HONG KONG DAILY PRESS, WEDNESDAY,
FEBRUARY 28, 1934.
MANCHUKUO IN COMMONS
AMERICAN LEGISLATION AND
CHINA'S TRADE
Shanghai Appeal To President Roosevelt
A lengthy cable containing the considered views of the Shanghai Foreign Residents' Association bas been sent to. President Roosevelt in connection with the silver ques- tion. The views submitted repre- sent those of twelve" nationalities.
ANXIETY ABOUT AUSTRIA
The message "Earnestly requests Basic Ideas For The
you to cctisider the effect on China of any proposed silver legislation. "We consider it essential that le- gislation be limited as affecting the price of silver in the U.S.A. without affecting world prices.
Future
Vienna, Feb. 27%
The situation in Austria is very obscure and is leading to general "It is necessary for the prosper- nervousness in Europe, Messages ity of China that the price of sil from the provinces report further ver must only be advanced pro- movements of troops but, an oft- portionately as the general commo- | cial announcement explains that dity prices advance. China escap-only & few companies of the ed the major effects of 'world dow Heimwehr Auxillaries have been pression through her low sliver. transferred to new points in Upper while other countries experienced Austria in order to ensure ˆ tran- a disastrous result owing to the quility and order, high value of their currency unit. and remedied it by devaluation.
"China's imports must be paid by exports, credits. to China, OF by draining the country's sliver. The rise in silver would cause a dista- trous collapse in land and commo- dity prices which we believe would necessitate an embargo or an ex- Port duty or silver, thus putting "China on a manage currency."
MR KUNG PREFERS SILENCE
Nanking. February 27. Interviewed by the Chinese Press on his return here from Shanghai this morning. Mr. H. H. Kung. Chinese Finance Minister, declined to discuss the sliver question be. yond saying that the matter is re- ceiving the Government's closest consideration.
Meanwhile it is reported that the silver question will be discussed to- "morrow by the Central Political
Council.
#
ANGLO-ITALIAN TALKS
A Tentative Agreement
(Specia¡ to “Hong Kong Dally Press") (by Telegraph, Copyright, Ide- graphic Messages Ordinance, 189.4. Received, February 27, 7.30 p.m.)
Rome. February 27,
An official communique regard- ing the conversations. between Signor Mussolin and Captain An- thony Eden, Lord Privy Seal, says that both statesmen have examin- ed the fresh Anglo-Italian D15- armament Memorandum.
They have arrived at an agree ment, as to the steps to be taken, especially as to the possibility of It is stated that the reported discovering new basis for a movements of troops Retr the general understanding. frontiers of the neighbouring Although the Italian press have countries are merely precautionary not made any editorial comments and do not constitute a threat un-on the subject, they appear to be less attempts are made to alter optimistic as a consequence, of the the frontiers by force.
communique.
those of Italian fascism..
According to Prince Starbem- An agreement between Mussolini berg, the basic ideas for the future and Eden appears to be confirmed Austrian Constitution is a tran-by the fact that no further inter- sitional period which will take view between them is foreseen be- fare Captain Eden leaves for Paris fifteen years will be identical to where the decision must be taken As Austria, Italy and Hungary as to whther the compromed haye turned their backs on demo- formula agreed upon will prove ac cracy, their friendship can become ceptable to the French Govern- deeper, and a practical form of co-
ment.-Transocean, Kuo Min, operation is of secondary import- anoe. The failure to oust deino- cracy must lead to the coming Nazism. The unbridgeable gulf between Austrian Fascists and Herr Hitler arises from their deter- mination to keep Austria indepen- (ly Telegraph, Copyright, Tela dent of the insistence for a Chris-graphic Messages
·Ordinance,„ 1891 tian Austria and the rejection of Received, February 27, 100 p.m.) the Utopian race theory.--Reuter.
THE DESTINY OF
SILVER
Dangers and Contradictory Motives in
Currency Inflation Proposals
It would at least be a little help- ful if those who want to see "some- thing done for süver" would segregate their arguments into naturad classes, writes Thomas F. Woodlock in the "Wall Street Journal."
If those Senators, representing States interested in producing silver. who want somebody if possible the United States-to buy their constitutents' product at higher prices, would be satisfied to say so with frankness, and leave to others the merits of bimetallim and the interests of the silver- using East, the catise of silver would not suffer.
also told that "it would stimulate trade between the so-called agri- cultural and the so-called indus- trial countries.'"
NO RISKS TO BE TAKEN »
(Special to "Hong Kong
...Daily Press")"
Paris, February 27, No financial experiments will be risked by the French Government, so the Minister for Finances, M. Germain Martin, declared in the course of a speech to a body of bankers, in which he stressed that neither inflation nor devaluation 4.2.3 contemplated for the E- organisation of French finances which will be achieved by econo- mic financial reconstruction with the co-operation of afl men with goodwill, Transocean Kuo Min..
China and India MARCHERS AT
DOWNING ST.
Bold Retort By Leader
are supposed to contain some 800 millions of people and the silver hoards in the two countries are estimated at some Ave billion ounces.. At 40 cents an ounce, the fotal "wealth" represented by these hoards would be two billions of dollars, which would be two and one-half dollars per capita. To raise the present price of silver to 40 cents would increase the per
London, February 27. capita "wealth" of these countries
Notwithstanding the Premier's by about one dollar. How much refusal to receive a deputation of effect would such, an increase have the unemployed, a Marchers' de- upon their "consumptive power?" putation of forty Marchers, headed What effect would the increase by the Commoners Maxtor and produce upon their internal price- debt situation?
A
McGovern, marched to 10, Down- ing Street and demanded to see the Premier.
the
rnment closed all constitutional doors against the unemployed, there were other doors with which they will have to deal-Reuter.
white rabbits?" hare get in among the season's
ITALY GOING OFF GOLD?
Rumours Caused By Fall Of The Lira
London, Feb. 27.
The recent weakness of the lira has given rise to rumours that Italy is to follow Czechoslovakia's example. Sound bankerspoint out that the weakness of the lira is seasonal, But it is aggravated: by withdrawals of funds which the Italian emigrants to America pre- viously, transferred in order to safeguard against depreciation of the dollar. The lira after touching a discount of over 300 per cent. În relation to the franc is now slight- ly recovering.
The" Financial Times"
Paris
Sir John Replies To A Question
DIPLOMATIC AND POLITICAL SENSATION
Mysterious Death Of Soviet Embassy Official
Istanbul, February 27.
A first class sensation was creat-
"London. Feb. 27, chukuo Department of Communi- "I am not aware that the Man-
cations has made representations in regard to improved postal ser- ed in diplomatic and political cr- ALARMING vices between Europe and the Farcles here by the death East," said Sir John Simon. reply sterious circumstances in
and my- ing to Mr. Nunn in the House of
which Ivan Michin, 35 years old, Second Commons.
Secretary to the Soviet Embassy at bathroom of the Soviet Consulate Angora, was found dead in the
half an hour before he was due to sall for Odessa, whither he was ordered last week on his return
The Foreign Secretary the question of settling the postal added
accounts had been raised.-Reuter.
Correspondent states that appre- GREAT DAMAGE from Moscow by the Ogpu, the
bension exists as to the future of. the franc and points out that the Treasury" which was obliged to p ineet maturities Voß * about £120,000,000 sterling before the end of July relies on the holders agreeing to renew their holdings. but if bills are not renewed, if public expenditure is not drastical- ly cut down and If the budget is dot properly balanced, then In- flation is inevitable.
י
DONE
America In Grip Of Storms
been
New York, Feb. 27. "The terrific snowstorm con- tinues. There have deaths already in the Eastern States; while in four Southern were rilled by tornadoes which have done great damaga...
Ohe other great danger is "that the persistently increasing pro- duction costs of French manufac-States, sixteen turers are rapidly losing foreign overseas markets.
The high tariffs, quotas, etc., are likely to result in increased cost of living, and therefore higher wages, thus accentuating the dif- ficulties.
The paper states it is important that French producers secretly favour the revaluation of the
franc as it is convinced that the franc was stabilised at too high A Agure-Reuter,
SILVER MARKET
(From Our Special Correspondent)
London. February 27. Following are the Bliver Quota tions on the London market to day:
Feb. 27 Feb. 24, 20.3/18 20.9/18 201 201 The London on New York cross- rate at the closing "to-day was 5.081.
Spot Forward
Strenuous Official Denial
Rome, Feb. 27. Rumours that Italy is contem- plating leaving the gold standard
are
The Red Cross are rushing sup- plies to the devastated areas.
A gang of 31,500 men are clear- ing the snow in New York. There' are great snowdrifts throughout New Jersey.
Secret Police Organisation for whom he was working. One theory is that he preferred to kill him- self rather than go back, another being that he was murdered for refusing to return.
The Turkish police. Incline to the belief that it was a case of murder. Reuter,"
PLUNGED OVER
BRIDGE
Fatalities In Train Disaster
Pittsburg, Feb. 27.
The engine and several coaches plunged over a bridge-Reuter.
DUE TO FROZEN SWITCH
SITUATION
IN FRANCE
Mercantile Marine Laid Up
Paris, Feb. 27. An alarmed situation has arisen in the French Mercantile Marine about one-third of which is said to be laid up as a result of French Tarift policy, the fall of foreign currencies, particularly the pound to the dollar, and the foreign shipping subsidies.
The maritime deputation' urged“) M. Doumergue to facilitate legis- lation to protect shipping, includ÷ ing a surtax of five per cent on all import duties to provide un- employment benefit to the seamen, and the creation of free ports in France, the provision whereby sub- sidies are paid to French colonial growers of rubber and other pro- ducts in future to be paid only. to growers shipping products by...... French steamship lines-Reater.
ANGLO-YEMEN TREATY Objects Revealed By Sir.
"John Simon
The fishing feet at Province At least five were killed and a Town, Massachusetts, valued at score of others were injured in the half a million dollars, was threat-deraliment of a passenger train ened with destruction by being near here. crushed in the harbour by ice floes or breaking away from their moor- ings. The shermen were tran- tically trying to save the vessels, daringly walking on the larger floes and dragging the small boats to tow the larger craft-Reuter.
DEATH ROLL NOW SIXTY
New York, February 27. It is believed that due The combined death throughout the country from the
roll frozen switch the engine and tend- er plunged over the viaduct into bilard and tornadoes in the Sou- the street below, but two sleeping resident at Aden and representa thern States 19 now estimated cars and a dining car remained at 60, including eight deaths in on the track. the New York district.
a
a
New York, February 27. In the railway derailment men- tioned earlier, it is now reported that 20 persons were killed and 40 injured.
to
+
The Aremen with saws worked under the Night of torches and cut thirty-through one of the
coaches to
to
Following the cessation of continuous snowstorm, slx hours' fight was begun to re- establish communications with the sons had hitherto been sent
reach the passengers. Forty per small towns where at least
one hospital while similar passenger train
number and nur s freight trains were blocked by
had to be carried or assisted from the wreckage.-Reuter, snow drifts. The task of clearing away the snow in New York w provide several days* WHI 35,000 men.-Reuter."
strongly denied by Signor WORLD'S
Jung, the Finance Minister," who, declares in his own name and in that of Signor Mussolini that the Italian Government is deter- mined to maintain the dira, an- chored to the gold standard as fixed by the Stabilisation Law enacted on December 21, 1927- Reuter.
BETTER.WAY IS TO CUT PRICES
- New York, Feb. 27. Leading bankers here are dis- cussing the question of a further cut in the gold value dollar as commodity prices are not rising as anticipated, but some of the sections in Wall Street are of the opinion that a better way to raise prices will be to cut them, thereby stimulating a demand which in time will advance prices-Reuter.
for
BOXING
TITLE
Holder Wins
Paris, Feb. 27.
In a fifteen round contest for the world's middleweight cham- pionship, last evening, Marcel Thi, the holder, outpointed Ignacio' Ara of Spain. Reuter.
DR. HABICHT'S ULTIMATUM
Landon, Feb. 26. Referring la the House of Commons to the treaty of friend- ship between the United Kingdom and India and Yemen recently signed by Colonel Reilly, British
Foreign Secretary Sir John. Simon tives of the Imam of Yemen, stated that before the treaty was signed, Colonel Reilly, reported that .conditions attached by the their consent to its conclusion had United Kingdom Government to been fulfilled. These comprised the evacuation of those portions of territory of Aden Protectorate which were still in Yemen occupa- tion, the release by the Imam of certain subjects of the chiefs of Aden protectorate, and the raising of restrictions which had been placed by the Imam on overland trade between the protectorate and Yemen The main object of the treaty was to settle the question of frontier between and the Protec-.
No Trouble Feared torate and Yemen. This had been
Vienna, Feb. 27.
done by mutual' undertaking pro-. viding for the maintenance of the. situation in regard to the frontier The Chancellor's Office an- as it existed on the date of aign nounces that Dr. Dollfuss is sending the Treaty and for the pre- ing no reinforcements to the fron-vention of its violation pending tler and all is quiet along the negotiations for the Anal settle- Austro-German border,
ment..to be initiated before the ex-
the present. treaty
:
Moreover, no trouble is anticipat-["piration.of ed to-morrow when Dr. Habicht'e which is to remain in force for ultimatum expires.
forty years. Sir John Simon add- Cardiff, Feb. 27. Habicht threatened the renewaled that the Government regarded Jack Petersen, fighting in the of anti-Government activities in the settlement as most satisfac third contest of a "Comeback" campaign, beat Harry Crossley, to co-operate with the Nazis
Austria unless Dr. Dollfuss agreed tory and consider that it reflected the
great credit on Colonel Reilly. *former light heavyweight Reuter.
British champion, the referee stopping the fight in the tenth round of a Ofteen round bout.--Reuter.
STAVISKY'S PRINCELY
GENEROSITY
Some Of The Cheques He Issued
(Special to "Hong Kong Daily Press") (By Telegraph, Copyright, Telegraphic Mages Ordinance, 1892 Received, February 27, 130 p.m.); Paris, February 27, The parliamentiary commission enquiry into the Stavlky scandal began the work of examining eight hundred cancelled "cheques Issued by the late "Prince of Swindlers" in the course of the last period of his glamorous life,
Although only part of this
Paul Levy who received two che- ques of one hundred thousand franes and two hundred thousand francs respectively.
The director" of the Radical-50- clalist, paper, “Volante,” Du Barry. obtained four hundred thousand francs, while four cheques, totall ing four hundred thousand francs
If those who are interested in "Eastern trade" would note. the fact that of all the countries in the world these silver-using coun- tries alorie in this distressful year: seem to have done a larger volume,
Changes On Exchange Rates
Upon the Secretary gating that of "foreign trade" than they did When the country's "money Mr. MacDonald was not even in in pre-war years, and tell us how unit is rising in terms of the the building, Maxton told the and why that requires us to raise money units" of the outside world, Secretary that he regarded the in the price of silver we might better there is a mporary stimulus to ident as a personal insult and he understand their arguments.
imports of commodities and ser- would raise the "matter in And if advocates of bimetallism vices, and a temporary check to House of Commons, who tell us on the one hand that exports, but when the relation of Addressing the deputation out- it is necessary to remonetize silver the respective untis stabilizes, side, Maxton dwelt on the peace- in order to raise prices of com- stimulus and check cease to operable nature of the steps taken modities, and that on the other ate. Trade then tends to settle hitherto, but said that if the gov hand the quantity of available back to a normal exchange of silver is so small that there is no goods and services against goods danger of Gresham's law operate and services, whatever may be the ing, would elect one or other of rate at which the exchange these stools to sit upon, we should stabilizes. It is changes in ex- be less confused. They cannot change rates and not the rates have it both ways. A small ad- themselves which affect trade. dition of silver to the "stock of rise in silver to 40 cents would at money" will obviously not affect once cause a fail in Internal prices commodity prices much; addition | of
the commodities which China of enough to put prices up would and India export to the outside
Like Talking Religion in all probability set Gresham's world where the world price. 15 There is something about silver law. working, and drive out good measured in gold. The effect upon that invests all talk about it with money with bad.
all debtors would be precisely that that curious tendency toward in One thing at least can be said which the rest of the world is be- tense feeling that characterizes for silver as against all other walling. Manufacturing profits discussions in religion, party poll amount have been sorted out so were made out to Stavisky's legal methods of tinkering with the would swiftly disappear, umemploytics and single tax. Most people Tar, names of some of the payers advisen the Radical-Bocialist De- "money unit" in order to put up ment assert itself and all the eem to believe that there is a revealed by the investigation giveputy Bonnaure. prices of commoditica: the phenomena with which we are mysterious link between the price rise to further astonished com- The director of the Nationalist, "management" of silver currency sadly familiar would present them of silver and commodity prices in ments on a large number of peo- "Liberate," got fifty thousand will be in nature's hands. She will selves in so far as the circum general, and that to put up the ple belonging to politics, who pro- i francs, and last but not the least, determine how much "money" is stances permitted. In what would price of silver is to put up all com- fited from Stavisky's liberalities. the secretary of the former foreign to issue. With all her remarkable the "agricultural population of modity prices. Not a few, it seems, Outside of cheques totalling minister (Paul Boncour), Suzanne capacity for supplying things when these countries benent beyond the believe that it is the fall in silver forty million francs made out by Blum got two cheques of five they are badly needed (and there i increase in the value of the that has pulled all prices down. Stavisky to his own order, between thousand trancs each Transocean is profit in their production) she, "hoards" that they might possess? Whence the atmosphere of super-seven or eight million francs worth | Kuo Mis; still cannot match the printing We are told that all the mined stition that surrounds the white of cheques were made
payable press, If we must have currency gold in the world, visible and in- metal?
to the Banque Amar, "R similar inflation, by all means let it be visible, could be put in a room It is this writer's humble opinion total to Stavisky's secretary, Vo- "silver inflation" and not páper: 31x31x31 feet, and that all the that it would be a good thing if magnillo, three to four millions to But let us measure the probable sliver mined in the world could be silver could again: be "monetized Director Desbrosses of the Mun!- results, the good against the bad. put in a room 31x31x440 feet, inome way, if only to dissipate cipal Pawnshop in Orleans, several We are told that an advance in Well, in the name of William Gra- the curious hopes and fears that billons to the director of. "Circle the price of silver td 40 cents an ham SumnerWhat of It? We prevail concerning its destiny, But Hippique," Triboude, eight hundred olince "would increase the con- are told that silver at 40 cents an he fervently hopes that pending thousand francs to former deputy sumptive power of the majority of ounce would increase the 37 bil such "monetization" wholly or in Boyer, and seven hundred thou-electric lights. The necessary. the population of the agricultural lions estimated income of the part, no nation--least of all our sand to the former attache to the equipment from England totalling world 50 per cent actually, and an American people in 1932 to 65 own-will attempt any preliminary Finance Ministry, Guibaud-among many tons will be transported Tour added per cent. paychologically," billions in 1934" How in the "valorization" a la Bland. act of other prominent people on the hundred miles from Darjeeling by and we are told that "silver is used name of Trismegistus could this 1878 or Sherman act of 1890. That, list who benefited from Stavisky mules, yaks and Tibetan engineers, by 75 per cent. of the world's happen? Where are the 28 billions it seems to him, is what our "ilver is the director of the National trained in England, will install the agricultural population." We are to come from? How did this March Senators" are really after. Socialist periodical "Aux Ecoutés” plant.Reuter
Electric Lights For Lhasa
London, February 27, Lhasa is about to have its own
Wireless..
To err is human
~~ but it is unpardonable to prr in using sub.. ̈stitutes or imitations, as then your health will be at stake. Do not be led astray by: a cheap price or a floring advertsement which unscrupulously promises to cure all sorts of diseases. Place your confidence in
Bayer's Aspirin
which has proved invaluable for more than, 30 years.
Bayer's Aspirin does not harm heart or kidneys, is entirely innocuous and will also quickly help you to overcome
colds, fever, influensa, theumatism, headache, etc.
Each original packing and tablet bears the "BAYER CROSS" the well-known trademark.
Beware of imitations!
BAYER