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No. 28,580 HONG KONG, WEDNESDAY, NOVEMBER 22, 1933. PRICE $3.00 Per Month.
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BERNARDS' OF HARWICH
Chater Road.
GENTLEMEN'S OUTFITTERS.
•
U.S. TREASURY ADVISER RESIGNS IN ORDER TO OPPOSE ROOSEVELT
EFFECT OF
SILVER RISE
ON CHINA
Increase In Purchasing Power.
INDIAN FINANCE MINISTER PRAISES CONVENTION
New Delhi. To-day. The Indian Legislative Assembly yesterday agreed to the ratification of the International Silver Conven- tion.
Sir George Schuster, the Finance Minister, welcomed the Convention as a practical achievement and token of international co-operation.
A mere rise in the price of
silver could not increase In- dia's purchasing power, he said, but the position of China, whose currency was on u silver basis, was different.
An increase in China's purchas
A
ing power owing to the rise in the
price of silver would be only tem-) porary, se
Sir
"OFFICIAL OPINION ON WAR
DEBTS CHANGED IN U.S.”
Frederick Leith-Ross Back From
Washington Conversations
London, To-day.
change
"I believe that there in of opinion towards war debts in administrative circles in the Unit ed States," declared Sir Frederick Leith-Ross, Chief Economic Ad viser to the British Government, on his arrival in England yester- the
day from New York after
debt discussions in Washington.
"It would be difficult to say. however, whether there is any change in Congressional opinion, The people have other things to Think about ut present" Sir Frederick added.--Reuter.
BRITAIN'S
TRADE PACT
WITH SOVIET Agreement Expected Shortly.
the rising exchange LORDS PASS ADDRESS-IN-REPLY would temporarily encourage im- ports.-Reuter,
SILVER ADVANCES TO NEW LEVELS.
New York Speculation
New York, To-day.
London. Today.
The address-in-reply to the speech from the Throne Was unanimously passed in the Rouse of Lords. last night.
The War Minister, Lord Hail- sham, lengthily defended the Government's Disarmament el- forta, attaching the greatest
"PUBLIC DISTRUSTS
CURRENCY"
GOVERNMENT CREDIT THREATENED
DOLLAR WEAKENS AS PROFESSOR SPRAGUE RESIGNS
WASHINGTON, TO-DAY.
PROFESSOR W. SPRAGUE YESTERDAY RESIGNED HIS POST AS ADVISER TO THE UNITED STATES TREASURY. IN A LETTER TO PRESIDENT ROOSEVELT, HE DECLARES THAT THERE IS NO DEFENCE FROM THE DRIFT INTO UN- RESTRAINED INFLATION OTHER THAN ORGANISEN PUB- LIC OPINION, TO WHICH HE PROPOSES TO CONTRIBUTE.
He fundamentally disagrees with President Roosevelt's monetary policies. He opposes the gold purchases abroad be cause he is convinced that the polley is ineffective to secure a speedy rise in prices. Such a rise, Mr. Sprague asserts, must de- velop from a sustained demand for labour materials and there is nothing to show that the depreciation of the dollar has induced such a demand,
Professor Sprague belleves that the present policy threatens a complete breakdown of the Government's cre- dit and declares that the alternative is to abandon the present policy or to meet the Government's expenditure with additional paper money.
The distrust of currency, already manifest, may then extend into a frantic desire to hold anything but currency, or securities yielding fixed income return, Mr. Sprague states.-Beuter.
Bliver opened higher on the New importance to the maintenance of BETTER BUSINESS
the League of Nations.
York market yesterday, on "the ad vance of sterling, and reached new Britain would do her utmost high levels under buying by comto carry out negotiations within mission houses and by short cover-jits framework, he said. ing. The advance in the Shang- It was indicated that the tradei
negotiations with hai Exchange also helped.
the Soviet The resignation of Professor would soon reach a satisfactory Sprague from the Treasury De conclusion. Reuter. partment is considered list 1.
the trade
report
nouncemen
1111 a bullish
trum Win coming Washington ww responsible for the strength of wheat at the claw,
Busines on the general market was fair. 1,800,900 shares being traded.
SHENG AN TRIAL ON DEC. 14.
Pirates To Appear In Dairen Court.
LEAGUE SUPPORTED BY OPPOSITION.
Reply In Commons.
London, To-day.
When the House of Commens re-
IN AMERICA
Bright Outlook For 1934.
ECONOMIST SEES INCREASE IN INDUSTRY
SPECIAL TO CHINA MAIL.
(By Telegraph, Copyright. Telegra |whie Mensagen. Ordinamer, 1891. Ra.
ceived November 22, 1141 0.8)
New York, To-day.
The Wall Street outlook in now! Enes mbled yesterday afternoon amore favourable due to the pub-
a
Machine gun drill in progress under a Regular Army In- structor at Fanling. where the Hong Kong Volunteer Defence Corps held the first camp of the season during last week-end.- (King's Studio).
CONSERVATIVES RETAIN SEAT
But Labour Improve Vote At Rusholme.
MR. RADFORD ELECTED AT BY-ELECTION
London, To-day.
The Conservative party yester- day retained the Rusholme consti- tuency at the by-election caused by the appointment of Sir Boyd Merri- man, K. C., to the Presidency of the Flight Of Capital May Be Probate Divorce Court. Admiralty
"
DOLLAR ERRES SEVEN POINTS.
Intensified.
New York, To-day. On the receipt of the news of the resignation of President Roosevelt's for, mer financial adviser. Pro- fessor Sprague, from his post as Treasury adviser, yesterday, the United States dolar eased from £-U.S.$5.35 to £-US.$5.39, and later to £-U.S.$5.42.
Wall Street observers are of motion that s humble address belie re-entering the market, the opinion that the flight of the presented in reply to the speech Bonds are improving, while there dollar will be intensified. — Reu- which His Majesty the King deliver-!'
jed from the Throne at the opening |ia a better undertone in the
ter.
of Parlament, in the morning, was automobile industry. General ROOSEVELT MAKES
two
moved and seconded, in accordance business is increasing. with the custom, hy
private
The Forbes Magazine states members Mr. R. H. Cross and Mr. Dairen, To-day.
Kenneth Lindsay, the latter making that there are indications that I was announced this morn-
the market in in a good technical | ing that the Sheng An trial has his first speech in the House.
position for an early renewal of the bull market.
been set for December 14 in the Dairen District Court, before
(Continued on Page 9.)
three judges. Reuter's Pacific JEWS WILL
Service.
Sheng An Piracy Trial. Fixed
The Sheng An piracy occurred on
June 30, while the ship was on her way from Tangku to Shanghai.
NO COMMENT.
Warm Springs, To-day. President Roosevelt, who is spending a fortnight's holiday here, has accepted Professor Sprague's resigna- The well-known economist, Mr. tion in an unconcerned man-
ner and without comment. 》business abould rise around New The President's secretary said that the resignation will -not affect the President's monetary ¡programme. — Reuter,
PARTICIPATE IN Roger Ward Babaon states that
1936 OLYMPIAD Year.
Five Europeans, four of whom, Vienna Congress Vote
Taudin, Schuler, Beston and Muller,
were
Germans, and the
ifth,
Gautsch, a Swiss, seized the ship NO murdering Captain Vikhman` and his wife and the wife of the chief) officer, together with seven of the
Chinese crew. The vessel subac-
To Be Upheld. DISCRIMINATION AGAINST
GERMAN-JEWS
He declares that the first ́ half of 1934 ought to be considerably better than the corresponding
of period 1933.
Mr. Rabson expects that com- modity prices and common stocks will advance in activity in 1984 Pittsburg, To-day. regardless of fundamental or in- quently ran ashore at Hoshigaura, The National Convention of fationary 'causés-United Press, where three of the pirates were the Amateur Athletic Union has per 8. C. Gold Bar Co. captured as they went ashore, while received a cable from Berlin)
the remaining two were caught from the German Olympic Games TREASURY CENSORSHIP ORDER
a few days later.
.
RESEARCH SHIP'S VOYAGE.
Discovery II Calls At Tristan da Cunha.
Committee representatives re-
affirming the pledge of non- ROOSEVELT'S EXPLANATION, discrimination ngalust German Athletes of the Jewish faith) made in Vienna last June,
The cable reads:
"THE BIRDS WILL STILL SING." Morgenthau's Comment On Sprague's Move.
Washington, To-day.
"I think the sun will rise to-mor- row and the next day, and the birds {will still sing," is Mr. Henry Mor- Professor genthau's, comment on Sprague's resignation...
“He is now negotiating to write
Division
In the three-cornered fight, however, the Conservative ma- jority was reduced to 2.899 sa against 18,498 at the general election in 1931.
The polling figures follows:---
were as
Mr. Radford, Conservative, 13,904.
Mr. Woods. Labour. 11,005. Mr. McDougall, Independent] Liberal, 2,508.
clear
Mr.
4 Radford held majority of 398 votes.-Reuter.
PRISON RIOT IN AMERICA
Inmates Start Fires In Gaol.
POLICE USE MACHINE-GUNS TO SUBDUE OUTBREAK.
SERIOUS
!
RIOTING IN
NEW CRISIS ON
DISARMAMENT
AT GENEVA FRANCE AND ITALY OPPOSED.
DISAGREE ON ADJOURNMENT OF CONFERENCE
Geneva, To-day.
A crisis arose following a general agreement on the question of ad- journing the Disarmament Confer- ence until January.
A draft resoluution. prepared, it is stated, by the Bureau, re- commended that the aims of the Disarmament Conference could best be promoted by diplomatic negotiations between the Powers, and also that there be no meet. ings, provisionally, of the gen- eral committee.
M. Paul Boncour, of France, believed it to be dangerous to suspend all the activities of the Conference, and felt that the work of the two technical com-
the Conference was still alive.
MADRID mittees would be symbolical that
Communists Clash With Police.
ELECTION RESULTS STILL UNCERTAIN
Madrid, To-day. Serious rioting broke out yesterday in the main streets of Madrid, where Commmmists clashed with 200 shock police. One Communist was killed and several injured.
Confusion still exists as re- gards the election results. The latest estimate gives the state of the chief Parties as follows:
Right 100 seats. Radicals 56 seats. Monarchists 20 seats. Socialists 21 seats. Reuter,
The Italian delegate took the opposite view, pointing out the danger that some question might unexpected- ly lead to an explosion.
It is believed that the French desires to emphasise the Confer- jence continuing on the basis of agreement proposed on October 10, while the Italians wish to make clear that a new basis must be sought. - Beuter.
PREMIER REVIEWS
SITUATION.
"Conference Must Be Carried On."
London, To-day.
The Prime Minister, in the House af Commons yesterday, referred to the Disarmament Conference con- versations in Genova. He said that Germany's withdrawal from the
AMERICA'S CUP League and the Disarmament Con
CHALLENGE
Britain To Contest Series Next Year.
MR. SOPWITH'S ENDEAVOUR ENTERS LISTS
London, To-day. The new challenge for the America's Cup, which for 82 years has been held by America,
Was
cast yesterday at Mesara Camper and Nicholson's Yacht Yard at Gosport in the presence of Mr. T. 0. M. Sopwith to whose order she is being built- Philadelphia, To-day.
British Wireless Service,
America first won the Cup at Five hundred extra police, fre brigades, and machine-guns, Cowes in 1861 with the schooner, were needed to quell a serions America, and since that date four- riot in the Eastern State Peni- teen unsuccessful challenges. havs tentiary, which began when 1,300) been made. prisoners were exercising in the The challenging yacht will be prison yard.
Seventy-five man rushed and néť fire to a machine weaving shop, and smashed, up, a quantity ́pf, machinery,
Other set fire to malirensen in the cells. The damse spread to the kitchen and the laundry.
Fearing an attempt to "break
ference had created a new situation which itself had to be considered and made the subject of agreement before the Disarmament Conference could progress further.
(Continued on page 12.)
INDEPENDENCE FOR SYRIA
French Mandate Ended By New Treaty,
FRENCH RETAIN MILITARY CONTROL
Paris, To-day, The Franco-Syrian- Treaty - was signed yesterday, sub- -Ject to ratification by the
Syrian Parliament,'
The Treaty will terminate the French mandate and prepare the way for Syria's entry "into named Endeavour, and Mr. T. 0.the League of Nations at the end M. Sopwith, her owner, will steer of four yeara, her himself in the cup races, f (Continued on Page 9),
BRITAIN'S SOUND FINANCES.
Revenue Returns Still Increasing.
The Treaty provides for the maintenance of French Influence an external policy and military matters.
By special agreement with the Syrian Government, the Iraq Petroleum Company will remain in force, Beuter,
LOCAL DOLLAR UNCHANGED.
Forward Silver Price Advances 1/16.
a series of articles on "How I treat out", "machine runs were mounted Uncle Sam's monetary Ills, the on the walls, but the police oven- Acting Secretary of the Treasury tually harded the recalcitrants into
London; To-day, added.-Reuter.
acorner with a hall, of machine- The Intent Treasury returns show gun bullets, and led them back to that the ordinary revenue for the [the, cells, nowy
current financial year up to Novem- The riot has now been subdued, ber. 18 amounted to £360,658,864. The local dollar shows, no change, Beuter,
153 | At the corresponding date of last opening to-day (at 1/45) f
year the amount stood at £347,069,-|||| The price of spot silver, at 18% Sugeblad showed no alteration yesterday
Warm Springs, To-day;" "No censorship or gag je intend ed, declared President Roosevelt's "We declare solemnly that the Secretary, yesterday in reply to the pledge undertaken in Vienna: re: protesta. ⠀ from...・・ newspapermen garding the participation of Ger- against the orderers "muzzling“ man Jews in the Olympic Games United States, Treasury officials. The Royal research ship "Dis- and which was accepted as satin-The latest order in regard to covery 11" has vialted. Tristan da factory by Méaura Galland and this, was issued by the Acting- Cunha, landing mails, and atores. Sherrill, the American representa Becretary of the Treasury, « Mr,
She left the Island on Saturday tives at the Vienna Congrein, will Henry, ....... Morgenthau, Baturday ency Releif Administrator,” states to resume her voyage to Bouth africtly be observed, and since this evening,
London, To-day,
“Georgia and the sciantific investi. meeting neither the Government gations on which she is engaged.- of the Olymple Committes" hay, British Wireless Service,
(Conti
4,000,000 BACK TO WORK BEFORE DECEMBER 15
Wishington.
Mr. Harry L. Hopkins, Emarg-
Mr. Carlos H, Basto, principal of the Ordinary expenditure to date for while forward advanced-1/16, clos- that he expects that the 4,000,000; firm of Mesars: Adams, Little" and the current year totalled £468,222,- ing at 18%. men whom President Franklin D. Wood, Archifacts, and Conspi for 514, as compared with £499,511,087 The cross rate, London on New,
Hollvin: In Hong Kong, returned from Zoosevelt promised jobs will be waplan by Use Tarakuni Mara yester: up to the corresponding date of laat York, is 2-G45.87%, while... New
work be December 18′′Vas
year-British Wireless Service, York on London is 2-085:39.