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TUESDAY.
$1,000 DAMAGES FOR HANKOW'S MUDDLE
SLANDER.
COAL DISPUTE INCIDENT: RECALLED.
Damages of £1,000 for alander wero awarded to Sir Samuel In- stone, the Cardiff shipowner and colliery proprietor, against Mr. Herbert Smith, president of the Miners' Federation, at the Assizes at Leods in mall week.
FINANCIAL CHAOS SUPREME.
NATIONALIST JUGGLING.
Giving evidence yesterday, Siv Samuel said that in 1918 his comment. pany acquired controlling interest
}
JUNE
7, 1927.
to take and issue supplies of Con- the ex-British Concession in Han- tral Bank notes, their stocks of kow-how known ds Special All- silver being held by the Nation-ministration District No. 8 or, alists in satisfaction of the notes. briefly, S. A. D. B.
Normally the stocks of silver in Wrecking the Concession. Hankow are approximately $20,- Under the old Muntelpal Coun- 000,000 in value, including, sycoo ell of British merchants, who gave or shoc-silver and minted dollars, their services free, the British It is impossible to obtain accurate Concession, able to budget its in- figures in this connexion, or con- come and expenditure almost to a cerning the noto-issues, but dollar from year to year, had
NINGPO HAS A QUIET CELEBRATION.
BUT A DISASTROUS FIRE BREAKS OUT.
MANY STORES GUTTED.
Hankow, May 30,
bankers boliové that stocks gradually built up a small but Ningpo, May 31-Proeading the An instructive oxample of the
wore alightly under normal prosperous community which, dos- May 30 colebration it was learn- financial chaos following in the when the embargo was placed on pite the unhealthy situation of the ed that an order had been given footsteps of Nationalist China is
Concession on swamp land in by the local authorities that the furnished by the present state of allver. The allegation was, says the affairs in Hankow, where arbitrary
On May 12 the local noto issue many parts ten feet below high processions would not be allowed. Daily News, that Mr. Smith, in ad-measures to force a doubtful paper was estimated to total $1,100,000 water level, lived under moto parade past the Custom House dressing a meeting of miners last issue on the population have in bank-notes issued by the for- dern sanitary conditions and on- and the Consulate, as has been October, at Askern, near Doncas brought commerce to a standstill eign banks, chiefly the National joyed excellent roads. There was the usual procedure, because of ter, referred to Sir Samuel, as a
and the masses to the verge of City Bank of New York, and 346,- goed promenade along the rivers the possibility of creating incl- front, and there was a security dents. Notwithstanding these or= Welsh swindler," and to his firm starvation. They are in a danger-000,000 issued by the native banks which had resulted in the invest-ders the armed guard at the Cus- as a "twisting firm.
ous mood and food riots are ex-of which $20,000,000 belongs to ment of nearly $100,000,000 in fine tom House was increased and pre-
the Banks of China, $15,000,000 to buildings, extensive wharfage and cautions taken to safeguard for-. pocted to break out at any mo-
the Central Bank of China, $8,000,- huge godowns designed to handle sign life, The financial crisis which has 000 to the Bank of Communica- the bulky exports which, in the
There were signs of activity. come so rapidly to a head is caus- tions and $2,000,000 to other na-high water soison, are shipped early in the morning, as early as in Askern Coal and Iron Companying the Nationalist Government in tive banks, The foreign bank direct to all parts of the world. seven o'clock, varlous schools and. (Ltd.), near Doncaster.
Hankow far moro perturbation notes are amply covered, and, des-
The action of the mob having organizations sending their con than the advances of their enemies pite Nationalist threats, these on this city. If they could solve notes and a few silver dollars are been legalized by the signing of tingents to the main body of the the former, it is probable that the the only currency available to the the Chen-O'Malley Agreement, con- ing their patriotic and nationalls- latter danger would melt
away, foreign community, while they are cerning the terms of which thetic songs or shouting their slogans. British Municipal Council were There was no evidence of any dis- but they have let matters ko so far that even lifting the embargo
not consulted, the member of the order and when the parade, was on silver, which is the root of the
Council were then called upon to organized and proceeded with trouble, at this juncturs would
implement it by passing the by their march they kept within the merely result in the transfer of
laws necessary to hand over their limits of the official sanction. powers and the assets of the Con- all silver in the native banks' to
The whole day passed off quiet. the safe custody of the foreign
which the majority of the members meeting was conducted more in cession to a Municipal Council only and solemnly, and the mass
nominees of the Nationalist Gov-than had been anticipated....
י
He had added generally to the amenities of the miners working there, and, in consequence rein tions between himself and the men had been cordial.
13
When the strike came, however, it affected him and the company's colliery in the same way as other colliery owners.
He decided to reopen the pit on October 4, and 1220 men, signed on to work, there being 753 actual- ly at work. After the meeting dressed by Mr. Smith the number at work fell to 672.
banks,
Chinese.
keenly coveted by. Against the Central Bank issue, which may now exceed $15,000,- 000, there is an alleged reserve of not more than $1,500,000, most of which has been confiscated from other banks as a "loan," while the other native banks may hold sliver
parade. These units went aing
The present situation has been to the value of $10,000,000 against were to be Chinese and these the the spirit of a Martyr Memorial
ad-gradually working up since Janu
ary 4 this year, when the Nation- alist moba took possession of the| British Concession in Hankow, a transgression legalised by the signing of the Chen-O'Malley Agreement on February 19.
Sir Samuel's Name. Sir Patrick Hastings (defen" ing)-You complain that Mr. Smith refers to the Welshman, and
O that, you say, means you. course, you are not a Welshman?
Sir Samuel-No. Do you not know that if anybody wanted to be offensive, that it was popularly supposed that your origin was anything but Welsh? [Yes, I know.
Samuel Instone-
"
horn.
Asked if he though Welshman vas an offensive term, he replied: "I should not consider it an offence to be called a Welshman, but I should to be called a Welsh swindler." "
Mr. Smith's Denials.
a note-issue totalling $30,000,000ernment." and deposits exceeding $150,000,- 000,
Reasons for the Embargo.
The reason given by the Nation- alist Government for the embargo was that the hostilities in the Yangtaze Valley having had a bad offect on the export trade, allver
tendency to flow showed a
to Shanghai. There is no doubt, however, that the split with Gen- cral Chiang Kai-shek and the seizure by General LI Chai-sum of the silver reserves
“
All shops were closed and flags - were down at half-mast through- out the Ningpo district,
There is rumour of an anti- British boycott to be organized soon but one is unable to confirm. the report at all and no official notice has been given of such a boycott by the Labour Uniona, so it is quite possible that it is but
Incidentally, the Agreement un- der which this was done contained no safeguards for, the payment of interest or the redemption of the debentures which had been issued from time to time, by the British Bank Without Balance Sheet.
Municipal Council (backed by the prestige of the British Government The financial organ of the Na-
and the belief that it would always tionalists is known as the Central
protect its subjects); no suggestion rumour. Bank of China. Formed under au-
that there would be any compensa-
A Huge Blaze, thority of a mandate issued in
tion for betterments" of British- Canton on June 1, 1924, with a
owned property thus thrown to the While the day ended uneventful- capital of $10,000,000, stated to be
mercy of a partizan clique of Chinly for foreigners in Ningpo it end- held by the ese politiciana avowedly and ed most disastrously for many Do you not know, that if any fully paid, it is advertised as the body wanted to say anything offen- official depository of the Nation Central Bank in Canton rendered notoriously determined to do Bri- shop owners just outside of the sive about the nationality of Siralist Government. The head office it increasingly difficult to continue tain and Britain's trade every East Gate. in a very densely popu
is in Canton. Since its inception issuing Central Bank notes in possible injury: and no protection lated area called the "To Tao Sir Samuel (interrupting)-1 this bank has published no bal- Hankow and, therefore, in a mo- for the future administration of Teo." A strong northwest wind was blowing and a fire broke out will save you the trouble. I ang-ance sheet and all Nationalist ment of fully, drastic but entirely the finances of the Concession. licised my name. I am British officials are vary reticent when amateurish steps were taken to
in the closely set shops and resi Central Bank of China Cheques, questioned concerning its note is-force them on the market.
dences. In less than half an hour The immediate result of the cm- It is the financial question which the fire was raging and spread- sues and its reserves,
The fire As the Nationalists extended bargo, was that Hankow taels-is now demanding Immediate dit-ing to new buildings. their control from Canton north-normally at a premium of 3 per tention. As already stated, the travelled along the lanes of Ara wards they found the note-issue cent. compared with Shanghai Chen-O'Malley Agreement was so walls gutting every building in its of the bank invaluable in financ- taels-weakened, while coppers, loosely drawn up that no safe way. The three storey buildings ing political and military opern- the coin of the masses, rose in guards were included concerning made a fierco fire and an awe-in- tions, and it seems highly pro-value from 340 to $1 to 310 to $1. the future handling · of the spiring display when they began, bable that the flooding of Kuang- Such merchants as had any funds revenues of the Concession. It to go. There were frequent small tung, Kuungsi, Kueichow, Hunan Immediately invested them in mer was, however, agreed at the first explosions and at the caving in and Kiangsi with this paper-chandise of any description and meeting of the new administration of the roofs the roar was terrific.
threat of heavy shipped it to Shanghai, thus de- that half the revenues should be money and the penalties on anyone using any priving Hankow of a large amount paid into the Hongkong and Shang- other currency enabled
of capital, while compradores, hai Barik and half into the Central merchants, bank managers and Bank of China, the legal financial others of the wealthy classes alip-rgan of the Nationalist Govern ped away to the one
The legalization of Central Bank could be heard. When a native bamboo structuro burns, the safety, the International Settle- ment in Shanghai. The exchange notes, followed by their steady de- joints of the bamboo, which are rate on Shanghai continued to preciation, resulted in a large num-air-tight and hollow, fill with grow more adverse until Central ber of taxpayers paying their 1927 steam and explode with the de Bank notes stood at a discount, taxes, which fell dae in April, intonating force of rifle-fire, and the varying from 15 per cent, to 25 Central Bank notes, as doing so.
The fire department, though per ccat. us the Nationalist credit they saved from 15 per cent. to 20 rapidity of machine-gun action. wavered with rumours of victory fused by the Hongkong and Shang-able to keep the fire from spread- per cent. These notes being re-working against great odds was or defest. The embargo, merely hai Bank, it followed that all such ing much outside of its lanes of crystallized the local belief that revenues had to be paid by the Are walls, but the central line of Central Bank notes were likely to Municipality into become waste paper and they are Bank
the Central the fire was ignored as being be- now factiously known as "Keren- skys." Even the Nationalist post had to pay accounts to the extent.
Recently, the Municipal Councilyond power to control.
There is an estimated loss of office and telegraph office had to of approximately $30,000, and did tens of thousands of dollars and restrict their use to prevent being so by means of cheques drawn on some estimates go even as high flooded, people endeavouring to its bankers; the Central Bank of as hundreds of thousands. The buy huge amounts of stamps with China, The receivers of such heaviest losers were. the "Canton Central Bank notes for remittance cheques returned them with re- Goods Stores," cloth shops, and to Shanghai.
Mr. Herbert Smith then gave evidence. He denied referring to Sir Samuel Instone at all or that he said "Instone's Welsh colliery is a swindle." He knew nothing about Sir Samuel having collieries in Wales at the time. He also denied having at any time referred to him as "Sammy of the black arts."
L
them to
out not less than $100,000,000 on the population of the provinces mentioned, against, which a silver reserve of, perhaps, $8,000,000 to $10,000,000 was accumulated in
Canton.
Cross-examined by Mr. Jowitt, Intoxicated by the ease with K.C., he denied having, suggested which they had so far paid their that it was a twisting firm. He way, the Nationalist Party, finding did say, however, that applications itself in control of Hankow, im- by the firm regarding rates of pay mediately began to flood Wuhan had caused a lot of trouble. with unlimited paper-money is Sir Patrick Hastings, addressing sued through the Central Bank of the jury, asked them to say that China, and when that bank's sup- the action was based on a miscon-ply of printed notes became ex ception of the defendant's words.hausted fell back on a large num- Mr. Jowitt said it was a matterer of unissued notes belonging to of ordinary decency in English the Bank of China, which were public life that opponents should.
taken over as a forced loan. These not hit below the belt.
notes were put into circulation through other banks, through the salaries of military and political officials and in connexion with motorcars and military supplies.
The jury, after an absence of ten minutes, found for Sir Samuel Instone, awarding damages as above, and judgment was entered accordingly with costs.
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haven of
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for coppers to disappear also,
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Actual flames went easily 200 feet or more into the air while blazing brands were carried three or four times as high. As the fire burned itself out the curious fusil.
lade of the bamboo structures
quests that they should either be jewellery shops. While, properly paid in silver dollars or in cheques speaking this area, is outside of on a foreign bank, because, in the the East Gate it is properly a part first place, their own bankers re-fo the Native City but the fact clearing Central Bank of China place is the only thing which any- fused to accept the liability of that the old city wall is still in
The Foreigners,
There are no American women
in the port now and there have. been none since May 24 for which the authorities feel very grateful. Dry weather continues and the famers are finding the problem
An Economic Blockade.. With the foreign banks refusing At the beginning of the year, to deal in native bank notes or with the present Hankow Nation-native orders, which were incon- ly the whole of South China, Con- banks unwilling to do business ex- would receive paper-money which alist group in control of practical-vertible, and with the Chinese cheques, and, secondly, if cashed ed that whole end of the city from
at the Central Bank the payees destruction. trul Bank notes, met with a fairly cept in silver or foreign bank stood at a discount of 20 per cent." favourable reception, passing on a notes what amounted virtually to compared with the normal cur- par with the issues of other na- an economic blockade was estab-rency of the port.
Though there are few foreign tive banks already circulating, al-lished, silver vanished from the
men left in port, tennis is not al- The Council replied regretting lowed to languish and every after- though the Central Bank issue market and it only
needed the that they were unable to issue neon seeS game in progress promised to pay only in fatan- breath of a rumour that the Goy cheques on any bank other than the either at the Custom's garden or dard" dollars, as compared with ernment was going to confiscate Chinese Government bank. And at the British Consulate grounds. the silver dollars of other issues. all copper money as a reserve, and there the matter rests for the pre-
On March 20 all the Chinese em- issue copper notes in lieu thereof, gent. ployees in the foreign banks in Hankow were called out on strike, Rice, flour, coal, and other com- What About Debenture Interest? their union presenting a serica of modities have risen to famine In a few weeks the Municipality extraordinary demands, accep- prices, rice being practically un-have to pay the half-yearly interest tance of which would have made | obtainable, and the starvation of the carrying on of, the banks the masses, already suffering hard on their debentures. It would ap- of getting sufficient water for business impossible. This strike ships from the virtual closing of warrants on the legal Government difficult one. Many of the small- pear that they can only pay by their rice fields an increasingly has since been settled, practically the commerce of Wuhan, is likely naneinl organ, 1.8., the Centraler canals are dry and many othere on the employers' terma, but the to cause riot and disorder break Bank of China, although the deben hold out, a tiny trickle of water. foreign banka still keep their doors out any moment,
tures were raised on a silver basis Rice is nearly all planted and the closed as a result of the virtual The absurd stringency of the and, morally, should be paid off in rape has been harvested. stoppage of business caused by the money market may be realized silver. which at present is an Many of the people are. Nationalst Government issuing a from the fact that for the past illegal currency in Hankow! The thoroughly disheartened over the mandate on April 18 declaring the wook crowds have gathered out interesting question arises whether present political outlook and are note-issues of the Central Bank of side the Central Bank of China the debenture-holders have legal wondering when there will come China, the Bank of China, and the every day to change $6 and 310 redress against the Municipal a release from the tyranny of con Bank of Communications, to be notes lato an equivalent number Council for losses incurred under tending unions and powers and the only legal currency, placing of $1 notos because shopkeepers an agreement concerning the ammies and cliques in general. an embargo on the circulation and are refusing to give any change, signature of which the Council had Business is hurt, liberty restrain- export of silver, and threatening forcing purchasers to buy goods no control against the Nation-ed, labour impoverished, and there severe penalties on any persons to the exact value of the note prof-alist Government, or against the is nobody on their horizon who is attempting to evade the regula-fered in payment,
British Government.
truly great enough to hold forth" tions or, doprociating the bank- And the Nationalist have found It is felt that, in equity, should hope of a better day. One some notes mentioned.
that even the execution of a couple the Central Bank of China default times wonders, "Do Revolutions of money-changers has had no or fail to restore its noto fasue to ever pay, after all."Shanghat Military Guards for Silver.
effect on the "paper complex" of parity, the debenture-holders have Times.
reasonable grounds for an action Simultaneously military guards the shopkeeping class. The Gov-for damages against the British were placed over all banks to pre. ernment dares take no further ac- Government on account of the loss vent the removal of silver in their tion...
they (the debenture-holders) will vaults, the stocks of allver in na- Among the parties much inter- suffer through the waiving, with tivo banks were checked and seal-ested in the steady depreciation of out notice, of the Treaty rights on ed by nationalist officials and Central Bank notes must be num which alone they dared risk their some of these banks were forced bered the Municipal Council of capital-Reuter.
Among the arrivala by the Em- press of Russia yesterday were Hon. Sir Shou-son Chow, Col. 0. Russell Brown and Major and Mrs. C. C. van Straubenzee.