THE DOLLAR'S PLUNGE
Of Much Comment
Subject Of
FLIGHT OF CAPITAL BEYOND CONTROL
"New York, Nov. 10. The dollar's plunge has be come the major sensation, the financial editor of the New York Times declaring it to be completely out of the Govern ment's control, and remarks that the foreign exchange mar- ket is panicky, besieged by a frantic demand for sterling which was intensified day by a slump in Government
banks concerned have fled from the dollar, fearing it would taboggan further.
The dollar is expected to slump further to-day, some dealers opining that the Bank of England might allow the pound to reach 5.25 before the Exchange training Equalisation Fund batteries. Reuter. yeater-
on
HONG KONG DAILY PRESS, SATURDAY, NOVEMBER 11, 1933.
UPHEAVALS IN THE TRIUMPHAL ADVERSARY OF LAST BRITISH MYSTERY
CUBA
Two Gunboats Bombard Ares
42
Florida. Nov. "10. The battleship Wyoming which is here in connection with the Armistice celebra- tions, has left for Havana where the death roll in the battle between the Rebels and Government forces has reach. ed forty.-Reuter.
Havana, Nov. 9.
MARCH
Herr Hitler & 10,000
Men at Munich
Munich, Nov. 10. The tenth anniversary of Hitler's famous beer cellar putsch," the first attempt to make Germany a Nazi state is being celebrated here.
IMPERIALISM Tribute To Late Mr. Katayama
Moscow, Nov. 10. Angry references to Japan were made by speakers at the spectacular funeral of the Japanese communist leader Ten years ago, Hitler, then Katayama, who in paying Germany's Robin Hood, with tribute to Katayama's work,
SHIP
H.M.S. Adventure's "Piccadilly Tube" Deck
TO JOIN THE CHINA SQUADRON"
anchor, the latter having wheels which fit laterally into the fanges of the rails,
When the order is given to lay
[Special Air-Mail Service)
London, Oct. 25. By courtesy of the Admiralty and a handful of picked men, were described him as an untiring the commanding officer. Capt. J. V. V. Magrane, I have been privileged ambushed in Odeon Splatz by adversary of Japanese into inspect what is probably the last mines the sinister train" is set in Heavy fighting took place in the Bavarian State Police perialism and "declared that remaining hush hush ship in the motion. Its speed can be regulated, Me: Hector Cand as cach mine arrives at the many parts of Cuba to-day be- where sixteen of his men were the communists will raise their Navy, writes tween forces loyal to the provi-killed while he himself and banner against every imperigraph" Naval Correspondent,
Bywater, London "Daily Tele-stern. it is man-handled through "an alonal government and rebels and
open port and dropped into the sea For although H.M.S. Adventure As it goes over it depressES demonstrators, and the death-roll General Goering were wound. alistic encroachment against was heavy.
was launched some years ago, she switch, which works an indicator on has always been something of a the bridge, thus showing the cap The funeral was attended by mystery ship. In the first place, tain exactly how many mines have. she is the only cruiser-minelayer we been laid. In less than half an hour the Adventure could render was the first Diesel-electrio warship many square miles of sea most un-
healthy to navigation. to go afloat.
ed.. One of the most severe engage- ments of the "rebellion occurred. In 11
Munich will resound with
the Soviet..
securities and as the interna Concern In Britain the Vicinity of tion occurre at the marching feet of the 150,000 people and the urn
tional value of the dollar is now considerably lower than the Reconstruction Finance Corporation price, the threat to the Briitsh position will un. doubtedly be answered.
are now
Banking circles speculating whether the ten- million dollars withdrawal of gold from Federal Reserves which will probably be re- turned to the Treasury, will be used as a nucleus for the Exchange Stabilisation Furid.
The journal Commerce as serts that the Reconstruction Finance Corporation support ed the dollar yesterday as the flight of capital got "beyond control and reports that ac- ceptance rates have been rais- ed, anticipating a flight from short term credits."
The Herald-Tribune points out that foreign central banks holdings of Banker's accep tances bought through the Federal Reserve Fund have been reduced by two thirds and the paper believes that the
UNITED STATES AND SOVIET
#
London, Nov. 9. The slump in the American dollar is causing acute concern in commercial circles in Britain. To-day, it was quot- ed at over five to the pound, Asked in the House of Com- mons what steps he proposed to take to prevent the pound sterling from rising above, dol lar parity, Mr. Neville Cham- berlain" said he thought the
more
correct description of the position would be that the dollar had fallen below parity with the pound. The circum- stances in which this bad hap. pened were well known.
The general policy of the British Government, he said, was to retain, for the present," the independence of sterling,
as had been explained on several occasions, particularly. in the resolutions approved by the Empire delegation at the conclusion of the World Economic Conference.-Bri- tish Wireless..
HIS MAJESTY WILL ATTEND
Atares, where two thousand rebels were entrenched, and fought off. all attempts to carry the place by
storm.
Two Cuban gunboats from
Havana harbour then jotried the
artillery in a steady bombardment of the fortress, which caused the rebels to hoist the white flag of surrender after many number had been killed and wounded by the shell-fire,
Stray Shells,
of their
two
Two stray shells razed
in panic,
houses in a suburb the inhabit- ants of which fed. evacuating the neighbourhood
The ex-President, Dr. Cespedes, is reported to have taken refuge in a foreign Legation-Reuter.
High
No Intervention,
Washington, Nov. 9, Government authorities
have reiterated that the United
States is not considering interven- tion in Cuba, despite many re-
quests from private sources for vigorous action-Reuter,
BRITAIN KEEN TO DISARM
Mr. MacDonald's " Recapitulation
H.M.S. Adventure is a ship of] some 7,300 tons, with a length of 510ft and a beam if 00ft. High speed and a wide radius of action
triumphant Nazis through containing the ashes was carri-have ever built, and, secondly, she streets bedecked with Nazi ed by communist leaders in- emblems when Hitler heads cluding Stalin and Molotov.- the heroes 1923
over the Reuter. same historical route up to Odeon Splatz where they will SINO-JAPANESE be greeted by ten thousand
RELATIONS Storm Troopers.
After that Hitler flies to
Berlin on another whirlwind election campaign.-Reuiter.
SILVER MARKET
(From Our Special Correspondent)
London, November 10. Following are the Silver Quota-
tions on the London market to day
1
A Friend Call On
Canton...
(From Our Special Gorrespondent)
"
Canton, Nov. 10.
being essential in a vessel of this
type and the two desiderata being difficult to reconcile with normal machinery the Adventure given dual motive power.
For fast steaming she has steam ¦ turbines, which propel her at 23- knots. But when cruising at mode- rate speeds she switches, over to Diesel-electric drive, On this she can amble along at 14 knots equi- valent to about 370 miles a day.
Viewed from the shore the Adven- Dr. Yotaro Sigimura, former Under-ture appears to be an ordinary Secretary of the League of Nations, is cruiser, save, perhaps, for the on his way to Canton to interview the Diesel exhaust pipe abaft the second
funnel. It is only when one des Chinese leaders on Bino-Japanese re- lations According to local Japanese cands below deck that her secret sources, he will first land at Hong stands revealed. « Kong and pay a visit to Mr. Hu Han Min, veteran Kuomintang Lender.
Nov. 10 Nov. 9. Spot....... 18.7/18 18.9/16 Forward ....... 18 9/16 18.11/16
High officials here are wondering The London on New York cross to-day why Mr. Sugimura takes the rate to-day closed at £-US | trouble of coming to Canton, as 5.18.
Japanese policy towards China is well understood here. Moreover, leaders in the South-wast have already made known their atand through the speech delivered by Mr. Chow Lu, at the weekly memorial service here last Monday,
AFGHANISTAN SITUATION
Troubles Forecast in
Peshawar
Peshawar, Nov. Another period of disorder in Afghanistan is feared by well-in-
It was learned to-day that this Japanese diplomat will be welcomed by city officials should be make a urtesy call and that his mission is to assure the South-west of Japanese friendly intentions vis-a-vis China, now that the Manchurian question is practically a closed incident.
Meanwhile, the City Government is still negotiating with Mr. Shigeru Kawagoye, Japanese Consul General
Agreement Shortly Armistice in London Britain that was not honestly nec formed circles in Peshawar, follow in Canton, for the early release of Poh
Expected
Londen, Nov. 9. After a recapitulation of the re- cord of the National Government at Home, the Premier, Mr. Ramsay MacDonald, speaking at the Lord Mayor's Banquet last night, turned to the international sphere.
He said that not £1 was spent by essary for defence, Arms had never yet saved a nation from war, there- fore, Great Britain was doing her utmost to remove the grievances of the various nations as regards Dis- "Germany must be signatory day:
to any satisfactory Disarmament Later in day, Their Majesties convention," he said. will proceed to Sandringham where.. The present position of Germany the Court will remain for just over was not good for her and not good week before returning to Buck- for Europe. It made it nearly im- possible to be reasonable and gen- off were closely closeted at the endingham Palace-British Wireless,
New York, Nov. 10. of The foundations Soviet American understanding in regard to both diplomatic and economic relations were formulated to-day according to an official communi- que.
Mr. Cordell Hull and M, Litvin-
of which a tentative agreement had
already been concluded.
The basis of the agreement is being presented to President
Roosevelt this afternoon, Reuter.
Big Purchases
New York, Nov. 10. It was learned here, yesterday that Amtorg, the Russian trading organisation in the United States has definitely offered to purchase 1,000,000 bales of cotton and 1- 250,000 yards of cotton cloth as soon as suitable credit terms are arranged.-Reuter:
ANOTHER HARDSHIP!
No Drinks After 3 p.m.
New York, Nov. 9.. The old-time public house will be banned under the experiment- al plan announced in New York State for alcoholic beverage con- trol
The plan will become effective after the repeal of Prohibition on December 5.
11.
Only hotels, retaurants, clubs and shops whose revenue is chiefly serve derived from food, may liquor or wines at tables,
The sale of bottled beer or harder liquor for home consump- tion will be restricted to State- licensed retailers and large grocery shops.
The curfew hour will be 3 am. on week-days and drink will not be permitted to be sold before 2 p.m. on Sundays
No-one under eighteen will be allowed to buy liquor or wine from shops-Reuter.
GOLD PURCHASES IN U.S.A.
Washington, Nov. 8... Hitherto, £12,000 ounces of gold has
London, Nov. 9. According to present arrange- menta, the King will attend the Armistice Day ceremony at the Cenotaph in Whitehall, on
IMMIGRATION TO PALESTINE
Unauthorised Entries
of unauthorised
Satur-
to
London, Nov. 8. » Replying to a Parliamentary question regarding measures prevent the illicit immigration of Jews into Palestine, the Colonial Secretary, Str Philip Cunliffe Lister, said there were two classes immigrants, namely, persons who crossed, the frontier without permission and those admitted as travellers for a period not exceeding twelve months, who remained in Palis- tine illegally after their authorise- tion had expired..
The numbers of the first claas
were comparatively small and were being reduced by measures which the" Palestine: Government was taking on the frontier and in con- junction with the French autho rities in Syria,
As regards the second class, the number of which had been ascer-
tained to be considerable, the High Commissioner had recently decid--| ed, with the Colonial Secretary's approval, to adopt various preven- tive measures.
The Sole Judre.
Bir Philip added that it was in the interest of everyone that un- authorised Immigration should be reduced to a minimum.
The number of immigrants ad mitted must be governed by the absorptive capacity of the country and of that the High Commis- soner must be the judge.
armament.
erous.
Baron Von and Neurath had "hinted that Germany had some new proposals. They would receive the most favourable and impartial..con- sideration, be said.-Reuter
CHAMBERLAIN ON ECONOMY
London, Nov. 9. In the House of Cominens to-day the Chancellor of the Exchequer, Mr. Neville Chamberlain, was asked whether he would consider the restor ation of the economy cats made in the salaries of teachers and the members of the services and in unemployment boneßta."
He said that the Government would be very glad. if they could safely answer these questions in the affirma- tive.
"No greatar mistake, however, could be made than to assume prematurely that the normal conditions of security and prosperity have been established and at the present moment, I can only repeat that the relaxation of the son- ditions imposed by the necessities of the situation two years ago will be considered as and when the general circumstances of the country permit.
British Wireless.
MOTOR DRIVER ARRESTED
14
We usually associate the tempera- ture of a marine engine-room with that of a Turkish bath, but in the Adventure's Diesel room they have
to wear winter clothing even in
This is because" of the summer. tremendous draught created by the suction of air into the motors,
"FASCINATING GADGETS'.
There are more fascinating "gad- gets" on board than there is space to describe. The Adventure was the first ship to have electrical steering. In the wheel-house there is a deep- water sounding gear, the records of which can be read from the fore- periscope. A bridge through a radio-gramophone of powerful, but. faultless, tone has been rigged up by the ship's experts.
As the ship is not designed to sight guunery actions unless abso lutely necessary, her armament is UNIQUE "RAILWAY” restricted to a few 4in, and small- Imagine section of the Picca-er guns though I have seen her dilly Tube, complete with a double four-point-sevens doing some pretty set of raila, well over 100 yards deadly shooting at sea. Her pri- long, and lacking only the plate mary weapon is the mine, which in forms, advertisements, and escala ita lateat form is incredibly dea.........
tructive. Multiply by two the ex- tors, and you have a fairly accu rate picture of the Adventure's plosive force of the large wit-time mine, remembering that the Adven- mine deck.
This unique railway" is served ture carries hundreds of the new by about eighty officers and men, and more deadly type, and bone and its rolling stock consists of ides will be gained of the powers hundreds of the most powerful sub-wielded by this unique ship marine mines in existence. Each of these is a unit, "consisting of the mine itself and its massive base or
IRAK'S NEW CABINET
ing the assassination of Nadir Yi Yat, a Chinese naturalised Korean, ... who has been detained at the Shameen Shah.
Bagdad, Nov. 9. Although Nadir's son has been French police headquarters at the in
A new Cabinet has been formed proclaimed King, there are many stigation of the Japanese authorities. rival claimants to the throne and It is said that if the City Government with Jamilmid Fai, the ex-President it is anticipated that plotting and cannot adjust the matter satisfactorily, of the Chamber, as Prime Minister, intrigue, with possible attempts at it will be passed on to the Nanking and Nuri Pasha as Minister for Foreign Affairs and Defence Minister. the employment of force, must re- Ministry of Foreign Affairs
Foh Yi Yat had been living in Can---Rester. sult from the situation.
ton for years and represented himself It is, however, considered that as a Chinese national. He was taken Shah Mahmood Khan, the War from his home in Gospel Village, Minister, who is believed to have Tangshan on October 19 in s motor been instrumental of proclaiming car belonging to the Japanese consu- the new 2-year-old King, occupies late general. a strategic position,
4
PREMIER SILENT; "
~
CLANDESTINË NARCOTIC
FACTORIES
Geneva, Nov. 9, | || The danger of clandestine factories
Hasham Khan, the Premier, at RED TROOPS GET OUT OF the Far East is emphasised in & present touring the Northern Pro- vinces, has not yet declared his hand.
HAND
Tokyo, Nov. 10
Report dealing with the illicit traffic in narcotica, adopted by the Opium Advisory Committee to-day.
The report drave attention to the
cocaine to India from the Far East-
The "Adventure is now being re ted for service on the China station, for which she sails in January,
GERMANY AND CONCILIATION
Proposals to be Made Next Week
Geneva, Nov. 9. A report is current in German circles that Germany, early next week, will make concrete proposals for the re-. organisation of the League of Nations and the continuation of the Disarma- ment Conference.
The proposals would be conciliatory but would include symbolical re armament.
Féking, Nov. 10.
It is reported here that the
have recaptured Funing from the Government forces-Reuter.
#Shah Walik Khan, brother of A sensational report appears in Increasing extent of the amuggling of bandits in the Luantung region Nadir Shah, and Afghan Minister the Ji Ji to the effect that a re- in Paris, and also Ghausud Din, volt in the Peasants Red Troops Reuter, of the Ahmed Zaigilzai tribe, are broke out near Vlazeimskaya along credited with the intention of seiz- the Ussuri railway and threatens. ing power, while & section of the public favours the
to spread. Amanulla to the throne.
return
FRONTIER QUIET
New Delhi, Nov. 10.
of
The rebels are alleged to have
hundreds massacred
of com. munists and burnt sixteen military and inquiries at the aeroplanes, Foreign Office reveal that in formation of the alleged revolt first reached the Russian news-
The Government has closed paper Harbin which issued an Kyber Paas to all outward trade extra edition.--Reuter.
precaution against trouble consequent to the assassination of Nadir Bhah though the frontier SLUM SCHEME ABOLITION is at present quiet-Renter
NEW SCHEME OF FINANCE
Mussolini's Aid To Industrialists
*
Will in Hand
London, Nov. 9. Referring to his request to local authorities to submit without delay schemes for the total abolition of aluns within five years and the provision of alternative accommo dation, the Minister of Health, Sir Hilton Young, informed the House of Commons that schemes already received indicated that an average. Rome, Nov. 9, of about 44,000 houses, annually for Details were pablished to-day of five years would be provided mo decree which bids fair to revolutionise The Minister mentioned that the. F. H. Hills of Peterborough,Italy's methods of financing industry. houses built in Britain wihtout It has been presented by Signor State assistance in the year ending. driver of the car concerned in the Mussolini to the Chamber for ratifice September 30th last numbered accident outside Buckingham Pa- tion, which it will doubtless receive. lace on Oct. 5 has been arrested The main feature of the decree is 107,880. This figure exceeded all on a charge of manslaughter that it permits the government to previous records-British Wireless guarantee and participate in the stook" seues of private companies.
On Charge Of Manslaughter
Reuter.
London, Nav." 10.
It was also obviously desirable [It will be recalled that Major that the number of immigrants General Bir Reginald Buckland who could be admitted should con- was knocked down by the car and sists of persons who were intro-sustained serious injuries to which duced through the authorised he succumbed later.] channel after a normal process of selection-British Wireless.
NOBEL PRIZE FOR PHYSICS
The government will thus guarantee the principal and also a small rate-of interest, which will be paid to share- holders regardless of the company's Englishman Wins Half Share position. Neuterk FW London, Nov. 9
Stockholm, Nov. 10. The King has been pleased to
London, Nov. 9, //
"An Englishman, Mr. Paul Dirno, appoint Bir Harold MacMichael as The Bureau of the Disarmament has been awarded half the 1930 been purchased by the R. E. C in Wallace hat and that the Tanganyika Territory in succession to committee consisting of the half goes to Professor Erwin Washington, Nov. 9. Governor and Commander-in-Chief of Conference at the Geneys to day set Nobel Prize for Physics. The other
British, French, Italian, Spanish Reconstruction Finance Corporation Sir George Stewart Bymes. has allotted 8:50,000,000 for the relief Sir Harold entered the Budan Polish and Norwegian Lelegates to Schroedinger of Austria, of the farmers, who would receive political service in 1905 and has been examine procedure and to report there. forty-five cents a bushel on com Civil Secretary since 1998. Brition to further meeting of the Bureau
on Saturday Talsed on their farm
the domestic market, according to the chairman of the Corpors tion, Mr. Jesse Jones.
He declined to state exactly what amount had been purchased abroad. Beuter
The prize for 1832 goen to Pto- fessor Werner Heisenberg of Leip zig.Reuter
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