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C. E. WARREN 8 CO., LTD.
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Local Westker N.E. winds, BROSSRE
Manaber 2099utograph,
fotoklyn Gwida: China Morning Poaf, Lid,"
1 & 3, Wyndham Street, Hongkong.
The
Dollar
T.T. OR Lighting High -Low
Librar
STRENGTH
FORT
Hongkong Telegraph. BNLOP
$30 PER ANNUM
Tai, 20169
FOUNDED 1881.
NO 13.542 341 904-†£## WEDNESDAY, NOVEMBER 4, 1931. BEA SINGLE COPK 20 CENTS
FORT
LOCAL BRANCH.
PREMIER'S DIFFICULTIES IN Hermes Fighting Heavy
STANLEY BALDWIN or NEVILLE CHAMBERLAIN? From those two leaders in politics Mr. MacDonald has to select his Real Chancellor of the Exchequer.
General Smuts Attacks Gold Standard.
South African Policy Bad for Her Trade.
U.S. AND FRANCE ISOLATED.
NENERAL SMUTS, the South African statesman, interviewed Tin London, has strongly criticised South Africa's nolicy of adhering to the gold standard, which, he saya, is heavily bandaro'ng her export trede He foresees the United States and France being isulated by retaining the standard, but snys their hoards of gold may prove a source of weakness rather than strength.
Meanwhile, the cross-rate between London and New York continues to decline, resulting in a forcing up of silver prices, which in turn has caused a rise in local exchange. Recent statements suggest that America is unlikely to abandon the goki standard..
· London, Nov. 3. It almost seems as if, in the Dear future, only France and the United States will retain the gold standard. Their hourds of gold may, however, prove source of weakness instead
ber inst, which is interesting in view of the recent, further stamp in value of the pound sterling
large contributory cause of the exchange on London. The incrassed rute of Hongkong article
CABINET MAKING.
TORIES WANT MR.
CHAMBERLAIN AT THE EXCHEQUER.
BALDWIN FAVOURED BY PRIME MINISTER.
MR
[R. RAMSAY MACDONALD'S TROUBLES, rather than being at an, end, appear to have really just started. He is now faced with the problem of selecting a Chancellor of the Exchequer in the now Cabinet, and there are possibilities that he may be coerced into a choice contrary to his own desires.
The two candidates for the important position are: MR. STANLEY BALDWIN, Mr. N. CHAMBERLAIN
who held the office in the Conservative Government in 1922-23
who succeeded the Tory Lea der and remained at the Ex- chequer from 1923-24.
The Prime Minister is desirous of having Mr. Baldwin as his financial adviser, though the Conservative leader has previously refused the position.
F
+
On the other hand, a certain section of the Tory party is clamouring for the inclusion of Mr. Neville Chamberlain, the ardent tariff protagonist, claiming that he is preeminently fitted for the task. The Prime Minister's preference for Mr. Baldwin, who is a mild tariff reformer, is engendering a grow. ing resentment among the Conservatives, who believe that the Premier is endeavouring to avoid appointing Atrong tariff supporter like Mr. Neville Chamberlain:
Mr. Ramsay MacDonald has gone to Lossiemouth to grapple with the problem, but it is expected that his decisions will be made known before he returns to London.
His selection is being awaited with the keenest interest, as it is generally considered that it will provide an excellent pointer to the fiscal policy of the new National Government. In the meantinie, the National Liberals have met, and have appointed Sir John Simon as their lender.
SELECTION KEENLY AWAITED.
of Rugged Strength
Padder Bldg.
Seas to Save Freighter.
SILVER ON "NO LONGER
THE UP-GRADE.
But the Dollar
REQUIRED."
DISMISSAL OF 241 RATINGS.
Eight Men Rescued.
Position Very
Falls Away. ATLANTIC FLEET Dangerous.
UNCERTAINTY.
Despite a substantial rise in the price of silver, the Hong- kong dollar on demand this morning opened at the same rate as 'yesterday afternoon, namely is. 41/16d, but later fell away to is. 3. 13/16d.
SENSATION.
London, Nov. 3. Echoing the sensational disturbances in the Atlantic Fleet when the cuts in naval pay were announced by the Government in September, comos the report from the Admiralty that twenty-four men have been discharged from the Royal Navy, "their services being, no longer re- quired",
Silver is up 11/16the in London, from 18 d. to 19.8/16., which is
"The Admiralty statement on the higher than it has been for about situation says: "The First Lord cighteen months.. There was of the Admiralty stated on Septem- buying on the London market by ber 17, there would be no penallas- while American speculators sold. Invergordon, and India, China and speculators, tion in respect of the occurences at After
no disciplinary official xing, the action was therefore being taken market was cadier, with sellers regarding them. The market was uncertain at the at 1/10th under the quoted rate.
close.
the
Haitan Straits
Drama.
Hampered by heavy surf and in treacherous rock- studded waters, then©ro- plane carrier H. M. S. Hermes is making a valiant effort to rescue 27 Japanese, the crew of the freighter Ryujin Maru, which has been driven by heavy seas on. to the Tan Rocks, near Turn about Island, just south of Foochow. So far, only sight men have been taken off, and the position is stated as dan- gerous by the Commander of the Hermes
"But the Board of Admiralty has received information since the re- went on the rocks is not known, When the Japanese steamer turn of the Atlantic Fleet from In-
tember, that a few
vergordon to Home ports in Sep-as there has been no direct com- munication between the vessel which was subversive of discipline, that she must have been carried
men serving was with the Fleet continued conduct and Hongkong, but it is assumed
Cross Rates Down.
closed on account of a holiday,
The New York market but the cross-rate in London wha 3.72%, which represents for cross-rates are down. ther slight drop. A the other
Shanghai quotations are 18. 9.5/16d. and 18. 9.3/8d:
this morning were
Unofficial rates in Hongkong)
18. 4.1/80.
and 18. 4.8/168. The market, dependent on the future of the however, is very uncertain, being
Cross-rate:
On the price Gl silver, the Hongkong dollar should be about 18. Gd. Gold prices have risen; from £58. 2d to £5 11s. 5d,
is sent you as showing that the
London, Nov. 3.
France and Mr. Ramsay
Speaker. The meagre opposition of present position was then fore-
MacDonald has led by Mr. George Lansbury, the Hoover oregone to Lossiemouth for a brief senior ex-Labour Minister to
OF
the three
The
strength, for, in modern condi- casted in London, and in the hope rest until Monday, leaving behind survive the election, were amply Debt Holiday. tions, unless gold is fairly dis-that those responsible for our him the Impression that the task accommodated tributed it means isolation for cable services, at this critical
time, will see that news of this of Cabinet-making will prove far benches allocated to them. its possessors,
This is the opinion of the South here than reports of c.g. home although it is improbable that among members of all parties, in of much more vital interest more difficult than was foreseen, greatest of good humour prevailed kind African statenman, General Smats, who, interviewed by teater in sports rosulte, and, accordingly the neurement of the Cabinet and the leaders, on arrival, London, strongly criticised South 900 to it that we are better served. changes will be delayed until his ceived hearty cheers. Africa's policy of retaining the Whilst everyone was expecting return. gold standard and subsidising some recovery In value of the primary exports.
Heavy Handienp.
South Afriena exports, Generul Smuts pointed out, are heavily handicapped in competition with the goods of other countries that rely on the British market and the suspended gold standard-for example, Australian wool and South American fruit,
General Smuts pointed out that the whole British. Entpire, except South Africa,' is off the gold standard, many other countrica had done likewise and it is ex- pected that others, will follow Boon.-Router.
(Gon. Smut's statement that the whole of the Empire in off the gold standard, excepting South Africa. Is not correct. Canada still adheres to it.-Ed. H. K. T.) Order for Far East.
+
London Nov. 3. Orders for the Far East, fol- lowing Britain's abandonment of the gold standard, have enabled a Swansea firm of tinplate manu- facturers to re-obon five mills.
These mills have been closed for over a year-Router.
Fewer Unemployed.
A
pound sterling after the elections. the opposite has been seen; no
Feeling of Resentment.
re-
The election, for the third time, If Captain Fitzroy as Speaker, was necompanied by the usual core- The office to which most In-monial. His tact and impartiality terest attaches is that of Chan-were praised from both Govern cellor of the Exchequer, and ment and Opposition benches by there is a feeling of resentment Sir George Courthope (Conserva- growing among some Conserva-tour), who proposuit and second- tives at the belief that Mr.ed him. After he
and Mr., Will Thorne (La- MacDonald
is anxious to
had replied avold tariff
appointing
strong
from a sent among private mem- Tike protagonist
Mers, they each took him by the Neville Chamberlain, whom the hand and led him to the Speaker's Conservatives opine is the pre- Chair where ho again addressed emineat man for the post. the flouse and urged upon The Premier's desire to have members the virtues of brevity. Mr. Stanley Baldwin at the Ex- After congratulatory speeches chequer (a poat which Baldwin from the Premier and Mr. Lag previously refused), is attributed bury had been made the House to Mr. Baldwin's milder views on adjourned until the State opening tariffa.
on Tuesday next. When the -appointment eventually announced it will
#[
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GERMANY INFORMED OF ATTITUDE.
Paris, Nov. 3. Ere the plaudits of the Press and the public on his return from America had died down, M. Laval this. afternoon had a two-hours" conversation with the Ger- man Ambassador, when he outlined the French attitude in light of his recent Washington talks.
H. M. 5. Hermes, which has done magnificent rascua work in hazardous circumstances by saving eight men from the sa. Ryujin
Maru, ashore south of Foochew..
and, after careful investigation, on some time yesterday. She the Board has directed that in arrived in Hongkong last week twenty-four cases shall the men be to discharge a cargo discharged from the Royal Navy from Keelung, and then took on of coal 'their services no longer being re-
a consignment of manganese ore for Japan, leaving on Sun- day at 7 p.m.
the
quirod","
"The Past Is Past." It is interesting to recall atatement made by Sir Austen Chamberlain, as First Lord of the Admiralty, at the time of the dis-
Dash For Wreck.
Her distress signals last night when he sold "As to wore picked up by the Hermes bance, the past is
past, but
Hongkong to
it is in the interests of everybody and the B. and S. steamer Shan- that the men of the Navy should hal, going from loyally do their work,, and in that Shanghai, and on receiving the 3.0.S. about 9.30. o'clock, the ense there will be no looking back
on what has happened on this oc- Hermes, which was on its way from casion, but rather to go forward Shanghai. Immediately made for together in the service
(Continued on Page 7.).
at the country"-Router.
M. Flundin, the French Finan- cial Minister was present conversations, in the course of which M. Laval informed the Am regarding the question of substitut ing the normal Young Plan regime bassador of the French viewpoint
for the existing Hoover debt holl- Audience with King.
day. provide an excellent indication After this morning's Cabinet
The German Ambassador will of the Government's tariff meeting the Prime Minister had now communicate the substance of policy.
audience of tho King at Bucking-
the conversations to ham Palace, and stayed to lun. strasse, and it is expected in due choon with Their Majesties. This course that he will inform M. Laval Sir Auston Chamberlain, First evening Mr. Ramsay MacDonald of the German Government's re- Lord of the Admiralty In the left London for few days rest at ply.-Reuter; National Government, has written Lossiemouth, his Scottish home. doubt due to causes known in regard that offico as being at hie
to Mr. Baldwin bogging him to. Simon as Liberal Leader.
The Liberal National group has London (but not cabled to Hong disposal to roward the services unanimously elected Sir John kong) over a month ago. It is of sema younger man. Mr. Bald-Simon as its leader in the present barely a wook since dumping of win has replied with a letter of Parliament.-Reuter and British goods to England was here cited warm appreciation of Sir Auston Wireless.
Gen. Smuts, who wants South Africa to go off the gold
standard."
Sir Austen Resigns.
As a contributory cause of the Chamberlain's
services saying
London, Nov. 3. pound's further decline-yet the that history will accord him a post WHITE STAR LINE
inference in the article is patent, tion "which your father would have especially in the last paragraplı, regarded as not unworthy for
his son."
Figures izauiod to-night show that in the week ending October 26th there was a further reduction of 1,200 unemployed.
This makes a total reduction of nearly 100.000 In the last four wooka-British Wirolcan,
Effect of Dumping.
A reader signing himself "Cross
Rato" writes us as follows:
I enclose a report from the Daily Mirror of the 20th Septem
A Real Danger.
The following, la the article: "Enormous Loap in Dumped
RUMOURS.
Wilhelm-
FLOOD RELIEF
WORK.
ITALY ASKED TO HELP CHINESE COMMISSION.
of the
Volunteer in Police Court.
Accused of Being Inefficient and Absent From Drill.
-That he was inefficient as aj The defondant said that he join soldier, and that he had falled ed the Volunteers in 1924 and bo- to attend drills, the annual train-three or four years. In Novem
camo efficient daring the first ing camp, and the inspection by ber, 1929, he Intimated to the Corps the General Officer Commanding, that, as he had served for three. | were the allegations made years, he wished to realgu, but
nothing was done in the matter. against Mr. A. "W. Summers,
His Worship: Was the -resigna
a member of the Hongkong tion not Volunteer Defence Corps, when
-Defendant od
Well, I had no reply he appeared before Mr. Scho- to it at all field at the Central Magistracy defendant's plea seemed to be one Mr. Schofield remarked that the this morning. London, Nov. 8...
of not guilty If he could prove Mr. T. 8. Whyte Smith (Assis that he had been efficient for three Dr. Wang, Director of thaltant Crown Solicitor) appeared for years the summons would fall. "AMERICANS ATTEMPTING TO. Chinese Government Purchasing the Crown The defendant admit- Mr Whyte Smith said that he
SECURE CONTROLI
Commlesion, had left for a fort bed the summons.
could prove that the defendant night's vinit to Italy in order to
Mr. Whyte Smith said that the falled to become afficient during, gain contact with the Italian! London, Nov.-8. Grent interest bar beon aroused authorities to obtain materiale for defendant did not seem to have last three years here any nt damping of foreign gonde is Common assembled to-day for big American shipping concerns
unprecedent commodation when the House of in London regarding reports that the Flood Relief Works Comitila Put in any training or drilling at cord of what hardly occurring. Foreign manufae the formal bualriess of swearing- are attempting to secure control of Proceedings continues to ben
Bion; (Continued on Page 7.) In members and re-electing the White Star Line, Reuter or satisfactory but slow owing coun
Parliament Scenes. So overwhelming ie the majority Goods: Imports of Hoslory Elevon possossed by the National Gov Timos Normal Amounts: Prassing ernment that many of their sUPPOR Danger-Owing-to-
of tarists in Britain, expectations tera had difficulty in failing to
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all neither did he attend the in "spection" by the 7t