To the Editor of the "Nomri-Cuma Darcy News"
Suz—The time has come when discretion can no longer be considered the better part of valour. China this moment may be 2 house on fire in which its inmates Jace entrapped with no way of escape except that of leaping from upstairs, which may also mean death though not certain death. To resist the Japaese would likely be disastrous, but to concede continuously has more Smj—Scanning your listing of the assets of the American Oriental Banke tone fact strikes one very forcefully, and that is, the lack of ready cash.
Is it possible for a bank to operate with little or no cash? Surely not. Any one of the little Chinese concerns carrying on business in pigeon-hole premises under the inspiring title "bank" can disclose several thousands of dollars at hand, yet here we have foreign bank of several years standing, with hardly a dollar (apart from the antiques) in its vaults, Thave no doubt that the liquidator and the auditor know their business, yet in the intereste of the great mess suffering depositors the full light of day should be thrown on this singular coincidence of the cash run-hing out when the bank closes. Let us have a statement from the officials as to how the cash gave out, whether AL was paid out in the normal course of banking business or whether it was all drawn out by people with inside knowledge of impending events, In the event that the latter was the case, Jet us be told whether these people gifted with second sight were ordinary members of the public or whether they were officials of the bank or people related to such officials.
SSiy—With reference to the article which appeared in your taste of June Bin connection with: the Ineitent with Mise Virginia. Cowper, 'T'vish draw your kind attention tothe fet "thai most of the -satements {herein donot correspond. with Ihe fouth lof these, which I a8 fol Miss Cowper came to my shop on Saturday, the &th instant, ak 645" pam, T'was standing benied in colleting, the various Broducts ab directed "by her "when riddenly T'heard a. stick Ast {ured round realized that "Miss Cowper was attacked by the dog be-Tonging to" one of, my empieyess which "was temporarily kept inthe store. Without a moments hesitation ran out and, seising the animal, drew him away Into the back oom where the dog te being Kept chained. during the working hours. from opening closing' hour: the col assuming that the door was locked. from the Inside ab it was closing time and not resting (hat there "might the chain, we, rel anger in the shop let the dog oft
Having enchained the dog 1 rushed fock into the shop, Miss Cowper was upside on the street. T offered her a'flass Of water and suggested disturbed according as the mass psychology favours consumption or saving. "Should the tendency to save Increase this will manifest itself in a reduced demand for commodities and a consequent lowering of their prices. This phenomenon may be corrected through an adjustment of the bank rates of interest as long as the medium of exchange is in a certain controlled ratio to production in general. Saving is production not yet consumed.
Mankind to-day Is confronting more far-reaching issues where bank Yates cannot effect the required remedy. Tt not the saving that has caused the fallin prices, but Governmental operations as an afler-effect of the World-War taxing the available gold-supplies to an extent that has forced the price of gold, compared to of commodities, io a height never experienced before. Since every saving under a gold system Is con vertible into gold, it was but natural under the circumstances that an un~ usual tendency" to save should manifest itself with a proportionate reduced demand for goods. The effects of saving on the fall in prices therefore incidental to the increase fu, the price of fold.
"The reduced demand for goods ave to the increase in the price of gold deprived the enterpriser as well as the distributor of part of the remunera~ Mien which in the ordinary course of events should have established the balance between production and purchasing power. The result was a fall in the prices of goods and a cor~ responding loss of purchasing power. This will be clear from the following example: 10,000 enterprisers caleulat= Ing to collect for themselves and their distributors a" total of 200,000,000 money units (20,000 each) find themselves having to be satisfied with 100,000.00, money units (10,000. each) it they—want to dispose of their goods. Supposing that these seme enterprigers In the ordinary course of business were absorbing the total production among themselves it would not make any difference whether this exchange take place at the rate of 2 to 1 or 1 to 1." The result would anyhow be the some. Production would have been distributed arid all. the enter prissers would have fulfilled their "financial" obligations. Under a Gold System the distribution of goods becomes a somewhat more complicated problem.
Every little transaction in the machinery of distribution has to be effected via gold. Before the total distribution is effected gold is over resent facilitating or hampering the exchange as will suit the interests behind gold.' A hampering of the exchange of commodities and. services manifests igelf in a fall in the prices compared to gold. Some attri this phenomenon to over-produetioi 1 overlook this as no generation has so' far experienced what overprodue~ tion means. The situation in which humanity finds itself to-day is solely due to the vagaries of gold and the interests behind It We revert to our example. Since human lack of foresight has retained Gold in the picture the interests of gold have to be satisfied before the distribution is allowed to be con pleted. The enterprisers will therefore have to look round and mobilize gold or values to the extent of 100, {90,000 money units, all at the discre-Vion of gold-interests, before the enterpriser becomes a qualified consumer. Whether these—100;000,000 money units are found or not, they represent purchasing power irrevocably lost either to the enterpriser oF the bank "financing" him should he tionable during the rush hours, because the car has always been terribly filled up at the terminus whence it runs down or up, long before the Dassengers of intermediate stations them. In consideration of the Lime thus lost, they have to consider themselves as lucky fellows, if they re admitted as expected, and hear none of such disgusting and dooming words uttered from the mouths of conductors. "Pu yao, Pu yao.
'Such public-offending condition—1 term it—prevails especially in the Eastern "district,—and demands amelioration long' ago.
On this very day, it seems to begin to be adjusted. Every car carries less and more comfortable passengers who can breathe Neverthless, it is regrettable to say
expense of those who are. disap pointedly refused" to be admitted. that this improvement is done at the To-day the passengers of intermediate stations are deprived of their right to purchase the service of public transportation, which they have the privilege to purchase. Before they can ascend a car, they have to walt for a certain period which is sumtcient for them to walk to their destination, I the distance is only a mile or two, As I learned from the employees of the company, the frequency of running is not at all Increased, Then, fever since, the passengers of intermediate stations are no more given any chance to ride in the trams uring the rush hours. for they have not much time to lose, Means of communication is a public utility, and not a simple profit-making enterprise. If the company has not enough cars to run, then buy more. Just spare a little effort to satisfy the passengers, who are, remember, their clientele' and sole' distributors the pocket of the shareholders of the company.
Text read from the printed page and cleaned; old type leaves the occasional error.