BELGIUM REMAINING ON
GOLD STANDARD
Franc Devalued: Payment In Gold Suspended
Brussels. March 29.
The Governmen; has announced that Belgium' is remaining on the gold standard, but the Belgian franc would be devalued to a de- grec not below 30 per cent.-. Heuter.
TWENTY-FIVE PER CENT.
Brussels, March 29,
The gold reserve of the National Bank will be revalued provisionally at a level depreciating the belga 25 per cent. compared with the pre- sent value.——
Reuter.
म
OFFICIAL DECLARATION
Brussels, March 29.
A ministerial declaration says that the Government recognises it is" impossible to defend the franc at a level hitherto adopted as parity and the franc will therefore be modified. The obligation of the National Bank to meef sight and bearer notes in the conditions laid down by the statutory regulations of 1923 will be suspended.
The declaration adds: "We pro- pose to use all the means in our power to hasten the establishment,
of an International Court whereby the principal montes of the world would again be stabilized on gold.
GOLD PAYMENTS
LONDON UNSHAKEN
LONDON
London, March 29,
The city
is unshaken by the Belgian events, though eagerly awaiting news of possible reper cussions among the rest of the Gold, Bloc. A striking similarity between the course taken by the Belgian Cabinet and Presidenį Roosevelt is emphasised. M. val Zeeland, like President Roosevelt,
asking "authorisation for N maximum devaluation without at present tying down himself to an ultimate rate of devaluation, keeps a powerful bargaining weapon for the coming international stabilisa- tion talka
M. van Zeeland's known admira- tion for President Roosevelt en- courages the belief that he will. follow in the President's footsteps. utilising paper »profit accruing from, revaluation of gold reserves, in order to provide resources for the Equalisation Fund.
DEMAND INTENSIFIED
The news lent a fresh impetus
to the already been continental demand for sterling, but failed to Impress the Stock Exchange where the news
had been discounted: Consequently the shares of the companies which are likely to kuf- fer from intensifed competition in the world market did not show further reaction..
The ministerial declaration au- thorises the National Bank to us- pend payments in gold. It states that a special organisation will be appointed to supervise the credit
"BLOOD TRANSFUSION" policy and the rate of exchange will
Paris regards the action of be established by the Cabinet. "A | Belgium Bloc and is keenly watch- temporary regime starts function-thig whether the Belgian internal "ing on March 31.
Although Belgium is temporarily | divorced from gold, the declaration reasserts "the Government's desire to ultimately return to gold.- Reuter,
it
NEW CABINET..
IN POLAND
Colonel Slawek At
The Helm
14
(Special to the “Hong Kong Dally Prem"),
prices will remain stable in ae- accordance with the theories of French devaluationists, in which event there will be increased agita- tion for similar action by France.- Reuter,
THE DUKE RETURNS
"
HONG KONG DAILY PRESS, SATURDAY, MARCH 30, 1935.
OUTFLOW OF
GOLD
London Shipments To Paris
Paris," March 28: Eighteen million pounds sterling
avaliable.
REYNOLDSTOWN WINS GRAND NATIONAL
Three Lengths Ahead Of Blue Prince
GOLDEN MILLER HAS A FALL
in gold has been shipped from London to Parts by the British Control Fund in order to cover forward purchases of sterling made when the pound was at 71.
"London, Mar. 29. The British authorities Et that time did not have sufficient francs tree to-day resulted as follows:-
The Grand National ran at Ain-
Reynoldstown (Mr. Furlong), 1 Blue Prince (Parvin).... Thamond II (Speck)..... 3 The betting was 221 Reynold- Paris, however, is losing gold to stown; 40/1 Blue Prince; 9/2 New York, as commercial pur-Thomond ... chases of dollars are increasing with the Gold Bloc crisis.
It is stressed that these ship- ments are independent of all other gold movements
The situation is believed to hinge upon the ability of Holland and Switzerland to continue ship- ping gold to meet the withdrawals of foreign funda. Curtailment or uspension of shipments by Hol- land or Switzerland may compel the French authorities to take measures to stem the outflow of gold from France.
It is believed that recent politi- cal developments on the Continent may have lessened the willingness of the French authorities to lose larger quantities of gold.
It is rumoured that M. Vani Zeeland, Belgium's Prime Minis- ter, may propose devaluation of the Belgian franc to one-hundred- pound and-thirtieth part of a sterling, establishing a fixed re- lationship of 28 belgas to the pound, thus implying a
28 - per cent, depreciation. Thereafter, it is thought that a four per cent. Belgian loan may be noated "in London
for conversionsS of Belgium's internal pubile debt.- Reuter.
SILVER MARKET
(From Our Own. Correspondent)
London, March.29. London Silver prices to-day were down 1/2 on "Spot" and 7/16 on "Forward," as follow:-
March 28 March 29 Spot... 28-3/8 27-7/8 Forward... 27-7/18 || 28 | London on New York cross rate
-...
mond. Alexena, Royal Ransom, Reynoldstown. Blue Prince, Prin- cess Mir and Bachelor Prince. Ballybrack fell at the fence oppo- ste the stands,
Going out into the country for the second time, Sister and Jimmy James fell and Master Orange re- fused. At Becher's Brook, Tho-
There were 27 starters Reymond, Reynoldstown and Blue noldstown won by three lengths, Prince were leading. Thomood while eight lengths, separated the was still leading at the turn and second and third.
coming in sight of the Course
The following were the other again Reynoldstown led from The starters:~~
Gold Miller (Wilson) "Royal Ransom (Hamey) Southern Kero, {Fawons) Briens (Kidney) Really True (Morgan) Bachelor Prince (O'Grady) Castle Irwell (Mr. Bostwick) “ Ballybrack (Mr. Tweedie) Alexena (Capt. Payne-Gallwey) Brave Cry (Mr. Lewis) Emancipator (Mr. Cazalet) Fouquet (Brown)' Huichollos (Mr. March). Jimmy James (Nicholson) Lary Boots (Owen) Master Orange (Mr. Mildmay) Princess Mir (Mr. Jackson) Red Park (Fitzgerald) Slater (Maxwell) Southern Hue (Powell) Tapinois (Gurney) Trocadero (Cullinan) ' Theresa (Carey). Uncle Hatt (Isäàc). Reuter.
THE START
London, March.39. The Deld went off to a good start, Theras leading with Thomond, Emancipator, Golden
Miller, Castle Irwell, Really True, Royal Ransom with Ballybrack last.. Hulcholloa and Southern Hue fell at the first fence, and at fourth Fouquet refused to jump. At Becher's Brook, Castle Irwell led
from Golden Miller, Blue Prince, Castle Irwell, and had a clear lead at Valentine's and at
Greeted by Brothers at 2 pm to-day was 4.3512, com- next fence. Golden Miller Fell.
London, Mar. 28.
The Duke of Gloucester received. a hearty welcome home to-day on
returning from his long Empire
tour. H.MAS. Australia Was
Ordinance, 1204 escorted to Portmouth by des-
(B) Telegraph, Copyright, Telm
Massager graphie
Received, March 29, 7-30 p.m.)
- Warsaw, March 29. The new cabinet, with Colonel Slawek as Premier, was sworn in President Moselcki, this morning.
troyers, and flying boats and all ships in harbour were dressed overall, while a Royal Salute was
pared with 48062 at closing yes- terday.
ASSISTING
THE
MONEY MARKET
fired as the Australia proceeded Co-operation of The
through Spithead
Chinese Banks
“Shanghai, March 29, Dr HH. Kung, Finance Minis- ter, interviewed in regard to the increase of capital and certain changes in the personnel and directors of the three leading Chinese Banks, remarked that in view of the general depression in late years and further aggravation
The semi-official “Gazeta Pol- The Duke's two brothers, the aka" writing about the change of Prince of Wales and the Duke of premiership declares that the York went aboard and were the cabinet changes had become first of many to greet him. necessary not because
After a civic ceremony "the three of party intrigues or personal ambitions brothers left in a Royal train arid but because of the alterations in when it arrived at Victoria the the tasks the state has now to King and Queen and many other perform. Hitherto the reform of members of the Royal family, the the constitution was the chief | Australian Premier, Mr. Lyons and object of the government but this many Ministers were awaiting the having been achieved, a new pro- | Duke, « gramme was necessarily called for. After greetings had been ex- Colonel Slawek whose moral, au- changed. Their Majesties thority is well-known enjoys the turned by direct route to confidence of the whole nation. Buckingham Palace. While the
Duke, accompanied by a cap-|| order to assist the money market tains escort of the Life Guards, here. drove to the Palace by way of Vic- toria Street. The Horse Guards held a parade at the Mail in order that the waiting crowds could give
In the capacity of president of the government block he had been chiefly responsible for the formu- lation of the new constitution and Slawek will find it easier than anybody else to direct the difficult change from the old system to the
new.
I
ré-
him welcome. He was cordially
cheered all the way.-- Slawek was himself twice Dre- | British, Wireless. mier, namely in 1930 and 1931-
Transocean Kpo Min.
EARLY CABLES
il
Warsaw, Mar. 28.
"As" expected" "the Polish cabinet
as
HITLER INSPECTS AIR SQUADRON
* Berlin, March 29.
of the situation as a result of the
MORE-FALLS
Coming on the racecourse for the first time, Castle Irwell was leading from Blue Prince. Royal Ransom and Thomond. Briens fell at the first fence before the
stands, Passing the stands Uncle
Batt led from Castle Irwell, The
IFFLAND RING SAFE
Albert Bassermann
Explains
(Special to the "Hong Kong Daily
Press" (Copyright().] -
Vienna, Mar. 29. Apparently inflamed by the at- recent 'American silver polley, 1ttitude taken up by the
German was destrable to have the three press, the well-known actor, Al- banks co-operate with one an- bert Bassermann, published a de- other to the fullest extent inclaration that when he placed the Island ring on the ånger of the dead colleague, Molay, just before the latter was cremated; he la- tended this only as a symbolical act which must be regarded as typifying his own opinion Moissy's genius and not as a poll
Mr. T. V. Boong has been ap- pointed by the Government a Director of the Bank of China and Mr. Chang Klang-an as one of the Deputy Governors of the Central
Bank. These changes were for „the purpose of securing the fullest co-operation between three Banks and provide a solid foundation for the Chinese banking system.
tical demonstration,
of
|
mond and Blue Prince.
A GREAT RACE
DODWELL & CO., LTD.
Sole Agents.
of
Tel. 20636.
Blue Prince was well clear Lazy Boots and Uncle Batt. ~ At the last fence there was about half a length between Reynoldstown and Thomond Blue Prince ran in to join them on the fat noldstown ran on to win a great race. Lazy Boots Was fourth Uncle Batt Afth, Bachelor Prince was the only other finisher.
The time was 9 min. 21 seca. Golden Miller 'started at betting odds of 2 to 1. the hottest favourite.. Beuter,
CROWDS AT AINTREE
London, Mar. 29. His Royal Highness the Prince of Wales was a most distinguish- ed racegoer among the 200,000 who flocked to Aintree this after- noon to see the Grand National. Americans were in stronger force than ever and there was also a large increase in the French visi- tors. Hotels were crammed with visitors who in many cases had to seek nights of shelter in other
towns.
There were twenty aeroplanes Including the Imperiat Airways giant liners from croydon sione bringing in the crowds.
BOOKMAKERS ALARMED · The going on the course' was; firm no last ininute alarm occur- Ted disturb Golden Miller's pre- dominant position in the betting. Bookmakers were particularly in- terested in the result for it was anticipated that a victory for Golden Mer meant that scores of them would have to go out of business at the very beginning of
the flat-tracing season.-
Reuter
MINIMUM FREIGHT
RATES
London, Mar. 29. At has been agreed that schemes of minimum freight rates from Australia to the Home market and to Far Eastern ports accepted by British shipowners and shipbrok ers be adopted forthwith.
The Tramp shipping administrative
committee is satisfied that the rates would not endanger the in- terests of shipowners and consum- erg Reuter.
DE VALERA UNABLE TO ATTEND JUBILEE
London, March 29,
Queen's Building.
MR. EDEN'S TALKS IN
MOSCOW
To Meet Stalin And Molotov
Moscow, March 29.-
A change in Mr. Eden's programme suggests that to-day is the most important day of the conversations. He is now seeing M. Stalin in the morning after M. Litvinoff, instead of in the afternoon" when he will tẹe M. Molotov.
In contras; with 'yesterday's snow, there is bell lant sun- shine to-day. Mi. Eden left the Embassy at 8.30 am (GMT.) to continue the talks with M, Litvinoff at the Foreign Office. It is believed that Anglo-Soviet relations and possibly trade" questions will be the chief tople, after which Mr. Eden will have "a heart-to-heart talk with M. Stalin in his privata sanction which is a plainly furnished long room with a solitary picture of Karimar behind the high walls of the Kremlin.
Great interest is taken here to the change in the Polishi Government and there is speculation whether it will be more or less pro-German, especiality in view of the hopes entertain- ed in connection with 'Mr. Eden's visit' to Warmw-Beuter.
OFFICIAL RECEPTION
Moscow, March '28. The toast of "King George"" was proposed by M. Litvinoff at the
end of an important speech on the Soviet foreign policy at a re- ception given in honour of Mr. Anthony Eden 'to-night. It was the first time that a royal toast had been proposed by 2. Soviet Minister in Russia.
tory. But it marked a - notable. and, he hoped, a hopeful land- mark, in Anglo-Russian relations
The British - „Government's for....
sign policy, said Mr. Eden, was based upon the League of Nations, and Britain recognised that it was a great gain wheri Russia, took her place at Geneva's council table.
Peace was also a prizne object o the United Kingdom and he M. Litvinoff declared that the was conndent it must also be thờ friendliest Anglo-Russian relations foreign policy of the Soviet and were essential for the preservation all other great nations, as long sa of peace. Referring to "the rise their main purpore was the ade of the serious and alarming ini- ; vancing of the prosperity of their pediments to the preservation of people. normal and peaceful international order," he said that, the consoling.
Referring to the coming meet- feature in the situation was the ing of the representatives of the overwhelming majority of states nations at Stresa, Italy, Mr. Equ at present profoundly anxious for the preservation of peace.
DANGER SPOTS LIMITED
said it would be their task on that occasion, as it was his and M. Lit." vino! to-day, to seek to find a way out of the difficulties which, There might be a few exceptions beset Europe; a way which would but the danger spots are at last | be just and honourable to all na- limited, it is clearly defined, but i tions and yet consistent with this did not imply that they have those principles of collective been localised. Nobody could fore- | security in. which” they all belley- tell which 'state would be the first "ed
or most seriously affected by this Reuter danger. If one "state was
threatenied by the danger of war,
all the other states ought to con-
VIVI MADE-OMI
London, Mar. 28. Mr. De Valera, the Irish Free sider themselves threatened, and State chief executive, informed it is now universally realised that who reached Moscow at midday "Lord Privy Seal Anthony Eden, the Dail to-day that he had been the danger of war which is hang- this afternoon, had a conversation ometally invited to attend the ing over Europe and the world,
At the same time Bassermann King's Jubilee celebrations, but | Could only be averted or its risks | insting over two hours with Móng
aleur Litvinon. MacDonald, the British Prime sible, by the collective efforts of that he had informed. Mr. Ramsay reduced to the utmost extent pos-inpetent
The matters discussed related to Minister, that it was not possible all states, especially the areat the subjects, mentioned in sta for him to be present in the Powers
Anglo-French communion M, Litvinoff said that he be February and to the visit whi existing circumstances:
operation was decisively important to Berlin. Leved that Anglo-Russian co- Mr. Eden paid with Sir John Simon
asserts thint the ring was not destroyed when Molasy's mortal remains were cremated. Basser Mr. T. V. Boong interviewed mant is determined that nobody stated that the present action of shall wear it after his own death the Government was calculated to and to azure, tills he has deposit- strengthen the three banks and ed the ring in a place worthy to ensure a common-policy which receive it but where it is secure has been the declared alm of the from discovery Government for many years. Transocean Kuo Min
Only by means of these three. The Ifflang ring, whose origina- Banks working in closest harmony tor died in 1814, was a heirloom can the money market here be to the German, stage, the condi- effectively assisted and the pre- ton being they the ring should sent difficulties alleviated--
passed the formal resolution of (Hy Telegraph, Copyright, Tala. ita resignation at a meeting held graphic Massage Ordinanes. 1874. on Thursday after Parliament Received, March 29, 130 p.m.): had been prorogued by the Pre- sidential decree. The President Adolph Hitler, in his capacity of has accepted the resignation and supreme commander of the de entrusted Colonel Valery Slawek tence forces, accompanied by who is the President of
the Generals
Goering and' 'Milch, national
party's parliamentary inspected the crack squadron of organisations, with the formation
the new German air force. known of a new government.
"Richthofen. -Circus at Reuter "Although details are not yet Doeberits on Thursday, General available as to the changes con- Goering reported the squadron, tejuplated in the composition, of
"al present" and "correct"" to the the cabinet it is understood that Fuherer who inspected them. The the men responsible for drafting Richtofen Circus thereupon start- the new constitution will receive ed and gave a startling demoti the most important posts. Instration of its ability in the air; political circles it is stressed that The Fuberer spoke in terms of the the reorganisation of the cabinet highest praise of the accomplish- does not indicate any changements of the young German kir the present government, polley -
force-
Transocean. Kuo Mix}
The new Polish cabinet has been of the former cabinet retsla "formed with Colonel Slawek-ss Premier while all other members
FRENCH NAVAL ESTIMATES
High Commissioner would attend He added that the Free State
on behalf of his, Government. Reuter
CER. RUSSIAN EMPLOYEES
[Special to the "Hong Kong Daily Pra (Copyright),]
always be inherited by Germany's greatest living actor and at the holder's death should pass to the worthiest." Uving successor... Bas- sermann, the holder, took umbrage at the inclination of the Leipzig Theatre to debar his appearance | Russian
in the cause of peace and Mr. Eden's visit was not merely the The conversation beginning of such co-operation
but it is also a pledge of its con- tinnance.
have been conducted in friendly and cordial azp It will be resumed morning and in the
The coming months, perhaps weeks, will show whether the Eden will meet M Sta statesmen of Europe are capable
It is understood
of organising peace and whether be the secesion the plans for collective work, as Stalin will have discus outlined in the London.com national Mukden, Mar 28
munique, of February 2, will be No less than 2,900 former Boviet carried to Its wise
ployees of the Chinese conclusion. Anyhow he was co
bare 80 far vinced that the
of the stage at the same time, as Eastern, Raliw hia wife who was of non-gryan | refused. [Special to the “Hook Kong Dally origin. When Molasy who was ↑ They'
Preis (Copyright).1 also non-arvan but whose merit passports to the
** Paris, Mar. 29,- as an exponent of dramatic art The senate passed" ungaimously was always, duly honoured ^//in the French naval estimates for Germany, died at Vienna lastata 1935 which among other things week Bannerman at his bedside. The Transocean Evo Min.
removed the Intiand ting from his | supplied provides for the construction of own nger
daced on that one: 35,000-ton battlecri
Löf his dead colleague.
Rusta change
their Eden and his inoff's) col CO leagues will be a fruitral contr thetration to this work
with the names be struck of the Reuter
Boviet Russian nationals.
ukno authorities
EDEN'S
Replying.
that bigovİK
Buch matt
eng