TUESDAY, MAY 5, 1925.
BRITAIN'S VAST CREDIT.
THE CHINA, MAIL.
GREAT WELCOME.
GOLD STANDARD FEARS DISPELLED.
ANSWER TO CRITICS.
Prince's South Africa Success.
Charges of "Undue -Precipitancy" Refuted.
The Chancellor of the Exchequer in the House of Comfhons yesterday refuted charges by the Labour Party that the return to gold is in any sense a gamble.
GOLD BAR SALES, '
(Reuter's Service.)
ཀམསྶ ) ' ༧བྷཝ༨ ... ཝཱ 'ཏྟཾ,wm7=N
HAILED BY STUDENTS.
LONG TREK INLAND
REGUN..
INDIA'S HOPE.
CONDITIONAL CO-OPERATION PROPOSALS.THE VERY LATEST
GHANDI'S VIEWS.
Unable to Hurl Defiance at the British Throne.”
יו.
Mahatma Ghandi, whose personality is, probably the greatest single factor in the politics of India to-day, has resumed his old position following his release from jail.
IMPORTANT RESOLUTIONS.
." ...
(Reuter's Service.)
Lt.-Col Guinness hoped that in
"Capetown, May 4 view of the urgency of the matter the Nationalist stronghold of The Prince of Wales motored to the Ilouse would pass the measure Stellenbosch. He was welcomed without delay. He did not fear a rise in the bank rate or higher wart young Dutch students haul- enthusiastically twenty-four stak London, May 4. In the House of Commons, the prices. Financial Secretary
Ing him in an open carriage a the The Government believed we distance of two miles to the sports cial of Treasury. Lieutenant-Colonel Whad roached the stage of the pur-ground, where he addressed the Guinness, moving the second read-chasing power being at parity, and assembled students of the local ing of the Gold Standard Bill that in the long run the producer university. pointed out in connection with the would havè more gain from the proposal that the Bank of Eng-security of the gold standard than
and was bound to self gold in the banking interest. * amounts of not less than 100 aunces tray fine golt in bar, that
CREDIT FOR BRITAIN,
ELVÉTONE SIDE SL KER VALE
Mr. P. Margan, head of the famous banking huase which ta placing a big credit at Britain's Brun manda
each bar should be worth about $1.700, and the size of the bar alone would prevent this proposal being used to bring bark gold into general use and limit the pos='ble drawing of gold for export.
The eluuse of the Bilempos 27- ing the Treasury to borrow for exchange operations had not in- crensed the total money to be barrowell. Any sums raised under these powers must come out of the usual, provision för borawing up to the total of the supply ser- vives for the year voted yearly in the Appropriation Ari. Two credits had airendly been di tionally negotiated under this.
A $200,000,000 Credit, Lt. Col. Guinness said that gedit had been arranged with the Federal Reserve Bank of New York who had undertaken to give the Bank of Englund a revolving ervilit of $200,000,0fer for two years from May 10.
The second rangement was with the syndicate helded by Mesars, J. P. Morgan to His
LABOUR'S PROTEST.
CONVAINAY KEYSTONE_VIEW_OR_NON_TORK.
Mr. Philip Snowden, former Chancellor of the Exchequer, whe led Labour's attack on the back to gold policy.
Majesty's Government direct for a revolving credit of $100,000,000 also for two years.
The interest in each case was payable when the credit was drawn upon at one per cent, above the Federal Reserve discount rate with a minimum of four per cent. and a maximum of six per cent., or if the Federal Reserve ratu should exceed six per cent. at the Federal discount rate.
|
Labour's Protest.
Mr. Philip Snowden, Chancellor of the Exchequer in the Labour Cabinet, moved a Labour amend- nient refusing to assent to the Chill, which he sait by providing for return to the goll standart with undue precipitancy might aggravate the existing grave con- ditions of unemployment and trade depression.
Mr. Snowden emphasised that' he did not oppose the return to the gold standard, but he protest- ed Rgainst the Governments precipitancy.
The Labour Party, he said, by The amendment dissociated them- selves from the disastrous conse- quences, which might result.
Ministeriai laughter.),
Mr. Snowden said he did not accept Mr. Churchill's statement of the existence of a practien! parity between prices in Britain. Find the United States. H. Alr.
Snowden, thought- that the differ! ence amounted to five per cent. The Government
shout have waited a little longer in the hope, that parity of the gold level and prices could be ranched by the Kormal operation of trade.
Finest Expert Advice. Mr. Winston Churchill, Chan cellor of the Exchequer, denied that the decision was characteris ed by precipitangy. On the con- trary, he said, they had secured the finest expert financial advice in the world. The Government had taken every precaution which forethought, patience and long preparation could suggest.
SOUTH AFRICA'S PREMIER.
GHT ARMATONE VIEW TOUNEW THIN
General Hertzog.
The Prince lunched at the agricultural Hall and afterwards, motored to Huguenot Station where he joined the Royal train in which he makes his long trek.
"
Earlier Cables. (Reuter's Service.)
Gapelówn, May 4... At the dinner to the Prince of Wales the Premier, General Hertzog was warmly applauded for his speech supporting the toast to His Royal Highness. He said the Prince would be welcomed equally and sincerely on the lovely plains of the Free State, and the high veldt of the Trans-
He mentioned the disadvantage of giving long notice of the return to"gold and pointed out that if we had waited for the Act to expire at the end of the year everyone could under the existing law have withdrawn and hoarded 'gold against the date of free export, vaal. namely January, when the normal
General Smuts said the South demand for bullion is high. He Africans loved the Prince's sim- insisted that no country in the plicity, human ways and sincerity. world was less able to afford The people were deeply attached diverging from economic facts to him as heir apparent to the than Britain. As regards the throne. allegation that the decision would shackle them to America, the Chancellor said it would certainly shackle them to reality for good or ill. He personally believed it was the only basis offering per- manent security.
Our Vast Credit.
Mr. Churchil knew of nothing Avhich would justify as increase in the rate in the immediate future. Indeed the situation was stable
he
success.
fiori.
TIED HANDS..
BELGIUMES POLITICAL
CRISIS.
CABINET IMPASSE.
(Reuter's Service.)
Brussels, May 4, and, everything tended to show It is feard that deallock which that the transition to gold up to led the balance of the Parties and the present had been effected-deprived the country of a govern- was not going to prophesyment for the past month can only about the future with great be solved by other general ele
Mr. Churchill declared that to form a herogenes ininistry, Siner the Socialists have declared Britain was not only the financial centre of the world, she was the Catholic Hight has decided to the genre of a wide Empire. Iformen blex with the Conservatives we detached ourselves from their and Christian Democrats, but a movements we ran a great risk oftions of the Ferals who could becoming isolated and loosening support either the Catholics or the bond, whereas the fortificare the responsibility of govern- Socialists are determined not to tion thereof was indispensable toment while the Catholic clubs cur well being.
vehemently oppose a combination of
Mr. Churchill scouted the sug-Catholics and Sorialists. gestion we might be unable to
Hete all the parties have tied
Fold pur own against strong hands and the crisis is only solible, trans-Atlantic influences.
He pointed out that Britain stillrt from fresh elections, by a composed of non-members of Parliament."
"controlled a vast amount of the l world's business and had magni- ficent credits, also £3,000,000,000 in foreign investments.
She held £158,000,000 in gold. and the Dominions held £107,000,- 000. The Empire supplied! seventy per cent, of the world's gold.
An Enormous Power. The House of Commons passed the second reading of the Gold Standard Bill without division.
Cabinet
TIENTSIN PROGRESS.
JAPANESE CONCESSION
BUND.
By Courtesy of Daily Bulletin).
Tientsin, May 4.'
At a meeting of the Japanese. community, it was decided that à
Mr. Churchill cited instances of new band for the Japanese ConcER= British and American price levels cost of $1,000.000. pre-war discrepancies. in the sion be constructed at an estimated and their normal timely readjust. ment in order to disprove that Council to approach the JapaneSG The meeting authorised the absolute equation of prices. was Foreign Office for low totalling essential to the restoration of the Yen 500,000, the reminder to be gold standard.
obtained from the banks. Mr. Churchill concluded by saying that the Dominions united bridge is completed by the end of When the new international were an enormous power. They 1926, steamers will be able to berth Therefore if we did not use were great, intricate and compro-at the proposed bund, which it is the credits no interest wag pay-hensive enough to exist side byloned will be completed them abley-in-which ever with the side in Amicable association with Morgan loan open to the British an even larger economic financial vited
Tenders have already been in- Government there would merely power without their own essen The Japanese Consul General in be a very small commission on tial independence being pre-timates that foreign firms will be the right of call on the money, judicially affected.
naked to imboiit tender
(Reuter's Service.)
Chleutta, May 4. Addressing the Bengal Provin- Mahatma Ghandhi disclosed that Council .nt Faridpur, differences had arisen between members of the subjects com- mitter.
It is surmised that these are centred round the proposals of Mr. C. R. Das, the Swarajist leader, for conditional co-opera- tion and his desire to pass a resolation condemning anarchist activities,
Gandhi' in the course of a long speech announced that the differ- ences had been amicably settled.
ELECTION BLOODSHED.
SHOTS IN A POLLING BOOTH,
·
TWO PEOPLE KILLED.
"(Reuter"s" "Service)
Parts, Max 4. The final results of the mini- cipal elections are not expected until to-night at the earliest, but the fact emerges that the Left Cartel have gained advantages while the Communists have had severe setbacks.
Second polls are necessary in a number of cases.
The only disturbing incident occurred in Corsica, where shots were fired inside a polling station. Two people were killed and three injured.
ALI
MAYOR AGAIN,
M. Herriot, former Premier, who has been elected. Mayor of Lyons again.
Earlier Cables.
(Havus Agency.)
Referring to the speech by Mr. C. R. Dus, mentioned on, May, 2,. Gandhi anid that Das was unable to hurl defiance at the British throne and had to admit his own incapacity, and that .cf his countrymen.
Į PRAMAMENTA GHANDE
Gandhi added that freedom could only be attained by Hindu and Mostem unity, the removal of untouchability, and the adoption of the spinning wheel.
The conference unuiimously passed a resolution condemning s both the revolutionary methods and the Bengal Ordinance and expressing faith in the innocence of those detained as suspects under the Act of 1818 unless the contrary were proved at open trial,
The Swarajist "outlook was surveyed by the leader, Mr. C. R.
Das, in his presidential address before the Bengal Provincial Con- gress at Faridpur. Mr. Daş said Swaraj was attainable within the British Empire becausé the Dominion status expresses and implies all the elements" of Swaraj.
Mr. Das again condeninéd re- volutionary violence, but shid the co-operation invited by
Lord Birkenhead is impossible in the present atmosphere of distrust. He declared that if the Swaraj's settlement was not responded to they must continue to make administration impossible and be prepared for ultimate civil dis- obedience; but he did not anti- cipate such a contingency, as he saw signs of reconciliation every- where.
though the Left Block has made light progress.
In Lyons, M. Herriot, the Mayor, was re-elected with 28 Left Blockists and 28 second ballots required.
.. Paris, May 4.
In Marseilles 28 Left Blockists The municipal elections show were elected with eight second that no change has taken place in ballots required. In Bordeaux 23 Paris. Forty-eight definite re Left Blockists were elected and sults are recorded and 31 second thirteen second ballots needed. ballots will be required.
Several grent towns show no results are yet unknown and a Rouen no Left Blockists were In the departments numerous definite results. In Metz and number of second ballots will take elected. Everywhere the Com- place, but so far it looks as munists suffered severe losses. ·
BRAZIL'S CONGRESS OPENS..
Rio de Janeiro, May 4 At the re-opening of Congress, the Premier stated that the budget deficit was 89,788 contos. Exports exceeded imports by £26,154,000. He pointed out the inadequacy of the Navy and emphasised the necessity for purchasing three cruisers, 15 destroyera and 10 submarines in the course of a number of years-Reuters American Service,
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