1949-10-15 — Page 9

PEACE-LOVING PEOPLES*

* CROMINAL TROTSKYME

THE HONGKONG TELEGRAPH, SATURDAY, OCTOBER 15, 1949.

LOW'S DIPLOMATIC GLOSSARY-

for those who may be confused as to the precise meaning of words

as used by those restless chaps, in Eastom Europa.-

*WARMONCERING

PASCIST BREASTS

*ARBITRARY DISREGARD OF INTERNATIONAL OBLIGANOUS"

* GUARDING

"FL" SOVEREIGH

INDEPENDENCE OF

· ASSOCIATE" PEOPLES

"THREATS TO PEACE?

World Copyright. By Atrongwwani with Zorning Standard.

LEADING TO "UNILATERAL, RUPTURE OR

TREATY OF FRIENDSHIP "

HOW THE SOVIET

BANKING

F every country has the

Government <r newspapers it

the

deserves

رنا

it has also the banking sys- tem which ita political, social and economic set-up requires that it should have. If, therefore, We are

comparative attempt a description of the British and Soviet banking systems which in to make any real Велко Wo must start by broadly comparing and con- trasting

respective

the

governmental #ystems of

SYSTEM

WORKS

By O. R. Hobson

on

Hobson. Oscar Rudolf

authoritative writer economic subjects is City Editor of the News Chronicle (London), and a member of the London School of Economics and Political Science. He is

a former editor of The Financial News.

for

the two countries. It is not sible for the formulation and enough in this connection execution of the Successive Five Plans. The Planning Just to use popular labe's, to Year

Commission works through the say that Russia is com-

Commissariats Peoplea munist or Britain is a pluto- Heavy Industry Light Industry, democracy and leave it at Timber and Food, which Bro that. Neither country can the Government Departments now lay claim to complete charged with the supervision of purity of political "strain" duction. The authority of the

People

AB

#

to industry on their

ui

the

Judgment

trustworthineet and

ciency of the individual en- They Trast them for terprise.

but broad specified purposes make no attempt to control ur chek

detall 11

the uses which their funds are put. 50 remote are they from any in- tervention In the nctual dny to

SATURDAY AT THE DIAMOND HORSESHOË

Giuseppe, L.V.D., and his bambina

Ros tried to explain that the

THE other day I dropped

down to the lower well-to-do Wakebelds had # East Side to see how Giuseppe shook his hend. "I

cook to do their cooking, but my old neighbourhood was no da same, he said. "Is not earing up under the heat a-like home cooking. Come ind, as was I about to buy down a my place Thursday, T 1 cup of lemon ice, Sam show what I mean. Carmel, who has been-toting, Pop."

Bring-a ya

he Allen Street mail for 30 "It's a date," cald Jamts. *cars. came around the "Rosa tells mo you. make the

orner.

room.

best cacciatore in New York."

That night Giuseppe was As you ought to know by puzzled when he heard his ow, Sam and column material aughter sobbing in her bed-

e darn near one and the same ing and so, after swapping 10warya's I decided to walk "I know you meant well," she with him. Sure enough, in the told him the next morning at aliway of the third tenement breakfast, "but you've spoiled re entered I recognized a name everything. When Jimmy's n on: of the

mail-boxes- father oes this miserable dat luseppe Maniola, LVD.

there'll be no wedding." "Isn't that the

After his Maniola

daughter wan rone,

Ame

vho

to

eddle vegetables Mulberry ¡treet?" I asked. "What doca

he LVD stand or?"

"Gluccppe be-

tan putting those

etters after his

me about the

By BILLY

ROSE

intime his daughter got married," and.

sald Sam. "Remember Rosa?"

Rosa's mother and died and took on the job of day conduct of Industry that, Giuseppe unlike the banks of some con bringing up the bamblia nim

self. Ile ecokid for her, sewed tinental countries, they avoid participation in the share capital for her and even kept her in a or representation on the diree-baske hi putheart walle he formtes of Industrial concerns was hawking escurolo and

nocchio.

the

ma

the

old

11 looked around and won- dered what shy had been getting

at.

Then he looked nt the walls. Ah, that was li --except for the T Madonna

store hardware walle ca*:ndar the

were bare, They displayed none of those symbols of culture he had seen in Wale:fleld's office those framed certifie.des with gold seals.

Thursday

evening when the by accompanied wakefl: It's. Rosa climbed the stairs to the Maniola flat they were made The central bank, the Bank of Eng and,

similar.y

Lik: all East Siders, Gluseppe breathless by the sight ih t met alouf from the productive had big plans for his kit, and their eyes. From floor to celling was plastered with machine.

very nign he would drop is the most amazing panorama of odd change Ito an olive oil diplomas

stands

for PESGUTCPR,

the room

destroy money by deliberate in-

It merely attempts to hold, as fation but they room found it to

ber ploer-not to ring in which the San; when Rosa graduated from diplomas ever assembled in one be indispensable both

It were, the

mention summonses, barber standard of value and a means

free-enterprise competition, the high school, be emptied the calcence,

ine and found be had nearly 500 school certifientes, Scout ewards, of exchange. To apportion limit- bluding

He enrolled her in a ed national resources be higgling of the market

takes dollata,

and parchments from the novelty businem college.

store in the neighbourhood. the production of food, clothing, place. munitiens, transport and co on was utterly impossible urrers a common denochinator, money. pases were used to measure the re-

apportionment,

Commissariate l'es Both are in their respective down through the Central Ad- various for the ways cross-breeds. Russia is ministrations

industries to the Trusts, which certainly "communiat" ог

are the central

A national production organizations "socialist" in the sense that of groups of individu factories had to be accompanied by only a minimal amount of making the sante class of goods, corresponding Credit Plan. Such

a plan is werked out by nally to the in-

the material property is "own" thence

Central Administration of Gus- ed" by Individual citizens dividual factories them elves,

bank,

and-in particular that A Parallel

all productive

con-

Anancial set-up consist of the State Central

And the

The

Pristine Purity

ready indicated, been some

Russia made big concessions

Rosz turned plek and Jimmy turned red, but Wakefield senior, after a gasp and a stare, began to lugh.

QIX months later, Rosa landed ISIX

office busuing n jou & in

mlrd.

illwa

my son's, office, didn't you?" he "You you got the idea-from

of

sources and to express their To

To be sure there has latterly, ds slight adulteration of the pris with a lawyer-a rather elegant Plan line purity of the system. The you

o lank of England has

said. been Wakefield, who was a lot more There ja ยก

Gluseppe nodded. "nationalised." official Capital issues Commit-

"If the colour

his face which wasa'i surprising, sccung tee which lays down which enz terprises and groups of enter-ne hau a rich father and was the means any ling," said Wake- a:ld, senior, "my son gets th: What you're trying to prises are to be allowed to raise ouact of an exclusiv. Colice,

point. execution 时

at uxlord, the Sorbonne and, tell him with your little prac- capitol

still practically

free the Production necessitates con "market"; and the

commercial finally, Harvard Law School plant and apparatus is com- que parallel

control and banks are

tical joke is that anybody can. Unuous process

under an Informal checking us

Well, following the customary have between the pro- -defined and ill-kept obliga- She is not

a lot of fancy diplomas munally owned.

ducilve system and the

course of Cinderella tales, and that a nan shouldn't Let seuse Rank Gosbank, which consists monetary plan. That process neations "communist" in the

tion to observe the same classi-James passed through the usual the biz head breasts he's got a

so fur QS granjng that there is anything like of a Central Administration. a affected by the regionat bend Central Head Offee or denting complete equality of

offices and branches of Gosbank, credit for pont-extension pur-slag.s of developm.it in Rosa's few on his walls, Well, I'm with you all the way on that Shake," 40.044 matmi sumer rights. She never was me

offees administering come the operations of the Trusts and

come it in their function to see that poses is concerned.

It wasn't long. before they Giuseppe grinned uncertainty. "communist" in the schze

2.000 to 3000 branches and

the individua, factories conform to the bourgeois-capitalist "way were seeing Coney Island 10- "I'm a glad you like," he said. that there was equality of arencies, Besides Goshrak there at every point to the Produce if life" when she realored the gelcer, eating hot dogs, riding "Now, at down, sit down. The

an also four other banks which tion Plan. Each trust and each functions of money, based the political power among her

the switchbacks, and wh.n Rosa cucclature, she's a-ready...." citizens. Iter distinguishing vision of long-term capital for capital, from the State Budget. munia pool of con umables on. big dips the lawyer stroked her

factory is

certain Individual's share of the com- pretended to be scared on the political trait is that govern- certain groups of industry.

For circulating or working "work" in tend of "no di aired the usual inconsequentluls allowly-white hands and whis- ment is in the handa of Now

breadly speaking.

capital, for what we should call ed Individual citizens an intensely powerful job of Gosbank is to see to it short-term "credit," it has to limited way to hold property into her eager little car. oligarchy, whilst,

that, so far as the power of the apply to Gosbank and at each and, by the establishment, of

that

tens of thousands of savings But, alas, 0.3 banus posting pondingly, in the economic purse is effective, the Five Year level Cosbank makes sure

Plan Is

carried out. "Central the credit it grants is within the banks, enabled them (and en-time approached, the problem sphere the fundamental banking in Russin," as Ono Terms of the Pan-though it couraged them by the offer off Gluseppe of Mulberry Strict characteristic is her highly- writer has put it, "means co- has certain powers to grant Interest) to "save" money. came up. And it worried Rosa contralised

meet authoritarian operation with the compilers of un-planned" credit to

plenty. the industrial plan to regu ate unforeseeable circumstances, planning of production and credit so

as to assist in its investment.

execution; and regulating credit does not mean fixing a total which Individual enterprises may bid, but draw-

Curres-

are concerned with the pro- V

Socialised Sector volume for

the

allotted a

Britain (like Western Europe generally) has, since the War,

Standing

Aloof

made some smail advance to-

OSBANK keeps

wards the Russian system her Birtations with production

☆

it that her father was pro- erly bartered and neckttid,

Wakefields "DID

ID the

Liya happily ever atter?“ í s.k_t Surn Carmel when be had finished.

"As far as I know," said the postmn. "The next day Jumes moved his diplomas back into the back office. But I don't think Giuseppe ever got the point, b:cause around that time he

his name.

"It stands for Licensed

the brought him to the office Veg-table Dealer,"

the money and export "Pang" and the ONE di, after Arst seting to started puting the LV.D. after Ing up an elaborate "credit balances of the whole of in- monetary steps (which include, OF Britain, similarly, it is no plon" which ultimately Inya duairy. It "elcars" all payments incidentally, a considerable "de- longer sufficient to say that down how much each enter between industrial establish- motion" of the rate of interest) her economic system is one of prize may borrow and even for ments, Credit operations be just indicated. private enterprise and free what purposes."

tween different trusts or

There may well be markets for commodities Inbour, tempered only by ces-

and

fac-

tories are forbidden, and thus The Russian revolutionaries Goshank la in effect a glorified miner movements each that Counting House for the Whole wards the other. But

Was

started with tho idea tain' humanitarian and strategie

bourge is tussian economic system. considerations and a slight in- money.

anachronism, unnecessary in trusion of socialism In such

socialist state in which

Compare this with our

pro-

further

o meet her intended. Gius.ppe, of course, was very much im- pine panelling pressed by the side lo- ind the rray of diplomas, and' unless his eyes filled with tears when and until there is radical ha learned change on one side or the other Rosa, had been fotherless thoat own in the fundamental concepts of of his life. banks government there will remain a

London Express Service)

that James, Short Quirks

spheres as transport and com- duction was planned from the banking practice. Our munications.

top and everybody received the folow no central production or great gulf fixed between their "Who cook-a for Nowadays there is a substan- came Unt socialized sector in produc-

rations. They sought to credit Plan. They grant loans banking and monetary systems. asked, "ya old man?" tion and in services formerly rendered by private under- takings, while there is a much larger element of centralised Fanning of investment, and pro- duction than there used to be. Nevertheless, I is stili true to say that in the main the means

you," hu

They Built A Church To The Glory Of Worstead

vlew to

famo

•

* * !

that

rk

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mensaven as do patata

HONGKONG SOCIETY FOR THE

PROTECTION OF CHILDREN Women's Auxiliary

Appens to the public for arikies for a "JUMBLE SALAS to be held on Thursday, November 3rd, from Eight A.M. to Bix PM, 1 the Public Relations Building. Statue Square, Opposite-the Hongkong Shanghal Bank Building, Des Voeux Road,

Clothing of any size, colour, Summer or Winter, new or worn. will be appreciated. Articles such as shoes, stockings, underwear, hand- bags, toys, arios odds, and ends, etc., are also solicited,

Any litle gift that could be used on a "White Elephant Tabia“, will also be appreciated.

Articles can be delivered to Room 607, Marina Houso, c/o Kal Yue Cheong, on or after October 17th, from 9:30 SEATTLE,—An elderly wo-a.m to 1:00 p.m. and from 2:30 p.m. to 5:00 p.m. If man accosted a Loogucres race this address is not convenient for delivery please call any track cashier after being paid off

for

a wianiag dally double one of the following ladies who will gladly call for anything ticket, "kow you're cheating that you have to offer for the Jumble Sale. me," she stormed, pointing a KOWLOON,

her programme. "It says right

here that the purse is $900."**

N the once prosperous All day long out of Worstead clothes of home manufacture. ly had its fame spread when

HANGAR TRIES FLYING of production are owned by Norfolk village of the wagons made the slow, tor Thus there was great icy in there was a decline in the East Individual persons or groups of Worstead of English cloth lane to Norwich and Ipswich, ed new heights. The coffers of the end, the power loom arrived tuous journey along the dusty Worstead and patriotism reach- Anglican wool trade, and, in

CLOVIS, N, M.-For a change, -ретвопо who conduct thair

operationa with

(we now call it to Londen, and even to York the rich were, bulging with to complete the final chapter of an acroplane hangar weer Clovis left its plane earning profits for themselves "worsted") there is talk of itself with inc cloths

of a wealth; their homes were bo- Worstead and its weaving ia flew away and

sonding on the field. A small and under comparatively slight the need for restoring the texture and colour bonitting tingly, sumptuous, and much dustry.

tornado bore, down on the fold Interference from the State. 14th century Parish Church able folk of that day.

the gay apparel of the fashion- follity prevailed." And it is still trúe to sný

and picked up the hangar. The The descendants of the men light plane normally housed in the framework within

of its which to some measure

Soon the merchants grow · ព production, distribution.

seems fitting," therefore, who made the cloth are mostly dia, hangar way moored down and former glory, even though wealth and built themselves fine that in the closing years of the in the helds and forms of the nearby and escaped serious investment function is not one it was erected in thanks for houses where there was much

county. Worstead is but a name, damage... feasting and entertaining of detailed centrallod plan- successful times, only to be rivers ne dynamo Sovereign there should be some and the only sign of le creat

considerate ning" but ong of overn i

HEAT ON ICE monetary control, the State come a mute memorial to a the Black Death, plaguing the expression of gratitude for the ness is the Parish Church. Even merely attempting to

ham et Into Industrial

trade and wisely this has become drab inside. lessings of ensure faded prosperity."

DENVER. Kenneth Holfert Egainst violent disturbances of

potence, but not for long. The kingship. So the weavers

given emergency trent- promoted to make their church. Yet it contains some of the wat houses weavers: singed

for heat prostration one of the finest in the county anest of fiint and stonework In

unusual except

prices and, therefore, of produc- Only a

handful of

•

to

reign

Im-

recovery

of

then

WOTO

for

ot

around it remain to re- quicker than that of most of the work on it was begun in the world. There is little olso- the other night, tion by regulating the aggregate close -pool of money and credit and mind succeeding generations of their helghbours, and son the 1379, and the Prior of Norwich where to match the workman-things-Holfert was performing leaving it to individuals to com- the former greatness of one of cleah was being turned out ouce sent 13 oaks from his woods for ship of the tower gencofully pete for shares in the pool. the most successful weaving again.

Now let un consider how the hamlets in England. When this

the rooing at-the- Tito merchants were extreme-

con rearing itself to 109 feet above In "Holiday on Ice" a skating respective banking systems 11 Dutch weavers settled there in ly patriolle beings, and no wen- siderable charge of £28 4 4d. the scattered houses of the once show, when he collapsed; wid Into thees rough structural plc-the days of Henry 1, the fame der. Royal decree banned. the

famous hamlet below. Every the temperature outside was

SEL somewhere around a cool: 45. of their cloth soon sprand and import of foreign fabrics.

détall of it is a work of tures.

In Rungin banking is just an Worsted-Worthstede, as it was the export of English woots so For 21 years the weavers, of matched only by the beautiful

tracery work of anclitary service to the Indus thon known-prospered greatly. greatly sought by foreign cam- Worthstede watched the lovely interior trial planning, organisati^n.

At Indeed, between 1203 and 1300, petitors. Edward. III ordained, edince sowly blcom into all its singlo hammer-beam roof of the head of that organisation stede" were presented to and child in Eng and, with the of the west tower setting a seal

(lengths of "pinni de too, that every man,woman architectural beauty, the rising the nave. stends tho supreme Planning Commission which is respon- the King's Justices of Assize, exception of Noyally, must wear to the task in about 1400. Hard-

~J. W. TAYLOR

-no discount.

and

the

י |

THE EASY AFTER 100. ́ /NEWBURYPORT, ⠀⠀ - "Mass.- Celebrating her 192nd bir hday; Mrs Elizabeth Ilutchins remark- ed: "You know, the first hundred Lyears really are the hardest."

Mrs. Leo D'Almada e Castro, 382, Prince Edward: Road,

Telephone No. 20333.. HONGKONG.

Mrs. F. H. Learby, Room 503, Gloucester Hotel, Telephone

No. 20863.

Mrs. F. Buchens, 458, The Pente, Telephone No. 29029.. Mrs. V. Chun, 4, Pa Shan Road, Telephone Nu. 33433. Mrs. C. M. van Vilerden, 20, Condun koad, Telephone No.

34202.

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