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-# #-#ALAWE MONDAY, SEPTEMBER 21, 1931. B+ĦĦANGLE COPY 10 OSHIS
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BRITAIN FORCED OFF THE GOLD STANDARD. Momentous Cabinet Decision: Bank Rate Increased to Six Per Cent: Warning to the Country.
DEMORALISATION OF MONEY
MARKETS ABROAD.
ACTION ONLY
COLD COURAGE
TEMPORARY. AND WARM FEET.
GOVERNMENT CIRCLES CALM.
GREAT BRITAIN has been forced off the gold standard.
The
valiant efforts of the last six weeks to prevent this calamity were brought to naught during the week-end, when heavy withdrawals taxed the resources of the Bank of England to breaking-point, necessitating emergency measures immediately. Législation abandoning the gold standard temporarily is being rushed through all stages of the House of Commons and the House of Lords to-day.
Meantime, the Bank of England has increased the discount rate to six per cent.
The Chancellor of the Exchequer had issued a warning to British citizens who act selfishly in the crisis. It is hoped that there will be no panic and for the present, no restrictions will be placed on banking trans actions or trade. In the event of attempts by British citizens to speculate in foreign currencies, immediate and drastic steps will be taken.
The development has caused the greatest uneasiness on the New York Stock Exchange, but in American banking circles, it is applauded as a wise move in the present emergency.
STOCK EXCHANGE CLOSED FOR THE DAY,
Scoon like that illustrated above have become extremely common in the vicinity of No. 10, Downing Stress recently. Our photo shows- Mr. Ramsay MacDonald alighting from his car. The Premior went away to Chequara for a quiet weak-und, but the demoralisation of money markete abroad brought him back to London post-haste.
DOLLAR AND TOKYO ROCKED BY JAPANESE MARINES THE POUND.
An Uncertain
Future.
QUAKE.
LINE
SEVERE SHOCK SHANGHAI STREETS.
TO-DAY.
PRECAUTIONS ÀGAINST MOB
VIOLENCE.
exceptionally wide MANCHURIA QUIETENS.
Tokyo, Sept. 21. Local banking circles this mornracked the whole of the city of An unusually Revere earthquake ing conid give no inkling of the effect of the British Government's Tokyo at 11.20 this morning. decision in Bangkang, though it is
Numbers of people rushed into obvious that if sterilux depreciates the streets in alarm and the build-¦ Many considerable extent, the ings swayed unpleasantly.
dollar will appreciate in value, in
The shack appears to have been terms of sterling
felt over an The quotation this morning was urca, including West Japan. but Lundou, Sept. 21. of the announcement regarding amounting to more than two hun-11.7/8ths, representing a farthing hitherto no casualties and no seri- As from midnight, Great Britain the gold standard, there was andred million pounds have been better than Saturday's close. The ous damage has been reported. will be off the gold standard.- atmosphere of complete calm and withdrawn from the London Mac-improvement, however, was not in-
SHOOTINGTMTM MYSTERY was the purport of an an absence of any trace of exclteket. The withdrawals have been fluenced by Britain's departure the gold standard. The official communique issue astment ur alarm in Government met partly from rold and foreign from
currency held by the Bank of slump in sterling in New York on night from No. 10, Downing circles to-night,
Downing Street WA almost England and partly from the pro- Saturday was probably the impor- Street, whither the Prime Minister
tant factor. and rushed from Chequers for a deserted at the time of the issue of Cabinet conference and a meeting the communique, and the Cabinet
all of whom with representatives of the Bank Ministers, of England.
present, telt with their heads high in the knowledge of work well
Thir
The communique states;
"The Governnient has decided.done. after consultation with the Bank of England that it has become necessary for the time being, to suspend the Operation Clause of the Gold Standlard Act of 1925. which requires the Bank of Boy land to sell gold a fixed price.
Heavy Withdrawals,
were
Inquiries by Reuter's represen- tative in diplomatic circles showed that the Bank of England hoped right up to the last minute to be able to avoid this step, but heavy withdrawals он Friday
and
"A Bill for this purpose a Saturday necessitated that emer- he introduced inmediately and rushed through all stages of Keney measures be taken imme both House of Parliament (ediately. morrow (September 21).
Government circies emphasised]
that the departure from the gut! In the meantis, the Bank of standard list only be regare d Bagland is authorised to procred a temperary measure and further
anticipation of emphasised that there was all accordingly, in action by Parliament, pending difference in the world becween which the Stock Exchange'will be the country going off the gold standard with a balanced budget cloard."
ecammanique adds that fisant departing from the standare! Majesty's Government have no with an unbalanced budget. reason to believe that the present exchange difficulties due lu any substantial extent to the export
British of . capital of
Rationals.
ile
Chancellor's Warning. Undoubtedly the bulk of the withdrawals of gold have been for foreign accouni.
Treasury officials also reite. rated that war. Philin Snowden is determined, at all costs, to balance the budget, which meant that the situation was far less serious than might otherwise have been the case.
An announcement, which was made simultaneously with that "They desire, however, to repeat Increasing the bank discount rate, emphatically the warning given by followed the unexpected meeting the Cabinet, and detalled the
The Prime Minister arriving1át
No. 18. Downing Straat. [
erenson the strán un extunniges |—THE Anumaneomentary počkat pounds which Akortly matures. ||
The market is quiet, largely be {canise to-day in a Jewish holiday.
SOLVED.
GUARD FIRES TO SCARE THIEVES.
The mysterious wounding of a young Chinese while lying asleep in a cargo boat in the Yaumati
THE KWONGSANG shelter early on Saturday morn-
DISASTER.
COURT OF INQUIRY TO-MORROW.
to
ing, leading to hla removal hospital with a bullet in the left hip. fired from an unknown source, has been found to have a simple explanation, as is not infrequently the case with these "mysteries."
Police enquiries have establish- |
(FROM OUR OWN CORRESPONDENT).
Shanghai, Sept. 21. THE JAPANESE authorities are apprehensive lest THE
the dramatic events in Manchuria, the occupation of the leading cities by Japanese troops, should lead to anti-Japanese outbreaks in China. Proper. Troops have been landed at Tsingtao and it is rumoured that a large contingent is being sent to Tsinanfu.
In order to prevent mob violence against the large number of Japanese residents in the Hongkew District -in-Shanghai, approximately five hundred-Japanese, Marines were on duty yesterday and to-day in that section of the Settlement, stationed with fixed bayonets every few hundred feet throughout the main thorough-
A Court of Inquiry into theed the fact that the bullet came fares. Kwonganng disaster is being held from the carbine of
an Indian
gations to the League Assembly
The marines are drawn from other places in Manchurin, has not at the Marine Court to-morrow guurd on special duty at the the large feree stationed at the yet been spoken. morning.
M.B.K. coalyard in the vicinity. Japanese Base in North Szechuan The Chinese and Japanese dole- Three survivors, who are He is believed to have fired the Rond. present in the Colong having come shot in an endeavour to frighten
The guards assumed duty on are maintaining for the present Shanghal on board the
away thieves who had designs on Saturday night, directly the Bratas attitude of reserve. Asiu, Empress of
will give the coal. evidence.
Hon. Comdr. Hole e pre-
from
The
ding, and with him the bench KUEICHOW MEETS
be Lient. Comile, L. G.
Addington, R.N.. of ILMS, Tanar, Captain R. A. Fritchard, Master of the s.a. Barnes, Captain F. S Jenkins, master of the ss. Chang, chow and Captain C. Stringer, master of the .. Kwangchew. | The Court will sit at 10 a.m., and
BAD WEATHER.
SAILOR LOST OVERBOARD.
Stormy north-east winds and
it is proposed to go fully into the very rough seas with a strong swe circumstances of the disaster.
GRAF ZEPPELIN.
the Chancellor of the Exchequer of the which led to the decision-ceeds of the credit of fifty million that any British citizen who in- reasons
COMPLETES THIRD by purchasing foreign securities despite
the large
ATLANTIC FLIGHT. secured by the Bank of England himself, or assisting others to do from New York and Paris, tie from New York and Paris, and
Pernambuco, Sept. 20. ao, is deliberately adding to the withdrawals of foreign balances partly from this proceeds of the country's difficulties."
The Graf Zeppelin, completing from London during the last few French and American
credits days accelerated so sharply that.
eighty million its third trans-ocean fight in loss the Government fell bound to take rounds recently obtained by the than a month, arrived over the the decision.
Government. During the last few city at seven o'clock this evening, days the withdrawals of foreign-Reuter, balances have accelerated sharply.
Only Temporary.
+
The communique concludes: "The ultimate resources of this ervalry are onormous and thore La no doubt that the present! exchange, difficulties will prove only temporary,"
The Bank
Foreign Obligations.
It will not affect the obligations of the Government, of the Bank of England's obligations that are England nyable in foreign currencies. of
amounting to
.
Cabinet Reluctant.
stט
sign of ani-Japanese feeling was noted, and regular reliefs. are
taking over the assignment, day!
and night, at stated intervale.
To further safeguard Japanese interests in Shanghai, a special committee was formed. at an emergency meeting held at the Japanese Consulate-General: yesterday.
The Japanese delegation has account of the received an eventa in Manchuria which hos been communicated to the Lengue, but in the interests of a Hatisfactory settlement, decline to make any statement to the public.
they
Neither delegation is anxious to aggravate the situation.
to
bo
The Japanese appear The Minister to China, Mr.
were experienced by the s.. Kurt. Shigemitsu,, the Consul-General, awaiting a move on the part of the Mr. Mural, the Military Attache, Chinese, in view of the fact that chow which arrived in port
Tashiro, the Naval the Chinese have not yet received Saturday from Tengku and Wel-General That-Wel
Attache, Captain Kitaoka, the instructions from Nanking.
The next few days will doubtless The master, Captain D. Williams commander of the Marines, Cap.
the Shanghai sec developments.-Renter, Councilmote the
"Times" Attitude. that a Ballo fell overboard and was
anese Chamber drowned. Attempts made at a regshima and Mr
London, Sept. 21, chairman of the Japanese clia proved futile.
The Times in a leading article The Kwelches in a 1,220 tons of Commerce, Mr. Yone Sato, and vessel, and is owned by the China the chairman of the Street Unlons, on the fighting in Manchuria, says
presont. Navigation Steamship Company, Mr. Hayashi, were among those it is clearly unnecessary to preach
moderation at Tokyo. Mosars. Butterfield and Swire.
The situation appears to be The Japanese have endured with series of well in hand at the moment, but remarkable pationes a serie trouble is feared if agitators get fronts. to work.
( has reported to the Harbour-Office Muniyam Me Fuku-j
MOSLEM WORLD CONGRESS.
IN DECEMBER AT
·JERUSALEM...
·Jerusalem, Sept. 20..
Russo-Japanese Talk,
The refusal of Chinese National- fat politicians and publicista to re cognise the vital Interesta of Japan in Manchuria and the in- Moscow, Sept. 20
mense advantages of Sino-Japanese M., Marakhan, the Assistant co-operation is a disquieting photo- Commissar for Foreign Affairs,
THE NAUTILUS. The Government have arrived, at their decision with the greatest The gold holding of the Bank of reluctance. But during the last CREW PAID OFF AT announced late Inat night that England amounts to $130,000,000 few days the international finan the Bank Rate had been
BERGEN,
It is learned from the President received the Japanese Ambassador, menon, but there is no arouse for increased from four and a hair and having regard to the contis,lefal markety havo become 'demora- gencies which may have to be met lised and have been liquidating
Bargen, Sept. 20. of the Moslem: Supreme Council with whom he discussed the latest the Japanese, officers, who struck a
biorowithout consulting) It is inadvianble to allow this their sterling assots regardless of Sir Hubert Wilkins, the leader that a Congress of Moslems from events in Manchuria Router.
Government reserve to be furthor reduced,
Geneva, Sept. 20. their intrinsic worth. G of the submarine polar expedition, all over the world in being, held at
The last word in regard to the In the circumstances there was has paid off the craw of the Jerusalem, commencing on De-
dazue cambert 7 Router (Continued on Pao18) Nautilus — Reuter
Tapaneed action "at--Müldón: and
to 6 per. cont.
No Excitement_ns.
„Later.
Despite the', momentous- nature
200,000,000 Withdrawn.. Since the middle of July, funds
They have, Save the Timas
Contras