1935-04-24 — Page 3

THE

HONGKONG TELEGRAPH. WEDNESDAY, APRIL 24,

1935..

THE BOOKSHELF

Stabilised Money: A

Historical

that the gains inherent in the technique of constitutionalism are profounder, oven though they are more slow, than those which are Implicit in the revolutionary al- ternative, ho appears to suggest diferencos botwoen

that the Study

comic development, can only be

at the present stage of

a

With currency problems more settled by force. In general. than ever to the fore, the Pthin time for democracy is fore- pearance of "Stabilised Money," by Professor Irving Fisher

cast, the view being held that we Allen and Unwin, Li, George must anticipato an epoch in which 108. Ed.) is most timely. One of the attitude to liberty character- intic of Western civiliantion in

the world's leading economists, the general and in Great Britain in author, who inspired President particular, during the nineteenth Roosevelt's currency policy, deals contury, will be at a discount. with the issue along historical THE ECONOMIC BASIS lines from the time, about 840 B.C. when Ancient Greece attempted, currency management, down to the

OF. POLITICS

Why do Stales have various

£11

present day, He traces the forms of government, and why do growth of the iden in Britain, the particular States have particular United States and elsewhere, pro- forms of government? What has ceeds to review all the recent been the influence of economics on experiences of countries which the history of government? With have left the Gold Standard, and what material do statesmen work? adda an informative reference to What causes revolutions? In an the famous Swedish experiment in attempt to find answers to these stabilisation, concluding with a problems, Charles A. Beard ex- close analysis of President Roo-amines the work of great political sevelt's policies.

thinkera in "The Economic Basis Professor Fisher does not argue of Politics" (George Allen and that aastable money is the sole Unwin, Ltd., London, 3s. 6d.). economic determiner in history, This is a new edition of but he does contend that its role earlier work, based on a series of is a big one, and that it has been lectures given at Amherst College, generally overlooked, because of and the conclusion reached is that

money illusion. In an ap-various interests grow up of neces pendix setting forth hla personal sity in all great societies and views, Professor Flaher expressed divide them into different classes, the opinion that under present actuated by different sentiments ..circumstances the quickest way to and views. The regulation of attain stable money throughout the these interests constitutes the world is for each country to choose principal task of modern states- its own price level, its own method men and involves the spirit of of measuring that price level, and party in the necessary and or its own method of attaining and dinary operation of government. controlling it.

In other words, there is no rest for mankind, no flani solution of eternal contradictions. Such is the design of the universe, and the recognition of this fact is the beginning of wisdom-nud statesmanship.

The book ia lucidly written, benre the impress of a serious student of one of the world's major problems, and from the his toric view is a most valuable con- tribution to the subject.

THE STATE IN THEORY AND PRACTICE

ΟΣ

OPIUM CLIPPER'S CRUISE "A Cruise in an Opium Clipper," Any book by Professor Harold by Captain Lindsay Anderson

un-

J. Laski on political science de-(George Allen and Unwin, Ltd. mands the attention of all serious London; 7s. Gd.) is the story of an students of human affairs. His adventurous trip made in 1850 to Intest work, "The Stále of discover and open a new oplum- Theory and Practice".

on the (George trading port

uncharted Allen and Unwin, Ltd.. Lon- coast of Formosa. Shanghai was don; 10s. Gd.) 18 of consuming the point of departure, and Taku Interest. Its purpose is to dia-(now Takao) the secret destina cover the nature of the modern tion. The vessel in which the trip Stato. It seeks to explain that was made was the handsome 200- nature by an examination of its ton topsail schooner Eamant, built characteristics as these have been for mahogany by White's. of Cowes revealed by its history, and, in a craft that was half yacht and their light, to outline a theory of this book was one of the officers. half fighting ship. The author of the State more in consonance with that history than the classic out varnished language the outstand

and he recounts in plain, fook. An endeavour A made to explain why constitutional governing incidents of a memorable trip down, and the ash over the Taku Bar in the -the running into a typhoon, the ibilities

are frankly discussed. The middle of the south-west monsoon, author's views, whilst they may the surveying of the harbour, the not find general acceptance, com- trading of epilum for silver dollars, mand respect from the fact that stirring Aghia with hordes they are stated with firmness and hostile natives, the capture of four lucidity and with a desire to give heavily-arned war junks, and, in fair due to those who do not see Keneral, the exciting life aboard eye to eye with him in his con-uch an old-time craft, captions-of-what-the State is and Ti-is-a-tale-well-told, with "the should be.

atmosphere vividly

portrayed Professor Laski develops at throughout, and holds the reader's great length the view that in a attention from start to finish. A society where the instruments of really colourful book of other days. production are privately owned,

mont in breaked in its col-1

the main fact of significance is

the struggle for the possession of

EAST OF ALDGATE

of

"East of Aldgate." by Horace

an unusual book.

- "Millions of bayonets accompany our desire for European collaboration." Italy's Dictator-Premier Benito Mussolini recently told a Fascist meeting: Now he has called to the colours 250,000 of the 1911 class as a countermave to Carmany's plans for conscript army. Above the militant "boss" of Italy is pictured in Rome it the head of his staff reviewing a few of the 8,000,000 bayonets which are avail. able for service in time of war,

The Ward liner Morro Castle, six months overdue from Havana, has finished the pussago that was interrupted when flames swapi her from stem to stern off Asbury Park, N. J. The charred hull, warp. ed by fire that brought death to 134, is shown as it was towed Into Gravesend Bay, N. Y., signalling the success of salvage engineers in freeing it from13 foot of sand. If the hull is seaworthy, it may be refitted as a naval supply ship.

י

ויי

the state-power between a class Thorogood (George Allen and which owns those instruments and Unwin, Ltd., London; s.) is well that which is denied access to the described us benefits of that ownership. The The author is a well-known Fleet tells his story in an admirably by its objective description. conclusion he reaches is that the Street journalist, and in this little imned series of sketches, and usen State is always blased in the in-volume he describes life as he saw his experiences to remind himself author states that he enjoyed his stances.

men and women preservce itself in terest of the former, and that those in Poplar when he went there of incidents in his own life and stay in Poplar, and when the effect

Summing up his experiences, the the midst of adverse circum- in whose interesta its authority is to live for exerclsed will not surrender their riverside, in the streets and margion. The book, therefore, roams had worn off. The memory of it George Lansbury, the Labour

little while on the to touch upon literature and rell- of its-depressing external features: advantages unless compelled to do kets, in music hall, hospital and over a wider fleld than the East began to take on a mild beauty, lender, who pays a warm tribute There is a brief epilogue by 60. Although he holds the view chapel, and at the "Dogs." He End, and interests as much by its derived from the new knowledge to the character and social service frank revelation of a personality, it had given him of how courage of the people of "dear old East vory London and very English, as qualy the essential goodness of London."

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That old German fighting spirit anhlbited by Max Schmeling in the knockout: victory-of Steve Hamas, his American fas, won the approval of Chancellor Adolf Hitler, who is shown with the victorious. Bektor at Obarsalsberg reading comments of aporta writers on the... Battle Right after that, Hitlar told the world Germany was-goldE:

~to have a conscript army.

Following successful tests in which patrol and oil have been derived from the sand around Fort McMurray, in the province of Alberta, Canada may become one of the great oil-producing countries of the world. Rossarches show, according to Canadian Government geographical experts, that the sande which cover an area of approximately 6,000 square miles, contain sufficiant oil to Inst the world 500 years at the present rate of consumption. An American firm will develop the field. Photos show (luft), oil-sands around Fort McMurray after top layer-of-treas and vegetation have been removed) sight, bituminous sand exposures; lower right, supply beats and an all well of = previous attempt to procure oil from this dľatrick,”-

MRS. MOTONO

Band and wtric'. Mamage” Hand and Electric Mamage__[folder", of Diploma and Bertions of Tokyo Denkl Brobo Kanksmako (Tokyo, Electrical Care Terutute), and 7th Engkong Government

81B, Wyndham Street.

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