others say they were

must seem an extraordinary para aqueous agencies. It is an odd lizards. fox that they should no longer beelrcumstance that fossil thought worth the finding. What and branches of trees, of no very great geological antiquity have been

escape

Does it mean that the day of buried some hundreds of feet deep duced falling prices; further, that The Chief Justica (Sir Joseph diamonds is over: that they are in this solid matrix, and that oing to be worthless 7 That "reefs" of ahnle have been found in prices will continue to fall until Kemp) in at present confined to his old indeed be a calamity, since the midst of the clay, as if they had

with influenza, and In con- credit contraction has been halted. housÒ It is the gold rountries where the Kernce the case concerning the dis. for generations the diamond has been sucked down like a gigantic pute between brothers as to the assets maintained its value with the con-polato-peeling in the vent of a most acute trouble now exists, of the Kai Sui firm, which is before stancy of gold. To the utilitarian kitchen-sink until choked and held since their price level is still full- the Court, has been adjourned until it must seem almost worthless by the surrounding waste.

useful only for cutting glass or Did the vast lake which once ing. In the United States and his Lordship recevers.

drilling rock; but to those who have covered those regions France the trouble has been agarra-|

come under its spell, it is of all through those holes into subter- vated by unprecedented hoarding,

adorable things the most precious. ranean chasms, measureless to which is the worst form of credit

Even though it be transparent man, carrying with it the sludge contraction. Until the gold coun-

and colourless as a drop of dew, which became solid under heat and tries ena devic, the means of rais at the University, and sequral speech. diamond of the purest water," its Pressure from above and below? ing their prices and creating man-

en appreciative of his work, and ex-crystalline heart flashes resplend Were the diamends crystallized pression of congratulations on his cutly with radiant fire. It dia- from bubbles of hydrocarbon im- the mud? Such ageable machinery which with en-

fort coming marriage, were made solves the plain light of day into prisoned

lease an ignorant. auro a greater measure of stability by members of the Society.

the romantic glories of the rain-pecalations bow. "It seems," other countries abouk hesitate to

Hs Sir John mind-like mine-out of thought; Mandeville observed, "to take plen- the expert offers no solution. re-adopt the gold standard.

However, they came, the dia- Indeed, unless the gold countries / Director of the Hongkong and You sure in assuming in turn the co

our proper to other gems," It is monds are there, so evenly distri- highly phosphorescent;. It reflects.bated throughout the clay that they refracta, and disperses light with a can i reckoned at so much to the brillianco that might be eniled di- load. Having walked, as Ezekiel, vine. Yet no dazzling is it to man in the midst of the stones of fire," and womanklad that to win it I can bear witness to these enor- ther resources. Although (Anys Mr. Gardner Williams), mous

been "temples have

profaneil, pipes narrow as they go down, the palners touted, thrones torn to fragend is not in sight, and while some menta, princes tortured, women pipes are worked others are bold in strangled, guests poisoned by their reserve. The raines certainly, are hosts, and slaves disembowelled." not closed down because they are : The history of any famous diamond exhausted.

would make a scenario beyond the drasems of Hollywund.

We understand from the Managing

mati Ferry Co. Limited that the Com are prepared to conform to certain pany is issuing 20,000 new $10 shares conditions within [1 reasonable to its registered shareholders for sale period of time, it is by no meanscription at $20 each. The holder of every two abates is entitled to apply beyond the bounds of possibility for one new share, closing on the that a new system of money and 30th April 1932 and ranking for

dividend on the 1st May 192. exchange might developed, hased on a central unit intelligent- ly managed and stabilized in rela tion to the numbers of the price level. Sterling IM the loglen! basin of such a system. The tru ditional position of sterling as the world's medium of exchange. the

The following cable at the close! position of London as the world's banking centre, ker wealth of ox-of the sugar market yesterday has

been received by Messra. Lawrence Tibbett. | THE HONGKONG HOTELperience, her splendid banking treath and Co.

B-6039 "Leave the rest to Nature"

Ambrose & His Orchestra.

22859 "I'm a Specialist"

Frank Crumit.

1550 "Cuban Love Song"

B-6061 "You can't stop me from loving you"

Ambrose Orch.

1531 "Dancing Virgins of Delphi"

(Debussy) Paderewski,

B-3794 "Any Little Fish"

(Cochran's 1931 Revuel Noel Coward. [

Ask us to mail you a complete list.

S. MOUTRIE & CO., LTD

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FOR A DEMONSTRATION

GARAGE.

The Hartans & Shanghal Hotels, Lizi. Incorperated to nagkupE, Atubba Road

Happy Valler

The

Hongkong Telegraph.

WEDNESDAY, MARCH 23, 19:12,

TARIFFS AND TRADE.

2

system, at the centre of which the Bank of England operates without the stringent restrictions and inhi- bitions of the central banks of France and the United States, form a combination denly designed for this purpose.

Disarmament.

of

tu

one.

-

SUGAR MARKET.

THE LATEST CABLED QUOTATIONS.

I is besides of so eternal

14

Nor 1 De Beers, which owns this vast wealth, in any lack of capital: on the contrary it was never so strong in its resources. Pen-charm, of no indestructible a nature One of its several funds, "the re- that the stone which glittered in serve for the stabiliment of the din- the ear of the Queen of Sheba may mond trade," is of 4 millions, now redeem from mediocrity the represented hy investments which wife of a Chicago millionaire." Ar. stand in its books at £7,303,000. lists in other materials--in canvas Nor is it merely in its reserver or marble

for that De Beers is strong; it has time, but that fine artist, the din control of every diamond mine- mond-cutter of Amsterdam, for including its quondam rival the Leternity.

Premier, of the Transvaal, and

besides

interest 112 It is so small that it can be car- bus ried on a finger, yet so previous na every puree of supply; it is. to represent a fortune; it is both morcover, half-owner of the Dia- beautiful and immortal; neither Itsmond Corporation (successor of Vniue nor its lustre suffer diminu-the Diamond Syndicate), which tion

London Terminnis. March 1933 5/10% down 3d, May 1932 5/-1⁄2 down 31⁄2d. August 1932 6/4% down 3%d. December 1932 5/74% down 3d, Buyers at above prices, sellers asking -d more.

New York Terminais. March 1933 1.00 down 2 pts. May 1932 76 no change, July 1932 81 down 1 pt. September 1932 87 down 2 pts. December 1932 .93 down 1 pt.

CORRESPONDENCE.

Touch Typewriting.

To the Editor, Hongkong

Telegraph.1

"FINGERS-CO-WRONG,”

or bronze-work

on with age--for all the reasons controls the diamond market. It is beloved of women. And it has Thia la by no means the first long been the anatom of women, crisis of the industry, and the re- especially of

of such us lead adven-curring eause is not that De Beers turotta Ilves on the stage or else cannot produce, but that the where-to turn their earnings and world cannot buy. 1

1922 all their savings into diamonds, at mining and washing operationa once their stock-in-trade and a re- Insurance

age.

diamonds.

of their charms, 1

*

A study of the work of the Die- armament Conference up to the present time is enlentated to give satisfaction to every nivoente of #hope peace and to encourage

Armaments. of that reduction which will really count, will you

were.suspended for many months. proceed from it. It is difficult to One of the difficulties of the imagine such a conference held un-

security against misfortune and old Then chale a recovery in world trade followed by the depression unhappy circumstances British Government in enforcing der mure

If dlumends were no longer valu- which now reigns. At the begin- attended than have

thin its new tariff policy will be to

Sir, May I be enlightened,able it would he like the bankruptcy ning the market was flooded by avoid the endangering of foreign Universal financial distress among

through the medium of your valu- of a great insurance company-and Russian stones, the spolis of Com- trade. Mr. Runciman evidently nations of course, affect to its de- had that point in view when, in a triment any argument for disarma-able paper, on the above subject? would give many a falt lady more munism or what was saved by the Of late the business market has cause to shudder as she looked at refugees und sold to support their flooded with typists who her first faint wrinkles in the unhappy exile. Then came the recent speech at the British Indus-ment, but the complication of that been

scovery of the Lichtenburg Beld tries Fair, ke remarked that, distress with reparations and war have been taught to master the glass.

Let us see, then, how the matter in the Transvasi-a tree-digging... whilst hoping to extend Empire delta gives it a political character standard typewriter keyboard with trade, the Government was, at the which might well prove provoca- their "Blind" system, using (A) stands. As for the source of dia- vf enormous wealth which reae to (S) (D) (P) and (I) (J) (K) (L) monda-mainly the diamond mines its peak in September, 1927, and same time, anxious not to lose any tive, with the tendency

as the "Home" keys for the left-of South Africa-It may be called afterwards declined. opportunity

than hand and right-hand figures rea- inexhaustible. The pipea in which strengthening courage increasing rather of

Between 1926 and 1920 these trade relations with foreign coun- lessening arnuments, And the pectively. Will any of your readers they are found could be counted

to the tries. He even went so far as to outbreak of the quarrel between interested in the subject kindly almost on the fingers of one hand: fields produced diamonds

nearly eleven million express his firm belief that greater China and Japan, with the obvious point out to me the advantage of they are enormous and unfathom-ef

the above method which obviously able shafts which go down through pounds. Agalust these discoveries

the of intercourse between purpose of Japan to follow its own deviates from freedom

well-known the surrounding shale and basalt, Syndicate Lought and hought to as it were packed and keep the surplus off the market. nations represents the only per-programme without deference to "Touch" system adopted through- and arg

but the English-speaking world. rammed full of a soft blue rock or Then came (early in 1927) the dis- manent solution of the world's world sentiment or League au-

hard blue clay-the matrix of the covery by Dr. Merenaky, on Crown Yours, etc., commercial MA The Fres thority, might well be taken as an

land at the Orange River mouth, Trader will naturally retort that argument in favour of the main--

of a natural cache of diamonds. By is

ormaments freedom of intercourse

heavy not tenance

1929 that, too, was mostly garner a milt- being helped by the erection of against the ambitions of

ed-a prize worth £12,500,000, new tariff barriers.

taristic nation. Of course the lat-

Again the Syndicate bought; it bought to the extent of £8,000,000 A good deal has been made by ter argument would be Inllacious,

and so held up the market. defenders of Britain's change of although attractive to people of Asunt polley of the point that the military inclinations. Everything tariff will enable us to bargain that is going on in the For East with other countries, and, pos- is an argumen for disarmament sibly, use them to lower their] and a fuller control of military

centrai barriers. It is of interest, how forces by

organisation ever, to contrast this belief with than now exists, and seemingly the the views recently expressed by delegates to Geneva are refusing to Dr. D. M. Marvin, economist of permit themselves to be stampeded the Royal Bank of Canada. As by the Incidents in Manchuria and serting that tariff barriers have Shanghai. The addresses have bindered the free exchange of been models of tretful and diploma- goods, and that recent increases tic approach to a great problem. in tarifa are more than likely to No clash of any sort which might delay world recovery, he contest: preclude harmonious determina- the view that Britain's new tariffs tion of the issue has been permit- may cause some countries to see tell, and more than in any earlier the folly of placing further restric-conferences dealing with an inter- tions on world trade and thus lead national problem of difficulty and to a concerted movement towards dellency, the note of pessimism kas lower tariffs. He openly declares been missing. It is hardly the that he has no great faith that thing to say that the conference this will be the outcome. It is may be a success. It is a success. true that this authority does not If nothing more were accomplish- blame world depression on tariffs, ed than the discussions as they an it is pointed out that trade was have thus far proceeded, the way to have been paved falling off rapidly before the would seem latest epidemic of tariff increases for a more complete and satisfac Act in. While the tariff barrier, tory control of the armaments of a dovlee to increase national pro- the world by joint negotiations. duction at the expense of other countries, hinders the balanced

growth of international prosperity. there was no sufficient change in Exchango. Banks will be closed to the During the Easter Holidays, the tariffs just prior to the downward | transaction of public business on Fri- turn in trade to account for the day, Saturday, and Monday, March 28,

20 and 28.

"There now, that makes us square."

Now these alluvials, where not. exhausted, are fallen under control; the

alluvial production is back at the old level of £2,000,000 a year. Supplies are both normal and regulated: but the world-depression upsets all calculations. The world can no longer buy.

Ladies they

Are

nol aro

receiving: selling their pre- Impoverished lovers-Bays It not in diamonds,

but

келін.

In dowers. There le no longer market for these most precious of stones. Hence this closing down. The trim tug British. South African town of Kimberley is put upon half-pay-anugly under hatches, confident in its faith in the vanity of woman-kind. If civilian- tion survives, diamonds once more: will come into their own.

THE WHEAT BILL.

COMMITTEE STAGE NOW COMPLETE.

London, Mar. 22. Tho House of Commons last night completed the commit too stage of the Wheat Dill. No im- portant changes have been made In the original measure.

During the debate the Minister for Agriculture refused an amend- mant limiting the operations of the Bill to five years. He stated that the whole situation would be re- viewed after three years by a fully- Informed body--British Wireless-