1932-05-03 — Page 18

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MAY 3, 1932.

DAY BY DAY

ACTION 15

Hore at any rate in evi

of that dence of the existence

Wo have civic spirit to which alluded and which only needs fur- ther openings to manifest itself in

THINKING IS EASY; an even greater degree. We would even go so far as to say that the DIFFICULT; TO ACT IN ACCORDANCE praiseworthy manner in which the WITH ONE'S THOUGHTS IS THE MOST officials of the Association have❘ DIFFICULT THING IN THE WORLD,— given their tinte and labour to pub-Gorthe. He Bro, without any reward save that of a knowledge of duty to the community, warrants the opening

ANDREW MELLON

·

AMBASSADOR, MILLIONAIRE, ENIGMA By An AMERICAN CORRESPONDENT MERICA has sent many Am-1side of Pittsburgh, they told their bassadors to the Court of St. father, was a village which showed becoming a town. They James who were famous in signs

or wanted to buy building lots there the arts of law, literature, politics. But she has probably and start a lumber yard, in anti- nover sent one who has achieved cipation of a building boom. Mr. H. C. Hopkins, sub-agent of an much in so many different fields

Their father put them through

F.M.S.. le

Hongkong

and yet one of whom his own such a severo questioning about the shortly on transfer.

public known 80 little and who details of the plans that they dnally is still no much of an enigma to lost hope of getting their loan. But the banker at last agreed to let those about him.

them have the money-at sixteen First and foremost, the name

cent, interest. This was picture of wealth; vast wealth. Interest rate in those times was And it is more than a matter of ten per cent. When they protested, his personal fortune, for the new the banker and not the father re- the two plied, "You havo no Accurity to

up of fresh avenues of activity the Chartered Bank, at Serombangan hus Andraw William Mellon,

along these lines by applying the elective system to all the Uno- cial senis both on the Legislative Council and the Sanitary Bourd

coming to

the

The rainfall registered at The electorate could, until such Botanic Gardens during April totalled inches, whilst there were 14 days when no fall was registered.

par

14

time as an extension were justs-3.61 inches. The biggest full was 1.75 Mellon immediately calls up the blow to them, for the provailing

fled, remain as at present cons- tituted for Sanitary Beard tonte.

T

Some such reform as we Ming-

very

Young Fonk, of 45, Halphong Road, Ambassador is one of wealth of low early yesterday morning and re-cial and industrial dynasty the they had to be content with those which 18 harsh terms. And thus was the gest is long overdue, since Hony- who either fell or jumped from a win. Henior partners of a great finan-offer. and you are bad risks," So

of the

feceived serious injuries, succumbed in personal

catimated at $500,000,000, while it Mellon fortune founded. controls a multitude of corpora-

For the next fifteen montis' they kong is one Colonies in which the elective hospital six hours after namission.

in the

tions the combined assets of which principle is not conceded.

On memory of the late Prof. C. Y.total the gigantic sum of about worked from twelve to sixteen hours In short, Mr. a day selling building sites, keeping meantime, however, it is gratify-

represent books, collecting money duo them. of and delivering lumber and other from Italy, by the Hongkong Univer- Mellon may be said to

American equivalent THE HONGKONG HOTEL ing to feel that we have public Wang, bronze bust was ordered $10,000,000,000.

building supplies. The business Rity Medical Society, and has just the

thrived until Jay Cooke failed and arrived. Those wishing, may see it "Breakagen Ltd." at the office of C. E. Warren and Co..)

All this wealth and power is the country was awept by a finan- Chinn Building where it is temporarily

panic. But young Andrew based on the banking business of cial the dynasty. The Ambassador Mellon and his brother did not plaerd.

and the rest of the Mellon family panic with the rest of the country. Pittsburgh They sold out what stocks they

GARAGE.

The Hongkong & Shanghai Hotels, Ltd. Incorporated in Hongkong. Stubbs load

HMppy Valier

spirited men willing to come for ward and offer their services in the interests of the community. At the coming election, sony 2,350 voters will be entitled to exercise the franchise. We appeal to all who are qualified to make a point of registering ther vutes, since The percentage of those going to the polls will be taken as the men- The ctives of the late

Barbara Pereira, beg to thank Janre of the community's interest in public affairs. Both candidates their friends for the kind ex- in their pressions of sympathy bad bereavement and also for the Norni tributes pent and attend ance at the funeral.

ACKNOWLEDGMENTS.

Mr.

in

have come forward with "plat- 11 remains for the voters forms," to dreide who shall be returned,

Hon. Mr. T. N. Chau will be the own eight banks in guest of honour at a dinner to be with total resources of more than had on hand, together with a long held at the Chinese Merchants Club half a billion dollars and total fense to the lumber yard to induce on Friday evening by St. Stephen's deposits of but a lttle less than the purchasers to take the goods.

occasion

In addition, they own and after elbyen years of slow ne- will also be a celebration of the that sum,

"Old hoys or control, through a holding goliation managed to dispose College Assariating. The College's thirtieth year.

the first are invited, in an advertisement in company, twenty-two other lanka their remaining and holding at 'a this issue, tu communicate with Mr.in the State of Pennsylvania with price sulllelent to vover 1. Hol-ling.

combined resources of more than cost, plus the interest on the money $100,000,000 and total deposits of invested. almost that amount.

of

That business episode convinced. Thomas Mellon that his son was the and family Mrs, Kwan Yirk Chow

Still, as M. Rist, the French econo-

Upon this foundation of fiance worthy of being taken into temler their thanks to their

Britain-Off Gok; On Its Peet for their

As are based the widespread and bank, and Andrew was soon put friends and relatives kind condoluera expressed

The numbers of those who con-mist, saya, the pound went down

money was withdrawn, the British, highly diversified industrini in through the various departments of terests of the Mellona-interests the business, ending up as ex- their recent bereavement and for

for sider Britain to have suffered dam.fighting like a good soldier. und! Noral Tributes Ment

in order to meet it. mollized their which include oil, aluminium, irouaminer of applications for loans. attendance at the funeral of the

age by abandoning the gold stand- late Mr. Kwan Yick Chow.

ard are rapidly decreasing. Mr. Runciman on Saturday expressed the view that the outlook for ster-

to-day brighter link it

been for

The

Hongkong Telegraph.

TUESDAY, MAY 3, 1932.

CIVIC SPIRIT.

this is the spirit in which

the

the

it

1st

vers

that past.

on "The Prospects of the Sterling Mr. John Maynard

Exchange,"

Keynes, the eminent iconomist, adds

in

anil

So was founded the Melion

un-

4 and steel, coal and coke, electrical father used to make him de- railway equipment, tailed explanations of why he a short-term loans abroad, good part of which was frozen as equipment. hari as their immense reserves in natural and artificial gas, railroads, recommended the making of loans, foreign long-term loans and invest. water and electric power, tram-and young Andrew gave them with ings), insurance, commercial avia on one occasion his father express- the course of a striking article ments, and borrowed £150,006,000/ Ways, real estate land and build, such assurance of being right that in Paris and New York. But the tion, shipbuilding, and chemicalsed the wish that his son might be

tench him a lesson, effort seemed equivalent to the task representing a total of something proved badly wrong just once to

a Danaides jar: there like $8,000,000,000 of assets. of filling

Apparently that wish was not ful- All this is rather impersonal

and before Andrew WIR seemed to battom to the foreign my that could be withdraw data about the new Ambassador, filled, some interesting facts to the ren sons which led to the British fall from London. Now we know the but its knowledge is necessary as a twenty-five he was made head of the Mac-background for the man, as an ex- the bank. When he was thirty his reason. Great as was

and futher retired, making over to him from the gold standard hest Sep-

of planation of his occupation stimate millan Committee's

It is of importance, in trust his whole fortune, a for- tember. In general the story

war gave London's short-term liabilities, it proccupation.

too, because though Mr. Mellon tune which he and his brother So seldom du residents of the

now well known. The Colony enjoy the opportunity of

rise to a tremendous volume of debt | was nowhere near the mark. Mr. came by part of this great wealth Richard had increased to $100,000,- exercising the franchise that they contracted when all currencies save Keynes estimating that all tok the through inheritance and did hin000 by the time their father died in

must have been in the share in accumulating the so much 1908. night almost be forgiven if, when

the dollar were "off gold." When the occasion presented itself, they the time came around to stabilize neighbourhood of £1,000,000,000, or more than tw, inherited, he had to millions.

Naturally, a man who has taken displayed some apathy over

their currencies, or to opite them twice the estimate! Befug off make good as a business man, when matter. There would appear, how again with gold, all the nations, |

was given the privileges and res-managing, and (possibly most im- means to most people that little more than a boy, before he Icading part in building up, in gold"

portant and diffleult) in retaining ever. no ground for thinking that with the exception of those in the country, is on an uncertain basis, ponsibilities of a rich man's soul,

When Thomas Mellon, the Am- the wealth and power which he forthcoming Sanitary Board elec-British Empire, elected to cheapen Mr. Keynes, who is a critic of the

their currences. Since debts are gold standard, takes the contrary assador's father, and founder of commands, is unlikely to be one of is bring approached. Al-

con-view; he calls the action a "step the financial dynasty, retired from whom are told the characterful and contructed in the currencies ready there is unmistakeable evi-verned and not in gold. the effect off to firmer earth." Whatever the law and the Judical Bench in colourful stories which build up in drice of marked public interest.

was to cut down the debts. Thus one's views on this subject may be, 1870 he was, as then thought, a the popular mind life-portraits of

as to the rich man. But he was still ambi- so many public figures. This is a healthy sign of the times.

a French 1000-frane bond issued there seems no doubt

ambition took

He was in fact practically Indeed, the very fact that there

before the war is now worth only truth of Mr. Keynes's description. tious, and that to come are candidates willing

as much gold as was then repre- Observe, to take just one example, the form of the foundation of known to the general public until forward and offer their services to

A German the way that London has reduced the first Mellon bank. It was, as his appointment as Secretary of the it soon proved, because his father United States Treasury brought becarae a bunker instead of re- himi into the political limelight. the community, and that the elec. Isented by 200 francs.

"that between maining in the legal profession, that There is, indeed, a legend which torate ir viewing the pending con-pre-war bond is worth practically its short-term debt. "I surmise,”

has become accepted as 'fact, that test with such lively interest, is nothing. But, by stabilising her says Mr. Keynes,

when Mr. Mellon was recommended eutleient to show that civic apiril pound in 1925 at its pre-war parity June, 1931, and February, 1932," Mr. Mellon got his start

One day, about two years after for that post to President Harding is by no means dead in this Colony, with gold, Great Britain affirmed Great Britain may have repaid ap-business world.

a mountain of debt which in gov-proximately half of her total short- it- The point naturally suggests

ernment bonds alone amounted to term Habilities. This is apparent the bank was founded, two boys sat the latter asked, "But who is Mr.

office of Thomas Mellon Mellon?" self that, were ratepayers given

figure in addition to the repayment of in the

The new Ambassador has few wider opportunities, there would twelve times the pre-war be an even greater measure of in- This was paying for the war with the loans from Paris and Now bargaining for a loan. They were

his brother Richard, who was three intimate friends, but those few pay In Mr. Keynes's view York contracted to plug the pound. Andrew, then but seventeen, and terest and concern displayed.

An extraordinary feat.

years younger. A few miles out-line tribute to the quality of his friendship. He is a charming and this was the fundamental reason

will Hongkong is one of those few

thoughtful host, as London that made Great Britain go "off

certainly discover in the coming fortunate places in which there are

larger gold" Inst September. It is a view

months. There are those who say no party politics. The

which many people shared before

that he has no sense of humour. issues of State are no direct con-

and of last summer

There is some evidence, however, We have our the events cern of the people.

in the writer's estimation, that such which is now rapidly becoming com- own domestic problems, which can

chuse

is not the ease, but that, on the a particularly he correctly termed municipal af-monplace. The immediate

1.ontrary, he has this execusive re- are. flowed out of fairs. As conditions now

pawky one. to maintain rate- valuation. 1a order even in these, matters the payers have very little influence, the pound at pre-war parity, in since, with the exception of two order to resume its position us a seats on the Sanitary Bears, the lender of investment funds abroad, enter London had to exploit its "immense elective principle does not

reserves of credit and prestige to into our Constitution. From time to time, there have been numerous build up a vast burden of short- to the term liabilities." This means that agitations. dating back early days of the Colony's history, money was allracted from foreign in favour of a larger share of parbanks, foreign speculators and ticipation by the public in the ad- foreign businesses, so that Britain, ministration of internal affairs. could behave as if the world was the de- just the same place as it was in Notably, there has been

the 1913. But it made the pound 'ster- mand that at least some of

While seats on the Legislative Councilling extremely vulnerable,

o Vengeance.

should be filled by the clective' sys Great Britain's loans were tied up tem rather than by nomination.

All these movements have, how. in bonds and equities, her borrow- ever, come to naught. In the ings were withdrawable on or near meantime, there have sprung into demand. The position disturbed economists like Mr. Keynes, and it being two or three Residents' As- Bociations which have taken upon was undoubtedly at his instigation themselves, to the distinct benefit that the Macmillan Committee, of of the localities in which they which he was a member, made an of in-estimate of the short-torm liabili- |

estimato have, laboured, the duty

*£400,- vestigating community needs and ten outstanding. The

of vulner muking representations thereon to reached the great total of

000,000, A testimony

of which the nuthorities. Of these bodies, the K.R.A. alone would appear to ability the significance

was not lost on the banking world. have outlived the first fusit of en-

In the circumstances, the rald on thusiasm and to have continued on its way, year in and year out, die the pound sterling of last summer charging functions of the utmost could not help but be succesful.

In the

"Can I park over there long enough for a scalp treatment?".

#

He has never succumbed to the pomposity of office, as is welt ilun- trated by an incident when he was riving the commission of office of Under Secretary of the Treasury to Mr. Parker Gilbert, Handing the alter the engrossed paper, Mr. Mel Jon said, "This should be tied with blue ribbon, hut we are out of it; And since economy is our watch- world it is fastened with a rubber band but it is a perfectly good commission.*

He knows, also, how to turn aside

a personal fake. One day a neigh- bour of his in Washington who had also been a neighbour in Pittsburgh, complained jokingly of the noisy way in which Mr. Mellon returned to his apartment at three in the morning. "I was not coming in," ho retorted. "I was going to work"

There has been considerable com= ment at the assumed personal sacri- fice which Mr. Mellon must be ninking in coming to London at the age of seventy-seven after a strenu- ous twelve years ns Secretary of the treasury. If there is such a sacri- fico on his part It can be best made clear by revealing the fact that Mr. Mellon dislikes making a public speech above all things.