Page
PROPOSED
ABOLITION OF
THE TAEL.
CHINESE BANKERS URGE
CANTON.
In an open letter from the Shang- hai Native Bunkers' Association to the their fellow countrymen on proposed abolition of the tool and the adoption of the dollar as the standard unit of exchange through- out China, the association, in ad dition to urging careful considera- Lion of possible evils which might arise from a sudden change from an age-old custom, makes three pro posals in connection, with the plan. ed change, the guiding, spirit of which is the minister of finance, Mr. T. V. Soong.
The association places on rreord that it is not opposed to the aboli- tion of the tael. The hope is voie- ed, however, that both the govern ment authorities and the general public will give fair-minded con Pideration to this all-important problen.
Three Proposals.
The following proposals have been made to the government by the as. sucration:
[12.00]
HONG KONG DAILY PRESS, WEDNESDAY, AUGUST 17, 1932.
Money and Markets
AO FC. Average of Shanghai Stocks
1054
+27
25.25
17.71
TWENTY
$16.00
STOCKS
11.0
24.06
LAJI
24001
ТАЛЬ
(2100)
13.71
11.90
|110|
21.00
{tano]
PRE20
31725
<LOB>
1200
-11.00
21.75)
H
16.0
EDLEM
11029
rosal
| 1029)
| 2600
Oc
MR. WANG CHING WEI.
CANTON AND HIS RESIGNATION,
TVOOSUNG SHANGHAI
LINE
IMPROVEMENTS BEING
CONSIDERED
23743
CENTRAL RADIO
SERVICE KING'S BLDG
Nanking, Aug. 11.-The Minis try of Railways has instructed the Hangchow-Niugpo Railway Ad. ministration to discuss with the Canton, August 15. local agent of the British and Official opinion at Canton with Chinese Corporation the measures reference to the resignation of Mr. recently submitted by the Greator Wang Ching Wei and the poli-Shanghai Municipality for the im tical situation thus created, which provement of the Woosung-Shang- hitherto has been very reserved, no hai branch line. A detailed report official statement having been issued of the conference is to be submitted ather than those denouncing the to the Ministry for consideration. | young Marshal, Chang Hauch Liang,
(From Our Own Correspondent.) Shanghai-Nanking and Shanghai-ray),
is now expected to assume were obstensible form in the course of tho next few days.
ernment organs,
GRAND OPIUM BONFIRE Shanghai, Aug. 11.-Large quan-
·Soveral meetings, formal and in-tities of opium and its derivatives, formal, have since taken place as well as opium-sticking a among the various leaders of the phernalia, were burnt yesterday in South West, though no definite de the presence of representatives of cisions have apparently yet been the various local Party and Goy- reached. During the last week-end, Miss Hu Mu Lan, daughter of Mr.
The narcotia destroyed comprised Hu Han Min, the veteran Kuomin- confiscations made by the Shanghai tang leader, came up to Canton a District Court during July-Decor- her father's deputy to exchange ber last year, amounting to nearly views with the local leadera. She
14,000 taels (ounces). Opium. was on her return to Hong Kong smoking articles total almost 5,000 Accompanied by Mr. Chun Yung, picces. chief accretary to the South-West Political Council, who was delegated to bring the local views before Mr. Hu. A declared policy is thus ex- pected be forthcoming,
While the
CHOLERA AT NANCHANG
A SERIOUS SITUATION
1. Centralization of coiunge
Meantime, a "supreme military
Nanking, Aug. 11.-The number rigin and the establishment of a
conference is being convocated in of deaths due to cholera in and standard weight and rate of fine-
the city during the next few days. near Nanchang has become alarm- Hess. The weight and fineness of
All the important military commaning. No less then 24 deaths cecur- now silver dollars to be coined in
ders of the two Kwang provinces, red among inmates of the local future should at least be equal to
including Generals Chea Chai Tong, hospital last Friday while another that laid down by the Currency
Li Teung Jen, Foi Chung Hsi, Yu 18 died the next day. A whole Law of the 3rd years of the Repub.
Han Mau, Heung Hon Ping and village on the outskirts of the city li. At the time of coinage n com-
others are expected to put in is now deserted owing to the heavy mission organized by "different
toll of lives. The Provincial Au- The Shanghai stock market this otherwise the volume of trading has, indication for the trend of prices personal attendance, trade guilds should be organized to
At the before covering further quantities. nominal programme of the meeting thorities have been receiving urgont supervise the minting process and week has bea a tame affair, with teen exceedingly light.
is concerned mainly with anti-Com demands from many districts for to make a chemical analysis of the few features of general or of special! half-day session of Saturday, the The cotton market remained in a
a whole, market showed firmness, but sellers rather firm position, this tasin fer-manist activities, it is to be safely anti-cholera vaccine.
that tho products. The result of their find interest, The market
present.It is learnt that the Civil Court ings should be published in the moved within a narrow groove. On adopted a cautious attitude.
ture being purchases of the domestic anticipated
national crisis will form the chief
at Linehwan, northeastern Kinng- newspapers for public information. Tuesday trading was almost at a Tuesday the market again was mo staple by Japanese spinners. The ubicat for discussion. It is to bosi, has been closed as death has
matter of Lionless. Seller's apathy continued silk market has been active with 2-Fixing a proper rate of constandstill. and, as a
The fixing of a proper fact, this paned on many of the and little business was done with great many transactions in steam noted that the decisions of these claimed most of the police attach- version: rate of conversion of the tael for succeeding days.. Shanghai Lands buyers holding out to their rates.
filatures, mainly for Europe.. the dollar concerns not only the in-were under pressure, 600 shares On Tuesday of this week Shanghai
After the slow movements in the terests of the banking trade or of changing hands at 25, what on Land had buyers at 242 and China
over the the residents of the district of livened the occasion on Wednesday. Realties at 11. Ewos were wanted Shanghai stock market Shanghai but is also vitally linked Thurday the market improved, et 14.10, sellers asking 14.13. past month, the attempt to break with the interests of all other trades prices were better, though on aar Shanghai Docks were wanted at away from this tendency is likely
row dealings. There was great in- (82). throughout the country which use
terest shown for debentures and a the tel ns, a medium of business
fairline of 8.W.W. and Shanghai Land transactions. To arrive at rate of conversion, the chambers of debentures, amounting commerce of different places should 875,000 changed hands. On Friday be charged with the responsibility more buyers were in evidence, but of calling a meeting of various
guilds of their respective locality
to Tlf.
to discuss the problem, in order LONDON EXCHANGE
that the interest of any may not
be impartially affected and the scheme may be smoothly carried aut.
3. Centralization of the right to issue paper money. In order to re- move any possible alight suspicion on the part of the people as to the. true object of effecting this mone- tary change, the right to issue bank- notes should be centralized, and a reserve fund should be special established of which at least 60 per cent. should be covered by cash. This reserve fund should not be substituted by other sources business credits. This point should deserve special attention as it is the keynote to the security of the nation's economic life, and with such a reserve, there will be no pretext left to foreigners for mak ing any unfavourable criticism.
Opinions Opposed,
of
It is pointed out in the open let- ter that the opinions on the sub- jeets of the conservative and radic als are diametrically opposed each to the other, yet both are advanced with the object of promoting the beat interests of the nation. The government authorities, it is stated, conscious of the great significance of the problem and its close rela tion to the financial stability of the entiro nation, rightly decide that this is a question on
which they raust consult the opinions of the various sections of the munity, the result being the ap pointment of the Commission for the Investigation of the Advisabil ity of Abolishing the Tael.
coin.
The Association's letter stresses that the three proposals are not u spired by any selfish motive. In Fact, it asserted, in putting for ward these proposals the associn. tion is cherishing the interests ol the different trades of the nation and their financial future.
Charge to be Waived,
RATES
(BRITISH WIRELESS SERVICE]
Paris
New York Montreal Brussels
Rugby, August 14.
B6Z 3.48) 1.00
25 3/32
Genera
17,831
Amsterdam Milan ........ Borlin
8.041
14.021
19.374
Stockholm Vienna Copenhagen
Oslo Vienna Prague...
Madrid Lisbon
Athens
Bucharest Belgrade
Rio............
Buenos Aires
Montevideo
Bombay
Hong Kong.
Trade accounts during the past week continued dull, new business from the piece goods market has fallen away during the last few days as dealers seem to await some
NEW YORK STOCK EXCHANGE.
A.O.F.C. QUOTATIONS.
New York, August 13. Dow Jones Average:
Aug. Aug. 13 16 Change
to be slow,
A
August 3, 1932 20.18
High for 1031-32 Sept. 19, 1031 28.08 Low for 1831-32 July 12, 1832 10.09 August 8, 1932 20.30
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS.
The market was without any im. portant features yesterday, but under the influenes of concentrated
|
no
military leaders will doubt
ed to the Court. greatly influence the opinion of others who may be otherwise inclin- ed.
SHANGHAI DEFENCE WAR ORPHANS
FROM CHINESE
NEWSPAPERS.
TO RECEIVE FREE EDUCATION
A message from Nanking states Nanking, Aug. 11-All orphans of that Marshal Chiang Shek will Ay the officers and soldiers who fell in to Peiping shortly to attend an the defence of Shanghai last emergency meeting with the North- February are to receive free educa ern teaders.
tion, according to a ruling of the Ministry of Education. Provincial The resignation of Marshal Chang and local educational organs have Hauch Liang has been officially ac- beon advised of this decision and cepted by the Nanking Govern- instructed to act accordingly. ment.
30 Industrials, 63, 10 06.61 3.32 up inquiries, Ewos, dights and Docks. 20 Rails
........ 25.54 28.30 2.76 up
were marked up substantially, 20 Utilities... 27.05 28.54 1.69 up
Sales, Messra. E. A. Piorco & Co. Report,
To-day's market indicates that the 29) Nom.ling of least resistance is still up
ward and that constructive forces still control the market. -Busincas done: 1,000,000 shares..
LABT TO-DAY'R
PRICE PRICE
18.70
19.071 201 No. 1174
HOW TO AVOID INDIGESTION.
General Foods General Motors
In most digestivo troubles, exccas acid ferments food and causes gases International
Hong Kong Bauk, 81560
Bayers.
China Fire Insurances, 8020. H. K. Steamboats, 8291. Union Waterboats, $20,
Youmati Ferries (Old), 834).
Helsingfors
232)
Raubs, 8304.
43 3/16
Air Reduction
$60
$52
H. K. & K. Wharves, 8140).
110
Allied Chemical and
H, K. & W. Docks, 821.
540
Dye
75
Providonts (Old), 84.05.
585
213
American Can
50%
521
H. K. Hotols (Old), $10.00.
American Telegraph
Hong Kong Lands, 970.
Nom.
and Telephone....... 105
1094
Ewo Cottons, Tls 14.
30 Nom.
1/87/04
Shanghai
1/9 7/32
American Tobacco "B" 731 Auburn.
78
Peak Trama (Now), 871.
63
1/4
Bordon Company
......! 271
071 281*
Yokohama (sellers) Silver (spot)
1/43
Canadian Pacific
12 141
18!
Silver (forward)....... 18
Consolidated Gas of
Now York
Yaumati Ferries (New), #23). China Lights (Old), 818,30. China Lights (Now), 9171
Drugs, Inc.
521
40
54)
401*
Du Pont de Nemours. 327
Eastman Kodak
10.
511
General Electric
101
子
201 272
Watsons (Old), 812.80.
19
14
Lane, Crawfords. 85.40.
Harvester, 27}
20)
H..K. Amusements, $19.
H. K. Govt. Loans, 3% Premiu
95
11)
Sellers,
Liggett and Mycra
53
54*
Union Insurances. 470.
20 27}
201
15)
H. K. Hotels (Old), 811.10.
by the Minister, of Finance in identic orders to the various Pro- vincial Governments yesterday. With the impending aboli Union Pacific tion of the "tsel, the Ministry is United Aircraft"and" striving to eliminate all non-stand.
Scava Roebuck Standard Oil Co. of
New Jersey
321 Socory-Vacuum Corp 107 Union Carbide and
71. --8 192 A 221
AMERICAN-ORIENTAL
34 111
FINANCE CORPORATION
Carbon ......
22 23 891* 60%
Agents in Hong Kong,
ard coins so as to bring about uni
Trane
131
∙101.
40
of coins, whether silver or copper,
34
by local governments is prohibited Continued at foot of next column)
by the Central Mint at Shangbai
to distend the stomach. That is why intense pain so often follows International Tol, and immediately after eating, Diges- Tel. tive disturbances of this kind can
It is pointed out by the organiza- tion that in view of these circum stances it is regrettable to note that a section of the public should gain the impression that the native banking trade opposes the change simply because it makes a profit on the rate of tael exchange.
The association backs up its as sortions by stating that effective distress. Every chemist Bolla Pennsylvania Railway 12 from August 6, 1932, all-members-Itisurated Magnesia, and if you Radio Corporation..... of the asociation have agreed to will take it as directed you will waive the charge in connection with quickly gain freedom from diges future tail and dollar conversions. tive pain and discomfort,
be absolutely prevented by taking "B" a little Bisurated Magnesia in water after eating. This neutra-Leow's Ine. lises the excess acid and onables the Pacific Gas and Elec- digestive organs to function in a tric...................... 271 normal manner without pain or
CHINA'S MONETARY
SYSTEM
PROVINCES NOT TO MINT COIN
Nanking, Aug. 11.-The minting
fication of the monetary system in United States Steel the country. It is understood that Westinghouse E. & M. 31 hereafter coins will be minted only
Ex. Div.
t-basis.
*
*
The Nanking Government has! The Canton Government has re- wired several times to Mr. Wang mitted 850,000 to the Nambang dis- Ching Wei urging him to withdraw trict authorities for the reconstruc his resignation. Another telegram tion of the city wall which was re- has been despatched to him by the cently destroyed by the "Frids."
"Volunteers " urging Manchurian
It is reported that a large con- is immediate resumption of office.
signtaent of Russia piecegoods has
It is reported that Dr. Welling
ton Kon will leave, vid Siberia, for France in accompany with the League Commission to Manchuria.
An outbreak of cholera has been reported in Bi An. So far, a total of over 22,000 deaths have been re- corded.
Continued at nezi column.)
arrived in the Colony.
•
A report has been made to the Canton police by the Hoi Ping dis- triet authorities that an armed robbery took place in a bouso, oc- cupied by a wealthy Chinese family. Two women and two children, in the house at the time were stabbed to death by the intruders.
RADIO EXPERTS-WORK GUARANTEED
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Malabon Sugars, 893. J
Canton Ices, 851.
Cements (Combined), $13.50.
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Benguet Explorations, 25 ets Providenta (Old), $5.10.
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