1947-05-20 — Page 2

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YOUTH HELM the

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BY

PAUL VULPIUS.

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DONALD RUDD

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THE HONGKONG TELEGRAPH, TUESDAY, MAY 20, 1947.

MONEY: OUR SERVANT

OR OUR MASTER?

THE root of all evil, we

TH

are

often told, is money, although some

of us are inclined to say cynically that the absence of it is a much worse evil.

Let us consider the na- tion's money--or absence of it--which is certainly the root of many of our evils to- day.

What will Mr Dalton's Budget proposals do to- wards putting us back where we want to be firmly on our feet, with money that is worth something in pockets, and some of the old- time happiness in our lives? Pretty much nothing at all.

ou

Why? Because you can take half a crown off the income tax or put it on, you can add 1a, to the packet of cigarettes and take Is. from the price of face pow- der, you can wipe the whole tax on whisky and put it on ginger pop instead, but none of these things touches the fringe of the one problem that has to be soly- A new | ed if we are to create.

work worth living in.

OUR BIG DEBT

£570 Per head THAT problem, in one sentence,

It has become fashionable to sug- "We have National

gest that our National Debt does not 26,000 Debt of just on

mutter very much, because the taxes

to meet interest rained IN, million pounds that

on it are merely redistributed among the thrif- roughly £570 for every

ty classes. man, woman and child In the country.....

"Paying it off is impos. sible.....Paying the in- terest on it alone is throl. tling us.....

"If we made a bonfire of all the honds which form the National Debt we would all be infinitely bet- ter off.....

"But, of course, such a bonfire is impossible...............

"Alumi money live for ever? It seems to me that if we could devise a scheme to make it wear out after a reasonable term of life we would get rid of our suffocating debt without any real suffering or un- fairness.....”

Though the money does, indeed. shift from one pocket to another, It is rare to find two identical pockets In the game pale of trousers.

Perhaps some day it will be done. by our more sensible descendmls,

But, of cutirse, you may argue that i death duties new climbing towards the Socialists' ideal of 100 percent achiave the same thing: Not at all...

Personal estates form a small pro¬ portion of the national wealth.

The great concentrations of wealth in the Investments of banks, in- The taxes foll, proportionately most surance companies, investment truses, heavily on the young and enterpris- charities, churches, universities, Ing. Most of the interest is received schools and trade unions are not sub- by the elderly and less enterprising jeet to death duties at all. part of the community.

And heavy taxation tends also to raise the cost of our manufactured gonds, while discouraging effort.

Now, my own view-entirely per- sonal and probably to economista quite heretical-is that when a nn-

They ure outside. the law that affects private fortunes.

TAX FREE Some lucky owners

POCKET CARTOON

"Poaching

word, Sir Hubert.”

BY THE

WAY

by Beachcomber

THE

HE gentlemen whose recipe for making enormous sums

tion carrying a burden of debt A new aystem must limit the lenf money sounds so simple all

of their

as it mitsoniit oue money

much too heavy to bear, it should get the life of your money and mine. rk of it before it sinks under the weight.

Just as any sensible individual would do.

If we made a branfire of all the bonds which form, the National Debt

By JOHN GORDON

And remember that not only do She universities and the charties pay no death duties, but they do not even pay Income tax.

important thing- perhaps the most important,

However confident and full of guts young man may be, he will get nowhere without a Thorogrip Gor terette (it's Threadgold'nt). The first glance of an employer, alving on Are Interview. Roes to the socks.

Are they sloppy loose, relaxed?

the Then that is inefficient?

to the character of the man who is tnut, alert, neat? Then the man sugnes socks are,

is energetic and dependable.

Jt Ins aften been suggested, think, that such and right. I treality owners

should pay income keynotting job. Are the socks

tax like the rest of us.

There have even been

to speak, on tiptoe. never we would ni? be infinitely better off tions that every 50 years or 50

And it is all done by the Thorogrip. they should pay a special capital Do It the Threadgold way.

reduction of the fax towards the

As money apparently wears out, that terrific burden immediately. will not only have to be borne by us for the remainder of our days, but it will also pass to the chasing power. shoulders of generations ahend,

Our taxation would fall with £ bump. The money in our pay pac- kets would be worth more in pur-

National Debt. Most of us would Murder of an elephant (VII)

ngroo with Eat as well.

1 further and suggest that We would have money to spare for after a certain faft period

their

just as the Crimean and Nupo-

all the social services and recon- money should die. with the money leonic debts are still carried by struction our country needs so badly, of the rest of us.

should put us in addition to the extra load And I am certain we

Let us face facts without blink- we have put upon ourselves by much happiness back into life.

ing. The old world as we knew our own folly.

But, of course, such a bonfire is it has died. Our couonic system, which has been cracking for years, impossible.

ly not in condition to cope satisfactorily with the d.feulties that now face it.

is this: We have a National Money never dies or, at least.

It would be grossly unfair on that Debt of just on 20,000 million dies all too seldom,

section of the population that bas pounds (that is, roughly, £570

Look at it this way. We have, lent its money to the country, how- for every man, woman and child decided to extinguish a pension of ever much the less thrifty, or less in the country).

£5,000 a year

which the nation patriotle, would like it.

THE NEW LIFE

Needs a

THE glance of Malpractice's eyes

of

was direct and hard. The kindly old Master fussed with his manus cript. He was obviously ill ut case. "There are signs," said Malpractice. violent commotion in the garden behind the buttery." "You are sure- Waiver not hinting that Mr wrestled with Bingo," said the Mas- "There are marks ter sarcastically.

Not of many feel," rapped out the sleuth.

have questioned eight dons. one of them seems to know where he was on the afternoon in question." At that moment the detective's gim- ket eye caught a vast dish crom- He remem med with sandwiches. bered he was hungry. "May I have The Mas- new system

one of these? he asked.

The ques- new system has to be created if ter seemed not to hear,

sented with a feeble gesture. Mai- and find some happiness and com-practice took a bite. "What is it?" sald fort in life, come real recompense | he asked.

Vienna atcak Most of us upprove that litte

fur h

to end labour, some the Master. "A college recipe. economy, We think the pension

fresh inspiration to lift their eyes The entire college ration seems to has gone on too long, anyway.

the stars, again.

be here,"

said Malpractice, chewing thoughtfully. "May 1 see your kit- But do you ever think of Mist

Our world Isn't Aninhed. Manchens? The Master nearly jumped he us it is morely al the beginning of

out of his chair. "Certainly," We are still paying today probably

upwards to greater said, with a sickly grin. "La-later affects the direct descendents of another surge

then he has climbed ba- heights

on." "No. Now, barked the pride £50.000 a year or more in pen- s'ons to the descendants of the Nelson, and the direct descendants of fore.

of the Yard, his brain working, like people who provided the ships, the those who gave him the powder

dynamo. cannon and the gunpowder which and shot. enabled Neben to win the battle of Trafalgar,

has been paying to the descendants However badly we neeed the ex-

Paying it off is impossible by

of Nelson begлse he won the battle tinguishing of debt, it has to be done men are to shed their burdens on was repeated, The Master as- any productive scheme the mind of Trafalgar for us.

is

of man has yet devised. Paying the interest on it alone throttling us.

Yet, to put us on our feet. that debt ought to be largely or wholly extinguished some day, Why can't it be? Because one thing that is the money never dies,

What is the National Debt?

It is the money the nation has borrowed to carry on its busi-

ness.

stockt which in

with fairness to those to whom we are in debt.

ALL FOR A GUN

It goes on and on have stated the problem

1

Consider another contrast. Sup posing in 1910, during the savings

But he needs some buldozers to clear the patas head of the obstacles 76 years of compulsory that block it, of which the chief is

education crushing debi

In other words, the people who campaign, which we then called the All periods of prosperity in Ioaned the Government the money "Buy the guns drive." you and 1 were history have come from one of two A WOMAN who was wolting to to provide these necessities rece approached and asked cd Government -some-more-modern-form still carns Some of it has been raised for interest (a pension) today for their good purposes, like social ser- vices, national reconstructions and so forth, but most of it has because of our been incurred habit of going to war.

get into a trial the other day vast whether we causes he development of

said that she had not been in bed would each buy a gun at a cost of new territories or a discovery which for three days and nights, that she supplies a fundamental-needlike was utterly-exhausted, but that she. £1,000.

sleurn or electricity,

would stay to the end. Glut

It mostly represents. in fact, money that has been shot away on the most useless forms of activity.

GREW AND GREW Nearly 200 years old

Gascendants.

DALTON SAID-

'Paying for Waterloo'

In other words, whether we would each subscribe £1,000 to the war

loan.

You said "Yes," and handed over Now if a personal pension can be £1,000, in return for which you were extinguished In 100 years, promised 5 percent interest per year. why ear an impersonal one be You will by now have received in extinguished in 100 years also?

We are on the verge of one of these discoveries. Alomle power the corner. It is Is just round going to revolutionise the work and life of Me world.

A PPALLED by number of

the bathers at a South Coast resort during last summer, leading fish are recommending that in future they be At the same time we have- great thrown back on to the shore, empty spaces, in the British Empire,

(Agency message.) development of which, allied atomic power. could give us Corfu shall not ring tonight

prosperity as we have never even dared to dream of.

the

to

such

Your stock is still worth more to-

In other words, why can't money interest (less taxation) the whole of be made in wear out

after some your money back. reasonable time like everything else?

Mr Dalton himself wrote in 1923: day than when you bought it-thanks to the "cheap money" policy-and "Eveu

have not yet today we

through Anished paying for the battle of you can bequeath it down Waterloo, much less for the Charge the generations, so that 100 years descendants may of the Light Brigade or the Relief of from now your

still be drawing their pension for "If historical precedents are falth- your patriotism as it were. fully followed, our descendants in the

WE generally reckon the Nu- Ladysmith.

tional Debt as about two cen- turies old. The war with Ameri-

But suppose I said to the man who

cu in 1783-left us with a debt year 2,023 will still be paying for asked me to buy a gun in 1918; "No, of 240 million pounds.

By 1816, after the Napoleonic

Ypres and the Somine."

The evil effects of a heavy National I will buy a motor-cur for myself Debt werd

by now were perhaps never so acute as instead." My moter-car they are today, when our financial would be worthless.

money

structure is creaking and

groaning

My

war, the debt had increased to under the strain. But they have a would have died. It does not cust

902 million pounds.

At the start of the last war it was just over 8,000 millions. Today, as I have said, it is just on 26,000 millions-and still growing.

Mr Dalton estimated that pay- ing, interest on it alone costs us 625 million pounds a year, equal to an income tax of a little more than-48, in the pound.

ways been obvious.

As long ago as 1,765 Blackstone, in his Commentaries on the Laws of England, wrote:-

crist?

the country anything in the way of a pension to the generations ahead of me.

Must money live for ever? It seems to me that if we could devise a scheme to make it wear out after a

and quantities of money in The "We may boast of large fortunes Funds. But where does this money reasonable term of life we would get rid of our suffocating debt without "The property of a creditor of any real suffering or unfairness. the public consists for a certain Of course, the scheme could not portion of the national taxes: by be confined solely to Government how much, therefore, he is the stocks. That would be grossly un- richer, by so much. the nation which pays those taxes is the fair. It would have to apply to all poorer."

money.

NANCY Now Let 'Em Come!...

BUSINESS

15 AWFUL

SHOE

SHINE

FISHING TICKLE

Why not start the great up

some new ideas sing by getting about money?

20

13

He had telephoned from the main-. land to Corfu, leaving a message. No reply came.

(News item.) (For elementary jest, see kending).

CROSSWORD

Actos

20

1. Maxes the weed tense. (U),

8. Intention. (3)

10. No to the Jews old

stood

wille Jordan relied between." (8) . 18. A kind of pancake. (7)

20. You may góž a sign by this light.

(4) 31. A broken story indeed F (9)

Down

1. You wit aço a aand mark in this

Russian place. (0)

2. You must to gain a fictory. „(3)

It caune sičktides. 10)

Bometimes dried. (3)

5. When men divide the hills you

Ret a teker. ((9)

6. ftomes of sorta. (5)

1. Spade ride fanas:

10)

10. Not a member of UNG. (5).

13. This sort of apple is awook. 18).

Everyone that dous is not decor-

Barily An artist, (5)

15. You will and is at nie. 16)

17. Spiritual, ((6)

19, Ilogies (49)

Bolution of Baturday's prizzly —Azr099]

Po 11,

0. Stout gets an hienqur to the 14, "Bleap) 15. Adopt, 1H, ROĐ..

11. Understanda. (8)

|Bekrea; 41 Young: 143. Yeng 43, des

DOWAI and 93 Acepke, 12. More than one has been, grade, Trospihip: 6. Tried:

Dar Eanrem: 2, zuli on Mount Evereat. 171

don, Pierces; tli, Osa:

14. Scene of a recent civil war, 101lty Cent, 20, Sup

By Ernie Bushmiller

SHOO SHYNE

5<

¡YOUR SIGN READS FISHING TICKLE' INSTEAD OF *FISHING

TACKLE

SURE--AND FOLKS KEEP COMING, IN TO TELL ME ABOUT "IT-- AND: THEN BUY SOMETHING

When You Feel Tired and Restless

-tako

Elliotts Nerve

Brain Tonic

On Sale at All Dispanserios