1933-12-15 — Page 6

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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,

Hongkong Telegraph.

NOTES OF THE DAY WHY BLAME THE The Very Idea!

VEHICULAR FERRY PIER

With no desire to labour the con- troversy in regard to the vehiculat ferry piers, we feel the official ex- planation of the causes for In creased expenditure on the under-

THROUGH

BANKS?

BY W. W. PAINE

a

DOWN ON THE FARM

By Eddie Kelly, Haysbod.........

Knowing what the holl-

days are going to be

like, we have decided to

Give us the country,

a period of tho which was found to suit the needs taking does call for comment. Toutest trade depression of country depositors better than

and settle somewhere in the That recent criticisms have not which any of us has seen both in rate varying with the Bank of leave Hongkong next week, been without justification is shown this country and throughout the England rate!

Consequent upon the depression territories for a spot of the by the recommendations of an in-world, the British banks-in mark-

ed contrast to what has happened and the difficulty in banking con; dependent naval expert calling for Improvements which will involve in almost every other country ditions, it has recently been found quiet life. the outlay of a further $124,000. have stood four square to all the necessary to reduce that rate of.

winds that blow. Not a single 2% to 1% per cont. The rovised estimate made last year depositor has throughout, that I has now been increased by no teas period had a moment's anxiety in a sum than $185,000. A pertinent regard to his deposit with any of In the United States of America, query which suggests itself is what those banks, percentage this Increase bears to the actual cost of construction of the 1921, over 1,000 banks have had to close their doors, and in plers themselves, particularly of the some of the States depositors have

Owing to the trade depression, both ends and eat your cake, Hongkong pier, apart from the lost the whole, or a great portion, heavy expenditure involved in re- of their bank money, and have been the demand for these loans has so we are going to cut out sow clamation and other site prepara- left without banking facilities of been greatly reduced, and the pering wild oats in the city and sow

centage of each £100 deposit so

tion?

ORIGINAL CHEESE-PARING

The Government confesses ex

perience to have shown that "the provision of stronger buffers and fendering would have been advis

JOHNSON PARTY

any kind.'

conducted.

In normal times banks have been where, except at Fanling, able to lend to trade and other bor rowers from £50 to £55 of every where they have golfers, the $100 deposit on loans, generally air is untainted. We have for six to twelve months, at rates

varying with Bank rate and with discovered long ago that you the nature of the security offered can't burn your candles at to them.

justifies.

to offer,

We have had some experience qu farma in our day, and what we don't know about cows wouldn't fill Dairy Farm milk bottle. But that's an udder story..

We remember when we were on our last farm, Bright and early on the first morning, we leapt out of. our bunk and rounded up our bronco.

On saddling up to go the rounds, we must have pulled the saddle

First of all, we went and Inspect

We then went and had a look at

ment.

ว

FRIDAY, DECEMBER 15, 1933.

THE WAR DEBT! FARCE

A deep significance attaches to To-day is the date on which the latest Washington political Britain makes a further pay-development. Senator Hiram John- gon's tentative proposal for the ment to the United States to formation of a new party, loyal to war President Roosevelt, but deriving wards the outstanding

its impetus from Republican ranks, debt, which has recently been not likely to languish for lack of the subject of negotiations alm-support. He gives an opening for translating into some form of action ing at a final settlement of the a feeling which must have been whole problem. During those growing rapidly among Americans. In justifying a proposal which must negotiations, which produced no further wreck the Republican definite result, America must machinery, Mr. Johnson says what have known that there was not a host of loyal Party members have judged and governed by the nature large assumption in the case of a any of those papal bulls, either.

been thinking. What it is difficult to assess accurately is whether it is a counsel of despair or a counsel of encouragement.

Assuming what is a pretty

the reaper, also the chaffcutter, which is nothing like a naval cutter, that being a kind of surgical instru- Then there is the scarifier, which over the ground after it has been has prongs on it, and you drag it, dug up by the plough (pronounced We kept a sharp look out for Plow; same as Cough, Cow.). bulls, especially stud bulla, both back and front. We falled to see

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

employed has been reduced far wild rice in the New Territories. below 50. As this is the most Us, we are strong for this Now I am not going to say that profitable part of their business, down on the farm stuff. Think mistakes have not been made, or and the banks are all competing of it! Fresh cream every morn that materials do not exist- with one another. for it, it can chiefly in the light of subsequent

has failed to obtain from one or straight from contented COWE, events--for criticism of the past safely be said that no borrowering, quarts and quarts of milk policy and management of the another of the banks any loan jumping out of bed every morning banks as well as of almost every which his own position, or the at Gam. Think of it! Ugh! able in the first instance," but adds that this would have resulted in great public institution. But there accurity which he has

informed criticism by Socialists, greater expenditure. How much has been a large amount of Ill- greater? Anything like the sum and by some other people, due to

Let me next refer to the, quce now needed to make good the their apparent ignorance of the shortcomings? That le a point on principles and conditions upon tion of loans, in granting which which the Government is silent which banking. In this country is the banks have always to remem- ber that they are dealing, not In brief, aside from any question presant

Unlike any other companies, with their own but with other of the stability of the structure (which it is not advisable banks have three distinct, and in people's money. Is it suggested to allow time to test), there seems certain cases divergent, duties to that, as the result of the Govern little doubt that a cheese-paring policy was adopted in the early perform. First, to their depo- ment taking over the banks, any stages, with the result that, so far aitors, with the safe keeping of less care and circumspection is to thingmegig too tight, because we If so, all confidence of depositors the face. We decided, therefore, from saving money, heavy and whose money they are entrusted; | be taken in the granting of loans7 noticed the horse going black in

In the banks will be shaken. It is that it might be best to walk. and third, to their shareholders. needless additional expenditure has second, to the trade of the country:

As regards the first two duties, no answer to this to say that the been incurred,

to depositors, and to the trade of depositors will have the Governed the pigs. A strange thing about the country, those would dovolvement behind them, and need not pigs is that they not only smell just as much upon the Government therefore worry about the way in through, their noacs, but all over. as owners of the banks as they do which their money is dealt with; A herd of baby pigs is called a for if the business of banking is litter, and a jolly good name for upon their present managements.

The banks have chiefly been to be conducted at a loss, which it, too. criticised for the wide difference will fall upon the public, that must between the rate of interest which necessarily load along the dan- they charge for loans and that gerous path of inflation, not only which they allow on deposits; one of credit, but ultimately of cur- As regards the banks' duty to often sees it stated that whereas rency also. they charge 5 per cent, on loans,

share-holders, Bankshares are. they now only allow one half of make a reasonable return to their 1 per cent. on deposits,

It is not true that 5 per cent. Is bought to-day to yield about 42 paid about 4 per cent., on their charged on anything like all the per cent., or where they are fully loans made by banks.

Just as the rate of interest or market value, dividend on stocks or shares is of the security which they offer, Socialist Government that they so the rate of interest charged on could raise the money required to some purchase the shares at 3% per there would no doubt be a ghost of a chance of Britain

these loans is fixed in measure by the responsibility of cent.,

saving, but one which is paying the full sum due to-day,

the borrower and by the nature of some the security which he is in a posit wholly insufficient to justify such or even a substantial fraction

ion to offer; and the average rate a huge addition to the National of it. Yet President Roosevelt SIMPLE FORMULA

at which bank. loans are made to- Debt and such an alteration in our day is very considerably lower whole economic system as this and his advisers-dared not.

would involve. The Johnson formula is simple than & per cent

The reason, therefore for the agree to cancellation, although

enough, The Great Experiment

Socialists' proposals must be many far-sighted Americans be- has been carried so far forward that

Again, it is not true that 1⁄2 per sought elsewhere, and it is perfect.. cent. represents the rate of In-ly obvious to every trained obser- lieve that it would be a good it is impossible to draw back. The thing for everybody if war debts whole country must be prepared to could be wiped out along with support President Roosevelt interest uniformly allowed on de-ver. The nationalisation of the

pursuit of his programme to posits, reparations. So we have the the end, even if it prove' to be spectacle of the British Govern bitter ene. Such a formain pays no policy however accurately it may ment offering another small compliment to the Rooseveltian "token payment" which, with sum up the situation. A pro- the June instalment, means that gramme which takes control instead the country will have paid just of boing subject to control is a over £3,000,000 this year, Pos-perilous thing to meddle with. sibly if the amount offered had been twopence, Mr. Roosevelt WHITHER? would have felt compelled to ac-

America no more knows where cept it as a better alternative

she is going to-day than she 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 present time, of a final settle Blon. And it is doubtful whether the President himself has any ment. Will Great Britain go on clearer idea than those who are making token payments indemere observers of the nature and finitely until the Americans. effects of his policies. Only one 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; happy history of the Allled pro. other Internal indebtedness is grow. ing: money is being spent like blems of war debts and repara-water in an effort to stimulate trade tions should be the greatest in- recovery; and the lasting effects centive to the world in its efforts are much slower to exhibit them- selves than in Britain where no to tackle the outlawry of war adventurous expellents have been effectively. Modern warfare is found necessary to set the country, obviously as disastrous to the on the road to revival. The tune victors as to the vanquished.is being called next year to the ex- tent of a further $0,000,000,000. Although the astronomica! auma who is to pay the piper is a ques originally proposed for these tlon not discussed. debts have been scaled down

beyond recognition, the smaller THE PERIL figures cannot be paid. "Prob- sant hi

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 ing that no matter what prejudices and principles have to be sacrificed, £3,000,000 a year, the Treasury it would be fatal to attempt to back would feel that a good bargain out of the Roosevelt programmé. had been made, Britain cer- now. Even so, there are those who lics the tainly has no desire to incur a cry "Enough" and those who do

mand for Horen similar liability in the future. greatest danger in the whole situa One Insurance against such a fon. Falling between two stools catastrophes the League of would be the castest possible thing. The President is trying to associate Nations, which, it is worth not radical economica with conserva- ing, costs Britain roughly qpé- tivo sympathies in preservation of twentieth of her token payment the proft motive in banking and In- dustry. It will be a miracle if he to the United States.

succeeds.

For years past the rate allowed banks is only part, and a necessary embodied in the official programme it has been 2 per cent, under Bank of the Socialist Party for the na- in London and the district around art, the much larger scheme rate, and now that the Bank rate tionalisation of the whole indus has for many months past been retry of the country, and of the

and exchange.. duced to 2 per cent., this rule has means of production, distribution, positors and 1⁄2 per cent, is allowed been modified in favour of de- on deposits in London,

Unless the Government can firat But the rule in the country has always been different. The rate lay its hands upon the 2,000 odd allowed for country deposits was millions of pounds in bank depo- n fixed rate of 2% per cent., which sits, that greater scheme can never

(Continued on Page 7.) did not vary with Bank rate, andį

I don't know who

He comes to all my

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 hillside,

"What's that mournful cry!" we asked the chief cowboy.

That's a wolf," he replied, "Not our friend, the L.G.P." we

i

for?"*'

We found out that it was on asked, "What's he yelling like that animal."

"Well, I'm going to bed," said the

"Bud" we cried. No. 1 cowboy.

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

So we crept out, and back to town..

--REVISED. VERSION 2. "Where are you going, my pretty

maid?"

"I'm going a-milking, sir," abe

said.

"May I go with you, my pretty

maid"

"I've already made three dates. for to-night, but seeing as you're a Peakite, to holl 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 asked to

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

Stand on tiptoes and touch his. toes with his hand.

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

Although these tests may sound: sublimely Idiotic to you, they are more 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.

They include walking round" be police station on your hands, stand- ing ou one too and executing the more intricate movements of the Russian ballet, balancing a políco- 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 skatos, and dancing the rumba with the Inspector.

The penalty for doing any or these things with a conscious effort will be five years, ponai servitude.