1933-04-12 — Page 18

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WEDNESDAY, APRIL 12, 1933.

AMERICA GASPS The Very Idea!

this policy of penetration. It is to be observed, however, that it should be seen against the back- ground of Franco-Italian ten-

President Roosevelt has already slon. One of the chief European problems, of the League of achieved "50 per cent of the im- Nations is the reconciliation of possible" that is the pithyay the easily conflicting ambitions financial developments in America of France and Italy in the are summarised. Washington has

left breathless Mediterranean. If statesmen been

by elther. French or Italian or as startling concussion of events. "'honest brokers" of some other Through it all-hovering over it

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standing, the foundations of smile of Franklin D. Roosevelt. European and, of world peace The amilo meets newspaper would be very much surer than crowding to the White House; it they are.

bathes the face of calling congress- men; it shface upon Carter Glass and upon Huey P. Long alike. It

Chamberlain' Economy

tive

seems to hang over Congress. Its

going on.

THIS POPULARITY ·

By Eddie Kally, the Noted Economist.

TE are

WE

cursed with

poisonality. Overburdened as we are. with this and other in- teresting characteristics not usually associated with newspaper men, we find it very difficult to turn our friends and admirers away."

But something has got to be done about the matter. The Chief came to us yesterday and complained about the state of affairs.

"Look here, Kelly," he said, "we don't mind you cluttering up thé Very Idea with your drivel, but we do object to you clutter- Ing up the office with these shroffs. You'll have to get rid of them."

Jealousy, of course. In caso make it clear right now that our of misunderstanding we wish to

Great and Admiring Public. Sometimes, of course, there are exceptions.

Editor, we have drawn up a Anyway, just to please the time table for visitors to our

manifestation is heard on the air. Criticism of the Chamberlain in radio appeals to the entire na? economy policy is growing in tion. And to say that the response strength and volume daily. Ho to this offle and voico is like that has failed to ration the Depart of a desert to a-tropical rainy season ments, where so much unproduc-in only to begin to describo what lo

expenditure

and goes seriously thinks of more cuts in' the social services. The Times

Congress, under stimulus, in per- has, at the same time, come out forming wonders. It is, of course, barking. system can this be achie- with a demand for a reduction of a brand new Congress. It is, too, ved. taxation even if it means a small a thoroughly cowed Congress. In the second place, Mr. Roose- defolt on the Budget, while the Evary bank in the United States velt has struck for governmental plea of Government spokesmen was closed when it took office. economy, and actually got a 266 to that "the real reduction of Then, too, federal patronage is still 138 vote from the House giving him taxation will come when we are in the capacious pocket of Mr. power to cut the budget $600,000;- able to get an increase of rc-James A. Farley, the astute new 000! venue" invites challengo. It Postmaster-General, who has д

Economy" in this instance Jo'a should scarcely need saying that smile of his own, a little harder euphuism for cuts in veterans' ex- the increase of taxation often around the lips, perhaps, than that penditure. The fact that Congress, diminishes its returns. Con-of his superior. But even so, Mr. after all these years, has surat versely, the reduction of a tax, Roosevelt's own smile has some source of political patronage, vet-desk.

voted authority to cut the by easing the flow of business. thing to do with it. Old-time erans' compensations has in fact TIME ALLOWED FOR may increase its yield. Ong newspaper men gaze in wonder, authorised twisting the tail of the INTERVIEWS WITH KELLY thing certain is that the revenye mixed with awe. It is not easy to most powerful bloc in politics, the will not increase until more awe a newspaper man.

But the American Legion-leaves the most FRIENDLY CALLS FRIENDLY CALLS Mr. Lo Cheng Shiu begs to announce by way of largesse, but in return is a portent so incredible that it

money is put in circulation not subservient behaviour of Congress fluent reporter: almost inarticulate.

WHEN BUSY While desiring to eschew hy-LIFE INSURANCE that the marriage between bis daughter Enid

John for economic equivalents. The and Mr.

perbole, the normal reaction here AGENTS Letablere Litton will take place Government's objective ought dashes even a Washington journal- seems to be that if such things can at the Registry on, Wednesday, to be to convert ns much

happen, then there is really no rea- April 26th, and that a Reception

Events are moving-so fast it is son why the business slump should will be held at the Hongkong possible of the £130,000,000 of

ao continuo any longer; and that if re- Hotel at 4.30 p.m. No formal "dole" into creative expenditure. hard to keep up with them; invitations are being issued, but There is abundance of work that surely that goals which for ye thing to do with it-always provid- vived public confidence has any- needs doing-and, would need have seemed only equal in their ing the relative position of Con- doing even if we had no humani-desirability by' their impossibility, gross and Mr. Roosevelt's Amlle tarian standards at all. The now seem possible.

holds good-the time for turning Cunarders need building. Char- The odds are, as Washington over a new leaf is at hand. ing-Cross Bridge needs building, feels it in its new lift of confidence The big govenment obligations THOSE WHO WISH TO FAY OLD

There is no real eign of Inflation. We harbours that need to-day, that Mr. Roosevelt will go $700,000,000 in principal, $60,000,-

ANNOUNCEMENT,

all friends are cordially invited

to the Reception.

The

Ist.

A

Thongkong Telegraph.modernising steel works in the right ahead, smiling to achieve the 600 in interest-maturing March

WEDNESDAY APRIL 12, 1933.

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MAD MELODIES.

It was yesterday morn at ten to

nine The sun decided to kick up a

shino:

The weather report bald Fair to

Fine,

With possibly local showers. The birds began to chatter and

hout.

1. goldfish waggled their tails

about,

And the sun shone out, the sun

shone out

For two and three-quarter hours.

There are few more beautiful

ually a doleful, down-in-the-mouth

same plight. The Government ather "50 per cent of the impos-16, right in the thick of the crisis. cannot dismiss these things assible."

have been taken care of, by, two "relief works." They are "vital

In the first place, Mr. Roosevelt proposed new issues of short-term to our national business and already has extraordinary powers cent-made possible by the reopen- securities— 4 per cent and 41⁄2 per ITALY & FRANCE

livelihood. They would be re-

to control the banking system. ing of the banke. quired even if our industry were This is purely emergency legisla At a time when the League of performed by robots on whom it tion, but it carries with it the question of inflation, the new Re-

To go a little deeper into Nations is faced with the great-throb of human

was not necessary to waste a

sympathy. greatest degree of banking unity, serve notes show every indication of est, crisis in its career, when the There is no prospect of their befor the time being, America has being adequately controlled. The possibility for inflation is there, of auccess of the Disarmamenting done unless the Government had.

course, but supervision is left with Conference still hangs in the takes the initiative. And each It seems incredible that this de-the Federal Reserve Board which balance, when experts and one of them, from the moment gree of unity should over again be has been as definitely net against statesmen alike are engaged in it is begun, will take men off the returned to the old system of 49 reckless currency inflation as any- preparing a road through the dole and bring money into the competition controls. Certainly abody throughout the crisis, True, the notes will not be backed by revenue. There is every ad- banking house cleaning is in order, gold, but they will be backed by the tangled labyrinth of economic vantage in attending to these Evidences of this are already 37,000,000,000 resources of the sights than a goldfish in love. Us- nationalism to the larger mea-things in time, and when money accumulating. The Government Reserve System. sures of international co-opera- is cheap. Why should we keep is putting emphasis on the super- There is a bank tax on the now sort of Johnny, at the first hint of tion which it is hoped the World "pegging away" at inaction until for strength of members of the currency which will aid its retire-Spring the amorous goldfish comes Economic Conference will bring, they are still compulsory, but Federal Reserve System by letting ed. It will cost the banks more to harging around in his bowl, tick- mont when the emergency is passover all girlish and coy, and goes it is not surprising that the more expensive?"

these banks open up first. There use this currency than other types, ling the hens with his dorsal fin. recent visit of the King of Italy

is said to be a rush of private which will make them use it apur- and offering them presenta of ants' to Egypt has not occupied much

hanks to join the Reserve System.ingly. There are

almiflar eggs and slices of worm....Perfect- aafeguarda. space in the columns of the

ly darling of him, don't you think? Other privileges to Reservo Summing it up, there is the pos. Press. Yet, though it may be

Banks, or conversely, impositions sibility of inflation now as always,

Gladly he smiled from ear to ear. possible to exaggerate the im-

It is becoming increasingly

Whispered that Spring was draw- en non-member banks; are likely, but probably less from the new cur- portance of this event taken by clear that, to a very large extent, and they will aid the unification of rency than from the fact that the

ing near. Ice-cream men gave £ hearty itself, those who have followed the speed and extent of the re-

It is Government over the past three

cheer the Italian expansion-movement covery which the world will banks into one big system in the Near East and in North-make from the depression de- thought. At any rate, Mr. Roose-years has "coined ita deficit," [000. With a balanced budget, it ern Africa would not be inclined pends on the amount of courage velt has once more insisted "we do amounting now to about $5,000,000,- have will be easier for the smiling Mr. to neglect or belittle the sym-possessed by its statesmen. not want any and will not bolic value of what is happening President Roosevelt is giving a another epidemic of bank failures." Roosevelt to handle the situation to-day. Till now no European powerful lead. We are no long-And only through a pound, unifled than at any time in the past. sovereign has set foot on Egypt-er groping blindly in a fog, lan soll since the day when the Suez Canal was opened and the Khedive Ismail celebrated the event by lavishly entertaining several of them. It is. well known that Italy has increasing ly cultivated a grievance because she was not entrusted with any of the Mandates alloted to various

"advanced

The Fog Lifting

to

seeing-grisly phantoms dimly outlined in the mist and starting nervously at the sound of our own footfalls. That stage has been passed. The way ahead is beginning to open and the fog is lifting. But we are going to need courage first of all, because the process of recovery will not We nations" be quick and automatic. when the League of Nations was are not going to get into safe formed. She has adopted a harbour the day after definite policy of economic ex-morrow. We must realise that pansion all round the Mediter- we still have a long way to go; ranean. Italian Consuls are the nerve to take temporary de- active in pushing Italian fu- lays and setbacks in our stride terests and Italian influence and without getting disheartened. prestige in all the countries to There will still be sacrifices to which they are posted, and make. Some may have to ac Italian traders are encouraged cept a sharp loss on securities. by the Home Government and A writing-down process seems Italian banks to extend their to be impending, which will not business in every possible way. be entirely painless. Most of all In Egypt, whose historic re- wo must have the courage to ac lationship with Italy goes back cept what may look like radical -with interruptions, it is true departures from traditiohal to the days of the Roman policies. Social and economic Empire, Italy possesses some organisation may be erected on vory special advantages.. Theres unlike those of the past. Italian, colony in numerically Wo are going to see govern smaller to none of the foreign ments trying to do things that settlements, except the Greek, were not formerly considered a and the Italian seems to have in government's job; we are going. a more marked degree than any to see them try to do old jobs in other foreigner the capacity of an entirely now wny. The identifying himself with the world must greet these changes Egyptians among whom he lives. fearlessly, without hanging It is not suggested for a moment back. If it does not, they can- that there is anything wrong in I not be made.

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"Please wait a minute, dear. This is very educational for

Queenfe."

To think that Winter was over.

HIGH FINANCE.

To a simple soul like us, Intorna- tional finance is na fascinating a6 1 fairy story full of enchanters and

Americans gobling. The

have enough natural wealth in their country to feed several times tho population, yet millions of them aro atarying. They could employ many times the present number of I workers, yet ten millions of them get work. They have all the money in the world, yet millionaires are having hair-cute and chalking it up until Saturday.

All this is due to our marvellous financial system, but don't ask us why. It was once explained very tucidly to us by a man who was af- terwards taken away by two tact- ful men in brass buttons, and we bellove that he invented it.

We only know the main Idoa in that the more wealthy a nation, and the more the people produce, the more difficult it is to dlepose of the stuff, until chaos results. We ourselves have worked this dirty trick on the Americans by paying them the money We owe them. They asked for it, and they've got 12.

Wo don't understand this para- dox, but it has given us an idon. We are preparing a circular letter to all creditors citing the Americans as an awful effect of getting your debtors to pay you, and pointing out that if we paid them they would obviously soon bo, selling matcher and sleeping in casual words.

At the same time, if anybody. bates us sufficiently to want to ruin us, they nood not bother bo- cause they don't owe us any money. They can send it just the same, lots and lots of it. It spomna dangerous. stuff, but we're quite préparod to. take it off their hands."