INDIA IS KEPT
POOR BY GOLD
Billions of Dollars* Worth
Secretly Hoarded or Used
for Ornaments.
Washington.—Five billion dollars'
worth of gold and silver treasure is
sequestered in India in temple decora
tions, jeweled ornaments and bars of
bullion,
anklets,
"eagles'* with which millions of wom
en array themselves, according to a
new study of the legendary "wealth of
the Indies" submitted to the United
States Department of Commerce.
"Frozen wealth," the government
economists call this treasure, for it is
disi' outer! and used in such forms
that it yields not a penny of return to
its owners nor a dollar of credit to
carry on the world's commerce.
» t h a lofty indiffr rence to interna
tional money markets and the needs
of trade, India sprinkles gold dust
over the food served at extravagant
banquets. Immense quantities of gold
and silver are used to array brides
for their marriage ceremonies. an<> in
a multitude of other forms of decora
tion.
im
together with the bangles,
necklaces and American
id is believed, moreover, to tn.ve
occult power of healing 'lie sick.
"It Is a popular remedy in the native
pharmacopoeia," says ti.e government
edlclnes containing gold
an
studv. "and
is iavoied for many diseases."
a
The World's Gold Supply.
All tills has more than a picturesque
It Involves the problem of
altering the distribution of the world's
gold supply—a problem that took on
new Importance whçn executives of
the British, French and German Cen
tral hanks and the American Federal
Reserve system recently foregathered
Interest.
in New York and Washington,
with the adjustment of Federal Re
sene rediscount rates below the Eu
ropean level.
A« the world recovered from the
financial chaos of the war most na
tions have struggled back to. or to
ward, a gold standard for their cur
rencies. To establish and maintain
such standards they must have gold
reserves. The currents of interna
tional trade and oilier influences have
brought to America's coffers about
half of I he world's monetary stock of
cold. But In the last quarter of a
century India has been quietly absorb
ing immense quantities of the yellow
metal. With a store now estimated
at about .k2.5U0.000.00ft. she draws to
herself n large part of the new gold
produced from year to year.
Meanwhile, the world's gold produc
tion has declined sharply from the
maximum for this century, reached
between 3010 and 1015. Although
there has been a recovery In part
since 1022. this increase has been viti
ated. so far as monetary gold for the
world is concerned, by the increase of
Indian absorption.
and
was
of
one
the
de
to
he
Proposed Remedies.
It. an attempt to halt or at least
retard this accumulation, far-reaching
changes ar? projected in the Indian
financial system. Adoption of a gold
bullion basis for India's currency; re
placement of silver rupees in circula
tion by gold notes; establishment of
a strong central bank; and extension
of savings bf nk facilities are now pro
l* sed. All are designed largely to
wean the Indian population away
from the habit of hoarding gold and
silver pieces and bullion bars. If
that is ever accomplished, India's five j
billions and more of gold and silver In
time will cease to be merely so much
"frozen wealth."
What disturbs bankers and écono
mies is not the size of India's store of
told, great as it Is, so much as the
way It is treated. The United States
has more gold, our holdings being ap
proximately $4,600,000,000. But this
Is working in an effective way. It
serves as the foundation for the vast
superstructure of credit employed at
home and lately extended, with un
precedented swiftness, to the rest of
(he world.
Great Wealth Unused.
India's gold Is idle. There Is lack
ing even a pretense of making it add
anything to the productive forces or
the comfort of India's 300,000.000 peo
ple or their fellow-beings in other j
lands.
The exhaustive report submitted to
Washington was prepared by Don C.
Bliss, Jr., assistant trade commission
er at Bombay, under the prosaic title
"The Bombay Bullion' Market." Mr
Bliss says on thjs point:
Vast reserves have been accumu
lated in the course of many years—
reserves estimated ns amounting to
• $5,000,000.000 (Mr. Bliss here in
• iude? a $2,500.000 000 approxima
tion of silver holdings)—but they
have been jealously hoarded in the
form of unproductive precious metals
"Put to productive uses, or loaned
out in the world's money markets
they vonld suffice to make India one
of *he oowerful nations of the world
"The traditional 'wealth of the In
dies' is there, but in such a form thin
It yields nothing to Its possessors In
the way of improved star dards of llv
ing or the power to eommLnd t\e sorv
Ices of others.''
<1
Why Gold Is Hoaraed.
The wealth is scattered among mil
lions of unorganized holders, and ?veii
the -Over coins which constitute th*
mete Ok eunencj are snatched inti
privi.*e hoard? the ryots ot peji?
anf f Armera. This problem <*f tio»rd
ing. Bliss' report shows, is at the roo;
nllght Af millions o)
these farmers. Hereditary custom, so
cial organization, seasonal harvests
and the still primitive financial sys
tem all influence them to assemble
any wealth they have In a readily
portable form and often to hide it.
In old days of tyranny and oppres
sion, manifest prosperity was an in
vitation to be stripped of one's pos
sessions. Hostile invasions also forced
««s i» «mouron minnnHnns rxf nonniP
great southward migrations of P®°P le
who, to save their wealth, had to col
tect it in a highjy concentrated foirn.
These conditions have left their Influ
ence to this very day.
Other Causes of Saving. .|
The. Hindu family, moreover, ordi
narily holds all real property and
The in
household goods in common,
dividual wishing to save for his own
use can segregate his savings only In
the form* of gold and silver. Millions
(fT the native population, too, have an'
access to banks. In time of stress they
must draw on accumulated reserves
or resort to the money lender—at. 75
per cent interest.
"Consequently," Mr. Bliss writes,
"there is a strong tendency in times
of prosperity to purchase small quan
tities of silver and gold in the form
serve a«ainst want
Millions of people, particular^ in
ever; this Is evidenced by the neces
sity for famine relief measures in
many sections as soon as there Is a
of coins, bullion or ornaments as a re
•*
south India and east India, ne^er
have a sufficient margin to do even
this, as they have no savings what
prop failure.
Life in French Legion
Called "Year in Hell
London.—All the glamor of being a
member of the French Foreign legion
evaporates as soon as the recruit
reache? North Africa, according to
Frank Waterhouse, an Englishman
who deserted from the legion and es
caped back to England.
His life in the legion he described
The -pay," he
as "a year in hell,
to a over a
shilling a month. The heat was terrific
the food far from appetizing,
though, to bé fair, I must say there
plenty of it.
Waterhouse said that at one stage
hi? career in the legion he was
quartered with 18 fcaen, only two of
whom spoke the same language.
"Probably the thing that struck me
most," he said, "was the number of
men I met in the legion who had at
time held influential positions In
world. One of the men, a Prince
Georges, said that at one time he
was a ruler of Georgia and a courier
the late czar. He said that he had
been worth nearly $75,000,000 before
had been driven out of Russia by
Bolsheviks."
>» •
Waterhouse joined .the legion fo!
lowing the loss of $2,500 on the gam
hiing tables at Monte Carlo. This, he
said, left him penniless, and he joined
the legion as the only other alterna
live to starving. About a year after
entering the legion Waterhouse won
some money at cards, borrowed some
additional franc?, and used the total
bribe a native to hide him in a
cart which took him to Beni Rusa.
From there he managed to get to
Alexandria where he worked his pas
sage on a steamer to London.
to the patents office here,
ian, respectively, are re?ponsible for
these creations, and, according to an
official, never before have so many
patents been applied for.
Another German idea, it is claimed,
will prevent or remove wrinkles
packers at the side of the mouth and
nose, while other applications include:
A toy bomb, provided with an ex
plosive charge and fuse, for discharg
ing paper streamer?.
Mechanical violin.
Translucent cinematograph projec
Invent Marine to Take
Gold From Ocean Water
London.—A flying machine with
flapping gas-filled wings and a process
for extracting gold from sea water
are two of the inventions submitted
Two Germans and a Czechoslovak
Lion screen.
Device for discerning defective
patches in furs.
Telescopic umbrella for use while
wheeling a perambulator.
Means whereby un umbrella can
held in a bag or music case.
A method of pasteurizing beer.
.A swimming appliance, consisting
blades or plates attached to the hand
and forearm.
i
XXXXXX)OOOOOCX>DCOOOOCOOOOO
One Firm to Build
1,200 Flying Machine*
New York.—One airplane man
ufacturer will build 1,200 flying
machines next year, which is
more than the entir aircrafi
industry produced In 1926, ac
edrding to William P. Mac
Cracken, Jr., assistant secretary
of commerce for aeronautics
who spoke jat a dinner given
here for Sir Philip A. 6. D. Sas
-oon, under-sècretary for air o w
Great Britain.
Rapid progress in aviation
lue to the great increase In
orivate ownership of airplanes
was Indicated by Mr. MacCrack
jxx and by Grover Loenlng, de
signer of amphibian aircrar
who made a plea for the appli
cation of the methods of volum
production to the building o>
drplanes. Sir Philip will prob
ably be the first man to possess
me of the new Ford autoim
ihiles. he revealed at the dinne*
OCOOCKDOOOOOOOOOOOOOOCXXXXX
- I
^Livestock.
^Situation.
■4
y
. "Time is a cruel ringmaster m the,
circus of life but it does not seem in
msn y cases to have affected the i
po |j cy 0 f livestock producers in using
^ same business acumen in their [
distribution and marketing as they do j
in production. • I
if a producer will confine himself to
the production of a better quality j
commodity, the demand will be stimu
lated all along the line and he will
prosper by concentrating upon this
effort, provided he allows the
marketing of his product to pass
through recognized channels which
provide all of the necessary machJ
inery for the carrying out of a well
balanced distribution.
T
one
There is an illustration of this in
the effort being made this season to
contract cattle for future delivery at
I predicted strong and higher cattle
j price levels, at least for the next few {
| mont hs- Those who have closely re- !
i corded the pulse of the market over a j
period of many years state that they
do not anticipate the peak of prices
will be reached within two or three 1
years and after the peak is reached, j
the downward swing should be
J complished in a normal manner,
I It is advisable .that the cattle pro-j
ducers when contracting cattle ahead, i
with such a market as is now being [
experienced, should consider whether •
or not they would have the same op- ;
portunity to contract if the swing of !
the market were icversed and the
trend were downward.
Producers cannot view the distribu
tion and marketing of their livestock
for only one year. If they did many
single years would represent disaster
for the industry while many other
single years might bring unheard-of
prosperity. A long period of time
prices based upon present market
levels. Well-posted observers have
ac
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SILK AND RAYON
COMBINATIONS
$1.19 to $4.95
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BRASSIERES
PANTIES
49c to $3.98
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Infams Sets
$2.49 to $4.98
Gloves
98c to $1.98^
Handkerchiefs
98c to $1.98
Perfumes
29c to $1.98
Silk Hose
98c to $2.49
Corsages
49c to 98c
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Booties
25c to 98c
Slippers
69c to $3.49
Sweaters
$1.19 to $7.90
Pumps
$2.98 to $6.95
Stationary
23c to $1.98 *
Galoshes
$1.98 to $4.49
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Fancy Gifts
49c to 98c
Stuffed Toys
Infants Dress
98c • •
Leather Bag?
98c to $4.45
Infants Toys
49c to 98c
Heavy Coats
$6.45
49c
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Briiadcloth Shirts
$1.00 to $4.95
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Scarts and Handkerchiefs
10c to $3.98
Men's and Boys' Pajamas
$1.49 to $4.95
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McCracken
STORES
r:.'* 4 •
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Seals at
Ribbon, Boxes
9
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must be Uten into aeeount o alloj
the law ol averages to function and,
many years the market has been
weak with a lower tendency and pro
ducers were not troubled to any great
extent by offers to contract their
cattle ahead, this being good biftiness
[from the buyer's standpoint. The posi
tion of the purchaser of cattle who
Ms able to deal at present 'market
prices for future delivery would seem
to be a most happy one but the pro
ducer's position in a transaction of
this kind is not so good,
Close observers with the best ob
tainable information feel that the
ca ttle market is in a strong position
with the likelihood of at least main
tabling its present position for some
time to come. If the market were
I
Our Best Wishes--
mam
slur*
f
SjHSÙnà!
fleeting«
0
8 Of course there are lots of holidays
, But Christmas is the best
We hope you have a merry one
And with good things are blest
(0 &A) m
.
jfLU-U
WAITE=PARKIN CO.
SURETY BONDS, INSURANCE, AND REAL ESTATE
311-313 Commercial National Bunk Building
Phone 63-J
weak and the feeling of the general
situation pessimistic,, caused by un
healthy conditions throughout the
country, or some other good reason
for a weakening market there might
t some argument in favor of con
tracting cattle for future delivery.
Tlie »nestft situation in the rattle
market seems to bring little doubt to
those who have made a careful survey
of the situation that contracting
ahead for future delivery on the part
of the producer is not well founded,
is uneconomical and very likely to re
turn less for the product than would
be received upon the onen market in
the next few months, when supplies
which are now being contracted are
ready to move. ' ' • •
Miles City will ship nearly 1,000,
000 bushels -wheat this year.
Federal-aid road funds for Mon
tana for 1028 will reach $1,500,000.
Opheim—Mountain States Telephone
and Telegraph company will open ex
change here. _
IF SKIN BREAKS
OUT AND ITCHES
APPLY SULPHUR
Just the moment you apply Mentho
Sulphur to an itching, burning ot
broken out skin, the itching stops and
healing begins, says a noted skin spe
cialist. This sulphur preparation, made
into a pleasant cold cream,' gives such
a quick relief, even to fury eczema*
that nothing has ever been found to
take its placr.
Because of its germ-destroying prop
erties, it quickly subdues the itching
éools the irritation and heals (he eczema
right up. leaving 2 clear, smooth skin
in place of ugly eruptions, rash, pim
pies or roughness.
You d* net have t5 wait tor improve*
it quickly shows. You can get
a little jar of Rcvvles Menthe -Sulobrn
at any drug store
ment