1934-10-15 — Page 6

EURESOL

FOR THE HAIR

$1.50

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which is pleasant, to use.

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THE HONGKONG ̧· TELEGRAPH.

"VAUXHALL" BIG-SIX

Can now be

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£325

The NEW

VAUXHALL 'SALOON'

27 H.P.

Call us up for a

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MONDAY,

NOTES OF THE DAY

LONDON TO MELBOURNE

OCTOBER 15, 1934.

IS BRITAIN NOW DEBTOR NATION?

Bu

ANDREW STILL

Editor of The Investors' Revicie“

£484,000,000

The Very Idea!

WE TAKE A RIDE

By George

WE

As the day of the London to Melbourne air marathon draws hear, it is of interest to review the chances of the contestants. There are sixty-four entring

TE took our stand last thirteen different countries that

week in the proud will take part in the Lonúan to mie

in the The countries in: Are We a

THE short answer to this ques-¡there was a deficiency of £14,000,- ranks of the automobile- bourne

Debtor 000. In 1928 and 1929 net incomeowner-driver by the acquisi- with the largest number machines entered are the United Nation? would be emphatically from abroad amounted to £470tion of a little bus which has States with eighteen and Great No-But the question no doubt 000,000 and Britain with soventeen. France has arisen in the public, mind pectively, and the total surplus for been christened Scabby. hna soven entries, Holland and owing to the prominence given in these two years was £220,000,000.

As an alternative to breaking Australia fivo cach, New Zealand the Press recently to the adverse It must be remembered, too, that a bottle of champagne on him T

HIS new 27 h.p. Vauxhall Tie tour, two from Italy, while Den- exchange rates on London and then large proportion of the profits when confirming the deal we mark, Sweden, India, the Irish fall of the pound in terms of gold made by British-owned commercial buckled a wing on the garage Six le the kind of car you Froo State, Now Guinea

and to the lowest level on record. A undertakings abroad remains indoor and jammed Scabby firmly would expeel to cost from £450 Portugal aach have one entry. golden sovereign in now worth the country of origin and does not to £500. It is a big, Juxurious in the handicap event Great Brit- approximately 338, at home, but figure in the returns, but is added up against it.

There was no backing out of the Saloon in the true Vauxhall tradi-nin has ten entries to five from the the pound sterling is worth only to the sum of foreign investments. tion, yet the price is only £325. United States, and in the class about 12s. in certain world mar- The sharp decline in theas in garage or the bargain then, so we For over thirty years Vauxhall devoted to speed only the United kets. Foreign exchangea are Vlaible exporta during the past are resigned to becoming a proud have been building motor-cara, States has seven entries, other com- usually unfavourable at this sca- three years is mainly due to world owner.

When we any we bought the car but never before have they offer petitors being Holland and France son of the year owing to our heavy depression accentuated by ex- ed such remarkable value for with one each.

purchases of foodstuffs and raw change difficulties and restrictions, we are, of course, Haing the term money ns in this new Big Six.

materials, particularly wheat and It is estimated by the League of very theoretically. With the bud- is an all-feature car, with entirely.

cotton. In the old days the ex- Nations Bureau that the volume of get as it is we fall financially na chnasia

changes could Ductuate only nar- international trade has dropped we rise socially. In this case the pedomatic starting, vacuum-con- There is a good deal of specula-rowly within well-defined imita, 50 per cent, since 1929, and this erstwhile owner thought he had trolled Ignition, synchro-mesh ton about the possible winner. because at a certain point it was has affected the earnings of our done well to sell Scabby. In a month's time he'll be wondering if gears, self-returning direction The conclusion reached is that the cheaper to ship gold than to buy, Mercantile Marine to an Indicators ind Vauxhall No- successful machine will have to say. dollars. If the outflow ba- greater extent. The chaos in ex- he's been sold as well.

came inconvenient the Bank of changes since the greater part of whether Scabby does 60 miles to Wo forget at the moment Draught Ventilation.

bined with an unusually high speed, England raised its discount rate the world went "olf gold" has the gallon or 15 miles per hour and possess an exceptional range com- American entries should have an to such a level as might be neces-] prevented the remittance of

In-j advantage in this respect, because sary, and the current was prompt-tercat and dividends (particularly difficult to tell when you're In the United States great atten- reversed. Gold, however, to a from South America), and our in-approaching Eva wearing green tion has been devoted to developing great extent has consed to func- come from this source has fallen tinted glasses with the signal high-speed, long-distance machines Lion in this way, and the ex- from £250,000,000 to about £150,- for the trans-continental airways.changes move In this connection. however, Sir According to the Aize of the Charles Kingsford-Smith, perhaps balance of payments between So much for the position of our the world's most noted flyer, and different centres, while mere international "current account," Colonel J. C. Fitzmaurice both speculators can take liberties which, it may be hoped in fierely planned to fly American types. which they dared not risk pre-in temporary phase. Behind, that British nopes in the great air race, viously.

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ESTD. 1841.

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It

labrication, SPECULATION

HONGKONG HOTEL

GARAGE SHOWROOM

Phone 27778-9. Stubbs Road.

The

Hongkong Telegraph.

MONDAY, Oct. 15, 1934,

AMERICA'S RELIEF

PROBLEM

in

wide

•

curves

000,000.

even

ngainst you.

However the first day we took her out will always remain in our memory with such dates as Queen Victoria's birthday and the inven tion of the button hole,

con-

We began by sorting out the fire-irons into gears and brakes. Bes the enormous amount of British and sticking little labels on to the greatest of its kind yet to be

rapital Invested abroad. There is them for future reference. Then attempted, are centred on the new There is no doubt that specula-scarcely n corner of the world we juddered Scabby into first, De Havilland Comet, which is betion has been an important factor which has not been largely de-ground into second and excavated lieved to be exceptionally fast. In recent exchange vagaries, but veloped by British money and into top before we found that the There are other fast British en It is not surprising that there in enterprise. It la impossible to foot brake label had been stuck on trice as well, including a couple, of an impression, that we owe more estimate, how much of this is re the accelerator. Fairey Foxes, The British com- than we have to receive-in other presented by purely private Invest- That explained a lot of things petitors are making thorough pre-words, that we are a debtor nation.ment, but it must be an immense including the garage door but, you parations, and they have had more Temporarily, that is perhaps true sum. As to public issues, some idea wouldn't believe how much experience on the route to Austra as regards "current account." Byl of their magnitude may be gathered vincing a policeman takes when you in than their rivals in the coming

far the largest Item in Inter-from the fact that in the Stock run over his toes while he is on Face. The contest, as well as being national payments is represented Exchange Official Lish With all its faults, the British test for speed and endurance, by imports and exports of goods and foreign loans and railwaye

colonial point duty.

A woman couldn't say half-an unemployment insurance system will be one for navigation, and in For the seven montha to the end occupy no less than ten columns. much-which is another argument undoubtedly stands forth as the British pilots afford a good deal of 000 more than she exported, an financial, land, investment, tram-

this respect the qualifications of of July Britain imported £163,080.- In addition, there are numerous in favour of Eva. most feasible and humanitarian hope. method so far devised of dealing

increase of £24,530,000 over the way, electric power companies, corresponding period of last year. and mines operating abroad, with a problem which is common

For the whole of last year this so- scattered throughout the List and to all nations at the present British farmers fail in competi-called adverse trade balance was largely held by British investors. Lime. It is doubtless this factor | tion with the farmers of new coun-

£264,000,000, and in 1981 it was which has induced the

tries for reasons that have nothing as much as £408,000,000. These U.S.

to do with the Inefficiency of the look very formidable amounts, and Here is a small list of some of Secretary for Labour to an-

if they stood alone they would in the principal items: former. The main reason. guys

that We arc drawing nounce that the United States is Mr. Jul Boyd Orr, is that the dicate

About our capital re- Indian Government at present studying the British cost of production is higher in dangerously on

Britain.

Fortunately, In new countries farm-Hources.

however, Indian rallways ............. scheme with a view to the adoping is run on extensive methods, there are important offacts in the Colontul Governments tion of similar measures by which give a lower output per acre shape of what are known as "in- Colonial corporations

These consist. ¡ Canadian railways but a much higher output per man. visible exports." America.

In Britain there are small farms mainly of interest on foreign in-Argentine Government where there is a higher output per shipping, insurance, banking, and Tea & rubber plantations 300,000,000

Argentine railways.... vestments,

from revenue

Japanese Government..

EXCESS PRODUCTION_

man.

CONTROL DIFFICULT

to

And

other services,

*

DUMB-BELLES LETTERS

By Juliet Lowell, ~

The Cat's In Soft. Consolidated Coal Company Gentlemen:

Kindly change my order from one-half a ton of hard coal to one-half a ton of soft. I find my cat likes to sleep in the coal £350,000,000 bin,

80,000,000

Yours truly, 600,000,000

David O

(signed)

400,000,000

200,000,000

80,000,000

260,000,000

90,000,000

£2,360,000,000

T

At the present time. according to Miss Perkins, there are no fewer than seventeen sere and a much lower output per million people on the relief rolls, eattle ranches where one man can In the Argentine there are

on whom no less than $135.000.- look after three or four hundred

The Board of Trade has for Some of these securities and, a 1000 is being spent monthly, with bend of cattle. In Britain, cattle

undergo indoor Inttening in Win-many years made u calculation of small proportion of British no return whatever. The situa-ter and require more than ten the total amount of these Items, Government stocka ure held tion in the United States is even times the amount of labour to look which in very valuable as a basis abroad, but our only important worse than these figures reveal, after the same amount of cattle of comparison, although there are foreign obligation is the war debt as in the Argentine. Thus it is independent investigators who to America, which, if enforced, is for quite recently it was official-the amount of labour required in maintain that the official estimates recoverable from Allied debtors. ly disclosed that approximately Britain that makes for the high are tou conservative. However On capital account, however, wo twenty-three millions will be on it has been suggested that

cost of production. Mr. Orr says that may be, the results are aro overwhelmingly a creditor the interesting. Last year the nation, and although some of our relief during the coming winter. present low price of food is a visible exports were estimated at loans to Russia and other Europ In other words, a sixth of the danger to supply and that produc- £260,000,000, so that there was an ean countries, as well as to certain entire country is no longer able and farmers will cease producing. £4,000,000, as against £59,000,000 written off as bad debts, there is tion will become unremunerative | apparent adverse balance of only South American States, must be to support itself. More people le belleves that those who enter in 1932 and £101,000,000 in 1931. a sufficient balance to savo Це than live in New York and tuin this fear underestimate the Every previous year for which from worrying unduly about the Pennsylvania combined will get to produce. In the methods of substantial balance in our favour, few years longer without being case of production and the urge records are available showed a future, even if we have to go a through the winter only through production there is continuous in with the exception of 1925, when able to collect our just dues. The assistance of the Govern- provement, and, while the cost of ment. All the relief problems difficult to predict the level

production is steadily falling, it is that America ever had before which it will fall in the future. dwindle almost to insignificance en he goes on to say: in comparison. It is to be noted, however, that the disclosure of the staggering size of the relief "In any case, at the present low problem has not created any real price, it is difficult to stop the alarm. The news has sobered al conferences move from

production of whent. Internation- the people, to be sure, and it has capital to another trying to evolve worried them--but it hus not a scheme to limit production, and created panic. It has not led authority of the governments cou- HO far the united power and them to throw up their hands cerued are Onding almost insuper- and jook to inflation as the sole able dllculties in stopping people possible solution. It has not made true of most other foodstuffs.

from growing wheat. The same the people feel that all the The grass will grow and the cattle and sheep will reproduce with a recovery efforts to date are- a flat failure. On the contrary, price for beef or mutton.

supreme Indifference to the world people generally have taken Fresh fruit, which at one time was cool and sensible view. The luxury in Winter, enjoyed only by the relatively well-to-do, is now problem is admittedly a good sold off barrows In the streets in deal bigger and knottier than the poorest districts of our cities people thought it was going to to the great improvement of the be but it isn't insoluble. Yet might have added, too, that dis- health of the community." He there is also a feeling that it tribution in a factor to be con- would be wrong to under-sidered, and that though there may estimate the pressure which it could very well be consumed. be a super-abundànco in Britain, relief problem of this magnitude for instance, in China. Is this an can exert. For these 23,000,000 argument for subsidised shipping have to be taken care of, no

or a higher price for silver?" -matter what it costs; further, to

ORC

see that they are fed and housed this relief situation really is. is only part of the job. Even-Much can be learned from

Britain's treatment of

a like tually they must be put back to problem, but the very immensity work. That is the main fact, of the task only serves to om- and it shows how complicated phasise the difficulties.

"You fellows should be careful how you go around slapping a

man on the back."

9-20

And my cat likes to sleep in the coal bin.

Dad Must Be Relieved.

Continental School for Boys, Mr. Sam Fleischer Dear Dad:

I note in your last letter that you are annoyed that I'm nl- ways at the bottom of my class. Don't let it worry you, they teach. the same things at both ends.

Yours respectfully,

Marvin (signed)

A Case Of "Conscience”. President of the United States America Gentleman:

I am in a dreadful state of mind and I thought I would write and tell you all. About two years ngo, I used two postage stamps that had been used before on let- ters, perhaps moro than two atamps, but I can only remember dding it twice. I did not realize what I had done until lately. My mind is constantly turned on that subject, and I think of it day and night. Now, dear President, wil you please forgive me, and I promise I will nover do it again. Enclosed find.coat of three stampa, G cents, and please forgive me, for I am heartily sorry for what I have done."

James E-

(signed)

Why Not Remove Them? Mrs. Honry Brown

Dear Ma'am:

I'm sure you'll like our, Inn." The scenery you ask for we have, though to be truthful, there's a couple of mountains in the way, Sincerely yours,__--_ THE WAYSIDE INN (signed)