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HONGKONG - TELEGRAPE. MONDAY, MAY 9, 1932.
THE LATEST
STUDEBAKER SIX MODEL "55" REGULAR SEDAN FOR FIVE-STATE BLUE~-~ COMPLETE WITH 5 WIRE WHEELS TIRES AND TUBES.
PRICE HK.$4,576. THIS CAR HAS SAFETY CLASS STUDE: BAKER FREE-WHEELING SYNCHRONIZED SHIFT- ING VACUUM SPARK CONTROL. AUTOMATIC STARTING FULL CUSHIONED POWER HYDRAULIC SHOCK ABSORBERS NON-RESON. ANT BODY-
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other things many which will interest you. THE HONGKONG HOTEL GARAGE.
The Hongkong Shanghai Hotel, Ltd. Incorporated in Bangkona, Atubbe Road
Happy Valley
place
on
DEATH.
DAY BY DAY
FIRST RECOGNISE WHAT 18. TRUE; WE SHALL THEN DISCERN WHAT IS FALSE; AND PROPERLY NEVER TILL THEN.-Carlyle,
•
REPARATIONS & WORLD COMMERCE
Gormány's
unless they were allowed to exert thoir normal influence upon trade. One cannot but feel that the gold standard itself would have achiev- od the same results earlier but for
By DR. A. HAMM the obstacles placed in the way of Its freo working by various im-
FORMER MINISTER OF THE REICH possible task of keeping some na- tlons at once creditors, reluctant
It is nothing now in the his-, that, in consequence, importers and heavy exporters of
The quarantine restrictions Impered tory of mankind that the victors in production would increase.
NOTHING DONE. goods and reluctant lenders. Sirby Hongkong against arrivals from a great war should wish to be com- Arthur therefore turns to a re- Shanghai on account of small-pox penanted by the vanquished' for
their ancrifices and the expenses The state of affairs at the pre- formed gold standard as preferable have been removed.
of the war. It is also nothing now sent timo is quite different. Since to a series of managed non-gold
of 1929, when the currencies with all their dangers tiffin to-morrow will be Dr J.
The speaker, at the, Rotary Club and, indeed, the discernment of the summer
the nations has already frequently highest point was reached in the but with a managed world cur- Shellshear, whose subject wil beled, after a great war, to the vic-granting of credits to Germany tors and the vanquished wishing and the expansion of production rency as his ultimate ideal. Hav-"The Pre-Intory of Hongkong."
to bear the greater part of the in world business came to an end, ing planned to secure stability at
Mr. G. P. de Martin, Director of burdens in common, just as Wil- the value of international com- the higher level of prices, he would
Education, is to present the awards son's Points expressly reject the morce has sunk by about 50 per then proceed to encourage a rene at the annual prize-giving ceremony idea of completo reparation for the cent. In the first nine months of wal of foreign lending, but care-at the St. Mary's School, Kowloon, on War or, indeed, of a punitive pay 1931, it was about 41 per cent. ment by Germany. But when re-leas than in the same period in fully directed and controlled. Suc-Wednesday at 0 cess here would reduce the disloen- Seven men, three of whom were paraptions were insisted upon, they 1920 and about 28 per cent, less consisted of movable than in 1930. Of this reduction tion of trade otherwise resulting even me being clamanten, robbed generally from the measures previously disa villager of Wong Sha Wai, Castle property which could be delivered about two-thirds are due to the after the Franco-Prussian war of the reduction in quantity. Further cussed, and he would, therefore, Peak, yesterday afternoon of $11 in without difficulty or, as happened drop in prices and one-third to
and, after binding and gagging invoke the aid of the Governments the occupant and his nephew, took 1870-71, of sums of money which reductions have occurred during of the lending countries as guaran-away the wives of the two men. The the vanquished could pay without the last few months.
There are several reasons for the excessive difficulty in a short time, han been reported to tors in order to attract the confl-outrage. dence of the investor. Meantime, police, but nothing has yet been dis- by transferring credit due to him this. When the War was over, he would have the nations reform covered as to the whereabouts of the from third parties to his creditor. nothing was done, as ought to have
kidnapped women.
On the other hand, there is no been done, to overcome the tonsion instance in the history of war re-prior to and increased by it. Pro- parations of the amount of repara-duction was still further exces-
Increased, capital demanded being in such sively tlons enormous disproportion to the wrongly invested in the unecono financial and économie capacity mic production of new industrial of the vanquished country nas was countries, dissipated in the older the case after the war of 1914-18. countries, and Europe was further the economic Germany had to cede her foreign subdivided from
their Internal financial and com- mercial organisation, and every nerve strained to ensure politienl peace. This would take us well on the rond to recovery and to the author's final goal of a world an constituted that "the real work of civilisation can at last begin."
long illness. Funeral will take modern methods, to changed tastes Monday, 9th May, and to other factors. The other Cortege arriving at the "Faris agricultural, chielly the result well Pavilion," Kennedy Town at
of the influence of scientific ad- 1 p.m.
vance and of mechanisation. They caused the collapse of prices, a financial crisis supervened and the whole was enveloped in an atmo- sphere of political tension and luck of confidence,
ACKNOWLEDGMENT.
money and
p.m.
SUGAR MARKET.
THE LATEST CABLE QUOTATIONS.
treath and Co.
New York Terminals. Spot .58 May 1932 64 up 2 pts. July 1932 .63 up 3 pls. September 1932 69 mp 3 pts. December 1932 .76 up 3 pts. March 1933.
WES
In addition, the German war Sir Athur's examination of the
The following cable at the close credits, her commercial fleet and point of view, present crisis leads
him to the of the sugar market on Saturdayer colonies. In the years preced
has been received by Messrs. Pen-ng the Dawes Plan she had to tribute payments became a very make payments in cash which, with substantial factor in the origin conclusion that the initia) canse
increasing inflation, completely and the accentuation of the crisis. of our troubles is a dislocation of
exhausted her financial capacity. For many years, Germany's im- London Terminals. the world's distributive system,
Thus it was a belated recognition ports execeded her exports, just
nimost all of the facts when the Dawes Plan as now
essentially accompanying the coincidence of August 1932 4/6 up .
December 1932 4/10 upd.
laid down that payments can only capitalistic countries without their TANG CHI NGONG-At his resid-two major depressions. The one
March 1933 5/1 up d.
be paid out of the economic surplus own sources of raw materials, such ence at 37, Gough Street, Hong is industrial, party cyclicul, partly Kang, on Red May, 1932, Mr. due to the greater efficiency of
May 1933 6/21⁄2 up d. Buyers at above pricks, sellers from national production. Thin fact as Great Britain, France, Belgium, Tang Chi Ngong, aged 71, after
how is payment to be effected? | adverse trade balance which they asking Vid-d. more. May ten-s now generally recognized. For Holland and Switzerland, have an ders completed.
Payments in German bank-notes adjust by the yield_from_capital Germany con- are of no use to foreign countries invested abroad. so long as these notes do not re-tinued on this basis until the sum- were main at par with foreign curren-mer of 1929. Her stocks
and the cles. That is only possible when practically exhausted, such payments do not Interfere need for imports was very great. only possiblo with the balance of payment as But imports were between payments of foreign with the aid of foreign loans. In countries to Germany and Ger- this way, Germany had an import many's payments to foreign coun- surplus of 6,800,000,000 Goldmarks tries. In the balance sheet of from the beginning of 1925 until every country, one side shows hic the summer of 1920, when her payments due for imports, for credit was exhausted and she was services rendered by foreign coun- unable to pay for any further tries and for the interest on, and imports. But at the same time of foreign loans; she was unable to increase her the other side shows the credits exports, however much she endea due for exports, for services ren-voured to do so. Thus there was dered to foreign countries and for nothing else to be done but to There was no change at the open-the interest on, and amortisation reduce imports, not as the result ing this morning, except that the in-ef, credits given to foreign coun-of any measures included in the vestment section is sill attracting tries. If the debit side of this economic plans of the German balance sheet is charged with Government, but simply as the re- politieni war payments, these aresult of the natural laws of national effect on Ger- not balanced by economic equiva-economics. The lents of any kind on the other side-many's internal economy was de As Germany neither produces any creuse of production, increase of gold with which she can pay nori unemployment and reduction of the has any property abroad which she national Income. ean cede without destroying the necessary basis of her economic activity, these obligations can only
Tre family of the late Mr. Tang Chi Ngong tender their heartfelt thanks to relatives and friends for their kind expressions of Attendence nt the sympathy, funeral and floral tributes.
The
Hongkong Telegraph.
MONDAY, MAY 9, 1932.
WORLD PROBLEMS
HONGKONG SHARE MARKET.
OFFICIAL SUMMARY BY STOCK EXCHANGE.
The World Mourns For France.
The whole civilised world recoils in horror and indignation at the dastardly deed which has robbed France of her aged President and plunged the whole nation into grief; Whatever may have been the mo- tives of the crime, whether it had any political significience, or whe-most attention. ther the assassin was a madman lost to all sense of reason, the fact remains that one of the world's
To the almost innumerable pro-grent political leaders lins become posals which have been made for the victim of a barbarous act, cut world economic recovery, Senator of nol long after he had reached Borah now comes forward with a
the highest office with which his threefold plan which comprises country could honour him. A man disarmament, settlement of the re-
of many parts, M. Paul Doumer parations problem, and the restora.
has rendered fine service to his peo- tion of silver.. There is nothing ple, and it is a tragic culmination startlingly new in his proposals. to his career that he should have On the first point, there are hopes.
been struck down by the assassin's of some advance being made as a
hand. In particular, his fine record result of the Geneva Conference,
in Indo-China, where his wine but it is doubtful whether any-handling of affaire greatly enhanc- thing will be done in the way of international agreement regarding ailver, since evidence is lacking of any willingness on the part of in- ferested nations to take concerted action. All manner of suggestions have been put forward for the re- habilitation of silver, but none has
so far received offcial support. Special interests are continuously pleading for something to be done, but no sign of united action is forthcoming.
ed his reputation, is called to mind, for during his service in this out- post of French colonisation he re- vealed the qualities of a great and liberal-minded statesman. Unhap- pily, assassins take no note of such things us these: indeed, so often does it happen that those who have served humanity best are singled out as the targets of the murderer. The killing of M. Doumer is, in fact, not the first ccasion on which France has bad that circumstance illustrated in her national life. To- day we mourn for the bereaved widow and children, for the whole French nation and for the members of the local French community who, in common with their nationals everywhere, so keenly feel the loss they have been called upon to bear. The knowledge of that sympathy, manifested in all parts of the world, whilst it cannot dispel their grief, will at least temper the which Frenchmen and carry
gorrow
women
Without doubt, the reparations issue is the primary question It will which has to be faced. form the principal business at the forthcoming Lausanne Conference. Sir Arthur Salter, the well-known economist, in his book, "Recovery --The Second Effort," has some painted observations on this pro- blem. Dealing with the question of reparations and war debts, as having been already the anbject of collective netion, the author urges A further moratorium and an early final settlement. After discussion of the difficulties involved, he suz- gests that the issue of ordinary shares in German railways and in. dustries for the inevitably reduced total of reparations would bo the
During a fight between two men at most effective plan, responsive 35, Pottinger Street ons of the com- alike to the influence of prosperity batants, a man named Wong Wa, had and adversity upon capacity to pay some boliing water thrown over him an important point. Thereafter by his adversary, who has since ab- sconded. Won Wa was removed to an adjustment of war dubts will, the Government Civil Hospital suffer- he says, be inevitable. The buring from scalds to his chest. don of all debts has been greatly
in their hearts to-day The veteran President's work is done, but the memory of it and of his greatness will live on.
increased by the collapse of prices. With a referenco to a report issued The Ruggestion is that these might by the police concerning the drown be brought back to the 1930 leveling of a seven-your-old boy from a by the on-gold countries expanding sampan at the Kowloon Godowns on their currencies to the limit of Friday last, it is now stated by the relatives that the lad was pushed inte Aafety,
The author admits that the water. The body has since been note Increases would be ineffective discovered.
Sales.
Hongkong Banks $1550. Peak Trama $15%. China Lights (old) $21. Constructions (New) $1.
Buyerя.
Canton Insurances $1240. Union Waterboats $10. Benguet Explorations 31 cents. Providents
$7734 Renities $11.30.
Hongkong old) $4.80.
hong Trama $214.
Peak Trams $15.60. Yaumati Ferries (Old) $31. Yaumati Ferrics (New) 130. Hongkong Electrics 3784. Canton Ices $4.80.
Cements (Combined) $18.40 Hongkong Ilopes $14 Wallace Harpers $14 Dairy Farms $2754 Sincerca $17 United Theatres Tis. 4 Govt. Loans 2% Premlum,
Sellers. South China Motors "B" $12 Watsons (Old) $13%
S. C. Enterprises $8.80
amortisation
RISE IN EXPORTS.
be met either by the transfer of increased
credit, by contracting fresh debts,
The import surplus, which had to 5,800,000,000 Gold- by the transfer of commodities or marks in 64 months, was counter- balanco within the following 29 by reducing imports and increasing months, ie, from the summer of exports. Up to 1929 Germany paid 1929 to the end of 1931, by an ex- the reparations out of foreign loans,
represented
n
From that year on, she received port surplus of 4,500,000,000 Gold-
which marks, no more foreign loans. There was
experienced only one thing left to do: reduce gennine amortisation of debts such
as has never been imports and increase exports. within such a short period. But, As a matter of fact, the idea from the point of view of Interna- of the Young Plan was that the tional economics, it meant that German payments could continue Germany could not utilize for im- to be effected in this way. It was ports the two milliards which she expected that, in the course of un had to expend annually on repara- increase of world business, foreign tins. In all countries engaged in countries would be able to absorb international commerce imports and moro German commodities and exports have decreased along with.
"Now don't get excited, buddy, and we'll see what we can do
for the anti-hoarding campaign.".
the tremendous drop in prices, but it is very characteristic that Gor- iman imports decreased to a greater extent, while German experts were better maintained than imports or exports in the creditor countries. Thus, German imports in the first nine months of 1931 ware 50 per cont less than in the correspond- ing period of 1929, while the world's imports fell off by only 39 per cent, those of the whole of Europe by only 32 per cent., and those of Great Britain, France, Belgium, Sweden and Switzerland by between 18,6 and 31.6 per cent, that is to say, by 50 por cont., half of the German importa on the average, In 1930, Germany pur- chased 3 milliards' worth of goods less than in 1929, and in 1931 a further 3.7 milliards less than in 1930. Thus, her share in world importa, which amounted to 9.7 per cent, in 1928, dropped to 8.6 per cent, in 1930 and is now.con- siderably less. Germany purchased one-fifth of America's cotton ex- orts and one-third of her copper exports. Of the decrease in Amerien's exports of these raw materials from 1029 to 1980, 45 per cent. and 20 per cent, respec-. Lively, are due to the decrease in
Germany a German purchase. sorbs 60 per cent. of the iron oro exported from Sweden and 50 por cont. of the barley exported from The decrease of Rumania. 6,700,000,000 Goldmarks in Ger- many's purchasing power, in the two years 1930 and 1931 has been- a docisivo factor in the dislocation of international prices, in decreas- Ing the value of stocks in hand, (Continued on Page 9.).