FURTHER DEVELOPMENTS IN J.P. MORGAN CO. CASE
TWENTY-FOUR PER CENT
ON PROFITS
DETAILS OF MORGAN PARTNER- SHIP AGREEMENT DISCLOSED
(THROUGH REUTER'S AGENOY]
the
WASHINGTON, June 4, Hoover, Sexton said, had no IT IS learned that a portion of knowledge of or interest in
Messza. 3. D. Morgan and transactions in United Corporation Company's partnership agreement stock, discussed to-day in the deleted when the agreement, Washington hearings into the was made public.
affairs of J. P. Morgan and Com- pany, in connection with which Hoover's name was mentioned.
was
It showed that in addition to having a small interest in the pro- fits, some of the junior partners re ceived "straight Balaries or G.8100,000 a year.
According to the Senate Inquiry Committee members proft wera divided according to seniority, in- vestments, and the partner's im portance, running from about 24 per cont. to the senior partner, Mr. 3. P. Morgan, to one por cant. 'to the newer partners.
HOOVER'S NAME MENTIONED
BUT RUMOUR IS HOTLY
DENIED
.
AFFAIRS OF EX-TREASURY. SECRETARIES
-
MORE REVELATIONS.
WASHINGTON, May 29. A request was made in the Senate to-day to broaden still further the powers of the committee which is 'investigating the activities of Messrs. J. P. Morgan & Co., and direct it to reveal the public and private income tax records of Mr. Andrew Mellon and Mr. Ogden Mill, former Secretaries of Trea-
sury, since 1917..
►
The resolution to conduct this investigation was introduced by Senator Kenneth McKellar, of Tennessee, and backed by Serator Burton L. Wheeler, of Montana.
HONG KONG DAILY PRESS, TUESDAY, JUNE 6, 1933.
NEW CATHEDRAL FOR LIVERPOOL
TO COST THREE MILLION STERLING
(THROUGH BETTER'S AGENCY}
LONDON, June 5.
ATLANTIC FLOWN AGAIN
LIEUT. MATTERN LANDS AT OSLO
[THROUGH REUTER'S AORNOY]
OSLO, June 8,
JAPANESE TROOPS LEAVE PEIPING
SITUATION NOW CON-
SIDERED SATISFACTORY
{THROUGH REUTER'S AGENCY]
PRIPING, June 5.
SOVEREIGN RIGHTS
OF CHINA
RESOLUTION THAT THEY BE GIVEN BACK
(THROUGH REUTER'S AGENCY)
MONTREUX, June 6,
HARGRAVE ON MURDER CHARGE
SEQUEL TO FRACAS AT SHANGHAI
(THROUGH REUTER'S AGENCY.]
THE foundation stone of the THE airman Lieut. Matter has SIX hundred Japanese troops A China should be given back a murder charge, declaring he
Metropolitan Roman Catholic" Cathedral at Liverpool, which will coat three million stering, was Isid in the presence of a quarter of million people from all parts.
The Irish Cardinal, MacRory - placed Cardinal Bourne, who is ill, as the Papal Legate.
A thousand priests participated in an ecclesiastical procession be fore the laying of the foundation
stone.
WORLD ECONOMIC CONFERENCE
A Humorous Aside
'TO MEET IN A FOSSIL MUSEUM!
London. Even if the World Economic conference were to yield no other lusting benefit to mankind, it will at least have warmed the hearts of cynies who acclaim as inspired the choice of London's new geological museum as the scene of the conference when it assembles on June 12 They make no effort to conceal their pleasure at the for- tuitous convening of another vast
international conference in a struc ture designed to house prehistoric relics.
Those more inclined to see a pro-
pitious omen in the selection of:
WASHINGTON, May 32. Former President Herbert Hoover's name was drawn into the investigation of the affairs of J. P. Morgan and Company to-day
This development came after For.j dinand Fecora, the committee's counsel, made public a list of 100 persons, who had been given the privilege of purchasing Unitedings because of the wide financial Corporation at below the market and industrial interests of the Mel-out of the traditional United States
lon and Mills families.
price. One of those named waa Edgar Rickard.
Senator Edward P. Costigan ask- ed if Rickard was the person "who is reputed to be the representative of former President Hoover,"
George Whitney, member of the House of Morgan, and president of the New York Stock Exchange, was on the stand.
"I don't know enough about him to know, Whitney responded.
Rickard was administrative as- sistant to Hoover during his Bel- gium relief work, and other post- war activities. He was a frequent visitor to the White Houss during the Hoover administration.
Others Mentioned.
the investigation will be far more If the Senate grants the request, complicated than the Morgan hear
museum point to the permanence
the delegates. this might impute to the task of
An-
SHANGHAI, June 5. THE American Authorities have RESOLUTION urging that
formally charged Hargrave with' Bown direct non-stop from New-
brought here from Tientsin to foundland and landed here. reinforce the Japanese Legation the sovereign rights over her feloniously and wilfully struck Bell
He is resuming his fight to Guard, just prior to the armistice, tire territory, was yesterday pass on the jaw causing him to fall on ↑ Moscow to-day. ¿
returned to Tientsin this morning.ed by the Committee dealing with the pavement, thereby causing his,' The Japanese authorities deciding political and juridical matters at death. MATTERN REACHES MOSCOW. proved suficiently for these men ternational Federation of the Lea that the local situation has im the Plenary Congress of the In-
to return to Japan.
gue of Nations Societies, at which 23 countries were represented.
(TEROUGH REUTER'S AGENOT]
Moscow, June þ. Lieut. Mattern arrived here at British summer time from 2.03.
from Norway where his first land-
ing, since leaving New York, was, the Islet of Jom Fruland at 10.15 yesterday morning, twenty-three hours after his start..
After a sleep he resumed his fight at 3 a.m., landing at the Teler Military Aerodrome outside Oslo at 4.20 and then at 8.40 he left for Moscow.
Earlier Report...
(THROUGH REUTER'S AGENCY.]
Although various aeroplanes were sighted over Ireland yesterday and it was rumoured he had landed in Spain, so far, all reports are uncon-
ONLY A TEMPORARY TRUCE
NEED FOR CHINA'S REGENERATION
ANGLO-PERSIAN OIL PACT
by Teheran
June 3, stated Glen Hargrave, an A message from Shanghai dated | ex-United States marine, at present
a Ford car salesman, has voluntari-. ly surrendered to the United States District Attorney following the death of a Britisher, Leslie Mal- colm Bell, aged thirty-five.
Mr. Bell, who was educated at Bedford School, was allegedly killed as the result of a blow which knocked him down outside the Shanghai Club, following a
C&T.
■
There is a possibility of Har- grave facing a murder charge fol- lowing the inquest on June 9,
the weekly memorial service at
Nanking May 30-Speaking at New Agreement Ratified quarrel concerning the sale of a Central Party Headquarters yester- day, Mr. Wu Chih Hut, the veteran Party Leader, declared, that the present cessation of hostilities in North China was really only a "temporary respite, as it did not provide any permanent solution of the situation.
COMPANY TO WORK HALF
ORIGINAL GROUND
into force.
Mr. Bell was found by two. passers-by, lying in an unconscious condition on the Bund on Wednes day afternoon. He was rushed to hospital, but died on Thursday morning without regaining con sciousness. A wound was found on his chin, and a post-mortem was made.
He emphasized that, in order-to attain a permanent and satisfactory Teheran, May 30.-The Majlias solution of the crisis, the nation to-day ratified the new oil agree must make concrete efforts for its ment between the Anglo-Persian LONDON, June 5. own regeneration,
Oil Co. and the Persian Govern Deceased was employed with Alarm is now felt for the safety Regarding the means of regenerement. It now only remains to be Messrs. Mustard and Company, of the airman Lieut. Mattern as betion, Mr. Wu pointed out that signed by the Shah before coming and was well-known in Shanghai, where he was a mcmber of the although China was generally de- is long overdue.
A.D.C. scribed as a disorganized State, it
The new agreement permits the seemed to him however that what she really wanted was not a better company to work approximately organization, but rather an abiding half their original ground in south- faith on the part of the entire west Persia and stipulates that the nation in the Three People's Prin company shall give up all those ciples of the late Dr. Sun Yat Sen. portions which cannot be worked The people must have implicit, un-by 1838, when the total shall not qualified and unquestioning, faith exceed 100,000 square miles. in the doctrines of Dr. Sun before any really effective effort could be made for the regeneration of the nation, Mr. W concluded.--Kuo Min.
firmed.
His petrol supply should have been exhausted by roon yesterday.
"A lookout is being kept at all European aerodromes.
SILVER MARKET
Leaving geological symbols aside, however, Britons have torn a leaf.
book of record-hunting and In requesting the investigation, inounced that in respect to attend was pointed out that charges made ance the conference will be the big- by a former investigator for the gest ever held in London. An ama Senate banking and currency com teur statistician has computed that mittee against Mr. Mills and Mr. the sixty-odd nations to be invited Mellon had never been heard. represent 1,700,000,000 people, all Senator McKellar said that he was of whom would he several degrees not alleging that there was wrong happier if the conference, besides doing anywhere but he believed adopting laudable resolutions, were that the investigation would show to put into practice some of the that the whole income tax system sagacious proposals for financial was wrong and failed to, protect and economic improvement. Do Federal intereats.
legations and their staffs are, ex- neoted to number about 2,300. Lon- FESTU don hoteliers, restauranteurs, thes tre and night-club proprietors, an- ticipating overflow business during!
The original churges made against Mr. Mellon and Mr. Mills were made in a Government suit filed last February by Mr. David A. Olsen, counsel to the Senate Com-
(From Our Own Correspondent,)
LONDON, June. 3. FOLLOWING ARE THE BILVER QUOTATIONS ON THE LONDON
·MARKET' TO-DAY: 10
June 3 19.1/16. 191
SPOT FORWARD
June 3 19.7/18 19)
प
the sessions, are confident of ex-second refreshment lounge, designed mittee before Mr. Ferdinand Pecora periencing the much-heralded "up for eminent, if wilted delegates, turn' at least during, if not after while separate offices will hold the economic conference. Shopkeep-secretaries, stenographers and other ers, too, expect added patronage. staff members.
Others mentioned included, Am- was engaged. bassador Norman Davis, Secretary
$11,000,000 Unpaid.
of the Treasury William H. Woo- dia, Senator William Gibbs Me Adoo, former Democrátic National
In that suit, Mr. Olson stated Chairman John J. Raskeo, Gen eral John J. Pershing, Colonel that the Gulf Oil Co., one of the Charles A. Lindbergh, the late Mellon organisations, had not paid Senator Dwight Morrow and the Government income taxea of Henry Rosaback, Republican amore than $11,000,000 that were tional committeemen of Connee due,
Neither Mr. Mellon, while Secretary of Treasury, nor Mr. Mills, in the same capacity, had attempted to collect the money. The case is still pending,
ticut.
It was revealed persons on the list were permitted to purchase United Corporation at 875 at a time when the market price was $00.
Mr. Olson, working on behalf of the Senate Committee, also reveal George Howard, president of ed that Mr. Mills, while Secretary United Corporation, and Whitney of Treasury had signed a warrant disclosed that J. P. Morgan and remitting 845,343 in taxes against Company realized an actual pro- the estate of his father, the late fit of 87,000,000 and a paper profit | Mr. Ogden Mills. possibly as high as 848,000,000, in handling a single United Corpora- tion issue.
Many of those mentioned in the favoured list of United Corporation purchases were also given the priv ilege of purchasing Standard Brands, Inc., and Allegheny Cor- poration, previous testimony before the synate committee of inquiry re- realed.
Rickard Issues Hot Denial,
NEW YORK, May 31. Edgar Rickard issued a statement to-day declaring he represented former President Herbert Hoover in no manner whatever when he purchased United Corporation stock from the firm of J. P. Mor gap and Company below market price.
Eenator MoKellar said that a
Labours of Hercules.
St. James Palace Too Small,
Finding a shelter for the occasion
Unless it be removed before the has been no easy assignment for the chairman pounds the opening gavel, Office of Works here. Structural
a 12-ton statue of Hercules will. experts scanned and then passed greet the arriving delegates. Carv over St. James' palace, which had ed in Portland stone, the work is an harboured the naval conference, but imitation of the Farnese Hercules was considered too cramped for the and was brought from London's old more expensive economic
assem-geological museum to be establish- blage
Albert Hall, scene of ined to reinforce the floor to hear its numerable public meetings and com- weight. certs, won als proposed, but failed to elicit favour. Instead, it was
Even if the delegates resent the agreed to choose the Museum of implication of the geological mau- Geology Survey which, thought not start les difice, aptly symbolizes smum, all will recognize that the completed, will be hurried into ser-
the task they face. vice for emergency use.
AMERICAN DELEGATION IN
HOPEFUL MOOD
system which permitted Mr. Mills to pay, on behalf of the Govern- The museum, erected at a cost of most, his own claim against it, $220,000 (almost $1,000,000 at par), should be investigated and reme offers the advantage of an excellent- died. Mr. Mills was executor of his ly lighted interior with daylight father's estate. He explained that, pouring through the transparent due to error, the taxes had been roof and large windows on all imposed when the Government was floors. The conference room will be world economic conferences ailed not entitled to them.
situated on the main floor, 100 feet Senator McKellar did not especi-wide and 140 feet long, with the ally, aim to delve into the tax re-chairman's rostrum at one end. missions but rather to determine About 170 chief delegates will be whether the two former Secretarice accommodated in the body of the of Treasury still owed the Govern hall with proud desks of their own. ment any money,"
while more diplomate, experts and secretaries will be seated, on each side.
St. Lawrence Treaty,
A new phase of the Morgan in- vestigation was brought put to-day
·
Press and Pubile.
New Yoax, May 31. The American delegation to the
to-day on the liner President Roose welt, with the exception of Senator James Couzens, who will leave next week.
THE DEMILITARISED ZONE
TO BE LEFT IN HANDS OF PROVINCIAL GOVERNMENT
(THROUGH REUTER'S AGENCY.]
PEJPINO, June 6. YU HSUEH CHUNG, who has been visiting General Huang Fu, states that control of the demi litarised zone has been laft entirely to the discretion of the Provincial Government, which would appoint magistrates and directors of pub- lic safety as the Japanese with drew.
Yu Hauch Chang also sanounced that the Provincial Government is reducing taxes collected in the war stricken area.
N
SPECIAL FORCE OF 25,000 MEN
(THROUGH REUter's agency]
PRIPING, June 5.
A SPECIAL force of 25,000 men is being raised to control the demilitarised zone created under the terms of the Sino-Japanese It is learned that the truce,
nucleus of the force will be a pick ed body of the Tientsin Paoantui, which in recent years performed a wonderful service in an area where Chinese troops are not allowed un- der the Boxer Protocol, being responsible for the suppression of troubles in Tientsin during Novem- her, 1831.
The question of disposition of General Li Chi Chun's Irregulars still remains unsettled and General Hsiung Ping is going to, Tientsin again to continue the negotiations Couzens was delayed because of a with the Japanead Authorities desire to remain in Washington, for there. the hearings in the affairs of J. P. Morgan & Co.
Secretary of State Cordell Hull, heading the delegation, said he hop- cd an agreement on fundamentals would be reached within a few. weeks after the conference convenes in London June 12
He said he would strive to his utmost to carry out the programme of President Franklin D. Roosevelt, seeking stabilization of money, and lower tariffs.
Another section has been arrang. Rickard said his deplings in the by Senaor Robert La Follette, ofed for 300 journalists and a final stock were purely personal..
Wisconsin, who said that the Mor black of cents for the public. Rows It is outrageous to attempt to gan bank had. used its extensive of telephone booths have been built capitalize on my association with influence to prevent the ratification to fulfill the two-fold function of Hoover to drag his name into this of the treaty between the United news transmission and Turkish matter," Rickard, said.
States and Canada for the improve- baths for sweltering reporters.
"London will live up to its re Rickard's statement was promptment of the St. Lawrence water-
Washington way.
putation as the switchboard of the ed by, der alopments at Wars The treaty provides for joint world," declared one locally-patrio would be one by the world econ was revealed Rickard had the priv. development of the St. Lawrence tio Post Office official, and those mic conference. President Roose- ilege of obtaining one of the Mor- River by the United States and attending the conference will be velty be anid, had reserved, the gan stock bargains, Senator Eward make navigation possible, through able to communicate with all cor P. Costigan asked whether it was the Great Lakes to Chicago and ners of the earth, to bridge oceans right to handle debts through re
guler diplomatic channels. not true that Rickard was re- other inland ports.
and continents and, if they wish,
Sailing with the delegation was puted to be a representative of Ex- This development would materi talis to persons on ships" president Hoover."
Hull reiterated that "war debte
ally strengthen the foreign trade of Two refreshment lounges will give Ralph W. Morrison, retired hanker the middle west, Eenator La Fol- respite to tired, hoarsa delegates of San Antonia, Texas, who accept Had No Dealing in Stock Market. jette said. The port of New York and will doubtless serve as lobbies ed a last-minute invitation to be PALO ALTO, CALIF, May 31. would naturally lose some of its for those intent on concealing and come a delegate. He was the sixth Paul Sexton, secretary to former business and so the Morgan inter extracting information. The base and final delegate to be selected
Other delegates who sailed, be President Herbert Hoover, declarests were blocking it
ment will contain refreshment Benator La Follette said he would room, writing accommodations and sides Hull and Morrison, were Ben- ed to-day that Hoover as secretary. of commeros, and while he was in ask the investigating committee to the vaunted post-office, including ator Key Pittman, Congressman the presidency refused ownership determine how far the bank had facilities for cabling, such as tele Sam D. McReynolds and James M er dealing in stocks, directly or gone in meddling with international printers. Galleries will provide the Cox, former Democratic presidenti
(Continued on nest (sluma), *vi al candidate. Indirectly
affairs.
+
UNITED STATES' LOAN TO CHINA
FOR
PURCHASE OF COTTON
AND WHEAT.
THROUGH REUTER'S AGENCY)
WASHINGTON, Jung B THE Reconstruction Finance Cer
poration has authorized a loan of G.800,000,000 to the Chinese Government for the purchase of
United States cotton' and wheat.'
Four-fifths of the money is bot be used for cotton and one-fiftir for wheat, in the open markets of the United States and the purchasce must be shipped in American ships unless these are not available.
The loan runs for three years
at five per cent, interest.
Mr. V. Goong, Chinese Fin- ance Minister, who is now in Eng- land for the World Economic Con ference, signed the contract during his stay in Washington,
!
Under the agreement, the co- any will not have the exclusive right to instal pipe lines.
The company will pay Persia one- fifth of its net profits, as well as a royalty of four gold shillings a ton on all oil produced. In the
event of sterling falling, the cum
pany will compensate Persia for the loss on exchange.
TRIBUTE TO MR. T. V. SOONG
CHINESE MINISTER TO MEET BRITISH PREMIER
[TAROVOR REUTER'S AGENCY.]
LONDON, June 5.
PAYING a tribute to the Chinese
Finance Minister, Mr. T. V. Soong, Chief Chinese delegate to The new concession will run for the World Economic Conference, sixty years, after which Persia will who lands-in England to-day, as claim all the company's effects.
a visitor of axceptional distinction The Times states that his achieve- The company also agrees to en- Rge Persians as far as possiblements during the past two years, do not justify excessive optimism ind to pay a sum of £100,000 a year as to the prospects of the Nan for the education of students pro-king Government which has many ceeding to England to study en- gineering.
In addition, the Persian Govern: ment will have the right to cancel the concession if the company wishes to liquidate, or fails to carry out the terms of the agreement, Such cancellation, however, would
e subject to two years' notice.
The agreement was signed on May 1 in the presence of the Per- sian Ministera of Foreign Affairs, Finance and Justice, and Sir John Cadman, chairman of the company. Previously, the Council of Ministers had approved the grant of the new
concession,
enemies.
It does, however, at least suggest
that the policy of Mr. Soong and Marshal Chiang Kai Shek is the moet likely one to restore Chinese prosperity.
Mr. Soong's policy is realist's policy, the paper states, and its ad- vocacy requires exceptional cour ago, coming so soon after the suc cessful revolution.
The fact that its champion is to meet Mr. MacDonald and other Cabinet Ministers inspires the hope that they will take advantage of his presence to discuss Anglo-Chin- ese relations in a spirit of friend- ly collaboration.
Children
take to
‚OVALTINE COLD
Tastinolively
Youthful appetites are hard to please in the summer; less food is eaten; the need for energy giving nourishment is greater.
· Cold "Ovaltine is not only delic
refreshing but it supplies ener nourishment in a concentrated and easily, digested form Your children will enjoy this delightful tonic drink.
OVALTINE
The
delightful COLD
AP.KU
Summer