BRITAIN'S BUDGETARY
POSITION.
DRASTIC ECONOMIES NECESSARY TO
SAVE FURTHER TAXATION.
NEW CONVERSION WAR LOAN TO BE "LAUNCHED.
(THROUGH REUTER'S AGENCY AND BRITISH WIRELESS)
"During the debate on the second reading of the Consolidated Fund Appropriation Bill Mr. Philip Snowden declared that the outlook for the 1832 Budget was very serious unless there were considerable economies.
Britain's Budgetary position was; however, better than that of“ any other great country, while Leadon remained the best market in the world for investment,
Mr. Snowden also declared that he had prepared a huge Conversion War Loan by which there will be 'n very large saving in interest. The Lonn will be launched at an early date,
CONFIDENCE IN STABILITY OF LONDON
MONEY MARKET ESSENTIAL.
RUGBY, July 30.
1
Government and the House of The deliate was raised by Mr. Commons itself must face,, mut the Neville Chamberlain, who naked for budgetary position of the ountry information of the progress, of the
was not by any means exceptional. conversations which, had been tak. Indeed, he believed it was a fact ing place between the Powers. that perhaps with the exception of Referring to the financial posijone country, ons' position was 'more tion of Great Britain, he said his satisfactory than that of any other! most important criticism of the country in the world, Budget was the relation between the Exchequer and the Unempley- ment Insurance Fund. The Chan- cellor had only postponed an in- evitable reckoning.
U.S. and Canada.
The United States had just closed its financial year with a deficit of two hundred million pounds The Canadian budget presented There was, however, no founda-showed, in the pioportion of the tion for the want of confidence in budget to the British budget, a British stability, and he reminded deficit of about sixty million the House of the pasange in the pounds.
MacMillan Report, which slated Moreover, it must be remember that Great Britain's position as aed that the financial burdens we Creditor Nation remained innen- arly strong He believed that that represented nothing but the truth.
Mr. Snowdon's Reply. Mr. Snowden, replying, said: "This is a time when a lightly spoken word or oven I wrongly turned sentence might have the
had undertaken were far greater that those of any other country. We largely financed the war. We backed our Allies in the field, provided them with money and after the war, in a fit of quixotic generosity, we forgave them four. fifthe or two-thirds of their debts.
most serious consequences, and I
There was an impression abroad take the view that it would pro- that the budgetary position of bably be unfortunate in the inter-Britain was hopelessly bankrupt. ests of the negotiations, which are Nothing could be further from still going on, if any public debate truth," declared Mr. Snowden, took place at present,
amid general cheers.
"Investors are naturally nervous, and the alighted suspicion regard- ing the security of their inves ments in apt to lead them to adopt courses which are not justified by the actual facts.
Disagreeable Consequences." "It was absolutely essential for the maintenance of the credit of the country that there should be balanced budget and he would every possible effort to The position of Great Britain balance next year's budget, sl- in this respect is peculiarly sensi-though it might involve rather die tive because we are the great money agreeable consequences. market of the world and it is
essential that confidence through out the world should be maintain ed in the stability of the London money market."
make
"Referring to the Report of the
Economy Committee, Mr. Snowden said the Government were taking the Report into very serious con- sideration, and would be prepared to submit in October the results of the consideration, but the respon-
HONG KONG DAILY PRESS, SATURDAY, AUGUST. 1, 1931.
BRITISH ECONOMY
COMMITTEE.
SAVINGS OF £96,578,000 RECOMMENDED.
(THROUGH AKUTER'S AGENCY, ]
Lowbox, July 31
The report of the Economy Com. mittee, appointed by the Govern ment, was published to-day: It recommenda savings in the National expenditure totalling £06,578,000 in A full year
The Committee recommends a re-examination of the question of the distribution of the burden for Imperial defence, also the con- aidoration of whether modifications ure possible to lessen the cost of Naval defence without endangering National security.
A saving of £68,500,000 is recom- mended through a twenty per cent "dole" cut. and the abolition of the Empire Marketing Board, ada
ROUND-THE-WORLD FLIGHT.
AMERICAN AIRMEN ARRIVE AT MOSCOW,
(THROUGH REUTER'S AGENCY.]
BERLIN, July 30. Herndon and Clyde Pangborn, The trans-Atlantic fiers, Hugh have arrived here in the course of their round the world fight. They still hope to beat the Post-Gatty
record.
Moscow. July 31. Pangborn and Herndon landed at 11.53 am
AMY REACHES OMSK,
(THROUGH REUTER'S AGENCY.]
OK, July 31. Amy Johnson arrived at 6.50 a.. oscow time, and hopped off at 9.90 a.m. for Krasnojarsk, which she hopes to reach to-night,
ZEPPELIN RETURNS FROM ARCTIC
(THROUGH REUTER'S AGENCY.]
BERLIN, July 30. "The Graf Zeppelin, which arẻ rived here on the completion of her Arctic fight, has taken off for her. base at Friedrichshafen.
LINDBERGH TAKES OFF.
[THROUGH REUTER'S AGENCY.]
New York, July 30. Colonel and Mrs. Charles Lind- bergh took off from Washington to, day on the first stage of their flight to the Far East, landing at 4.22
in Ottawa,
LONG DISTANCE RECORD BROKEN.
(THROUGH REUTER'S AGENOT.}
CONSTANTINOPLE, July 30.
Atlantic Biere, Polando and Board- nan, have broken the long dis tance record which Coates made in 1020 from Paris to Manchuria
It is believed that the trans-
Heavy Foreign Commitments, Foreign credits were held in Lon- don to the extent of probably sibility of carrying out any recom, GERMAN MINISTERS hundreds of millions of pounds. It mendations must be shared by the was known that London had very House of Commons as a whole,
TO VISIT ROME. heavy foreign" commitments and
there was naturally a possibility, to put it no higher, of a suspicion arising in regard to the position
National Debt, Mr. Snowden then turned to the
of London, and he was, therefore, National Debt, which he said was exceedingly grateful to Mr. Cham berlain for the testimony he had the greatest burden upon the
INVITATION, FROM ITALIAN GOVERNMENT.
[THROUGH REUTER'S AGENCY.] Kiven to the fundamental soundness National Finalices. He admitted of the financial position of Len he had prepared a scheme for
BERLIN, July 30. don and the country generally.
Dr. Bruening the German Chan Referring to Mr. Chamberlain's huge conversation of the War Loan caller, and Dr. Curtius, the Foreign criticisms of the budget, Mr. by which a very large saving Minister, will probably be leaving. Snowden said that although it interest would be effected, And for Rome on Wednesday or Thurs would ba & rounder course if we which, "but for the recent finan- day; in response to the invitation conld maintain the unemployed cial developments, would been float of the Italian Government. from current revenue, he could not red before now." accept the contention that borrow-I am very anxious on that: acs. ing was analogous to creating a counts to see the London money. - burden comparable to a war debt. market recover, and on the first,
Borrowing was the alternative to available opportunity, the conver "an increase of taxation, before sion operation will be launched.
which they must hesitate.
If it is a success, as I believe it He had warned the House that will be, if launched in favourable. the budget "situation: next year | circumstances, it will effect much
would be very serious unless they could effect economies and unless there was a ecosiderable trade im proveinent.
The depression had deopened »rinen the budget was presented, and
· supplementary expenditure of near 70 fy, eight million pounds had been
"authorised,ROA
raving in the national expenditure,
BRIAND SUFFERING FROM INSOMNIA.
ORDERED REST BY HIS DOCTORS.
''[THROUGH EKUIER'S AGENCY.]
Paris, July 31..
I want to conclude by associating myself with what Mr. Chamber Jain has said about the sound. xess of our national position: The position of London, is funda- mentally sound. It still remains the best market in the world for
M. Brinnd is suffering from strain foreign investments, and so far as from the recent protracted; nego acceptance of President Hcover's Government are concerned, we shall edly this morning for Cachers! In addition, as a result of the I am concerned, and so far as the tiations He left Paris unexpect proposal there was a farthel Burke ALYSOIcle step to ensure Normandy, and is reported to have. den on the budget of nearly cloven that proud and sound positions insomnia and high blood pressure. million pounds That wan a very British credit should be in no way His doctors have ordered him at serious position which the impaired.
least month's complete holiday.
LORD KYLSANT REBUFF FOR EUGENE FOUND GUILTY.
SENTENCED TO 12 MONTHS IN SECOND DIVISION,
[THROUGH REUTER'S' AGENCY.]
LONDON July 30
CHEN!
CHINESE - INTERNAL POLITICS BARRED;
{THROUGH - REUTER'8" AGENCY.}.
CHINA'S CIVIL WARS
CHIANG TO DIRECT OPERATIONS
AGAINST SHIH YU SAN.
COUNTER ATTACK ON PAOTING LAUNCHED BY MUKDEN TROOPS.
{THROUGH REUTER'S AGENOT"]
TIENTSIN, July 31.* Launching a counter-attack, the Mukden troops heavily reinforced, have recaptured the defences to the hours of heavy fighting. north of Paotingfu, after several
Lord Kylsant, Managing Director
TOKYO, July 31. While denying the reports. ap of the Royal Mail Steam Packet Company, was found guilty at the acing, in the vernacular Press, Old Bailey to day of asuing a de-purporting to give gist to an inter
view between Mr. Shidehora and benture prospectus false in b
official Mr. Eugene Chen, an He was ten- material particular. tenced by Mr. Justice Wright to hidehara received a visit from spokesman intimated that Mr. twelve months' imprisonment in Mr. Eugene Chon and an outline. the second division.
of the conversation will be "dis patched to Mr. Shigemitsu for the purpom of informing Nanking. to arouse Japan's sympathies for It appears that Chen attempted Canton and urged closer co-opera tion between China and Japan for The Paoting defences are expect brought against him.Lord, Kylantic ideals. He also outlined Dr. the next few days, while the Muk On the two charges originally the purpose of assisting pan-Asiaed to change hands frequently in was acquitted. They dealt with Sun Yat Son's last speech. accusations of issuing balance sheets for the year 1996 and 1997
den forces are endeavouring to which were alleged to be false in
recover the whole position. material particulars.
The charge on which he was con victed was the third preferred, brought at the Guildhall at the last moment, when Bord Kylasat appeared to answer two other sum
mongos...
Morland Acquitted,
Mr. H. J. Morland, the auditor, who was charged with aiding and abetting Lord Kylsant in the pre septation of the balance arquitted.
Was
The outstanding features mark ing the 'conclusion of the nine day's. trial of Lord Kylsant and Mr. Mor land, were the masterly suraming. up of Mr. Justice Wright and the arriving at their verdict. long time which the jury, took in
The Judge's speech occupied four hours. He drew attention to the abuses possible from the use of the
WEATHER REPORT.
"BLOW EXPECTED TO-DAY"
The No. 7 typhoon signal was still up at a late hour last night and from all indications' the Colony is in for a good "blow" sometime to-day..
The Manila Observatory gave. the position of the typhoon 48 about 117deg. Long. E, Sideg. Lat. N. and the direction as westerly. The Royal Observa- tory stated that the typhoon was'approaching from W.N.W. and they expect the gale, to reach Hong Kong some time before noon to-day.
Yesterday's weather report, forecast and remarks, issued by the Royal Observatory at 5.30 p.m., stated:
The typhoon is approaching Pratas on's W.N.W. track. "
N.W winds.vering to N.E. and increasing to a gale before moon, fine at first rainy and squally Inter.
TYPHOON WARNINGS.
The following typhoon warn- ings have been received by the American Consulate Generál from the Manila Observatory:、
Manila, July 31, 10.30 a.m.- Typhoon in about 119deg. Long. E and deg. Lat. N., moving W.
Manila, July 31, 3.5 p.m.- Typhoon in about 117deg. Long.. E. and deg. Lat. N., moving W.N.W..
secret reserves created by the Royal Minil Steam Packet Company.
Shareholders Not Sheep... He said that the directors appar. ently forgot sometimes that they ought not to regard the share holders as sheep that may look up if they are not fed.
It is understood that Mr. Shide yond emphasising that the policy. hara refrained from comment, be
of Japan was to avoid interfering with the internal politics of China.
PRINCE OF WALES IN MOTOR SMASH.
NA
"TWO WOMEN INJURED: PRINCE HURRIES TO ASSIST
(THROUGH REETER'S AGENCY.]
Ruder, July 30,
As the Prince of Wales was loav. ing the Sunningdale Golf Club' this afternoon, his car collided with another on the main road.
In the other car were two wo inen both of whom suffered injuries
PAOTING RECAPTURED.
MILITARY PREPARATIONS.
IN PROGRESS.
(From Our Own Correspondent.)
CANTON, July 31.
It is learned from an official source that notwithstanding all the
National Government in Canton reports to the contrary the has not as yet started its expedi tion against the North. All troops stationed in the North River dil-, tricts are still there Up to to-day no order has been given for a general march North through Hunan.
· TIENTSIN,, July "31) A Rengo New Agency message
Since General L Yang King's states that Mukden forces recap recent return to Shiukwan, hig tured Photingfa this morning, and military preparations have been that the contending armies are going on both day and night. now opposing each other in south Troops are being mobilized and Paolingfu.
Jield in readiness; war supplies aro Wangtu is still in the hands of being gathered for the coming cam Shih Yu San's troops.
paign; and a general atmosphere of tenseness is clearly manifest everywhere. 14
REBEL TROOPS ADVANCING.
Wah Tre, Tat Pao.)
PEIPING, July 31, General Shih Yu San's troops are
The Prince of Wales, though badly shaken, hurried to the assistendily advancing northward from stance of the two women, both of whom were given medical treat ment.
Coomb, Carmarthenshire. There were three daughters of the mar ringe
It is as a great business magnate that Lord Kylsant is known to the
public, yet in the realm of civic service he bears a record no less distinguished than that in the world of commerce, while as a former Member of Parliament he stood high in the esteem of his Party.
Lord Kylsant is Lord Lieutenant of Haverfordwest, Lord of the Manor of Lanstephen and Sub- Prior of the Priory of Wales. „He was elected High Sheriff of Pem- brokeshiro in 1904, where he owne evor six thousand aeres, and was Vice-Admiral of North Wales and the County of Carmarthen in 1929.
An enthusiastic rider, to hounds, he was M.F.H., Carmarthenshire
Hunt, from 1919 to 1932
Owen Cosby Philips was created G.C.M.G., in 1918, and first Baron Kylsant of Carmarthen in 1925. His honours include the Grand Cross of the Spanish Red Cross, bestowed in 1912, and he is a
Tsangchow along the Tientsin- Pukow Railway: Severe encounters occurred around the railway zone. Machang is being threatened and
gun firing is distinctly heard there. General Shih Yu San's plain clothed soldiers are active in northern Honon, particularly in
Sinhsiang, where they are arous considerable apprehension among the inhabitants..
ARST
SHIH YU SAN WORRYING
CHIANG.
CHANG FAT FUI READY TO ADVANCE
[CENTRAL PRESS.]
CANTON, July 28
vanced to the Hunan border ever The Fourth Group Army, has ad-
see the order for the mobilisation for the Northern expedition was issued by the National Govern ment at Canton,
According to information - from military sources, the 7th army unit under General Liu Taih Chuen and the 8th army unit under General Li Pang Hrin have arrived Ling ming, a town near the Hunan' bor- der. All the troops of these. two military units are to be mustered at this town pending further orders from military headquarters. At present the troops are preparing to push into the towns of Kiyang" NANCHANG, July 51. Marshal Chiang Kai Shok has and Hengchow, in Hunan. abandoned his prearranged journey A large portion of the 4th Ammy to Nanking and will probably, prouait under the command of General ceed to Hankow to direct a cam
(Wah Tee Yat Pao.),
paigh against Shih Yu Sen whose Chang Fat Fui in at Kweilin wail- victories over the Mukden forcesing for further instruction to pro-" have caused much; alarm in the ceed to Hunan, Nanking military circles.
General Li Tsung Jed, the Com- It is reported that Marshal Knight of Justice of St. John of Chiang Kai Shek will detail six der-in-Chief of the 4th Group Jerusalem, his election taking place divisions from the Central Govern Army, has decided to proceed in 1916. The first year of the Greatment troops now engaged in "Red" to Kweilin with General Pei Chung War, saw him appointed an Honor suppression in Kinngsi to Hupeh Hsi, the Vice-Comniander-in-Chief nry Captain in the Royal Naval Province, Three divisions will be Reserve.
Parliamentary Career.
ordered to reinforce the Nanking of the Fourth Group Army, and military position in Honan against General Chang Fat Fui, the leader Shih Yu San, while the other three of the Ironsides," to direct mili divisions will be sent to Hunan in order to check the northward adtary operations at the front follow- vance of the Southern armies. ing the conclusion of the military, and political, conference held at Wuchow last week.
The parliamentary career of Lord Kylsant extended over a period of sixteen years, beginning with his election as Liberal member for Pembroke and Haverfordwest in 1908. He lost his seat in 1910, and ALL was not again elected until he was Mr. Justice Wright also express- returned as the Conservative mem- ed the opinion that companies' ac-bør for Chester in 1910, and again counts ought henceforth to be kept with greater particularity, and in formation to shareholders. He also dwait upon the responsibilities of
auditora.
the member for the City of Chester Division in 1918. He was also chairman of the Wales and Monmouth Unionist Association.
STRONGHOLDS CAPTURED
BY CHIANG?
THROUGH LEUTKE'S AGENOT.)
He also
PIRACY C ON INLAND WATERS.
GOVERNMENT.
In the year 1922 Lord Kylsant finally forsook the political field,
NANKING, July 31. Lord Kylsant Daand.
Chiang Kai She has officially PETITION SENT TO CANTON and devoted his whole time to busi reported to the Government that The Jury returned to the Courtness and the affairs of the many he has capture all the Communist three times after their first retire-companies of which he was Manag strongholds in Kiangai. moat in order to elucidate the legal ing Director and Chairman. states that the Government cara. definition of a phrase in the indict- Foremost among there was ofpaign against the Communists has
the Royal Mail Steam
Union stle Line, Lord Kylsant's Packet Company and its associate been successfully completed. lines, the White Star Line and the
connect with which has been
nent:
three hours.
Lord Kyleant heard the sentence They were absent altogether for NR
in'a dazed condition." qu
Sir John Simon notified his in- tention of applying for leave to appeal
!course
prominezdy id the public view of CHIANG KAI SHEK'S
Inte
Lord Kylsant's other business and. public interests, were many and varied He is a late President of LORD KYLSANT'S CAREER. the Federation of Chambers of
LATEST ORDER.
DRASTIC CUT IN GOVT. SALARIES:
[TROVOR BEUTER'S AGENOT.]
(From Our Own Correspondent.)
CANTON, July 31
A group of influential and well- todo overseas Chinese, headed by: Dr. Fok Kung Bat, who are inter ested in the industrial developments of China, fent a long petition to the National Government in Can ton, yesterday, asking for adequate protection to inland water shipping against banditry
Commerce of the British Empire, POLITICIAN, SPORTSMAN AND Chamber of Commerce and Cham- and past President of the London BUSINESS MAONATE Kingdom. He is also a director, os ber of Shipping of the United Owen Cosby Philipps, frat Baron the Southern Railway, and he has Kylsant of Carmarthen, was born served on numerous Government
The petition concludes with a on March 25, 1863 being the Committeen and Enquiries,
strong appeal to the Government to third son of the Rer Capon Sir. Little is known of the private-life.
SHANGNAT, July 31, direct a little of its attention to the James Erasmus Philips, welth of Lord Kyleant heyond the fact reduction of from 5 to 20 per cent. Unless this is done, travelling will Chiang Kai Shek has ordered a problem of bandis suppression. baronet, and the Honourable Lady that he is a member of the Marl Mylocked in 10 e Man familiar sight 45 Ranelagh and Employees of the Chinese: Olav petitioners stated that it would do Philips, sister of the afth Baron Borough and Carlton Clubs, and in the salaries of Government pm not be safe, th
thebitumaually-tale purposes.
The Governmen He was married Morris, C.B.E, co-heres of the Hurlingham where he invariably ernment in the Radio Administrats, best to afford adequate protec late Thomas Morris, a D.L. of showed a keen, interest in the tion have threatened to walk out, tion to shipping merchants and
{Continued on next Column) sphi
if the cut is actually enforced, trávellers.
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