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FOR YOUR
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FILMS
FRANCIS WU'S STUDIO
Gloucester Arcado.
CHINA MAIL
No. 33988.
Debtor-Creditor
ESTABLISHED FOR OVER ONE HUNDRED YEARS
HONG KONG, THURSDAY, JUNE 3, 1948.
Compromise
PICTURE OF THE DAY
Valley
"Fair Means" Of Revaluing Yen Payments Of Death
Rickmobile
New Ordinance Has First Reading Tests
The Debtor-Creditor (Occupation Period)
Ordin-
ance 1948-Government's compromise plan for revaluing claims in occupation currency in respect of repayments made during the enomy occupation of the Colony-passed its first reading in Legislative Council yesterday.
In a long review and ex- planation of the mensure the Acting Pinancial" Secretary (Mr. A. C. Clarke), who intro- duced the 11, said:
"This B has been before the public for over Evo meaths and Dn has arousi some degree of publie terest might per = naps add to the very full ex. planation given by the Attorney General
iri the Objets nod hensons, brief explanation, in non-technical terms, of Govern- ment's policy on this controver- Rial matter, and of the Walch 30 is hoped to relieve,
purpose
"When the ensay overran the Colony at the end of 1981, one of his fist steps was to introduce s currency of his own, It was paper currency which was busted
without backing.
AS
1136
"The 'Military Yen' new currency WELL WIN called, first circulated at the rate of one Military yen v Hong Kong dollars, and
subsequently Was revalued at the rate of one Mill- tary ነፃነ tu fom Hong doilus,
Konte
"In May 1943 the rate of ex- change against the Hong Kong collar
was entirely abolished
Preliminary tests of Hong Kong's future motorised rick. shaws — rickmobiles — were made in the compound of the Central Police Station yes. terday morning.
a.
Mr. G. D. Dinstead, Buper- Intendent (Tramo) of Police, drove the rickmobile around to test its speed and other mechanical functiona
More tests will have to be carried out before the vehicles
held to be illegal, in which case the debines would have to pay are allowed on the streets.---- "the full sum over again.
"I cannot say what view the Pouris might take, but, whatever might be the decision. It is re- tain that the loss would fall rom- pletely on one side or completely ut the other.
"Government cannot envisage without concern the possibility of the creditors being success - ful, with the revit that the debtors would have to pay in fall over again, nor does it feel that a decision in favour of the debtors would be altogether, just to creditors.
"After such anxious ronsklera- after consultation with His Majesty's Government, this Guveranunt feels therefore stat
་་
the pond, which made it worth Le tag less than a Bong Kong
dollar.
which existed
"There are various ways of texink to arrive at a value in
We could take the black market freins of Hong King currency,
exchange te throughout could
The occupation; we could take the price of gold; we could take the cost of such neccs- sities of Ife as rire, fuel, oil and vegetalles Investigations have been made along; all these Jinus, and the table in the schedule is the result.
to avoid lengthy liligation which "Not Perfect”
Terms Of
course is tu
"It does not reflect the value of the yen during the occupation
11,
must result in mequitable treat- ment for one side or the ither. the only possible, emmet special fegulation to pro- vide
i compromise, This com-period, nor yel does it represent promise is expressed in the Bill the bilf-value which I suggested now before this Council und Its
as the suitable compromise. terms are as follow:-
should be folish if I made any sich etalni for as E should uromptly be given speciile exam- ples to prove how wrong. I
"But what I think it provide is a reasonably means of revaluing payments in occupation currency. I do not claim that it is perfect, but
the fact that perhape opposed by both creditore and debtora za beļng against Ihair Interests may be taken as in. dicating that it represents reasonable. compromise.
and the use of the Hong Kong Compromise
dollar made Biegal. This meant
that after that date the value
ом
the
enemy
Dec. 1942 MY 20
1943
million
dis-
re-
dose
fair
1
•
of the Military yen depended entirely
"First: where a debtor the confidence
repaid his debt during the occupation in which it could command; il de- pended in fact on the military Hong Kong currency, he is re- pleatige of
as having validly who tarded Iersied it.
charged his debt, regardless of "The following are gures for the fart that his creditor may not the value of Military yen notes
have received the money. That is, in circulation during the occupa the Japanese liquidator
If
"If we accept this table the re- tion period:-
crived the payment, the creditor sult is like this. A pre-occupation suffers the full loss. Thus if the debtor, who has made payment. individual, to white referred in MY 12
occupation currency moment ago as selling his house liquidator during the occupation. MY 300
MY 1.903
to reppy the ructgage on will be held not to have "Another early step
that the made the repayment
in Hong charged his debt. But the amount Kong dollars, he has took. after his occupation more to worry about. enemy
nothing which he has paid the liquidator out will be converted into Hong Kong of the Cupny, was to take over -the firm that thuse countries with "Second, where debt, in dollars in accordance with the whom he was at war. He up-curred before the occupation, fell table in the Schedule. This sum
liquidators and pom'ell
due for repayment either before will be deducted from the
origin deavoured to wind them up. A or during the accupation period, necesary step of the winding up and payment was demanded and of the occupation, and he w{1} was to collect, debts, owing received by the creditor himself, have to pay the difference. these concer:is,
++ 1934
1944
Aug. 1945
"
to
+
dia
at amount due at the beginning
or by his agent, thut debt is "I have deliberately restricted deemed to have been validly myself to the all-important point discharge, even is payment were of how far payments made dur-
Cases Of Hardship and in occupation currency un-ing the occupation period are to
less payment in occupation cur- be regarded as valid. The other renity were accepted under points in the 13 may all be re- duress.
garded as subsidiary to this one,
paid to
Palmach soldiers (Jewish Commandos) Carry an Injured comrade from the battlefield high in the Judean mountains. The incident was during the Jew-Arab fight In Dab el Wad on the main Jerusalem Tel-Aviv highway. The Jews finally captured the post after many casualties on both sides, Deb el Wad a commonly called "the Valley of Death" because of the heavy death list.
FILM DISTRIBUTORS'
די!
THREAT TO WITHDRAW
HK Chinese Write To Wallace
year.
Distributora made their threat following a City Gov. ornment announcement of new ceiling prices for theatres and A stipulation that the lowest- price cats in each theatre should not be less than 30 par cant This
the second
major
Price: 20 Cents.
PORTABLE TYPEWRITERS
OF ALL WELL-KNOWN BRANDE IN STOCKI
|Hongkong Typewriter Exchange
9. D'Agullar St.
Tel. 21433
STEPS TO RELAX TREASURY CONTROL OVER HONG KONG
His Majesty's Government favours in principle
the relaxation of Treasury control over Hong. Kong, and measures to achieve this object are now in hand. This announcement was made by the Colonial Secretory (Mr. D. M. MacDougall, C.M.G.) in Legislative Council yesterday, replying to the motion put by the Hon. Mr. D. F. Lon- dale for the termination of Treasury control over Hong Kong.
Mr. Landale's motion asked frost something of the order of] that having regard to finan- $150,000,000,
Colony,
Currency Reform 'Premature'
Nanking, June 2.
Dr. Hollington Tong, Gov- ernment information spokes- man-today dismissed as~~pre=" mature the reports of an im- · minent currency reform in China and declared that apart
clal difeulties_____faced_by_the_ "Ago_Of_Discretion.... United Kingdom Government "The second haiť ́of my motion Itself as a result of war losses is a natural corollary to the first incurred during the war, Hong half. No grown-up member of Kong should accept the pro- a family likes being tied too from the China ald pro posals contained in H.M. Gov- tightly to its mother's apron gramme, the Chinese Govern- strings. While I admit that should "rnment's announcement of
further such member of a family start ment has made no April 27, 1948, and to seek the sewing an undue amount of wild request for United States as- immediate termination
ufats, the parent has to bring its sistance to support a currency Treasury control over the influence to Bear in putting mai- reform.
tern right.
Before the war the Dr. Tong said that though the Colony had reached the age of Government has had a plan for discretion and had achieved a cer. currency reform for a long time. tain degree of financial autonomy, it is
uncertain when this (but as a result of
of the
war-not
be
put into practice. He flatly denied the reports alieging that allver dollars. ure "However, during the two being minted in the United States years since the war we have or Mexico in
anticipation of a proved that we are capable of currency change. being re-instated to that same
In expl
explanation of the recent degree of financial autonomy,
Government action in lifting the that wo enjoyed before the ban on silver coins, Dr. Tong war, and it is the sincere hope said that while their possession of all my Unofficial Colleagues and sale to the Central Bank are that our request will be accad- ed to."
Introducing his motion before Council, Mr. Landale sald:—
"There is considerable desire locally to assist the Home Gov. crament in their present Anancial dificulties, and it In Gulvly for this reason that we do not wish to press for what might crudely be expressed
'pound of flesh'.
"The terms offered are in our least that we were opinion the entitled to expect.
นม
As our
Majesty's Government's decision not to ask us to pay any contribution towards the cost of the Military Administration is one which the Colony had every
righ!
to expect; more particularly In view of the frequent statements made by responsible Ministers of the Crown during the war that the cost of the war as far as tho Colonial Empire was concerned would not lie where it fell."
might add of sewing wlid oats- four donnees deteriorated.
(Continued on Page 2 Col, 0)
Naval History Made
-- "As regards His Majesty's Gov-[many
vernment's decision to trčot: ns a free grant advances madd before and after the establishment of Civil Government, amounting to three and B quarter million pounds, such advances fall within the same category as the cost of The Military Adiuinistration. —
Free Grant Disposal
in
(
still
ities to
aterm
measures
the Government has structed local financial author
take against private trading in silver.
In reply to
question whether China has applied for additional aid from the
the United
States in making a currency reform, Dr. Teng said: "Since the enactment of the Ching Ald Programme.
the Chinese Government has not made any further request for financial assistance." Router- AAP.
Housing |Scheme
To Proceed
The number
"Chine Mail"
Shanghai, Juno 2. As a protest against the City Government's restric-
London, June 2. The British Pacific Fleet. tions on admission price increases in local
supporting the American attack theatres,-eight American-film distributors—in”
on the istand of Okinawa in 1945 sometimes opened fire on Shanghai threatened to withdraw from the
friendly fighters, states Vice- local market from the end of this mont!..
Admiral H. B. Rawlings, then received by the proposed Sufficient support has been Such a move would not only City Government's amusement ment's further offer of £1,000,-
"As to His Majesty's Govern- second command of the Home-building and Invest- deprive Shanghai of American tax by two-thirds.
Fleet, movies, but would also cut the Distributors have
in his report of the 000 as a free-grant-to-assist the two demands--that Presente Colony in resolving the problems operation, published tonight ment Society for embarking on its Jardine's Lookout pro- admission arising out of expenditure con. by the Admiralty. prices shall be based on those of nected with
the war, It seems
the After declaring that the matter §ject, 1030 and multiplied by the City clear that the whole of this sum of differentiating between. eut learns. Government's monthly cost of living index for
and more will be absorbed by ex-own und enemy aircraft became.
daily of more
of prospective salaried em-penditure arising out of the war,
Importance, Ad- ployees, and that the proportion and I consider that this eum too miral Rawlings writes: "With the ouse-owners who have register- of lowest-priced
seats in theatre shall be as of May 1 this the other two items.
a falls within the same category as suicide attack and, as is invited with the Provisional Commit- tee of the Society was not avail- able, with our own fighters pur- suing the enemy right on to the able yesterday. It is, however. "On the other
known that the original plan is hand, it is fleet's guns, there is only a mat-
to construct 190 double-storey also clear that the Colony's finter of seconds in which to act.
homes in "In collecting these debts, the
the area, ances, with the help given by "AL certain angles, there is Japanese were anxious to secure
The Society's application for Third: where a debt, in and it is on the solution proposed "The struggle of the Chinese
His Majesty's Government will little difference between ~repayment-- in Hong Kong
the land, subject to Government's 20- eur- curred before the occupation in here-that-the Bili must stand or people against the dictatorial rule
be able to meet the additional Japanese single-engined pircraft year non-transferable lease, was rency, the currency, in which_the Hong Kong..currency, was_re: (nl). I cannot but feel that the of Chiang Kai-shek and the
itoms of expenditure which and some of our own fighters.". approved some time ago when debts had been incurred, for they
Hipuldator dering situation which has arisen as a China policy of Truman is hut
this' Government will be called
The report is contained in Government granted it an area at knew just how much their occu
the occupation period in oceu result of the enemy occupation is one phase of the world-wide fight
upon to bear.
the despatch on the operation by Kowloon Tsai and 'currency was worth. The
another at pation currency, such repay-ong which cries cut for compro- for pence," declares a letter ad- tors, who were equally well
ment shall
"By accepting the offer which Admiral Lord Fraser, then Com-Jardine's Lookout, informed.
be regarded as a mise. Government has worked dressed to Mr. Henry Wallace by threat by the distributors to pull If they had to poy,
It is understood that the num- mander-in-chiet of the British partial discharge of the debt. out a compromise in terms that dissident Chinese political parties out of Shanghai. Last year, dis-under the
circumstances We Paclite Fleet, who writes that the ber of applications registered for tried to repay in Military yen,
It considers fair und equitable, in Hong Kong yesterday.
tributors threatened to withdraw | gard as representing a very great but were not at all anxious to "It is particularly over this last and now presents it to this Coun-
from Shanghai when the Bureau effort and a real proof of sym- Fleet made British naval history homes at Kowloon Taal are at part with their Hong Kong dol-provision that controversy has eft in the form of this Bill.
The letter was signed by Mar- of Social Affairs wanted to en-pathy and goodwill on the part of by operating off the enemy coasts present not sufficient to embark shah Li Chai-sum and Madame force a "voluntary" contribution His Majesty's Government to-
immediately on the house-building Lors,
"It is beelde the point to
scheme for the mainland. Liao Chung-koj (Kuomintang Re- of CN$3,000 million for flood re-wards the Colony, and not press- агоце whether tho Japanese voluntionary Committee),
Shen lief.
ing for a fuller settlement, we are iquidators had eny right under
Chun-Ju and
Fo-chun Chang
Later Law to act as (China International
the Bureau again at-in fact making nò mean contribu- Democratie League), templed to saddle the distribu- tion towards alleviating the home they did. "This
Bill arises out of the fact Democratic Promotion (Society), tion to
General Tra! Ting-kal (China tors with a "voluntary" contribu-rountry's difliculties. had to sell the houses in which other currency, and we want re-that they did so act, and seeks to Tan Ping-shon (San Min Chu
the City Government's they lived, in order to satisfy payment in full,' -
present a solution of the problems
winter relief drive.-Reuter. that have been occasioned there- Comrades Federation), General
Li Chang:ta (China People's Na by, a solution which, if accepted tional Salvation Association), Kuo by this Council, will at last en-
| Ma-jo__(Non-partisan), Peng Tsr- able Governinent to lift the
MOSQUITOS Peasants and Work-1 min (China "The Debtors reply--We admit
Moratorium which has been withers Danocratic Party), Ma Hau-
AT, KAI TAK · sidering these debt payments is having borrowed Hong Kong dolus so long. that the money did not go to the lata before the occupation
lun and Wang Shao-au (China The motion was seconded by Democratic Advancement Ago Five Mosquito Aircraft of No. But creditoreto whom it was due,
the Colonial Secretary (Mr. D.M. clation), and Chen Chi-you (Chh81 (Photographic Reconnaissance) but to the liquidators whom the liquidated our creditors,
tho enemy caine along and MacDougall)-and-carried-unani-Kung Tong Party). enemy had placed in charge.
Squadron RAF, commanded by believe they were entitled to do mously.
The signatorics endorsed Henry Squadron Leader E.A. Fairhurst, "The question of whether the We paid them the full amount
Wallace's open letter to Stalin. ID.F.C, arrived at Kai payments made to the Japanese they demanded. If our creditors
Tak on The last instalment of the first described the presence of Ameri- Monday at the end of a routine Ilquidators constitute, in law, have got nothing of that money, volume of the "Churchill Mc-can armed forces on Chinese soil training, flight from Singapore, legal discharges of the debts, is we are very sorry, but that is not muira" publishcu yesterday was as "an unbearable insolenco" tu The Squadron will remain In one that can only be decided by our fault. They should look to titled "he 42nd and Last." This the Chinese people and supported Hong Kong for about a month 200 miles south of Tokyo is moving Nur the courts. Were it to be left to Japan for reimbursement.' should have beon "Forty-First the proposal that such troops be during which time it will carry NNE 1 Isences the whole of Inpass
No instalment has withdrawn and all, outside più to out normal photographie recon- and is East to the B.E.
Chiang Kai-shelt be stopped, 'naissance duties,
ro-
arisen.
These points are very
"The Creditors say in effect- levant in view of the terms of we lent Hong Kong dollars be- this B. Government
fore the enemy come. We have that there have been cases of not been repaid cent either in hardship: of individuals who Hong Kong dollars or in any
awara
the demands of the Japanese
Liquidators for repayment
bank mortgages.
*The
point, however,
of
"Look To Japan”
which
must be borne in mind in con-
Elther
as we
The
be thrashed out in the courts, two possibilities might eventuate existed, this is surely one.
"If over a case for compromise and Last."
been omitted. The payments might be debtor who paid the liquidator held-to-ba.Jegul, in which case the creditors would suffer the full but his creditor did not receive undoubtedly parted"win"value" loss; or the payments might be that value.
"A suitable compromise would be to spilt the difference and to give the debtor credit, against
On Other Pages
PAND TWO
Women Smugglers Charged Page Throa
War
Board Bupplies
Pago: Fivo
Chinese Killed In Bingapore
Daton Chargs, Pago Dix
d: China'aw Now #ditorial.
ic
his debt, for half the value_with which he parted, and to requiro him to make up the full balance to his creditor,
"The real.
dimculty on.
-ו'
HK WOMAN'S DEATH JUMP FOILED
San Francisco, Juno-1.
tox for periods up to 30 days cach,
Reuter,
"It must be borne in mind that in-addition-to-the-suma-set-out-in- the answers there will be the added burden of rehabilitating Government buildings and in stallations, and constructing new ones to replace those destroyed- all as a result of the war,
This Government and is estimated to burden will fall directly-on-this-
The Weather
.
A deep depression is now centred some
A trough extends from the deep depre alon through south Formosa vio a complex Denemalon „Az kun muyezing the Gulf nt. Tonking. ___ Propisina la kigh over: Hornso and the Carolines.
Foreenet 1---Maderise Kast winda, Fresh |ng timone at first. Battered light emina
during the morning. Otherwise falz.
Yesterday's Weathery'
Maximum 88.1 deg, Fab,
Minimum: 78.8. den, Fab.
Bunshine: 9.6 kourn. "
Rafofalli 0,5 mm.=0,0)*fa. Total sloop
Jan. 1-118,9 · mmm1744. Ina. CARRÍONÍ AU average of 198,9, INCLOSE
23.41 Ina.
"Rondinam ̈àl" 10_x.m.
101-10013 m.b.
4 p.m.
A Chinese woman who planned a 14-storey death loop was trapped and pulled to safety today by two fire inspectors, after she had teetered between life and death for three and a quarter hours on a three- foot ledgo. The woman, :41-year-old', A crowd of 5,000 spectators Immigration Board of Inquiry countered In proceeding to Wong Loy, despondent because lammed the streets, forcing a ro ruled that there was insuficient make the compromise, effective
routing of trade.
ovidence of marital relationship and had ordered the woman dear, at me. woman, who arrived | ported; ";
Equals from Hong Kong on Jan. 17: Her, appeal is still pending at Rel. Humidity 30 NE 26
doke no English, Two inter- the Immigration Bour
Board in Wash- Dew Pointscorers „preters and her lawyer called |ington..
Wind. Diesetions......... M., M to, her in Chinesa
from theThe authorities said the
V1 17 kodla said the wo Wild Force..... door above, while two companies man reached the lodge by 巍
High
is just what was the value with the immigration authorities re- which the debtor parted? What fused to allow her to join her WAS 'Military yen worth American-Chinese husband, Gir during the occupation?
Hop Lok. of Aberdeen. Wash-
Cabinet "The Japanese valued it at ington, climbed out on the 14th
either two.Hong Kong dollars or four Hong Kong dollars. Never storey ledge of Appraisore persegPalestine-Truce Agreement, tholcas rullat payments from, the Building toʻlay" and defled
Page Tan
Page Faurtean art de
The
of firemen rigged a large jumpe painter's ladder that had been
Ing net in the street below. left on the exercise root, of de• Low
United Kingdom to -Interneca, in efforts at fremen, police”, and riskat Tour Hudlakong, wares, converted by Interpreters to lure her from Immidation Regional tention quarters on the 20th
are chiers Mr. AT: Wimon, Balo Kihe, noor-
The Jupaisse listo yen at 17.10 15 litr suicide porch
* 20.60;* -89,57 inches.
Coca Cola
TRADE-MARK OFF INTER
Drink
Coca-Cola
Delicious
4
Refreshing
Authorized Bottler
· B. HENNINGSEN Federal Inc., USA.