1936-04-27 — Page 6

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THE HONGKONG TELEGRAPH, MONDAY, APRIL 27, 1936.

DEWARS

THE

"WHITE LABEL

SPIRIT, OFA INSPIRATION

SOLE AGENTS:

A. S. WATSON & CO., LTD.

ESTD. 1841.

NEW REX RECORDS

8731

which will interest you

OLD SHIP O' MINE (Arden)

SONG OF THE LIFT (Evans?

SORRENTO BY THE SEA SPANISH GYPSY DANCE (Marquina)

8730 WHITE CLIFFS OF DOVER--Fox Trot

8591

Primo Scala's Accordeon Band

Primo Scala's Accordeon Band Troise & His Mandollers

Troise & His Mandoliers

Casani Club Orchestra MOON FOR SALE-Fox Trot...Casani Club Orchestra 8729 LOVE IS A DANCING THING-Fox-Trot-

8721

Casani Club Orchestra MOON OVER MIAMI-Fox Trot..Casani Club Orchestra ..... Jack Payne & His Band SOME OTHE TIME-Waltz RHYTHM IN MY NURSERY RHYMES-Fox Trot

Jack Payne & His Band

8709 SYMPATHY-Waltz

8722

OLD SHIP O' MINE-Fox Trot SHE SHALL HAVE MUSIC-Fox

8723

8724

Casani Club Orchestra ..Casani Club Orchestra Trot

Jay Wilbur & His Band WHY DID SHE FALL FOR THE LEADER OF THE BAND?

Fax Trot..

Jay Wilbur & His Band EENY MEENY MINEY MO-Fox Trot

Johnny Johnson & His Orchestra I FEEL LIKE A FEATHER IN THE BREEZE-Fox Trat

Johnny Johnson & His Orchestra

WALTZES ROUND THE WORLD

Primo Scala's Accordeon Band 8725. MUSIC HÁTH CHARMS_Film Selection

Primo Scala's Accordeon Band THANKS A MILLION-Film Salection

Primo Scala's Accordeon Band CHARLIE KUNZ PIANO MEDLEY NO, R-13

Charlic Kunz

8726

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ROTAX

13

LUCAS SERVICE

Electrical Equipment For REPAIRS & REPLACEMENTS to AUTO, ELECTRIC & IGNITION SYSTEMS

nature of service.

Enquiries:-

The SAD TALE of the LIRA

new rate was 100 to the E. But

ORD CROMER once said ON December 27, 1927, the ra was re-fixed in its foreign ex- that there was always a change value after its wartime. keypoint in any situation no and postwar depreciation: The matter how confusing. · in the previous two years its un- Sir Samuel Hoare, when fixed value had oscillated between Th Foreign Minister, fixed upon and 80. Thus it was valued above

its natural exchange rate. such a keypoint for the Italo-Ethiopian war.

Then, in 1929, the ra ran into the world crisis. Other currencies

After saying that, in the were pulled down in their foreign exchange-equivalent, even the opinion of the British Go-lordly pound and the almighty vernment, the root cause of dollar.

the conflict was econimic, he The lira, however, remained constant. Hence the lira has shot precceded to lav emphasis on up in value by the very fact that the need for unfettered the .bas shot down. How high raw this position is may be judged access Lo the world's

from the following table showing materials... many uf

the discount of world currencies have been subject to monopolis- from their 1931 levels: tic handling.

which

Great Britain

Probably this is the keypoint. United Sintes

there are

Japan several atlier

Italy

but

*

P.C..

40

10

jee*

We are fully equipped for any economic factors responsible for Italy's adventure, such ns its vain search for economic self- PRESTIGE mainly accounts for sufficiency, its naturai and purpose- the desperate maintenance of ful over-population, world tariflism the Hra on its high perch: In a and its own currency policy. This speech on August 18, 1926, Signor latter factor does not often get Mussolini adumbrated the stablisn- attention. Consequently, there tion of the. lira. The announce- might be some interest in eximin ment was of such importance that ing it.

it is known as the Pesaro Declara- tion.

HONG KONG HOTEL GARAGE

Stubbs Rd. Phones 27778-9.

The

Hongkong Telegraph.

MONDAY, Art. 27. 1936.

IS AIR DEFENCE

FUTILE?

7

*

撥

*

NOTES OF THE DAY IF the Halo-Ethioplan

SAVE THE CHILDREN

·

tasks. The first

:

that

*

WIN

*

effort WIR

heli

necer-

THE STOCK EXCHANGE IN ROME Built in the Huts of the Da Neptone Temple ni á Time When Roman Antigolfire Received No Special Consideration, the Battle Renered Structure in Enduring the Slings sid Artows of Finzaelal Onslauglite Affecting the Exchange of the Tara.

By H. B. Elliston

arise to

given up hope of an agreement all cases an age limit of faurico the newspapers and in the City of instance will show this.......

directed

War sets Eurupe ablaze, Macaulay's New Zealander, viewing the ruins, may examine this speech, for his prize exhibit to explain the nose dive of The discussions now in progress European civilisation! The dictator on the raising of the school leaving was 'about to fix the value of the Italian currency. Yet he passed age in Great Britain lend added cursorily over all economic criteria, point to the recent debates of the The yardstick win: the lira must International Labour Organisation worth 30 per cent more than

the Frane! There

terrific er the Longue of Nations on the cheering at this, and the dictator A short while ago Mr. Bald-same subject. Among the “guiding then exclaimed dramatically:

the so-

"I say to the whole civilised win was asked in the House Principles" set forth in

world that are will defend the ra called "Labour Charter" which lays

to the last breath, to the last of Commons. what progress

down the aims and objects of the drop of blood our lira, which WERE was this much to be said ITS hope, as was Britain'n, was that for the British, however: the old outside prices would rise so as to represents the symbol of the na was being made in defence

International Labour Organisation of

tion, the sign of our wealth, the prestige was associated with honour, save too much deflation Great Britain against

fruit of our tabours, of our is that on the abolition of child)

The prewar rate with the dollar But the hope proved illusory. In

outside prices The Prime Minis air attack.

efforts, of our sterifiers, of our happened to be the prewar legal 1020

began their labour and the imposition of such

teark, of our blood,”

promise suspended by the war. The catastrophic decline. The result was ter answered: "Methods of

limitations on the labour of young

Again, rivissimi applausi. This British wished to keep that pledge to boost the price disparity between combatting air attack are con persons as shall permit the con- classic example of demagogy is now In the case of Italy honour did Italy and the outside world. More

mix with

prestige. deflation for Kaly! There stantly being studied and de-inuation of their education, and emblazoned on a monument in the not

was no intention of going public square in Pesaro.

back to the prewar parity,

Again in 101 the pound left its veloped, and valuable progress assure their proper physical deve-

moorings, and pound goodn The question WAR the extent of fixed has been made". He went on lopment. The 1.1.0. has from the episode sounds extremely depreciation. And, as I say,

the became cheaper on the export mar But before we criticise yardstick was: 30 per cent more ket, to say that it would not be in first considered this as ong of Its foolish.

the

1927 the frane. Since

Mussolini, instead of following Duce, let us recali Great Britain. than urgent the public interest to discuss mosi

elfort has been In 1925 the pound was "floating." Italan the methods under considera-Labour Conference i 1919, con-like the Ura, In that year Britain " keeping it there. What foreign suit, ordered a third period of de

proclaim.

on public works the men thrown out tion. That answer should be cluded a Convention prohibiting the re-fixed its currency to the deliar mists observe, Italian apologists flation, mitigated by re-employing

at the prewar rate. -

Prestige About currencies is of jobs. But the reduction of wages read in conjunction with an employment of children (ie, per-

The maintenance of the pound apt to be costly.

and other costs was not sharp enough earlier observation "by Mr. sons under 14) in industry. Grat required a mighty national effort,

Italian have paid dearly for the to put Italy back on an export basis. oratorical flight at Pesaro. When a In fact, the public works expendi Haldwin on this same subject.ally the principle has been extend. but

currency is overvalued, internal costs, tres acted as a kind of brake on Thus Italy saw its sities of prestige. The slogan was which are in live, are too high in falling costs. In November, 1932, when theed to cover children in employment to be justified by the

Hence exparts dwindle (bofore Sanctions) at sen, in agriculture, and in som "We must make the pound look relation to foreign prices. British Government had not

September, 1931. industrial employment, respectively, the dollar in the face," uttered in Italian goods are hard to sell. An in this fashion (millions of lire): *****... 876.5 May, 1933 (prior to the World London, though not attached to any An Italian cheese costs Just the

Economic Conference). 510.1 on air, disarmament-that is to has been adopted, although light monument.

sante in lire whatever happens to the

March, 1935..........393.8 foreign value of the fira. If the For six years Britain kept it up. lira suddenly advanced in value by say before Lord Londonderry's work outside school hours is allow-

The was flecting moment in Then in 1931 we finally let the 30 per cent, then the cheese ex- mid-summer, 1933, when deflation now famous boast abouted under the agricultural Conven-pound slide to its natural level and pressed in pounds or dollars will be might have been stayed by the re- "having with difficulty retained tion for children of twelve years no longer associated, a rate with increased 30 per cent. Other cheese turn of world economic understand- will then be given the preference, ing at the London Economic Con- prestige. air bombing"--Mr. Baldwinold, nnd there are similar modjâca-

Therefore the Italian seller must cut ference. The effort, however, ended Indeed, as between the pound down his costs in order to compete in ashes. declared that "the man in the tions in the Convention on

the dollar, some time ago with the foreign cheese, employment. no industrial

Brandly there seemed to be competition, Chis means deflation. street should know that

And this

power on

speaking, however, the general according to American economists, is what horsened in Italy as the THIS time it had to take extra- earth could prevent

principle has been established, and as to which could be knocked down result of the initial overvaluation of ordinary measures to impede Im- ports made cheap in lire by the lira'a high value. him from being bombed. What adopted in a great number of coun-

All kinds of controls had to be the ever he might be told to the tries of the total prohibition of

up Quotas, control of

so that exchange market contrary, the bomber would child labour under fourteen years

of age. always get through".

"The only defence," Mr. Baldwin. At the last international Labour Conference the suggestion was put went on to explain, "was in forward that all there Conventions offence, which meant that you ought to be revised to raise the age must kill more women and limit from fourteen to fifteen. The children more quickly than your motive behind this suggestion is partly humanitarian and partly enemy in order that you might economic, since owing to the alarm. save yourself". That was the ing growth of World unemployment | situation three years ago, when and the intensification of inter- bombers which travelled at national competition, it has become an increasingly.strong temptation 150 and 180 miles an hour were to employers to use child labour, considered to be well among while adult workers remain idle.) the average of their kind. To- The Governing Body, at its lat! day things are vastly different.meeting, decided to initiate the pro- cédure for revising the Conventions. |Britain has a bomber which can Governments are now being asked travel at 300 miles an hour and for their views and it is to be ex- with the agility"pected that the whole question of of a fighter. In the past a bom: raising the age of entry, into em- ployment will come up for full inter- ber would naturally choose a national discussion in a year or cloudy night in order to avoid two, any danger of being detected by

manoeuvre

no-and

searchlights., To-day a bomber has wholly outstripped defence. can actually meet a fighter vir-Clearly the only way of guard-| tually on terms of equality. In ing Britain's shores against air the past Britain and her attack is through the limitation

LANE, CRAWFORD, LTD. Dominions were able to rely for of air armaments coupled with

TELEPHONE 28151

security against attack upon auch security arrangements as To-day the Western Air Pact and as the British Navy.

are faced with the grim those contained in the Covenant reality that attack in the air of the League of Nations.

WC.

lower!

the lira.

set

A

**

*

SIDE GLANCES By George Clark foreign money is issued only for im-

"Now tell daddy we had a long talk and you have promised to be a good boy."

ports that are absolutely necessary, purchase of foreign money from Italian bolders, and now control of gold movements-nil of them have been put into effect. Now the chic- kens have, come home to reost in this adventure in Africa

Sooner or later the Pesaro prestige of the lim must go.

ad-

the exchange brokera To venture in Africa appears to be the last gasp of economic Italy, Lira. depreciation will probably not be heard amid the din of battle and the monument, if it is of bronze, may have to be melted down with the currency.

The decline of the Hira, however, by no means would signify the col- lapse of the Italian war effort..

As highly as I regard the place

of economie causes among the causes of war, finance is overrated.

This is a lesson from the World. War.

looking The other day I was through the newspapera published in July, 1914, and this is a typical in- vestment banker's comment:

"In our present stage of cìvül- sation. If it can be called that, such a war would cont at least £10,000,- 000 a day, and the money simply could not be found."

But, as we found out, the money could be made, and. It was made.

The fact in that men and materials are the key to war effort, and, of the two, men are more important.

If I, who am accused by my friends. of taking too economic a view of life, to be asked how long Italy could last, I would say that that all depended upon the Italian "War soirit"

were

R