27 OCTOBER 1928

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We know perfectly well that conscript nations hold a peculiar

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and very strong doctrine on the subject of con- scription, but if we have to yield to this we should greatly prefer to do so after the most careful consideration of the subject...

News of the Week

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T HE full publication of the papers bearing on the Anglo-French compromise reveals no new fact. The proposed compromise was precisely what the irregular disclosures described it...

The only point upon which we are still insufficiently informed

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is the question of the military reserves. At first sight it seems that the British offer to meet - the French dethand that the reserves should not be calculated in estimates of...

EDITORIAL AND PUBLISHING OFFICES : 13 York Street, Covent Garden,

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London, W.C. 2.—A Subscription to the SPECTATOR costs Thirty Shillings per annum, including postage, to any part of the world. The SPECTATOR is registered as a Newspaper. The...

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The French Socialists are persistently trying to press some a

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charge of clericalism against M. Poincare, but apparently without much success. It must be admitted that , in one matter M. Poincare has technically put himself in the wrong,...

Having thus rebuked the Right M. Stalin had an almost

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equally severe rebuke for the Left. The Left, he said, was becoming desperate because it over-estimated the danger of Capitalism. It believed that if a victorious revolution in...

M. Briand and M. Sarraut, who are consistent anti- clericals,

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aro quite prepared to defend the clauses. The Socialists and Cartellists generally are demanding that the clauses shall be separated from the Budget, where they have no right to...

The Socialists, however, could not have been expected to resist

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such an opportunity as M. Poincare gave them when he included benefits to the Church in his Budget. He made the mistake of not consulting the Cabinet. He provides for the...

The Moscow correspondent of the Daily News reports a remarkable

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speech by M. Stalin, President of the Political Bureau of the Communist International. As the correspondent , says, M. Stalin has brought his fight against the Right into the...

Politically, that method of responsibility is surely preferable to the

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method which allows Jingoes to shout other people into war though they have not the slightest intention of risking their own skins. Partly for such reasons we used strongly to...

He explained that in a:Capitalistic country the adherents of the

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Right would join the Social Democrats, but in Russia they had to content themselves with adopting as many bourgeois ideas as possible without the fortifying sense , of belonging...

- Lord Beauchamp calculated that there were aboutten . members

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of the Cabinet for neutrality. Mr. Lloyd • - George was included in this calculation. Naturally so, 'as lie had informed the Cabinet that he had been consult- ing the Governor...

The memorandum which the late Lord Morley of Black- burn

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wrote on his resignation from the Cabinet in August, 1914, is profoundly interesting, and is also a valuable addition to history. It begins at - the moment when Lord Grey of...

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Mr. Egan, the Canadian Deputy Minister of Immigra- tion, is

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surely right in attaching preeminent importance to the reduction of the fare for unassisted passages. He mentions £10 as a possible figure. That would mean reducing the present...

Then Lord Morley goes on to describe how all the

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neutralists fell away. till only he and Mr. John Burns were left. When Lord Morley actually told Mr. Asquith that lie must resign Mr. Lloyd George seemed astonished, and...

The witty American journal Life has inspired - a third candidate

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to appear for the American Presidency-- Mr. Will Rogers, who calls himself the " anti-bunk candidate," and hangs on the flanks of the other two candidates, stinging them with...

Lord Morley's writing is perfectly characteristic— pointed_ and trenchant. He

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would hardly have been himself if he had stayed on, but we feel sure for all that that he was wrong. In spite of the immeasurable suffer- ing, any man must have a lack of...

Such figures as we have quoted, of course, imply a

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better general standard of health right through life, but it is rather startling to learn that the . expenditure on national insurance has risen for , each person from 2s. 21d....

The annual Report of Sir George Newman, Chief Medi; Cal

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Officer of the Ministry of Health, is as - usual full' Of interest. It' points out that the population 'is being main- tained partly by the excess 'of births over deaths, and...

On Thursday, October 18th, the City of London Corporation by

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a large majority reopened the subject of the proposed St. Paul's Bridge.- The week before they had rejected a report of the Bridge House Estates Committee recommending the...

1C.3&; on Wednesday week 1C31; .1 year ago 10211.

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Funding Loan (4 per cent.) was on Wednesday 881; on Wednesday s Week 88* ;" year agO 85i. Conversion . Loan (3} per cent.) was on Wednesday 7741 ; on Wednes- day week 77f; a...

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Dangers to be Avoided

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J UST as the negotiations which produced the Anglo- French naval compromise were beneficent in their . origin and intention but had a sequel of bitter misunder- standing, so the...

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Efficiency versus Safeguarding

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I T was not by accident that the most alert and most highly skilled workmen in the world grew up under Free Trade. The call to constant watchfulness for the winning of new...

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Unemployment. II

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I T has been shown in the previous article that the unemployment, from which the country is suffering, is not of a cyclical character or due to those causes— whatever they...

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The Leprosy of the Slums

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" The plain truth is that we are living in a terribly over-crowded country. The population of England, apart from that in Wales and Scotland, is more than 700 to the square...

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John Ruskin's Tragedy

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J AMES and Margaret Ruskin were both almost middle-aged when their child John was born. The time was 1819 when the old hard-drinking fashions of the Regency were giving way to...

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Hallow E'en O NCE, (it was in 1916 to be precise)

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I remarked to some English soldiers that it was Hallow E'en. They seemed not one pin the wiser. But a Jock, lately wounded at Loos, murmured, " Och-aye," and I felt he...

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Garden Design

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T HE International Exhibition held this month in London is a wonderful education for garden- lovers. Few, in a lifetime of travel, could visit so many gardens, and only by...

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The Diary of Tolstoy's Wife—II By arrangement with Victor GoRana

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Ltd., who will publish the complete book on November 20th, we are able to print a series of extracts from " The Diary of Tolstoy's Wife," which have been translated by Alexander...

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"Spectator " Conference for Personal Problems

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The Inferiority Complex [The " Spectator " Conference offers to readers a service of advice on personal problems on which they would like impartial help. The Editor has...

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The League of Nations

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The Psychology of Peace THE latest exploits of the Foreign Office and the Quai D'Orsay are a warning sign that in spite of the Peace Pact, with its assurance of American...

An important article by Sir Eric Drummond, the Secretary General

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of the League of Nations, will appear in our Centenary number next week, November 3rd.

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A MAIN ROAD PROBLEM.

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This fact indicates what everyone has begun to see that to-day, when a road traveller can pass through a half-score of counties in a morning, some authority wider in scope even...

SEA TROUT PROBLEMS.

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The precise zeal of the British sportsman and naturalist is well illustrated by a work now in progress in the Outer Heb- rides. It is desired to probe further into the life...

A NEW APPLE.

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An apple, most carefully packed; and seductive to see and to smell, reaches me from a remote country rectory, with a claim that it is new to history. The only theory of its...

SPORTSMEN'S PARADISES.

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Britain, as a fisherman's paradise, is doubtless surpassed by many countries. A friend of mine caught 368 good fish in an hour on a Newfoundland lake. If you ask a New Zealand...

NOVEMBER IDEALS.

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Something very definite has been done by the associations. Every November a day will be fixed for tree-planting along one or other of the new roads. November is, of course, the...

FARMING PROPHECIES.

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More than one almost portentous and needlessly mysterious prophecy was made last week at Rothamsted by Sir John Russell, just returned from a tour in Australia, and Professor...

Country Life

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RURAL . REAUTY 40CAL ANGER. a It is good sign that some of the local bodies are growing irritated at the criticism of the Preservers of Rural England in general...

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[To the Editor of the SPECTATOR.] SIR,—The letters from Mr.

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Douglas Graham and " A Safe- guarder " are most interesting as they show clearly the assump- tions on which the advocates of safeguarding base their claim. But I submit that the...

[To the Editor of the SPECTATOR.]

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Sin,—In your issue of the 13th instant, you publish a leader on the above subject, and as this is a matter of particular interest to me and having a fair knowledge of the...

Letters to the Editor

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SAFEGUARDING FOR IRON AND STEEL [To the Editor of the SPECTATOR.] Sin,—When reading the article in the Spectator on Saturday, October 13th, on the above subject, I at once...

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[To the Editor of the SPECTATOR.]

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hope, but can scarcely believe, that your correspondent who signs himself " A Safeguarder " thinks out the facts of his policy more carefully than he read the article which he...

[To the Editor of the SPECTATOR.] Sm,—There has been a

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good deal of misconception regarding the iron and steel industry, but stated very briefly the position is as follows:— (1) The recent increase in unemployment is chiefly due to...

HUMANE SLAUGHTER OF ANIMALS FOR ENGLAND

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[To the Editor of the SPECTATOR.] SIR,—I have just seen, on my return from Geneva, where we have an International Animal Protection Bureau, Mr. R. 0. - 1 1 ; Paddison's letter...

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[To the Editor of the SPECTATOR.] is with even greater

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diffidence than Mr. McCarthy himself expresses, that I voice a protest against his exposition of ideas upon the much debated question of sex ; indeed I would hardly have...

THE YOUTH MOVEMENT AND THE IRISH CENSORSHIP .

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[To the Editor of the SPECTATOR.] SIB, —An interesting connexion between these two at first sight rather remote topics presents itself. In your editorial comment on the first...

DEBTS AND REPARATIONS [To the Editor of the SPECTATOR.] SIR, —The

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twin question of Reparations and Debts is once again actively discussed. It is increasingly realized that upon a rational solution of this problem world peace mainly hinges. Not...

LAND REGISTRATION AND SMALL OWNERSHIP [To the Editor of the

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SPECTATOR.] SIE,—The first quarter of the present century has seen in progress a revolution in the ownership, occupation, and even cultivation of land. For 800 years after the...

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SLUMS AND LOCAL RATES

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[To the Editor of the SPECTATOR.] SIR,—In your article " The Human Sardines of Shoreditch," you refer to various causes of slums but omit what, in my opinion, is the most...

RODNEY AND THE COMMAND OF THE SEA

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[To the Editor of the SPECTATOR.] Sia,—Your reviewer of the 'life of Frobisher (Spectator, October 13th) affirms that if Rodney had not weakened his strength by sending home "...

JOSEPH CONRAD

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[To the Editor of the SPECTATOR.] SIR,—Although my own sea-going years coincided almost exactly with Joseph Conrad's, I never had the good luck to meet him in any foreign or...

CORNISH DRY BULB TRADE

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• [To the Editor of the SPECTATOR.] Sm,—In view of the number of inquiries I have received with referen& to Cornish grown bulbs, as a result of a recent article in the...

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Poetry

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To Winter FLAUNT not so boldly Thy frozen crest, Crushing so coldly The beggar's breast ; Let the lambs trot Warm to the farm, And of birds not The least take harm ; Wild...

POINTS FROM LETTERS

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THE LATE C. E. MONTAGUE. I am writing a memoir of the late C. E. Montague, and shall be grateful for any material. Letters from Montague will be carefully kept and returned,...

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the 5p ectator

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FINANCIAL SUPPLEMENT BANKING AND INSURANCE No. 5,235.] WEEK ENDING SATURDAY, OCTOBER 27, 1928. [G B ATIS.

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The Small Investor and Debt Conversion

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By SIR D. DRUMMOND FRASER, a Vice-President of the Institute - Of Bankers. THE fundamental problem of British Government finance in the next few years will be, as it has been...

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Lombard Street After the War

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A Steady Recovery By ARTHUR W. KIDDY. PREVIOUS to the Great War of 1914-18 the London Money Market enjoyed undisputed supremacy as the leading Money Market . of the world, it...

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Readers wishing to obtain extra copies of our centenary issue

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. next week—date of publication, Friday, November 2nd— are advised to place their orders with their newsagents at once.

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Scottish Banking and the Trade Outlook

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BY A SCOTTISH CORRESPONDENT. So far as Scotland is concerned the current year has few outstanding incidents and no dramatic interludes. Conditions hitherto have been...

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Life Assurance Bonus Prospects

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DOES the reported intention of the Government to issue 3 per cent. bonds presage a general fall in interest rates ? The question has a special interest for holders of policies...

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'Loudon; Printed by W. SPIAIGNI SAD SONS, LTD., 98 and

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99 Fetter Lane. E.C. 4, and Published by L Sri:m . 7.ms, LTD.. .at their Praces. No. 13 Voris • - Street. Covent Garden, Londtm, W.C; 2.—Sattrrday, October 2 - 7, 192-• . .

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:- FICTION :—Old Pybus, by Warwick Deeping ; The Hounds

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of God, by Rafael Sabatini ; Point Counter Point, by Aldous Huxley ; My Brother Jonathan, by Francis Brett Young ; Saint Christopher's Day, by Martin Armstrong ; The Three...

An anthology called The Madonna, a handsome volume Published by

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Longmans at 18s. has been. compiled by Sir James Marchant. .A studious introduction- on. Tile Madonna in Art• is contributed by Sir Charles Holmes, and the book is - adorned...

In The Technique of the Love Affair (Gerald Howe, 10s.

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6d.), !` A Gentlewoman " named Cypria instructs her satellite Saccharissa, in the pleasures of the oldest sport. She is taught how to dip her arrows in the sweet poison of...

The Nonesuch Press has published for the Bunyan tereen f . tenary

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a beautiful volume containing The Pilgrim's Progress and The Life and Death of Mr. Badman. The edition is limited to 1,600 copies for England and America, and thf price is £1...

Some Books of the Week WE know that our readers

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will understand that The Story Of the " Spectator" 1828-1928 by Sir William Beach Thomas (Methuen, 10s. 6d.) is not a fit subject for review in these columns, but we are equally...

Mr. Eden Phillpott's latest book, A West Countt y Sketch

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Book (Hutchinson, 7s. 6d.) is more like an old-fashioned photograph album than its title leads us to hope. He depicts Dartmoor faithfully (that would be his own word), but he...

In " News of the Week " we have already

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referred to Lord Morley's Memorandum on Resignation (Macmillan, as. 6d.), so we shall not further comment on it here.

• * * * * Mr. Seymour van Santvoord has

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written a pleasant little book upon Saint Francis, " the Christian exemplar," as he calls him, his principal object being apparently to draw the moral of the Franciscan life...

A New Competition

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At one time or another every one of us has either mistaken the identity of some one else Or has been mistaken for some one else. A contretemps which generally resulted in • air...

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Across the Seven Seas

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The Empire in th.^ New Era. By L. S. Amery. (Arnold. 15s.) COLLECTIONS of speeches republished in book form are apt to be heavy reading to all but the student ; not so Mr....

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Sensibility

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The Letters of Katherine Mansfield. Edited by J. Middleton Murry. (Constable. 2 vols. 16s.) THE trouble about Katherine Mansfield is that it hurts to read her. She has only to...

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An Empress and a Princess FEW books published in recent

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years will interest the older generation more than these intimate and self-revealing letters of the charming and artistic Englishwoman who was destined for a tragic hundred days...

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The Shadows We Are

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The Impotence of Man. By Charles Richet : translated by " Arm to begin with, there is the force of gravity "—gravity whose unbreakable chains bind us for ever to earth. Never...

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A Diplomat's Tasks

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A Diplomatist in the East. By the Rt. Hon. Sir Arthur Hardinge, G.C.M.G., K.C.B., P.C., M.A. (Jonathan Cape. 16s). THIS book is really the second volume of Sir Arthur...

Fiction

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A Sincere Writer, and an Historic Charlatan Cagliostro. A Novel by Johannes Von 'Guenther: Translated by Huntley Paterson. -(Heinemann. 10s. 641.) Dewdrops. By Margaret...

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TARZAN, LORD OF THE JUNGLE. By Edgar Rice flurroughs. (Cassell.

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7s. 6d.)—In this further series of breathless adventures, the ape - man once more proves himself the " sheik of sheiks," exercising his autocratic but benignant influence to...

Sir Timothy Eden, the biographer of Five Dogs and Two

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More (Longmans, Green, 7s. 6d.) tells us that " they cannot fairly be appraised above the rank and file of their kind. They are—or were—in fact, quite ordinary dogs." Alas ! for...

In Canon Raven's charmingly-phrased exposition of his life (A Wanderer's

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Way, Martin Hopkinson, 7s. 6d.) we learn that he is not an Anglo - Catholic, nor an Evangelical of the old :type, though, of course, he shares many orthodox beliefs. Out of the...

More Books of the Week

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(Continued from page 595.) The League of Nations has done well to issue a handy record of its activities for last year, and to promise an annual series to be obtained for is....

In A Christmas Book (Dent, 6s.) we have a medley

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worthy to rank with The Weekend Book. Mr. D. B. Wyndham Lewis and his collaborator, Mr. G. C. Hesletine, together with Mr. A. C. Harradine (who provides the decorations and the...

THE EMPRESS OF HEARTS. By E. Barrington. (HarraP. i's. Bd.)—This

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novel is a romance of Marie Antoinette, and her famous necklace proVides the links for the plot. The story is a little discursive, sentimental, and highly-coloured.; and the...

The Log of Bob Bartlett (Putnam, 15s.) is, as the

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author Captain Bob Bartlett says, " a simple yarn of a plain man who has seen a lot of life in queer ways." The author has no literary tricks ; he writes with the directness of...

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In one of his poems which is not in any

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of the anthologies— the best rarely are—Mr. W. H. Davies writes, of " Fancy " : Much am I pleased with thee ; for thou hest more Sweet antics than a Squirrel on the boughs,...

The Eastern Churches and the Papacy, by Dr. Herbert Scott

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(Sheed and Ward, 10s.), is a detailed and critical survey of a complex subject, which won for its author a Research Doc- torate degree. It deserves close study and merits far...

When the President of the London Midland and Scottish Railway

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and the Controller of Costs of the same line colla- borate in a small volume on Railways (Thornton Butterworth, 2s.), we may safely assume that the importance of the book...

Report of the " If I were the Editor of

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the ' Spectator ' " Competition IF I were the Editor of the Spectator I would reduce the price to 3d., have no advertisements, a coloured or a more striking and consistent...

General Knowledge Questions OUR weekly prize of one guinea for

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the best Questions submitted is awarded this week to Miss H. Finnemore, Elmstone, Northwood, Middlesex, for the following :- Questions on Books 1. Who said that he would not...

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Report on the Motor Show Competition

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THE Editor offered a prize of two guineas for the best brief Ode to a Baby Car." The time given was perhaps not long enough to allow of a large number of entries—about a...

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THE NEW MERGER.

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In the case of Mond Nickel, the reports of fusions have now been confirmed by the announcement of negotiations for a 'merger with the International Nickel Company of America. It...

BANKING IN JAPAN.

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The Report of.the :Yokohama Specie,Bank for the ,first half of the present year is a good one. The priifiii increased from 7,036,687 yen to 9,058,075 yen. Ia spite; however, of...

A RAILWAY DEVELOPMENT.

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Although the market for English Railway stock still remains in a rather depressed condition, there have not been wanting some signs of a little fresh. buying during the past...

THE DELEGATES.

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Accordingly, an initial meeting was held last Tuesday under the chairmanship of Lord Revelstoke at which there was represented the committees and councils at present...

* *

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MOND NICKEL EXCITEMENTS. Quite the outstanding feature of the past ten days' activities on the Stock Exchange has been the great rise in the shares of the Mond Nickel Company....

RUSSIAN DEFAULTING BONDS.

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Although it will probably be many a long day before either political or financial developments in Russia bring about a return to the unfortunate foreign bondholders of that...

Financial Notes

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CONTINUED ACTIVITY. ALTHOUGH, as noted in another column, the activity and buying of many Industrial securities are maintained, not the least interesting feature of markets...

Nisw 'CAperAL

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Of the manyeatiital flotations during - the . Past week, not the least attractive_is - the loan being made for Peru. At the time of writing, the formal prospectus has not yet...

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IN continuation of my review of a few representative 1929

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programmes of car manufacturers, that of the Sunbeam includes a new two-seater model on a 16-h.p. chassis, reduced prices of Weymann saloon and limousine models, and a new...

RAPUAEL TUtKS.

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At the annual meetings of Raphael Tuck and Sons, it is natural that there should be some reference to the Christmas card in which the company, of course, stands pre-eminent in...

Ahsvicts to Questions on Books .

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1. Southey (in letter to Coleridge).-2. T. Hood (in a letter)- — 3. Charles Lamb.4. Sir A. Helps (Thoughts in the Cloister). — 5. (a) Emerson, (5) R. Jefferies (The Dewy...