Carnation
Carnation
MILK
"From Contented Cows"
THERE'S CREAM
IN
EVERY DROP.
The dollar, on demand, closed
to-day at 1/5 1-8.
FINAL EDITION!
The
Court
China Mail
Est. 1845.
Est. 1845.
THE OLDEST - ESTABLISHED NEWSPAPER IN THE FAR EAST
Sole Agents: CONNELL BROS. CO., LTD. HONG KONG & S. CHINA.
No. 28,756
HONG KONG, WEDNESDAY, JUNE 20, 1934. PRICE $3.00 Per Month.
CHELIUSKIN ARCTIC HEROES RETURN TO MOSCOW IN
SILVER SPECULATION CURBED
REGULATIONS
OUTLINED FOR
SILVER BILL
Stringent Rules For Profits Tax.
REFUNDING PROVISION
INCLUDED
Washington. To-day. President Roosevelt signed the United States Silver Bill last night, providing for the Treasury purchase of silver until silver reaches 25 per cent, of the mone- tary reserves of the United Stales. The time and quantity of the purchases are left to the discretion of the President.
Included among those invited by the President to attend the signing were Senator Key Pittman, Repre- sentative Doughton, Chairman of the House Ways and Means Com- mittee, Senator King and Represen- tative Dies.
REGULATIONS OUTLINED Simultaneously with the Presi- dent's signing of the Silver Bill, Mr. Guy Helvering. Commissioner of Internal Revenue, has promulgated regulations governing the tax and transfers of interests in silver bul- lion to carry out the purposes of the Silver Purchase Act.
TRANSFERS
The aforementioned regulations | provide:
Firstly, that the tax applies to transfers of interests in silver bul-i lion if the price for which the in- 1erest is transferred exceeds the
COMMODITY EXCHANGE DEATH BLOW
OBSERVERS FORETELL CESSATION OF SILVER TRADING
OFFICIALS MEET TREASURY.
SPECIAL TO CHINA MAIL.
By Pelegraph, Copyright, Telegraphic Messages Ordinance, 1594,
Received June 20, 9.12 a.m.).
NEW YORK, TO-DAY. ALTHOUGH THE COMMODITY EXCHANGE HAS AN- NOUNCED THAT TRADING IN SILVER FUTURES WILL CON- TINUE SO LONG AS THERE IS A DEMAND FOR EX- CHANGE FACILITIES. MANY REGARD THE PRESENT AC- TIVE TRADING AS THE BEGINNING OF THE END OF THE ITS INCEPTION IN 1931, HAS MARKET. WHICH. SINCE HANDLED VIRTUALLY THE WORLD'S FLOATING SUPPLY OF SILVER, ON ACCOUNT OF THE TAX WHICH IS EXPECT- ED TO DISCOURAGE ALL TRADING.
It is believed that all speculative trading in silver will cease now that President Roosevelt has signed the Silver Bill.
It is expected that the Commodity Exchange will continue to be used, however, for industrial hedging and hedges against for- eign exchange, both of which are tax exempt.
Traders are confronted with the task of liquidating holdings, Officials of the Commodity Exchange are holding meetings on the They also recently conferred with subject of futures trading. Washington officials.
SOME BELIEVE THAT THE FIRST STEP TOWARDS ELEVATING SILVER FROM A COMMODITY TO A MONEY METAL STATUS MAY DE THE PURCHASE OF ALL THE THE AVAILABLE NEW YORK sup- FLIES, WHICH ARE ESTIMATED AT 200,000,000 OUNCES.
Yesterday's futures market was unusually active, causing the
CLEARING HOUSE) PROPOSAL FOR ANGLO-GERMAN TRADE
America Not Yet Decided On Her Own Action
Washington, To-day. It is understood that the United
States Government has not yet decided on the proposal of the British Government, to establish a clearing house for Anglo-Ger- man trade in order to recover pay- ments due on Germany's foreign debts.
President Roosevelt has ordered the State Department to inquire the British proposal and the legal experts have definite-
into
ly established that the United State Government has power to take similar action.-Reuter.
RAINSTORM
DAMAGE IN
WE PRESENT · A Gorgeous Display
of Gowns.
AND OUR PRICES
ARE-
RIGHT.
PAUL RENNET « CIE
186-190 NATHAN ROAD
KOWLOON
TRIUMPH
HUGE OVATION IN RED SQUARE
FOUR-POINT
PLAN TO END
STRIKE THREAT
U.S. Steel-Workers' Note To Roosevelt.
MEDIATION BOARD URGED
Washington, To-day.
A four-point plan for peace in the United States steel industry is proposed in the steel-workers" fet- ter to President Roosevelt.
It proposes the establishment: of an impartial mediation board of three members, to
be ap- pointed by the President, which would be authorised to order and hold elections in plants and or-1
MARYLANDganisations selected by a major
Crops Beaten Down By Deluge.
WILMINGTON TOWN FLOODED
Jity of employees, and such elect
ed delegates to be recognised as an organisation of the workers for the purpose of collective bar- gaining.
The grievances regard. ing hours, wages and work- ing conditions would be sel- tled by direct negotiations between
New York, To-day. While the drought continues over large areas of the United States it has finally been broken in the Eastern States by heavy
"The farmers are jubilant, and the rains.
it is estimated that their in- comes will benefit to the extent of tens of thousands of dollars.
Severe damage, however, oc- For
PIRATE SCOURGE bellef that the Government was curied in some districts.
IN FAR EAST
st thereof and allowed expenses. "DAILY MAIL" URGES
Secondly transfers within the scope of the tax include those with- in the United States and those wholly effected outside the United States if either party is resident in; America or an American citizen
(Continued on Page 9)
U.S. NOT TO SEIZE] GERMAN CREDITS
IMPRACTICABLE AT PRESENT.
AMERICA EXPORTS MORE TO GERMANY THAN IMPORTS
KPECIAL TO CHINA MAIL (in Telegraph, Copyright, Teingra phic Messages Ordinance, 1891. Re- erived June 29, 0.72 0.m.)
Washington, To-day, Although the United States people have power under the 1933 Foreign Exchange Act to seize German credits in the retaliation United States as against the moratorium, it is learned that the Administration is not contemplating such a sei-
zure.
State Department officials state that it would be impractic able, at least, at present, since America exports more goods to Germany than she imports. — United Press, per S. C. Gold Bur Co.
TYNE COAL SHIPMENTS INCREASE_
London, To-day,
ALBANY FETCHES $187,775
STERN ACTION.
51 SHIPS ATTACKED AND 20 BRITISH OFFICERS KILLED
London, To-day. Following the prominence given to the Shuntien piracy in the London, newspapers,
the "Daily Mail." in a leading article yesterday, hopes that the British Government will insist on stern action being taken in the latest outrage.
"Drastic action is required to suppress the Chinese pir- ates who are yearly growing bolder in the Far East," de- clares the journal. "It is to he hoped that the British Government will insist on its being taken in the Shuntien
case.
The newspaper recalls that since 1921, 51 ships have been attacked by pirates in Chinese waters, and that 20 British officers have been killed-Reuter.
WATERLOO BRIDGE WORK BEGINS.
Demolition Starting
To-day.
London, To-day.
The preliminary work of the de-
buying all offerings.
Mr. Rene Leon, the noted silver authority, said that the profits tax, eventually, will be recognized as a wise and sound measure.
example, the crops in Maryland Įwere beaten down by a torrential downpour. Several rivers have joverflowed and heavy rains and
gales at Delaware resulted in} many trees being razed and He said that those who con-roads being blocked, " sider the tax calamitous are only Rivers have overflowed and an insignificant proportion of flooded the town of Wilmington. the Anancial community. If-Reuter. silver was to constitute 25 per cent. of the United States basic money stocks, he said, the Gov. ernment was justified in ruling? that it shall not be regarded as an ordinary commodity, subject to speculative dealing United Press, per S. C. Gold Bor Co.
STOCK CONTROL COMMISSION.
Appointment Before Roosevelt Leaves.
INFLATION IN CANADA
$120,000,000 Note Issue
Proposed.
25 PER CENT GOLD COVERAGE
Ottawa, To-day.
The Government has tabled in the House of Commons a Bill au- thorising the issue of noies up to Canadian $120,000,000, with 25 per SPECIAL TO CHINA HAIL
cent. gold coverage, any excess to (By Telegraph. Copyright, Telegra. phic Messages Ordinance, 1884, Rebe covered dollar for dollar by ceived June 20, 3.18 a.m.)
gold.
Washington, To-day. So far, only $50,000,000 is statu- President Roosevelt states torily covered with 25 per cent.
the managements and the workers' represen talives.
The strike will be called off in
proposals. the event of all parties accepting
Reuter.
(Continued on page 12.)
TRADE RECOVERY ROUND CORNER
"Buy More Stocks On
Recessions."
ROGER WARD'S ADVICE ·
SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Talegra- phic Messages Ordinance, 1995. "Re jerived June 20, 9.12 m.)
New York. To-day.
The "Brookmire” busi- ness journal continues its recommendation to keep funds entirely invested. The noted economist, Mr. Roger Ward Babson, states that further business improvement is ahead.
"Hold good stocks and buy more on recessions." he advises.
"The adjournment of Con. gress falled to result in the expected buying wave, Op. timism, however, generally prevailed yesterday. Favourable market factors are the continuance of interest in preferred stocks and bonds, and the increased May automobile financing
that he will appoint the Stock gold, which the World Economic Unfavourable factors are the
decided WAS Exchange Control Commission Conference
Professor Otto Schmidt WAX credited with the survival of 101 persons who were marooned on an Arctic ice floe after their ship, the Cheliuskin was crushed by ice. He has only just convalesced from pneumonia.
TRIUMPH FOR
GOEBELLS
HITLER CABINET CRISIS AVERTED.
VON PAPEN'S HEART TO HEART TALK WITH CHANCELLOR
Berlin, To-day.
It is learned that the threatened crisis in the Hitler Cabinet, caused by the Min uter of Propaganda, Dr. Goebbels, suppressing the publication of a speech of the Vice-Chancellor, Caplain von Papen, has been averted in a heart to heart talk be- tween Chancellor Hitler and Captain von Papen.
The meeting is said to have been dramatic, but it was finally agreed that Captain von Papen's speech, which was delivered before a select circle of individuals, was up- suited for publication in the
general press.
This, apparently. is a vic- tory for Dr. Goebbels.- Reuter.
EUROPEAN SAVES LIFE IN HARBOUR.
Penniless Unemployed
Rescued.
SGT. MORRIS'S HEROISM
MONSTER PARADE
BABY KARINA
TAKES PART IN
PROCESSION
SOVIET AEROPLANE CIRCLES CITY,
STALIN AND SCHMIDT REVIEW TROOPS
Moscow, To-day. The Members of the Cheliuskin
expedition
and the heroic airmen who rescued them from the Arctic ice on which they were marooned some months ago, receiv- ed a tremendous ovation on their arrival here, yesterday.
The crowds in the Red Square thunderously cheered the baby. Karina, who was born on the ice- breaker, Cheliuskin, as she ploughed through the Arctic ice. The child was in its mother's arms in one of the flower-decked motor-cars bearing the expedition party.
After speeches by the General Secretary of the Communist Party, M. J. V. Stalin, and Pro- fessor Schmidt, the leader of the expedition, and other potables reviewed the parade of 10,000 troops, followed by 250,000 civil- ians carrying models of icebergs, aeroplanes and dog teams, while the giant Soviet aeroplane, Maxim flew over Moscow for the first time. - Reuter.
U. S. DICTATORSHIP DANGER
Prominent Economist's Grave Warning
SPECIAL TO CHINA MAIL. By Telegraph, Copyright. Telegra phia Messagsi Ordinance, 1896, Re ceived June 20, 1.27 a.m.)
Cleveland, To-day, The well-known economist, Mr: Roger Ward Babson, in a
A galiant effort by a European speech at the purchasing agents'
ample likelihood of an almost complete police officer, L. E. A. 11 Sergeant convention, yesterday advised prior to his departure for Hawaii. coverage for domestic purposes. curtailment of silver trading, and Morris, was the means of saving them to avoid long term con- He said that a second import The Premier, Mr. R. B. Bennett, the uncertainty of the steel in the life of a young Chinese, Fung tracts because "the United and export bank will be utilised explained that if they issued $50,dustry, United Prese, per Lin-po, aged 22, of 16 Lyndhurst States will soon find itself under to extend industrial agricultural 000,000 worth beyond the present $; C. Gold Bar Co. loans to Puerto Rico and the Vir-circulation they would still have
gin Islands. - United Press, per gold coverage of 31 per cent- HARRIMAN FOUND S. C. Gold Bar Co.
Reuter.
GUILTY.
Terrace.
Japan Holds up the South American Falsifying Records Of harbour and immediately dived in planning.""
Arms Embargo Agreement
London, To-day. had not yet given a formal agree-
National Bank.
AUSTIN ACQUITTED
The Lord Privy Seal, Captainment, although they had explained
New York, To-day. The New York bankers, Mr. It was stated yesterday that Tyne molition of Waterloo Bridge will be Anthony Eden, answering a Parlia-that no export of arms had, in fact,
J. W. Harriman, has been coal shipments have increased by begun to-day, and the bridge will be mentary question yesterday with been sent from Japan to Bolivia or
found guilty by a Federal nearly 750,000 tons over last year's closed to traffic on Friday.
Court Jury on charges of fal- total-British Wireless Service. Mesara, Rendell, Palmer and Trit-regard to the proposed agreement Paraguay,
The formal coming into force offying records and misapply. ton will be the engineers for the de- for a general embargo on the ex-
the embargo was accordingly, for
ing funds of the Harriman Na. molition of the existing bridge and port of arms to Bolivia and Pare the moment, delayed.
tional Bank, of which he was the erection of the new ont-Bri-¡guay, said that the Governments of The British Government were
Chairman. 84 countries had announced that, in continuing to hold up the fexuing of principle, they were prepared to Beences for the export of arms to of the oldest in the Colony, has,
agree to the imposition of this em the two belligerents, but they were been sold through the agents for
[bargo, da je
not prepared to give any undertak- "the owners, Messrs. Linstead ́Cloudy and showery, with moder.The Italian, Government had, how, ing that this unilateral action would --and--Davis; for $187:775 The ste southwest winds, was the won-oyer, made-their-agreement condi- be pursued, indefinitely and in all
name of the new owner has not ther forecast issued by the Royal tional on an, Agreement by the Ja- circumstar been disclosed.
panese Government. The latter Service.
The block of residential build-tish Wireless Service.
ings, known as the Albany, one
WEATHER FORECAST
Observatory this morning.
British Wireless
ja 'dictatorship." Attracted by the sound of a splach "It will be impossible for the from Queen's Statue Pier, in Con- United States to compete with naught Road Central, last night at foreign dictatorships with labour 110.30, Sergeant Morris BAW the and capital fighting destruction figure of a man struggling in the of crops and lack of economic he said. - United after him. He.aucepeded in holding Press, per S. C. Gold Bar Co. the man's head above the water un: tila sampan came to their asist| KURAMOTO LEAVES
FOR JAPAN.
Escort Of Four On Trip.
ance.
The young man, who had drank a good deal of water, was sent to the: Government Civil Hospital, auffer- ing from the effects of immersion,
He was stated to have been in a very depressed state of mind, being penniless and unemployed,
TWO INCHES OF RAIN LAST NIGHT
Shanghai, To-day. Mr. Kuramoto the Japanese Vice- Consul at Nanking, who caused a sensation last week when he was missing for four days, left for Japan, this morning with his The heavy thunderstorms which family, aboard the Shanghai Mara, continued practically the whole of under an escort of four persona. |last night produced 2.08 inches of Mr. Kuramoto boarded the vessel rain, bringing, the total since Janu-jat 7:am, and shot himself in ...... his was acquitted on fler "ary 1, to 22.98 inches, against "a cabin," refusing to see the press--
normal average of 38.03 inches. Rénter.
The trial commenced · ́on May 14, and it was alleged - that Mr. Harriman misappro ~ prialed $1,661,170.00
[Mr, A., M. Austin, former vice-President of the banā