CANADIAN BANKER ON THE CRISIS
THINKS THE WORST IS
`OVER! **
POINTS TO GRAVE PROBLEMS
--Toronto, Canada-In-a-careful and exhaustive review of Canadian financial conditions made at the time of his re-election as president of the Cavading Banken Associs Lion, Mr. J. A. MeLeod, general manager of the Bank of Nova Scotia, declared he believed the worst of the financial crisia had passed and that, both is Canada and the United States, there were definite signs of greater industrial activity, The lowest point of the depression," he said,
MOŠTDA · SCH
tually to have been reached in June. -Conditions now are perceptibly bet
ter than they were.'
Could Not ba Bural But Mr. McLeod hedged about his optimist
warning: with ngainst undue confidence. We could not be sure, be said that the sustained recovery long awaited was actually under way. The fre- tors principally responsible for the depression were still active and, be ing of international origin and scope, did not respond to local re- medial mensures. The pressing problem of war debts remained un settled, and until some solution for it was found there could be un as- saranes of entnyletą recovery. Ad- ded to this "faitor was the need of Home general tariff readjustment, the removal of exchange restric tions, etc. and action on thegn urgent matters could not be past poned merely hirenuse siness was better than in June last
Empire Trade.
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RUSSO-JAPANESE
FRICTION
DEMAND FOR SÚ PING WEN'S SURRENDER REFUSED
Moscow, Dec. 10-A sharp ex- change of notes between Soviet Russia and Japan in which Moscow categoricauy refused to surrender General Su Ping Wen, Chiness in aurgent loader, and his army or to prevent their departure from the Soviet Union was made public, to- day by the foreign office.
L. M. Karakhan, assistant com- missar of foreign affairs, said in the exchange that Russin not only was not able to comply with the Japanese request but could not en tertain the question of extradition inasmuch as the Soviet government had "always maintained strict neutrality regarding Manchurian affairs."
Had Intervened.
Kazakhan reminded the Japaneso charge d'affaire, Eiji Amoh, that the Soviet government intervened with General Su when he was in control of a large section of North- west Manchuria, on behalf of the Japanese citizens he was held pri- somer and obtained the release of more than 200 of them,
The Soviet commissar said that there were tens of thousands of mulinous. White Russians in Man chukuo and Japan who were carry- ing on an armed struggles against the Soviet Union. Moscow he pointed out had never demanded their extradition and the Japanese government never offered to hand hand them over to the custody of the Bolshevist regime.
Report Mistaken.--
General Su former commander of the Chinese Eastern railway guards who revolted late in September against the Manchukuo regime and rallied a force estimat- ed at 30,000 to his banner, fed across the border with some 4,000 of his men in a special-train last Tuesday,
Since then the Japanese have been negotiating for his extradition and late in the week it was reported erroneously that he had been "hand- ed over at Manchuli, border rail- way town, along with 40 of his men and a man believed to be Gon- etal Ma Chan Shan, the Chinese hero of the Nooni, river railway bridge fighting of a year ago
Mr. Melrod looked for the out- came of the Imperial Economic Conference to give an effective stimulus to Empire traile and re- garded it as a forerunner of the World Economic Conference which aust effect a settlement of great outstanding international problems, He pointed out that the railway problem in Canada was a very serious one and must be dealt with decisively. He discussed proposals for establishment in Canada of a central bank, and while taking no definite stand at this time, pointed out its limitations within the speci- alircumstances of this country.
Finally Mr. McLeod dealt with xation on the basis of disconcert ing facts and comparisons. Ho told his fellow bankers that “recent In the face of the report, which research undertaken by the Univer- came from Japanese sources, the ity of Toronto showed that whereas Soviet government announced that in 1928 out of every dollar of Cang-permission had been given to the dian income no loss than 12 cents was collected through federal, pro- vincial and municipal taxation, in 1001 the figure had risen to 19:1- centa: an increase of 45 per cent. Moreover the deadweight burden of debt charges Find changed for the worse, from the standpoint of the taxpayer.
U
Mr. McLeod called these statis- tica startling and depressing" and yot, he mentioned, budgets were not being balanced, new debts were incurred. The remedy was, course, simple is words and dif foult in application-drastic soon mies in government services of all
sorts,
of
insurgent leader to go to Europe across Russia along with his staff, presumably to go to Geneva to pre sent anti-Japanese evidence to the League of Nations.
Crossed Border.
Most of General Su's troops who crossed the border as the Japanese advanced westward froin Tsitsihar along the CER, will remain on this side of the border, it was stat- ed:.
The Japanese foreign office dia- closed that Japan had proposed that Russia, Japan and Manchukuo net in close co-operation for peace along the border, but Moscow's at- NORTH BORNEO CHAMBERtitude remained undisclosed until
OF COMMERCE
to-day.
-The diplomatic development seem- ed significant in view of the cur- IMPORTING OF LABOUR TO BE rent efforts to "negotiate a
*DISCUSSED
At a recent meeting of the Com-
tion-
aggression part between Mosenw and Tokyo and the counter-negotia tions between Moscow and Nanking
nittee of the North Borneo Cham-for closer relation between China-
her of Commerce held, at Sandakan and Russia.
on Correspondence was read be tween-bo-Government Secretary
The erroneous report that General
General Ka Allys.
and the Chamber in regard to the Su had been handed over to the Governor's decision, to appoint a | Japanese was scouted from the first Committee to investigate and re- by Chinese officialdom. which term poon native labour and the need of a system of importing labour.
́ed it “unimaginable. To comply with His Excelleneys. request that two representatives of the Chamber should be nominated. one on the East Coast and 'one on the West Const, Mr. A. E. Phillipps was appointed on the East Coast, and the Chamber's Council Re presentative the Honourable. Mr. R. K. Hardwick on the West Coast,
TRALIAN MEAT
EXPORTS
REPORT OF U.B. ORGANISA
TION
Sydney, Dec. 0.-
•port that
shipment
and the
Londo
). The __Chinese legation to-day issued a statement declaring that General Ms Chen Shan, guorille leader, is still directi ing 20,000 volunteers in Manchuria. General Mn Chan Shen has .pl- ternately been reported dead, and alive several dimes during the past year. The latest: reports (concerns- ing him begin with Japanese ac2,
rivén
-into-Siberia.
General Su
then denied
HONG KONG DAILY PRESS MONDAY, DECEMBER 19, 1932.
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