L
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FOURTEEN IMPORTANT PROPOSALS"
'AT PARIS CONFERENCE
VIEWS OF INTERNAL CHAMBER OF
COMMERCE
PARIS, May
(a) By creditor countries par- Fourteen points upon which bet-wing an economic policy which ter times can be built have been permits the receipt of debt drafted by world business men, ments in goods and service.
pay-
through the International Chamber (b) By debtor countries making of Commerce, to be submitted to every effort to avoid default; the World Econoinic and Monetary Conference as the considered views (c) By creditors and debtors of the representatives of industry, meeting in a spirit of goodwill to funner, commerce and transport.in | gettis each case on its merits where 47 countries.
readjustment is desirable or un- avoidable;
Principal of these 14 points is the lowering of the tariff barriers (d) By the establishment for of creditor countries, principally this perpose of responsible national the United States, to allow debtors ar international representative to pay their debts in national pro- bodies of bondholders and other ducts. Another main point. is a types of creditors; respect of international debts, with Do more defaults.
(e) By utilizing existing agon cies capable of accelerating the conclusion of agreements between debtors and creditors and by sett-
The 14 points will first be sub nitted to the General Congress of the International Chamber of Coming up special machinery for this merce, to be held in Vienna from purpose if such agencies should May 20 to June 3,
prove to be inadequate:
to
NOTES FROM N.E. YUNNAN
Chao T'ong's Electric Plant
STILL ON THE WAY
(From Our Own Corresponden: )
OHAO TONO Fự,
been Your correspondent' has travelling throngh part of the Pro- vince since the last notes were writ ten, journeying to and from Yun- nan Fu. His impressions were many and varied, and his experiences both old and new.
The electric light plant has not yet reached our city in its entirety, and in travelling it is still possible to micet men carrying portions of the ninchinery, or even to see parts dumped en route! Most of it is already at Chao Tong, but the question of assembling it is likely to be a very acute one. However, one cannot but admire the faith of the instigators of the scheme, and trust that their hopes will be com- pletely realised.
Good Opium and Rice Crops. The nearer to Yunnan the better' did the crops appear, and especially (f) By the creation of facilities on the Iang-Kai Plain (the Sheep for the regular cllection of ac-Market Plain) were the folk busy curate and comprehensive statistics seratuhing the poppy-heads from and which the opium would exude, the concerning capital moments
crop being much better than had been expected in view of the very The "8. That parallel with a con- dry weather that had been.. structive approach to the solution return journey showed the trans- of the above problem.. Govern-planting of the young rice, usually mente should bind themselves to done by the women and the young sweep away all the present net-girls accompanied by the singing of work of restrictions on foreign ex- their not altogether too wholesome change transactions and clearing ditties. The weather has at last agreements.
broken, and welcome rains have "9 That no effort should be fallen, allaying for the time being: spared in obtaining the diminution the feats of the people for their or abolition of existing trade bar early crops. riem and present restrictions to the movement of men, goods, capi- tal and services.
Special significance attaches this big international gathering of businessmen in view of the fact that all the major issues with which the World Conference will be call-debt obligations between nations. ed upon to deal, will be first dis- cussed. at the Vienna Congressio an atmosphere free from other than purely economic considerations,
The fundamental importance of political stability for any trade re- vival is underlined in the memor andum's introduction, which states that fully aware of its responsi bilities and solicitous of the public interest, the Council of the Inter national Chamber of Commerce as unanimous ia asserting that the confidence indispensable for any trade revival can only be restored if in the political sphere Govern- ments make the accessary effort to solve the problems of the moment in a spirit of mutual good-will."
Its main conclusions are aum- marized in the document itself in the following fourteen points:
Political Peace.
"1. That Governments repre- sented at the World Monetary and Economic Conference should direct all their efforts to produce these conditions of political peace and confidence which must provide the essential basis of all plans of econo hue restoration.
2. That Governments concern- ed in the settlement of the pro blem of inter-Governmental poli- tical debts must proceed without delay to remove this ground of controversy.
"3. That the restoration of a satisfactory international monetary standard is of primary importance. Such a standard should provide for:
(a) The stability of foreign ex- change rates; ..
(b) A reasonable measure of sta bility in prices, in so far as prices are affected by monetary factors.
The World Conference should-in- augurate the movement for a gen- eral restoration of a free, gold standard by establishing conditions which would enable such a stand- ard to work satisfactorily.
Apart from the general condi tions necessary for a satisfactory operation of any standard-such as the removal of trade barriers and the reduction of tariffa (conditions which are vital for economic re- covery)the proper working of a free gold standard depends on the fulfilment of numerous teclinical conditions to which reference is made in this report.
Exchange.
"
Tong Chih-TUMANG FU RỒM: Perhaps the most noteworthy event of the journey was the pro "That in the meantime, Govern-gress made in the construction of ments should agree not to make the motor-road, especially between them a permanent element in their Tong Ch'uan Fu and Yunnan Fu. seven days, national policy, thus avoiding the. Usually this takes introduction of new measures of re- though it can be done in six, but striction.
with the building of the motor-road the last two days can be accomplish- ed in three hours. Within a year or so the road, is expected to be right through to Tong Ch'uan from 10. That governments should the Capital city, when the seven agree on the urgent necessity of re-days' journey will then be done in ducing tariffs from their present anal, excessive levels and d the methods The motor itself leaves much to by which this reduction can be be desired, it being but an open carried out. An end must be put lorry that just jolts along over the to further tariff increases,
and rougher parts of the road.
Tarif Reducticns.
بعد رم
that
Three Days' Trak.
But the
Your without prejudice to the advant-correspondent's return journey was ages of bilateral agreements, many by way of the small city of Isuin- consider that, where nations can Tinn, about 210 i (70 English see their way to reducing their miles) from Yunnan Fr. The first tariffs amongst themselves, they 180 of these was done in three hours should be encouraged within the by motor, the remaining 50 by limits of the safeguards specified sedan-chair in 5 hours! by the League of Nations and whole journey was done in ons day, quoted in this respect. This ques- whereas it used to take three or tion raises the problem of possible four. exceptions to the most favored na- tion clause. Some think
By way of further contrast we had these group agreements should be a strange but rather unfortunate facilitated by an international con experience when ready to leave the vention concerning the exceptions city of Hsuin-Tien. The four chair- to the clause. Others, however, rebearers had run away, in spite of main faithful to the conclusion of their written agreement to see us bilateral agreements and to the unthrough to Chao Tong Ful In that small city. nó other carriers conditional clause.
could be hired, nor could a horse be obtained, and so we had just ta set out to walk. hoping to meet with good fortune. But we had to walk for three whole daya before meeting such. Those three days entailed mountain travelling over about 250 li, during which an altitude of 10,000 feet was reached, and at the end we had sore and broken feet!
"Whatever method is followed, the ground must be prepared for tariff stability at a much level all around.
* ||
יון
小
Liberation of Trade.
lower
11. That when under present conditions the further expansion of production in primary commodi- ties becomes a barrier to the re covery of prices and the fevival of trade, it should be checked.
Yunnania's Progress.
A word about Yunnan Fu. It is nearly four years since we had pre viously been there, and in that time 12. That where in acute over it has altered almost beyond recog- production and consequent price nition. Great schemes of street. disequilibrium can be mitigated by widening are still taking place, and agreements between producers, the shop frontages on all the main Governments should encourage the streets are being re-built to a uni conclusion of these agreements. fied design, and faced with
13. That barriers to maritime greenish-grey stone effect, "4 That the present instability and air traffic should be abolished take many months yet, and perhaps years, before all these schemes are of many exchanges rates should be or reduced. dealt with by the Governments con-
completed, but they are being work- 14. That whilet the enuncia ed at assiduously, and before very cerned at the earliest possible motion of the general principics un long Yunnan. Fu will be a Chinese ment, The de facto stabilization derlying the liberation of interna Capital city of which any Province of currencies is an essential pre- tional trade and the restoration of may well be proud. liminary condition not only to the sound finance may prove useful, ai As a shopping centre, too, Tun abolition of restrictions on foreign
It will
ROYAL SILK STORE, it is necessary to put an end wherever posible, the precise texts Yunnanese and Annamèse, and at
70, Queen's Road, Central. Terms: EitherCash of Credit,
MOTOR
LOWEST QUOTATIONS
A. A. U.
to the competitive depreciation of
exchange transactions but also to guide to national policies, the nan Yu (K'uen: Ming Bbi) is not tó the removal of restrictions to trade real task before the World Con be despised, for foreign shops and the reduction of tariffs. Abgre ference should be to formulate, abound, together with Cantonese, of international agreement capable these practically anything that is of early effective ratification and reasonably desired can be purchased covering a wide programme 01 Department stores, and book stores economic restoration.
there are, too, and the old custom of talking price" is very quickly dying out.
currencies.
Budgets Must be Balanced.
5 That all governments should That the World Conferencs, agree to establish order in their having reached agreements in these national finances, balancing their directions, should insure the con budgets, above all by reducing ex- tinuous application and develop. penditure and rigidly avoiding inment of its programme other measures of reconstruction will be hindered or counteracted.
CAR INSURANCE Ration. Otherwiss many of the
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"
Three Uurrencies.
Much could be. said about ex- change and currency, but space will hardly permit: Though there are three main currencies in the Pro-
" That each Government should the main currency in a nickel one, vince, the areas in which each of help to promote a rise in the prios one dollar being equal to about two these can be used are very circum of primary commodities by creat paper, or forty cents silver. Bescribed. At Yunnan Fu the cur ing conditions favorable to the resides these three main currencies rency is a paper one, #1 Hong Kong vival of international trade through one still comes across the old being at present equivalent to about strings of crab, and a more perman, 810, Yunnan paper currency. Else the removal of restrictions ent-copper-curteney All very com- where His a silver currency, one
47. That the problem of inter- fusing
purchaser, though silver dollar being equal to five
mitigated:
changer
(Continued on previous column),
national indebtedness should be doubtless of pa to the money. paper dollars, while at Chao Tong
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"OF "POTTERY'S SKANCHAI'
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益中福記機器姿電有限公司
CHINESE NATIONAL ELECTRIC & POTTERY 00.
TELEPHONE
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187087
Dear Sire,
CHINESE NATIONAL, ENG. & MFG. CO., LTD.
NÁTIONAL POTTERY, 00.
Bone Xons Ounce
ABIA LIFE BUILDING, 2ND FL
Pro 27402,
We bave much pleasure to inform you that as from the 15th May, 1988, The Chinese National Eng, & Mfg. Co, Ltd. and The National Pottery Co. will carry on business under the new corporate name:"
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0. E. LEE
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