1936-03-02 — Page 18

THE HONGKONG TELEGRAPH, MONDAY, MARCH 2, 1986.

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THE "CREED" By TCHAIKOWSKY

No. 1701 Theodore Chaliapine, with Choir. SCENES FROM CHILDHOOD By-SCHUMANN

No. DB-2581-2582 Alfred Cortot, Planoforte.

SIEGFRIED IDYLL By-WAGNER

No. DB-2634-2635 Vienna Philharmonic Orchestra.. SHADOW SONG FROM: "DINORAḤ” BY-MEYERBEER

No, C-2770 Miliza Korjus, Soprano, in German. INTRODUCTION & RONDO CAPRICCIOSO By-SAINT-SAENS

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"HANSEL UND GRETEL" No. DA-1439 Elisabeth Schumann, Soprano. ITALIAN SERENADE IN G MAJOR By-HUGO WOLF

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ACKNOWLEDGMENT.

Mr. and Mrs. A. Victal tender their deepest gratitude to Dr. J. W. Barnes and Dr. C. F. X. da Roza for their valued medical atten- dance, and to Mr. M. E. de Souza Remedios, the proprietress of the Kowloon

Nursing Home 10 he

indefatigable and zealous care and attendance to my only be- loved daughter, Zuloime, which conduced to her rapid and com- plete CUTO from the dreaded

Typhoid Fever".

The

Hongkong Telegraph.

What IS the National Debt? YOU OWE £165

all Englishmen do,

and we

we owe most

of it to ourselves

So in a hundred years, with- THE National Debt of

Great Britain stands at out any further gifts, there will be £64,000,000 towards paying £7,922,124,093.

off the debt. In 2237 A.D. From time to time patrio- 310-years after the founda tic people send sums to tion of the fund-there will reduce it. A Miss K, M. be £9,000,000,000 available-- Black sents £1 every year. enough to liquidate the whole debt if it grows no larger. She sent her last donation on December 9. An an-

There is a law in force that onymous donor sent £1,200

money may not be invested and at Christmas-time.. Some allowed to accumulate in per- Lord potuity. It is limited, with cer- one else sent £10. Dalziel left the residue of his tain exceptions, to the length of £407,666 fortune to help to life in existence when the will

is drawn and for twenty-on reduce the National Debt.

years afterwards at most.

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But

EXTERNAL. DEBT

Τοτ

.he owes the same as the rest of us.....most of it is paying for past wars

a special law has been passed These odd sums are, sent to to waive this rule in the case the spacious Bishopsgate offices of the National Debt Redenip- of Messrs. Baring Brothers and tion Fund.

more money, the country will Co., Ltd. They are all entered The trustees have it in their go to smash." up in an account labelled "Na- discretion to pay off bits of the

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arise over

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7.528

and you get a hundred to one on an outsider. To induce you to lend money to "Skyrocket Gold Mines," the directors must. offer to pay you 16 per cent. to-day. But to induce you to lend money

to the British Govern- ment the Government need offer you only 5 per cent., even in a crisis.

At the present less critical moment the Government can

tional Debt Redemption Fund." debt as and when they choose. The shareholders see what get money for 2 per cent. It This fund was started with They can also hold all the money they can do. The rich ones therefore comes to the 5 per £409,878 4s. 11d. on November until they can pay the whole hand out thousands to the cent. bondholders and says: MONDAY, MARCH. 2, 1936,

10, 1927. It is added to as and thing off in one fell swoop. Government; the middle ones "We are prepared to buy back when any one feels like donat- Meantime, the debt is nearly hundreds; the poor: hand out your war bonds. You can have ANGLO-EGYPT ing to it. It stood at the last £8,000,000,000, enough to pounds.

your £100 for every bond you audit, on March 31, 1936, at launch a thousand ships like

But every shareholder who hold. If you do not want your NEGOTIATIONS

or Nelson; enough to hands out his savings wants £100 £762,864 88, 14. The additions Rodney

to spend (say on 4 come jointly from new gifts and bring in four hundred million something in return. He wants new motor-car), but still want Momentous discussions are to compound, interest on the ori- pounds a year, or rather more two things: the return of his to draw an annual income open in Cairo to-day as the result ginal sum.

than a million a day....

capital "when convenient," and from it, give it back to us and of which it is hoped that Britain

To pay it, every man, woman, interest on the money he lends. We will give you £2 10s, in- and Egypt will bring order into Three-quarters of a million to have to pay £165.

and child in this country would If possible, he wants to draw stead of £5 every year.”

out, when his loan is repaid, a the intricate tangle of inter-pay off eight thousand million

If you say: "I need £5 every- little more than he lent.

year for that £100" the Guvern- twined relationships which poli-seems rather like trying to

"All right. What is this National Debt? So the Government issues ment will reply: tics, history and geography have empty the ocean with a bucket.

But a sum at 5 per cent. com. It is money that successive bonds. That is, the Govern- Here is your £100. Get 5 per twisted round the two countries. pound interest doubles itself in Governments have borrowed for ment gives you a piece of paper. cent. where you can. But you Sir Miles Lampson, former fifteen years.

various purposes-mainly wars saying: "We will give you five will get no 'Investment 'quite so Minister to Chinn, and now High

-in the past.

pounds every year for every safe." Commissioner in Egypt, will

|-----It is owed by Britain.The hundred pounds you lent to us. A National Debt is a good. head the British delegation, for review 20 years after the Government does not owe it-At some future date, we will thing--so long as it does not. too great. It is of use. which will also include high ratification of the treaty. Al- Mr. Baldwin is, personally, re- also give you back your hun. grow

sponsible for no more of it than dred pounds. And because you because it provides an absolute- officers of the Navy, Army and though the British (Labour)

you. The people of Britain owe are patriotic follows or be ly safe investment for idle Air Force, who will sit in an Government agreed to these t

cause you would not lend this money. It is backed by the matter what advisory capacity. Two main terms in 1930, there is some For what do we owe it? The money if we did not give you Government-no

doubt whether the interests are involved in the

National money was spent to try to keep something buckshee-we will party Government is in power. negotiations-Egyptian indepen-

Government can accept them the American Colonies in 1776; only ask you for £95 now, and National bonds rank as trustee dence on the one hand and the now. Difficulty is expected to to gain control in South Africa when convenient we will give security, so that you can invest in them the £100 left by Aunt the location of the in 1899; to-fight the Russians you back £100," security of British Imperial com- munications on the other. The troops and air units. In 1930, in 1853; to subdue India in There are two methods of Mabel to your baby son "when

1857; to maintain the integrity raising money if you are a he becomes of age." Great Britain, so far as Egypt of Belgium's soil and Britain's Government. The first is by It is when the National Debt four reserved points which are

was concerned, thought of her word in 1914. . . . be

borrowing. dealt with

The second is by becomes too onerous in the pay- are:-1,

Your very existence gives you taxation."

ment of its Interest that it ia Safety of British communica-imperial communications solely

Normal expenses are met out curse. tions; 2, protection of Egypt in terms of the Suez Canal. At a single share in the great com-

Will the National Debt ever from. foreign aggression; 3, Present, the only visible threat Pany of Great Britain, Ltd. of taxation. Just as you pay

The directors of the company your butcher, your baker, your be paid off? to those communications comes; safety of foreigners in Egypt; from the presence of large contracted debts, and you, as a children's school fees, your All of it most improbably. 4, the Anglo-Egyptian Sudan. Italian forces in Libya on the op- shareholder, are responsible for radio licence out of your wages, Some of it--undoubtedly. Many the Government pays its police loans are issued with a definite During the abortive negotiations posite side of Egypt. It is pre- your share of the debt..

To whom do you owe your force, its Army, its Navy, and basis for repayment. Just as in 1930, between Nahas Pasha Bumed, therefore, that Britain £165?

builds its peace-time program- you paid your doctor's bill. loan and Mr. Arthur Henderson, sub-will ask for the right to station You owe about £20, as they troops and aeroplanes to the

of ships and guns out of by cutting out extras, so a Gov- stantial agreement was reached west of Alexandria instead of, say, externally. That means to taxation.

ernment will organise out of on all these questions except the or as well as, in the canal area, to the United States. Out of another country in this case,

taxation a sinking fund." future of the Sudan.. The There is reason to believe that our eight thousand millions, ons

That is to say, when it estimates But when you are faced with its expenditure, it will reason as United Front hopes to pick up the United Front has no thousand millions is owed to a hundred-guinen operation to follows: "We should have three the threads exactly where they superable objections. The chief America for money lent to us save your wife's life, you hor- cruisers and six destroyers this year.

difficulty, however, is still the were left in 1930, and sign a Sudan. In 1924, after the ns and goods supplied to us, on row the hundred pounds, pro- We shall have to make do with two crufsers and five destroyers, The Treaty of Alliance by which sassination of Sir Lee Stack,

credit during the war..

miaing to pay it back out of cruisers wo do not build will give your income. For the next us the money to pay interest on our England will allow Egypt to join Sirdar of the Egyptian Army th League, to take over defence and Governor-General of the The odd £145 is owed intern- couple of years you cut out loan; the destroyer will give us s

extras That

and devote the money little towards the repayment of the

capital. we borrowed" of foreigners, to enlarge the Sudan, Great Britain sent the ally; ie, to Britain.

saved to repaying the loan,

When William of Orange came to army and reorganise hte police Egyptian garrison bag and bag means ultimately, to the people with, in addition, ten pounds as the throne two hundred and fifty years ago the National Debt was force and reduce the number of age out of the Sudan thus, in of Britain; In the last resort, the submission of Egyptian if every Briton had an equal

£85,000. The Government of the day semi-compulsory foreign-Bri-politicians, putting an end to amount of money, you would So the Government in the war had borrowed on the strength of tish-advisers. In return for cer- the system of joint rule under owe your debt of £165 to your crisis. So every Government in anticipated duties from French im

every crisis.

ports. The American War of In- tain concessions, British troops which the Sudan had been ad-self 1 per

dependence cost Britain £120,000,000. ministered since 1899, shortly But all: Britons are not worth. A great deal of our taxation The Napoleonic war cost £300,000,- and aeroplanes were to be allot after the Maldi's rebellion was the same amount of money. revenue goes back into the poe 000. ted zones east of the Suez Canal. put down. During the 1980 That is where the snag comes kets of the people who lent By 1817 the National Debt was From these vantage points they negotiations, Nahas Pasha tried in

money to the Government. That £848,000,000-it had grown to ten thousand times its size in a hundred were to insure the safety of the hard to have the pre-Stack post-When a country goes to war, is, Jones pays £5 in income tax and thirty years! Now it is nearly Canal which, in the words of the tion restored but the British enormous expenses must be in- and draws £5 on £100 war eight thousand millions it has grown the past draft Treaty of 1930 while Government would not agree. curred. Lloyd George wants to bond. Although the National to ten times its size in

Today, it is being suggested put cannons wheel to wheel Debt does not grow appreciably hundred, and twenty year being an integral part of Egypt, from the Egyptian side that in they must be built. Halg wants smaller, the interest on it grows What it will be in the next hundred years ng man can say. N is a universal means of com- the proposed Treaty of Alliance to rain £1,000 shells on the Gor-less. In 1925 the Intereat way If we keep out of wass; if the Em munication as also an essential the question of the Sudan bo mantrenches; they must be £312,100,000. To-day It is pire suffers no overwhelming famine £210,613,177. For this rea or floods above all, if we keep out of means of communication: be- left for later consideration. At made.

Medeware, it may be considerably reduced, tween the different parts of the any rate, it is generally felt that The Government the Board son

ages found it need weigh no more heavily on the lasub need no longer stand British Empire." The presence in the way of an agreement if of Directors come to the A stable men can always bor us than the £185 debt we each owe

Guy of these British forces on both sides are honestly anxious shareholders in the concern und row money more cheaply than gyptian, soil was to come up to concluds one say "If we cannot liave some an unstable one, just as you get only two to one on a favourite

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me

interest.

Ramsey