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The
Dollar on Demand:1/UAE
T.T. on New York:-X1080) Lighting-up Time: 6.21 p.m. High Water:-20.59," Low Water:-13.26."
Library, Supreme Court
Hongkong Telegraph.
FOUNDED IMEL
NO
13.COM
3D KITARANF TUESDAY, SEPTEMBER 22, 1931."
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A new picture of the fron Chan- cellor, Mr Philip Snowden.
ATLANTIC FLIGHT DRAMA.
DAYS ADRIFT ON WRECKAGE.
THREE AIRMEN FOUND ALIVE.
New York, Sept. 21. A vivid story of grim adven- ture lies behind a dramatic message Rashed from Hali- fax, Nova Scotia, announcing 'cryptically the rescue, six days after their disappear- ance, of the German and Portuguese airmen whose attempted Atlantic flight was thought to have ended in tragic disaster.
They were picked up some time to-day, when is not quite) clear, by the Norwegian steamer Belmoira, which sighted the wreckage of their Junkers nero- plane and investigated. never thinking that the airmen would be found alive.
All three--MessTS. Willy Rody. Christina Johansen, and Costu Viega-were, however, ·
DRAMATIC COMMONS SCENE IN GOLD STANDARD DEBATE.
Whole Nation to Pull Together in Crisis: Labour Assurance.
BRITAIN PREPARED FOR THE
ECONOMIC FRAY.
DAUDE OF POUND COST OF LIVING
DROPS TO 16/10.
MR. SNOWDEN'S CONFIDENCE. BRITAIN'S desertion of the gold standard is now an established fact. The Bill authorising the steps passed through all stages of Parliament yesterday and received the Royal Assent before nightfall. Practically every nation in the world has been affected. The majority of stock exchanges were closed down yesterday in order to prevent a panic. Sterling quotations are purely nominal, but some heavy writing down has taken place, and the unofficial quotation in gold dollars yesterday was 4.25, the £1 at this figure being worth in London 17/9. In New York, the nominal quotation was 4.05, a sterling value of 16/101⁄2-
The Hongkong dollar was nominally quoted at 1/03⁄4d. on opening this morning, also a direct result of the sensational developments in Britain.
Enquiries in banking circles this, morning regarding the effect of Britain's abandonment of the gold standard showed that silver was up 11⁄2d London yesterday. The opening rate of the dollar locally this morning was Is. 0d. nominal, but inter-bank business was done as high as 1s. 1d. At the close this morning, the market was weaker, with buyers coming out at 1s. 1d.
A brilliant speech by Mr. Philip Snowden was the prelude to the accep- tance of the Government's emergency Bill, but the most striking feature of dramatic sitting of the House of Commons was the reformation of the Labour Party, their change of attitude towards the financial crisis. Mr. Arthur Henderson gave the Government an assurance that the Labour Party would do their utmost to avoid anything calculated to produce a panic at home or abroad.
NO RISK OF INTERNAL INFLATION.
10
The three survivors of the Kwongsang disaster arriving at the Harbour Office to give evidence at today's inquiry. They are. left_tó / right: Wong Fu-tin, Lee Bei-yuen and Soo Kwai-yuan. (Photo: Mee
Cheung).
THREE AMERICANS REPORTED KILLED IN MUKDEN.
JAPANESE EMPLOYING TANKS ON SHANGHAI PATROLS.
Naval Protest Upheld.
economy
TOKYO CABINET
QUARREL.
DEVELOPMENTS IN MANCHURIA.
DISASTER INQUIRY.
SURVIVORS - GIVE EVIDENCE.
Kwongsang's Fate.
Much of the mystery that
··has surrounded the loss of `- the Jardine steamer Kwong- sang was cleared up this morning, when the three Chinese survivors told the story of the vessel's sinking to the Marine Court of En- quiry:-----Their's was a simple story of how a fierce typhoon had literally swamped the steamer and sent it to the bottom, leaving those board at the mercy of the mountainous waves.
on
NO HIGHER CUT Three Americans, members, of the staff of a tobacco com- THAN 10 PER CENT.
pany in Mukden, are report- London, Sept. 21. The Gold Standard Amendment, menta tó Britain could not
ed to have been killed in the still elinging to the wreckage, Following the Government's de-||25|| | || provides for suspension called in, the decision to go of the
London, Sept. 21.
course of the Sino-Japanese which must have drifted for cision last night to suspend the unless and until His Majesty by gold standard had to be taken. The forceful protests of the days in the open sen.
clash prior to Japanese oc- Gold Standard, the Cabinet met this proclamation otherwise directa" of On Saturday, the
Lower Deck, the army and teachers, Bank of
cupation of the city.
It was only after clinging to The wreckage was found about morning and immediately after the section of the Act of 1925 England informed the Prime Mini- against the drastic cuts planned
The report emanates from pieces of wreckage for nearly Bank question time in the Commons, the which requires the
ofter that the credits obtained from under the Government's eighty miles off Cape Pine. New Prime Minister introduce a Three England to well gold at fixed price. France and America were prac-programme, have had the effect de Chinese sources and has not been two days that three survivors foundland, and it is considered re-Clause to anwend the Gold Standard The Third class authorises the tically exhausted. The foreign "ired.
confirmed.
were washed ashore.
markable that it had not sunk ere Act of 1925.
Treasury to take such measures as jussets still held in London exceed- The Prime Minister, Mr. Ramsay The Telegraph's Shanghai cor- The Hon. Comdr. Hole, Harbour this. The plane. though specially
The Prince of Wales occupied may be expedient in connexion et the bank's gold and the Govern-blacDonald, announced in the House respondent cables this morning Master, presided, and with him on constructed for the trip,
of Commons to-day that in orter stating that the Japanese au- the bench were Lieut. Cmdr. L. G. ment therefore decided it
in the International Addington, R.N., of H.31.S. Tamar land-nuchine, and the general
contrary to the national Interests to evold hardships, the reductions thorities to allow further gold to go.
in the way of teachers and the de- Settlement are growing increasing Capt. R. A. Pritchard, master of opinion had heen that it could not
fence services will not be more ly apprehensive regarding the the Borneo, Capt. F. S. Jenkins, have remained afloat for more than
Further export would have bene- than ten per cent. except in the possibility of outbreaks of master of the Changchow and Capt. A few hours,
fitted those who showed the least higher ranks of commissioned of violence,
C. "Stringer, master of the Kwang- confidence in sterling at the expense cera.
chow,
WHEN
The airmen · left Portugal September
attempt
sent over the clock and an animated,|| almost exelted, House assembled to|| hear Mir. Philip Snowden. the Chancellor of the Exchequer move) the second reading.
Mr. Arthur Henderson after- wards announeed that the Labour
to reach Now York nonstop. They Party would not oppose the Bill.
In the Lords, a
Government
were using a plane of the same type as that employed by Koehl, statement was made by the Foreign von Huenefeld and Major Fitz-Secretary, Lord Reading.
The Bill having passert through all maurice in their successful East- West crossing which ended on its stages in both Houses, by emer- Greenly Island.
geney procedure will receive the Royal Assent late to-night,
The Stock Exchange was closed to-day and there were
no oficial They were last sighted, some nifles off Cape Ruce, and from that dealings in foreign exchanges, bat banking and other business pro- time nothing more was heard of thom. A thick fog prevailed at eceded an usual and the public dis- the time and it was felt that it played no trace of nervousness. had claimed them as victims.
Last Seen on the 15th.
Their drumatic rescue in such circumstances, so long after they met with mishap, fa unprecedent- ed in the annals of oceaù flying.—| Reuter,
NEW ZEALAND
ALSO SHAKEN.
PROLONGED QUAKE OVER WIDE AREA.
Wellington, N.Z. Sopt. 21.
In general, an optimistic feeling prevaili that the spectacle of A. great financial Power such as Bri. tain forced off, the Standard, not through any lnternal waskanas, but by the malfunctioning of the world monetary system, followed by the demoralisation_of_exchanges,__will
wae
of those who maintained their The earlier indication that the balances in London.
The further precautionary meds
Those in Court Included Mr. W, sures taken include the assignment higher ratings of non-commissioned
En- of a force of tank, which are Sanderson, Superintendent There was no evidence, said the officers were not to be granted al-
assisting the Marines in patrolling ginoer, Capt. D. Skinner, Marine Chancellor, that British nationala leviation, was incorrect.
the danger areas. The tanks kept Superintendent, Mr. E. F. Aucott, The Premier added that the were substantially exporting enpi-
up a steady patrol through the night Manager of the Indo-China S. N. tal and drastic steps would be balance of the budget
In Hongkew.
Co., Mr. C. Bulmer Johnson for the taken, with the co-oporation of the mair tained in spite of the conces foreign banks in London, to prosions-Reuter.
Machine gun posts have been Company, and Capt. T. T. Lauren- vent such sales to the utmost.
installed at strategie positions in son, D. S. C., of the China Cost
Officers' Guild.
Governments Powers.
The banks would scrutinise: demands for exchange to prevent purchases or conversions other than for bona-fide commercial requirements.
The Government, however, were taking powers to support and reinforce, if necessary, the volun- tary action of banks.
Mr. Snowden on to
will
bu.
Bame
FRENCH PREMIER FOR U.S.
the
and district, Japanese military leaders
the
are
Customs Officer Killed.
M. LAVAL GOING TO AMERICA.
ready for any emergency.
Survivors not Fully Recovered.
All the three survivors were ali jowed to give their evidence seated, Mr. Johnson remarking that they
The Rensha Agency have re- had not fully recovered from the coived a report announcing that effects of their 48 hours' ordeal in Mr. Han Lin-san, the Superintend the water.
ent of the Tientsin Customs was
According to Lee Bel-yuen, fire- killed in Mukden on Friday night man on the Kwongsang, the vessel Paris, Sept. 21. when he attempted to leave the ran into bad weather when less than
through threatened zone. The driver
from Shanghal. At mid-
destination.
Gunboats for Jankow.
given orders to drop anchor, but this was not done in view of the storm which was rapidly increasing in strength.
Typhoon Force.
Mr. Lloyd George is making a good recovery from his overall news this pictura, shows. H. yesterday issued an appeal to the that the Government was consider the Americain Amosesador, offl- Mr. Han's car was not aware of night on August 8, the No. 1 Bre- have a salutary affect in wakeningnation precating prestions of Ing the possibility of mobilising cially invited M. Laval, the Pre-his death until he arrived at his man told him that the captain had
an election. _world_apixian to the need for son-
foreign securities which might mier, to go to Washington.
It is understood that M-Laval- certed action to deal with the with exchanges and the difficultion form, reserva, Fundamentals of the depression. from the suspension of the Gold
Gold Maldistribution.
will accept the invitation after his Standard.
visit this week to Berlin-Router. Messages from, abroad indicate
Moving the second reading, Mr. Turning to the general aspect that the nature of the emergency Snowden said the Bill imposed no of the situation, the Chanceller with which the country was faced
restriction in well understood, and the courage exportation of gold, or on the free the world's supply of gold had long Importation er sald the unequal distribution of | of the action lakon ia appreciated.
It is announced that the Stock transit of gold placed in the safe been under the consideration of Exchange will remain closed
custody of the Bank of England by the British Government and the foreign governments or contra! | Bank of England, and they ha! morrow.
banks..
Bought to promote international co-operation towards finding, a Moreover, where Britain was remedy. under obligations in foreign currencles, they would continue to be punctually met.
rose.
to
Commodity prices Including rub- A prolonged earthquake, ap-ber, copper, tin, wheat and cotton barontly centred at Hawkes Bay,
was folt at 1.10 am. In both islands, North and South, from Auckland to Christchurch,
Sleepers in many contres were awakened and articles were hurled
10 from nhelves at Napler, the acond of the catastrophe early in the
In the absence of official quota- tions only a very small volume of foreign exchange business was done at tentative ruten. The dollar rate
on
After tracing the history of the gold withdrawals from London,
DEMPSEY FREE. -GRANTED DIVORCE ~AT RENO.
:
Shanghai, Sept. 22. Nationalist Government officials express grave apprehension over the developments in Manchuria.
It was impossible to sleep that Further uneasiness and unrest night, declared witness, owing to was caused by the arrival yester- the heavy rolling. The gale in- day of cloven Japanese gunboats creased to typhoon force the next while four Japanese gunboats day and early in the morning the
gava orders for "t
tho for Hankow.
out of the water that had A telegram from Chinwangtao entered the No. 2 hold through the says that two Japanese-unboats hatch. arrived in port yesterday. Tho
Mr. Johnson: Are y you sure that Japanese made no attempt to the water entered through the land forcos-Kenaka,
hatch Yes, Kirin Occupied.
from
It is learned from Reno, Navada, asked through in the afternoon.
New York, Sept. 21.
that Jack Dempsey has been grant- ed a "divorce from Estelle Taylor, They would have called a con- the noted screen actress,Router's ference but it was made abundantly American Service, is be clear that suìb', proposals would bave been unwelcome to other Powers and therefore foredoomed to failure.
The silk forwarded from. Hongkong by the Empress of Russia on the 28th {'August » arrived in - New York,^(8t
*-Los went on to describə Tokyo Sept. 22.
Hevents of August 10, whan, Changchun the full force of the typhoon
wan unofficially quoted at $4.25. Mr. Snowdon sald that afforts were Commodity prices including made to obtain money owing to It might be that the present Johns Park) and Hoboken on the 18th states that Japanese troops the craftrid kavade pita rubber, copper, tin, whoat and Great Britain, and after ascertain crisis would bring home the prota. September having been 21 de
Ling that certains orelent commit like (Continued on Payers