1934-08-07 — Page 4

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The

Hongkong Telegraphi.

TUESDAY, AUG, 7, 1934.

LABOUR AND WAR

At a moment when fears of

TUESDAY,

NOTES OF THE DAY

PEACE AND SUSPICION

The maddest thing about the mad world of to-day is the com- bination of an almost universal destro for. peace with Intensive

BOTH ENDS

her

re-

govern-

AUGUST

1934.

SILVER-PLATING THE AMERICAN TREASURY

By LEO PASVOLSKY

The Very Idea!

THE BOOK OF ASUWERUS.

CHAPTER II

THE only good thing one can than 10 and not more than 25 per NOW the people of Kong de lighted in feats of skil, and: say about the new silver cont above its current world price,

Second, the Secretary was to 9 | excolled one against the other; purchase act, introduced in Con-

another.

· *

2,

Д

For many strove to hit ball, even a small white ball, thou- annda of cubits. They hit them in the country-aldo, and continually prayed fervently that the light of day might extend until the round be finished.

3. For oft the way thereof it was rough; and evil spirita abound ed, even As a bogey; and they exorcised the spirits, yen they put ers and objugations. Yea the spirite down, with many pray- their tongue i was strong mighly sayings. For might they provall?

the

verily with. how 'else

5. Peradventure they favoured

the

h

7. And there' were other mysteries to guard the craft and also there was great controversy. For one would guard his cattle and stand squarely in front thereof.

8.

And another would attack the castle. even the wicket-gate

2. And there were many games

shekels that they might direct; for that they favoured, and paid many those that clamoured to the gods and made the mightiest noise, be- hold that side would win.

diplomatic activity some would call it intrigue that bears every appearance of being ultimately designed for another test of armed

Hress as an Administration bill directed to nationalize stocks of strength. That provides the error On May 22 and signed by the silver hold in the United States at and they practiced their games into which no many observers President on June 19, is that it a price not less than the highest in divers places. persistently

fall. The strengths less harmful than any of the world price on the day preceding of, say, France's interest in the numerous measures previously the issuance of the nationalization preservation of peace is allowed to proposed by individual congress-proclamation. All the entire picture for them; men and senators. Apart from And third, he was to be directed obscuring every other tendency, this. the measure has nothing to purchase, after Jan. 1, 1935, not including the most important and whatever to recommend it. It is less than 50,000,000 ounces of dangerous, the refusal of those an economically bad and wholly silver a month, in addition to the nations who proclaim their peace unnecessary plece of legislation, amounts acquired through the sale ful Intentions to drop their Bux- The repeated surrender of the of agricultural products, at prices picions of their neighbours. Even two houses of Congress and of the to be fixed by himself. In no case, an almost unanimous wish. Cor

President himaelf to a small, but however, was the purchase price penco cannot in itself prevent wur clamorous and persistent, group of silver to oxceed $1.20 an ounce. and certainly not when it is accom of pro-silver congressmen and Against each ounce of silver, in panied by a steady preparation for

senators is one of those political whatever raanner acquired, the the worst

mystories that defy rational ex-Secretary of the Treasury was to planation. Not one of the numer-be directed to issue $1.29 silver eus arguments in favour of "doing certificates, a part of which was to something for silver," advanced in be used in payment for the metal distinctire STABILISING INFLUENCE

4. And others served in the Search for a possible stabilising and out of Congress, has over purchased, while the remainder

was to be retained by the Treasury Courts with vigour, they werd These with light, efort-ker controle and Vauxhall influence in Europe to-day is valu. borne oven a seafblance of reasons its profit and put Into circula- | fudges of One points. And there

ableness or soundness. though it does not follow that it arguments have always constituted tion by way of government expen- was often talk of service and love, little of charity. For one will not appear. Economic covery, for instance, if it could be nothing more than verbal collage diture. For some utterly unar- but

the real objective of the countable reason, not only silver strove for advantago over against produced as by the stroke of a movement-the enrichment of certificates, but also all other the other continually; one was set nagician's wand, would alter the whole complexion within a week liver producers and of specula-forms of currency in the United against the other.

fors in tnt metal at the expense States were to be mado redeem- In the meantime, however, Europe af the rest of the community, able in silver coin. is seen entering upon a

new, de-

The only limitation on the pur-another game, named after n cisive stage of forming alliances. Yet the silverites have marched

reason thereof. And That it is still too early to define steadily on, from one victory to chases of silver and, consequently, chirping insect, the none can tell

on the amount of inflation that the preciso alignments which are

Their first success was achieved they could occasion, was that the players prayed continually to their emerging fa admitted even by those

in the summer of 1933, when a purchases were to continue only god. even to the god Owzat. engaged in conducting

6. And they made a'mystery of provision was written into the until the price of silver would rise mental policy. But trends broad outlines of coming alliances Thomas amendment, authorizing to $1.20 an ounce, or until "the their craft, for one would week to..

the Treasury to receive silver in general domestic price level as throw a ball over against another, can already be discerned. And in a

war debt instal-measured by the index of the and he that presideth would cali world madly arming and re-arming Payment of the the policy of grouping military menta falling due on June 15. Bureau of Labour Statistics shall him Noble. Yet again they would eross aver, one against the other,

the records powers into rival camps seems only Then came the International silver equal the price level of 1926." top Inviting. Germany, Italy, Aus-greement in London, negotiated Thereafter they were to cease and and inscribe on

on. our initiative, in be resumed only when either the mulden, tho' no woman be within tria and Hungary-the same Triple entirely Alliance which persisted up to the accordance with which the United price level or the price of silver their bottnds, montent of Austria's war declara-States Government undertook to would fall by as much as 3 per tion against the Serbs twenty make purchases of silver roughly cent. Since no one could possibly years ago are again coming closer equivalent to our domestic produc-foretell how much silver might This under- have to be purchased In order to together. France, Russia, Czecho-tion of that metal. Slovakia, and Turkey are regarded taking was carried into effect in achieve either of these two objec- as the nucleus of the opposing December, when the President, by tives, the limitation would have forces.

an executive order, directed the been clearly of a most indefinite Treasury to purchase all domes-nature. tically produced allver at 64.6)

The new act jettisons most of and perchance strike him who de- cents an aunce, or roughly at 50 another European conflagration

per cent above the then prevailing the important features of the Dica.fended it. And there was great Thomas measure. The provision tumult: and ill-fame covered the

craft. are openly voiced, it is of Britain is viewed as "playing market price,

CHAPTER 12. interest to turn to the attitude both ends from the middle" and as Not satisfied with this subatan- for marketing agricultural sur-

to having reverted

post-tial achievement, the congressional piuses has disappeared altogether, of British Labour on the ques-Napoleonic policy of atriking

Now the residue of the people a silver bloc began to press for So have the mandatory prescrip- tion of war. This has recently balance of power between France further advantage. On March 19tions with regard to specified delighted also in skill in games,

So the House passed the so-called monthly purchases of silver. been clarified at a joint meeting and Germany, enabling her at a

has also the absurd provision for specially skill in others. For it measure given crucial moment to throw her Dies bill. When this

as it were by proxy. of the T.U.C. General Council, weight in the scales on whichever reached the Senate, it was referred the redemption of all American pleased them to show their skill the National Executive of the side her interests may command.

to the Committee on Agriculture, currency in silver dollars.

The silver purchase net does Labour Party, and the Executive Without destroying this picture, it rewritten there Into a formidable

a more Committee of the Parliamentary can be admitted that Austro-Ger- plan for action with respect to provide for purchases of silver by

man relations at this time continue silver, and in its new form was the Treasury, but in Labour Party. The fundament-to be, to say the least, unfriendly favourably reported to the Senate flexible manner and with a differ- as ent sort of limitation. The only al iden for which British Labour and that Rome's fear of Germany's by Senator Elmer Thomas

It important mandatory feature Is overt or covert annexation of Aus-spokesman for the committee. stands is that peace must be con- tria remains

wedge between was at this juncture that the the declaration of policy that "the

3. There was an especial game, ceived as a positive constructive Italians and Germans. The opin- President stepped into the fray, proportion of silver to gold in the enterprise in the building up of ion prevails in Europe, however, and the Administration silver bill nonetary stocks of the United wherein all were leagued together;

that the centrifugal force of a was hammered out by Treasury States should be increased with and the bystanders would a co-operative world common rearmed Germany will draw Aus- experts and the representatives of the ultimate objective of having loudly upon the fowls of the air. and maintaining one-fourth of They would curse with n-terrible wealth, and it contends that the tria into its orbit, while Italy's the silver bloc. old negative, backward-looking

anti-French bias causes Mussolin! The Dies-Thomas bill provided such monetary stocks in silver," curse he who bore the scales, if it to lean towards Germany.

As in for purchases of silver by the Thus the amount of silver that the were they did not descend as they competitive idea of maintaining 1914, however, Italy may not be

United States Treasury in prac- Treasury is obligated to purchase required of him, for such balance of power as the final goal reckoned as a certain ally for either tically unlimited quantities, and for and hold is limited by the size of their gonl.

Many of the tribes, even the side. of the nation's foreign policy

the issuance against the metal thus its gold holdings.

The word "ultimate," used in elders, pit the skill of horses one acquired of silver certificates, must be adjured once and for all.

again in wholly unpredictable connection with the objective of against the other, and wagered amounts. Coming down to realities, there

Three methods were the act, is of very great import mightily on the result thereof, yen laid down for the acquisition of ance, particularly when taken in many shekels were gained ani is a distinction drawn between

The tentacles of these embryonic silver.

conjunction with the provision lost, wars of an aggressive character alliance, according to one ADUTCC, First, the Secretary of the that the time in which, and. the and wars undertaken in defence extend far into the Orient and it Treasury and the recently created rate at which, that objective shall

Is suggested that Germany and Export-Import Bank were to go In-be attained are left to the discre- races made profit from the wagers, of the collective peace system. Japan are approaching a definite to the business of marketing tion of the Executive. The act for it was the custom that they re- It is recognised that the British understanding as to their common abroad American agricultural sur- ulso empowers the President to ceived a tithe: and the Elders Government might have to use action in case of war on the Soviet pluses in exchange for silver nationalize all privately owned moreover Act round about its military and naval forces in Union. Germany would doubtless bullion and coin, the metal to bo stocks of silver held in the United gatherers,

need three or more years to build accepted at a premium of not less support of the League, in re-up her army, air force and navy to straining an aggressor nation the point at which her worth an a which declined to submit to the The saving clause in these develop- military ally acquires real value. League's authority, and which ments is likely to be the conclusion flagrantly used military men- sures in deflance of its pledged word. But the ultimate objec- tive is the ridding of the world of all national armed forces, substituting therefor an interna- tional police force under the League's authority. The first step in this direction, the Labour Party suggests, should be the abolition of national Air Forces against a peace-breaker. On the and the establishment of an question of a general strike in international force of interceptor the event of war occurring, the und scout plane under the Party has now somewhat modi- League's orders, and the inter-fied its views, and is content to nationalisation of civil aviation, call a general Congress of the With regard to legislation, the when there is threat of hostili- various Inbour organisations Party has in mind a Peace Act ties, for the purpose of consider- which would place upon the ing the situation in all its rami- Statute Book Britain's national ficntions. In the main, the Interpretation of her obligations Labour Ideas will find fairly under the collective peace sys- general acceptance by reason of tem, and which would bind the the fact that they are based on Government to submit disputea but they would be of oven a sound approach to the problem, with other States to some form greater merit were there some of pacifle procedure. At the Indication that other nations same time, emphasis is laid on would fall in line therewith, the duty of supporting the They will, at any rate, serve as TD. Government unflinchingly in all a worthy ideal, polating to the the risks and consequences at day when the settlement of dis

putes by means of armed forces: tendant upon its action in taking will have become a thing of the part in collective measures' past.

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1

EMBRYONIC ALLIANCES

Pact of Mutual Assistanco be. of tween Russin, France, Czechoslova- kla and Germany (among others)

Germany decides to adhere. Here again, it would develop into a defensive alliance against Gor- muny If Hitler declines to accept. The recent endorsement of the Eastern Locarno proposal by Sir John Simon does not remove the necessity for keeping a close watch upon the situation.

(Continued on Page.5).

got a wonderful memory for fader

sergeant

him: all right,

.

call

Was

5. And they that oversaw these

tax-

G. And the taxgatherers col- tected from all who wagered an- other tithe for the Elders, so these had great possessions thereby.

7. And it came to pass that there were seven lean years, even as had been foretold, and the people cast from them their evil habits and wagered not.

8. And the overseers of the races bewailed and cried Behold, our revenue decreaseth; they cried with a loud voice."

9. And the Elders hearkened unto them and sald, We will remit our taxes even the half thereof, that ye be not oppressed. Go yo in peace.

10. And he who sits at the receipt of custom reported saying, Behold the money in your coffors dimintaheth; and thes - replied, Caro ye not. Cannot we tax the rosidue of the people for are they not as a flock of sheep?

LOCAL RHYMES.

XVI

The weight of Empire oft he's

horne..

We hope he's with us at the dawn Of better days. His kindly smiles Help many lame dogs over stlles Here's to him—F***** g******* XVII.:

A house he keeps fór, many,

cranks.

His hospitality claims no thanks From those his guesta

Who take long rests.

An open handed host is. F