MACKESON'S MILK STOUT
SHEER LIQUID VIGOUR!
$3.80
PER DOZEN NIPS. DUTY PAID.
$42.00
PER CASE OF 144 NIPS. DUTY PAID.
A. S. WATSON & CO., LTD.
EST. 1841.
HOMES WITHOUT A
PIANO
Have you ever ever given a thought to the fact your child may have hidden musical talent that will never be developed for lack of a piano?
It is not a costly undertaking to make pro- vision for the musical education of your
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S. MOUTRIE & CO., LTD.
York Building.
1934
Chater Road,
1935
LANE, CRAWFORD, LTD.
wish you
A HAPPY CHRISTMAS
and
THE HONGKONG | TELEGRAPH.
ON.LEAVE-
A Message
to the Home-going Motorist!
-WITH A CAR “VAUXHALL”
The car of super-refinements with, no price oqual !
"Light Six"
Saloons
Standard
£220
De Luxe
£240
"Big Six" Saloon £325
Demonstrations
with pleasure
going an Hotas furlough for delivery Ja Landon
·ro-delivery, in landed price. Deferred Terms-Repurchase-Licence & In- aurance arranged. Full partenar plication.
on p
HONGKONG HOTEL
GARAGE SHOWROOM
Phone 27778-9.
Stubbs Rd.
ENGAGEMENT.
WEDNESDAY,
NOTES OF THE DAY
CUTTING PROFITS
Wall Street is smiling at the efforts of the United States Ad- ministration to put "tight money" back into circulation. The Ad- ministration plans to achieve this much-to-be-desired abjective by reducing the rate of interest paid
Not
will still
Put
Confederation
their
DECEMBER::26,
1934.
THE MEANING OF STATE MONOPOLY
By GODFREY LIAS
NE of the lesser known signa hand into the taxpayers' pocket to
of the change that is hi pro-make up the deficit,
.
railway
The Very Idea!
Come-Hic and Gone By George
Christmas has come and ¡gone.
This is the sort of deep by the savings banks. In other gress in the social and economic
and subtle remark which words, they will endeavour to disstructure of the world is to be
In Sweden the railways re comes naturally to our mind courage saving. "Spend," scema found in the rapid growth which operated under a kind of semi-after a Christmas. to be the admonition of the Govern is taking place in the number and monopoly system by means of an ment, the idea being that by secur-
extent of State monopolies. In advisory council ander State aus tellectual talent is this: Christ- Another little gem of in- greater spending public tively greater earning table many countries, apart altogether pices which controls both private-mas comes but once a year.. will result. As for the argument from the Soviet Union, the systemy and publicly-owned lines. In of Wall Street that even if the of State monopoly has already Denmark, on the other hand, the have come and gone with Christ- Unfortunately many other things banks Ty nothing
whatever driven private enterprise from State contents itself with the mag-turkeys, people
good Intentions, money there for safe-keeping, besuch important strongholds as the ownership of the majority of the and depression.
the shares cause they are afraid of the railways, salt and alcohol,
in most of the
Reports are still comlug In of foundations of business and will radio, matches, fertilizers, tobac- which do not belong out-right to the manner in which the fesitve
risk their savings in
com co, air and sea transport and a the State. Going outaide Europa, sesson was spent, though so far, mercial enterprise, that is perhaps mounting number of other indus we find nationalised railways the only one arrest has been made Round. The psychology may be tries. The Communist experi-rule in the British Dominions. In that of a well-meaning youth who truthful when applied to the smallment in Soviet Russia seems to Japan and China both kinds are wished "A Merry Christmas” to salaried man who saves for the | have acted as a brake rather than to be met with. So they are in a police Inspector who was on rainy day, but it is hardly likely as a spur to the movement.
South America where only one duty. to apply in the same degree to the
The inspector's reply not coming gentlemen who live on the interest Among the many reasons for the country, Venezuela, has no Stato
striking up to the required degree of of their bank accounts. It is these State's growing interest in these rallways. There is a Special arrangements extended to the motorist gentlemen with the big cash hold-matters can be cited need for an lack of unanimity among the warmth, the youth threw himself countries which ponacos State on the Inspector's neck and, hold- sweet sprig of and way at Home and subsequent whom President Roosevelt Is Increased revenue, lack of suffico!
be in the mistletoe, placed a luscious kiss Hongkong at above auxious to pry looke from their clont private capital, and the monopolies as to whether the Ing aloft a
wealth.
needs of national defence. In management should countries which are not in a posi- ment or placed on a so-called
hands of a government depart upon his cheek. tion to raise much
The office presented a gay scone revenue by ITALY'S EXPERIMENT
"business" basis. Thus (confin-on Christmas Eve as talpane and direct taxation, the State mono- Italy is going to practise what poly offers a convenient method of ing ourselves for the moment to reporters mixed together a sort she has been preaching. The making both budgetary ends meet. railways), Belgium, which used to of editorial cocktail-and gave experiment of a forty-hour week in Industrially backward cour- employ the former system, has each other cigarettes and Christ- cards. The Tanagers for workers is to be tried out until tries, the private citizens have recently turned ita lines over to a mas April 16 next year. Overtime is neither the inclination nor suf- board of management of 21 mem- absolutely abandoned themselves to be abolished in principle. This fielent savings to invest in publicera, of whom 18 are appointed by to the atmosphere of Christmas
Consequently,
the Crown n possessing suitable and distributed hand shakes and If scheme is the result of an agree companies,
Em- large-seale Industry is to be startiness qualifications and the good wishes in a lavish manner. ment between the Ralinn
The shops had a great time In-ed it must either be with foreign remaining three by the railway ployers' dustrialists and the corresponding capital or under the auspices of employees. Finland, on the other and took a good revenge on those hand, in spite of having trans- customers whose accounts had association of employees. The the Government,
formed mt of its other State been stopped. There were several the The engagement is annusinced between chlef alm is to help with
activities into companies, has so cases of people getting stuff from Mr. W. R. C. Towel of the Hong solution of the unemployment Lang Palien Popre, and Miss problem. Though the Italian ex-
In the heyday of the roaring far made an exception In the case one firm on somebody else's ac- tine Hills, daughter of Mrs. Aperiment cannot claim to be the first twenties of this century American of its railways, Germany, thanks count in exchange for something of its kind, the results will never-and English money flowed like to reparations, has a technically from another firm on their own
autonomous нystem. So has theless lie watched with the water Intn all sorts of good, in-
Of course all this bosh is not greatest interest in other parts of different and thoroughly bad en-tumanin. Poland prefers the de-
partmentul method. So does getting us away from the real the world. A shorter working terprises in many lands. Today, Czecho-Slovakia,
даце. You are all dying to know week has apparently played a pro- however, the stream is dammed.
how we spent our Christmas. Well, minent Juri
President And even if it were not, there has Roosevelt's recovery drive. Will In the last three years been such
However, with the nexistance there be any analogy in the Old a mighty wave of economic na-leveled against the departmental of the polles, night watchmen, World? In Great Britain, few tionalism that foreign capital is
the alcoholic Important firms have been able to no longer so, welcome as it used system is that If, as too frequently and an analysis of
Economie nationalism, happens nowadays, the railways content we hope to be in a post- take on more hands by reducing to be.
place the salient facts hours. without culling down however, is from one point of view make a loss instead of a profit, tion to
merely an expression of a nation's the State budget is in the rod" before you by the time that the SILVER SMUGGLING
determination to keep its In-to a corresponding amount where New Year is on, The anxiety being displayed
dividuality from falling under a as if the railways are organised as foreign yuke, whether territorial-an autonomous company, the loss by Dr. H. H. Kung. China's Finance Minister, over the run was responsible for the question form of self-defence springing criticism, however, in the desire to be remembered, 15. culturally or financially. It is appeara separately in the railway accounts. Perhaps a more potent tinued snuggling of silver out of a forty-hour week, as a part from the same root cause of the country provides further solution of the unemployment armaments. And it is this almost keep the railways out of politics. RKO Theatre
was for this as to the re- It
reason that 86th Street & Lexington Avenue evidence of the fact that the problem, being raised at the Inter. universal anxiety
railways New York City of national defence Rumania ehsaged her embargo measures have not national Labour Conference
nce of the quirements
to au- Dear Mr. Manager: succeeded in
League of Nations at Geneva. So that seems to be the most patent over from departmental of their
management three
The man at the box office main objectives, the prevention
far. the discussions have revealed factor in promoting the growth of tonomous
The danger of
wouldn't allow me in with my of a drain on the nation's cur-The workers' delegates
a marked divergence of opinion. state monopelles. While the fear four years ago.
have of Invasion exists, it is obvious potitical chiennery in State enter Pekingese. I think that's carry- reney The mere fact that sil-strongly championed the proposal that the question of transport is prises is not of course confined to ing things too far. What harm ver values in China are markedly The employers, as a body, have of paramount urgency. Hence, railways. One of the causes ad- could the pictures do to a little
vanced for the downfall of the dog like that? below the level prevailing out-opposed it. While governmental above all, the fact that is nearly side is a direct inducement to opinion varies, the majority do not every European country the rail-parliamentary regime in smuggling, of which certain appear to be convinced that un ways are a State monopoly, and Slavin are responsible for about interests have not been slow to international agreement on
the the air lines increasingly so. one-fifth of the total revenue, take advantage. And the dis-subject would yet he justified. Great Britain is the only European most of the proât coming, in- say that sufficient Informa- country in which the State has no cidentally, from the tobucco mono- parity in prices is wholly action is not at the moment avail-part nor let in the railway busi- poly. A Hat of the Yugo-Slav counted for by the policy which able. Perhaps, when Tialy, the ness. Sometimes the railways are monopolies includes salt, matches, the Nanking Government has United States and possibly a few partly owned by the State and cigarette papers, petroleum and adopted. A treat effort is now more countries have the results partly by private companies. In explosives in addition to railways to be made to check this smug of their own experiments to re most of these cases, however, the and tobacco. Thus the State is gling, by an increase of fines on cord, a more useful debate will be State has assumed responsibility not only the largest trader but the those engaged in the traffic and possible. at the Geneva Inter- for the working of the private largest consumer in the country.- by the offering of big rewards national Labour Conference. to informers. But measures of
C. Hills of 266. Prines Edward
Rond, Kowloon,
The
Hongkong Telegraph.
WEDNESDAY, DEC. 26, 1934.
one
| wages,
OPINIONS VARY
Italy, it will
*
this character do not go to the BILLION DOLLAR TRADE root of the trouble. There have-
next
tells
or
One of the chief criticisma
(Continued on Page 5.)
OF
Yugo.
concerns. Thus, in France, the Among the contracts it has in its State actually owns unly one-fifth pocket may be mentioned coal, of the railway tracks. But it metals and rolling stock for the controls the remaining four-fthe, railways; leather, clothing and Mr. Manuel L. Quezon, slated toxing freight and fare rates and provisions for the army; timber been persistent rumours latterly be president of the Philippine limiting the dividend payable to products and chemicals for mak that the Government intends commonwealth
stockholders. In regard to the ing matches and so on indefinitely. embarking on a policy of cur- interviewers that he will do his last item the French railways have Thas the economic life of the rency devaluation, but these utmost to help American business for some years been losing money country is mainly dependent on have been strenuously denied in men retain their present $1,000,- and the State has had to put its official circlei. Inflation, it is 900,000 market in the islands after stated, would not be practicable independence poes into offret. in China, with its varying eur But he points out, niso, that whether this market is kept de- rency standards. All the same, entis chielty on the American past experience has shown that Congress. The Philippine Govern denials of the intended adoption ment, he says, will protect the of certain lines of action have United States with quotus on more than one occasion been tariffs if assured of preferential fulsified by subsequent happen- entry into the American market ings, and it is no doubt this con- for Philippine goods. This trade sideration which keeps the pre- with the islands is large enough sent rumours alive. Two rea-
to be well worth keeping. It can sons have been cited as cause for be kept, as Mr. Quezon says, if the United States will approach the existing restrictions on the silver exports the protection of should not be too hard to find a problem intelligently. It the nation's currency, and the way of doing it without, at the restoration of a more favourable same time, working any injustice trade balance. Events have, aa on American producers. already stated, shown that the embargo measures have failed under the first of these head would be slow in developing, ings; we have encountered nowhereas the problem is authoritative statement as to which calls for prompt action. their effect on the trade balance. However, so long as it pays to really concerned on this latter try, and so long as provincial issue, she will have to dive authorities are implicated in the deeper into the problem than the process, so long will the restric- taking of steps to deal with tion scheme prove ineffective. silver. Mr. Wang Ching-wei, It therefore remains for China the President of the Executive to devise other measures for Yuan, must have had this point dealing with the issue. Inflation in mind recently when he stated would be disastrous. Therefore that the nation's economic dif- the most that can be done at culties needed fundamental mea- the moment would appear to be sures for their settlement, such some well-devised plans for dis- as the development of agricul-couraging undue imports, coupl- ture, the prevention of dumping, ed with the removal or amend- and the development of other mant of the embargo measures, resources, Unfortunately, most which have become quite in- of these measures would take effective in producing the results time to evolve and their effects desired.
Оле
A PROSPEROUS NEW YEAR But it is clear that if China is smuggle silver out of the coun-
Exchange Building.
"Des Voeux
Road.
"I don't care if she is your grandmother; I couldn't stand by
and let her run that turkey."
and vice versa.
in are we
*
*
DUMB-BELLES LETTRES By Julias Lowzall Dog Gone It!
Mr. Allan D
(signed)
The man at the box ofice wouldn't allow me- in with my Pekingese,
-
What's In A Picture?
Lopez, Tay, P. I. Nov. 27, 1925.
Miss Mary Pickford Beverly Hills, Calif. Miss Mary:
As a Filipina girl govern by the American, Kindly please send me one of your picture? I hope for the arrival of your ple- ture.
No more to narrate you but giving thousand thanks and my flying best regards,
Affectionately yours,
Zosima.
Am I He?
Chester Morris Boverly Hills, Calif. Dear Chester:
It's a thrill to look like you.
I got an invitation to pretty near every party here in town and surely get in right with girls cause they Bay I look like Chester Morris..
If you would send me money to come to Hollywood, we could be sure who is the original Chester Morris. I could pick up in an hour or would you want it scoter? I' know your married but that wouldn't interfere.
If you would like, I can be out there for your birthday February 16th.
Your friend, Jack Tramine. -(signed)
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