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HONG KONG DAILY PRESS, TUESDAY, JUNE 9,0 1931.OR
Money and Markets
PLAN TO FREE GOLD.
CLOSING BRITISH MARKETS AGAINST AMERICA,
FALL OF PRICES DUE TO LOCKED UP GOLD.
RUBBER SLIGHTLY
LOWER.
FRACTIONAL, DECLINES IN
"NEW YORK..
SKELETON NAVY IN 1936.
MAXWELL
K
COMPARISON WITH OTHER
POWERS.
OUR "DAMNABLE SENTIMENT:"!;
at the manual meeting of the Grand Council and members of the Navy Longue held in the Central Ha!, Westminster.
The real danger to this country of New York, June 2-Fractional the Socialist Government's Naval declines were recorded on the New | policy, as exemplified by the Lon- York rubber market to-day. The don Naval Treaty, was emphasised June quotation was unchanged at 6.23, but fractional losses were re London, May 9-British bankers corded among the futures Trading was more active with the contract and financiers are seriously concern turnover for standard No. 1 rubber ed over threatened insolvencies and totalling 78 lots as against 39 Idts financial troubles in various parts yesterday. Following are the clos of the world where British investing futures price quotations for
standard No. 1 rubber:-- ments have been placed, notably in Month..
Juno Jane 2 Australia, Brazil, Germany and Austria.
Lord Lloyd, who presided, in pro- posing a resolution, which was agreed to, calling on the Government
to build to the fullest extent up to: the tonnage allowed by the Naval Treaty," spoke of the deplorable inadequacy of the cruiser, destroyer:
which wo
and 'submarine tonninge
June
gros
€1.25
·July
6.36
8.33
Aug.
6.43
6,40
M.L, M. S. Amery, a former Colonial Secretary, declares that the fall of prices caused by the locking up of gold in the United States and in France is due to the financial policies of debt-receiving countries which refuse goods and deniand gold, however little good it is to those countries and howover badly it is needed by the rest of the world..
•Sept.
18:50
6.47
Oct.
0.58
0.65
Nov.
0.05
0.02
Dee,
6.72
6.00
Jan.
8.70
8.76
shall possess in 1938.
Feb.
8.86
6.88
Mar.
0.93
6.89
Apr.
7,01
6.09
May
7.30
7.10.
BOTH
Mr. Amery says he sceso prospect of America or France re- ducing the one her debt plaims, the other her reparations claims, nor of a lowering of their tariffs
LOWER LEVELS FOR COTTON.
LIVERPOOL AND NEW YORK WEAKER...
Liverpool June June
• 12 American Middling, July: 4,63 4.83
Aug 4.60 4.00 Oct. 4.72 4.01 Spot 4.78 -4,04
**
At the present rate of build- ing," he declared,"we shall not have 30 effective cruisers sin four | years time. In the war we had some 400 Hestroyers; in four years' time we shall not have as many as 75. Taking submarines, which are building and projected to-day, we shall have only 66 at the end of the Treaty period, while Japan will have 71, Italy will have 70, France will have 110, and, the United States of America 111.
Reduced British Purchases,
Paying for Peace. "Unilateral disarmament," he The ex-Minister puts out" an
continued, Egyptian, Sakellaridie,
can very easily load to argument for reduction of British
F.G.F., Spot 7.60 7.00
the biggest war yet known, in his- purchases in America. He says he
Now York Market,
tory. We have always got to pay estimates the excess of British im
New York, June 2-Cotton prices for peace. We can either pay for porta from America over exports to declined to still lower levels on the the maintenance of an adequate America to be £120,000,000 annual-At the close the spot raw cotton Navy, which after all gives employ. 1. He considers that by closing price was quoted at 8.35, off from ment, as to 75 per cent. of the cost
.at 8.65. The British and Canadian markets yesterday's close
futures positions were correspond. of a ship, to our own workpeople, against America in the same wayingly lower. Following are the or we can pay for it in ultimate that American markets are closed closing raw cotton futures price disaster-the loss of our markets, against British trade, British pur- quotations;
June 2. the loss of our trade, and 'the loss chases from America might be re-
of the confidence and trust of the duced by about £100,000,000 anaval.
peoples of our Empire overseas." ly. He believes this would be sufficient to liberate enough gold not only to stabilize world prices but to rhine them.
SOLVING DRUG PROBLEM.
WORLD MONOPOLY
SUGGESTED.
A SINGLE CENTRAL FACTORY.
Geneva, June 2.-Discussion, re garding the trade in narcotics con- tinued here to-day.
New York cotton market to-day.
Month..
June 1. July
8.47 Oct.......... 8,50
8.28
8.65
Dee.
0.02
8.87
Jan.
0.15
8.99
Mor.
9.37
8.17
May
Brot
0.33 8.53
8.35
Mr. L. S. Amery made an carnest plea that we should not let our Unquoted selves be led into abandoning the casentials of security. He ridicul- ed the suggestion that the one cons dition of peace was the absence of armamente. "You might as well suggest," he said, that all you need to do is to get rid of the polite
MEMORIAL TO WAR to put an end to the last vestigen
of burglary and crime.
DEAD.
CENOTAPH DEDICATED
IN BERLIN.
לי
OLD GUARD HOUSE CONVERTED,
The one certain and sure guar antes to our peace is to maintain a Navy strong enough to enable us to co-operate with each other against aggression and strong enough not to tempt others to make aggression upon us."
Not Saved by Sentiment, Prebendary A. W. Cough describ ed the Navy as the arm of righteous- ness and humanity. There is no religious background to pacifism whatever," he declared. There is Berlin, June. 2.Prussia's "cono-no defence in weakness. This coun taph" was opened to-day in the try suffers itself by damnable senti
ment. Sentiment will not save the A Turkish delegate made the Unter den Linden in the presence nation. I thank God for what Lord suggestion that there should be a of President Hindenburg. The Loyd has been doing to bring the world monopoly for the manufac3femorial is, au old guard house near notice of the people to this great ture of raw morphine and cocaine, the Royal Palace where formerly the monopoly to be granted to a the soldiers on guard presented single central factory to be estab- arms when the Kaiser passed. lished and operated directly under. The interior has been converted the control of the League of into a simple memorial hall with Nations. Turkey was prepared to an opening in the roof through contribute her share of the capital necessary for the establishment of such a factory. Pa
which sun, snow, and rain can come It contains nothing but a black stone of Swedish granite about five feet high inscribed, 1014-1018, and a silver wreath below on an other stone
question."
Two resolutions, one urging the Government to make no further re- ductions in Naval strength until reciprocal action has been taken by other Powers, and the other express. ing the view that no coonomies should be effected in reserves of oil. spare guns, ammunition, and stores, and that the dockyards at home and broad should be maintained in a fully efficient condition, were car ried unanimously.
Sir Cyril Cobb, who moved the adoption of the annual report, said that 1000 had been one of the League's most successful years since the war. All the evidence showed that their work was really having its effect on popular opinion.
Ho said otherwise it would be difficult for Turkey to approve direct limitation by quotas, for there were many peasants in Turkey who de- pended for a livelihood upon poppy growing. Turkey's econorale inter cats were involved and he argued that if his echeme was not possible those economic interests should be protected by extending to raw by the Prussian Premier, Dr. Otto STUDENT ARRESTED FOR oplum the same quote system based upon existing production..
An Impressive Ceremony. Berlin, June, 2-The Press of the Republican parties gives to day a prominent place to the speech made
Braun, one of the leaders of the Social Democratic Party, at the de- dication of the cenotaph-in
memory
of Germany's sons who were killed in the world war. The Prussian
MURDER, 2st'..
END OF SIX YEARS, SEARCH BY POLICE,
The Central Factory. The scheme for a central factory, he said, would involve all the world's production of raw opium and coca leaves being sent to the Premier, whose only son also lost
his life at the front, emphasized West Orange, New Jersey, June Central factory, and it would only that the conotaph was destined to 2-Police here to-day arrested be possible for drug manufacturers exhort those entering the hall or Philip Knapp, a former student to obtain their supplies of Taw
that Just passing it to emulate the spirit at Cornell University, who is no factory." ATHENAY of sacrifice shown by those who had cused of the murder of Louis Turkey supported a proposal by and to serve the nation, the Father It is alleged that after be lew the Argentina delegation for at land and the stata in a way that is Penella, Knapp wrote to his own tacking the drug evil through the in accordance with the dignity of father and described the thrill be addicts themselves, and the Pre-mankind. If all did that, Germany, experienced while taken the life of ident of the International Nay in spite of all hardships that might his victim. Bunda cotic Education association summed still have to be faced, would not Knapp is also suspected af hay.. up the necessary strategy for at- and never be lost. The Minister of ing committed thres aze murders Lacking the evil as destroy the Defence, Herr Groener, who spoke in New York since he is alleged illicit traffic first and then control in 'n similar strain, placed on the to have slain Penella let
| morphine and raw cocaine fromven their lives for the Fatherland Pencils on June 14, 1925.
12
the legal traffic.". He agreed that memorial stone of the cenotaph a During the past six years the drug traffickers should be treated on golden wreath made out of the old frisoner has been sought in China, are pirates.
Prussian orders and medals that the Philippine Islands, and else had been collected for that purpose where. It is believed that he may and suited down. The memorial have seen service, in the United hall will stand open for visitors Blates Army, possibly vader the day and night throughout the year." name of Allen Phillipstik
General discussion ended to-day, Tomorrow the conference will begin the real debate, with a draft cor- vention as the basis for discussion."
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