HONG KONG DAILY PRESS, SATURDAY, DECEMBER 23, 1933.
LONDON SILVER AGREEMENT "HAPPY DAYS FUKIEN-NANKING SIR JOHN SIMON'S VIEWS
RATIFIED
Increase In Price Of Silver
th
Probable
TEXT OF ROOSEVELT'S PROCLAMATION
The fulluring is the proclamation made by President Roosevelt on the cuinage of silver dollars in the United States.
Washington, December 22. Whereas by paragraph II, sec- tion 43 Title 111, of the Act which Corigress approved on May 5, 1933, the Presiden is authorised by proclamation to fix the weight of the gold dollar at grains of nine tenths fine, also fix the weight of the silver dollar at grains nine tenths Ane at
The balance of such sliver so received, namely, Arty per cent. thereof, shall be coined into stand- ard sliver dollars and the same or equal number of other standard silver dollars shall be delivered to the owner or depositor of such silver. Fifty per cent. silver so retained as bullion by the Treasury, shall not be disposed of prior to January 31, 1937, except for coining United States coins.
of such
AMERICA TO BUY
SILVER
At 64.5 Cents Per
Ounce.
MINTING PLAN
:
ARE HERE
AGAIN"
Xmas And Its Train Of Good Cheer
CLASH Heavy Casualties Feared
(From Our Special Correspondent)
Canton, Dec. 22. According to a military report received here from Swatow, London, Dec. 22. The people in Britain have good a heated encounter between reason to celebrate Christmas in the Fukien and Nanking cheerful spirit for conditions are now much better than a year ago, troops is now taking place towns of Hing and indeed for some years past, around the
The and there is general confidence Yaen and Shun Tai. that the improvement will con-
ON GERMANY'S AIMS Important Speech In House Of Commons
beat informed on the French at- titude.
De-
Inquiries and discussions. tween the various » Governments. and capitals had been going on and were now continuing.
London, Dec. 21. An important speech was made by the Foreign Secretary. Sir John Simon, who delayed his de- parture for his short Continental holiday until this evening in order
air John stated that he would see the French Foreign Minister in foreign affairs which mainly oc- to take part in the discussion on cupled the attention of the House Paris, possibly to-morrow. They of Commons before the House were in constant communication afternoon adjourned for and it was extremely important Christmas.
that they should get as closely to this
in under He remarked
had gether as they could that there prompt and vigorrus standing how the suggestions put
forward by the German Govern ment stood in regard to the polley
from
the
J}.
One
of
Disarmament Confer-
Washington, Dec. '21. President Roosevelt has ratified the London silver agreement, and has also ordered Government pur- chases of allver.
President Roosevelt made the announcement in a proclamation, in which he says that under the clear authority granted him in the tinue. This feeling is strengthened front column of the Fukien last session of Congress, he has by the multiplication of encourag-army under, the command of ratined the London-Silver Agreeing signs from all parts of the General Tam Kai Shau, the been very ment which has already been put country. Trade has continuously
still large has into effect. by the Government of improved; unemployment although famous defender of the Woo- efforts from more capitals thun substantially sung forts during the Sino-one since Germany's withdrawal India
diminished; revenue returns show Japanese conflict in Shanghai, ance. that the finances of country as compared with a year ago have launched a surprised attack on town near the Improved between sixty and seven- Shun Tai, a ty million pounds; the Budget Fukien-Chekiang border. outlook distinctly brighter;
The terrific battle did not. railway trafic returns is one of
cease until yesterday morning, most reliable, and the tone of the
Improvement in trade, particu- larly in retail trade, is borne out by the air expansion and in note to £389,883,916. This is highest circulation which last week rose figure publicly recorded since the treasury notes amalgamation of with Bank of England note issue. 007,554 last year.
The Proclamation, in accord- ance with the Act of Congress.
"allver opens the United States Mints to may dollars from silver which hereafter be produced
the coinage
of sandard
in "the
13
the most important had happened was things that that Chancellor Hitler, had been making some declarations by wire- less and other means which, what- ever we might think of their con-
to all the world.
and the requirements many's neighbours.
of Ger-
It was imposible to make any explicit declaration when conver- sations were being pursued. There was, however, a moment coming when undoubtedly these different gathered to- inquiries must be
"It recalls the terms of the silver United States and its possessions, Stock Exchange is usually firm. and it is believed that the cents, were of very great moment gether to see what result they
a definite fixed Resolution in the London Confer- ratio in relation the gold dollar ence which says that contingent agreement between the at such amounts as he find neces-on the
to governments of the countries pro- sary from
or producing and countries holding or
and expenses. -
subject to the depositors" of such silver surrendering to the Govern- ment one-half thereof as segnior- his investigation
age and to cover all usual charge stabilise domestic prices,
Dollars coined from one half of téct currencies and provided for using large quantities of silver. "Looking to the elimination of an gold unlimited coinage such as and silver at a ratio so fixed, and unnatural over-supply of silver such newly-minted silver wil be whereas, from investigations made on the markets of the world, this returned to the depositor and the by me, I find it necessary in the agreement, of course, was for the one half surrendered to the Gov- The total compared with £370,- day, although so far no bombs
Treasury-Reuter. ald of the stabilisation of domes- purpose of allowing the demandment will be retained by the and supply to govern the price of tic prices, and in accordance with the policy of the programme au- silver by limitation of neutralisa- tion. This oversupply is derived thorised by Congress, which is now being administered and to protect from melting silver coins, our foreign commerce against the
THOMAS AMENDMENT -
KING'S BROADCAST
SARRE
One declaration was of special casualties on both sides would be very heavy. Several scout-
same time sa Germany withdrew ing aeroplanes from the Interest to France. Almost at the Fukien Air Force made daily Herr Hitler said, "It would be of observations over the Fukien- the first importance for the two nations if Germany and France could once and for all ban the use of force from, their common Chekiang border almost every
No territorial conflict have been dropped from these
exists between the two countries aeroplanes.
BO far as Germany is concerned, General Chiang Kai Shek.once the Barre is returned."
The British Government had the chairman of the Nanking
been concerning themselves very Military Council, has again
"The Proclamation mentions the Before the short message which Thomas amendment to the Re-King will broadcast to his people covery Act, which authorises the throughout the British Empire on
silver content of the dollar.
there will be a programme to which almost al: parts of the Empire will to General Chen Chi Tang, the of the mother commander-in-chief contribute. country there will go out a des- First Group Army, at Canton
The President says that his in- vestigations showed it to be neces- sary that the silver price should
From the
lives
those declarations.
"India had power to dispose on adverse effect of depreciated for the markets of the world at any President to devalue the gold, or the afternoon of Christmas Day, despatched another telegram actively with what was the real
time and any price hundreds of millions of ounces of silver. She indeed had the power and capacity to dump silver derived from melt- ing Indian silver coins. In an amount eqnai to the world's pro- duction from mines for two years.
"This power and uncertainty at- tending its execution was destruc- tive to the value and stability of silver throughout the world."
eign currencies, that price of silver will be enhanced and stabi- lised, and, whereas, the resolution of Delegation presented by the the United States was unanimous ly adopted at the World Economic Conferer on July 20, by repre- sentatives of sixty-six Govern- ments which substantially provid- ed that the sald Governments would abandon the policy of the practice of melting up or debasing silver coina.
be
whereas,
be enhanced and stabilised in order to assist increasing and
cription of the actual conditions
stabilising domestic prices and to augment the purchasing power of the peoples of silver-using coun- tries and to protect the foreign "Referring to the United States' commerce of the United States undertaking to take exists from against the adverse effect of de- the mines annually at least up to preciated foreign currencies.
The proclamation will remain in 24,421,410 ounces of silver for four cur-years, this concludes the produc-force until December 31, 1937, un-Dublin
tion of the United States for 1992 less repealed or modified. which was approximately 24 militon ounces of silver.--Reuter.
ex-
a
Treasury
The Secretary of the is authorised to prescribe regula- tions to carry out the puposes of this Podiamation.
Such regulations contain a pro- substantially similar to provisions contained in the regu- lations made pursuant by Act of Congress on April 23,
-INDIA'S UNDERTAKING
silver That low. valued rency be replaced by silver coins. that legislation will not acted that will depreciate the value of silver, and, separate supplemental agreement be entered at the instance of re- pesentatives of the United States between China, India, and Spain. as large holders and users of sil-vision ver and Australia, Canada, Mexi- co, Peru and the United States as the chief producers, in which China agreed not to dispose of any silver melting up or debase- ment of silver coins and ladla agreed not to dispose of over 35,- 000,000 ounces of silver per annum for four years commencing on January 1, 1934 Spain agreed not 5.000,- to dispose of more than
This proclamation shall remain, 000 ounces of silver annually for the said period and both agreed in force until December 31, 1937 modified by thereafter to subject themselves unless repealed
known as
the Pitman "Act with such chan- ges as to determine and prescrib- ing how silver is mined after the date of this
proclamation from natural deposits in the United States or any place subject to the jurisdiction thereof shall be iden tiled.
Dr
to a general resolution adopted by Act of Congress or a subsequent
the World Economic Conference 01 such and in consideration limitation it was agreed that the five. pro- Governments of the ducing countries each absorb from mines in their respective countries a certain amount of silver, total to be absorbed by producing ounces countries being 35,000,000 per annum during the four years
the
CO-OPERATION PROPER "That such sliver so absorbed would be retained by each of the respective 'countries for four years to be used for, coinage or currency reserves or otherwise kept off the world market for such period. It is understood that from the total
Proclamation."-Reuter.
SENATOR PITTMAN'S
VIEWS
The President, after referring to India's ratification of the silver agreement, said that he
under stood that other nations were con- cerned about the Act. He said he believed that adherence would achieve "stability in the price of. silver and permit the law of sup- ply and demand to govern-Reu ter.
PRESIDENT'S PLAN.
"
He
produced
ני .
The Disarmament Conference was adjourned" so that these in-
hoped to resume the conference in January when statements "must" be made as to their results.
quiries might be made, but it was
Sir John quite agreed that they did not want to depart from the system of international negotia- tions in favour of merely 'bilateral discussions. He could not regard: at this stage, bilateral communica- ∙tions as other than an interme- diate or preliminary stage, which ought to lead to a wider interna- tional application.
of. Regarding the inspection armaments. he understood the
"
German Government, as part of
were pre-
es->
of purpose They had made it plain that in making such inquiries they were not expressing approval of some their general scheme, at the proposals which had been pared to contemplate one
international in- thrown out or indicated. But it tablishment of tainly was their duty to do their ments of all countries operating did appear to them that it cer-spection and control of the arma- utmost to clarify the situation and periodically and automatically. to find out what really was be- rind it.
in London and other parts of urging him to mobilise his country, and among others who troops to attack Fukien along wil take part will be a miner the East River. According to speaking from the bottom of Bed was Pit, the deepest in Wales, and the telegram, General Chiang
Inquiries had, in fact, been very a lighthouse keeper at Whiteley is said to have the Fukien Bay, Northumberland. The toast situation well in hand.
actively conducted and the British of "absent friends will be passed round the Empire from London to will personally lead an expedi- Ambassador in Berlin was asked and then "on in turn to tionary army composed of to come to London and see the Bermuda, Ottawa, Wellington, twenty divisions to invade Government..... Sydney. Bombay, Capetown and northern Fukien. General Lu back again to London, encircling the world in a quarter of an hour. Tiao. Ping and General Chiana Ting Wen, loyal supporters of Nanking have been instructed to push their army from Tai Shun and Hing Yuen to Ying Ping. The Nanking navy under the command of Ad. (From Our Special Correspondent) miral Chen Shao Fuh, the Minister of the Chinese navy, blockade the Fukien will cast.
-British Wireless,
GRAALDE thirstatteitada
SILVER MARKET-
Later. President Roosevelt has ordered
London, December 22. the United States Mints to coin half the annual production of
Following are the Silver QuotaTM twenty-four million ounces for the tions on the London market to benent of the producers, the other day half to be kept in the Treasury
as reserve,
The White House has estimated
cents an ounce, or half the legal that this will give a price of 641 price, and considerably above the
market price.
The coinage is subject to the producers' desire..
II fully exercised, it will mean the coinage of 813,900,000 in silver dollars-Reuter.
W.E.C. RESOLUTION
In the course of his proclama-
Washington, Dec. 22," Senator Key Pittman, Chairman of the United States Senate For- tion, President Roosevelt also re-
Committee, sald Zers to the United States siis eign Relations that President Roosevelt's action resolution at the World Economic meant an enormous increase in Conference and to the supplemen- the United States export trade and tary agreement between the silver would result in world-wide stabil-producers reached in Lon. End sation of the silver price at 64.5 continued: cents per ounce.
Spot'
In this respect there had un doubtedly been an advance in public opinion generally:
Regarding the League of Nationa the Foreign Secretary reiterate
that British policy was - un« swervingly to stand by and sup- It appeared that on the political port the League. Whilst they ob- Berved the declarations made in side of the technical questions of
sire for the revision of the League armaments, Chancellor Hitler had foreign countries Indicating a de- made propositions certainly intended to be formal they had no reason to suppose. proposals and that the informa- that any definite proposals were being advanced. He did not know. tion published that he was of any British Wireless. gesting non-aggressive pacts be-
which
were
tween Germany and her neign- bours was justified.
the
As Government understood it, proposals under that bead did not confine themselves to one particular neighbour, but were put forward for consideration by all Germany's neighbours.
SWEDISH VESSEL
SUNK
London, Dec. 22. aven people, including a stew ardess, were drowned when the Swedish steamer, "Castor," sank off Spurn Head, Yorkshire, after a collision with a Hull trawler,
LEAGUE OBLIGATIONS The beadquarters of the
In dealing with, the matter, the Dec. 22, Dec. 21.
First Group Army received Government had been very care- 19.1/16 18.9/16
information from. Fukien yes-ful to indicate that they had not 18.9/16 Forward... 19
the obligations which as. Kurd. The London on New York crossterday that General Tsai Ting forget on members of the League rate to-day closed at £US Kai
Nations and therefore, the form in which such pacts of non 5.094.
aggression might
A "HOLIDAY MARKET
Sterling
сто
London, Dec. 22.
New
be cast would
have to -be considered in view of the undoubted obligations which the Covenant put on the parties to it.
The accident took place during a thick fog, and the "Castor," a vessel of 669 tons, sank almost
immediately.
Seven survivors were picked up by the trawler, and were landed at Hull, yesterday,
The six male victims were mem- the crew.-British Wireless
The Government had also been bers of in, very close contact with those | Service,
General Chiang and Kwang Nai, the leaders of the Nineteenth Route Army, are busily disposing the troops to meet the Nanking onslaught. All the divisions of the 5th Army under the command of York was General Tam Kai Shau have quoted at 5.09-3/4 and Paris at been assigned to the front line 83-5/8. Gold stood at 126/3 pre-of attack while the troops of mium 7d.
Stock Markets are under holiday the 1st Army under General influences, but are generally firin. Shum Kwong Hon will be British Government stocks and responsible for the defence of Home Rails were well maintained and Kaffers show a slight improve the province. The 6th Army Arrs-British Wireless.
Yun will be on the reserve. ment while Internationals were under General Oong Shao General Mo Wei Shau, the commander of the 2nd Army
charge for the reorganisation of the People's Volunteers
"Now, therefore, finding it pro- Senator Pittman is most elated per to co-operate with other Clev at this "Christmas present" and ernments and necessary to assist Bald that he is confident that in increasing and stabilising, do- of 35,000,000 ounces; the United Canada, Australia, Mexico and "mestic prices, I direct that each Btates will absorb "annually at. Peru will act similarly and that United States coinage mint shall
of allver the increased silver value will in- receive, for coinage into standard RESERVE BANK OF INDIA has been assigned to take least 24,421,410 ounces
dollars, any silver which produced in the United States for crease the exchange, value of silver
such Mint, subject to certain re- to the same" ex- four years. Now, therefore, find-those countries. ing it proper to co-operate with tent, Including their buying ca- gulations prescribed by the Trea- other stabilising of domestic pri- pacity, which will aid "the_raising | sury is satisfied has been mined
tend subsequently to the date of this to establish a Reserve Bank on Corps. ces to augment the purchasing commodities' prices, and power of peoples in allver' using greatly to help the United States Proclamation countries, to protect our foreign recovery and hasten a return to
adverse normal conditions-Reuter. commerce against the
effect of depreciated foreign cur- rencies carry out the understand- ing sixty Governments that had adopted the resolution referred, to above; by virtue other legislation designed for national, recovery and by virtue of all other author- ity vested. I. Franklin D. Roose- velt, President
United of the
proclaim States of America do and direct each United States coinage mint to receive for coin- age into standard dollars any sil- ver which such mint is subjected
GEN. O'DUFFY RELEASED
RATIO UNCHANGED The present ratio in weight for fineness of the silver dollar to the gold dollar, shall be maintained until changed by the further or- der of the Proclamation.
"Notice is hereby given that I reserve the right to revoke or modify this Proclamation as the
Judge Says Detention Interest of the United States may
Is Illegal
Dublin, Dec. 22.
General O'Duffy, leader of the
to the regulations prescribed here- Irish Free State National Guard,
require."-Reuter,
OBITUARY
under by the Secretary to the who was arrested on Sunday, at Sir Henry Dickens
ed to make a speech to a gather- ing of "Blue Shirts," is to be re- leased immediately.
mined Westport, where he was schedul- Treasury is satisfied was subsequently to the date of this de- proclamation from natural posits in the United States or any place, subject to the jurisdiction' thereof.
The order for release was made by the Judge of the Supreme Court, who is satisfied that Cen- "THE" PITTMAN ACT
eral O'Duffy's detention is legal. No charge was preferred against "The Director of the Mint, with the voluntary consent of the own- General O'Duffy, but he was ar er, shall deduct or retain, of such rested on the grounds that he was silver so received 50% as reignior-wearing the uniform of the "Blue age and for services of the United Shirts," an organisation declared States so Government relative to legal by the President of the the coinage and delivery of all-Free State, Mr. Eamon De Valera,
-Reuter ver dollars.
London, Dec.. 22. Bir Henry Dickens, who wan last' Saturday knocked down by a mo- tor-cycle died in hospital yester- day, aged 84.
He was the sixth son of Charles Dickens, the famous novelist, and had a brilliant career at the Bar before being raised to the Bench.
He presided for 15 years over one of the Old Bailey Courts as Common Serjeant of London, re- ago. British tiring 15 months
Wireless Service,
New Delhi, Dec. 23. The Assembly has passed a 200
the lines of other reserve banks.
The Bank is to have a branch in London-Renter.
SOUTH MANCHURIAN
RAILWAY
Awarded Yen 70,000,000 Contract
Tokyo, Dec. 22
BUILDS STEAMERS
Orders Placed
With British Firms
London, Dec. 22. The Chinese National Govern
The Manchukuo Legation this mor- i ment has placed orders for two ning announced the award of a Yen vessels with Messrs, Swan Hunter, 70,000,000 contract to the South Man- Wigham and Richardson of Wall- churian Railway for the construction send, and for two others with of three railway lines, as follows:- Messrs. Barclay, Curle, of Glasgow. The vessels will be between 6,000 and 8,000 tons each. Reuter
From Tumen, near Kainei, on the Korean border, northward to Mutanking, crossing the Chinese Eastern Railway between Aiko and Hailin
From Panchen to Erbchan, and the eventual continuation of the line from Taitaihar northward to Heiko, near Blagoveschensk,
From Konpeiyingten to Lingyuan
JUNE" DIVORCED
Edinburgh, Des. 22. Earl Inverclyde has been granted
and an extension of the Chinchow-divorce from "June" on the ground of adultery which "June" and the Peipino Railway to Jehol, it is understood that construction co-respondent, N.B.A. Paanakker, of all three lines has already started. a theatrical producer, denied.
Reuter. Reuter,
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