"A
SAFE BUT DULL
BUDGET":
SEVERE COMMENT BY PRO-GOVERNMENT PRESS
TAX ON HEAVY OIL TO
PROTECT COAL
Cheaper Beer If Brewers
HONG KONG DAILY PRESS. THURSDAY, APRIL 27, 1933
STABILISATION OF CURRENCY
BIMETALLISM CONSIDERED. AT WASHINGTON
REUTER'S AMERICAN SERVICE.]
WASHINGTON,. April 23. THE Anglo-American conversa
tions will bo. conduded here to-night.. Progress has exceeded the "expectations of both sides..
It is leaint that a general basia of understanding has been reached, and includes an actual basis for monetary stabilization
American Use More.
Home-Grown Barley
(THROUGH REUTER'S AGENCY.]
London, April 26. The Safe but dull" Budget arouses very little enthusiasm. Even the pro-Government Times charges the Chancellor with a lack of Imögination,
The essential soundess of the financial situation and the anilnons shrinkage of source of taxation are widely held to justify bolder experiments to assist trade recovery. Nevertheless, the " noteworthy changes in taxation are more political than fluancial.
The tax on heavy oil will protect coal.
The new Impost a heavy motors is designed to help the groan. ing railways. while the cheaper beer terms will provide the brewers with the use of a greater proportion of homie-grown barley.
The estimated shrinkage of £52,000,000 in Axed debt charge is taken to imply the continuance of very cheap money, though the bulk of the charge is already saved through conversion operations,
MAIN
ALTERATIONS
[BRITISH WIRELESS BERVICE.]
RUGBY, April 25 The main alterations to taxation proposed by Mr. Neville Chamber. lain when presenting the Budget
this afternoon were;
A reduction of 21 per barrel,
Misleading Increase. We have had, he said, a very considerable and misleading in crease in the amount of the nominal deadweight debt. At
the same
It is understood that the Anglo
and Franco-Americau talks dealt with some form of bime- tallism and the substitution of Lilver as currency backing commen sarately with the reduction of gold
cover.
AMERICAN SILVER
PROPOSALS
A Local Opinion
A local authority, on questions gives the opinion on the recent proposals:-
:
PROSECUTION OF JEWS
CHILDREN DEPRIVED OF STATE EDUCATION
· THROUGH REUTER'S AGENCY.]
BERLIN, April 25.
CHILDREN of Jewish immigrants
from the Enst since the begin- ning of the Great War are to be totally excluded from State schools. and Universities under a law adopted by the Cabinet.
The law also further restricts the numbers of Jewish children born in Germany which may be admitted to State schools.
GERMANS AND THE JEWS-
"
LORD READING'S PROTEST.
(Special Air-Mail Service)
London, April 11.-Lord Reading has resigned his connexion with the Anglo-German Association, of which he 1a8 president. His decision was conveyed to the secretary of exchange the association, Mr. Bernard Mor- following gan, in the following letter: American "I shall be obliged if you will inform the members of the Anglo- Gorman Association that, in view of the policy of persecution now being pursued by the German Gov- erament against the Jews in Ger- many, I cannot as a member of the Jewish community continue to hold office as president or to remain “a member of the society. Please con vey to the members my gratitude for their loyal support' during my tenure of office since the inception of the association in 1929.
America suggests a multilateral treaty on currency and exchange. The world cannot agree on small things. Will it do so on such a ques tion? And why should it? Having been laid under tribute for years, why should it having been bled dry and with little more to lose, onter into any agreement suggested by an axious creditor? America talks of stabilising currency, etc. Her
first move has been to engineer an artificial rise in silver, which dis locates currencies, or exchanges (Far Eastern nee) instend of stabilising.
Silver is to be used to pay for War Debte. But the Debtor has to buy his silver, so that while auch a move would benefit United States demand for silver, it hardly assists the Debtor, whose difficulty is to tell his goula, out of the proceeds of which he pays his debts
that he would call a meeting of Mr. Morgan stated on Saturday
the members as soon. as possible after Easter and tell them of Lord Reading's decision. He mentioned that Lord Reading presided at a dinner given by the association to Dr. Bruning, then the German Chancellor, when he visited this
equivalent to 1d. per pint of beer, the annual charge for the service, silver producers by increasing the country.
the quality of which would be im proved;
Reversion to the system of half yearly equal payments of income tax in place of the present system whereby three-quarters has to be found in the first half year;
Reduction in the tax con panies raising new capital from £1 to 10 per cent.
Ga
Reduction From 4 to 3.3 per cent, in the tax on arrears of death duties and excess profits.
An increase of 1d. per gallon on heavy hydrocarbon oils, to conte into operation from to-night, the yield being equivalent to £2,000,000 in full on the large stocks of these oils already in the country.
An increase to 4/9 per gross in the duty on imported matches with a yield in a full year of £100,000.
Increased duty from d. to 1-on mechanical lighters and to 1/6 when these are imported:
Six shillings surtax on British sparkling wines.
The Chancellor also promised a considerable increase in the taxa tion of heavy motor vehicles to take effect as from January 1. next, The yield from this, £1,730,000 in a full year, would go to the Road Fund.
He also stated that the ma ohinery of the Import Duties Ad. visory Board would be applied to; artificial silks.
Surplus of £1, 291,000.
The Chancellor of the Exchequer said the estimated revenue for the
time we have laid the foundation for a very substantial decrease in of the debt. This was a permanent gain due to the war lean conver- sin and to other operations.
In reference to the exchange Chain- equalisation account, Mr. berlain said that the fears that n loss would be incurred had not been justified. The account had stood the test of experience during the past your in respect of some rather severe financial storias and the ex- change rate had remained compara- tively steady.
They could not risk a recurrence of the same kind of dificulties which had driven Britain off gota and accordingly he decided some time ago that it would be necessary to make an addition to the resour ces of the exchange equalisation fund.
Resolution to be Moved, At a later stage he proposed to ask the House to pass a resolution for that purpose.
"The House will realise that there is no connection between America's action and the increase in the exchange equalisation fund: which was decided upon long be- fore we had any conception that the American Government might go off the gold standard.
"We have recognised from tho first that the President's action was in no sense directed to any relations or conversations with foreign countries but was prompt ed by purely internal considera- tiona.
"We are happy to think our de. sire for international co-operation is shared by the United States and year was £608,770,000 and the ex-selves that the situation as it has while we cannot disguise from our- penditure £807,438,000, thus leaving a surplue of £1,291,000. Expendi-developed in recent days has in- ture last year was £777,000,000 and yolved some anxieties and requires
revenue was £745,000,000. The desideration, we shall await with the the closest and most careful con- ficit of £32,000,000 would be met by friendiest interest the further mes borrowing.
sures which the President has no But for the war debt payment doubt in mind and which we en- of £20,000,000 to the United States tirely hope will promote the catab for which no provision had been lishment of renewed confidence. made in the budget, the deficit would have been £3,300,000. The re- sult, achieved in the teeth of so many difficulties, should give more solid satisfaction than the contem- plation of surpluses earned in more prosperous times.
He compared the present prices of Government securities with those of a year ago and maintained that the immense financial benefits would not have been secured if the Gov. ornment had not insisted of a bal-1 enced budget.
Sinking Fund Dropped, The Chancellor said he was not proposing this year to make any provision for the redemption of debt. In these times of unemploy ment and stress and trade depres sion, they could, in his opinion, use the money more wisely and profitably, provided generous pro vision we made for debt redemp- tion when good times came again,
The Chancellor mentioned that the dusty On beer decreased 50,000,000 last year-declines in re- venue find followed increases in duty. He estimated the cost of this penny a pint reduction retail at £14 million,
All these American suggestions are for the artificial control of coin- modities, silver included. Arti- ficial control" has been proved hopeless, time and again, in the last ten years, the last state being invariably worse than the first e.g in Rubber. Coffee, Copper, Wool, etc.
Artificially engineered movements of commodity prices merely play into the hands of speculators, leav ing the bulk of the world worse of than before..
Silver is a medium of exchange. Therefore to say that "by raising the price of silver one raises the purchasing power of the Far East" is fallacious, and obviously so, the Far East not being a primary pro- ducer of silver.
"
CONFERENCE TO OPEN JUNE 12
(THROUGH REUTER'S AGENCY.1
Washington, April 26, Mr. MacDonald and President Roosevelt have agreed on June 12 as the date for the opening of the World Economic Conference.
EXPERIMENT IN AMERICA
TREASURY NOTE ISSUE OVER-SUBSCRIBED
(THROUGH REUTER'S AGENCY)
WASHINGTON, Apr. 26. MR. WOODIN announces that the 8500,000,000 treasury note issue has been over-subscribed.
TRADE AGREEMENT WITH ARGENTINE
STATEMENT TO BE MADE
MR
IN COMMONS
TWO THOUSAND GUINEAS
NINE TO ONE CHANCE WINS RACE
(THROUGH RECTER'S AGENCY).
LONDON, April 30. THE result of the Two Thousand
Guinean was as follows:---
Rodosto
King Salmon Gino
RUBBER GROWERS' ASSOCIATION
•
POLICY NOT TO BE. CHANGED AT PRESENT
(THROUGH REUTER'B'AGENCY.)
THE JAPANESE RETREAT
TOKYO REFUSES TO
EXPLAIN
THROUGH RECTER'S AGENCY.}
TOKYO, April 26.
LONDON, Apr. 2. PENDING operation to provideFFICIALS when approached for for the interim period, till tho an explanation of the Japanese disquilibrium is carrected by our withdrawal from the Ian Ho ret scientists and research workers, our gun referred the enquirers to the policy remains the sune as last War Office statement of April 22. year, stated Mr. N. C. Bossuet when presiding at the annual meet-· winnering of the Rubber Growers' Asso-
beciation in London.
Twenty-six ran, the. winning by a length, length tween second and third,
Betting 9/1 Rodosto
25/1 King Salmon. 100/3 Gino,
STARTERS
Harinero Pat Beasley), Light Sussex (Taylor), Young Lover (Perryman), Madagascar (Carstake), : King, Salmon (Harry Wragg), Breaffy (Cliff Richards), Lochiel (Dick), Melfort (Lane), Scarlet Tiger (A, Wragg),' Solar Boy (Fred Fox), Interlace (Smith), -Rodosta (Brethea),
Felicitation (Beary),. Gino (Elliott), Mannering (Canty), Franz Hals (T. Buras), Panama (Nevott), Raymond (Nicholl), Statesman (Childa), Manitoba (Gordon Richards), Brunswick (Jones), Mainwood (Dickens), Titian (Store Donoghne), Colorów (Weston), The Keen (Pat Donoghue), Tuppence (Marshall).
Call-Over.
80/20 Manitoba (t and x),
8/1Statesman (t and'o).
Colorow (tando) Scarlet Tiger (0).
10/1.
100/8
Harinero (0),
.
Young Lover (o); 20 (t) Rodosta. (o).
100/8
Lochiel (0):
100/9
SILVER MARKET
100/8
100/6
100/0
Rodosta (o).
(From Our Own Correspondent.)
20/1
29/1. 25/1
I ONDON, Apr. 28. FOLLOWING ARE THE SILVER QUOTATIONS ON THE LONDON MARKET TODAY: »Č
Apr. 26 Apr. 95 SPCA
191 FORWARD...... 13.0/16
20.7/16 201
CONVERSATIONS IN ROME
GERMAN LEADERS GRATIFIED OVER RESULTS
Felicitation (t and o). Titinn (o). Light Sussex (0).
COMMUNIST LEADER SENTENCED
SPREADING SEDITIOUS
"Should suggestions be made by the Holland Dutch-Indies, which include the control of Native rub- ber they will receive, our camful consideration."
BRITAIN'S NEW GOLF STAR
YOUNG PLAYER ROUTS
RYDER CUP CAPTAIN
(Special Air-Mail Service)
London, April 11.-A new Bri tish golf star has arisen in the 24- years-old Alan Dailey champion of Yorkshire and professional to the Bradley Hall Club, Halifax.
Mr. George Grenwood writing in the London Daily Telegraph says:-I do not remember anything quite so overwhelming as his vic tory in the Roehampton Cup tour nament on Saturday, for he won his semi-final match by and 6, and then in the final crushed C. A Whitcombe," our Ryder Cup captain last year, by 8 and 6.
But this was by no means all. All through the tournament. Dailey gave an amazing display for a young golfer virtually on the thres- hold of his career. He headed the qualifying competition with rounds of 71 and 70, and in the match play stages only the veteran, E. Ray, won a hole from him. Actu- ally he played 44 holes without
geing one of them.
I see no reason whatever why Dailey should not eventually take his place among the world's fore most players.
A Putting Genius.
It can be said of this youth that he is one of the very few British golfors who know how to putt. He
has the pluck to hit the ball straight at the back of the hole, and is not afraid of over-running it by two or three feet.
Dailey is not telling us anything particularly new when he says that putting is practically all mental; but what is interesting is his de termination to remove any trace of fear when the holing-out pro cess comes to be performed.
CHINESE CONTINUE TO ADVANCE
(THROUGH REUTER'S AGENCY]
PEIPINO, April 20. THE war situation at the Lunnho front is undergoing a dramatio change. The Chinese forces which have recrossed the River, are cou- tinuing their advance along the Peiping-Mukden Railway following the Japanese withdrawal from the Luan region.
Latest reports indicate that the Chinese vanguards are now in the outskirts of Changli. The Japan- ese troops are rapidly withdrawing to the Great Wall,
The Railway track between Shih- men and Anshan as well as the telephone and telegraph lines have been restored and the train service is expected to be resumed shortly.
Chinese reports state that it in believed that the Japanese forces will withdraw to the left bank of Shinho, evacuating both Feltaibo and Chinwangtao.
12
SOVIET-MANCHUKUO DISPUTE
[THROUGH REUTEX'S AGENCY]
HARBIN, April 26. AS YOU well know, the Chines
Eastern Railway is the pro- perty of the U.S.S.R. and only jointly administered," says Kous netsoff, Soviet Vice President of the Chinese Eastern Railway in a vigorous letter to Mr. El Shio Ken, Manchukuo Director-General of the Railway who contended that the line was jointly owned by the Soviet and Manchukuo.
Kouzenstsoff complains that the active measures to safeguard the Manchukuo directors did not take intereste of the Chinese Eastern Railway, especially with regard to the safety of the employess and mands that instructions be giver their possession: He finally de-
Suifenho not to interfere with the to the authorities at Manchuli and lagal use of the C.E.R. for transit haulage between the railways of Soviet Russia,
"I am the master of the ball, and secret of stodess in putting is make it do my bidding," is the shown by Dailey's figures in the creed of this confident young man,final. Tuwho, with an aluminium-headed
putter, taps the ball straight at teen putta, a gain of five shots on In the twelve holes he had nine- the hole without the slightest fuss the or, hesitation. That this is the putte per green.
recognised average of two
PROPAGANDA
THROTOH REUTER'S AGENCY.]
NANKING, April FOUND guilty of spreading sedi
tious propaganda,
Chen Haiu leader of the Trotsky Group of the Chinese Communist Party Rome, April 19.The conversa- was sentenced to thirteen years' tions between Italy and Germany imprisonment with deprivation of were concluded this afternoon when civil rights for fifteen years,
Prussian Captain H. Goering,
It is understood Chen intends to Prime Minister, left, for Germany appeal. “ by air. Herr von Papen, German Vice-Chancellor, departed yester. day.
Italian official circles stoutly maintain that the visit of the Ger- man Ministers was purely a cour- tesy one, but that a great deal of spade work had undoubtedly been done in connection with outstand-
international questions. ing
It is understood that Captain Goering prior to his departure, ex- preased himself as well satisfied with his visit and Signer Musso- lini's understanding of Germany's view point on treaty revisión, and it is stated that be line assured the Italian Premier of Germany's full acceptance of the Mussolini pact proposal-Reuter.
WAR DEBTS DISCUSSED
ROOSEVELT & MACDONALD SATISFIED
(THROUGH REUTER'S AGENCY.]
Washington, April 20. THE fact Mr. Ramsay MacDonald,
British Premier, and President Franklin D. Roosevelt discussed the war debts yesterday, and reach- Berlin denies reporte to the effected a Basis of clear understand- that an alleged scheme providing ing on the situation affecting the
for the creation of a German cor-
ridor within the Polish Corridor two nations" was disclosed in a formed one of the chief topics of communique issued to-day. man statesman and Signor Mus-plan or settlement was under way, the conversations between the Ger- The communique added that no
but the most friendly, progress had. been made, and the conversations would be continued in London and Washington.
solini.
PERSIA AND THE SOVIET
TRADE RELATIONS. BEING REVIEWED
(THROUGH -- REUTER'S AGEMUT,]
BEITISH WIRELESS SERVICE.J
Rugby, April 28. WALTER RUNCIMAN. President of the Board of Trade, hopes to be in position to make a statement in the House of
• Teheran, April 18. The economie. with the Argentine. Commons for a trade agreement conference established by the Per sian Government is daily review. ing trade relations between Per- zia and Soviet Russia..
4.1
At to-day a session, the Minister
Purchasing Power, Despite the shrinkage of interna tional trade and the continued high level of unemployment, the pur-
Non-recurring loss. chasing and saving power of the people in Britain had been main- tem of income tax would benefit Teversion to the half-yearly ys tained to a very remarkable degree 2,750,000 taxpayers. Its cost would and the Post Office deposits rose be mainly borne by the deprecis by over $10,000,000 and Trustestion fund amounting to the Five Sayings Bank business by £1,750,000. Per Cent. War Loan, which un
Referring to the abnormally low der the prospectus of the of per AUSTRALIAN CENSUS tute of discount at which treasury cont conversion loan was no longer bills could be sold, he thought it required. This non-recurring item
THROUGH EBUZEE'S AGENCY,] advisable to take advantage of the would thus be used to meet a present chespness of money and non-recurring loss of revenue, Canberra, April 19-It-in est convert a proportion, of those billa The Chancellor concluding his mated that 200 men will be em into long term security in the shape speech, referred to the Washington ployed" for two or three years of the new 2 per cent. ebaversion conversations and declared that tabulating figures from the census Joan now being offered. This con, the most hopeful prospect of any, which will be taken shortly. It is "solidation of the position would considerable advance to prosperity believed that the censue will show The conference then proceeded to
repay any extan interest charge lay in collaboration with other Austmalia's population to be that might be involved..
nations.
| 6,000,000
NO CO-OPERATION WITH SOVIET
SCHISM IN AUSTRALIAN
LABOUR RANKS-
(THROUGH BEUTER'S AGENCY]
Sydney, April 19. Arriving here unexpectedly from Melbourne toi of Posts and Telegraphs, who pre day, the former Federal Premier; Faded; neserted that the Porman) Mr. J. H. Bruing, mião àn im-i Government, being discontented portant announcement regarding with the present trade treaty be the report that unity between the tween Persia and the Soviet, sng Federal Labour and New South gested various modifications, where Walse Labour parties was likely. upon the leading merchants met to Mr. Beullin' said that, following consider the result of the proposed the announcement that the Labour cancellation of the treaty,
Party of New South Wales had now adopted & Soviet policy, he discuss a proposal submitted by the was opposed to any unity with the merchants.
state faction.
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