1932-05-03 — Page 6

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The

ACKNOWLEDGMENTS.

relatives of the

late

Mrs.

nd bereavement and alsu for the

value. Here at any rate is evi- dence of the existence of that have elvic spirit to which we alluded and which only needs fur- ther openings to manifest itself in an even greater degree. We would even go so far na to say that the praiseworthy manner in which the officials of this Association have given their time and labour to pub- lie life, without any reward save that of a knowledge of duty to the community, warrants the opening of netivity up of fresh avenues along these lines by applying the élective system to all the Unoill- cial sents bath on the Legislative Council and the Saultory Board. Much The electorale could, unt}} time as an extension were justi- fed, remain ns al present tituted for Sanitary Board tests.

cobs-

con-

|

MAY

3, 1932.

DAY BY DAY

THINKING IS EASY; ACTION IS DIFFICULT, TO ACT IN ACCORDANCE WITH ONE'S THOUGHTA 18 THE MOST DIFFICULT THING IN THE WORLD.--- Goethe.

Mr. H. C. Hopkins, sub-ngent of the Chartered Bank, at Seremban, F.M.9.

is coming to Hongkong shortly on transfer.

The rainfall registered ut the Botanic Gardens during April totalled 3.81 inches. The biggest fall was 1.76 inches, whilst there were 14 days when no fall was registered.

Still, as M. Rist, the French econo-

ANDREW MELLON

ΟΙ

AMBASSADOR, MILLIONAIRE. ENIGMA By An AMERICAN CORRESPONDENT MERICA has sont muny Am-side of Pittsburgh, they told their bassadors to the Court of St. father, was n vilinge, which showed James who were famous in signs of becoming a town. They wanted to buy building lota there the arts of law, literaturo, politics. Bet she has probably and start a lumber yard, in anti- nuyer sent one who has achieved cipation of a building boom, no much in so many different folds as hus Andrew William_Mellon, Their father put them through and yet one of whom his own such a severe questioning about the public knows no little and who | Fetails of the plans that they finally is still so much of an enigma to lost hope of getting their loan. But those about him.

the banker at last agreed to let them have the money-at sixteen' First and foremost, the name por cent; intercal. This was Mellon Immediately calls up the blow to them, for the prevailing. picture of wenith; 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- two plied, "You have HD security to So

•

.

#

Yeung Fock, of 46, Hatphong Road, Ambasandor is one of the Some such reforms we sug- who either fell or jumped from a win-senior partners of a great finan-offer and you are bad risks." gest is long overdue, since Hen-dow early yesterday morning and re- cial, and industrial dynasty the they had to be content with those

which is harsh terms. And thus was the i kong is one of the

very few ceived serious injuries, succumbed in personal wealth of

estimated at $500,000,000, while it | Mellon fortune founded. Calonies in which the elective hospital six hours after admission.

controla a multitude of corporn-

For the next Afteen months they principle is not conceded. In the

tions the combined assets of which neantime, however, it is gratify.

On memory of the Inte Prof. C. Y. total the gigantic sum of about worked from twelve to sixteen hours In short. Mr. a day selling building sites, keeping ing to feel that we have public Wang, bronze bust was ordered $10,000,000,000.

represent hooks, collecting money due them, spirited men willing to come for-

from Italy, by the Hongkong Univer- Mellon may be said to

American equivalent of delivering lumber and other ward and offer their services insity Medical Society, and has just the

building supplies. The business arrived. Those wishing, may see "Breaknges Ltd." the interests of the community,

thrived until Jay Cooke falled and All this wealth and power

Anan- is the country was swept by Chim Building where it is temporarily At the coming election, some 2,350 at the office of C. E. Warren and Co.,

based on the banking business of cial panic. But young Andrew voters will be entitled to exercise placed.

the dynasty. The Ambassador Mellon and his brother did not the franchise. We appeal to all

and the rest of the Melion family panie with the rest of the country. who are qualified to make a point

Pittsburgh They sold out what stocks they Hon. Mr. T. N. Chat will be the own eight banks in of registering their votes, since

guest of hour at a dinner to be with total resources of mare than had on hand, together with a long The percentage of those going to

hell, at the Chinese Merchants' Club half a billion dollars and total tease to the lumber yard to induce the polls will be taken as the mea

on Friday evening by St. Stephen's deposits of but a little less than the purchasers to take the goods,

Association. The

ocension

In addition, they own and uftèr, cleven years of slow ne- Barbara Perrira, bng to thank sure of the community's interest College

celebration of the that sum.

a holding gotiation managed to dispose of their friends for the kind ex-in puldie affairs. Both candidates will also be a

College's thirtieth year. Old boyn or control, through pressions of sympathy In their have come forward with "phat- are invited, in an advertisement in company, twenty-two other banks their remaliting land holding at

the first this issue, to communicate with Mr. in the State of Pennsylvania with price sufficient to cover floral tributes sent anal attend-forms." It remains for the voters

combined resources of more than cost, plus the interest on the money I. Hoitur ance at the funeral.

to decide who shall be returned.

$100,000,000 and total deposits of invested. almost that amount.

That business episode convinced Thomas Mellon that his son was,

the Upon this foundation of finance worthy of being taken into

and bank, and Andrew was soon put are used the widespread

in through the various departments of terests of the Mellons--interests the business, ending highly diversified industrial which include of aluminium, iron Rainer of applications for loans. and steel, coal and cake, electrical His father used to make him de-

railway

tailed explanations of why equipment,

equipment, natural nud artificial gas, railroads, recommended the making of loans, Water and electric power, tram- and young Andrew gave them with ings, insurance, commercial avin- on one occasion his father express- ways, real estate (land and build such assurance of being right that tion, shipbuilding, and chemicals ed the wish that his son might be representing a total of something proved badly wrong just once to

teach him a lesson. there like 38,000,000,000 of usaeta,

Apparently that wish was not (ul- rather impersonal All this is be withdrawn data ahout the new

Ambassador.lled, and before Andrew from London. Now we know the but its knowledge is necessary as a twenty-five he was made head of Grent as was the Mac-background for the man, as an ex- the bank. When he was thirty his and father retired, making over to him of planation of his occupation stimate millan Committee's London's short-term, liabilities, it proccupation. It is of importance, in trust his whole fortune, a for- tou, because though Mr. Mellon tune which he and his brother was nowhere near the mark. Mr. came by part of this great wealth Richard had increased to $100,000,- Keynes estimating that all loid the through inheritance and did his 900 by the time their father died in must have been in the share in accumulating the so much 1908. So was founded the Mellon neighbourhood of £1,000,000,000, or more than be inherited, he had to millions. twice the estimate! Being "off make good as a business man, when means to must people that little more than a boy, before he country is on an uncertain basis. Was given the privileges and res

ponsibilities of a rich man's son. Mr. Keynes, who is a critic of the

Mr. Kwan Yick Chow and family

tender 2

thanks te their friends and relativen for their kin

in entidolences expressed their revent bereavement and for

oral tributes seat attendance at the funeral of the inte Mr. Kwan Yick Chow,

The

As

Britain Of Gold: On Its Feet

The numbers of those who con-mist, says, the pound went down forsider Britain to have suffered damn- fighting like a good soldier.

age by abandoning the gold stand-money was withdrawn, the British, in order to meet it, mobilized their ard ure rapidly decreasing. Mr.

good part of which was frozen as Rocinan on Saturday expressed on short-term loans abroad, the view that the outlook for ster-

hard as their immense reserves in that ling it

to-day brighter

foreign long-term loans and invest pask. has

years teen for

meats, and borrowed £160,000,000 in Paris and New York. But the effort seemed equivalent to the task of filling a Dannides Jar: seemed no bottom to the foreign

Hongkong Telegraph.

TUESDAY, MAY 3, 1932,

CIVIC SPIRIT.

So seldom do residents of the

Colony enjoy the opportunity of exorcising the franchise that they might almost he forgiven if, when the occasion presented itself, they displayed some apathy over the matter. There would appear, how- ever, no ground for thinking that this is the spirit in which

the

forthcoming Sanitary Board lee. Bon is being approached. Al- ready there is unmistakeable evi-

i'

is

money that could

eHOR.

amount

gold"

up ex-

he

was

Naturally, a man who has taken a leading part in building up, in

In the course of a striking article on "The Prospects of the Sterling Mr. John Maynard Exchange," Keynes, the eminent economist, adds some interesting facts to the ren- sms which led to the British fall 1rom the gold standard last Sep- tember. In general the story now well known. The

war gave rise in a tremendous volume of debt contracted when all currencies save the dollar were "olf gold." When the time came around to stabilize their currencies, or to unite them again with gold, all the nations, with the exception of those in the

managing, and (possibly most im portant and difficult) in retaining British Empire, elected to cheapen

When Thomas Mellon, the Am-the wealth and power which he Since debts are

gold standard, takes the contrary their currences. contracted in the currencies, conview: he calls the action a "step busandor's father, and founder of commands, in unlikely to be one of the financial dynasty, retired from whom are told the characterful and dence of marked public interest. Icerned and not in gold, the effect of un te firmer earth." Whatever the law and the Judical Bench in colourful stories which build up in This is a healthy sign of the tines, was to cut down the debts. Thus one's views on this subject may be, 1870 he was, as then thought, the popular mind life-portraits of

a French 1000-frane bond instied there seems no doubt as to the rich man. But he was still ambi-so many public figures. Indeed, the very fart that there

He was in fact practically come before the war is now worth only truth of Mr. Keynes's description. tious, and that

of the foundation of are candidates willing to

as much gold as was then repre-Observe, to take just one example.the form

known to the general public until forward and offer their services to the community, and that the elecsented by 208 franes. A German the way that London has reduced the first Melion bank. It was his appointment as Secretary of the

it suon proved, because his father

United States Treasury brought pre-war bond is worth practically its short-term debt. "I surmise." became a banker instead of rehim into the political limelight. torate is viewing the pending con-

"that between maining in the legal profession, that there is, indeed, a legend which nothing. Bet, by stabilising her

says Mr. Keynes, text with such lively interest, is

in the

hus become accepted as fact, that sufficient to show that civic spirit poum in 1925 al its pre-war parity Jane, 1931, and February, 1932." Mr. Mellon got his start

when Mr. Mellon was recommended is by no means dend in this Colony, with gold. Great Britain affirmed Great Britain may have repaid ap-business work. The point naturally suggests it self that, were ratepayers given wider opportunities, there would he an even greater measure of in- terest and concern displayed.

Hongkong is one of those few fortunate places in which there are larger no party politics. The issues of State are no dirvet con- eern of the people. We have our own domestic problems, which can be correctly termed municipmí af- fairs. As conditions

enter

renson

cause

An extraordinary, feat.

"

years younger,

ambition took

Lin-

mountain of debt which in gov-proximately half of her total short- One day, about two years after for that post to President Harding term liabilities. This is apparent the bank was founded, two boys sat the latter asked, "But who is Mr. ernment bonds alone amounted to

office of Thonius Mellon Mellon?" twelve times the pre-war figure.ly in addition to the repayment of in the

from Paris and New bargaining for a loan. They were

The new Ambassador has few This was paying for the war with the loans

Andrew. then but seventeen, and a Vengeance." In Mr. Keynes's view | York contracted to plug the pound, brother Richard, who was three intimate friends, but those few pay this was the fundamental

few miles out-fine tribute to the quality of his friendship. He is a charming and will that made Great Britain go "off

thoughtful host, as London, gold" last September. It is a view

certainly discover in. the coming months. There are those who say which many people shared before|

and

that he has no sense of humour. the events of last summer

There is some evidence, however, which is now rapidly becoming com-

in the writer's estimation, that such monplace. The immediate

is not the case, but that, on the this excessive re- now are. flowed out f

ontrary, he has a particularly to maintain rate-valuation. In order even in these matters the

pawity one. payers have very little influence. the pound at pre-war parity, in since, with the exception of two

order to resume its position as a seats on the Sanitary Board, the lender of investment funds abroad, elective principfe does not

London had to exploit its "immense into our Constitution. From time reserves of credit and prestige to to time, there have been numerous build up a vast burden of short- agitations, dating buck to the term liabilities." This means that early days of the Colony's history, money was attracted from foreign in favour of a larger share of par- banks. foreign speculators and ticipation by the publie in the ad- foreign businesses, so that Britain ministration of internal affairs could behave as if the world was Notably, there has been the de-just the same place as it was in 1913. But it made the pound ster- While seats, un the Legislative Counging extremely vulnerable. should be filled by the elective s9 Great Britain's loins were tied up tem rather than by nomination, All these movements have, how in bonds and equities, her borrow- to naught in the gs were withdrawable on or near meantime, there have sprung into demand. The position disturbed being two or three Residents As-economiata like Mr. Keynes, and it sociations which have taken upon was undoubtedly at his instigation themselves, to the distinct benefis that the Macmillan Committee, of of the localities in which they which he was a member, made an of in-estimate of the short-term linbill- have laboured, the duty

outstanding. The estimate

mand that at least some of

ever, come

The

vestigating community needs and ties

| making representations thereon to reached the great total of £400,- a testimony of vulner the authorities. Of these bodies, | 000,000,

the K.R.A. nione would appear to ability the significanco of which was not lost on the banking world. have outlived the first flush of en- thusiasm and to have continued on

In the circumstances, the raid on

Its way, year in and year out, dis.the pound sterling of last summer charging functions of the utmost could not help but be successful.

"Can I park over there long enough for a scalp treatment 7"

He is never succumbed to the pomposity of office, as is well Illas-. trated by an incident when he was #iving the commission of office of Under Secretary of the Treasury to Mr. Parker Gilbert. Handing the Jatter the engrossed paper, Mr. Mel-· ion said, "This should be tied with lue ribbon, but we are out of it; and since economy is our watch-.. world it is fastened with a rubber band but it is n perfectly good commission."

He knows also, how to turn aside aparound joke, 'One day a neigh- bour of his in Washington who had also been a neighbour In Pittsburgh, complained jokingly of the nolay way in which Mr. Mellon returned to his apartment at three in the morning. "I was not coming in," he retorted, "I was going to work." There is been considerable com- ment at the assumed personal sacri- fice which Mr. Mellon must be making in coming to London at the agy of seventy-seven after a atrenu- ous twelve years na Secretary of the treasury. If there is such a sacrl- 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.

A