Monday,
HONGKONG TELEGRAPH.
April 29, 1940:
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A forced pan would be paid by everybody with incomes over
Should We Money?
The
......................... Debate Between
J. M. KEYNES
(Th Famous
Economist).
&
Douglas JAY
("Daily Herald", City Editor)
a certain exemption limit. This Here is what they both have to the Government will have to absorb
any:-
the whole of the war effort to be shouldered by others.
Jay: Why do you wish to allow the small minority of wealthy (with property of over £20,000) to be paid interest and offered repay- ment for their savings instead of having them appropriated by a... Capital Levy?
Do you not agree that a permanent
increase in big property-owners” | claime on the national Income would be far more evil even than
a temporary inflation?
Keynes: I was in favour of a
Capital Levy after the last war, and nearly half the total national in- would be in favour of one after this limit would be something like
come and on an estimate of our war, if the circumstances prove 86s, a week for a single person,
potential output.
similar. But it is precisely the tem- J. M. Keynes: The fate of my and 458. for a married man, with
Most authorities consider that I porary Inflation which will increase proposals mainly depends on have not gone far enough, and that, the claims of the rich. The object extra allowances for children,
how Labour receives them.
so far from aggregale working-class of my plan is to prevent a repetition: Mr. Keynes believes that this
I believe that they are great- consumption being increased, it will of what happened last time.
Much better. that the working is the only way to stop inflation. ly in the interests of the work- have to be diminished. He argues that if the mass of ing classes and offer the only It is a matter of opinion whether class should have savings than that the people are not forced to re- way by which the worker will the exemption limit should be put they should be deprived of the value duce their spending by a forced obtain a real reward for his at £5 a week or lower. My own of their earnings by inflation, even
feeling is
that, while incomes off the inflation is temporary. loan, prices during the war will war effort.
less than £5 should be let off light-
I should not oppose a modification: rise rapidly, and although wages » But they are novel, com- ly, the limit of total exemption for of my scheme to allow no interest: plicated and difficult; capable of a man with a family should be nearer on the compulsory savings of the
Hongkong Telegraph. p.
Monday, April 29, 1940.
Wyndham St., Hongkong Telephone: 28615
will follow they will never catch
The majority of the popula- tion will thus, ho believes, auffer a permanent loss of real income.
£3..
that Are you aware
surinx class. But the idea that the war can be financed by those with over £10,000 a year is a myth. The those with Chancellor of the Exchequer has less than £5 a week are responsible pointed out that, if the whole of
consumption of the country? You would not keep the war going for estimate that less than a quarter above a week or ten days out of the of my savings-levy would be raised year.
THE prefix "pecial to the Telegraph" Under his plan they would be mic, problems. Full public dia. for nearly two-thirds of the whole their incomes were taken away, this indicate news which in tirictly copyright
Is nied by the "Hongkong Telegraph” to
under the provisions of the Telecomamuni»
bears the indication "up" la received in
cations Ordinance, 1916, Sach new Itongkong on the date of publication by the United Frea Associations, who re- servo all rights and forbid republlection. either wholly or in part without previous Arrangement
forced to reduce their spending now, but would get their money back after the war.
Since Mr. Keynes specially wants the Labour Movement to consider his plan, the London "Daily Herald" invited him to answer certain questions asked Two interesting. Rems of news by Douglas Jay, its City Editor.
Nazis In Poland
come from Italy. The first is that Hiller has refused to allow an envoy from the Valicon to visit Poland. It was generally understood that when Ribbentrop saw the Pope · he
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from the Valicon of the sufferings of Poland were based on misleading reports. It is Impossible to discover now the full detalls of past crimes, but a visit of inspection 10-day would throw a good deal of light on present conditions. It was believed that Ribbentrop offered facilities for such a visit and that the Pope accepted the offer and suggested the Papal Nuncio In Berlin
an
Is
many variations and amend- ments and improvements; touch- ing human and social and poli- tical, quite as much as econo-
cussion both on principle and on details is very advisable before we come to a conclusion. Jay: By what argument or calcula- It would not be fatal to my scheme
tion exactly do you maintain that to take more of the savings from Jay: forced saving-even by people the class above £5 a week. It is with incomes below 25 a week for others to say whether it would be fair that the man with nearly is necessary to pay for the war? Keynes: This calculation is based £5 a week should maintain or in- on the Chancellor's statement that crease his consumption and leave
from them.
Read This, Then Ask Yourself
it
really so
be
easy
to
envoy. This may or may not be true:THE war is still being fought you'd notice, anyway.
If it is true, the Nazis have since
of their decision is obvious. It will
brave?
When
you first announced your plan you declared that prices could not be controlled by ration- ing alone, it was only a "pseudo-remedy.” But
not rationing an important part of the fight against inflation?
03
Keynes: There is a good case for establishing a standard subsistence ration of primary necessities. aval- able at a fixed price, with higher prices for other goods, or for larger amounts.
This is rather a different idea from "rationing" as at present con- ceived, but I agree that it might be a useful addition to my plan.
Let me emphasise the main ob- ject of my plan. It will be physical- Jy Inpossible for the working: classes to increase their present. consumption. Yet they will be asked to increase their work. It.
while yet, so I didn't hurry-not so because we'd stopped ourselves-jot | follows that they can only be re-
ourselves under control.
warded for their increased work by mainly at sea, so far as "We went up to the boat deck, "In my case I know it was be- being given a title which will allow thought better of it. The significance Britain is concerned. And from and going past the galley door saw cause I had too much else to think them increased consumption after
I might have gone a bit mad the war. only confirm the impression made on
the sea we are getting almost Joe, the steward, pretty worried, about.
the cat. If my wife and child hadn't been I do not want all the claims to the Vatican by the
news received daily atories of heroism that He couldn't find Ginger,
So I hops down aft again, and Joe there.
future consumption which will ariso- from the Primate of Poland. The rival any of the last war.
goes for'ard. ·
"On the other hand, finding my out of the increase in the National news of this refusal comes just after As a reporter I have interviewed
"We had to let up looking for the self uninjured after the first shock, Debt to belong to the richer classes,. the new that the Nazis have asired in the past few weeks scores of little devil when the Old Man yells I might even have thrilled at the The working classes cannot be given. the Government of the United States survivors from ships which were at us to get up to the boat deck, adventure bad I been alone. I can increased present consumption, but to withdraw its consulate from War-struck without warning.
pronto. And it was only when the say that now I am safe. It's easy they can be given a share in wealth, Let us build up from what theso poor old packet gave a sigh and to be brave with a whole skin on in other words, a claim on future- people have told me a picture of up-ended that I found I'd left my you." the scene at sen just before the mouth organ behind." enemy strikes....
saw.
The neute tension created between the Nazis und the Vatican by the behaviour of the Nazis in Poland gives a specially odd look to the second piece of news from Rome. For while the Pope has pronounced such strong condemnation on that be- haviour, the Italian Government has gone out of its way to pay a compli- ment to the Nazi ruler of Poland,
consumption.
The alternatives to my plan all No panle, you will have noticed. Then, of course, we must not for- mean that the working classes will There is the, distant thud of the Just a calm survey of the situation get the impressionable mind of the get nothing in return for their extra. propeller. An ocensional creak, and und few unbelievably ensual children who, unfortunately, always hours and effort,. the regular lapping of cloven waves, thoughts. This composite-seamon I seem to be on board in large num
At their stations are members of have quoted is just an ordinary hers. And so.
the crew, their vigilance intensified seaman who desn'1 want to die.
by war-thne hazards,
THE CHILD..
*
Frank, who has made himself gers-men, women and children. every faith in the arrangements What effect has a shipwreck on pulsory savings of the surtax class..
notorious by his ruthless oppression.
In cabins and, lounges are passen-
And in a flash that unseen hozard He is to receive an honorary degree strikes. from the University of Modena. The The bows of the ship gape wide honour is to be given him on the pro-and the foremast reels to port. posal of the Minister of Justice. In The boat has struck a mine. Poland, us in Czecho-Slovakio, Nazi How would you behave in such a spite has been vented specially on crista? the universities. It would be interest-
There arc two distinct types ing to know how the Orator who
presents Frank for his degree wil
Dougisi Jay comments: I am glad, The only reason why he didn't
Mr. Keynes would not object to think of death was because he had
abolishing all interest on the com
made by the Board of Tonde for his the very young? It is difficult to it is vitul to prevent the National probe infant minds, but I know of Debt interest bill, becoming un- safety.
He was excited, yes. But not at least one small child who will be manageably large...
terrified of water for the rest of her It we allow the total debt 'Interest. frightened.
life.
claims of big property-owners dur- THE PASSENGER... She was 0 passenger on one ing the war to rise from £230,000,- mined ship with father, mother and 000 to perhaps £1,000,000,000 there The situation as seen by the pas- elder sister. She was only two years will be very little revenue available. senger is very different. He does
among the people on board--the not know the sea; in many cases old. Into one boat had gone mother for social services for an indefinie touch on this aspect of his energetic of course, they renet quite different-does not like it. He is not disand sister, while still on the deck! period after the war.
seaman and the passenger, And,
This tragedy can only be avoided. career. In the fifties of last centuryly to the crisis before them.
clplined to meet an emergency on were the small child and her father.
The boat was lowered away-full if we prevent the claims of the rich. shipboard. He has his boat drill, an Austrian marshal who had made VRYSTAAT HUNNY MEMES SY MORANCE Mimself famous by the crucity with those terrible moments when they
What do they think and do during but it is not an enduring lesson.
-before the father could place his investors from increasing by im.. So when the shock comen, he child in the mother's waiting arms. posing an annual capital tax during feels that death is very near. Hours There were no more boats in the the war.
that side of the ship,
Of course, the incomes of those afterwards, safe on ahore, you still davits on
with capital of over 210,000 could. see the staring, fear-filled eyes that which was setting rapidly.
So he dropped the child over- not, as Mr. Keynes says, pay for the the explosion has enused.
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Let me tell you.
THE SEAMAN
Shipwreck is one of the things he
which he had suppressed Italian and Hungarion rising Was roughly handled by Barclay and Perkins's draymen when he was rush enough to visit London. In Brussels he only just escaped with his life. It would
"My first thought was amazement board, hoping against hope that the war.
But by an annual copital tuxa have been a shock to all the British is disciplined to meet calmly. On at the fact that I wasn't hurt. Then mother or somone in the boat would
small slice of their securities could catch her. friends of the Italian Risorgimento in a cargo ship every man knows his suddenly fear and dread scized me.
She fell into the sea and a sea- be taken from them (2 per cent. those days to know that a | German | dutica. He has no passengers to ald "My wife and child were in their who had been even more cruel than and calm. It is simply out with the cabin. How were they? Where was man dragged her by the hair into would raise £250,000,000 a year), Haynau would one day receive high bonts and over the ako.
my life-belt? Had I got my wallet the boat. The father jumped him- and the Government could sell these securities to raise money during the honour from an Italian university It is easier to get a boat away on me? Where was our boat sta- sell; was rescued by another boat. while still pursuing his career
On land the family was reunited, war. of from a cargo ship than it is from a
"Then, somehow or other, I was Warm and fed, the two-year-old crime. The University of Modena passenger liner.
through the smoking room door and might recall a famous poem in which
So this is the sort of survivor-out on the deck, crying my wife's child seemed to have forgotten her week should be able to buy these Victor Hugo naked a bishop who had hastened to condone the coup d'etat average seaman;
story I have been getting from the name. Suddenly I was holding her orden! when I spoke to the father. securities out of their savings. Their-
She was in his arms. Suddenly she total spendable Incomes—after,” de- hand and carrying our child. to wait till the blood had been
"I don't remember thinking of whimpered, burled her head on her ducting present taxation' and -elving -
-are at least £1,500,000,000 a year... the pavements. But down in my bunk. My old ticker the three of us must keep together. the blood shed by Louis Napoleon in ald a couple of 'up-and-downs, but After the first few moments you water!" December, 1952, was the merest then I remembered I'd gone to don't think of dying.. trickle compared to the blood shed sleep with my trousers on. I know. "I was glad that I hadn't panicked. by the new Doctor.
our cargo would keep us up for I saw nobody who did. It wasn't
washed from
tion?
Those with incomes of over £5 a
"When it hit us I was snugged anything else after that other than father's shoulder, and cried:
"Daddy-don't throw me into the If Mr. Keynes would support
G. Leslie Carter
capital levy"áfter the wor, why not; an annual capliót ́ tax "during the: wart
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