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ESTABLİSHED
1846
HONGKONG, THURSDAY, JULY 22, 1926.
HERRIOT FALLS.
CHAMBER REFUSES
CONFIDENCE.
Collapse Cheered.
RESIGNATION OF CABINET.
The French Chamber of De- puties has rejected the vote of confidence in M. Herriot, the new Premier, who has placed the negotiation of his
short- Hived Cabinet in the hands of the
President
LONDON OPINIONS
Huge crowds in front of the Chamber cheered and yelled when M. Herriot's collapse Was an- nounced
A cable from Paris thi Freaghmen are eagerly changing Tranes into American securities was a further unsettling element M. de Monzie subsequently, an- and as a result the Stock Market. nounced that the figure of 60,000,- | which has been strong for some 000 francs at the Treasury's į weeks, became hesitant as traders credit balance had now. increased dupled watching altitute to see to 150,000.000 francs though he whether the new French adfinis- hd not explain how the increase traion was able to improve the had arisen-Reuter
"We Fought Well."
Paris, later. "We fought well, rarked M. Herriot late in the evening on the termination of, his visit to President to whom he banded the Cabinet's resignation-Renter.
situation.--Reuter's American Ber-t
vice.
"Man in the Street.
New York. July 21. In view of the fall in the franc the Land the prominence given in the Fress to the war debt controversies. the eyes of the Ameriton publie | 66 are focused on Europe. Especially France,. Uneasiness is inereusing in resurti to the outcome of Frunes'a
Unprecedented Interesi,
Paris, later. Public interest in the debate was unprecedented in the history London. July 21.
Tremendous In spite of the talk of dictator of the Republic. ships, revolutions, and evidences crowds outside the Painis Beur rising of an anti-American and in shouted "Dissdiction." They
a lesser degree anti-British feeled Al, Herriot and burst into
illiculties whilst newspapers give eminence to reports, of anti- America a demonstrations in France
and anti-American Seeling in tirent
vent to pay. 3
Flat Cantradiction.
J
The American Press so far has ing among Parisians, authorita-heers when the result of the divi-ben remarkably moderate, in tone sympathidag with Europe's diffi- tive French circles in Lendon do sien was announced.
The Police were requisizioned to culties, but the man in the street | not consider that sensational de- velopments are likely in France, keep order, the atmosphere being is of opinion that France does not
one of feverish excitement. They believe that the Herrics i
Before the adjournment M. Be Cabinet cannot last and shat a Manzie asserted that if the Cham-a Poincare combination is probable.
The Treasury has issued a state her and not pass the Bill dealing The latter may-politically be un- desirable in Great Britain, but it with the Morgan credits he per-ment amounting to a das contradic is emphasised that the Frenchnally would take the responsion of Mr. Winston Churchill's Government has enough to do toility of authorising the bank togares of Eritish expenditure in stabilise the frane without going sell part of the loan in order so United States in war time. back on Locarne.
31
Excitement in France.
Paris, July 21. The excitement in the lobbies of the Chamber was more intense even than yesterday. A feature of the situation has been the Ten- deney for further splitting of parties A meeting of the Radi- Feal-Socialists to-day formed an inter-party group to promote the idea of a Ministry of the National Union.
save the bank suspending pay- ments on the Treasury's account even if he were afterward ar. fraigned before the High Court.
M. Poincare is at presenta warm favourite for the Premier- ship.-Reute.
Poincare Accepts.
the
-Some politicians accuse Mr. Mellon of excessive generosity in Debt settlements, particularly
talian debt.-Reuter
Rensational Rumour.
New York. July 21.
that the A sebautional rumour Banque de France might he fofced 40 aspend payments to-morrow" on account of the note circulation A: 1.30 this morning M. Poin-having reached the legal maximum, care accepted the President's in-caused a sharp break in the Stock vitation to form
a Cabinet Reuter.
Emergency Committee."
Later
"The Socialists have not yet de- [cided to support M. Herriot. It is even suggested that, the Govern- ment may be unable to appear in Parliament because it is unable to count or all the support of which" it had been assured.-Reuter.
Cold Reception.
tion on
Paris, July 21.
Paris, later.
Market.
Toward the close sepres of prices broke from two to eight points. The French frane lust half
its earlier gap of 20 points. The ruinour persisted the whole" afternoon, being supported by Baring head lines in some of the evening papers.
rom
*!
EARLIER CABLES.
M. Poincare's Government most likely to be of the nature of Emergency Committee con- pissed of only half a dozen Ministers,
Finally a Press despatch A night sitting of the Chamber adopted a Bill authorising the Fin-Paris explained that the report was In a packed Chamber M. Herance Minister to arrange an agree due to a misinterpretation of M. De riot read the Ministerial declarament with the Banque de France Monzie's announcement-Reuter, tion, stating that the Government under which the Minister will re- immediately concentrated atten-rn to the Banque currencies held the financial problem.. by the Treasury, also authorising Immense difficulties were looming increase in the limit of the note i.
the sale of currencies which will ahead, and the Government would sue by a aum corresponding with consider it necessary to these difficulties, even those most be carried out.-Reuter.
Franc in London. pressing, in close conjunction with
He added:-
London, July 21. Parliament.
"France intends paying the French francs closed at 219 debt she contracted in defence of and Belgian Francs at 213-| liberty. We absolutely refuse to Reuter." resort to any increase in the limit of our
meet
note circulation, and re- serve to ourselves absolute inde-
!
NAKED IN BARREL.
Later.
London, July 21.. Francs opened to-day at 244 to the £.
The Frane has improved, and is now 226%.
Paris, July 21. The full of the frame is leading to anti-foreign agitation.
The police were summoned to settle a brawl if the Montmartre Cafe, consequent on foreign tour-
pendence. Our object is to Clever New York World Cartoonists' remarks regarding the frane,
stabilise the franc."
The declaration had a very cold reception.--Reuter,
its own resources.
that Mr.
which were resented by the French customers.
of whom
A motor coach full of tourists, passing Montmartre, was hooted by the crowd, some mounted the foot-board and molest- ed the passengers.
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WORLD
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Bookbinders.
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Three American revellers, seated on a bench in Montmartre, were
Later." From the President downwards
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New York, July 21. Europe is naked and shivering in Further Details.
# barrel whilst Mr. Andrew Mellon Paris, July 21 An amplification of the Minis (U.S. Secretary of the Treasury) Lerial declaration says that the costly wrapped in clothes conaist- Government's programme is Bas- ink of way debt, settlements and the bank notes, is blandly remarking: ed on the conviction that country ought to save itself with "You may keep the barrel" is the France in-subject of a cartoon in the New tends to pay the debts contract-York World, which, in an accom- ed for the defence of liberty to panying leader, says the extent and in the form in sin Churchill's rebuke con- surrounded by loafers, but were which she will be certain to betained in his speech in the House rescued by the police, able to keep the undertakings she of Commons on July 19 is humiliat- makes. Foreign. securities held ng and fundamentally unanswer- outside France by Frenchmen able. It adds that Mr. Mellon the most dismal prophecies us to The Go with the finesse of a while si the probable early downfall of the must be repatriated.
public letter. Herriot Government are forthcom ernment intends to prepare the phant," signed a
Engineers & Shipbuilders ing. Was final return of freedom of capital written, probably by some bureau-
The "Echo de Paris" declares by a fresh offer of amnesty, the crat in the Treasury, which
Engineers and Shipbuilders refusal of which will be punished wrong in its facts and nauseating in that M. Doumergue recently said W. S. BAILEY & CO., LTD.,
Kowloon Bay. Taxation its pretensions at generosity. severe penalties:
The World concludes that Fre- that M. Herrlot would "do the best will be rearranged in a more vident Coolidge's debt policy is in any case, get it over as soon as ho can but as you are into fall
New Work & Repairs.
Call Flag "L" equitable manner and expendi-
merely a timid evasion to satisfy possible. Summon Farliament on
Sole Agents for Kelvin Motors ture will be reduced.-Reuter.
Congress.
Wednesday, Instead of Thursday, Fatal Vote.
so I can gain a day," in which to settle the crisis. Get a new Gov- Hair Dressers &
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by
Paris, lator. The Chamber rejected the vote of confidence by 290 votes to 237
A majority of. 53.
ernment formed,”-"
11
11
No Pledge! The Herald and Tribune takes the other side of the inter-Allied
This may account for the decision Debt question, protesting that the"
were reached by M. Herriot to test the The vote was followed by a state- transactions with the Allies ment by M. De Monzie that 38 above board and carried no legal position of Parliament to-day in- milliard francs, which was the or mural pledge of cancellation, stead of to-morrow by asking for. vote of confidence after sub- maximum which the Banque de it declares that with Great Britain France could legally advance to the refunded debt in a matter of mitting a Ministerial declaration.
This is confined almost entirely the State, was exhausted within sound national policy, whereby the
restoration of the pound to parity to finance. 60 millions-Router.
The newspaper forecast indicates Ministers Walk Out.
xrently helped, and Great Britain's position as Paris, later.
great "commercial the determination of M. De Monzie After the vote all the Ministers creditor nation is strengthened-about whom the false alarm circu- lated last night that he had re- walked out except M. De Monzie, Reuter's Service.
solved to resign, as Finance Minia- who asked the Chamber to vote
ter-to discard exaggerated ten- immediately the Bill authorising the Banque de France to use part
derneas for certain interesta. M. De Monzie, interviewed "Le Matin" guys, I am not a bogey man, and have no scheme for & capital levy. My plans would alarm nobody."-Router's Service.
ր
Planging in Francs.
New York, July 21, Remembering the debacle of the of the Morgan credits to enable German mark speculators in Wall the State to meet its obligations. Street were uneasy this morning at The sitting was suspended the continued plunging in the franc whilst the Finance Committee although the latter soon rallied on discussed the Bill:
strong buying support.
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