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COMMUNIST INSULTS
THE CHINA 'MAIL, JUNE 21, 1937.
ROYAL FAMILY
HARD LABOUR SENTENCE
BANK ADVANCES RISING
Highest Since 1931
credit, The increasing demand for stimulated by the rapid development of the industrial. boom, forced clearing A Communist meeting that was bank advances to a new high level since Average closed by the police, to prevent a May of 1931, last month. breach of the peace, after a speaker weekly clearings for the eleven insti- had referred to the Royal family,tutions reveal an expansion of no less than £12,600,000 upon the previous was described at Stratford Police-month. court.
be-
Over the first four months of the Sentence of one month's hard year, the clearing banks have granted
to the amount of
£62,- labour was passed on George Miles, extra finance
400,000. Of this, rather less than $20,- an engineer, of Millers-road, South 000,000 went to the French railways, Woodford, Essex. He was sum- but the balance was largely directed A rise in moned under the Public Order Act, into industrial channels. 1936, with having used insulting bank advances is usual in the spring
these figures is far and abusive language at a public months of the year, but the expansion
indicated by meeting likely to cause a breach of yond seasonal levels, providing rather the peace..
a full reflection of the nation-wide Mr. E. B. Knight, prosecuting, return to prosperity.
The problem of finding, adequate said it was alleged that Miles used cash to finance the constant call for insulting words about the King, industrial credit was rather less acute the Queen and Princess Elizabeth,last month. Following the steps taken while chairman of an open-air by the authorities to maintain an ade- meeting held by the Communist quate credit base, cash balances were maintained at, higher levels, and the party at Cleveland Park-avenue, ratio to liabilities, which had fallen to Walthamstow, on the evening of almost ten per cent. in the previous The April 24.
month, improved accordingly.
further eased the position He held up two pamphlets and banks
through reductions in other earning referred to the King and Queen.
assets, principally in discounts and in- His remarks, contemptible and vestments. Thus, total deposit rose by the month, the scandalous as they were, were cal-only £7,900,000 over culated to cause disorder at any new level being £2,252,100,000.
An interesting feature of the returns. meeting of citizens of this country, is the increase of £6,800,000 in money continued Mr. Knight. When at call. The volume of Treasury bills' the period actually people in the audience, which num- available during bered between 200 and 300, started showed a moderate expansion.
The market's problem of maintain- to shout, the police immediately
bill portfolios finds ing adequate closed the meeting and dispersed direct reflection in the fall of £6,800,- the crowd.
000 in the clearing banks' bill holdings in April since discount_houses forced to restrict sales to the clearing institutions to the barest minimum. In view of the constant rise in ad- vances, however, a reduction in other assets was probably considered desir- able, and in point of fact, the banks actually cut their investments by $5,- 900,000 over the month. This is the The meeting, he said, was the second successive reduction in invest- after a rise extending from usual weekly one, which had been ments, held at that spot for 10 years. The The contraction in these earning as- subjects of discussion were the
sets, coupled with an advance of £3,- forthcoming 'bus. strike and the 800,000 in cash balances at £229,600,- Coronation.
000, has helped to solve the problem After brief retirement
of maintaining the desirable degree of liquidity. The cash to liabilities ad- chairman, Mr. R. M. Hewett, an-vanced from 10.06 to 10.19 per cent. nounced the decision and remark over the month, the highest since Jan- ed:
"The Bench believe the evi-uary, and is thus well beyond the tra- ditional danger "low" of 10 per cent. dence of the police, and I can hardly imagine anything more cal-approached in the previous month. culated to cause a disturbance and
Inspr. Hazelden said he closed the meeting because he thought it might develop into a riot.
"Challenge to Loyalty" Giving evidence; Miles denied that he used any of the expressions alleged.
a
the
a breach of the peace than those. words which were spoken at such a time as the present.
"Almost any British
audience
would rise in indignation at what they would consider to be a chal- lenge to their loyalty.”
LOCAL DOLLAR
July last.
More Mining Firms Formed
interest
a
were
Cóntinued
is in mining shown by the incorporation of more Manila mining companies with the bureau of commerce day after day, their Three mining firms have filed incoporation papers with the bureau. They are the San Antonio of Sogod Gold Mining Company, Inc., the Sover- eign Operating Association and the Hong Esmay Goldfields, Inc. morning
London Silver Prices
The demand rate of the Kong dollar yesterday was 1/24.
The San Antonio firm is capital- ized at P100,000, divided into 10,000,- 000 shares at a par value of P.01 "Spot" silver was quoted at 19-a share. Capital subscribed amounts 15/16 and "forward”, at 19-15/16. to P20,000 and capital paid up to The London on New York cross-P5,000. The incorporators are Âgus- tin Escano, Paz Escano de Coromina, rate was quoted at £-US$4.9387 Justina Escano, Maria J. de Aberas. and the New York on London cross-turi and Senen S. Ceniza. rate at £-U.S.$494.
MAN BUYS WHOLE PAINTING EXHIBITION
Two weeks ágo Mr. Arthur Nielsen, a painter, opened an ex- hibition of his works at Aalborg,
there Denmark. Although great interest in it not one of the paintings was sold.
was
But on the last day of the ex- hibition & well known citizen of Aalborg went în.
He was so enthusiastic over the paintings that he bought them all. He paid £750 for the collection,
The Soveign has a capital stock of 4,000 shares with no par value. of the authorized capital stock, P10,000 is subscribed and P10,000 paid up. Incorporators of the firm are Charles Martin, R. E. Hauck, H. V. Campell, Frank Parker, Jacob Levy, P. J. O'Neill and F. N. Myers.
Esmay Goldfields has a capital stock of 500 shares with no par value also.
subscribed and Capital
paid up amounts to P1,200. The incorpora- tors are R. C. Staight, T. J. Wolff. L.. E. Nantz, W. A. Chittick and R. W. Clarke.
An anonymous donor has provided money to buy for the National Trust a beautiful tract of coastal land between Mortehoe and Woolacombe, North, De- Ivon, and adjoining Morte Point.