1932-03-23 — Page 6

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

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A. S. WATSON & CO., LTD

Wine Spirit Merchant. Est. 1841.

of

A few selected titles from an

Victor G "H.MV" Records

interesting consignment

Ambrose & His Orchestra.

just unpacked

B-6039 "Leave the rest to Nature"

22859 "I'm a Specialist"

1550 "Cuban Love Song"

Frank Crumit.

THE HONGKONG.' TELEGRAPH

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131 72

FOR A DEMONSTRATION

WEDNESDAY, MARCH 23, 1932.

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

DAY BY

DAY

ALADDIN

CLOSES HIS CAVE. ·

By IAN COLVIN.

On the general question of the

I. FIGURE THE JEW AB THE ELDEST | existing trade situation, there are DORN OF TIME, TOUCHING THE CREA- many who hold that the outstand- TION AND REACHING FORWARD INTO ing volume of credit is dependent THE FUTURE, THE TRUE BLASE OF

WANDERING LADDIN has closed his cave. How these pipes were formed and.. upon the volume of businean. But THE UNIVERSE-THE

JEW WHO HAS BEEN EVERYWHERE, A The diamond mines of South whence came this clay are mysteries. this would appear to betray a SEEN EVERYTHING, DONE EVERY Africa are shut down. Since dia- beyond the science of the goologist. failure to grasp the relationship THING, LED EVERYTHING, THOUGHT monds are still counted the most Some say their origin is plutonie; filed by of credit and production to the EVERYTHING, AND-SUFFERED EVERY-precious things known to man it others say they were

Dr. Marvin's | THING.-Israel Zangwill. price level. It is contention that the volume of credit has fallen faster than the volume of production, and that It ia this relationship which has pro-

The P. and O. P. Rajputana, from Shanghal, is due hero at a.m. on Friday.

duced falling prices; further, that ¦ - The Chief Justice (Sir Joseph! prices will continue in falluntil Kemp) is at present confined to his credit contraction has been halted. hotte

most acute trouble now exlats, Binee their price level is still fall- ing. In the United States and France the trouble has been agera-) vated by, unprecedented hoarding. which is the worst form of credit contraction. Until the gold coun tries can devla, the means of rats ing their prices and creating man- argeable machinery which with en- sure a greater measure of stability other countries should hesitate to re-adopt the gold standard,

fort

with Influenza, and in con.

Does it mean that the day of diamonds is over; that they are oing to be worthless? That would indeed be a calamity, since

must scem an extraordinary para- aqueous agencies. It is an odd slax that they should no longer be circumstance that fossil lizardla, thought worth the Anding. What and branches of treen, of no very great geological antiquity have been Joes it mean?

burlod some hundreds of foot deep in this solid matrix, and that reefs" of shale have been found in the midst of the clay, as if they had been sucked down like a gigantic potato peeling in the vent of a kitchen-sink until choked and held by the surrounding waste...

Did the vast lake which

those regions covered

holes into aubter- through those

chasms, measureless to raucan which became soil under heat and man, carrying with it the sludge

กะ

Sir

опсе escape

It is the gold countries where the sequence the case concerning the dla or generations the diamond has pute between brothers as to the assets maintained its value with the con- of the Kai Sul Brm, which is before ntancy of gold. To the utilitarian the Court, has been adjourned until it must seem almost worthicas-

useful only for cutting glass or his Lordship recovers.

drilling rock; but to those who have A farewell party to Mr. D. W. come under Ita spell, it is of all Morley, who sailed for Bome on leave adorable things the most precious. Even though it be transparent this morning, was given by the Ilong- kong Univeralty Engineering Society yesterday. Mr. Moricy is a lecturer and colourless as a drop of dow, "n at the University, and several speech-diamond of the purest water," its pressure from above and below? o appreciative of his work, and ex-crystalline heart flashes resplend Were the diamonds crystallised pression of congratulations on his ently with radiant fire. It dis- from bubbles of hydrocarbon im- prisoned in the mud? Such coming marelage, were made solves the plain light of day into

teasc an Ignorani by members of the Society.

the romantic glorica of the ratu-peculations

"It seems," bow.

mind-like mine-out of thought: John We understand from the Managing standeville observed, "to take plea the exsert offers no solution Director of the Hongkong and Yau- sure in assuming in turn the co- However, thay came, the dia- Indeed, unless the gold countries mati Ferry Co. Limited that the Com-lours proper to other gems. It ls monds are there, so evenly distri- are prepared to conform to certain any ir issuing 20,000 new $10 shares highly phosphorescent; it reflects, inted throughout the clay that they

rengohable) to its registered sharchokiers for with conditions within

scription at $20 each. The holder of refracts, and dispersea light with a can be reckoned at so much to the period of time, it is by no means every two shares is entitled to apply brilliance that might be called di- load. Having walked, as Ezekiel, beyand the bounds of possibility for one new share, closing on the vine. Yet ao dazzling is it to man "in the midst of the stones of fire,” this a new system of money and 30th April 1932 and ranking for and womankind that to win It can bear witness to theas enor

#vidend on the 1st May 1932.

resources. Although (клуб

Gardner Williams), exchange might be developed,

"temples have been profaned. pipes narrow as they go down, the based on a central unit intelligent-

painees looted, thrones torn to fragent is not in sight, and while some ly managed and stabilized in reln-

princes tortured, women pipes are worked others are held in strangled, guests poisoned by their reserve. The mines certainly, are tion to the numbers of the price

hosta, and slaves disembowelled." not closed down because they level. Sterling

the logical is

The history of any famous diamond exhausted. basis of such a system. The tra-

would make a scenario beyond the ditional position of sterling as the

dreams of Hollywood. world's medium of exchange, the position of London as the world's banking centre, her wealth of exbeen

(2

Lawrence Tibbett. THE HONGKONG HOTELperience, her splendid banking

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 Revue) Noel Coward. ·

Ask us to mail you a complete list.

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Happy Vallar

The

Hongkong Telegraph.

WEDNESDAY, MARCH 23, 1932.

TARIFFS AND TRADE.

ho

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

Disarmament.

A study of the work of the Dls- armament Conference up to the present time is calculated to give satisfaction to every advocate of a hope peace and to encourage

of armaments, that a reduction which will really count, will yet It is dificult la proceed from it.

conference held an- imagine such der more unhappy circumstances

attended huve

this one. than

tenance

01

SUGAR MARKET.

THE LATEST CABLED QUOTATIONS.

The following cable af the close of the sugar market yesterday hns

received by Messrs. treath and Co.

London Terminals. March 1988 5/10% down 3d. May 1932 5/-%1⁄2 down 31⁄2d. August 1932 5/4% down 3d. December 1932 6/7 down 3d Buyers at above prices, sellers. asking 1⁄4d-1⁄21⁄2d more.

Mr.

*

*

MOUR

the

Ar

Nor is De Beers, which owns this vast wealth, in any lack of capital: on, the contrary It was never so strong in its resources. I is bentdes of so eternal 趨 Pen-charm, of sa indestructible a nature ne of. Its several funda, "the re- that the stone which glittered in serve for the stabiliment of the dia- the ear of the Queen of Sheba may mond trade," is of 4% millions, now redeem from mediocrity the represented by investments which wife of a Chicago millionaire. Ar- stand in its books at £7,303,000. tists in other materials-in canvas Nor is it merely in its reserves for that De Beers in strong; It has or marble or bronze--work time, but that fine artist, the din-control of every diamond min mond-cutter of Amsterdam, for including its quandam rival the eternity.

Premier, of the Tranavaul, and besides An interest in It is so small that it can be car-has ried on a finger, yet so precious as every source of supply; it is. to represent a fortune; It is both moreover, half-owner of the Dia- beautiful and immortal; neither its mond Corporation (successor of value nor its lustre suffer diminu- the Diamond Syndicate), which tion with age-for all the reasons controls the diamond market. it is beloved of women. And it has This is by no means the first long been the custom of women, crisis of the Industry, and the re- especially of such as lead adven-curring cause is not that De Beers turous lives on the stage or else cannot produce, but that the where to turn their earnings and world cannot buy. In 1922 al their savings into diamonds, amining Bud washing operations once their stock-in-trade and a re were suspended for many months, Insurance of their charms, a

New York Terminals. March 1933 1.00 down 2 pis. May 1932 75 no change. July 1981 down 1 pt. September 1932 87 down 2 pts, December 1932 .93 down 1 pt.

CORRESPONDENCE.

Touch Typewriting.

To the Editor, Hongkong Telegraph.]

Sir, May 1 be enlightened,

"FINGERY-GO-WRONG."

security against misfortune and old Then came a recovery in world ·

trade followed by the depression

age.

diamonds.

•

land at the Orange River mouth, of a natural cache of diamonds. By 1920 that, too, was mostly garner- ed-a prize worth £12,500,000. Again the Syndicate bought: It bought to the extent of £8,000,000 and so held up the market.

One of the difficulties of the British Government in enforcing

If diamonds were no longer valu-which now reigns. At the begin- its new tariff policy will be to

able it would be like the bankruptcy ring the market was flooded by avoid the endangering of foreign Universal financial distress among trade. Mr. Runciman evidently nations of course, affect to its de-through the medium of your valu- of a great insurance company-and Russian stones, the apolls of Com- able paper, on the above subject? would give many a fair lady more munism or what was saved by the Of late the business market has cause to shudder as she looked at refugees and sold to support their had that point in view when, in a triment any argument for disarma-

discovery of the Lichtenburg field- recent speech at the British Indusment, but the enmplication of that been flooded with typists who her first. faint wrinkles in the unhappy exile. Then came the iries Fair.

remarked that. distress with reparations und war have been taught to master the glass.

Let us see, then, how the matter in the Transvaal-a free digging As for the source of dia- of enormous wealth which rose t whilst hoping to extend Empire debts gives it a political character standard typewriter keyboard with

their "Blind" system, using (A) atands. trade, the Government was, at the which might well prove provoca (S) (D) (F) and (H) (J) (K) (L)|monds-mainly the diamond mines its peak in September, 1927, anul

to ガー as the "Home" keys for the left-of South Africa-it may be called afterwards declined. same time, anxious not to lose any tive, with the tendency

inexhaustible. The pipes in which opportunity

increasing rather than hand and right-hand figures resine strengthening courage . of

Between 1926 and 1929 the c And the pectively. Will any of your renders they are found could be counted hand: trade relations with foreign coun-1 lessening armaments.

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

point out to me the advantage of they are enormous and unfathom value of nearly eleven million express his firm belief that greater China and Japan, with the obvious the above method which obviously able shafts which go down through pounds. Against these discoveries the well-known the surrounding shale and basalt, the Syndicate bought and bought to freedora of intercourse between purpose of Japan to follow its own deviates front

and are us it were packed and keep the surplus off the market. nations represents the only per programme without deference to "Touch" system adopted the rammed full of a soft blue rock or then came (early in 1927) the dis-

or League nu- out the English-speaking world. the world's world sentiment

hard blue-clay-the matrix of the covery by Dr. Merensky, on Crown manent solution of

Yours, etc.. commercial $119. The Free thority, might well be taken as an Trader will naturally retort that argument in favour of the main- armaments Is

heavy freedom of intercourse

not

a mili- being helped by the erection of against the ambitions of new tariff barriers.

taristic nation. Of course the lat- A good deal has been made by ter arguiment would be fallacious, defenders of Britain's change of although attractive to people of fiscal polley of the point that the military inclinations. Everything tariff will enable us to bargain that is going on in the Far East with other countries, and, pos is an argument for disarmament sibly, enuse them to lower their and a fuller control of military- barriers. It is of interest, how- forces by central 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 hindered the free exchange of been models of tactful and diploma- goods, and that recent increases tie approach to a great problem. in tarifs are more than likely to No clash of any sort which might dolny world recovery, he contexts preclude harmonious determina- the view that Britain's new tariffs tion of the issue has been permit- may cause some countries to see ted, and more than in any earlier the folly of placing further restric-conferences dealing with an inter- tions on world trade and thus lend national problem of difficulty and to a concerted movement towards delicacy, the noto of pessimism has It is hardly the lower tariffa. He openly declares been missing. that he has no great faith that thing to say that the conference. this will bo the outcome. It is may be a success. It la a success. true that this authority does not If nothing more were accomplish- blame world depression on tariffe, cd than the discussion as they as it is pointed out that trade was have thus far proceeded, the way to have been paved falling off rapidly before the would seem

Intent epidemic of tariff increases for a more complote and satisfac Hot in. While the tariff barrier, tory control of the armaments of a dovico to increase national pro- the world by joint negotiations. duction at the exponse of other

countries, hinders the balanced

growth of international prospority,

During the Easter Holidays, the there was no sufficient change in Exchange Banks will be closed to the tarifs just prior to the downward transaction of publle business on Fri- turn in trade to account for the day, Saturday, and Monday, March 25,

20 and 28.

There now, that makes us square."

•

Now these alluvials, where not exhausted, are fallen under control; the alluvial production is back ai the old level of £2,000,000 a year. Supplies are both normal and regulated; but the world-depression uprets all caledlations. The world can no longer buy.

Ladies это not' receiving; they

aelling

their pro- senta. Impoverished lovers says It not In diamonds, but In flowers. There is no langer a market for these most precious of stones. Hence this closing down. The trim little British

South

are

African town of Kimberley is put

הפיקט

half-pay snugly under hatches, confident in its faith in the vanity of woman-kind. If civilisa- tion survives, diamonds once more wil come into their own.

THE WHEAT BILL.

COMMITTEE STAGE NOW

COMPLETE

London, Mar. 22. The House of Commons Inst night completed the committee stage of the Wheat Bill. No im- portant changes have been made in the original measure.

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