YEAR IN-YEAR OUT.
THE SAME UNVARYING QUALITY
"HENCE ITS POPULARITY”
DEWAR'S
"WHITE LABEL"
FINEST SCOTCH WHISKY.
IT NEVER VARIES !
i)
Sole Agents:
A. S. WATSON & CO., LTD.
EST. 1841.
MOUTRIE PIANOS
Exquisite in design and perfectly proportioned,
every constructional detail reflecting the very
highest standard of craftmanship.
The Moutrie Piano is offered to you at the
lowest possible price consistent with quality
and our system of graded payments enables you
to place one in your home, without a large initial
outlay.
Ask for an illustrated catalogue and particulars
of our terms.
S. MOUTRIE & CO., LTD.
York Building.
THIS
SEASON
Chater Road.
EXCLUSIVE
FURNISHING FABRICS.
ENTIRELY
NEW RANGES OF CRETONNES, SHADOW
TISSUES,
ART SILKS
& COTTON
PIECE GOODS..
Modern Ideas Expressed With" Dignity and Restraint.
Your Inspection Invited.
FURNISHING DEPT.
LANE, CRAWFORD, LTD.
THE HONGKONG TELEGRAPII.
UZXOOX.
Refinements
Feature
Rockne
Six
Models
WIDE DOORS
Front doors of 1933 Rockne Six sedans are 29 inches wide. Rear doors measure 291⁄2 inches. Coach and coupe doors are 39 inches wide.
Stable Food
་
Happy Valley
The
Thongkong Gelegraph.
FRIDAY, MARCH 31, 1933.
THE COMING WORLD CONFERENCE
FRIDAY, MARCH 31, 1933.
WAR DEBTS ARE The Very Idea!
NOT A PROBLEM
By PETER BROWN
IT PAYS TO ADVERTISE. By Eddie "Stop Press" Kolly.
There's too much dignity about newspaper advertis- ing,
|covery will be halting and re- stricted if unaccompanied by broad, measures of reconstruc- tion. Three years of worldwide dislocation have generated a vast network of restrains upon the normal conduct of business which, defensively intended, and in some cases unavoidable, have developed into a state of
Has the question of war debts STAGNATION OF TRADE. virtual economic warfare. It is ever struck you this way ↑ clear that if a full and durable
And goodwill is an asset not to be Confidence cannot be restored by scoffed at. recovery is to be effected, this cancellation, repudiation, breaking There is no getting away from prevailing conflict of national one's word. Russia refused to the stark fact that under present economies must be resolved. In honour ber obligations, and was
of conditions the debt deadlock and the essence, the necessary program-cast out from the community me is one of economic disarma-civilised nations. Are other pec- stagnation of trade will continue, ment, in which the responsibility rightly condemned? Is the end to tion of debts should result in cheap hat is no more and no less ples to follow the course they so must continue. No sound reason has yet been given why cancella- of Governments is clear and in-he chaos? escapable. That is why it is
wave of prosperity. The payment of war debts and necessary for the various na-reparations constitutes no problem, resorted to, it could again be the Moreover, if cancellation were tions to confer in advance, so as or becomes a "problem" only for only expedient in any future mess. to prepare the ground for de- the want of clear and statesmanlike And so it would go on. Chaos. finite action.
thinking, a deplorable condition Would any trader give credit when exhibited in its gross climax at he knew the customer might not Lausanne,
honour his word?
up
Japan and Manchuria
To-day
ป
PROPOSED WORLD FINANCIAL CONSTITUTION
of World Financë.
(1) Form a Financial League of Nations.
ST
currency
de-
4
of
Firms should tear into
Peak and Kowloon do. each other, just like the
Newspapers try to scoop each other with news; why shouldn't advertisers do the same?
"After all, selling news about a
than selling the news about a double yolked tomato..
Here's how:
SENSATIONAL STORY DENIED Scandalous Misrepresentation of True Facts
MEN'S HATS CANARD
Uisit's story this morning of the disposal of 2317 pairs of genuine Stetsire hats at $2.29 is now re- vealed by Rightaway Laidlow's 29′ £. pure fabrication. Further in- vestigations suggest that at the back
scandalous of this
mix- representation is a deliberate at- tempt to faster the iniquitious No-hat system.
SO THEY SHOULD!
We not that our reptila con- temporary is offering an extra pair of trousers with every suit. You'l want them. Pity they don't offer two waistcoasts and an extra cont.
If you can wear out a pair of our trousers in six months we will. tear up your chit.
To which the Stun Company
replies:
STOP PRESS
If you can wear Palmbernard" trousers for, two minutes without being run in for a breach of the peace, we will give you an extra kilt with every set of bagpipes purchased between 9 am, and 10 · a.m. on Friday.
The Sincere Company enter the
#
A few months ago we looked to Rightly handled, the fulfilment of Excavators in the archives of Lausanne came under the spell of ment to the return of prosperity. Lausanne to put everything right obligations presents, no impedi- the Foreign Office have turned the slogan: "Wipe the slate A sane financial system will, in diplomatic. correspondence clean." What passing the sponge fact, give us undreamt-of prosperi which discloses that in 1904, [aver the slate actually amounted ity. just before the Russo-Japanese to was that the European late be- to forgive each War, the situation in Manchuria lligarents were was almost a duplicate of that other their debts (with Britain as Forgiver-in-Chief), and that those (which has disturbed the woridnations were then to do their best. The Creation of a Rational Basin
in recent months-except that to wheedle the United States into
The Stun Company reiteratea an Japan was then on the other forgoing her rightful claims.
offer of a pair of extra pants with side of the fence.
every suit. An unkind rival, the League of Nations is RESTORING CONFIDENCE.
(2) Issue League bonds, bence Palmbernards Ltd. comes back demanding that Japan, as
There is no need to point out forth the universal standard of with: a preliminary to conciliation who was behind the Lausanne value. See and drive the New Rockne with China, recognize that Man-"agreement." That is obvious. (3) Bring the national currency
churia is part of China, That Who stood to gain?
units individually into value re Six to-day!
lationship, with the League bond. Įmuch granted, Geneva has shown Confidence can be restored only (The League unit represents the THE HONGKONG HOTEL every willingness to allow by every nation keeping its word. mean value of the national cur-
Japan unusual privileges and Under the present financial system, rency units.) GARAGE.
freedom of action in Manchuria. however, it is impossible for the
This should be done on any Japan has refused. Tokyo tried nations to meet their liabilities equitable basis, say: By BS3458- to make it appear that Japan of civilisation.
without destroying the whole fabrie
ment according to the
present rates of exchange. would accept the ten funda-
But it is only the system that is mentals of Chapter IX of the at fault. Given suitable adjust-League with an adequate number (4) Credit every member of the Lytton Report, but when ques-ment of the system, it is a matter of League bonds. tioned point blank about the of no great difficulty for us to give Each separate credit-secured on seventh fundamental-recogni-America value for the value we productive capacity, the only real tion of Chinese sovereignty in received, and for all other countrica wealth to be allocated | Manchuria-refused, In 1904 to fulfil their obligations." It scribed hereunder.
(5) Payments in regard to com- Japan was defending the sover-would give even Russia a welcome eignty of China against Russia. due liabilities and to re-enter the to be made in the
opportunity to acknowledge her|mercial transactions of every kind A Japanese note to Russia dated family of nations.
the debtor nation. Feb. 5, 1904, speaks of the "re-
Adequate expansion of the facili (6) All amounts of foreign fray: peated refusal of the Imperial ties for giving real value for real currencies held in each country to Russian Government to accept value is required. The sovereign be cleared through national clear- TRUTH IN ADVERTISING the obligation to respect the ter-remedy is to create the one logical ing offices, any balances between Preserving Dignity & Free- the presence in London of Mr. ritorial integrity of China in international standard of value (anations being payable or receivable Norman Davis, to arrange
Manchuria." Indeed, the note bond representing the mean value in League bonds. All foreign curdom of the Trousers Press week-end discussion with the seemed to make this one basis of the national currency units), rencies handed in to be repaid in British Premier on the coming for breaking diplomatic. Tela- and to credit every nation, equit the national currency.
(7) Payments of international ably, with an adequate number of World Economic Conference. tions. In explanation of that the international standard units of debt to be made in League bonds. This will enable further pre-break, Baron Komura, then value. These would be given in (8) At the end of each world liminary exchanges of view on Japanese Foreign Minister, re-normal gradual settlement of all financial year, a nation which had fundamental points,
ported to the French Minister international debt, aach nation increased its holding of League necessary proceeding if the to Tokyo that: "Japan "desires having to endeavour (for an cesen-bonds would pay its surplus into Conference is to achieve de- that Russia should recognize tial purpose) to maintain its hold- the central League fund, in return finite results. Already, experts Manchuria as an integral part of of bonds by the requisite pro- for an increase of the national note duction of commodities. The out-issue (or an appreciation of the from various countries have held China. Provided such a de- line of the suggested World Con-national currency unit). a series of meetings in Geneva, claration is forthcoming, Japan stitution I give below.
(9) The League membership of dealing specifically with finan-is prepared to allow Russia com-
Apart from pointing to the any nations at war with each other cial and economic issues. As a plete liberty of action in that necessity of extending the facili
to be automatically suspended.
consequence,
annotated province." Of course, circum- ties for exchanging real value B. The Provision of Adequato agenda has been drawn upstances alter cases, and there are for real value, I make the following Internal Cash Resources. which covers all the ground some reasons why Japan should suggestion:-The war debts owing likely to be covered when the deny to-day the sovereignty of to the United States should repre- Conference actually meets. China in Manchuria which she sent the total amount payable increased in every country, in Some idea of the gravity of the demanded Russia should concede war debts and reparations. Forty manner described here-ander.
per cent. of this amount should bei situation with which the Con- in 1904. The most noticeable paid (in equitable proportions) by
Method of Apportioning ference will have to deal can be alteration in the case of Man- France" and her Allies in the war,
Currency and Bonds, gained from the fact that un-churia since 1904 is its trans- and 60 per cent. by Germany and The existing amounts of the employment to-day, according to formation from a sparsely set- her confederates, America should notional currencies all to be mul- International Labour Office tled Manchu domain into the do ber bit by forgoing all interest tiplied by the same number.
on the loans, and if she went still nearly figures, which are probably an home
Half of each resulting multiple further and reduced the principal to represent the national note under-estimate, involves at Chinese farmers. Undoubtedly she would corn the lasting issue. The other half to be allocat- least thirty million workers, not this tremendous Chinese migra- gratitude of all other nations. ed to the nation as League, bonds. including their families and de- tion into a region. where Japan pendents. Wholesale commodity has vital interests has changed prices, expressed in gold, have Japan's attitude. declined since October, 1929, also made Manchuria actually by roughly a third, and raw and far more truly than in 1904 material prices on an average by "a part of China."
Opportunity is being taken of
an
from fifty to sixty per
a
a very
cent.
In the meantime, world "stocks
of
30,000,000
But it has
Windmills
the
of agricultural products and other raw materials continue to An ancient windmill on accumulate, industrial produc-Lea, said to have been in use tion has been drastically curtail ever since William the.. Con- ed, and the international flow of queror held deep speech with trade has been reduced to in-his barons and began the Do- credibly low levels. In this con- mesday Book 850 years ago, has nexion, it may be pointed out just been abandoned. The first that the total value of world recorded opponent of windmills trade in the third quarter of is Don Quixote, who mistakenly 1932 was only about one-third of regarded them as fit objects that in the corresponding period for his lance. But the last cen- of 1929, the fall during the tury has discovered that wind- three-year period having been mills have much more danger- continuous. National incomes ous enemies than ever Cervantes' in many countries have fallen gentle might could have been. by over forty per cent.; govern-Economic forces have almost ment revenues have declined, swept them off the face of Eng- and unprecedented budget de land, only leaving one here and fcits have resulted, Only there to serve as a reminder of handful of countries now. retain long-vanished times. But free and uncontrolled gold cur- champion has arisen to plead the rency systems. In the result, cause of windmills even at the currency disorganisation, price very moment when they ap declines, and curtailment of peared likely to disappear for- trade have thrown into sharp ever. This champion is no less relief the problem of indebtednexpected an organization than ness with which many countries the Institute of Agricultural Re- are confronted. It will thus be search.
The institute defends realised that further loss of windmills, not on picturesque or ground cannot be contemplated sentimental grounds, but ac without grave forebodings. cording to the strictest rigour of Happily, there have been some economic reasoning. Where recent indications of improve the electric grid has failed, there ment in certain quarters, but re
the
windmill
maytriumph.
2
The national note issue to be in-
the
"Good heavens, Henry, are we going to waste, another svening at home, worrying over your silly, old income?".
Our renders will note with scorn and not a little scepticism the con-- troversy that has been engendered by rival firms. Our supportera do not need to be warned that neither the Stun Company nor Palmber- nards are in a position to face the facts. They're not SINCERE'S. Poster advertising would also come into its own. Instead of advertising their Own wares,' manufacturers will provide pas tera derogatory to the rival pro- duct.
For instance, Colgolive could advertise. Listergates tooth paste by coupling the "product with a dentist's advertisement.
The Hongkong Electric could offer, at reduced rates, supplies of candles for China Light" and Power consumers, while the latter would undoubtedly retaliate by supplying electric copsumers on the island with free brochures showing the methods to be em ployed in resuscitating the ap- parent dead from electric shock...
Rival shroffs will also come into their own. The shroff for Lane, Crawford's will sing his own praises by advertising in glaring headlines:
OUR CUSTOMERS PAY
Unique Record in Collecting for Past Month
ONLY THREE REFUSALS
Something unique, in the an- nals of debt-collecting in Hongkong "took place Jast month, when our shroff succeed- ed, at grave personal danger, in collecting almost every account outstanding. Only three re- fusals were met with, and for the first time in five years, no personal violence Was en- countered.
But the rival shrp for the Hongkong Hotel will score the scoop of the year. A special edition, brought out for the occasion, will announce, "in streamer headlines: ·
EDWARD KELLY PAYS
.
of
VIGOROUS LANGUAGE,
Mr. J. H. Thomas's power vigorous and explosive (if un- parliamentary) expression is some- times useful to his Cabinet col- Jeagues. Towards the end of a recent Far East debate Mr. D. M. Mason accused Sir John Simon, with a smirk of recollected relish, of having once called him ". bloody-minded pacifist."
"My honourable friend," said Sir, John Simon, "must be min- taken. He must, have been talk- ing to the Secretary for the Do- miniona."..
Engulfment of Mr. Mason under n rising tide of parliamentary mirth?
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Private notes are available after approval.