BEDFORD
MADE IN- ENGLAND
THE HONG KONG HOTEL GARAGE.
The Hong Kong & Shangha!
Hotels, Lid
The British
TRUCK
Incorporated in Hong Kong.
ubbe Road. Happy Valley
BRITAIN
Economical 27-h.p. 0-cylinder engine ---reducing vibra- tion, reducing engine-wear, reduc- ing time-off-the- road, reducing ex- penses.
The
China
Est. 1845.
The
THE OLDEST - ESTABLISHED NEWS
No. 28,639 HONG KONG, THURSDAY, FEBR
RECOGNISES "EQUALITY
GOLD PRICE MEMORANDUM STRESSES SECURI
RAISED
ROOSEVELT
FIXES DOLLAR
AT 59 CENTS
EXCHANGE MARKET
CONFUSED.
NEW ORDER "TO STABILISE DOMESTIC PRICES”
Washington. To-day. President Roosevelt has pro- claimed a 59.06 cent dollar.
The gold price will be U.S.$35 an ounce, beginning to-day.
The Presidential procin- mation states that the gold price of the dollar has been fixed in order to stabilise domestic prices and to pro- tect commerce against the adverse effect of depreciated foreign currencies.
The weight of the silyer dol- lar is unaffected and unaltered by the decree.
President Roosevelt retains the right to alter the proclamation as the interests of the country! require. "
The Foreign Secretary, Sir John Simon, who is Britain's chief Disarmament delegate.
HEAVY WEAPONS
BE DESTROYED
FAVOURABLY DISPOSED TO GERMANY
"WORLD-WIDE ABOLITION OF ARMS IMPOSSIBLE AT PRESENT
LONDON, TOJ
"WE MUST SEEK A SOLUTION WHERE A SOLUT FOUND." STATES THE BRITISH DISARMAMENT DUM. PUBLISHED YESTERDAY EVENING. ...;
The memorandum is in two parts. The first exp reasons for issuing the present memorandum, and state
"MODIFIED GOLD resumption of negotiations at Geneva without new dire
STANDARD" Interpretation Of New
Order.
NO DISCUSSIONS YET WITH
FOREIGN COUNTRIES
SPECIAL TO CHINA MAIL.
(By Telegraph, Copyright. Telepra The new gold dollar becume phic Messages Ordinance, 1881, "Re- effective at 3.10 p.m. (Eastern cetved February 1, 9.15 m.) Standard Time) yesterday.
The new gold dollar contains
16 6/21 grains of gold, nine-tenths
of which is fine.
President Roosevelt said there had been no intention of initiating discussions with foreign countries,
He said that future questione
The d gestions, will lead to further disappointment. since last March; have shown that the British draft requires adjustment.
A solution involving the abolition, world-wide weapons withheld from certain Powers is îmanifestly? H possible at present, the memorandum cóntinines, ande Government see no escape from the conclusion that,” permitted to one Stale cannot indefinitely be denie another.
The choice for Europe, the memorandum continues, lie an agreement on a convention involving the abandonment classes of weapons by the most heavily armed. Powers and ment on the basis that these Powers agree not to increase the armaments.
should be destroyed by k The Government earnest
the first year over 20 ly press for active pursuit of
end of the third year à the first course. The new gold price applies to all
The second part of the tons by the end of the The Government wor gold delivered in the United States as to this possibility will not be memorandum sets forth the way
apparently in which the Government believe the new German 2 mints or in the New York and answered, which.
leaves the United States in that an agreement is attainable, Army being equipped with tan Seattle assay offices.
The proclamation automatically position to discuss freely mone and states that adequate provi- up to six tons, creates stabilisation fund derived tary matters with foreign coun-sion must be made under three
tries whithout risking disruption heads. from the gold profit.
due to premature reports.
Officials said that devaluation
It is explained at the White House that President Roosevelt desired his action to be known just pegged the dollar at 59.06 centa before the American gold market until further notice.
closed, so that If any benefit were accruing. it would be enjoyed by Americans.
STERLING RISES SEVEN POINTS
the
New York, To-day, The foreign exchange market here is 'most confused following President's proclamation. Quotations and nominal business are virtually at a standstill.
Sterling was quoted of £- 1.8.$4.97, but weakened to - 1.8.$5.04.—Ileuter.
Some described the peg- ging as a return to a modi- fied gold standard. —- Press. per S. C. Gold Bar Co.
CERTIFICATES FOR GOLD
First, security. Second, equality of rights. Third, Disarmament.
Guns Permitted For Germany-
RIGHTS
Per Month
FOR ARMAMEN
"A new type of auto-giro, without wings or rudi Its first publié appearance at Hanworth, Middlesex: The has a top speed equivalent to that of a similarly plane, but the pilot has perfect control at the Senor de la Clerva, is seen landing the Direct giro tall-first.—(S & G),
THIRD PIRACY IN BRITISH WATERS
Attack On Junk By Four Small Boats.
CARGO OF PIGSSTAKEN,
WORTH $900:
the
Another”:” Junk – piracy,"
this week in British wafers, rted to have taken place at meday, when a cargo
armed", with rifles, knives.
The men, who were dressed in In order to secure a prompt, gen-black clothing, are believed by the eral agreement, the Government Police to be the same ging who prepared to concur on the new were responsible for piracies in German short-service Army belag Sunday and Tuesday last. equipped with 156 millimetre guna.
As regards security, it suggents)
Guns over 350 millimetres should an addition to the British draft!
be destroyed by the end of the first convention, of three Articles, United
em-year over 220 mm, by the end of phasising the duty of the signa- the fourth year, and over 155 mm,p. tories to the convention to prevent by the end of the seventh year. or remedy any violation of the con- vention. This, with the Gorman! Chancellor's proposals for the con- SPECIAL TO CHINA MAIL tify Telegraph, Copyright. Tetegraclusion of pacts of non-aggression: whte Memages Ordinance, 1804. &-|would present
total of ceived February J. 11.07 a.m.)
security worthy of generál accept
ance.
2 BUM
The pirates transferred cargo of 82 pigs, valued · at $900; to their boats and sailed - away in the direction of Tit Tak Mun..
SILVER ACTION UNLIKELY Congress Leaders To Shelve Legislation.
„SPECIAL TO CHINA MAIL.am (By Telegraph. Copyright, Paleoru who afessages Ordinance, 1891, E. ceived February 1, 11.15 p.m.).
- Corresponding arrangements are made for Austria, Hun- gary and Bulgaria in respect of artillery and tanks. · If a permanent Disarmament Commission ́has not decided on The United States Treasury has
abolition at the end of two years,] announced that it is preparing new
The Government declare that the the memorandum suggests that all currency to handle the problems in-1 volved in transferring the Federal practical application of the prin-countries be entitled to possess mi- ciple of equality of rights is no less litary aircraft, and that other Reserve gold to the Treasury,
Gold certificates will be issued the essential than the general principl: countries increase or reduce, as the case might be," by stages within A White House statement de. same size as currency, but instead of security.
Dealing with Disarmament, the the following eight years and so clares that the acttlement for the of absolute "promise to pay gold" gold taken over from the Federal it will say that there is "on deposit memorandum calls attention to the attain eventually, agreed figures, Reserve banks will be in the form at the Treasury $......gold payable voluntary renunciation by the Gar-Germany acquiring parity with the man Chancellor, of offensive wea-principal air Powers by these of credit in the Treasury's book to to bearer as authorised by law."
It is indicated that Congress This means that the certificates pone. Although heavily-armed States stages. be paid later in new gold certificates,
might not be willing to abandon
Naval Disarmament |leaders are anxious to shelve sil- The Treasury Secretary, Mr. are not redeemable in metal, except
their existing armaments, the The Government stand by the ver legislation, at least tempor- payment of international Henry Morgenthau, has announced for that the Treasury will sell gold for balances or other similar uses under memorandum adds, not be it follows naval chapter of the draft con- arily United Press, per, S. C.
that a positive contribution by the vention, but are prepared to make God Bar Co export besides buying, and added Treasury authority.
The certificates will be legal down the scale all round.
latter Powers would help to bring proposals for a more simple, are do that, until further notice, the Trea-!
rangement if necessary, in view of sury will sell gold for export to for- der. United Press, per S.C.
the near approach of the 1935 Naval Conference. eign' central banks whenever the Bar Co.
United States exchange rates with;
ten-
Gold
the gold standard currencies reach ROOSEVELT SEES MONETARY
-the gold export point.
The sales price will be U.8.835 per ounce, plus one-quarter per cent, handling charge.-Reuter,
-'
DOLLAR QUOTATION AGAINST GOLD FRANC
ADVISERS
SPECIAL TO CHINA MAIL.
(Bu Telegraph, Copyright. Telegra shin Messenes Ordinance, 1886. ceived February 1, 6.49 a.m.).
Washington, To-day.
10-Year Agreement
The memorandum proceeds
to make. Disarmament propos-- als on the assumption that an agreement would last for 10 years
They suggest, however, prompt agreement on other matters and the embodiment' that an agrecy ment on a worldwide convention would be of great assistance... to Dealing with effectives, it sug-the naval discussions, es proposed Bgests that it is not impossible to in Article 33 of the draft conven-
find vysocommodation between the tion." 203,000 men suggested in the draft
If an agreement is resched on President Roosevelt conferred convention for France, Germany, all other issues, the Government with his monetary advisers at Italy and Poland, and Germany's will agres to a system of perman p.m. yesterday, after which the declaim for 300,000.
ent automatic, super sion to con SPECIAL TO CHINA MAIL,
|valuation order was expected. A They are also prepared 100trol the obserTANCE Received January 27, 9.00 am)
the Dis. Mr. Henry Morgenthau, Secre- phic. Margra Ordinance, 2884.tary of the Tressary, said that the Tuleece to a 12-month period of ser- armament convention:
vice instead of eight months, The memorandum conclades by Government would well gold for ex- there is a general desire for stan-pointing out that the proposals are port to foreign central banks when ardisation at an agreed Agure to During the late foreign exchange ever the American exchange rate be completed in four years
to meet the essential claims transactions yesterday, the dollar with the gold standard country con-
outalde
neived February 1, 8.50 aim.):
New York, To-day,
was quoted at 61.22 cents in terms cerned reaches the gold export price.
of the French gold frame United- Presa, per 8,0. Gold Bar
Wall Street had anticipated that Co
the dollar would be devaluated to
60 cents, and that anything lower - The forthcoming" marriage
(then that would have a decidedly John Joseph Wahh, Sergeant
· bullish - findbende the stock -mar-
ket Ualted Prusa, par 8.C. Gold Bar Co.
"Kong Polica".
Dempsey of New, Street: County Cork, Ireland, Fim annDL
Military‹ tráfning
Zorohibitad.
Washington, To-day. Observers predict that there are no prospects of an immediate silver move in the United States. -
FIXED GOLD PRICE SHOULD PEG EXCHANGE RATES
U. S. Treasury Officials Forecast Little Use Of Stabilisation Fund.
A
Washington, To-day, Treasury officials are of - the opinion that the Stabilisation Fund will not have to be used wrten alvely, because the fixing of the gold price should peg
exchange
Thay readjustment of the world, gold price, resulting from the deprecia-- tion of the dollar and the raising "American" price <level, Bentar,
O JAPANESE NEGOTIATIONS
Talka
FREE STATE MOVE TOWARDS CONCILIATION
Urges. Endia" DE:
Dublin: Bills for the control af Imp ware tabled in the
urging proach
AUSTRIAN NAZIS TO BE CRUSHED
Unlimited Powers For Vice-Chancellor.
GOVERNMENT'S PATIENCE EXHAUSTED
Vienna, To-day.
On the ground that the Nazis have exhausted the Government's patience, Ordinances have been i sued conferring unlimited powers on the Vice-Chancellor, Major Fey, the Fascist leader, who is directed to restore order by any means he thinks fit.
He is empowered to replace Pro vincial Governors, Police Chiefs and any other high officials whose loy- jalty is doubtful Reuter
CHIANG TO CONFER WITH CHANG
Marshal Loaves Shanghai
Hangchaw
BOLTON AND
WEDNESDAY
WIN IN CUP
Chelsea Record Triumph
SPURS BEAT ARSENA
IN THE LEAGUE
Bolton fighters, and both scored six plays yesterday to
Fifth Round of the
Chelsea recorded a meritorious win at Nottingham, against the Forest, and will meet Stoke- in an away tie on February 17.
Manchester City, who with Derby and the Arsenal are con sidered the most likely team, wor their home replay against Hul City
The big mat was, however, “derby" between: and Tottenham, Spurs won by 3 ma
Highbury This was the Arsenal's first home defestig Having, played one more gamo the newly promoted Club are now
3 points behind the Aying and Derby, who recorded win at Leeds yesterday with the London Clab.
Park
Northan
6 Brighton
Bolton Manchester C 4 Hull
Notta Fe.. Wednesday
Arsenal Leeds
0 Chelsea 6 Oldham First Division
1 Tottenham
Q Derby Third Division (South) Queen's P.R. 2 Northampton Watford
3 Crystal P. (Tables on Page 4);
2
The draw for the Fifth Round- of the F. A. Cup, to be played on February 17 in as follows;
Birmingham. Leicester;" Preston Northampton, Bögi Buryer Swansea . Porismulk. Arsenal, Derby, ba Tottenham Aston Villa,"NA Wednesday v. Manchester C. Liverpool Bolton. Stoke v. Chelsea. '
-Reuter
EUROPE'S POLICY TO MANCHUKUO. "No Recognition Just Yet?
MR. SAITO : INTERVIEWED.
To-day.
Mr. Saito, the new Japanese Ambasador to Washington, ar- rived here from Paris yester.
Shanghai, To-day. Marshal Chiang Kai-shek arrived here from Nanking at 1.80 o'clock a day murata dat this morning and left by train for In an interview with "Reuter," he Hangchow at 2 a.m. to attend the declined to discuss politics until graduation ceremony at the Avia he had seen President Roosevelt. tlon Academy there.
Asked whether he saw signs of "The Generalissimo la expected Continental Governments recognis- to confer with Marshal Changing Manchukuo, he replied with a Haush-liang, who is already there. smile, "not just yet, Benter,
Reater,
t
SUDDEN DEATH OF HEAVY SNOWSTORM CAPT. BRAMWELL.
AT PEKING
Farmers Welcome End
Of Draught.
Retired Master Of China Coast Ships.
Captain