ADVERTISEMENTS.
THE HONG KONG JOCKEY CLUB,
ANNUAL RACE MEETING 1931,
28TH FEBRUARY, 2ND, 3, 4TH & 72¤ MARCH, 1931,
ON
N SATURDAY, 28TH FEB, tho First Raco will be run.at 1.80
ALLEGATIONS NOT PROVED.
CASE AGAINST CHINESE
R.O. FAILS.
MAGISTRATE DOUBTS EVIDENCE OF BOTH SIDES.
P.M., and on all Other Days at 11.30. The hearing was resumed yestar A.M. On the First Day the First
HONG KONG DAILY PRESS, FRIDAY, FEBRUARY 13. 1931.
EX-MINISTER ON THE GOLD STANDARD, TRICKSTER CAUGHT.
CREDIT SUPPLIES TO BRITISH FIRMS.
MR. A. M. SAMUEL AND BANKING POLICY.
Mr. A. M. Samuel, M.P., who was Financial Secretary to the Treasury, 1927-29, speaking at Com berley argued that the distorted
STOPPED AS HE WAS
· LEAVING FOR CANTON,
STOLEN RING BETWEEN TOES.
Credit-Worthy Individuals.
"In connection with the recent This showed that ther 'reason for the trade stagnation and price do theft by a trick of a diamond ring Jowellor, chine was not a dearth of credit valued nt 81,380 from a.
BUDGET BILL IN REICHSTAG.
CHANCELLOR'S INSPIRING
ADDRESS.
· FAR-SIGHTED POLICY OF
CABINET.
Indeed, we request of the House full authority to sonle down vari- ous appropriations which will prove to the world the Gorman Government's determination to re habilitate the country's AnaTVOER, which is tho, sine qua non for B Bottlement of the reparations pro- blem."
"In his connection the Chandel- lor dwolt longthily on reparations. which are lying as a heavy shadow, Berlin, Feb. 5.-The opening of upon the Reich and on all our
working of the gold standard. was based upon gold. Those who were the thief was arrested on Wednce the decisiva debate of the Reich-efforts to combat depression," re- Bell will bó Rung at IP.M. and on day before Mr. R. E. Lindell, at due to the high prices of manufac-agilated by the complaints of day by the police, at the Taumati atag on the government's budget jccting with barbed words all; individuals or nations who could failway Station, Just as he was bill found the House and the gal-hetorical solutions tending mero- Under the gold standard, he said, not get credit overlooked the diffor. about to board a train leaving for Jerics packed to utmost capacity," Jy to complicate the issue and to
the Other Four Daya at 11 A.BI
MEMBERS' BADGES AND
ENCLOSURE. - Mombers are reminded that they. and their Ladies mast went their Badges prominently displayed. -
No one witbont a Ridge will be admitted to the Members Enclosure. Badges admitting non-members
the "Central Police Court, of the case in which Lau Sau, a Chinese Revenue Officer, was charged with obtaining 8300 from Mok Pak, of 1, Macgregor Stroot, Wandal, on February, by means of mentors,
Mr. F. C. E. Rendal) watched
·
tured inrchandise.
Canton.
Williams at the Central Magistro yesterday, and on pleading guilty, was sentenced to five months hard Inbour
Shannon Detective Inspector
extended shears greeting the Chan embarrass the government but ad- ecllor when he mounted the rostrum should fail to realize that in or
ding regret that other countrios calm and collected and began his der to meet its present roparation
Government wished to govern with insulate itself from the price take certain economic measures to speech with a declaration that the obligations the Reich was forced to
and not against the Reichstag, re-fluctuation of the world-markets
to the Membera Enclosure and Club the case on behalf of the prosecu of agricultural and other primare debt, wore timid of giving her long promcuted and told the Court that pudiating the idea of a dictator
Rooms at 810 por day, including Tax, or 840, including Tax, for the Meeting (Ladies 35 and 820, respectively), are obtainable through the Secretary upon introduction by a Member, such Member, to be responsible for all chita, etc.
Badges adasitting to Members
Race
ticu, and Mr. Geo. Hall Bratton appeared for the defendant.
•
After the evidence of the arrest of defendant by a district watch man had been heard, defendant was put in the witness-box. Defendant
gold hold by central banks was thence between those persons or basis of credit. One ounce of stanations who were worthy of credit He was brought before Mr. É I
and those unworthy of credit. dard gold in the Bank of England, The whole trouble arose from that worth 77%9d., provided about £so differents. For instance, Russin desired vast amounts of credit, but, of bank credit. Some people alleghe event unsidered edit ed thero was a shortage of gold; worthy... Private Orms, remember. that this shortage reduced the alueing Russia's repudiation of former credit. She wished to buy on products; that the producers of credit quantities of British more primary products could not there shandise. But, having herself des fare purchase manufactured goods troyed her own credit, she had to beg for the British Government's from manufacturers. Such people guarantee of Soviet credit under said that commodity prices had the Export Credits Scheme. This guarantee allowed fussia to pur- fallen owing to a shortage of credit, etage machinery and raw insterinks, and might enable her to sell, or credit because of a shortage of oven duinn, merchandise against he in order to secure funda with which to buy merchandise for cash from those who would not sell to her on
Enclosure, will NOT bo On Sale at the said that on February 7, in con- and that there was a shortage of
ace Coursetert will Children boquence of information received, permitted in either Enclosure during he and two other men went to gold. They forgot that prices were the Firat Four Days of the Meating. Macgregor Street, and waited for PUBLIC ENCLOSURE a woman who was suspected of be The Price of Admission to the ing in possession of opium, Even- Publia Enclosure is $4, por day, tually the woman did turn up, and including Tax, for all Persons, includ-The non followed her up to the ing Ladies, and is payable at the Gate.
Soldiers and Bailors in uniform are admitted to the Public Enclosure at $1 Per Day, including Tax..
Bookmakers, Tic Tac Men, eta, will not be permitted to operate within the Precincts of the Hona KONG JOCKEY CLUB during the Race Meeting.
''
SERVANTS PASSES Passes for Servants will be issued on application to Mossra. LINSTEAD & DAVIS, Alexandra Buildings,
Employers are requested to dia- tribute them with discrimination and to endorse their Names on the
PASSOS,
Servants are not permitted in the Members*
Enclosuro except for passing through on their duties, but Rust remitin in their Employers
stands.
Any Persons found loitering with Servants Passos in their possession will forfeit the same and will ba removed from the Enclosure.
By Order,
C. B. BROWN,
Secretary.
(JUST POBLISHED.)
SILVER & THE DOLLAR. Compiled by JAMES DALZIEL, M.I.ME.E. Gires the Reasons for the Present Crisis, with Tables of the World's Production and Consumption, from which you are able to predict the Future of Your Present Currency,
50 CENTS..
AT ALL BOOKSELLERS.
60. CERTS. AND THE PUBLISHERS- THE NEWSPAPER ENTERPRISE,
LIMITED,
HONG KONG FOOTBALL CLUB.
RUGBY INTERPORT.
"BONG KONG ¿, SHANGHAI
On SATURDAY, 14TH FEBRUARY, 1981 SHANGHAI .. UNITED SERVICES
On
www
TUESDAY, 17TH FEBRUARY, 193).
CLUB GROUND, KICK-OFF 3.30 PM.
Boo
OOKING Opens on WEDNES
DAY, 42 FEBRUARY, COVERED BLAD for Taferport Game Only (Mombers Bection) at CLUB HOUSE Non-Members (Covered Stand)
at MOUTRIEN
..
PRICES OF ADMISSION-
IntErrorT GAME-
COVELED STAND...
UNCOVERED STAND
HAST and WEST STANDA..
(Incluing Tar)
COVERED STAND
$1,00
$1,00 .:,50 ct.
UNCOVERED STAND 160 ct.
FAST and WEST HAND......40 cis. :
(Including Tax).
H. M. NOTAVISH,
Hon, Becretary.
second floor of 1, Macgregor Street.
higher two years ago when there was less gold in the world...
Undoubtedly there was dis. equilibrium in the distribution of gold as between various countries, But where was the shortage of gold Complainant's wife attempted to and who were the safe borrowers prevent them entering the flat, suffering from a shortage of credit Defendant then accused complain. Would it not be more correct to ant of being in possession of opium. say that the fall in prices had The latter denced this, but later offered defendant 8300 if he would
credit.
If people or nations did not pay their debts they were not entitled to gold or credit by way of loan cr gift; and currency amateurs about shortage of gold or credit, were not entitled to talk vapidly.
and to ascribe a fall in prices to tho alleged shortage. During the past 60 yenis Britain had lost over £2,000,000,000, perhaps "even" £4,000,000,000, by giving credit, to caused disequilibriand in distribuoverseas borrowers who had even ton of gold, and that equilibrium tually defaulted.
After saying that he himself
Whilst the complainant was out, on. February 7 last the defendant called at his house and left his address. The complainan took a ring to the address, a boarding house, but the defendant indicated that it was too cheap and he requír ed a more expensive one. Later the complainant took a diamond ring valued at 81,380 which he produced for inspection and then put in a inatch box, on a table in the room.
Brass Ring Substituted. During the transaction, the com- plainant had occasion to leave the room and on his return the defen dant also excused himself. After waiting for a short period the com- plainant opened the match box and substituted by a brass one. found bis diamond, ring had been
ship, and warning, the parties that plans to that effect should be hatched, the government would quickly scotch them.
the parliamentary
"Pending a definite settlement of the reparations question we must be at liberty, without prejudice to fundamental conomia and politi
protection of our industry and all priciples, to take steps for tho
agriculture while paying reparas tions."
tions question and added that the government will not allow domestic considerations to influence its proe. Opportunist considemtions hav no weight with this government and no amount of adverse criticism will manoeuvre us into a situation
the complainant had met the de- fendant in Canton some time ago and the accensed learned that the complainant was a denter în jewels. He told him that he wanted to purHe continued with an impassion- chase a ring.
ate appeal for
A For Beaing Folley. passage of the budget bill, em phasizing once more, the govern-isted that in its reparations polley
Continuing, the Chancellor in ment's extreme reluctance to ra- as in all other respects the govern- sort to its constitutional powers ment was preparing a fur-seeing policy which must ultimately lead under Article 48 for the promulgato a remsideration of the repara tion of the budget which in itself, he insisted, should provide abund. ant evidence of the Cabinet's, ab horrence of a dictatorial regime,
The whole world is interested in this budget debate and in tho nan-which so far from improving mat nor in which the budget will be ters can only result in new horm Passed and if the House is consci- to the German people. If unpopu oug of its responsibilities it must larity be the price of that, so be be possible to pass the budget by - The Chancellor concluded · hir the end of March, Much, if not speech with welcoming the major
roforms of parliamentary procedure. as evidence that like the govern mant the majority of the parties. are resolved that the dienstrous mistakes of the past must be avoid ed and that for the future" the Reich's financial equilibrium must be restored, such being the only basis for a successful domestic and foreign policy." Then the Chan- cellor drow himself up and, his voice showing no trace of exhaus ing final appeal: "I believe from the depths of my heart that the days of muddle-through are over. this the nation has to be rallied and mobilized for a tremendous effort. I appeal to the House to give the country's vital forces Ind."
it."
allow complainant to keep the would be restored when certain would hesitate to say that the The police were informed and everything, depends on that-ourity's decision to introduce certain
opium. Defendant replied that he wanted to arrest the woman who had come into the house.
Complainant than offered defen- dant $250, which was also refused, Defondant then left the house with the intention of telephoning for a European Revenue Officer.
He boarded a tram going west- wards and Inter, saw complainant cused him of obtaining money by and a district watchman, widac threats. He was then arrested."
would-be borrowers had convinced lenders that they were credit *worthy?
!
Bank Rates,
The earth had produced, roughly, 100,000,000 of fresh gold during the past two years. Half of it had gone into the arts and dentistry; the balance had gone to swell the gluts of gold previously accumulat et in the United States and
obstacles in the way of receiving France. Those countries had put
payment in goods for the date due Lies on Both Sides. to them. They took gold from other The Magistrate dismissed defen- countries and hoarded it. The dant, stating that the majority of the ver cent. Bank rate in New York statements on boh sides were lies, aud Paris proved the existents He thought that most probably the there of abundant credit. defendant had gone to 1, Macgregor Stroet, with the object of obtain ing "squecze," but he found that
it had not been established that de Graham, the President of the fendant had used threats,
That defenrant and the two other mon were bribed was more than probable, but throats not having been established, he would 'discharge" defendant.
believe there was
Yot some people would have us a shortage of credit, and that that was the cause of the malaise in trade. We had the unreflecting statement of Mr. Board of Trade, who hoped for an agreement with America in the use of gold reserves which would provide, on a sound basis, a great credit structure and so administer to a coramon recovery." Did be want credit inflation by inter national agreement 1, America re fused to lend her gold reserves to oversea borrowers and so adminis ter to a common, recovery.! Did Mr. Graham expect, Amories, by ngreement," to make a gift of the pold which she would not lend And, if so, to whom 1 Did be wish HONG KONG FOOTBALL to tampor with the free movements in price levola by cheeking falls and ASSOCIATION. engineering rises
ADVERTISEMENTS.
credit abroad, our relief-measures for our agriculture which is in a sore plight, and above all our fight ngainst unemployment.”
artificial post-War proces of com- modities had been healthy, or that defendant was arrested at the Yau- the fall to the present level was at Railway Station in the act of unhealthy, he urged that Herr leaving for Canton. When search Hitler's threat of repudiation if cd, the ring was not found until the his party came into power had detective took off the man's shoes wrecked German credit. Before and socks, the ring being secreted
Strict Economy, that threat the world had paid DO between the defendant's focs
Detective Inspector Shannon proContinuing, the Chancellor ar for the German Five-and-a-Half por Cent. Reparations Loan; the past duced what appeared to be a wad Hitler price was about 73. The of banknotes consisting of six small gued that the budget was dictated whisper of i montorium was a bundles of 85 notes, but which on by considerations of strictest econo- further, blow to Germany's ability to cheer examination was found to be obtain credit. It was not shortage nothing but six niles of waste paper of gold which restricted Germany's cleverly wrapped in two 85 notes. power to buy, It was explained by the officer Was it true that credit worthy that during the transnction the de British exporters could not obtain fondant was asked if he could pay credit? That the Bank of England cash for the ring and ho produced Late was 3 per cent showed that these notes together with two cr there was no unsatisfied demand by nates of deposit for 88,000. credit-worthy borrowers pressing upon credit supplies.
The Industrial North. In the industrial North one spine- times heard complaints that the banks refused to provide credit. The bank was trustee for John for refusing to grant credit based Citizen, and had every justifiontion.
upon John Citizen's money unless satisfied that a would be borrower was creditworthy, There were too many would-be borrowers who were not credit-worthy,
Frequently banks were asked by those who traded on loans to pro vide credit amounting to twice as much as the borrower had of his own money in the business. That was usually not a credit-worthy proposal. Such traders were ask ing not for credis fácilities, but for capital with which to run their businesses. To provide such people or nations with credit would not only be inviting loss of the lender's property, but the transaction would The recent great credit strue- be masked-infintion and unhealthy. INTERPORT PROGRAMME,ture resting on a sound basis of Who were the persons worthy of American gold reserves created an credit and denied it, and which the SATURDAY, FEBRUARY 21ST.
infintion which administered to a credit-worthy nations unjustly SHANGHAI v. H.K. CHINESE, frenzy of gambling, and bright treated by the disequilibrium in the about the Wall-street mash to the distribution of gold under the guld. CLUB GROUND, KICK OFF 330 P.M. injury of America and Eurene standard 1 Although tirers was a Booking at MOUTRIE'S, Opeas The great credit structure provided disequilibrium in the distribution FRIDAY, 13
by mountains of gold, had caused of gold Britain placed adequate miany bank smashes, and thrown credit, at moderate rates of in- millions of Americans out of work. terest, at the disposal of safë bor There were mountains of gold in rowers engaged upon credit-worthy France, and choan crodit based on enterprises V
PRICES COVERED STAND....... .........82.20. UNCOVERED STAND... 31.10. (Including Tax),
MONDAY, FEBRUARY 220. ~SHANGHAI~v. UNITED
W. E. HOLLANDS,
Hon. Secretary.
[ais
that gold. Yet France wag begin. The vngde talk shout, gold short- uing to feel unemployment, and the age causing a shortage of purchne abundance of credit in Franco wang power," with the allegation that the enure of the Oustrie financial it had brought down commodity smash.
prices, arose from a disinclination
SERVICES,
The low Bank rates thowed that to face the following factora:-The CLUB GROUND, Krok orr 380 P.M.
there was no scarcity of gold, or main purchasing power of the No BOOKING
of credit, in Britain, France, the world was derived from agricultur PRICES $140, 00 Conte & 40 Cents, United States, Switzerland, Belal and mineral production. Tho gium, or Holland. To what coun-purchasing power of those primary (Including Tax).
tries, therefore, were the existing commodities had fallen. One ren stocks of gold to be lant, or even on for this was at manufacturers given, to provide the basis of were demanding for manufactured credit! Which wore the honest merchandise so largon volume of nations, and the honest tradera, primary commollities that agricul denied credit, or prevented from turists and miners found that their buying merchandise because thore commodities had a decreasingly. was a dearth of credit! When there small purchasing rowor when offer. was a strong, demand for copper, ed in exchange for manufactured. or apples, or shoes, by safe buyers, goods." or for credit by safe borowers, the To correct the malaise in over prices charged for copper, apples, trade our merchandiso must be ahora, and credit tended to rise, cheaper, so that it could be er If there was a meak demand the changed for primary commodities. prices and the rates of interest were Dearness of manufactured merchan reduced in order to attract cus,dise, and not gold shortage, bad tomers. Banks in the great finan-caused the fall in the purchasing ial centres vegy noting tempting- nower of primary products, and ly low rates of nitorester protect Detached and Semi-detached. Villased that there was oak demand gold standard Equilibrium of and abundent unleat credit which gold distribution would be restor safe borrowers were invited to hire,ed by cheopening the prices, of But safe borrowers, mhether in manufactured merchandise. With dividuals or nations, were not run that cheapening trade would revive
and factories reopen, ning to borrow the cheap credit.
CREDIT FONCIER D'EXTREMË.
* ORIENT. Morträge Bank and Estate AGENTE.
"PEAK MANSIONS”, Bis-roomed & Fire-roomed Apartments PRINCE EDWARD ROAD,
Modera Construction with Garage,
*CAMBAY BUILDINGS” Flate with Modern Conveniencos
my and was based on a conservation, rang out as he made a mov
tive estimate of the Reich's re- venue, adding that, if contrary to expectations the latter should drop below the estimates, the govern ment pledges itself not to impose new taxes but to wield the axe even more heavily than hitherto..
Why they
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