25 JULY 1925

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It cannot be too often repeated that public economy; remains

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the chief way of w ell :all . our difficulties,; Of curing unemployment' w as ell as of securing our national - safety—since one of the most iMportant means of defence: is the...

Of course the decision of the Cabinet will be called

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a compromise and even a new form of economy. It will be said that what is to be spent on cruisers—" vital to our safety be saved on scrapping superfluous dockyards and in other...

• Unless rumour is wrong the Admiralty has successfully insisted

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on its minimum programme of seven cruisers in the next two years. The case " on paper " for the Admiralty can, of course, be made to look overwhelming: Such :cases always can....

NEWS OF THE WEEK VATIONAL economy has once more become

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by far 1-- 1 the most -iirgent problem' of our home politics. We• put it in this- way, meaning only that the' public mind has -again become alarmed by the unnecessary...

7 "EDITORIAL AND PUBLISHING, OFFICES : -13 York Street, .Covent

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Garden, London, W.C.2.—A Subscription to the " Spectator . " cogt.s . Thirty Shillings per.annum, including postage, to any part of the inorld.. - The Postage on this issue is :...

THE CIRCULATION 'OF "SPECTATOR."

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It is unusual for a weekly paper to publish its net sales— the number of copies actually paid for—at what is recognized to be one of the slack seasons of the year ; but we have...

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We do not imagine for a moment that this dazzling

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leader, although he has all the prestige of his meteoric' career and inspires devoted service among the tribesmen, really supposes that he can prevail against the might . of...

For the rest Germany abides by her promise to regard

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the Eastern frontiers of France as inviolable, but wants to be assured that if there were disputes about the other frontiers her interests would be in the keeping of the League...

The Government have taken the right step in deciding, that

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there. must be a proper judicial inquiry into the encounter between the police and the students at Shanghai on May 31st, when several students were killed. In a valuable letter...

France continues to be very anxious about Morocco, where, as

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M. Painleve has pointed out, she is conducting " a real war." On Tuesday, General Naulin, the new Commander-in-Chief in the field (though Marshal Lyautey remains nominally...

Now suppose that he approaches the problem from the other

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end. He begins by saying " I have such and such an amount to spend. I must apportion that sum, and not a penny more, under the various headings of my expenditure." He dismisses...

The German reply to the French Note on the proposed

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Security Pact has been received in Paris. It is friendly and reasonable in tone and though it raises various difficulties it makes it distinctly easy for regular negotia- tions...

When we come to examine Germany's difficulties we have to

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admit that there is a good deal in them. She points out that under Article XVI. of the Covenant she might become involved in the wars of other nations. This is a serious matter...

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We have before us a manifesto circulated by Nankai "University

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on what are called " the recent massacres of Chinese citizens by British and Japanese police in Shanghai." The authorities of the University assume British and Japanese guilt....

The Dayton trial ended on Tuesday, when Mr. Scopes, who

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was charged with teaching evolution in a State- . supported school, was found guilty and fined 100 dollars. Leave to appeal was given. We publish elsewhere an article on the...

Improvement can be brought about by continual suggestion, by teaching

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in the schools, by advertisement, by Press campaigns and by the formation of societies for spreading particular ideas. If it is to come quickly, however, it must be made easy....

Ken Wood has been saved for London, and last Saturday

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the King' performed what was evidently to him the• very pleasant task of making the public free of this magnificent addition to its open spaces. A striking passage in the King's...

The final split, if there should be one in the

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mining dispute, will be due to the foolish insistence upon a punctilio. The miners insist that the owners should withdraw their proposals before they consent to meet them for...

On Friday, July 17th, in the House of Commons, the

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Summer Time Bill after many vicissitudes passed its third reading without a division. The opposition to the principle of summer time did not relax, but the mal- contents were...

We publish this week a letter from one of our

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American readers, Mr. Gabriel Wells, who most generously offers a prize of £100 for the best plan for the cure of un- employment. Mr. Wells has accepted our condition that the...

Last week we had good news of Mr. Baldwin's "

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one bright spot in industry." That is the sugar beet growing and refining processes which we are developing in this country, an industry which is really promising well. Five...

Bank Rate, 5 per cent., changed from 4 per cent.

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on March 5th, 1925. War Loan (5 per cent.) was on Thursday 1001 ; on Thursday week 100* ; a year ago 101*. Funding Loan (4 per cent.) was on Thursday 88/ ; on Thursday week 881...

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TOPICS OF THE DAY

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NAVAL DEFENCE, PEACE AND ECONOMY D URING the past week the problem of Naval expen- diture—the question whether we are to have a new ship-building programme and more cruisers at...

A year's subscription to the SPECTATOR, costing only 30s., makes

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an ideal present for an absent friend. For this sum the paper will be forwarded to any address in the world. Apply Manager, the SPECTATOR, 13 York Street, Covent Garden, London....

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THE CAUSATION OF CANCER

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T HERE seems no room for the most cautious to 1 • doubt that a minute parasite has been well and truly found, which, under certain conditions of super- lative importance, may...

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PUBLICITY AND LICENCE

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T HERE is no doubt that public opinion has become agitated by the series of causes celebres which have recently passed through the Law Courts and, what is more, through the...

THE WEEK IN PARLIAMENT

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BY NEW MEMBER. A T the time of writing the cruiser controversy is in full swing, although when these words appear in print, the matter will almost certainly have been resolved...

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THE TYRANNY OF TRAFFIC---II

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BY ST. JOIIN ERVINE. N O one will deny that serious attempts are being made all over this country to solve the problem of traffic. There is a fever of road-making about...

THE SPECTATOR.

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Before going on their holidays readers are advised to place no order for the SPECTATOR. The journal will be forwarded to any address at the following rates :- One Month • • • •...

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HOSPITAL WORK AND MEDICAL EDUCATION BY THE DEAN OF THE

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MIDDLESEX HOSPITAL MEDICAL SCHOOL. [Our readers will be interested in a matter of British Medical History. They have heard of the present straits of the Middle- Sex Hospital,...

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THE BISHOPS' PROBLEM

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BY THE BISIIOP OF NORWICH. A T the last meeting of the House of Laity a resolution was passed to the effect that " While this House • believes that the great majority of the...

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THE MEANING OF THE DAYTON TRIAL.

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BY ARTHUR W. PAGE, EDITOR OF THE World's Work OF AMERICA. T IE trial of Mr. Scopes at Dayton, Tennessee, for teaching evolution contrary to a statute of that State has its...

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A HOMERIC DEFENCE

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[The writer of the reminiscence below was moved to send it to us by reading the true story, called " Does my Sister live here still ? : an Echo of the '45," published in the...

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SOME AUSTRALIAN BIRDS.—II

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T HE laughing-jackass, though less frequently seen than of yore, is distributed over the greater part of Australia. His squat, dumpy figure is now familiar to most people in the...

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'MUSIC

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A WELCOME RETURN ELEVEN years, eleven hard tragic years which dissipated, memory, have passed since Miss Kitty- Cheatham sang negro melodies to us and charmed London by her...

CORRESPONDENCE

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UNEMPLOYMENT INSURANCE [To the Editor of the SPECTATOR.] Sm,—When the problem of post-War unemployment was first discussed it was understood that the Coalition Government was...

LETTERS TO THE EDITOR

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£100 FOR AN ESSAY ON UNEMPLOYMENT [To the Editor of the SPECTATOR.] have been deeply impressed during my stay in England with the steady growth of unemployment, and the danger...

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THE CHARITY ORGANIZATION SOCIETY AND POOR: LAW REFORM

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[To the Editor of the SPECTATOR.] Sin,—The Minister of Health is shortly to promulgate a scheme for a new Poor Law. It is therefore important that as many people as possible...

[To the Editor of the SPECTATOR.]

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SIR,—I am obliged to you for helping forward Professor Scott's proposed experiment in Homecrofting. I am not yet convinced that in our climate it can do all that is hoped from...

HOMECROFTING

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[To the Editor of the SPECTATOR.] SIR,—We are much interested in Professor Scott's plan. We deplore the necessity for putting it on a capitalist, interest- bearing basis, but...

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[To the Editor of the SPECTATOR.] SIRS I am delighted

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to read that Prof. Scott is starting a " Homecroft Settlement," and I congratulate the Spectator on supporting his policy. I hope that the capital will be forthcoming. Under...

[To the Editor of the SPECTATOR.] have much pleasure in

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enclosing cheque for £50 as a free gift towards Professor Scott's Homecrofting Fund. With all good wishes for the success of his most interesting experiment.—I am, Sir, &c.,...

LONDON SQUARE GARDENS [To the Editor of the SPECTATOR.]

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SIR,—An American lady, writing to you some years ago, said that of all the wonderful impressions of London that she had carried back with her to the United States, she thought...

[To the Editor of- the SPECTATOR.] Sin,—The article and a

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letter in the Spectator of July 4th appeal to the sympathy of its readers upon the vital subject of Child Welfare which rarely fails to receive ready response ; but the question...

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THE HIGH COST OF BABIES

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[To the Editor of the SPECTATOR.] Sm,—Mrs. Davies rightly considers that a baby's advent into this troublesome world should receive more specializedl attention than it did...

MEDICAL TREATMENT FOR THE MIDDLE CLASSES

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[To the Editor of the SPECTATOR.] Sm,—Some time ago I had to undergo an operation of a rather serious character. A Harley Street doctor offered to do it for one hundred guineas...

[To the Editor of the SPECTATOR.]

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Sm,—I was very much interested in the Rev. H. G. Latham's letter on this subject. I have little doubt that the scheme he outlines is practical and, if sufficiently explained to...

[To the Editor of the SPECTATOR.] Sm,—My attention has been

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drawn to the letter of the Rev. H. G. D. Latham in your issue of June 27th on the subject of medical treatment—or perhaps it would be more correct to say hospital treatment—for...

THE DRINK QUESTION

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[To the Editor of the SPECTATOR.] Srn,—Mr. St. Loe Strachey, in his admirable article on the Drink Question in your issue of June 27th, arrives at the con-, elusion that, while...

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HUMANE SLAUGHTER OF ANIMALS

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[To the Editor of the SPECTATOR.] SIR,—I was very glad indeed to see (in your paper of June 27th) the excellent article on " The Slaughter of Animals." May I suggest that all...

[To the Editor of the SPECTATOR.] Sin,—Having some shares in

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the Union Cold Storage Company, I sent to one of the directors your article on the slaughter of animals. He replied that he had already read it with interest, and that I can...

THE FEVERISH REDEMPTION OF DEBT

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[To the Editor of the SPECTATOR.] SIR,—One turns hopefully to any well-thought-out scheme whose object is to reduce the crushing burden of taxation, and I have read with great...

THE APPEAL TO BRITAIN FROM AMERICAN PROHIBITIONISTS

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[To the Editor of the SPECTATOR.] 'SIR,—The extraordinary misstatements contained in the letter to the Spectator of June 20 from the " Citizens' Com- mittee of One Thousand,"...

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THE RATING AND VALUATION BILL

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[To the Editor of the SPECTATOR.] SIR, I have just read the letter from your correspondent on the Rating and Valuation Bill, and I think that in justice to the authors of this...

"TREASURE ISLAND "

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[To the Editor of the SPECTATOR.] SIR, —On a recent visit to Wembley I with many others enjoyed the spectacle of, happy children playing among the delights of " Treasure...

A MEMORY OF MY CHILDHOOD NINETY YEARS AGO. OUR NEGRO

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SERVANT [To the Editor of the SPECTATOR.] SIR,—I suppose there are not many people now living who can remember the days when a negro servant was a not uncommon feature of an...

THE INDIAN POLITICAL SITUATION

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[To the Editor of the SPECTATOR.] SIR, —With dramatic and awful suddenness death has called the tribune of Bengal. It was common knowledge that Mr. C. R. Das was in feeble...

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WHAT ENGLAND CAN LEARN FROM AMERICA

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[To the Editor of the SPECTATOR.] SIR,—What Mr. Angell says at the close of his most interesting article in the Spectator of June 27th is only too true. I think it is little...

GEORGE FOX AND CONTEMPORARY HISTORY

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[To the Editor of the SPECTATOR.] Sin,—I should be grateful if you would allow me to comment on an amazing statement made by Professor J. W. Graham in his interesting letter...

THE ROYAL SCOTS

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[To the Editor of the SPECTATOR.] . SIR,—The Association of Lowland Scots, of which I am Chs.ir. man, is in •course of publishing a History of the 17 Battalions of the Royal...

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POETRY

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. THE PATH So sweet to walk Doves in the trees The print of Spring, Flings a hot scent And lip to lip Now rapture dies So still they 'could hear And on the heart . And they...

A HA HA [To the Editor of the SPECTATOR.] .

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should be very grateful if either you or any of yours readers could give me some information concerning " a ha-ha " or ha-ha fence so beloved by A. Trollope and other Victorian'...

HORNETS [To the Editor of the SPECTATOR.] Stn,—My education having

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been neglected, I do not know the difference between a wasp and a hornet, except that the latter is reputed to be more virulent. In my country garden here, on the edge of...

MR. ZANGWILL'S PLAY " WE MODERNS [To the Editor of

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the SPECTATOR.] Sin,—Your critic, " R.J.," reviewing my comedy We Moderns at the . New Theatre, says that he cannot find the parents 1 more charming morally than their children....

LICENSED VICE IN SINGAPORE [To the Editor of the SPECTATOR.]

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SIR,—Mr. E. M. Tozer qualifies as a " gross exaggeration 54 the statement " that venereal disease is rampant in the 'Colony among natives and Europeans." The report of the...

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e $ap e cta tor

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FINANCIAL SUPPLEMENT 13ANKING AND INSURANCE No. 5065.] WEEK ENDING SATURDAY, JULY 25, 1925. [GRATIS.

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'BANKERS AND THE COMING TRADE REVIVAL BY ARTHUR W. KIDDY.

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I. THE PERIOD OF DEPRESSION. AT a moment when trade depression is the outstanding feature of the situation, when the total number of the unemployed is steadily rising, and when...

Z E *pertain.

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BANKING AND INSURANCE SUPPLEMENT. LONDON: JULY 25th, 1925.

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NINE men out of ten, if asked how they would

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set about gauging the strength of a bank, would say " From its balance sheet." The tenth man would be wiser. He, too, would require to look closely into the balance sheet, but...

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BANKING LITERATURE AND THE BANKER OF THE FUTURE

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EVIDENCE of the manner in which banking activities and banking _interests - have extended during the past half-century abounds. I doubt, however, if more striking proof of the...

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LIFE ASSURANCE

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WHICH IS THE BEST INVESTMENT ? THE WITH PROFIT POLICY OR THE NON PROFIT POLICY ? THERE are many good arguments to be used for both classes of policy, and to a certain extent...

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ACCIDENT AND SICKNESS INSURANCE

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BY SCRITTATOR. THE stupendous growth during the last decade of the insurance companies, as disclosed by the annual accounts published, are a sure indication of the increasing...

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MARINE INSURANCE PROBLEMS

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[Although we are glad to publish this article we keep an open land on the views expressed by our contributor.—En. Spectator.] - Tula important branch of Insurance business is at...

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London Printed by W. SPEAIGUT AND SONS, LTD., 98 and

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99 Fetter Lane, E.C. 4, and Published by THE SPECTATOR, LTD., a: their Offices, No. 13 York Street, Covent Garden, London, W.C. 2. Saturday, July 25th, 1925.

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A BOOK OF THE MOMENT

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- TOM MOORE AND HIS DIARY LCOPYRIGHT IN THE UNITED STATES OF AMERICA BY THE New York Times.] Twig is a satisfactory book. The selections are excellent and representative—a...

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THIS WEEK'S BOOKS

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THE Cuala Press have sent us a copy of their latest book The Bounty of Sweden : A Meditation and a Lecture, delivered by W. B. Yeats. Mr. Yeats seems to have turned his mind to...

The Oxford University Press has published together in one volume

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The Writers of Greece, by Professor Gilbert Norwood, and The Writers of Rome, by Mr. J. Wight bUff. Both books are valuable and both are vivacious ; neither writer comes to his...

* * * *

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Mr. James Lloyd, who writes hiS autobiography in My Circus Life (Noel Douglas), has been one of the greatest of itinerants. He was circus proprietor when the circus was still an...

Dr. Cyril Burt publishes an important and well documented work

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upon The Young Delinquent (University of London Pim).

REPORT ON THE SEVENTH COMPETITION

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• The Editor has offered a prize of £5 for an Outline of History in not more than 100 words of prose. IT was plain from the first that we had set a most difficult competition....

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THE ANTHOLOGIST'S LABOUR

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ANTHOLOGIES make uneasy reading ; the conscience is troubled constantly by the thought of the labour to which the editor has gone. so that we can have the undeserved pleasure of...

RELIGIONS OF THE EMPIRE

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Religions of the Empire : A Conference on Some Living Religions Within the Empire. Held at the Imperial Institute, London, September 22nd to October 3rd, 1924, under the...

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PROFESSORS OF TROUT FISHING

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Diverse Ways to Tackle Trout. By Eric Taverner. (Chatto. 58.) A Fellowship of Anglers. By Horace G. Hutehin.son. (Long- mans. 10s. 6d.) IT is just a question at what point a...

A SCOTSMAN'S EXPENSES

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MOST of the papers reprinted in this book have appeared in the Scotsman. They are well worth permanent form, and with " end paper maps " and sixteen charming illustrations make...

SUCCESS THROUGH DRESS

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Success Through Dress. By the Hon. Mrs. C. W. Forester. (Duckworth. 5s. net.) MRS. FORESTER'S book on Dress, though containing many excellent hints, will be more useful to women...

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PROFESSOR Scow has written a very lucid exposition of Kant's

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" Grimdlegung " in the book before us. The method that he has adopted is to take the text section by section, para- phrasing it in the clearest language, and to follow up each...

THERE have been few reputations which have grown so steadily

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with the passing of time as that of the author of these letters. In the ten years that preceded his appointment as Prime Minister he was regarded by great numbers of his...

CURRENT LITERATURE

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TRANSLATIONS FROM HEINE. By Monica Peveril Turnbull. (A. L. Humphreks. No pride.) SOME- twenty years ago a little book called .4 Short Day's Work was published, following the...

TRADE UNIONS : Their Past, Present and Future. By W.

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A. Appleton, C.B.E. (P. Allan and Co. 3s. 6d. net.) THOSE who are responsible for this useful series of books on social questions could have found no better or more respected...

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FICTION

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COURTLINESS AND DELICACY The Tale' of Genji by the Lady Murasaki. Translated by Arthur Waley. (Allen and Unwin. 10s. 6d. net.) THERE was once in Japan a Prime...

SIR ALEXANDER KATE BUTTERWORTH, Chairman of the Com- mittee - of

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the City of London Hospital for Diseases of the Heart and Lungs, and Lady Butterworth, send us a full and illustrated record of their Hospital, which has served so long and so...

That Fool of a Woman. By Millicent Sutherland. (Put-. nam.

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7s. 6d. net.)—It must be confessed that no more un- pleasant revelation of the neurotic and restless mind of a modern woman-could be found than in the picture of Chloe,- the...

OTHER NOVELS

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May Fair. By Michael Arlen. (Collins. 7s. (id. net.)—' After the little review of this volume thoughtfully provided' by the - author on the title-page, there remains little to...

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Masterful Wilhelmine. By Julius Stinde. Presented by E. V. Lucas.

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(Methuen. 7s. 6d. net.)—Mr. E. V. Lucas has made a most charming and convincing story out of four Victorian German novels, the earliest of which in its English translation was...

The Splendid Lover. By Philippa Preston. (Fisher Unwin. 7s. 6d.

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net.)—The Mexican brigand Zapata is surely a lineal descendant of Captain Macheath, and the reader will reproach the heroine in the words of Mrs. Peachum : " Could you not have...

FINANCE -PUBLIC AND PRIVATE

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BANKERS AND THE COMING TRADE REVIVAL II.* BY ARTHUR W. KIDDY. THERE is one aspect of the present industrial crisis which it may be well to keep carefully in mind. Both as...

Swift Adventure. By Jane Cardinal. (George Allen and Unwin. 7s.

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6d. net.)—The reader will believe from the first pages of Swift Adventure that he is about to embark on a long industrial novel. He will be wrong. After the temporary, though...

Children of the Night. By W. B. Maxwell. (Thornton Butterworth.

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7s. 6d. net.)—Mr. Maxwell's collection of short stories is like bifteck saignant—excellent food for the strong stomached, but nauseatmg to the fastidious appetite. Two stories...

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FINANCIAL NOTES

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IMPROVED MONETARY OUTLOOK. ' There is no feature of the financial situation which is more striking than the great change which has come over the monetary situation. Earlier in...

SPECULATIVE Ac - i.

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A week ago I referred to the tendency on the part of the public to extend their activities to speculative descriptions and during the past week the feature has been the revival...

* * * * BANK RATE CONJECTURES.

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Indeed, but kir the period of the year, such a movement would seem to be probable, and if gold should continue to pour into the country I should not like to say that a decline...