HONG KONG DAILY PRESS, TUESDAY,
A WAVE OF OPTIMISM SWEEPS
THE WORLD,
FINANCIAL CATASTROPHE AVERTED IN GERMANY.
BELGIUM AND FRANCE DISSATISFIED: BUT MUST. AGREE TO AMERICA'S GENEROUS GESTURE.
BRITISH PRESS PRAISES PRESIDENT
HOOVER'S MORATORIUM OFFER.
THROUGH REUTER'S AGENCY.]
SHANGHAI, June 22. A wave of optimism and bullishness is sweeping the Far East following President Hoover's announcement."
Shanghai's bar silver jumped nearly 10 per cent., slumping the gold bars which closed at Tis, 735, compared, with Friday's Tla. 800.
Tokyo stocks rallied, the Silk Exchange there is lively and is "advancing, while rice and cotton yarns are active. On the Osaka Share Market, raw cotton, cotton yarns and silk quotations are strong.
Later.
The Cable Wireless inerger shares were the outstanding feature in to-day's trading, the preferred charss advancing from 52 to 60, on the theory that the Company must benefit from improved trade. All commodity markets are sharing in the change of sentiment, The new account on the Stock Exchange opened under ex- citing conditions and all sections greatly benefited from President Hoover's statement.
34
The Young Lean advanced from 66 to 741 and 4 per cent. Gon- sols gained over a point.
Berlin, June 29,
BERLIN STOCK EXCHANGE BOOM.'
President Hoover's offer resulted in a stock exchange boom, the general public even participating. After many weeks abstention of foreign speculators, there was a renewed confidence and large rises in all shares especially banks and Industrials soaring from 10 to 30 points, while the Reichs mark is very firm,
In a statement the president of the Reichs Bank, Herr Luther, anticipates a strong psychological improvement due to the relaxa- tion of foreign pressure and credit withdrawals.
15
PROPOSALS CAUSE, SURPRISE IN BRITAIN.
LONDON, June 22.
Router learns that President Hoover's proposals caused a. "surprise in responsible British quarters, which did not expect him to announce the decision on the European situation until the conclusion of Mr. Stimson's European, tour, at the end of the month. Nevertheless, the development was heartily welcomed and in regarded as indicating the United States' departure from its hoped, will attitude of aloofness to European questions, and, it foreshadow a policy of co-operation in the reconstruction of Europe. The next step is expected to be a full exchange of view by the European Govornments concerned.
Mr. Arthur Henderson will doubtless utilise for this purpose
his visits to Paris on July 15 and Berlin on July 27.
The Premier, Mr. Ramsay MacDonald, is making a statement
in the House of Commons this afternoon.
MOST HOPEFUL STATEMENT MADE
IN A DECADE.
*[REUTER'S AMERICAN BERVICE},
NEW YORK, June 21. A blue coat, no waistcoat, a blue cravat, and a pair of white canvas shoea, was the informal attire in which President Hoover appeared before a large gathering of news paperincn yesterday to read what has been described as "the most hopeful, statement made by any ruler in the past decade,"
The statement has created a tre rendous sensation throughout the United States, all the newspapers publishing the announcement with banner beadlines."
It is, however, aa yet, a little oarly for considered editorial com- ment, although the reaction will certainly be favourable.
President Hoover is resting to- day at his summer camp is, Orange, Virginia. He is stated to be most gratified by the reports of the re- ception accorded bis offer.
|
1. The moratorium has come in the very nick of time to avert à finan- cial catastrophe in the country, the consequences of which would have meant extremely serious re- percussions throughout the world.
Tho
JUNE 23, 1931.
LORD KYLSANT COMMITTED FOR TRIAL.
SEAPLANE BASE FOR SEQUEL TO R.M.S.P. HEARN MURDER
SINGAPORE.
SCHEME TO BE STARTED IMMEDIATELY,
(THROUGH REUTER'S AGENOT.]
SINGAPORE, June 22, The projected scheme to construct a civil aerodrome and seaplane base, which was previously held up, it is believed, owing to the ad verse attitude of Air Marshal Sir John Salmond, is being started immediately, with the consent of the Air Council, at a cost of £700,000:
Exchange of Views Between Chancellries...
PARIS, JUNO 21.
A semi-official statement on the moratorium offer, says:
CO.'S AFFAIRS.
EMPHATIC PROTEST BY DEFENDING COUNSEL.
(TAROVON REUTER'S ADENOT.]
LONDON, June 22... Lord Hylsant and Mr. Morland have been committed for trial on all charges preferred· against them.
LATED.
Lord Kylsant and Mr. Morland have to furnish bail of £5,000 onch on their own recognisances.
A message from London dated June 20 states
CASE..
CROWN COUNSEL CARRIED
OUT OF COURT.
[TOROÇOK İRECTER'S, ÄGENDY.]
CHINESE CUSTOMS
SITUATION.
FORMAL CONSULTATION NOT REQUIRED,
THROUGH REUTER'S AGENCY.]
MUSLIMS FAIL TO AGREE.
DEADLOCK DEFINITELY
REACHED.
(THROUGH NEUTER’B. AGENOT.]
SIMLA, June 92.
LONDON, June 22.
Recent fears have been fullled Mr. A. Henderson in the Houso of Commons told a questioner that by the announcement that all at the position regarding the Chinese tempts by Muslim leaders at thi Customs had not altered since June Muslim Unity Conference failed to 15, and he did not consider the offcot an agreement on the import- present situation such as to require aut issue of separate electorates other under the projected usw Indian with formal consultation
régime Powers.
LONDON, Juno 22. The Bodmin Assizes, Cornwall, reached its closing stages in the
To another questioner he replied trial of Mrs, Sarah Ann Hearn, aged forty-six, who is accused of that he had nothing further to add murdering, by arsenical poisoning, concerning negotiations with the her sister, Lydia Eiterard, in July,Chinese Government about extra- 1930, and Mrs. Alice Maud Thomas, lity,,
Sir Kingaley Wood asked if the in November, 1800,-200 je After several hearings at the The Crown alleged accused gaya position in China, did 'not demand Guildhall before the Lord Mayor, Mrs. Thomas a poisoned sandwich reconsideration, Mr. Henderson re- the Crown to-day closed its case during a picnic.
Acensed disapplied: "I think not." against Lord Kylsant and Mr. H.
the second death J. Morland, a former R.M.S.P. Co. peared after
under circumstances suggesting sui auditor.
In the course of the hearingseide but was subsequently, discover- Sir John Simon and Sir Patrick ed employed in domestic service in Hastings, leading Counsel for the South Devon." defence, withdrew from the case owing to the Lord Mayor deciuing to admit that the balance sheets of the Companies were not concerned in the case as evidence, or that the R.M.S.P. accountancy methods did not differ from the common, prac
While appreciating the import. ance and generosity of the United States' gesture, authoritative quar-. ters here emphasise the necessity of bringing the moratorium plan into accord with the Young Plan,"
It is added that exchanges of view must be held between the warious Chancellries before it is possible to call an international tice.".
The chief allegation has been
She pleaded not guilty and de. nied she had "guilty affection" for Afrs. Thomas' husband.
The proceedings were dramatic- ally interrupted this morning when the Lending Crown Counsel, Duparcq, who was winding up the
CRBO for the prosecution, after
and was carried out.
War debt interest payments,
which by law can be applied to the reduction of the Treasury deficit, are expected total £12,000,000, and the second quarter's income tax may reach £50,000,000.
Even allowing for these sources of revenue, the deficit at the pre-
conference, the date for which could that the R.M.S.P.'s Lalance sheets, sponking for half an hour, fainted sent rate may reach £76,000,000,
not be fixed yet.
President Hoover's Proposals Favoured.
over several years have not been disclosed.
The Company suffered heavy trad. ing losses and it is alleged that the ROME, June 21.
profits shown were made up trans Though official comment on the fera from hidden reserves. An ad- American war debts offer was Uditional summons instigated against obtainable to-day, there is every Lord Kylsant was that he issued a
The Lord Mayor postponed his decision on the Crown's application for a committal of the defendants until June 90.
[It is a most unusual thing for
Lost Revenue.
All forms of revenue have fallen, with the customs down £31,000,000 and the income tax 261,000,000.. Increased taxation is inevitable..". Loans to ex-soldiers, authorised
It is definito that a deadlock has.” now been established.
DEFENCE OF CANTON.
GENERAL CHEN LEAVES ON TOUR OF INSPECTION.
(From Our Own Correspondent.)
"CANTON, June 22.7 General Chen Tsai Tong, Com- mander-in-Chief of the 1st Army Corps, and General Li Tsung Jen, Commander-in-Chief of the 4th
Army Corps, left Canton this morn ing for an inspection of the defence work in the North River districts Construction of fortifications in this part of Kwangtung to keep the two "crack" divisions of Kwang- tung in Kiangsi under General Chen' Ming Shu and other supporters of
reason to believe that Italian public prospects, in 1928 which he knew I defending. Couniel to withdraw as by Inat year's Bonus Bill, to-day Chiang Kai Shek from invading the opinion favours President Hoover's was false in material particulars, a protest against a ruling from the renched £200,000,000, and applica. Southern Capital has been going proposals, which follow the prin with intent to induce the public to ciples laid down by Signor Musso subscribe to the issue of capital. lini in 1822, when he declared that the two problems of war debts and reparations were indissolubly join- ed up.
Germany's Desperate Position.
BERLIN, June 21.
The German Government this evoning decided to accept Presi- dent Hoover's proposals
(Continued on next Column.)
Help to Restors Confidence. The Daily Mail says it is a gesture of the greatest generosity, The mere fact that it has been made will help to restore con- fidence and hope in shaken Europe.
It was learned this, evening that.
The Daily Express says that Pre- just after he had decided to help aident Hoover has done a splendid Europe and Germany, President thing for Germany and for the Hoover received a telegram from United States and hereby automa President Hindenburg drawing attically done a good deed for the testion to Germany's desperate rest of the world. position, which Hindenburg sald made it unthinkable that Germany should continue to bear the full renarations burdens
Fresident Hindenburg, appealed to Mr. Hoover to help Germany very quickly, otherwise it might be too late.
Warmly Welcomed in League Circles.
,
GENEVA, June. 23. President Hoover's moratorium offer is warmly welcomed in League of Nations circles, where the Revision of Young Plan?
opinion is expressed that it will Dr. have far-reaching and beneficient Foreign Minister, Curtius, issued a statement last consequences for European econ night, announcing that the Geromic union, besides heing a good mah Government had already noti augury" for the disarmament, con- fied the Government of the United ference, States of its grateful acceptance of the offer.
The moratorium is of more im portance to Germany than to any other Power as Germany will re ceive under the scheme alleviation amounting to about £75,000,000!
Dr. Curtius pointed out that possibilities of a revision of the Young Plan would not be affected by the moratorium.
French Attitude Problematic, Dr. Curtius also assumed that Britain and Italy" would shortly declare their
BRITISH PRESS WELCOME PROPOSAL.
:
INCREASE IN STOCK EXCHANGE ACTIVITIES.
(THROUGH NEUTER'S AGENCY.)
LONDON, June 22.
Economic Interdependence of Nations.
The Times says that President Hoover has finally rejected the belief so pertinaciously held by the mass of American opinion that there are two sorts of economie laws-one for the United States and the other for the rest of the world: His welcome proposal is the most impressivo admission of the economic interdependence of the nations of both Continenta. made since the War.
VIEWS: OF AMERICAN PRESS.
INTEREST ON AMERICAN ·
SECURITIES MAY DROP,
{REUTEN'S AMERICAN SERVICE)
WASHINGTON, June 22.
on
Bench. M.P., is the most sought-after Coun of 35,000 weekly.
Sir John Simon; K.C., tions continue to pour in at the rate on, it will be remembered, for the sel at the Bar and an ex-Attorney-
The President was told that 60 General. Sir Patrick Hastings. K.C., has also held the post of per cent. of this money had been Attorney-General-in Mr. Ramsay used to pay off debts, while about MacDonald's first Cabinet]
15 per cent. had been expended on second-hand motor cars.
LIKELIHOOD OF MORATORIUM.
(THROUGH REUTER'S AGENCY.)
LONDON, June 19: There is a likelihood of a con- tinuation of the R.M.S.P. mora. torium for a further six months. This is indicated by the terms. în a further scheme of arrangement between the R.M.SP., ita deben- ture stock holders and the White
Star preference share holders. The present moratorium expires од
June 30.
THE NAVY LEAGUE POSEIDON FUND.
LATEST SUBSCRIPTIONS.
The Navy League Poseidon Fund now totals over $33,000, thanks to
8583 received by the Hon. Treasurer
8
last five or six days."
The local authorities' clann that both Feng Yu Hsiang and Yen Hsi. Shan are preparing to take an active part in the movement for the overthrow of Chiang Kai Shek. and the Nanking Government. AG cording to their representative, Mr. Chang Hung Pun, who arrived in Canton yesterday, the "grey" generals of Shantung and Shansi have long determined to co-operate. with Canton in the war against Nanking.
DR. C. C. WU FOR CANTON,
(Wah Tiz Tat Pav.).
CANTON, June 22, Dr. C. C. Wu, who has resigned his post as Chiness Minister to Washington due to his anti-Nan- ̈ king tendencies, is leaving the. United States for Canton whore. he will play an active part in the 26.60 anti-Nanking movement,
950.00
(Mr. S. A. Arthur) up to noon The Court has ordered meetings yesterday. The donations were 18. of the R.M.S.P. debenture holders follows and the White Star preference shareholders on June 30, at which it is hoped an extension of the moratorium until December 31 will be agreed to in order to enable the R.M.S.P. to complete its task of Tormulating a scheme of recone struction
A, message dated London Febrű- ary I stated:-At a inceting of debenture holders of the R.M.S.P. and the preferenec shareholders in the White Star Line held in Lon don the White Star shareholders overwhelmingly passed a resolution. in favour of a six months' mora- torium in respect of dividends on the £5,000,000 61 per vont, cumula- tive preference shares in the White Star Line, which are guaranteed by the R.M.6.P., in order to enable the latter to submit a complete scheme for reorganisation.
Il within a year armaments are drastically reduced and eparations readjusted, a great recovery would follow, declared Senator Borah, in commenting the moratorium offer.
He added that otherwise any fur ther extension would be of little or Liberty Loans, bearing interest no benefit..
The New York Herald-Tribune from "3 to 43 per cent. may be says the President's reassurance on refunded, before January 1, 1931, the matter of debt cancellation and issued at a lower rate of in- Both Mr. Ramsay MacDonald and should unite the nation as it has terest.. Mr. Philip Snowdon declined to the party leaders. Congress is be make any statement regarding thehind the temporary concessions, the moratorium yesterday, but it is President urges. expected that the Prime Minister will make a statement in the House of Commons today.
It can safely be predicted that the first effcet of President Hoover's Agreement with will be a considerable increase in proposals in the City of London president Hoover's proposal, but activity in the more speculative said that the attitude of France sections on the Stock Exchange, was more problematical. Dr. Cur-where a brighter tone may be ex tius admitted that France had to pected immediately in all sections. Mr. Young's Bupport.
make sacrifices if she accepted the Mr. Owen D. Young, author of proposal, as she ought to receive the Young Plan, and a possible forty million pounds sterling in Democratic candidate for the Pre-reparations from Germany, and had sidency at next year's election de to pay twenty millions to meet her war debt obligations. She would America has spoken through therefore lose £20,000,000,
Dr. Curtius, said he did not be- "Persons of all, her President. parties will stand by him as they lieve, however, that France would should. The proposal is not only refuse to agree to collective action the net of a wise creditor, but aby America and Europe. helpful word of a great democracy.
claron j
It is to be hoped that other Govern-
ments can and will act also, and
Beal Peace in Europe!
VIENNA, June 21.
The New York Times says the immense change which the proposal will bring about in the mental atti- The British newspapers. of all tude not only of the United States, shades of opinion, cordially wel-but throughout the world can come President Hoover's offer.
scarcely be exaggerated.
Best Newa Bince Armistice,
space.
tuna."
The people of the United States Iwill see that this country does not The News-Chronicle declares it to intend to pass by those who have he, the most important event for fallen in a great common mistor that private interests, with restored Herr Schober, the Vice-Chancel-Europe since the Armistice.
The Daily Herald says that Pre-
British Interest Cut," j faith, will be helpful too."
lor, received the announcement of aident Hoover deserves gratitudo
moratorium
NEW YORK, June 22. and high praise. A year's suspen Mr. Young concluded: It taken President Hoover's
The likelihood of President Hoo- only intelligenes and courage to offer with gratification, and exsion is not a final solution of all make a prosperous-world. I heart-pressed the opion that the move problems, but it gives a breathing-ver's proposal for a moratorium being followed by steps for 're- ily approve the President's action." will initiate real pence in Europe
and the world generally.
The Daily Telegraph remarks that duction of the interest on British Germany's Hellet.
"this bold initiative may prove to indebtedness, to make it more be of historic significance. T nearly conform to the interest paid Tas Morning Post says; The by other Allied Powers, is suggest moratorium offers immediate iled by the Washington correspon only temporary relief from the dont of the New York Times. burden hanging like a milstobe round the neck of the world, which is already sunk deep in the economie depression.
THROUGH REUTER'S AGENCY:1
BERLIN, Jung 22.
A grent sigh of relief went up in Germany yesterday among poli- tical and financial leaders on learning of President Hoover's proposal, and it is certain that June 21, 1091, will be long remera: bered in Germany's history,
A Deficit for Belgium.'
BusILLS, June 2) Much interest has been aroused in the war debts moratorium offer but the Nation Beige stresses that the proposal means a net deficit for Belgium of Frs, 500,000,000. Hence the plan must be closely examined. (Confinsed on nest Volumn.)
"Continued on next Colump:)
The correspondent is of the
indebtedness may be out to ap opinion that the interest on British proach the rate paid by United States obligations,
WHAT THE OFFER MEANS.
WAR DEBT "HUNGER.”
following paragraph taken from a In view of yesterday's nows the Home paper of May 29 is of in- terest
The Treasury deficit to-day passéd the £200,000,000 mark, and it is still mounting
Worried officials are hoping to off set this staggering loss by War Debt payments and income tax collec tions before the fiscal year clores on July 1
European Governments, may now Abandon 个 any expectation that The correspondoot draws atten-Washington will consent to the tion to the tendency to the lower remission of war debts, for those ing of interest on home securities.nayments are now awaited almost Be anys that the First and Fourth. hungrily by the Budget-makers.
(Continued on neze Oolumn.). 4Continued at foot of next column.)
Hong Kong Football
Club Messrs. John I. Thorny- croft & Co., Ltd. ... Colleeted MD.B..
Mr. M. K. Lo....... Mr. M, W. Lo AV. M. S.
100,00 40,00
25.00,
25.00
K. A
10.00
Lt-Col, and Mra, E. D.
Matthews
10,00
10,00
10,00
10,00
Capt. A. H. Stewart... Mr. O. O. Dalziel. Mr. N. Lang Mr. W. Dryden Wee Golf-Additional.. Mr. and Mrs. W. O.
Lambert Anonymous Serviceman Mr. M. M. Afanassieff Mr. R. Elefsen
10.00
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CHIANG CHANGES HIS MIND..
A
(THROUGH AKUTER'S ADENOY,)
KIUKIANG, June 22. Chiang Kai Shok changing his plans at the last minute did not
come to Kiukiang to-day, although
the local authorities had arranged
3:00 hotel accommodation, and lined the 5.00 streets with troops ›
5.00
Mr. G. E. Edmondeen...
5.00
Mr. Wm. G. Miller ...
5:00
Mr.
Small
ad
8:00
G. 8.
5.00
2.00
1.00
583.00
.H. M. Swatów......
Annon
Already acknowledged 832,445.34
Total
$33,028.31
8. A. ALTHUE, Hon. Treasurer,
Navy League Poseidon Fund. Hong Kong, June 22, 1031. ̧
SEND YOUR SUBSCRIPTION,
WITH THIS FORM The Hong Kong Daily Press,
Please receive
On behalf of the Navy League
Fund.
Name
Address
Chiang Kai Shek proceeded by
gunboat across Poyang Lake direct for Nanchang where he should.
arrive this evening.
NAUTILUS ARRIVES AT CORK HARBOUR.
[THEOUGH REUTER'S 'AGENCY.]
LONDON, June. 27. The submarine Nautilus, which- was towed by the American battle- ship Wyoming, has arrived at Cork Harbour.
ÓBITUARY.
DEATH OF EX-PRESIDENT
FALLIERES:
"[TAROGON REUTER "KGENOT.
PARIS, June 22.
The death occurred to-day of ex- President Fallieres at the age