Carnation
"From Contented Cows"
THERE'S CREAM
IN
EVERY DROP.
The dollar, on demand, closed to-day at 1/6 1-8,
The
FINAL EDITION
China Mail
Carnation
Ext. 1845.
-Sole Agenta: CONNELL BROS, CO., LTD. HONG KONG & 8. CHINA.
No. 28,800
4.1
THE OLDEST - ESTABLISHED NEWSPAPER IN THE FAR EAST:
HONG KONG,
1845.
WE PRESENT A Gorgeous Display
of Gowns.
AND OUR PRICES
ARE RIGHT.
PAUL RENNET et CIE
Chater Road Hong Kong
Nathan Road
Kowloon
FRIDAY, AUGUST 10, 1934. PRICE $3.00 Per Month.
AMERICAN SILVER NATIONALISATION
CONFLICTING OPINIONS AMONG EXPERTS DEFLATIONARY EFFECT
FEARED BY MANY
Bishop Charles Fiske, Central New York diocese of the P. E. church, criticises President and Mrs. Roosevelt as parents be cause of the divorces of their children, Anna Dall and Elliott, and declares that it "seems to us a family disgrace, a disgrace to the nation and a disgrace to the Church of which the family are members and in which they are occasional worshippers."
CONFIDENCE
RETURNING TO
UNITED STATES
ROOSEVELT BACKS “NEW DEAL.” ACTIVITIES LAUDEB
م
SPECIAL TO CHINA MAIL.
El Telegraph, Copyright, Telegra phic Messages Ordinance, 1891. Re ceived August 19, 12.34 pm.)
BANK NOTE CIRCULATION RECORD SET UP
NEW ERA OF PROSPERITY LOOMS Striking Reflection Of Business
DECLARES SENATOR THOMAS
BLOW TO GOLD BLOC
NEW YORK, TO-DAY.
NATIONALISING PRESIDENT ROOSEVELT'S ORDER SILVER AT 50.01 CENTS PER OUNCE, IS INTERPRETED DIFFERENTLY IN VARIOUS CIRCLES. THE SILVER GROUP HOLD THAT IT WILL INCREASE PURCHASING POWER IN THE FAR EAST, WHILE OTHER MONETARY AUTHORITIES BY INCREASING THE PUR ARGUE TO THE CONTRARY. CHASE OF SILVER CURRENCIES IT WILL HAVE DEFLA- TIONARY INFLUENCE IN EASTERN COUNTRIES, THE LAT- TER STATE.
One effect will be the suspension of the open market for sil ver in the United States.
The proclamation prompted active selling. Financial circles regard the proclamation is indicating a more
Recovery In Britain
London, To-day,
Note circulation by the Bank of England for the week ended August 8, exceeded, - £392,000,000, the highest figure ever recorded.
The increase was due to holiday requirements and in regarded as evidence of the increased spending power of the people,
The city editor of The Times describes the figure as a striking reflection of business recovery. Reuter..
INFLATION THREAT
vigorous pursuit of the silver policy outlined in the Silver Act of BRITISH PRESS
1934.
AN EXPECTED RESULT OF THE TEMPORARY ACCELERATION OF SILVER BUYING BY THE TREASURY IS A RISE IN THE WORLD PRICE OF SILVER.
ACTIVE BUYING ON FOREIGN MARKETS GENERALLY IS EX. PECTED. REUTER,
Sharp Impetus To U.S. Business.
PROPONENTS' THEORY
SPECIAL TO CHINA Mail
Dirver
Washington. To-day. theory regarding nationalization as follows:-
Firstly, the
Government will
t་
Washington, To-day.
The Treasury Secretary, Mr.
domain."
7
COMMENT
NOT EXTENSIVE OR
ALARMING.
wing
EFFECT ON FAR EAST
The World Fair's nudist newlyweds, Mr. and Mra, Samuel Wal- lace Jr., in court in Chicago, but very much un-nude as they hear a Judge get down to bare facts and call andizm an asinine institu ilon. "Indecent exhibition" charges against them were heard.
JAMAICA MINIMISING THE JAPANESE COMPETITION
Increased Tariff On Hardware And Cement Announced
London, To-day. President Roosevelt's intentions
Kingston, Jamabea, To-day. Henry Morgenthau, tuld press-with regard to the dollar are still
A Bill introducing legislature at the Autumn session of the men yesterday that the Govern-secret, but his silver policy undoubt-
Legislative Council, increasing the ment, in nationalising silver, was edly makes for further currency ex-
pansion states the Financial Times tariff on certain foreign manu exercising its right of "eminent\in a leading article to-days-rect of with British impor
The Journal decadres 18; that for-Reuter. lover," he added.'
jeign observers, who are afraid of Some, circles on the Stock Ex-further inflationary moves, are more henceforth regard silver as money change regard the move se an in-than ever convinced of the correct rather than as a commodity, and dication that the Government will ness of their views.
enter, the worldi President Roosevelt in a speech therefore, will here yesterday, failed to men- unavailable at home in order to try to answer the agitation for in- tion devaluation and did not pro build up currency reserves, caus-flation by a more vigorous pursuit pose any new methods. He said ing worldwide competition which of the silver purchase plan. that confidence was returning as will result in an advance in the: the result of the "New Deal" uc price of silver. tivities. which would be con- tinued.
Green Bay, To-day.
Secondly, foreign Governments will then begin selling the dollar.
The Government does not in- cheaper, thus reducing the pur tend to injure honest business." chasing power to the 1926 level.
Thirdly, the advance in the price he said. "We are not concerned
in robbing Peter to pay-Paul. We of silver throughout the world will ure concerned in the multiplica-cause manufacturers in silver tion of wealth through co-opera-using nations to raise the price of tive action, shareable by all."
products, especially textiles, which
CONFIDENCE MESSAGE
(Continued on Page 9) ANOTHER PROTECTION STEP · Reno, Nevada, To-day.
of the United The Chairman
& new
The Daily Mail also states that the change means a certain degree of inflation, but not very extensive, or alarming.
The News Chronicle city editor, on the other hand, declares that the Interpretation of the edict as a signal for a fresh dose of Inflation is not shared by operators in Lon-1 don.--Reuter.
ANTICIPATED
CHANGES IN THE
REICH CABINET
Following Plebiscite On August 19.
HONOUR FOR GOERING?
[$2,000,000
KWANGTUNG
BOND LOAN
BUSINESS TAX AS SECURITY.
FINANCE REHABILITATION
(From Our Own Correspondent) Government winntar Today
F.B.L. TO SEND
MISSION TO
MANCHUKUO
BRITISH INDUSTRY CO-OPERATION.
FIELD FOR EXPLOITATION
London, To-day.
The Federation of British In- dustries has decided to send an Industrial mission to Manchukuo in the immediate future to study conditions there and to ascertain whether British Industry can co- operate with local interests in its development,
The mission will also pay a 'short visit of courtesy and goodwill to Japan with the object of establish- ing friendly contact with the re- presentative organisations of Ja- panese Industry and commerce.
The mission is composed of Lord Barnby, Sir Charles Seligman, Mr. Guy Locock and Mr. Julian Pig gott, the last named representing the British Iron and Steel Federa tion.-Reuter.
Establishing Contact With China.
QUESTIONABLE MANOEUVRE STATES "DAILY HERALD”
London, To-day.
The Federation of British Indus-, trjes mission to Manchukuo is wel- comed by The Times as proof of the possibility of finding new mar-
title deed tax. denominations, namely $100, $50, Chinese business and finance.
short term treasury bonds on granted, the journal e September 10 for a period of three the members of the mission will months. These bonds will be se take the opportunity to visit also cured by the business tax and the some of the principal centres of Chinese trade and establish friend- The bonds are divided into fourly contacts with the leaders of
(Continued from Page 12.) $10 and $5, the interest being 10 per cent. per month and not one:
BRITISH AIRMEN per cent, as was erroneously re- ported by an official news agency.
SAFE AT HESTON. At the end of the third month, Department of the Provincial
Ontario To London Finance will set aside $25,000 a
In 36 Hours. day for one full month as interest
London, To-day. are to be distributed by the Several Cabinet changes in Ger-to the holders of the bouds, which
Provincial Bank. 'The two British airmen, Cap many are pending, but an official, Kwangtung BY SURPRISE announcement is not expected an Holders of bonds are given the tain James Ayling and Captain til after the plebiscite on August privilege to re-sell or mortgage the Leonard Reid, who left-Wanagu-
bonds to a third party...
Beach; Georgian Bay, Ontario, at No definite reason is given for six o'clock on Wednesday morning floating this latest loan, although in a twin engined British biplano that the money called "Trail of Caribou," landed it is understood.
aerodrome, Middlesex; realised will be used to stabilise the at Heston
(Continued on Page 18)
at six o'clock yesterday evening British Wireless Service.
PRECISE MOVE
TAKES LONDON
Higher Silver Price To-morrow.
Senator Thomas, of Okla- homa, one of the leaders of the drive for the rehabilitation of silver, is hailing the an- nouncement as "the overthrow of the worldwide gold bloc and the beginning of a new world monetary system and era of prosperity."
(Continued on Page 9) DECISION REACHED AT 11 O'CLOCK
SPECIAL TO CHINA MAIL.
New York, To-day. The Treasury has instructed gathering of the Government's Committee, Senator Key Pittman,
UPECIAL TO CHINA MAIS futile pleas for restoration of con- said that the proclamation was that all silver shall be delivered to
(By Telograph, Copyright, Telegra fidence in 1980 and 1931, he said another step to secure and protect the mints within three months that more prominent of that cate silver as standard money-United The nationalisation proclamation
President Roosevelt,ceived August 10, 8.01 s.m.) gory were asking for such a meas-grass, per S. E. Levy and Company.was contained in an
NO SILVER PLAN LEAKAGE jorder. by age and had suggested that he
Washington, To-day, issued under Section XII of the should declare that Governmental supervision of business should be
Mr. Henry Morgenthau has den-Silver Purchase Act of 1934, abolished.
led the reports that a leak in the silver plana caused a rise on the New York market-United. Press, par S. E. Levy and Company.
He warned that action might be delayed by "the individual demand- ing a message restoring, what he calls confidence."
Reminding the States Senate Foreign Relations
"If we latened to him, the law of tooth and claw, would ... the people reign again won't restore that order," be; sald.
(Continued on Pape 12)
RAILWAY UNIONS MEET OWNERS.
Removal Of Economy'
Cuts Urged.
London, To-day,
Stock Traders Hesitant.
SPECIAL TO CHINA HAIL.
-
executive phte
Mr. Morgenthau said that national was necessary. due to the rising cost of silver, plus
the fact that the Treasury can not pay more than 50 cents per ounce.
MARKET COMMENT
•
Berlin, To-day
$19.
It seems likely that the Vice Presidency and the Vice-Chan cellorship will be united under lone man who will fill the role of
Deputy Reichs Leader.
Candidates mentioned are the
Ifessages Ordinance, 1894. Be-Prussian Premier, General Goer- jing, the Minister of Defence, General Werner von Blomberg, and Herr Alfred Hugenberg, the newspaper "king."
London, To-day. Commenting on President Roose velt's silver programme, Messrs. Pixley and Abel, bullion dealers, yesterday told the United Press:
"The first effect should cer- tainly be a higher silver price to-morrow due to speculative
The decision to nationalise was buying, but the long term effect
reached when-silver, quotations is difficult to estimate without a reached 49.5 cents per ounce at 11 fuller knowledge of how to plan New York, To-day. a.m., (East Standard Time) in operations. At any rate, the im yesterday-United mediate repercussions will be
Another bullion broker told as they do not know the interpreta- Press, per S. E, Levy and Com-the most important.”
the "United Press" that it tion of the nationalisation order. pany.
Favourable factors, are that the
Many stock traders are hesitant New York,
afternoon that something dollar declined due to inflation sen- Reports On Acquisitions, had been obvious all the
had been brewing." timent, and the strength of com
SPECIAL TO CHINA MAIL modities.
Washington, To-day. "We have been inundated with Mr. Henry Morgenthau states queries but are unable to figure the
The conference between the re- Unfavourable factors are the con presentatives of the three Railway-tinuation of the drought, and dia
(Continued on Page 9 VICEROY'S HOLIDAY
CONCLUDED..
SALVATION ARMY LEADER
Election To Be Held On August 28.
GERMAN DEBTS Runciman Discusses Difficulties.
Returning To-morrow. Army High Council, which will be in conference in London: yesterday
London, To-day.
London, To-day. London, To-day.
The President of the Board of Forty-seven delegates from 22 countries will attend the Salvation Trade, Mr. Walter Runciman, wall held in London on August 28, to with the officials of his Department elect a successor to General Hig-regarding the difficulties in connec siderable amount of commercia lingdon, will leave Croydon by air The election will be by ballot, debts which are now due from Ge for India, to-morrow. The Frivate and a two-thirds majority is remany, for goods actually delivered Secretary and Alde-de-Camp, will quired before a new General can and which, it is understood, Germa fly with
governlag the Salvation Army pre-of the restriction on foreign cludes a woman from becoming change imposed by the Germis Government-British Wireless Se General
The sister, and daughter of the vice
The Viceroy of India, Lord Wil-gins, who will retire from the tion with the liquidation of a con lingdon, accompanied by Lady Wil: leadership on November by
Serve them-British Wireless be appointed. Nothing in the laws debtors are unable to remit, beca
WEATHER FORECAST,
men's Trade Unions and the General appointment at the president's that he will shortly issue regula probable effect on the world price Managers of the four railway groups speech United Press, per S. E. tions requiring every person of until we examine the details," he Fair, with moderate cast winds, late General Bramwell Booth bold lasted three hours yesterday, and Levy and Company
was adjourned until to-day.
The claims made by the Unions for the discontinuance of the
economy cute made in 1981, and
were
discussed. state that tentative
h have been made by
"Generally speaking, was the weather forecast issued by high rank in the list of officers, Council British Wireless Service: ing, controlling, or possessing sil- declared ver, on August 9 register his hold, London did not expect this precise the Royal Observatory this morning, and are members of the High
(Continued on Page 97, KNITTING HILL STRIKE
inge with the Treasury Reports move.
New Yor 2000
than
ited Press per S: E. Levy
President Roosevelt's announce will be required on all after: AC qufaltions after yesterdayment arrived long afte public to keep market had closed and He warn
because marke United Com Com
the official cial
was virtually
per S E. Levy
Page: 18)
Ing.
med Bri- to ope
will be discussed have stru eting is Wireless Service,
when the
Moby Lev? and
TYPHOON WARNING
The typhoon is now crossing Korea on a north-easterly track,
to a report received from Observatory this morn
FOOCHOW QUIET
NEW BRITISH CRUISER IS: LAUNCHED AT GREENOCK
London, To-day
The new 5200 tons. craiser laten, was launched yester
The Situation is quiet at Foochow from the yard of Scotta Shipbo according to the latest message re-ing and Engineering Company
ived by the local Naval Authorl Greenock British
vice..
ties,
Wireless