ANGLO-AMERICAN CURRENCY TRUCE
ROOSEVELT NOW FREE
TO ACT:
WITHOUT UPSETTING BRITISH
TRADE
New York, October 31. Too many obscurities have yet to be clarified before any de- finite view is obtainable of the effect of the latest phase in Mr. Yes- Times" City Editor. Roosevelt's experiment, declares the terday's American price of gold showed a wide margin of about twenty-one pence over the estimated London quotation and even though this makes no allowance for the possible cost of ship- ment it is obviously an attractive price.
New York, October 31.."
The United States have assured Britain that no currency war is desired and British co-operation is invited, according to the Washington correspondent of the "Herald Tribune."
Sir Leith Ross has cabled for further instructions with a view to establish a loose dollar-pound link designed to raise gold prices in order not to over-strain the ratio of the two currencies and the administration is hopeful of some co-operation, despite reports of disagreement between Sir Leith Ross and Professor Warren, one of the President's advisers.
Y
"The "New York Times" belleves co-operation is. possible if the United States promises to prevent a further weakening of the dollar in relation to the pound at a level temporary acceptable by . Britain-Reuter.
TENTATIVE AGREEMENT REACHED
cur-
New York, October 31. A secret Anglo-American rency truce has been reached, ac- cording to the Washington corres- pondent of the "Chicago Tribune." He states that after several hours negotiations between Sir "Frederick Leith Ross, Chief Econo- mic Adviser to the British Govern- ment, members of the Federal Re- serve Board, and the United States Treasury, a basis of a tentative agreement was reached.
It provides for pegging the ex- change value of the pound and the dollar in relation to each other.
་་
Far Reaching Effects Felt
HONG KONG DAILY PRESS, WEDNESDAY, NOI EMBER 1, 1933.
ARAB RIOTS IN PALESTINE
Situation Much Improved
London, Oct., 30. According to reports reaching London, the situation in Pales- tine yesterday, was quiet, though some tension still exists afer the riots of the week-end.
Yesterday morning, the High
Lt.-General Commissioner,
MORE ITALIANS MR. WANG CHING
WANTED!
WEI
2,000 Couples Married Denies Rumours of
Yesterday
His Resignation
same
Rome, October 31. Over two thousand couples were married at dawn, at the moment in various churches in the city province, strin celebration of the Fascist Marriage Festival, arranged by Singor Mussolini in his effort to increase the Italian birthrate.
Arthur Grenfell Wauchope, visit ed the Government Hospital in Jerusalem, to which those wound- ed in Sunday's disturbance had
been taken.
"The formal opening of Halfa Harbour, fixed for to-day, will take
place, but the ceremony has been
curtalled.-
It would appear that the recent trouble largely originated in a misaken belief among the Arab population that the eventa in Germany had led to the admis- sion to Palestine of an excessive
number of Jewish emigranta.
#
tional sugared almonds given out in all "Italian weddings.
Shanghai, October 31. formally denied rumours of his Mr. Wang Ching-wei to-day
impending resignation. Mr. Woog, accompanied by Dr. H. H. Kung, is leaving for Nanking to-night.
Before his departure he made clear, in an interview with Reu- ter, that he was no resigning, and branded as without rounda- tion the rumours that the Clov ernment is being reorganised.
Mr. Wang emphasised that Mr. T. V. 8oong's resignation was en- tirely due to financial reasons. Ha denied that China is preparing for direct negotiations with Japan and stressed that recognition of Manchukuo is impossible.
Continuing, Mr. Wang said that
GERMAN GERMAN VOLUNTARY LABOUR SERVICE
Its Moral And Economical
Significance
BY FRANZ SELDTE, REICHSMINISTER FOR LABOUR
Berlin:-An immense wave of un-
employment is sweeping over nearly all countries of the modern world, representing the most deplorable mis fortune of the present time.
Whilst placing the main weight of voluntary labour service on the moral. and educational side, we have no reason to deny that we are at the same time trying to solve economic tasks. Not only in Germany, but also in Frivate enterprise is unable to fulfull several other countries Voluntary all tasks, such as land draining, irriga. Labour Service stood the test, proving tion construction of roads and l Each couple received photograph of Mussolini and
to be one of the most efficient means similar enterprise, serving the national of relieving the younger unemployed community, can by individual con a gift of five hundred hire was
from moral and social need and misery. | carnis, especially during the time of an Voluntary labour service is not a new economical crisia, not be executed at presented to each couple by
institution in Germany; in various their own risk. But on the other hand the Secretary of the Fascist Party, together with the tradi-Lo Wen-kan is due in Tien-forms it exists ever since the end of it must be borne in mind that these sain on November 3rd and will the war. The national organisations works are, apart from their national immediately proceed to Nanka. were at that time the first who con importance, also important from the ceived this idea and tried to carry it point of view of private economical It has not been decided, be statont The present national German enterprise. If once arid land has been ed, whether Dr. Lo will resume
Government has energetically taken made fertile and new means of com- his post of Foreign Minister. this matter into its hands, and manication have been established, the Mr. Wang expressed confidence presently about 250,000 young men foundation is laid for further individual in Dr. Kung's ability to cope with are incurporated in voluntary labour enterprise. Therefore the voluntary la the financial situation. Although organisations. The beneficial effects bour service in no way impedes private military expenses would be cut of the institution are already being enterprise, but rather stimulates it down generally, this would not falt. Economical as well as moral As far as such work is subsidised by the State, there is no essential change; anti-Communist considerations just: such a service. In campaign now" being conducted this connections I wish to dwell the work carried out by the voluntary by General Chiang Kai-shek above all on the moral side of labour labour service is of the same kind as Kiangsi. Refernng to the Amer-service. One can hardly conceive that effected in all countries and at ican wheat and cotton loan to
all times by the authorities; private enterprise could not venture to undur-" China, Mr. Wang said that de-
take such a work for the simple reason" mands from the Provinces for aid
that it does not leave an immediate amounted to six times the total
profit. This principle is loan itself:-Reuter,
energetically Applied by the German national- socialist government, and in such a connection the activity of the volunt- i decline ary labour is of the
The facts are, that emigrants of
By special arrangements all nationalities, are controlled by the Palestine Government, parti- with the Holy See, the first cularly as regards those seeking children of these marriages, employment, numbers
of whom will be baptised in St. Peter's, are regulated, not by conditions in other countries, but by the a previlege which is usually capacity of Palestine to profitably severely restricted.--Reuter. absorb additional labour.-British Wireless Service.
Special Proclamation
3
Jerusalem, October 31- The widest possible powers, in- cluding the arrest court. martial The raid was carried out as a and deportation of offenders, will demonstration against Tool and be vested in the Palestine admini- Die
returning to work stration from to-day under Workers durng the Strike.-Reuter.
special proclamation for securing public safety-Reuter.
Virtual Martial Law in Palestine
Jerusalem, October 31. Palestine is virtually in a state of martial law. Athough the situation is greatly improved, there is still considerable tension. The Jews; however are carrying on normal business throughout the country. They are very con ing as large stocks as possible infident of the Government's abili- the United States.
ty to control the situation-Reu-
Washington, October 23. Far-reaching effects of Presid- ant Roosevelt's gold control an- nouncement came to light to-day as prices of securities and modities advanced sharply.
cot-
The sweeping project embraces the raising of the world price of the precious metal and maintain
ter
ریا
The managed money plan, pre- sented in the President's thira address to the nation last night, was accepted
as inflationary inhabÈÐ. financial circles but conservatives were encouraged by the indication that the upward move would be halted when prices reach the de-
The correspondent adds that this means a truce which will enable President Roosevelt to pursue his gold purchase scheme without up setting British trade.-Repter.
Return to the Gold Standard? New York, October 31. Senator Key. Pittman, Chairman of the United States Senate For I`sired level. eign Relations Committee, has hailed the gold-purchase plan as presaging permanent stabilisation of currencies and a return to the gold standard, to a limited extent." by all nations.
He states that he has advised President Roosevelt to increase silver prices proportionately to the rise in gold prices."
the US. Treasury and Mr. Eugene Black, chairman of the Federal Reserve Board,
Roosevelt expects to make the first purchase of new gold by the government almost immediately under the new project and off- ciais expected the prices offered would be above the London and Paris quotations.
Uses Old Principle
It was believed in official quar- ters that transactions of this sort will free the dollar of control of
and London
and Paris banks European speculators and tend to end its gyrations in exchange quotations..
to
#1
SILVER MARKET
THE COTTON CONTROVERSY
Partial Agreement
At New Delhi
New Delhi, Oct. 31.
A tariff of 50 per cent. "ad valorem" on most cotton and tex- tile qualities and specific duties on the remainder," with an Imperial preference, was yesterday agreed to
apply to the
RESIGNATION OF MR. T. V. SOONG
what a hard blow it is for hundred thousands and millions of the young generation to be when beginning to face life excluded from the possibility of work, for years to come, perhaps for ever.
The blessing of work without which every man, even the best and most
should not be taken for any length of grontert value, I consider it a privilege
time from the young generation. It is to act in my capacity as German therefore unconceivable for the Labour Minister also by the means of German mind that the respective de- the voluntary labour service in the
partment of the disarmament confer sense and spirit of our leader and ance at Geneva should have taken a chancellor Adolf Hitler.
of decision against the extension ་་ Causes Consternation the labour service, indispensible in
in Canton
our estimation for the moral salvation of German youth. For it must be re- membered that the main tasks of labour service are pedagogical and educational, moral and above all
by the Indian and the Japanese de- (From Our Special Correspondent) social legations which met here for the first time since the talks at Simla.
If the duty against Lancashire remains at 23 per cent. Lancashire will receive a similar preference.
The delegations have also reach- (From Our Special Correspondent) ed an agreement in principle on the basis of the imposition of specific duties and the application of the most favoured nation clause.
London, October 31, Following are the Silver Quota-
tions on the London market to
day:
Spot Forward
Oct. 31. Oct. 30
181 184 181 18 The London on New York cross rate to-day closed at £=US 4.771
ward to-day upon the strength of Roosevelt's announce- pound President
ment of the government's plan to control the price of gold.
to
"
Shares on the New York stock
exchange jumped from one to five points, with a few" inflation stocks rising more, but slid back one to two or more from the peak after early buying.
It is understood that the gulf has been sensibly narrowed, and the Osaka mill-owners are stated to be less intransigent than formerly. ---- It is believed that India is in- sisting on a quota not exceeding 350,000,000 yards, while Japan wants 550,000,000 yards. Reuter.
Large and Small Spinners Disagree
Tokyo. "Japanese cction spinners still disagree, according to the "Asahi," in regard to their production schedule for next year. Large millowners aug. gest an alleviation in the existing rate of curtailment, ie 27.8 per cent, but small mills are reluctant to effect any mitigation for the present.
"If the President will"not; do that, I shall Introduce a Bill at the next session of Congress, in January, providing for tree coinage of American silver at a 16 to one ratio, and it will be passed over- It is expected this will be for- whelmingly," he declared.-Reuter.lowed by cheapening the dollar
in terms of the British Prepared for Gold Purchases.
sterling and the French trace, Washington, October 31.
and also will increase the world Moves by the United States' Ad- ministration for an understanding price of gold because the 25,000 with Great Britain on the gold or 30,000 ounces" which have been situation were made to-night.
shipped weekly," principally In order to further the quest, str London, under the gold shipment should "re- Frederick Leith-Ross Interrupted order of August 29, the debt talks to confer with Mr. main now in the United States..
Officials were inclined. be- A bullish interpretation of Roose- 'Acheson, the Under, Secretary of
velt's remarks with regard to ad- lleve that Roosevelt is about to use an old economic principle in vancing the price of commodities, an effort to increase commodity made in his third address to the prices in this country. It deals nation last night, was followed by with the known tendency of the sharp recoveries. In sugar futures commodity price level to rise if and active covering in commission the price of gold advances, and house buying.
gold price. go downward if the drops,
To Control Gold Amounts Moreover the administration ap- twelve points but after pront tak- parently plans to control the ing closed steady about seven to amount of gold stocks in the nine points above Friday's close. United States. The Treasury set Centrifugal was stronger at $3.20 May Use Other Expedients. to-day's price for newly-mined offered,
New York, October 31.
gold at $29.50 per fine ounce an While Wall Street generally in- The majority of the so-called advance of 59 cents since Bater- terpreted the new gold programme Conservative Wing" of the United day. This is for shipment abroad
as inflationary it was pointed out that to-morrow's meeting will vote for States Administration, irrespective or for sale to industry and the that Roosevelt, indicated inflation the retention of the production of their views on the commodity arts in this country" under the would be halten when prices rea-schedule. dollar plan, have promised Preal-August 29 order modifying the ched the desired level, ̈
Mutual Concession Expected dent Roosevelt that they will keep gold embargo decres of last April.
- Wheat in the pit at Chicago silent until the advocates of the By the new project the Recon- gained more than four cents amittee which embraces large com
Thus the view of the executive com- plan have had an opportunity to struction Finance Corporation is bushel, neatly, the maximum per-panies and that of the Gosankai sre to buy the newly-mined gold ball-mitted for one day's trading under
Meanwhile, President Roosevelt's "aldes" are prepared for gold pur- chases abroad on Wednesday at latest.
The Federal Reserve Board held two long sessions to-day. Presi- dent Roosevelt received Mr. Harri- son, Governor of the New York Federal Reserve Bank, this even- ing.-Reuter.
prove their thesis.
Wheat Gains
As already noted, at a special committee meeting of the Japan› Cotton Spinners Association, it was arranged that, if small spinners at their usual Gosanksi meeting to-mor row (25th) do not raise any serious objection, the association should reach a decision at the end of the month. Large concerne advocate an allevia- tion of five per cent. Pointing out unfavourable turn in the demand and supply situation and the effect on the Indo-Japanese Conference, the Gosan- kai, which represents the views of small millowners, has hitherto desired
Those who visit our German labour camps will at a glance see that these Canton, October 31.. organisations are merely aiming at the International relations and the training of the young generation to anancial crisis in Shanghai after work and that they are in spite of the the resignation of Mr. T. V. Soong necessity of rigorous discipline not from the Ministry of Finance serving any military purpose. The were discussed this morning at said service has not been introduced to the regular meeting of the South-serve such purposes, but merely to west Political Council. The main help the young unemployed people in consideration was to what extant future moral decay.
order to save the German people from these events have affected the south-west provinces.
CONFERENCE
JEWS
OF
Now Being Held
in London
London, Oct., 30. The Jewish conference, now be
Understandably enough we must As this is a delicate and import use methods in Germany that are in harmony with the character of your ant discussion, the minutes were young generation and the peculiar ing held in London, attended by not made public. However, je is
qualities of the race. If the idea of a hundred delegates from forty- understood that Canton is taking such a voluntary service has by this five countries including Americe, a keen interest in the pro-Japan- time penetrated into all spheres of the is planning to appeal to world ese policy of responsible Nanking German people, having become a gen. Jewry for two millions sterling to leaders in view of Japan's isolation eral and rational idea, such community asist to settle Jewish refugees: from the family of nations fol- of purpose fills our hearts with hope lowing her withdrawal from the for the future of our young people. League of Nations and the un- It is one of the foremost aims of
A central world council will be official boycott of Japanese goods voluntary labour service to do formed to issue an appeal, ad- carried one in many parts of the monstrate that unjustified social pre-woister the
judice and the antagonism of social
world
from Germany.
Co-
money and "More sensational developments classes is futile and in its effects operate with Mr. James MacDonald before destructive. Germany wishing under the High Commissioner, recently in Nanking are expected
Hitler's leadership to abolish class appointed by the League of Na- to refugees the end of the year, and the re- signation of Mr. T. V. Boong is antagonism, the voluntary Jabour tions, for assistance
service spontaneously serves this aim: from Germany. but a beginning,"
active work shall lead to spanning a Tong Shao Yi, member of the bridge over the existing social con-
It is reported that the Cyprus South-west Political Council and
trasts by which men, created by God government has tenatively agreed former Prime Minister of the Peiping Government.
This mat separated.
to live together, are only likely to be to settle fifty housand Jewish re-
fugees-Reuter, ter merits close attention, he said.
declared Mr.
PROGRESS IN CANTON
Raw futures rose from nine ze the increased number of spindles, the 468 Building Permits
Granted in Sept.
and still desires to leave the rate of (From Our Special Correspondent) restriction unchanged. It is believed
Canton, October 31. Municipal progress in Canton goes apace with the development art of the city. The buses run- of Honam suburb as an integral
ning from Central Park to Fung good business, and more vehicles will be put into the service, as Deople find it convenient to ride over to Enam island via the Pearl River Bridge.*****
If the experiment proves un-ion at prices to be determined 13 current rules, "and continued the posed to the danger of a frontal: Wong Kong in Honam are doing:
workable. President Roosevelt 1s ready to try other expedients to raise
domestic price level the gradually--Reuter-
A
Mine Strike Agreement.
Washington, October 31.
cipated,
collison The outlook is therefore the President and the Secretary advance of the last several days. being viewed with serious concern of the Treasury, and higher do-
At London the American dollar The executive committee of the Spin mestic quotations will keep the metal in this country, it is anti- declined nearly eight cents to nors' Association, however, is optimis $4.807 on the interpretation by tic declaring that at this momentous juncture there should be no internal tradefs of the President's speech dispute of any nature. It is confident as indicating a higher gold price of mutual concession Demand sterling here closed 102 higher than Saturday, at 84.833. Baillon Advances
Roosevelt's statement that virtual agreement in the whenever it is necessary to the "captive" mines (those in which end in view we shall also buy and
market all products are absorbed by ron sell gold in the world and steef companies) strike in was accepted in some quarters na Indicating the government : will' Pennsylvania, has been announced engage in operations like those of by the White House.
the British government which It is stated that the employers uses its exchange stabilization have practically agreed to a check furid, to keep the currency at the off system whereby Trade Union desired level in international ex- fees are deducted in advance from
change. the men's wages-Reuter.
Dollar Down
A
That suburb has become pro-- sperous following the opening" of the bridge and the tauguration of a bus service from Cantem pro- per. The next development is to provide water works, because for many years the people in Honam have drank and used well or river water.
For the convenienc the pub
The Department of Commerce and Industry, which has recently issued a licence to the Cotton Yarn, Exchanges in" Tokyo, Osaka and Nagoya to re Gold, bullion advanced imme-cognise 21's and 22's yarns as mub diately upon the Roosevelt state statutes for 20% received an applica ment, the Treasury setting the tion from yarn dealers and weavers for day's price for hewly-mined gold on substitutes for helic, the Barena of Pablle Utility
na 30's. The stated 25 public foun at $29.50, an advance of 58 cents Department has acordingly instructed as in the principal streets to per fine ounce from Baturday the Yarn changes in Tokyo and This quotation is considerably be eleawhere to submit their views, and provide free running water to The immediate effect of Roose law the recent peak however, velt's announcement was to send
Bar silver gained three-quarters on the basis of their reply, will decide
its attitude. the dollar down in terms of the here and closed at 378, but at British pound and the French London remained stationary at
station Detriot, Oct. 31,--| trane, ofsetting its rise of the 18.3/16.2003 Kaja Wild scenes were witnessed when last week Demand sterling gain- The railways and Industrials US Steel.common the same, and the Police Reserves were called out ed more than 10 cents at New led the advance on the stock ex-American Bugar three points.
Spot cotton gained ten points, to change, Union Pacinc adding 71 points, New York Central 21 and close at 950 cents a pound and American Smelter 4 American cotton futures advanced Telephone, advanced a net of 11, seven to 13 points,
UNRULY SCENES IN DETROIT
to disperse a mob of 2,500 men in York." three hundred motor cars hurling Prices of Stocks Leap Forward missiles, smashing windows and New York, Oct. 23. Prices of over-tariing other motor-cars.stocks and commodities leaped for-
water rates. These fountains people who cannot afford to pay are scattered in different parts of
In the field of construction, the Bureau of Public Works granted during September 488 building permits to various "CONTENTLOES, whose business 12month com amounted to $81,760,000 local cur
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