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AND:
THE HONGKONG TELEGRAPH. SATURDAY, MAY 16, 1931.
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Hongkong. Tei, 58011
MOVE TO ASSIST DEBTOR STATES.
NORMAN PLAN TO MOBILIZE FINANCE.
What has come to be known as the Narman Plan"- scheme associated with the name of the present guvernor of the Bank of England for mobilizing Internu tional financial resources to help debtor states by means of a world economic conference or otherwise
is coming much to the fore in London although it has not yet reached the stage of submission to the League of Nations.
The extent to which it may have figured in Montagu Norman's re- cent conference with President Hoover and the American Secre- tary of the Treasury, Andrew W. Mellon, has not transpired but London opinion is hardening that despite the coldness of its recep tion France, the scheme may yet become a rope to swimmers in the
whirlpool of international trade depression.
at
Mr. Norman's return brings him home in time to meet other chief bankers who nasemble Basel in May at the first anniver- sary of the Bank for International Settlement.
At this meeting results oë in=; quiries which have been going on! in ench country since the scheme was last discussed will be avail- able. German nancial authori- hard for in- ties are pressing
jaem! L mediate action. They the fart that first-class German bonds can now be purchased to yield 8 per cent, while in Poland and the Balkan states even higher interest rates are being pais.
Dr. Hjalmar Schacht, former president of the Reichsbank, and his accessor. Dr. Hans Luther, have both been declaring that only through concerted world
Ger- credit, rationalization can many be enabled to continue re- parations payments.
Australia, Argentina, Bruzil. and other great producers of raw materials are scarcely less pushed for funds with which to meet liabilities and prevent activities producing wealth from being in- definitely slowed down.
The idea is not to cource in-
such vestors but to re-establish conditions of financial stability as will restore confidence anil lead to resumption of the normal flow of credita.
For this purpose co-operation among the great financial organi- zations alike in Britain, France and the United States is regarded us essential. The British plan is Lo start with П £20,000,000 scheme, of which amount only a part would be required to be put down in ordinary share capital in the first instance.
Debentures would then be issued to the public to put the or- ganization in possession of suy £100,000,000 additional, to be usedl ander international control for taking up reliable securities wherever they are obtainable at substantially less than what may be regarded as reasonable rates.
Business would thus be brought to the support of International co-operation opon a scale ulti- mately capable of auch develop- ment as would appreciably help the world situation.
TO AMERICA IN A BOX.
BOY IN LINER'S HOLD.
Paris, Apr. 17,
A ronuntie young Parlslan shop assistant, Louis Chinnese, has been found in a packing case in the hold of the Atlantic liner Lafu- yette in mid-ocean.
A wireless message received by his mother states that he is little the worse for his adventure, al- though having lived in the eas for four or five days.
Louis, who is 20 was determin- ed to go to America to seek his fortune, "even if I have to go in In box," he used to say. No one,
however, took him seriously.
A few days ago he secure planks and secretly made a pack- ing case. He was last seen push- ing a handbarrow, on which was
the case, inbelled:
"Keep dry."
"This side up."
When after Louis had been mis-] sing for two days, a receipt ari rived for the dispatch of a case addressed to arm on Fifth- avenue, New York, his mother wondered if her son had actually carried out his threat...
Prosaic End to n Dream.
It was found that the case had reached Le Havre, and been placed in the Lafayette which sail- ect on Wednesday.
A wireless message avau sont to the captain of the liner, asking him to open the case-with the re- ault that Louis was found.
He will doubtless bo sont back promptly to France, where lots of trouble from the nuthorities await him.
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