1936-03-02 — Page 6

THE HONGKONG TELEGRAPH; MONDAY, MARCH 2,1986

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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 atton- dance, and to Mrs. M. E. de Souza Remedios, the proprietress of the Kowlson Nursing Home for her indefatigable and zealous caro and attendance to my only be loved daughter, Zuleima, which conduced to her rapid and com. plete cure from the dreaded "Typhoid Fever".

The

Thongkong Telegraph.

What IS the National Debt?

YOU OWE £165

all Englishmen do,

·

and we

we

of it to

THE National Debt of THE

Great Britain stands at £7,922,124,093.

owe most ourselves

EXTERNAL DEHT

TOTAL NATIONAL- Debr

So in a hundred years, with- out any further gifts, there will be £64,000,000 towards paying 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 £8,000,000,000 available-- Black sents £1 every year. enough to liquidate the whole

debt... She sent her last donation

if it grows no larger. An an- on December 9.

There is a law in force that onymous donor sent £1,200 at Christmas-time. Some money may not be invested and put cannons wheel to wheel; and you get a hundred to one allowed to accumulate in per- they must be built. Haig wants on an outsider. To induce you one else sent £10. Lord petuity. It is limited, with certo rain £1,000 shells on the Ger- to lend money to "Skyrocket Dalziel left the residue of his tain exceptions, to the length of man trenches; they must be Gold Mines," the directors must offer to pay you. 15 per cent. £407,666 fortune to help to a life in existence when the will made. reduce the National Debt.. is drawn and for twenty-one The Government-the Board to-day.

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班

528

years afterwards at most. But of. Directors come to the But to Induce you to lend à special law has been passed shareholders in the concern and money to the British Govern- These odd sums are sent. to to waive this rule in the case say: "If we cannot have some ment the Government need offer, the spacious Bishopsgate offices of the National Debt Redemp-more money, the country will you only 5 per cent., even in a of Messrs. Baring Brothers and tion Fund.

go to smash.'

crisis. Co., Ltd. They are all entered The trustees have it in their

At the present less critical up in an account labelled "Na discretion to pay off bits of the

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 £199,878 48 11d. on November until they can pay the whole hand out thousands to the cent. bondholders and says: 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 ing to it. It stood at the last £8,000,000,000,

pounds. enough to

your £100 for every bond you audit. on March 31, 1935, at launch a thousand ships like

But every shareholder who hold. If you do not want your £762,864 8s. 1d. The additions Rodney or Nelson; enough to hands out his sayings wants £100 to spend (say on a come jointly from new gifts and bring in four hundred million something in return. He wants now motor-car), but still want two things: the return of his to draw an annual income open in Cairo to-day as the result compound interest on the ori- pounds a year, or rather more capital "when convenient," and from it, give it back to us and

ginal sum.

than a million a day..

MONDAY, MARCH 2, 1936.

ANGLO-EGYPT NEGOTIATIONS Momentous discussions are to

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of which it is hoped that Britain and Egypt will bring order into Three-quarters of a million to the intricate tangle of inter-pay off eight thousand million twined relationships which poli- seems rather like trying to tics, history and geography have empty the ocean with a bucket. twisted round the two countries.pound interest doubles itself in But à sum at 5 per cent. com- Sir Miles Lampson, former fifteen years.

To pay it, every man, woman. and child in this country would have to pay £165,

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interest on the money he lends. we will give you-£2 10s. in- If possible, he wants to draw stead of £5 every year." out, when his loan is repaid, a

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

year for that £100" the Govern- So the Government issues ment will reply: "All right. What is this National Debt? bonds. That is, the Govern- Here is your £100. Get 5 per Governments have borrowed for saying: "We will give you five will get no investment quite so It is money that successivement gives you a piece of paper. cent. where you can. But you various purposes--mainly wars pounds every year for every safe." -in the past.

it.

J

Minister to China, and now High Commissioner in Egypt, will

It is owed by Britain. The At some future date, we will thing-so long as it does not 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-also give you back your huï- which will also include high ratification of the treaty. Al- Mr. Baldwin is, personally, re-dred pounds. And because you because it provides an absolute- grow too great. It is of use officers of the Navy, Army and though the British (Labour) sponsible for no more of it than are patriotic fellows or be safe investment for idle. Air Force, who will sit in an Government agreed to these you. The people of Britain owe cause

you would not lend this money. It is backed by the money if we did not give you Government--no matter what advisory capacity, Two main terms in 1930, there is some interests are involved in the doubt whether the National money was spent to try to keep only ask you for £95 now, and National bonds rank as trustee For what do we owe it? The something buckshee-we will party Government is in power. Government can accept them the American Colonies in 1776; when convenient' we will give security, so that you can invest | negotiations-Egyptian indepen-

dence on the one hand and the. Difficulty is expected to to gain control in South Africa you back £100."

in them the £100 left by Aunt security of British Imperial com- arise over the location of the in 1899; to fight the Russians

There are two methods of Mabel to your baby son "when In 1930, in 1853; to subdue India in raising money if you are a he becomes of age." troops and air units. munications on the other. The Great Britain, so far as Egypt of Belgium's soil and Britain's 1867; to maintain the integrity

Government. The first is by four reserved points which are

It is when the National Debt was concerned, thought of, her word in 1914.

borrowing. The second is by becomes too onerous in the pay- to be dealt with are:-1,

taxation. imperial communications solely Your very existence gives you

ment of its interest that it is a Safely of British communica-

Will the National Debt ever

Normal expenses are met out curse.

taxation.

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tions; 2. protection of Egypt in terms of the Suez Canal. At a single share in the great com: of taxation. Just as you pay from foreign aggression: 3, present, the only visible threat pany of Great Britain, Ltd.

to those communications.comes The directors of the company your butcher, your baker, your be paid off? 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, During the abortive negotiations posite side of Egypt. It is pre- your share of the debt.

To whom do you owe your forec, Its Army, its Navy, and loans are issued with a definite In 1930, between Nahas Pasha sumed, therefore, that Britain

builds its peace-time program-

basis for ropayment. Just na and Mr. Arthur Henderson, gub-will ask for the right to station £165?

You owe about £20, as they me of ships and guns out of you paid your doctor's bill loan by cutting out extras, so a Gov- stantial agreement was reached troops and aeroplanes to the

west of Alexandria instead of, say, externally. That means to

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

taxation a "Binking fund." Out of future of the Sudan. The There is reason to believe that to the United States.

But when you are faced with That is to say, when it estimates United Front hopes to pick up the United Front has no in- our eight thousand millions, one hundred-guinea operation to its expenditure, it will reason

follows: "We should have three the threads exactly where they superable objections, The chief thousand millions is owed to save your wife's life, you bor- quisers and six destroyers this year. difficulty, however, is still the America for money lent to us row the hundred pounds, pro- we shall have to make do with two were left in 1930, and sign a Sudan. In 1924, after the as- and goods supplied to us on mising to pay it back out of cruisers and five destroyers. The give Treaty of Alliance by, which gassination of Sir Lee Stack, credit during the war.

your income. For the next cruisers we do not build will

us the money to pay interest on our '; England will allow Egypt to join Sirdar of the Egyptian Army

couple of years you cut out loan; the destroyer will give us a th League, to take over defence and Governor-General of the The odd £140 is owed intern- extras and devote the money, little towards the ropayment of the of foreigners, to enlarge the Sudan, Great Britain sent the ally; ie, to Britain. That saved to repaying the loan, capital wo borrowed."

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, intercat.

the submission of Egyptian if every · Briton had an equal So the Government in the war £85.000. The Government of the day semi-compulsory "foreign-Bri-politicians, putting an end to amount of money, you would crisis. So every Government in had borrowed on the strangth of

anticipated duties from French Im tish-advisers. In return for cer- the system of joint rule under owo your debt of £166 to your every crisis..."

porte. The American War of In- A great deal of our taxation dependence cost Britain £120,000,000, tain concessione, British troops which the Sudan had been ad-self!

ministered since 1899, shortly and aeroplanes were to be allot after the Mahdi's rebellion was the same amount of money. kets

But all Britons are not worth revenue goes back into the poc- The Napolcanic wars cost $600,000,-

of the people who lent 000. ted zones east of the Suez Canal: put down. During the 1980 That is where the snag comes money to the Government. That By 1817 the National Debt was From these vantage points they negotiations, Nahas Pasha tried in. were to insure the safety of the hard to have the pre-Stack post- Canal which, in the words of the tion restored but the British, Government would not agree. draft Treaty of 1930 "while To-day. It is being suggested being an integral part of Egypt, from the Egyptian side that in universal means of com- the proposed Treaty of Alliance munication as also an essential the question of the Sudan be means of communication be left for later consideration: At tween the different parts of the any rate, it is generally felt that British Empire." The presence the issue need no longer stand in the way of an agreement if

the

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

£348,000,000-it, had grown to ter Ja, Jones pays £5 in income tax thousand times its size in a hundred and draws £5 on £100. war and thirty years! Now it is nearly bond. Although the National eight thousand millions-It has grown Dobt does not grow appreciably to ten times its size in tha" past- bundred and twenty years. AVA smaller, the interest on it grows What it will be in the next hundred. less. In 1925 the Interest was years no man can say £312,100,000. To-day it is If we keep out of wors; if the Em-

pire offers no overwhelming famine. $210,613,177. For this real or food, above all, if we keep out of water, it juaj be conaldombly reduced,

A stable mas can always bor- and it need weigh no more heavily on When a country goes to war, row money more cheaply than us than the £165, debt we each owe curred. Lloyd George wants to only two to offe on a favourite

of these Bittish forces on both sides are honestly anxious enormous expenses must be in- an unstable one, just as you get Guy Ramsey

Egyptian soil was to come up to conclude one.