TUESDAY, JULY 20, 1926.
FRENCH DEBT.
DRASTIC CRITICISM OF AMERICA.
considered. Those letters undoubt- edly gave Ptnhco, a right. If there was a main, suapension of payments by Germany exceeding half, to raise the question of her capacity to con- tinue to pay annuities, But the British Government would remain perfectly free to argue the con- Debate in the Commons. rary caseto argue that there was no case whatever for modification if it was satisfed' that' the circum- alances no warranted it.
·STRIKING DISCLOSURE OF
·BRITAIN'S. POSITION...
Rugby. July 10,
In the House of Commons to-day a debate on the French, debt settle mont was initiated by Captain Wedgwood Benn {Líber£ľ), -
Captain Bean commented apon the fact that the Italian debb to this rougtry had been reduced by 67 and that of Fruszy by 3.5 and he complained that the Chan- cellor of the Exchequer had taken steps to urge these countries to reduce' armaments, which werd menner to the peace" of Europe, He asked if this was a fina! settlement and would it give #tchle "ondition of Affairs in France. Referring to be safe gunding clause he said that if Cer many defaulted at any time, then the whole terms of the settlement would be re-opened and the agree, ment, would bring us in as joint
nabble with Germany,
ment
New Business.
H
Objectaf Settlement
The object of the Government in coming to this settlement at this time had not been, as some people had suggested, to make a desper ate effort to save France and other foreign currencies. He hoped that the gradual clearance of the debt disputé and the passing into a state of settlement would be a more favourable factor in the general recovery of Europe. but British Government had sought to judge this matter entirely on the basis of what would be in the best interests of this country, namely, rom the point of view of what was The Best settlement that we were likely to get and what would con- form to our ideas of fair settle. ment taking alt moral and material matters into considers
ion.
No Parallel,
THE CHINA MAIL.
"ONE "MAN SHOW" afraid that a call of $2.50 par
share might be made.
1716 settluntent was most unibetunate. But for it the way would have bran open
for # complete cancellation of the (Continued from page 1,!" dobta, America Bfteen years hence would be getting the whole of the With these words, gentlemen, I reparations paid by Germany, and will now move the adoption of the none of the European Allies would accounts and after this has been be getting a single penny. That seconded I shall be glad to answer position could not permanently to the best of my ability any
(Cheers). endure,
Mr. Snowden questions that any shareholder suggested that the countries in may care to askt. Europe would haveto assist France as they assisted Germany, Austria, and Hungary by means of the Dawes plin,
M. Mellon Conradleted... Mr. Winston Churchill, in the course of a lengthy defence of the debt settirments, said that the Government was inclined to the view that within twenty years.
Mr. A. Nissim seconded.
The Questions. Then began the series of queries and answers, the gist of which 'was that:
"
Taxis to be sent to Shanghai will be old ones, rebuilt here. The Hongkong fleet will still be amplc. in good order and service,
Cushion covers and drivers' there would be a revision of all the uniforms, in balance sheet at thewar debts, He emphasised that if $3.434.48 (whole amount written France raised the question of mod-off); Such articles were used at: fleation of the annuities we would first, but hot after farming out. be perfectly free to argue to the Most of them were lying about contrary,
and were valueless.
Mr. Rowe also explained in item nder furniture and fittings
Taxicabs, standing in balance sheet at $118,844.06 There were 30 cars, worth about $1,100 each, and they were value for the
Continuing. Mr. Churchill said
Referring to the letter from Mr.
Andrew Mellon Secretary to the S. Treasury) he'alluded to a pas saxe in that letter which was not contained in the Reuter report. in which Mr. Mellon was represent éd to have stated that Great Britain bororowed a large proportion of the debts for purely commercial as dis-
Limited by Congress, Mr: Churchill said that this was complete misapprehension of the facts of the case. Lend Ministerial cheers), The misapprehension
money.
Cars and trucks. $56.779.46:
trucks, of which the company were agents and sold many, some new machines being disposed of on the exchange system.
$46.000: The majority
Paris. and accessories, at over way for taxis which the lessees had to keep in repair.
|
Mr. Birkett "What for? We don't owe any money."
Mr.. Kew-"The best course, take it from me, is to wind up before further trouble. This is a one man show, run for the benė- fit of Mr. Rowe.".
Mr. Kew complained that there was no working account in the Mr. Birkett said that report. they published the working ac- count last year. It en- acled another company to start because the turnover was given. The accounts were printed as ad- vised by the chartered account- ants,
Several times Mr. Kew said that the directors had acted in a inx manner. The shareholders were mostly poor people, he add ed
How It Ended. "Instead of sending taxis to Shanghai, you had better get good cars here and replace the rattle- traps. Make this part pay first before embarking elsewhere."
Mr. Kaw also commented on the expense he alleged to have been incurred by Mr. Rowe in trips to Shanghal and Haiphong.
When put to the vote, the ac- counts and report were carried,
Other business passed by the meeting comprised:—
Re-election of Mr. H. Birkett and Mr. T. N. Chau as directors- proposed by Mr. C. A. Fulcher, seconded by Mr. A. Nissim
Preditors with France in a political that it would be absurd for this lines from war purposes. Includ. Comprised Buick cars and G.M.. there being no dissentient.
rountry to take up the position thating, inter alia. the furnishing of
tween France and Great Britain everything in the settlement be. India with silver. must correspond "exactly with the settlement between France and the United States. titled to vary the conditions
We were quite en- as much as we liked. The Preach debt was so serious that it almost wade) the United States on June 15, him doubt the authenticity of the 1024, was 2827,000,000 and
passage. He emphasised that all that debt were mixed! not merely the United States leans to the war debts but prst-war debts. Allies wore specificially limited by the same date, the debt of France Act of Congress to war purposes Every cent was spent in the United
Commander the Hon. E, Bilton Young Libers, Norwich held that whilst the French debt settle might not be a brilliant settlement. he did not think that it was possible "to state otherwise than that it was a prudent settle ment. We ought to concern cur- selves more with new business than with-old debta,
Not, Enough from Continent. “Mr. Philip Snówden (the former Balone Chancellor of the Exrlie
with
to Great Britain was 4567 000,000,
People Wro Don't Pay.
Trade debtors (over $32,0009 was mostly rent owing by the Development Co. and Morinaga's. Stups for recovery were being! taken by their solicitors.
gam declared that Mr. Winetron achiding £33,750,000 in golt held States. Between 1917 and the end ist of sundry creditors, and 1
Churchill in this aggreement could non contend Thht në was maintain- ing the principles of the Balfour Note, for he was not" getting from our Continental debbart, 10
HUDGE
of the war, we had spent over $7,000,000,000 in the United States,
490,qoe.
Replying to a question as to a credit was given to anybody, Mr. Birkett remarked-If you saw the names of people who get credit and don't pay, you'd be sur prised."
In this country. The present value of the Wrench debt payments to the nited States a 4 per cent, was 4072,000,000 or 49 per cent. of the drbt. The present value of the French debts payments
to Great which would be sufficient for ritain at the same rate of interest Lex pay the debt, which we owed to
was £262,000,000 or 47 per cent. America.
f the debt. So that the differ. More Criticism.. M. W. C. Rurnriman berak "nce, measured by these figures, feeling in regard to this detton which
between the weltlement we had
which we had borrowed $4.00 The silver loan for India was treated quite separately from the War debis and was fully repaid in 1923, Ministerial cheers). There Was a good deal of reseatment and
and it was most important that that Winston Churchill and M. Caillaus France had effected with the by any misunderstanding at the regarding the event of default of United States was as belwoon 47 Tacts-Kenter.
and 49 The German reparations. He, de Per cent.
per cent only varied to she
|
Re-election of Messrs. Lowe, Bingham and Matthews as audi- tors-proposed by Mr. T. N. Chau, seconded by Mr. Sum Pak-ming.
Shadows Before.
COMING EVENTS ANNOUNCED IN THE "MAIT.."
Entertainments.
July 20-Queen's Theatre; "The Bandolero."
July 20-Star Theatre; "Within The Law."
July 20-Workt Theatre: "Lady of the Night."
July 21-Brick Morse's California Collegians, the World's Greatest
piticised the letters which had rected and the settlement which senment should not-be increased was on the easy-payment plan. College Entertainers will appear at j
bren zxchanged
between
Mr.
elared that M. Caillaus's letter was
which
vague and that Mr. Churchill's-extent of two per cent. Although
In American Vaults. Questioned about the 53 mil lions mentioned in the French debt his was the equivalent of the gold transferred to Great Brinin by
of
Fred Ellis owed the company over $18,000 as the result of the sale to him of six motor trucks, the company made $6,000 profit. The transaction
the City Hall Mr. Ellis met his first two notes and then did not pay.
July 20-Preliminary vocal re The comhearsals of "The Firates pany held security, then worth. $35,000 from him, in shares of Penzance" at Cathedral Ha, 6:30
pam.
July Mr. Kew retorted that it was Mental
27-Demonstration. the Development Co.
Telepathy Magnetism. money on security of shares which the City Halk by e eminent now were not worth anything. Both Mr. Birkett and Mr. Rowe M.LLC. at 9.18 p.m.
Psychologist, Prof. Langsner, emphasised that the deal was not
loan, but a sale.
letter was so little definite that if the French debt to the United settlement: Mr. Churchill said that bad business to lend a director Auto-Puggestion and Hypnotism all
would bind misbody and gave ne zulance for the future. -9--
States, compared with their debt, to was in the proportion of eight
to five, payment would be made to Mr. Churchill Replies. Mr. Winston Churchill," replying Great Britain and United States as for the Government. said that follows:-In the first Ave years the nothing had happened in the de. United States £32,0001000 and Great feet Britain £42,500,000, in ten years; bate which had led him to that there was any large, deep, ur
and United States £4,000,000 and strong volume of Parliamentary Great Britain £105,000,000.-British hpinion marshalled in condemnation Wireless Service,
of the course which the Govern ment had thought it to adopt. în negard to question of the safeguard
LLS. ATTITUDE..
clause there was a demand by M. Payments Unfavourably Compared.
Cuillagx and the French Govern-» ment that there should be a definite
London July 19, ̧ r
clause inserted in the agreement The debate in the House of Com- making payment, by France to this, mons on the French debt settle- country dependent on the payment ment was noteworthy, "for Very of German reparations. The frank statements in regard to the Government had consistently de,, United States attitude toward the elined to admit any such clause debts.
debt
France Payment to
France in 1916 against advances. zade 4.13 France "under the 24 Paris agreement of August 1926. He believed that that gold was now in the vaults of the Federal Bank of the United States. It was sent to America in war time and it had never been in the British gold reserve.-Reuter.
RIOT IN JAPAN, «.
PREFECTURAL HALL
STORMED. "
Tokyo. July 19. Details of yesterday's riot H Nagano show that 100 were injured, including 20 police, two being eriti
Cars In Colony, Or the Buick agency, the com pany made, $7,000 this year and $25,000 the year before,
When Mr. Birkett observed that there were more Buick cars in the Colony than any other make, Mr. Kew retorted "Yes, in Rowe's godown."
annual
August 6-Band night at Volun-. ther Headquarters, 9 p.m.
Meetings. July 22-Twenty-ninth meeting of the China Provident, George's Building, 11.30 a.m. Loan & Mortgage Co., Ltd., St.
August 4-Meeting of creditors of the Oriental Commercial Bank, Ltd., at 25, Des Voeux Road, Central, 3 p.m.
August 9-General meeting of Luen Mow $.3. Co., Ltd., 65, Cón- em-naught Road, Central, 2 p..
Another remark of Mr. Kew's followed an explanation by Mr. Birkett that the company ployed a number of workmen to put cars up, in show-windows, etc., to expedite sale. Mr. Kew said "I suppose the workmen are to look after the new Buicks." thing we need
Mr. Birkett observed that Welling.
In Deep Water?
"Military tramming is the last
dymore of."--Richard
"Interchange of idens follows the of goods."-Senator
Watson.
into the agreement. One of the Commander the Hon. E. Hilten reasons wity they scaled down the Young pointed out thal in a few cally hurt, whilst the Prefectural $15,000 for salaries and wages to years freat Britain would be pay Governor and also the Chief Police was not a big item for twelve £12,500,000 was in order that these ing 2.000.000 yearly to the United, were badly mauled, though not months., Mr. Kew No, when interchange payments should rest on the wele States whilst she could not hope seriously. credit of France and should not be to receive more than £33,500,000 for The mob of 5,000 stormed the, you say it slowly." coatingent on ce directly propor- the debts due to her from all Prefectural Hall, and the Ghver- tionate to payments. which France sources. He contended that the nor's.and Police Chief's residenes,
In advising the directors to dis- "There is no more question In received from Germany. He gras debts should not be dealt with on hand also two newspaper offices, continue business. Mr. Kew said my mind that war will end and Bot going to conceal from the House? a strictly commercial basis for the fusing stones and clubs...
something hout the possibility end soon, than that the sun will; that they had made a con:ession sake of British-American" relations The Police were powerless to of getting into deep water in rise to-morrow."--Carrie Chapman on this point and one which, if all in the future.
control the situation, but the mob future and shareholders being Catt. things had been equal, they would Our Continental Debtors: dispersed before the arrival of a. rather not have made. But this Mr. Philip Snowden declared Military detachment which concession must not be exaggeray that he did not regard Mr. Winston rushed from Matsumot
to the ed, nor muši, un attempt be made.. Churchill's promise to: consider. the scene. to draw from it conclusions which representations of France for a were by no means warrantable. modification of the agreement da The letters were, of course, to be 111 any way binding on- any read together with the agreement, future British Government. He and there could be no question of assdried that our
Continental the Government receding from its debtors. owed 14 £2,000,000,000 responsibilities as described in those on which we were paying 2100,000,- Jetters. The letters meant whit 000 yearly interest, whilst we re- they said, and the language of those cive less than £20,000,000 from letters had been very carefully our debtors. The American debt
Photo by Ying Ming,
was
[The previous cable "stated :-- According to a report fröm Nagano, Central Japan, a riot has broken out, resulting in the Prefectural Governor's residence being stormed. The Governor himself was serious- ly hurt.]
CHANG KAI-SHEK.
GOING WITH BORODIN TO CHANGSHA.
Hunkow, July 18.
It is authentically reported from Changsha that the Commissioner for Foreign Affairs there has off- cially intimated to the Consular Body hat. General Chang Kai- Shek and Borodin are scheduled to arrive there in three days' time-- Reuter.
"I have rid. Poland of its cor- ruptionists. Now it can go for- ward-Marshal Pilsudski.
TOO LATE THEN TO HUNT:
No
TO time to hunt for a doctor or drag store when suddenly seized with agonising intestinal cramps, deadly. nausen and prostrating dia Thoca. Chamberlain's "Colk and Diarrhoea
For sale eveTY-
Looking along Des Voeux Road Central, yesterday, eastwards, along the Remedy gives instant warmth, comfort. Hongkong Hotel front, and the new Realty building, with Alexandra Building and case from pain. on the left. The mud and height of the flood left visible marks on the surround- | where, Inge.
COOK by.com. GAS
RICHMOND'S "BUNGALOW" COOKER
If you want your Kitchen to be
Cool and Olean
and your expenses to be kept down.
SHOW ROOMS: 16, Des Voeux Road Central, Tel. C. 4704
West Point
Tel. C. 47
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»
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THE ANDERSON MUSIC CO.,
Ice House St.
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Tel. C. 1322
MISA'S
NATURAL DRY SHERRY
THE CONNOISSEUR'S CHOICE
CALDBECK, MACGREGOR & CO, LTD.
Incorporated under the Companies' Ordinances of Hongkong. 18, Queen's Road Central
Tel. 75 Centralı
"
THE QUEEN'S MOTOR BOAT CO., LTD. Queen's Statue Pier.
MOTOR BOATS FOR HIRE DAY and NIGHT MODERATE CHARGES
Office:-64. Connaught Road C., 1st floor.
Tel. C. 459.
KAIPING COAL
FOR HOME, FACTORY & POWER HOUSE"
HOME,
FACTORY
AND
PUNKERS
For Price Apply to
POWER
HOUSE,
TUGS &
LOCOS.
THE KAILAN MINING ADMINISTRATION. DODWELL & CO., LTD., Agents, Hongkong,
"King George IV"
"TOP NOTCH
Scotch Whisky
GANDE, PRICE & CO., LTD.
A.P.B.
Tel. C. 135.
WINE & SPIRIT MERCHANTS.
St. George's Building, Ice House Street.