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AMERICA'S PURCHASES
OF SILVER
MESSAGE TREATED WITH GREAT RESERVE IN LONDON
Suggestion Of A Vote Catching Measure
London, June 27.
London silver cucics are
Ein-
animous in treating the associated SILVER STOCKS
message from New York with the greatest reserve.
It is pointed out as 'nimost in- credible that the United States Treasury would announce its in- „tention to purchase a huge amount of silver before the end of the year, thus encouraging speculators forcing up the price, and it is also very doubtful whether it would be possible 10 purchase such an amount within the period.
DROP
In Spite of With - held Supplies
HONG KONG DAILY PRESS, THURSDAY, JUNE
GERMAN DEBT TALKS
Delegates Arrive In London
London, June 26. The German debt delegatės ar rived at Liverpool Street Station to-day and drove to their hotel with a Jewish taxi-driver.
HEAT WAVE IN SHANGHAI
Toll Of Six Lives
1
Shanghai, June 27,
The heat wave here, which yes- terday reached a temperature of 102.7 degrees has caused BIX deaths from heat stroke.
28, 1934.
SINO-BURMA'
FRONTIER
Cause of Recent Incident
Simis, June 27 The recent Sino-Burma frontier incident with skirmishes between A strong breeze brought some Chinese bands and Burmia Police rellet yesterday, and the populace was apparently caused by the local near the General Hospital had the Chief of Pangjung, penetrating. advantage of burst 20-inch first the undemarcated zone call- water main, which turned the vi-ed Bobswan, hitherto mutually re- cinity into a lake.
spected by Chinese and British.
A Berlin message states that prior to the departure of the de- legation for London the German Government despatched a note re- gretting that it was unable to ac-
A general abatement, of crime and secondly, Lato undisputed cept the arguments" of Great has occurred in the last two days. British territory westwards agreed Britain which, it states seem
no armed
robberies or street as the frontier where the collision occurred between the British mineral party on exploring work and the Burma Police. There were no casualties among the po-, lice, but Chinese casualties.
to be partially based on a mis-Aghts being reported.-Reuter. understanding of the proceedings
of the Berlin transfer conference..
It also regrets that the British Government thinks it fceessary to enforce its viewpoint by threaten- ing compulsory measures, whereby Germany will be compelled to take Corresponding defensive
measures-Reuter, WHY INVITATION IS ACCEPTED
[Special to the "Hong Kong Daily Press" (Copyright).]
Berlin, June 28. The German answer to the Bri-
New York, June 27. Stocks of silver held in American renneries dropped from 11,865,000 to 7,174,000 according to Statistics of Metal the Bureau despite the fact that refiners are tish transfer note handed in to withholding supplies
Downing Street on Monday was months in order to reap the bene-published here on Tuesday night. at anticipated from a price ad-Assenting the British offer for
the It seems more likely that Treasury will acquire silver quiet-ounces ly without disturbing the price in accordance with the recent state- ment of Mr. Heary Morgenthan, the Treasury Secretary.
It is suggested that the message may have been inspired with a the view to catching votes for Democrats at the coming elections. -Reuter.
PURCHASES OF SILVER:
American Treasury
Announcement
Washington, June 26. Administration, oficials" believe that the new silver purchases plan will cause a currency expansion of at least 2940,500,000, with a cor- responding increase in commodity prices by the end of the present
year.
This was disclosed in official quarters after Senator Dies had
vance.
for some
The silver market attributes" a 'sudden shrinkage to the fact that contracts entered into six months or more ago are falling due Reuter.
negotiation; the German message says that Germany regrets she is unable to follow the British stand- point which seems to rest partly on mistaken judgment of the re- cent Berlm transfer
ARMS EMBARGO cible measures.
AGREEMENT
Question Of Italy And Japan
London, June 36. Questioned as to the conditions reached by Italy to her acceptance. of an arms embargo on Bolivia and Paraguay, the Foreign Secre- tary, Sir John Bimon in the House of Commons to-day said he under-
andouiced that the Treasury De-stood that the Italian Government partment... had
already bought about 70,000,000 ounces, although, he said, the exact amount.could not be positively ascertained be cause the white metal was being purchased on Arnerican account in markets througnout the world. and the Treasury tabiilations were not yet up-to-date,
for
It is reported elsewhere that the average price paid hitherto silver by the Treasury has been
44 cents an ounce.
Estimate of Needs Senator Dies said the Bureau of Printing and Engraving is far be- hind, schedule in the printing of new silver certificates to be issued on the basis of the metal,
He said he estimated that the Treasury would reed. to buy 1,254,000,000 ounces to comply with the new law requiring purchases until silver, constitutes 25 per cent. of its monetary reserve
It is estimated that the above figure, added to what the Govern- ment already owns will give the United States, about 2,000,000,000
ounces
Treasury officials arrived at their $940,500,000 estimate by multiply- ing 1,254.000,000 ounces by 75 cents, saying the United States would be lucky I it obtained around one- Afth of the world's total supply without paying more average of 75 cents an ounce,
than" an
Treasury Statement
had made their acceptance of the contemplated measure conditional
upon acceptance by a number of other specified Governments.
As the Italian list included the USS.R. and Japan, invitations
duly transmitted by were
the League Committee of Three to the Governments of these two coun- tries to participate also,
conference.
and. moreover, that the British Goverment felt it necessary to push arguments by threat of for- Because of these, the German Government, is neces- sitated to have recourse in corres- ponding measures to ward off the worst injuries they would infljet to the German Trade, On the assumption, nevertheless, "that the. British Government is interested in the regulation for the problem which is fair to both countries and whose solution does not rest solely with Germany, the invita- tion to immediate parley is accep ted. Transocean Kuo~ Min.
GERMAN TAX YIELDS
A Substantial Improvement
Berlin, June" 27.
"MONUMENT TO POLICE
Unveiled In Shanghai
A
Shanghai, June 27.
DR. INGRAM'S MURDER SEQUEL
POLICE ROUND UP THE GANG
French Action In Fukien Outrage
Pelping, June 27.
According to Chinese circles, the
bandit who shot Dr. J. H Ingram, ADMINISTRATION
of the American Board Mission, was arrested yesterday afternoon and sent to Tientsin under heavy" guard for trial." The baridit, whose name is Po Yu Shen, resisted ar- rest by opening fire on the police party, but was filñálly overpowered and confronted with confessions of alleged confederates of his
afe reported to have 'confessed to the killing-Reuter.
The Pang-jung Chief has now established himself at Manchu, | who Hohswan, and additional police have been despatched to protect undisputed British territory.
Rains haves stopped further
fighting-Reuter.
monument erected to the EXCHANGE FUND
memory of 235 Bureau of Public Safety police officers who fled in the course of their duties, was unveiled yesterday morning by the Mayor of Shanghai, Mr. Wa Teh- chen,
At the impressive ceremony, Mr. Wu paid tribute to those who had laid down their lives for the best traditions of policemen-Reuter.
IL DUCE PLAYS
HOST
Dinner to Chinese Mission
Rome, June 29. Following the Chinese Legation dinner on June 1, Mussolint gave a dinner in honour of Mr. Lu Wen Tap and Mr. Yu, Fet Peng, the Vice-Minister of Communications who are heading the mission to Italy to study clvli and military communications. Many leading politicians and diplomats were present.
Mr. Yu Fei Ping was given an audience by the Pope and present- ed" him with a length of silk tapestry embroided with birds and flowers as an augury of peace and good fortune. The Pope discussed conditions in China with him in the most cordial terins.
A substantial improvement. in tax yields is reported by the secre-
Yn Fel Fing is also studying the The Government of the U.S.S.R.tary of the Finance Ministry in
working of the Fascist system, had announced their agreement. the course of denying that a
fresh tax will be imposed with a which, he says, the Chinese, hold The position as regards Japan was
view to promoting German exports.in keen admiration-Reuter. that a formal agreement had 'not yet been given although it has He said that the tax yield in April was 120,000,000 marks been explained that no exports of and May
above. the corresponding two months of 1933. He was certain. that fiscal receipts will exceed the budget estimates by hundreds of The Italian Government had millions marks ond they were thus also stipulated that current con-enabled to cover fresh necessary tracts, should be exempted from expenditure-Reuter. the proposed embargo.
arms had in fact been sent from Japan to Bolivia or Paraguay.
Italy's Stipulation
This difficulty had not yet been
overcome, though the League Com- A BLOW TO THE
mittee of Three had recommended that such a reservation was to be made, a definite and very brief time limit should be laid down, į-during which it should be opera-
tive.
Sir John Simon added that he had no information as to the duration of the existing Italian contracts.
Over thirty countries have de- clared their agreement in principle with the proposed arms embargo, Italy and Japan being the "only two Governments on the list of those approached from which such. a declaration has not, as yet been
The Treasury announces that siiver receipts under the executive order from December 21, 1933. until June 22, 1934, amounted to 8,345,000 ounces, while purchases reached.British Wireless.
for the week ended June 22, total- led 380,532 ounces,
Purchases are now, being made from the general fund of the Treasury rather than from the Stabilisation Fund. The value of sliver bullion held on June 22 was given as 845,828,000, as compared with 844,873,000 on June 1.
Gold receipts, under the anti- hoarding order, amounted to $28,119,000 in gold
and coin. $60,453,000 in gold certificates Reuter.
WAR 'DEBT NOTE-
London, June 26. The British Government's reply to the recent American Note on war debts will be delivered in Washington to-morrow. British Wireless.
PRESIDENT ROOSEVELT ·
DISAPPROVES
Fourteeu Bills Vetoed
י.
NEW DEAL
Action by Judge Barnes
Chicago, June 27.
TUNGANS IN POWER
Now Control Kashgar
Simla June 27.
The. Tungans are now in control of Kashgar and practically all of Southern Sinklang to the Afghan and Kashmir borders.
According to messages received here, renewed fighting recently occurred between the Tungans and the attacking forces' from the North Province, presumably direct
A blow against the New Dealed by local official Chinese with was struck by Federal Judge Barnes Turki help..and under Soviet in-. who enjoined the Government Яuence.. from enforcing the provisions of The Turki element in Southern the Agricultural Adjustment Ad-Sinklang under the leadership of ministration against six independ- Hodja Miez, who claims to be the ent Chicago milk dealera.
Judge Barnes pointed out that Wallace was empowered to regu- late agricultural commodities "in currents of interstate, commerce." Judge Barnes argued that milk pro- duction was not interstate.com-" merce.-Reuter.
SHIPPING SUBSIDIES
London, June 27. Newspapers' forecast that the Government plans to ald British shipping, to be announced in the "House of Commons on July 3, will take the form of credit facilities to build new ships, provided the old tonnage is scrapped, at a ratio of three old ships for every new ship.
Washington, June 26. After announcing his intention of broadcasting another message to the nation on Thursday evening, President Roosevelt to-day vetoed no fewer than fourteen routine Bills which had passed through Congress during the closing days, The President disregarded the usual custom of allowing the measures to die a natural death for.. want of the Presidential * According to the "Daily Mail," signature. Instead, he wrote on the Government has also decided each "Disapproved" appending a not to make payment in kind in brief statement of the reason for respect of the United States war
debt-Reuter. refusal to sign-Renter.
head of the Turki Republic, is now. reported to be desirous to return to the Chinese regime provided Soviet influence is excluded Reuter,
POLISH TRADE DELEGATES
London, June 26, Monsieur Sokolowaki, at the Polish Ministry of Industry and Commerce, and Monsieur Rose, of the Ministry of Agriculture, who are heading the Polish delegation to negotiate with the British Gov- ernment a new trade agreement, arrived in London to-day.
".
UNOPERATED
Small Demand for Sterling
London, June 27. After prolonged intervention the British Exchange Fund is un- operated to-day.. Sterling is strengthening on its own, accord owing to the small general · de- mand.
It is believed in some quarters that silver news with possibilities of inflation is causing uncertainty in future gold currencies, resulting in sinal purchases of sterling.
WD
The Reichsmark frmed sharply to-day. Yesterday, due to small purchases on a narrow mar- ket, the movement was out of pro- portion to the volume of business.
Dr. Ingram was shot during a struggle with one of the' robbers who entered his summer home at shihchungsan - In the Western Hills on June 13. Representations were made to Nanking, following which rewards were offered for the apprehension of the "assailant MORE REPRESENTATIONS TO NANKING
FUNDS
Misuse Alleged
¡From Our Special Correspondem)
June 27... Canton.
looking The police to-day are high and low for Yim Pok Kan, former magistrate of Poon Fuen examination County, because on
of the books of the county ad- ministration it is found that h sum of $450,000 has not yet been accounted for.
Over 8300,000 was to be remitted to the Provincial Department of Finance as contributions for the farm taxes of Poon. Yue" County, .. and certain sums for the estab Peiping, June 27. Advices received here are to the lishment of a peasants bank and effect that the Communists who repairing a damaged levée abut-2. kill the Rev: Fr. Martin looted ting upon the Pearl River are the Mission property.
Mr. Yin Bej, missing.
WDS Theo The French Consul in Pooebow | twenty days to square
up this
is urging the authorities to pro- amount, and the time limit "ex- ceed against the culprits and thepired last Monday. Legation is making representations to Nanking.—Reuter,-
LONGSHOREMEN'S
STRIKE
Labour Board to Investigate.
Washington, June 17
The trony of the situation is that Ylm is known as the "modek. magistrate." During his regime Magistrate Yim built one fine county administration · building facing the Pearl River about 12: milles from Canton. Any one who enters or leaver Canton by ziver?" is certain to pass through Shon » Cho, leading town of Poon Yue and can see the imposing white building with massive dome. There are also several piers for launches and two or three modera roads at Shun Cha
Magistrate Yim lived in Canton The "Financial News" estimates
during his tenure of office. _, do-i that the Exchange Fund has spent
·President Roosevelt, by an exe-reach his county seat every mor- £10,000,000 from gold stock to sup-cutive order, his established a Lab-ning. he owned a powerful speed
port sterling since the weakness started. Reuter,
SILVER MARKET .
(From Our Own Correspondent)
London, June 27. London.silver prices to-day were up one-eighth, as follow:-
June 26 June 27. 20.5/16
*20.7/16
201
rate
Spot
Forward ...... 201
The London on New York cross- at 2.00 p.m. to-day was 5.04, compared closing yesterday.
with 5.03
at
CONTROL OF
RUBBER
Agreement Well Advanced
Landon, June 26.
A communique Issued by the second meeting of the Internation- al Rubber Regulation Committee states that the Committee' wel- comed Sir George Beharrell (Bri- tain) and Herr Otto Friedrich (Germany) as members of the Ad- visory Panel of Manufacturers.
Matters relating to the organisa- tions and the preparation of statistics were considered, and also reports from the various delega- taken to tions on the measures implement the obligations of their territories under the international agreement.
The Committee is very satisfied with the progress made in the latter direction, which has been very well advanced.. The next meeting of the Committee will be held on July, 31-Reuter.
MANCHUKUO DEFENCE
Tokyo, June 27, The delegation will be formally received by the President of the The. so-called Manchukuo has. Board of Trade Mr. Runciman, offered, and Japan has accepted, a and Colonel Colville, Parliament-sum of yen 9,000,000 as the so ary Secretary: of the Department, called Manchukuo's share of the.
In 1994 of Overseas Trade, to-morrow cost of joint defence
Reuter. British Wireless,
our Board under the chairmanship boat, which took him to his office of Rev. Edward Hanna "to deal and hack every evening. But all with the longshoremen'a strike on the time he was acquiring a for- the Pacific Coast.
The Board is authorised to in- vestigate facts and issues and re- port its findings with recommend- ations to the Fresident-Renter.
tane, and this led to his dismissal
The Three-Year Plan insists on. having clean and efficient officials, and corrupt public servants are Hable to capital punishment.
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