1933-10-25 — Page 18

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THE HONGKONG TELEGRAPH. WEDNESDAY,

NEW

NOTES OF THE DAY

....

U.S. MONETARY POLICY

Frealdent Roosevelt's monetary policy has shackady-orthodox finance, as was only to be expect

STUDEBAKER ed: The alarm arises from the

AND

OCTOBER 25, 1933,

•

FINANCE OF INDIAN FEDERATION

Cost of White Paper Utopia

By DOUGLAS DEWAR

The Very Idea!

CAUGHT OUT.

By Eddie Kelly, M.C.C. INTERPORT cricket trial, we read in the Tele graph, was a failure, because

fact that in the new experiment to be tried, money is to be treated in a manner never before attempt

IR Malcolm Hailey recently "It is clear," says Sir Malcolm the unlucky batsmen werɑn't ed, and although it is admitted that the essence of President

drow up a memorandum on Hailey, "that some considerable sent in first. Roosevelt's plans is to make money the servant instead of the master titled "The Financial Implications betterment of Contral Finances, place before the Centre can make

aurrenders necessary

ROCKNE SIX high rates, is, must be, con- of (1) Provincial Autonomy, and, and on an assured basis, must take

CARS

Tho

We don't know what it all to means, but we feel peeved demus the proposals as Utopian. (2) Federation."

memorandum, although tho It is impossible to even hazard a guess as to whether the ex- limited in scope, contains sumcient establish the Provinces as in-about the matter.

Cricket should be taken. periment will succeed. The informaation to demonstrate that, dependent financial units on such United States le striking out in for many days to come, India will terms as will allow them to reat completely unknown country not be wealthy enough to receive accurely on their own resources." more seriously than this. against a foo of uncalculated and maintain the white elephant The Secretary of State for India, Look how seriously the Aus- strength. The effort is being bred by the late Socialist Govern- when trying to make the best of a made largely because pressure from the roar is toe great to be GREATLY REDUCED resisted any longer.

AT

PRICES.

HONGKONG HOTEL

GARAGE.

Phone 23124. Stubbs Road.

The

Thongkong Telegraph.

SENSIBLE ENOUGH

Boro.

urce.

Hongkong cricketers pay too and bowling. Cricket should be much attention to the batting livened up a bit.

Committee on July 6: "After all, see our friends in the Anti- ment, and nursed by their succes-bad business, said to the Joint tralians take it. You don't Sir Malcolm estimates that the my Lord Chairman, wo are balanc-pathics having interport fail- Provinces, if they are to run as ing our Budget."

Let us see how this has been self-supporting units; will require between them an additional sum of done. The revised estimates for Cover £1,000,000). A 10 from Rs. 6 to 8 crores (£4,500,000 1932-38 show a surplus of Rs.2.17 to £6,000,000) a year, but "It must crores

Indlan officials reaulted in a baving be realised, even with this pro- por cont. cut in the pay of all

For instance, animal crickets vision, some of the Provinces... will start off on a bare subsistence of Rs.2.50 crores. The expenditure

As the provincial sources on Military services last year was sing by rubbing their hind lege Let's introduce a level." of taxation are yielding alrendy Rs.16.74 crores as opposed to together.. their maximum return, the Local Re.68.91 crores in 1922-28. When little variety into the local game. Governments will not be able to the military expenditure was cut by having our playera do the same. Probably half our cricketers raise this sum, or any part there- down from the latter figure to thing. of; the whole will have to be found Rs.66 crores in 1923-24, the Com by the Central Government. The mander-in-Chief said this involved

word cricket.". What we know extra expenditure at the Centre is "a certain degree of riak," but he don't know the meaning of the estimated by Sir Malcolm to be felt this was justified in view of about cricket mayn't all the "Very from Ra. 2% to 24 crores (£1,875,- the financial plight of India. In Iden" column, but there's no harm 1928 the Government of India and 000 to £2,000,000) a year.

that Rs.55 crores a your was, then trying. Besides, we feel like imparting some knowledge this lowest possible expenditure if afternoon. This is not the whole story. "India is to make, reasonable pro- Sir Malcolm does not deal with the vision for her defence in modern BAT-Old-fashioned instrument Navertheless, last used to protect the legs. Also use- effect of the White Paper proposals conditions."

The avowed objective le plain and sensible enough. The Freal dont aims to bring an end to wild price fluctuations, to produce a dollar that will be worth when pald back exactly what it was worth when borrowed; he socks the creation of a monotary system under which trade and industry can operate with some, degree of regularity. It is obvious that a peril has to be faced. The attempt may work and on the other hand, it may not; but behind there stands the plain fact that the system the world has been using has not worked. America muy as jumping into the fire. but at least. she is jumping out of an unendur ably hot frying pan. Most of British criticism rests less upon the merits of the experiment than upon the fact that it leaves out on the Indian revenues, except to year Rs.B crores less than this ful for braining wicket-keeper, or of all consideration any linking mention that they will entail a loss minimum was spent One crore bashing bowler as you pass him."

BODY-LINE. Imaginary line WEDNESDAY, OCTOBER 25, 1933. of the dollar with other foreign of Rs. 1 crore per annum in cur- of this is attributable to fall in

rency receipts; and he is silent as prices, the remaindor means "deple-separating stomach from lower currencles.

to the effect of the change Intion of stocks of supplies and the limbs. A hit above the body-line administration on India's credit. postponement of building and counts one extra: BODY-LINE I THE FRENCH CRISIS ECONOMIC ISOLATION

The handing over of centrol to the other programmes." No-one can doubt that further Indians must for obvious reasons. The fall of the Daladier Gov-

economic isolation, which would result in a fall in the Government ernment is not surprising. The naturally follow for some consider revenues. Doubtless many British On the revenue side the figures storm has long been brewing ow-able time upon the success of the officials who dilalike the White of lust year's Budget are awollen ing to fundamental antagonism now dollar experiment, would be bad Papor proposals will rotiro on pro- by Rs.1.50 crores for receipts on for the world as a whole, setting portionate pensions. One hundred salt, which, but for the extinction between the Socialist and the up further barriers to free in- and ninety of them did so during of the credit system, would not intercourse, the first year of the Montagu- have been paid until this year; and Radical conceptions of Budget-ternational trade balancing proposals. It was de- But President Roosevelt is merely Chelmsford reforms, which, unike (Rs.13 crores are "attributable w

standing by the principle laid those new proposed, affected only n the recent 'emergency surcharges cigarettes. Hence "GASPER" is B on Customs, Taxes on Income and winded player. See also Capatan, layed by the process of postpon- down at the World Economic Con- portion of the Indian officials.

GENTLEMEN.- Meaning ob- Such retirements will not only salt." Owing to the unsatisfactory or Captain. ing controversy and allowing ference, that his own house must

diminish the 1988 deficit to mount up, no be put in order before he can increase the expenditure on pen-condition of Central finance In

the 1981, these surcharges were Im-scure, Mon have not been gentle at general towards contribute

Bions, but hvill

was introduced, effort being made to check it.

measures of revival. Selfish in

CREASE Neat fold in trousers. France therefore finds herself in conception, it may be, but this efficiency of the administration, as posed whereby the Salt Tax was in-cricket since BODY-LINE (g..) STUMP Amputated leg of one- a relatively more serious plight attitude was the one which meat many posts will be filled by increased by 40 per cent., Income Tax big countries accepted at the Con- experienced men. Dishonest sub by 26 per cent, and Import Duties than nine months ago, with her ference, and whether it was ordinates will take advantage of by 65 per cent, and the pay of all Government credit weakened and dictated by President Roosevelt or this, and there will be many finan, officials reduced by 10 per cent, of revenue. Such irregularities to two years, but they still exist, the stability of the franc not makes very little difference. cial irregularities, leading to loss These surcharges were to be limited

The policy outlined by President

occur in almost every office, in though, in the current year the that have become mixed. General- threatened, a dangerous situa Roosevelt is not one of his own tion which is the direct outcome devising. It is substantially nf which supervision 1s, lax, as the cut in pay has been halved. Thus, ty played in the Hongkong Club;

many

also called (censored) and (wiped out) and (unprintable word) in not recommended for Hongkong. BOWLER-Old-fashioned hat. Australia, but these expressions are

M.C.O.-Latin for 1,200. This is

the year Yorkshire defeated Lanca-

shire.

PLAYER-Favourite. brand of

ho had a leg before. legged cricketer. The player is said to be "stumped" in a match If

CHANGE OF BOWLERS-Hats

INNINGS.The time it takes to

hour-after the bar closes.-------

EXTRAS Payment for carly morning tea, cigarettes, liquors etc. Also includes Cumshaw,

WICKET-Term applied to any cricketer who doo naughty things. LEG BEFORE WICKET A. girl in a bathing costume standing in front of Eddie Kelly,

STUMPED-Well, even

if we are, we managed to fill out three quarters of a column,

*

ENGLAND EXPECTS

the working of the thero must be an enormous better- of long and continued-failure to programme recommended by ad-reports on

vanced economie thinkers for Local Boards under Indian control ment of India's finances before the

entertained. face the financial situation some time past, although they show. The fact that over two White Paper white elephant can be get a side out. Generally half an

Meanwhile, there are other squarely and impose the neces- have been rogarded as voices cry million people are caught every The year travelling without tickets on sary economies in expenditure. ing in the wilderness.

United States in determined to the main Indian railways shows financial obstacles to be overcome.

LONG STOP-Takes place at Any successor to M.. Daladier attempt to put the theory into that many of the inhabitants of The currency problem is to bo will be confronted by the same practice. And it is still a matter that country are ready to feather solved by a Reserve Bank, to which

MAIDEN-Giri cricketers, subscribe Rs.40 crores (over £30,- difficulties. He cannot succeed of opinion as to whether President their nest at the expense of others. the Central Government has to conclusion of match.

Roosevelt is moving too fast or

000,000). The Central Govern- LEG GLANCE-Glance in the in avorting the serious position others are moving too slowly.

The handing over of the Policement owes something like 90 crores direction of a girl ericketer when unless he introduces an. un

to Indian control will afford ajof rupees, which are payable on she is felding somewhere to leg.

POINT-Business end of the popular measure. It needs a AMERICA AND LEAGUE

grand opportunity for crime of all demand; i.c., the amount of the change of outlook, of which

In the present period of interna. sorts; dacolties, burglaries, and Post Office Savings Bank deposits stump. there is as yot no sign. Some tional tension the relationships of riots are not conducive to good and cash certificates outstanding SILLY POINT.-Calling an end thing of the French wartime the United States with the League trade, and are likely to affect the When the War broke out in 1914 of a stump the business and is

revenue adversely. Clearly, then, there were no cash certificates, silly.

NO BALL-No ball available. spirit of sacrifice is required to of Nations seem to require ro

definition. The present contacts if the proposed "roforms" be but the withdrawals of Post Office

Geneva affected, the Indian Governments Savings Bank deposits were heavy. The game must thereupon be aban nvold financial disaster. The

of Washington with

(Continued on: Page 10.) appearances point to a combina- abound in anomalies and inconsis will have to face both Increase of During August, September, and doned. tion of the Radicals with the tencies. The United States is not expenditure and fall in revenue.

been Right, with the possibility of a member of the League. Yet so

Americans have series of short-lived Ministera. spokesmen in Genova that it is It can only be hoped that there sometimes difficult for the League thoritative expression of American will not be a break in foreign to know where to turn for an au- policy, although even that is not opinion or policy. In spite of assured. The best, prospects numerous channels of communica- tion. the representatives of the for a settlement in Europe United States are not permitted rested with a continuance of the to raise their voices where they Daladier Ministry. In the mean- are most needed or desired. It time, however, domestic issues is necessary to resort to sub-

or terfuge take refuge in will dominate the French

technicalities in order that normal between the United political field and France must relations continue in a state of high fever States and League organa may be

established. financially until her leaders agree upon a remedy. The time for paillatives has passed long since.

It has now been decided that the Everyone who has been ac

American Minister to Switzerland, 'quainted with the facts had long Mr. Hugh Wilson, whose post is at foreseen that any government Berne, but who is obliged to spend Geneva, which failed, to tackle the pro-about half his time in blem would fall. Party quarrels will alt on the Lengua Council to choose an American member of the and the rosultant undermining Permanent Central Opium Board. of confidence has worsened the But it is explained that he will not situation. What France needs is be really sitting on the Council, not political finance but financial for the Council on this occasion policy. It is not the political will not call itself the Council, but, a special committes sitting for a doctrines of the Loft or the occific purpose. The last time an political doctrines of the Right American bat at the Council table, which will bring about a better it was not the American: Minister condition of affairs. It is neces- to Switzerland who occupied the sary that all Frenchmen should extra chair. It was the American forget their differences, should consul at Gonova, Mr. Franties realise that if the country is to Gilbert, who has been equipped with a special staff of qualified as bo shved from disaster, they sistants in order to keep in intimate must seok, in no partisan spirit. touch with activities. League - but with a single eye to national amicials and delegates from other Interests, the solution of the countries find some amusement in exceedingly grave problems that speculating who the next American have been neglected for so long. I spokesman will bay

COUNCIL COMEDY

"Aren't planes, marvellous? We are only four hours aw

from mot her now,”-

Wo wore walking down Con- naught Road with Robart Mac Whirter on Saturday, when one of those pretty skirts in sailor's rigouts pulled us up.

.

"Buy a lag?" ano appealed" Mac.

"No specka da Engleesh!" replied.

A SLUG IN THE EYE

The other day we had an articlo about Gardening. A correspondent, who claims he is sixty per cent, of our readers, wrote in asking us if we could give him a good cure for slugs, as they were eating up all the radishes in his kitchen garden. Wa advised him to get a fawr lbs. of salt and sprinkle it between the rows. The following letter arrived to-day!

Dear Kelly-Your cure for slups soas a wash-out. When I want to look at the garden this morning, tho aluge score, pulling up the radishes, dipping them in the salt. | and catină

STOP US IFS

It seems that no one in England can trace his ancestry, back to William the Conqueror.

A

Out here, of course, it is com parrtivaly.easy to trace back to the concubine.