1933-12-15 — Page 22

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THE HONGKONG TELEGRAPH. FRIDAY, DECEMBER 15, 1933.

CUT YOUR

REPAIR

BILLS!

USE "ALEMITE"

GREASE

FITTINGS

"ALEMITE" Gas-Co-Lator

IS A NECESSITY!

FIT ONE and PREVENT CARBURETOR TROUBLES $12,50 each

HONG KONG HOTEL

GARAGE -Showroom-

Stubbs Road, Phone 27778.9.

The

Longkong Telegraph.

NOTES OF THE DAY WHY BLAME THE The Very Idea!

VEHICULAR FERRY PIER

BANKS?

BY W. W. PAINE

THROUGH a period oession or county dopastor sult the needs of better than a which any of us has seen both in rate varying with tha Bank of this country and throughout the England rate.

DOWN ON THE FARM By Eddie Kelly, Huynood,

With no desire to labour the con- troversy in regard to the vehicular ferry plera, we feel the offein) ex-

Knowing what the holi- planation of the causes for in-

days are going to be ereased expenditure on the under- taking does call for comment.

like, we have decided to That recent criticisms have not

leave. Hongkong next week, been without justification is shown

and settle somewhere in the by the recommendations of an in-world, the British banks-in mark- Consequent upon the depression dependent naval expert calling for ed contrast to what has happened and the dificulty in banking con- territories for a spot of the improvements which will involve in almost every other country-ditions, it has recently been found quiet life.

Give us the outlay of a further $124,000. have stood four square to all the necessary to reduce that rate of

the country, The revised estimate minde last year winds that blow. Not a single 2% to 1% per cent.

depositor has throughout that In normal times banks have been where, except at Fanling, has now been Increased by no less period had a moment's anxiety in able to lend to trade and other bor- A sum than $185,000. A pertinent regard to his deposit with any of rowers from £50 to £56 of every where they have golfers, the query which suggcate itself is what those banks...

£100 deposit on loans, generally air is untainted. We have for six to twelve months, at rates percentage this increase bears to the actual cost of construction of the piers themselves, particularly of the

Hongkong pier, apart from the heavy expenditure involved in re clamation and other site prepara-

tion?

ORIGINAL CHEESE-PARING

early

little doubt that a cheese-paring policy was adopted in the stages, with the result that, so far from saving money, heavy and heedless additional expenditure has been incurred.

conducted.

justifics.

..

•

On saddling up to go the rounds, we must have pulled the saddle thingmegig too tight, because we noticed the horse going black in the face. Wo decided, therefore, that it might be best to walk.

In the United States of America, since 1929, over 3,000 banks have varying with Bank rate and with discovered long ago that you had to close their doors, and in the nature of the security offered can't burn your candles at some of the States depositors have to them. lost the whole, or a great portion, Owing to the trade depression, both ends and eat your cake, of their bank money, and have been the demand for these loans has left without banking facilities of been greatly reduced, and the pering wild oats in the city and sow so we are going to cut out sOW- any kind,

centage of each £100 deposit employed has been reduced far wild rice in the New Territories. below 50. As this is the most Now I am not going to any that profitable part of their business, down on the farm stuff. Think Us, we are strong for this mistakes have not been made, or and the banks are all competing of it! Fresh cream every morn The Government confesses ex. that materiais do not exist with one another for it, it can

the light of ing, quarts and quarts of milk contented cows, provision of stronger buffers and events for criticism of the past has failed to obtain from one or straight from

any loan Jumping out of bed every morning fendering would have been advis-policy and management of the another of the banks able in the first instance," but adds banks as well as of almost every which his own position," or the at 8 a.m. Think of it! Ugh!. that this would have resulted in great public institution. But there security which he has to offer,

Wo have had some experience on farms in our day, and what we greater expenditure. How much has been a large amount of ill- Informed criticism by Socialista,

don't know about cows wouldn't fill greater? Anything like the sum

n Dairy Farm milk bottle. But now needed to make good the and, by some other people, due to

their apparent ignorance of the Let me next refer to the ques- that's an udder story. shortcomings? That is a point on

We remember when we were on which the Government is allent. principles and conditions upon tion of loans, in granting which In brief, aside from any question which banking in this courtry is the banks have always to remem- our last farm. Bright and early on ber that they are dealing, not the first morning, wo leapt out of of the stability of the present

Unlike any other companies, with their own but with other our bunk and rounded up our Structure (which it is not advisable banks have three distinct, and in people's money. Is it suggested bronco. to allow time to test), there seems

certain cases divergent, duties to that, as the result of the Govern- perform. First, to their depo- ment taking over the banks, any sitors, with the safe keeping of less care and circumspection is to whose money they are entrusted; be taken in the granting of loans? If so, all confidence of depositors FRIDAY, DECEMBER 16, 1939.

second, to the trade of the country: and third, to their shareholders. in the banks will be shaken. It is Ag regards the first two duties, no answer to this to say that the to depositors and to the trade of depositors will have the Governed the pigs. A strango thing about THE WAR DEBT

the country, those would devolvement behind them, and need not Just as much upon the Government therefore worry about the way in FARCE

as owners of the banks as they do which their money is dealt with: A deop significance attaches to upon their present managements, for if the business of banking de To-day is the date on which the latest Washington political The banks have chiefly been to be conducted at a loss, which development. Senator Hiram John-criticised for the wide difference will fall upon the public, that must Britain makes a further payson's tentative proposal for the between the rate of interest which necessarily lead along the dan- ment to the United States to- formation of a new party, loyal to they charge for loans and that gerous path of inflation, not only President Roosevelt, but deriving which they allow on deposits; one of credit, but ultimately of cur- wards the outstanding war its impetus from Republican ranks, often sees it stated that whereas rency also. debt, which has recently been is not likely to languish for lack of they charge 5 per cent, on loans, As regards the banks' duty to the subject of negotiations aim-Support. He gives an opening for they now only allow one half of make a reasonable return to their haa prongs on it, and you drog.it

share-holders, Bank sharca translating into some form of action

bought to-day to yield about 4 ing at a final settlement of then feeling which must have been whole problem. During those

per cent., or where they are fully paid about 4 per cent., on their negotiations, which produced no

market value, definite result, America must have known that there was not a ghost of a chance of Britain paying the full sum due to-day, or even a substantial fraction of it. Yet President Roosevelt and his advisers dared not agree to cancellation, although many far-sighted Americans be lieve that it would be a good

JOHNSON PARTY

growing rapidly among Americans. In justifying a proposal which must further wreck the Republican machinery, Mr. Johnson says what a host of loyal Party members have been thinking. What it is difficult to assess accurately is whether it is a counsel of despair or a counsel of encouragement.

SIMPLE FORMULA

The Johnson formula is simple enough. The Great Experiment has been carried so far forward that it is impossible to draw back. The

are

1 per cent, on deposita.

It is not true that 5 per cent, is charged on anything like all the loans made by banka.

Just as the rate of interest or

or shares is Assuming what is a pretty dividend on stocks judged and governed by the nature large assumption In the case of a of the security which they offer, Socialist Government that they so the rate of interest charged on could raise the money required to these ionns ja fixed in some purchase the shares at 8 per mensure by the responsibility of cent, there would no doubt be the borrower and by the nature of some saving, but one which is the security which he is in a posit wholly insufficient to justify auch Ion to offer; and the average rate a huge addition to the National at which bank loans are made to Debt and such an alteration in our economic system as this day is very considerably lower whole

would involve.

The reason, therefore-for--the Socialists proposals must be persought olsewhere, and it is perfect-

than 5 per cent.

•

•

Again, it is not true that

First of all, we wont and inspect

pigs is that they not only smell through their noses, but all over. A herd of baby pigs is called a litter, and a jolly good name for it, too.

We then went and had a look at

the reaper, also the chaffcutter, which is nothing like a naval cutter, that being a kind of surgical instru-

ment.

Then there is the scarifler, which

over the ground after it has been dug up by the plough (pronounced Plow: same as Cough, Cow.).

We kept a sharp look out for bulls, especially stud bulls, both back and front. We failed to see any of those papal bulls, either.

Then we went along to the eggory and watched the hona mak- ing the wheels of industry tur around. The birds were all breeds Plymouth, Spotted Whynots and Palookas, the balance mainly being Black Orphans.

But it was night time we liked best on our farm. In the stillness of the night we could hear the mournful howl of some wild animal on the hillsido.

"What's that mournful cry?" we

"That's a wolf," he replied. asked, "What's he yelling like that "Not our friend, the L.G.P. " we

We found out that it was an animal.

"Well, I'm going to bed," said the No. 1 cowboy.

"Bed" we cried.

thing for everybody if war debta whole country must be prepared to cent. represents the rate of in-ly obvious to every trained obser- asked the chief cowboy. could be wiped out along with support President Roosevelt interest uniformly allowed on de-ver. The nationalisation of the

pursuit of his programnic to posits.

banks is only part, and a necessary For years past the rate allowed part, of the much larger scheme reparations. So we have, the the end, even if it prove to be a spectacle of the British for?" ment offering another small compliment to the Rooseveltian it has been 2 per cent, under Bank of the Socialist Party for the na- policy-however accurately it may rate, and now that the Bank rata tionalisation of the whole indus Bum up the situation. A pro- has for many months past been re-try of the country, and of the gramme which takes control instead duced to 2 per cent, this rule, has means of production, distribution,

been modified in favour of de- and exchange. of being subject to control is a perilous thing to meddle with. positors and percent. Is allowed

on deposits in London.

But the rule in the country has Unless the Government can frst always been different. The rate lay its hands upon the 2,000 odd allowed for country deposita was millions of pounds in bank depo- A fixed rate of 21⁄2 por cent., which sits, that greater.scheme can never did not vary with Bank rate, and (Continued on Page 12.)

WHITHER?

*

"token payment" which, with the June instalment, means that the country will have paid just over £3,000,000 this year. Pos- sibly if the amount offered had been twopence, Mr. Roosevelt would have felt compelled to ac-

America no more knows where cept it as a better alternative

she is going to-day than sho did than British default. But what seven or eight months ago when is going to happen in the future? President Roosevelt commenced his There seems no prospect, at the trial and error method of progres- sion. And it is doubtful whether present time, of a final settle the President himself has any ment. Will Great Britain go on clearer idea than those who are making token payments inde mere observers of the nature and effects of his policies. Only one finitely until the Americans

thing is transparently clear; thou- come to look upon them as the sands of millions of dollars are be- normal thing? The whole un-ing added to the national debt; other internal Indebtedness is grow- happy history of the Allied pro-ing: money is being spent like blems of war depts and repara-water in an effort to stimulate trado tions should be the greatest in recovery: and the lasting effects centive to the world in its efforts are much slower to exhibit thom- selves than in Britain where no to tackle the outlawry of war adventurous expedients have been effectively. Modern warfaro is found necessary to set the country The tune obviously as disastrous to the on the road to revival, victors as to the vanquished. la being called next year to the ex- tent of a further. $6,000,000,000. Although the astronomical sums Who is to pay the piper is a quÇS- originally proposed for these tion not discussed. debts have been scaled down

beyond recognition, the smaller THE PERIL

figures cannot be paid. Prob- ably, if Great Britain could

It is not surprising to discover

reach a definite arrangement the existence of a dominating feel- with Washington for paying and principles have to be sacrificed, ing that no matter what prejudices £8,000,000 a year, the Treasury It would be fatal to attempt to back would feel that a good bargain out of the Roosevelt programme had been made. Britain cor- now. Even so, there are those who tainly has no desire to incur a cry "Enough" and those who da- mand more. Herein lles tho similar lability in the future. greatest danger in the whole altur- One insurance against, such ation. Falling between two stools would be the ousiest possible thing. catastrophe is the League of The President is trying to associato Nations, which, it is worth not, radical economica, with conserva- ing, costs Britain roughly one tive sympathies in preservation of twentieth of her token payment the profit motive in banking and in- dustry. It will be a miracle it ho to the United States.

succeeds.

*

*

*

"I don't know who he is. He comes to all my partios."

"We've got to be up at three 'clock in the morning to do some milking," he said. town.

So we crept out, and back to

REVISED VERSIÓN

"Where are you going, my pretty

maid?"

"I'm going a-milking, air," she

said.

"May I go with you, my pretty

maid?"

"I've already made three dates for to-night, but seeing as you're a Penkite, to hell with the other guys, sir,” she said.

TESTS FOR DRUNKENNESS A motorist accused of being un- der the influence of drink while in charge of a car was naked to

Stand erect with both eyes closed. Stand on one Jeg.

Stand on tiptoes and touch his toes with his hand.

...

When ho suceseded he was fined £5, the doctor stating that he car. ried out these acrobatica with "strong conscious efforts."

Although these tests may sound sublimely Idiotic to you, they are mere child's play compared with some we have prepared ourself, and which we offer free of charge to the police and the medical profes- sion.

Thoy include walking, round he police station on your hands, stand- Ing on one too and executing the moro intricate movements of the Russian ballet, balancing a police-: man's helmet on your nose, reciting the Finnish alphabet backwards, do- ing a double somersault in the charge room when blindfolded, walking the chalk line on, roller skates, and dancing the rumba with the inspector, all

The penalty for doing any of these things with a conscious effort will be five years? penal servitude