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THE OLDEST - ESTABLISHED NEWSPAPER IN THE FAR EAST
No. 28,361
HONG KONG, FRIDAY, MARCH 10, 1933.
Eat. 1845.
PRICE $3.00 Per Month.
ROOSEVELT EXTENDS U.S. BANK HOLIDAY AND GOLD EMBARGO
BRITISH ARMY ESTIMATES
INCREASED
Misgivings Over 1932 Economies.
£1,462,000 ADDED IN WAR OFFICE VOTE
London, To-day.
The Financial Secretary to the War Office, Mr. A. Duff Cooper intro- ducing the Army estimates in the House of Commons yesterday said that the economies effected in last year's estimates in view of the ex- ceptional financial conditions, were made with great misgiving.
The estimates now presented, re- presented an increase of £1,402,000.
The principal increases were con- nected with the resumption of Ter- ritorial camps and schools' cadet corps.
Referring to the mechanisa- tion of the Army, he said that experience had justifled the adoption of the light tractor and one more Field Artillery brig- ade had been equipped with it. That they were on the right lines In the development of mechanical transport, and that, the cars in use wore admirably adapted for Domin- ions and Colonial use, was demon-
WIDE GOVERNMENT CONTROL
FEDERAL CURRENCY
EXPANSION
CONGRESS INSTANTLY APPROVES PRESIDENT'S BANK BILL
Washington, To-day.
Legislation to permit the immediate re-opening of banks under Government Control was speedily passed yesterday by the new United States Congress, meeting only five days after its inauguration in a special session to cope with the banking crisis. President Franklin D. Roosevelt presented a Bank Bill granting wide powers to the Govern- ment, and both Houses readily approved of the emergency measure which will come into force immediately.
Authorisation for a potentially great expansion of United States currency and the continuation of the emergency banking powers are requested in President Roosevelt's Bank Bill, which was submitted to Congress a few hours after the opening of the special session. The Bill ratifies and continues the President's
Reuter. emergency powers in banking and financial spheres.
The general reaction is most favourable and public opinion in- clines to the belief that early alleviation of the nation's financial dif- ficulties is promised. President Roosevelt is viewed as "the man of the hour," and his firm grasp of the situation, combined with his de- cisive policy, has impressed the country.
As expected, Congress provided no obstacle, being content to leave the matter entirely to the President.-Reuter.
The Bank Bill orders the concen-j
strated last year, when a convoy of four vehicles, namely a 30-cwt tration of the Nation's gold into Fe- Crossley six-wheeler, 30-cwt-deral Reserve Banks and permits Commer four-wheeler lorrw, a 15- bankers to get the equivalent circula. ewt. Morris commercial van and a Riley "Nine" motor car travelled lion of notes from the Federal Re- from Cairo to Juba, near the Ugan-serve Bank in return for the United da border, a distance of 2,000 miles States Government's obligations, in- in 29 consecutive days.
cluding notes, drafts, bills of ex-
The return journey by another change and bankers' acceptances. route was equally successful.
These notes will be receivable
Experiments had been going on
for many years regarding the tank at par throughout the United corps, and it had now been decided States.
that light and medium tanks should The Bill permits only "sound"
Gold Embargo Stays
Indefinitely.
BANK HOLIDAY EXTENDED
·BY ROOSEVELT.
Washington, Later. President Roose- velt has extended the bank holiday inde- finitely, also the gold embargo.
Testing special parachutes, designed for use to raréfled atmosphere, for the Houston Mount Everest fight expedition, the members of which arrived at Kara chl, their baso, on Tuesday last. Messrs. Godfrey and Raymond Quilter are seen fixing dummy with the parachute on the plane ready for the drop. (Ai left)—The dummy is seen making a successful descent.-(8; & G.)
£2,500,000
TO IMPROVE COTTON TRADE
Manchester To Lower Production Costs.
BIG
EFFORT TO RECAPTURE FOREIGN MARKETS
London, Id-day,
A £2,500,000 scheme is being launched by the Manchester cotton trade which is forming the Lan- cashire Textile Co-Operative Society in an effort to recapture foreign markets with the aid of lower pro- duction costs and improved mar keting.
Features of the scheme will be the supply of lint and cotton direct to the spinner, bulk purchase of coal, dyestuffs, etcetera, a centra-
be employed in combination, and banks to open immediately, and All the provisions of Sunday ]lised orders agency, a trade intelli-
tank battalione had been reorganis-others to be reorganised. ed on that basis.British Wirelses It provides a fine of G$10,000 night's proclamation will be contingence service and world distribut-
or 10 years' imprisonment for used in full force until erminated by ing agencies: Reuter. violations und empowers the President Roosevelt. It is under-
Service.
£53,570,000 For Navy Programme.
IMPORTANT PROGRESS
REPORTED.
London, To-day. Interesting developments record- ed by the First Lord of the Ad- miralty, Sir Bolton Eyres-Monsell, in the House of Commons yester. day in presenting the Navy Estim- ates of £53,570,000, include the following:
| President, during the emergency, stood that the bank holiday will
to regulate and prohibit traneac-probably be ended on Monday, tions in foreign exchange, trans- fers of credit between banks, and the export, hoarding, meeting and earmarking of gold and silver coins and bullion currency. Reuter.
Bill Passes House And Senate.
Washington, Later.
Leaders Confer In Washington.
President Roosevelt signed the proclamation after a conference with Mr. William H. Woodin, | Secretary of the Treasury, and the Attorney-General, Mr.. Homer S Cummings.
Government control over banksi also authority to re-open sound banks as rapidly as possible' and [reorganise other banks, putting
them on a sound footing.
Amendments to the Feder- al Reserve Act were to be requested in order to provide additional currency to meet all currency demands, he said.
President Roosevelt strongly It is understood that the pur urged Congress to take imme. The House of Representatives pose of the indefinite extension is
All submarines have now been has passed President Roosevelts to give the Secretary of the Trea-diate action - Reuter.
equipped with
Bury further time to administer
Davis Submarine Bank Bill, which now goes to the the new bank law and to determine U.S. Banks Still Closed. escape apparatus. Special excape Senate. hatches and indicator buoys are being fitted to all submarines.
Trials of a boiler of the new ex- press type have been satisfactori- ly carried out and will be continu- ed under service conditions In H.M.S.. "Guardian.”
Oil fuel produced from British coal by low temperature carbonisa-| tion is being tried in a number of} ships.
Fifteen capital ships and cruis- ers are now being fitted with cata- pults for aircraft-British Wire-
·less Service.
BRITISH RELATIONS WITH HOLY SEE
Later.
The Senate has passed President Roosevelt's Bank Bin. Reuter.
Firm
Tone On London Stock Exchange.
HOPEFUL VIEW OF AMERICAN CRISIS,
1.5.2
London, To-day. Authoritative forecasts of President Roosevelt's mes- sage to Congress were closely studied in the. Lon don financial markets yester- These, together with private advice from New York, confirmed the more hopeful view of the American money crisis, and a general- ly firm tone again prevalled on the London Stock. Ex- - change.
day. London, To-day. Replying to a question in the Commons yesterday Mr. Stanley Baldwin said that he was happy to say there were no longer any sub- jects of controversy at issue be tween the British Government and the Holy Sae, lan
It was hoped that the appointment of a Minister would facilitate an early settlement (of any "question which might still rèquire treatment, ---British Wirelona Service..
In the foreign exchange market, quotations moved" within, a comparativaly nar- row,range, British Wire- Jess Service,
which banks are sound, for ro- opening-Esater.
The proclamation issued on Sunday night given the National Government absolute control of the nations gold supply and places an embargo on gold and silver exporta and forbids the ear- marking of gold for foreign nations.
-Reuter.
President's Address To Congress.
LEGISLATION AGAINST
SPECULATION.
Washington, Earlier. "President Roosevelt, ~nd- dressing the special session. of Congress yesterday, sald that their first task was to re-open all sound banks as a preliminary to legislation directed against speculation. with depositors' funda,
·GOLD EMBARGO TO BE CONTINUED
Washington, To-day." The National bank holiday will be extended at least until over Friday, probably for an- other two or three days.
President Roosevelt is also preparing a proclamation, cons tlacing the gold embargo,
|....... Ile has signed the Bank | Bill which passed the Senate by 73 | votes to 7-Reuter.
States Extend Bank Holiday
NATIONAL BANKS CLOSED *TILL TO-MORROW.
New York To-day. The Federal Reserve Governor in St. Louis has announced that
He requested Congress to im- the National banks' holiday will be mediately enact legislation in or extended until Saturday morning. der to permit the opening of Georgia, Washington. Bista, New banks for resumption of business, "Jersey and Oregon kars extended and asked Congress to give the the holiday in nations
Baturday, and Ju Higła banki, (Continued at foot of post Column)
HITLER
CHINESE AIM
TO RECAPTURE
fa.
CHENGTEHFU
Serious Fighting At Chingshihliang.
CHIANG KAI-SHEK CONFERS WITH CHANG
Peking, To-day.
The Chinese are making a deter- mined effort to recapture Chengteh- It is declared, that serious {fighting was progressing-last- night: and was still continuing this morn- ing at Chingshihliang.
Marshal Chang Hsuch-liang and General Chiang Kai-shek met at Changsintien yesterday. No state- ments were made but it is believed that the Young Marshal's resignation
WINS BAVARIA cropped up in the course of the con- BY FORCE
BREAKING - UP THE FEDERAL
SYSTEM IN GERMANY
CABINET GIVES IN TO AVOID BLOODSHED WITH NAZI STORM TROOPS.
BERLIN, TO-DAY, --
THE LONG STRUGGLE BETWEEN THE BAVARIAN CABINET AND CHANCELLOR ADOLF HITLER HAS CUL- MINATED IN THE LATTER APPOINTING A NAZI LEADER, GENERAL VON EPP, TO BE BAVARIAN STATE COMMIS SIONER.
THE CABINET, AFTER A BRIEF SESSION IN MUNICH, AGREED UNDER PROTEST AND THEN RESIGNED. TER.
versations.-Reuter.
Japanese Attempt Persuasion.
DEMAND WITHDRAWAL FROM KUPEIKOU.
Tokyo, To-day. The Japanese Legation in Peking has been instructed to attempt“ to negotiate for the - withdrawal of the Chinese troops" concentrating around Kupelkou
Otherwise the Japanese may be compelled to send troops through Shanhaikuan for the purpose of
taking the pass from the rear..
Failing persuasion, it is authori- REU-tatively intimated that the Japanese.
may approach Sir Miles Lampson, British Minister to China, to use his good offices. Reuter.
The bloodless Nazi victory in Bavaria is regarded in authori- tative quarters here, as the beginning of the breaking up of the Federal system in Germany. It is admitted that the Central Government aims at creating a united Germany with one Parlia ment in Berlin and one supreme authority for the whole country, namely, the Central Government.
The appointment of Gen- eral Von Epp as the State Commissioner was accepted by the Bavarian Government under duress, in order to avold bloodshed, for Nazi "Storm Troops" with revol- seizo were ready to forcibly all the Government buildings if the local Govern- ment refused.
vers
Detachments of armed Nazi "Storm Troops" have now oc- cupied all the Government build- ings including the Dict. ter.
..
Reu-
Arrest of Anglo-Indian Subjects.
BRITAIN QUESTIONS GERMAN ACTION.
Ex-Crown Prince Wilhelm, prominent Hitler Vleutenant, who, it is rumoured, hopes for a restoration of the German Monarchy.
BRITAIN'S TRADE WITH DENMARK.
SANTANA
London, To-day. Replying in the House of Com- mona for the Foreign Secretary, Mr. Stanley Baldwin said that his attention had been drawn to the Adverse Balance In 1932 arrest of two British Indian sub- Jects, Naidu and Mambian, in Ger- many.
The British Ambassadör. was al-
Of £30,695,828.
London, To-day.
ready in communication with com- On behalf of the Board of Trade petent German authorities and it i was stated in the House of Com
Canton Opinion Of Tang's Desertion.
“NO UNITY OF COMMAND AT THE FRONT!!?”
Centon.
General Tang Yu-lin's desertion of Jehol is a bitter pill for the nation to swallow, though he has been suspected for same time as. untrustworthy to his country, Mr. -- Hsiao Fu-chen declared in the Chinese newspapers to-day.
(Continued on Page 18.)
BRITISH DELEGATES
IN PARIS.
En Route To Geneva To Speed Disarmament.
London, To-day. The Prime Minister, Mr. Ramsay
when MacDonald,
leaving for Geneva yesterday with the Foreign
Secretary Sir John Simon, said, that they would try to help the Disarma- ment Conference to obtain some re- wulth which they hoped would be a good contribution to world peace.
The British Ministers spent last night in Paris, and before resuming their journey to-night, they will engage in conversations, with the French Premier, M. Daladier, and the Foreign Secretary, M. Paul.
had been learnt unofficially that mons yesterday that the total value Boncour-British Wireless Service Naldu had now been released. „
M.C.C. SCORE 54
FOR ONE.
Adelaide Match With South Australia.
Adelaide, To-day. The MCO, on the boss and had scored 54 for the foam of one wicket against South Australia at the luncheon interval to-day-
of merchandise imported Into, the
United Kingdom in 1932, from Dea H.K. DOLLAR RISES
mark, was £40,556,3271: The Unliedi: Kingdom exports to Denmark dur- ing the same year .... amounted to 20,860,499.?
When asked what steps... the
TO 1/4 1-8.
SILVER GAINS REFLECTED.
The local dollar improved on Jer-
Government were taking to correct terday's quotation of 1/8% to 1/4% this adverse balance, the Parlia- this morning, |mentary Secretary to the Board of Silver priges continue to rise Trade said that the Governmeal standily, spot being given at 18 7/16 were conducting trade negotiations as compared with 18 yesterday, with Denmark for that purpose. while forward rose from 18-1/16 to
He added that this very great 18 9/16 to-day, A discrepancy was considerably lasa: Owing to the banking holiday in than for the year 1980- -British the U,S., no cross-rate quotations Wireless Service,
are available,