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Happy Valles
DEATH.
MONDAY, MAY 9, 1932.
DAY BY DAY
FIRST RECOGNISE WHAT IS TRUE; WE BHALL THEN DISCERN WHAT 18! FALSE; AND PROPERLY NEVER TILL THEN.-Carlyle.
REPARATIONS & WORLD COMMERCE
By DR. A. HAMM
FORMER MINISTER OF THE REICH
he says, be inevitable. The bur- don of all Cobts has been greatly increased by the collapse of prices. The suggestion is that thos might bo brought back to the 1930 level by the on-gold countries expanding their currencies to the limit of safety. The author namite that note Increases would be ineffective
It is nothing now in the his- that, in consoquence, Germany's unless they were allowed to exert
The quarantine restrictions Imposed tory of mankind that the victors in production would increase,
NOTHING DONE. their normal influence upon trade.
by Hongkong against urvivals from a great war should wish to be com- One cannot but feel that the gold Shanghat an account of small-pox pensated by the vanquished for
The state of airs at the pre- their sacrifices and the expenses) standard itself would have achiev-have been removed."
of the war. It is also nothing new sent time is quite different, Sh.co ed the same results earlier but for
of 1920, when the The speaker at the Rotary Club and, indeed, the discernment of the summor the obstacles placed in the way of
the nations has already frequently highest point was renched in the tin to-niorrow will be Dr J, its free working by various im- Shellshear, whone subject will lad, after a great war, to the vic-granting of credita to Germany possible taak of keeping some lin The Pre-History of Hongkong." tors and the vanquished wishing and the expansion of production to bear the greater part of the in world business came to an end, tlons at once creditors, reluctant
Mr. G. P. de Martin, Director of burdens in common. just as Wil the value of international com- importers and heavy exporters of goods and reluctant fenders. Sir Education, is to present the awards son's Points expressly reject the merce has sunk by about 50 per at the annuni prize-giving ceremony idea of complete reparation for the cont. In the first nine months of at the St. Mary's School, Kowloom, on War or, indeed, of a punitive pay-1931, it was about 41 per cent. Wednesday at 6
ment by Germany. But when re less than in the same period in p.m.
were paraptions were insisted upon, they 1929 and about 28 per cent, less
Arthur therefore turns to a re- formed gold standard as preferable to a series of managed non-gold currencies with all their dangere,
50
of this reduction
and one-third to
There are several reasons for
Seven men, three of whom n villager of Wong Sha Wai, Castle property which could be delivered about two-thirds are due to the but with a managed world cur.identified as being clansmen, robbed generally consisted of movable than in 1930. rency as his ultimate ideal. Hav-Penk, yesterday afternoon of $11 in without difficulty or, as happened drop in prices ing planned to secure stability at money and, after binding and gagging after the Franco-Prusalan war of the reduction in quantity. Further the higher level of prices, he would the occupant and his nephew, took 1870-71, of sums of money which reductions have occurred during
away the wiven of the two men. Thathe vanquished could pay without the last few months. then proceed to encourage a rene outrage has been reported to the oxcessive difficulty in a short time, wal of foreign lending, but care-pollee, but nothing has yet been dis-by transferring credit due to him this. When the War was over, fully directed and controlled. Suc-covered as to the whereabouts of the from third parties to his creditor. nothing was done, as ought to have On the other hand, there is no been done, to overcome the tension cess here would reduce the disloca-kidnapped women.
instance in the history of war re-prior to and Increased by it. Pro- tion of trade otherwise resulting
parations of the amount of repara-duction was still further excca-
being in such aively increased, capital tions demanded from the measures previously dis-
to the wrongly invested in the unecono- cussed, and he would, therefore,
enormous disproportion financial and economic capacity mic production of new industrial invoke the aid of the Governments
of the vanquished country ns was countries, dissipated in the older of the lending countries as guaran-
the caso after the war of 1914-18. countrica, and Europe was further
the tors in order to attract the con-
economic Germany had to cede her foreign subdivided from dence of the investor. Meantime,
In addition, the German war he would have the nations reform
their internal financial and com- mercial organisation, and every nerve strained to ensure political pence. This would take as well on the rond to recovery and to the author's final goal of a world so constituted that "the real work of TANG CHỈ NGONG. At his resid-civilisation can at last begin."
ence at 37, Giongh Street, Hong Kong, on 3rd May, 1932, MIT. Tong Chi Ngong, aged 71, after a lang Winess. Funeral will take place On Monday, 9th May, Cortege arriving at the "Fare- well Pavilion," Kennedy Town at I p.m.
ACKNOWLEDGMENTS.
Sir Athur'a examination of the him to the present crisis leads. conclusion that the initial cause of our troubles is a dislocation of world's distributive system, the accompanying the coincidence of two major depressions. The one is industrial, party cyclical, partly due to the greater elliciency of modern methods, to changed tastes.
31. and Mr., J. M. Noronha sendid to other factors. The other
Family tender their heartfelt
for this agricultural, chiefly the result thanks to all friends
of the influence of scientific ad- kind expressions of sympathy as weli M for floral tributes and vance and of mechanization. They attendance at the funerah-
.
caused the collapse of prices, a financial crisis supervened and the
Tre family of the late Mr. Tong Chi whole was enveloped in an atmo-
Ngong tender Lheir heartfelt thanks to relatives and frieris sphere of political tension and lack
for their kind expressions of of confidence.
at the sympathy, attendence funeral and floral tributes.
The
-
Hongkong Telegraph.
MONDAY, MAY 9, 1932.
WORLD PROBLEMS
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- 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 has become posals which have been made for the victim of a barbarous act, cut world economic recovery, Senator off not long after he had reached the highest office with which his Borah new comes forward with a
country could honour him. A man cumprises threefold plan which 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 to his career that he should have startlingly new in his proposals. On the first point, there are hopes been struck down by the assassin's hand. In particular, his fine record of some advance being made as a result of the Geneva Conference, in Indo-China, whore his wise' but it is doubtful whether any handling of affairs greatly enhanc- thing will be done in the way of ed his reputation, is called to mind, international agreement regarding for during his service in this out- silver, since evidence is lacking of post of French colonisation he re- any willingness on the part of in- vented the qualities of a great and terested nations to take concerted liberal-minded statesman. Unhup- action. All manner of suggestions pily, assassins take no note of such have been put forward for the re- things as these: indeed, so often habilitation of silver, but none has does it happen that those who have so far received official support. served humanity best are singled Special interests are continuously out as the targets of the murderer, pleading for something to be done, Tho killing of M. Doumer is, in but no sign of united action is fact, not the first occasion on which France has had that circumstance forthcoming.
Without doubt, the reparations illustrated in her national life. To- for the bereaved issue is the primary question day we mourn
It will widow and children, for the whole which has to be faced. form the principal business at the French nation and for the members forthcoming Lausanne Conference. of the local French community who, with their nationals Sir Arthur Salter, the well-known in common economist, in his book, "Recovery everywhere, so keenly feel the loss -The Second Effort," has some they have been called upon to bear. pointed observations on this pro- The knowledge of that sympathy, blem. Denling with the question manifested in all parts of the world, of reparations and war debts, as whilst it cannot dispel their grief, having been already the subject of will at least temper the sorrow Fronchmen and women collectivo action, the author urges which
in their A further moratorium and an early carry
hearts to-day final settlement. After discussion The veteran President's work is of the dißculties involved, he sug-dong, but the memory of it and of gests that the lasuo of ordinary his greatness will live on. shares in Gorman railwaye and in-
dustries for the inevitably reduced
During a fight between two men at total of reparations would be the 35, Pottinger Street one of the com- most effective plan, rosponsivebatants, a man named Wong Wa, had alike to the influence of prosperity some boiling water thrown over him by his adversary, who has since ab and adversity upon capacity to pay sconded. Won Wa was removed to an important point. Thereafter the Government Civil Hospital suffer an adjustment of war debts will, ing from scalds to his chest.
SUGAR MÅRKET.
THE LATEST CABLE QUOTATIONS.
has been received by Messrs. Pen- treath and Co.
London Terminals. August 1932 4/6% up 1⁄2d. December 1932 4/19 up 0. March 1933 5/1 up . May 1933 5/2 up d. Buyers at above priess, sellers asking d-d. more. May ders completed.
New York Terminals. Spot .58
May 1932 .64 up 2 pts. July 1932 3 up 3 pts. September 1932 69 up 3 pts. December 1932 76 up 3 pts. March 1983.
was
Were
The following cable at the close credits, her commercial fleet and point of view,
her colonies. In the years preced-) of the sugar market on Saturdaying the Dawes Plan she had to tribute payments became a very make payments in canh which, with substantial factor in the origin Increasing inflation, completely and the accentuation of the crisis. exhausted her financial capacity. For many years, Germany's im- Thus it was a belated recognition porta exceeded her exports, just
almost all of the facts when the Dawes Planins now
essentially Inid down that payments can only capitalistic countries without their be paid out of the economic surplus own sources of raw materials, auch from national production. This fact as Great Britain, France, Belgium, to be effected?adverse trade balance which they tenis now generally recognized. For Holland and Switzerland, have an
how is payment Payments in German bank-notes adjust by the yield from capital are of no use to foreign countries invested abroad. Germany con-- s long as these notes do not re-tinged on this basis until the sum- main at par with foreign curren-mer of 1929. Her stocks cies. That is only possible when practically exhausted, and the such payments do not Interfere need for imports was very great. with the balance of payment as But imports were only possible between payments of foreign with the aid of foreign loans. In countries to Germany and Gerthis way, Germany had an import many's payments to foreign coun- surplus of 5,800,000,000 Goldmarks tries. In the balance sheet of from the beginning of 1925 until every country, one side shows the the summer of 1920, when her for imports, for credit was exhausted and she was payments due services rendered by foreign coun- unable to pay for any further tries and for the interest on, and imports. But at the same time to increase her amortisation of foreign loans: she was unablo the other side shows the credits exports, however much she endca- OFFICIAL SUMMARY BY
due for exports, for services ren voured to do so. Thus there was STOCK EXCHANGE.
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-of, credits given to foreign coun- of any measures included in the of the German is still attracting tries. If the debit side of this economic plans vestment section
balance sheet is charged with Government, but simply us the re- most attention.
political war payments, these are sult of the natural laws of national hot balanced by economic equiva-economics. The
on Ger- lents of any kind on the other side. niany's internal economy was de- As Germany neither produces any eroase of production, increase of gold with which she can pay nor unemployment and reduction of the has any property abroad which she national income. can cede without destroying the basis of her economic necessary activity, these obligations nonly
The import surplus, which had be met either by the transfer of increased
to 5,800,000,000 Gold- credit, by contracting fresh debts, marks in 54 months, was counter- by the transfer of commodities or
balanco within the following 29 by reducing imports and increasing months, I.e., from the summer of exports. Up to 1929 Germany pald 1929 to the end of 1931, by an ex- the reparations out of foreign loans.
HONGKONG SHARE MARKET.
Sales. Hongkong Banks $1550.- Peak Trams $15. Chinn Lights (old) $21. Constructions (New) $14.
Buyers.
Canton Insurances $1240. Union Waterbanta $19. Benguet Explorations 31 cents. Providents (Old) $4.80. Hongkong
$774.
Landa Hongkong Realtics $11.30. Hongkong Trama $21%.
Peak
Trams $15.00.
(Old) $31.
Yaumaties (Now) $30.
Yaumati
Hongkong Electrics $78.
$4.80. Canton Ices
Cementa (Combined) $18.40 Hongkong tapes $14 Wallace Harpers $14 Dairy Farms $27 Sinceres $175
United Theatres Tin. 4% Govi Loans 2% Promium.
Sellern.
South China Sfotors. "B" $12 Watsong (Old) $13
S. C. Enterprises $8.80
elfect
RISE IN EXPORTS.
B
From that year on, she received port surplus of 4,000,000,000 Gold-
which represented marks, ne more foreign loans. There was only one thing left to do: reduce genuine amortisation of debts such as has never been experienced 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 an had to expend annually on repara- increase of world business, foreign tions. In all countries engaged in countries would be able to absorb international commerce imports and more German commodities and
"Now don't get excited, buddy, and we'll see what we can do for the anti-hoarding campaign."
exports have decreased along with the tremendous drop in prices, but it is very characteristic that Ger- man imports decreased to a greater extent, while German exports were better maintained than imports or exports in the creditor countries. Thus, German imports in the first nine months of 1931 were 50 per cent. less than in the correspond- ing period of 1929, while the world's importa fell off by only 39 per cont., those of the whole of Europe by only 32 per cent, and France, those of Great Britain, Bolglum, Sweden and Switzerland by between 18.6 and 31.6 per cent., that is to say, by 50 per cont., half of the German Imports on the average. In 1930, Germany pur- chased 3 milliards' worth of goods leas than in 1920, and in 1931 a further 3.7 milliards less then in 1030. Thus, her skure in world amounted to 9.7 imports, which
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 experts. Of the decrease in America's exports of those raw materiala from 1929 to 1930, 46 per cent. and 20 per cent. respec tively, are due to the decrease in Germany ah. German purchase, sorbs 60 por cont, of the iron ore exported from Sweden and 60 per cant. of the barley exported from Rumania. The decrease of
Ger.. 0,700,000,000 Goldmarks in many's purchasing power in the two years 1930 and 1981 has been a decisive factor in the dislocation of international prices, in decreas- lng the value of stocks In hand, (Continued on Page 9.)