THE HONGKONG TELEGRAPH. FRIDAY, DECEMBER 2, 1932.
4A
BRITAIN'S MOMENTOUS WAR DEBT NOTE TO U.S.
WANCHAI VICE
PROBLEM
BAIL SEIZURE
.
ISSUE
The vice problem in the Wan- chal district, which has become marked since the abolition of the local brothels, in receiving the Herious attention of the authorites. In a raid on Tuesday night. Inspector A. V. Baker, in charge
vice of the
Kaline!, detabel girla from former thren
Gar- at Spring establishments den Lane who were found alleg edly exerclsing their former pro- Icasion in n Wanchai ftat, and placed them on ball while further Investigations were to have been made.
4
The women were told before being released, to report themselves at Police Headquarters the follow- ing day, but did not appear, and Inspector Baker. at the Centrai Court this morning,, applied for the confiscation of their bonds.
The powers by which women are iletalned and bail required under the circumstances presented by to understood the enver are be conferred on officers under the new Police Force amend- ments: but the disposal of the con- fiscated bail was in the nature of a problem for the Court. The Police Magistrate (Mr Wynno-Jones) sug Rested the Poor Box. but Inspector Baker said that it would not need the $100 involved.
Asking for
Problem: Not Exhaustive Analysis of Whole
Sacrifice Than Britain Has Already Made
Greater
FANLING GOLF
STARTING TIMES FOR SUNDAY.
Old Course
0.10-0.24 am. Not to be hooked
9 30 K. H. Marrison, M. W. Budd. 0,35 R. Young, H. U. Ireland,
0,65
A. E. Lisaaman, J. K. Mac-
Farlan. 1,50 1. H. Geare, A. T. Lay.
G. W. F. Bocker, A. Lench. 10.00 E. 1. Matthews, I. Newton. 19,00 0. E. C. Marton, J. R. II.
Cogan, 10.10 R. C. Law, G. E. Hotnes. 10.15 W. Mulcahy, L. G. S. Dodwell. 10.20 L. R. Andrewes, A. P. fall.
Thompson. 10.25 D. S. Edward, C. C. Stark. 1030 A. B. Stewart, A. McKellar. A. H. Muc- 10.35 J. B. Logan,
Kenzie. 1040 S. J. H. Fox, D. S. Robb, 10.41 G. S. Archbutt, II. C. Hop
kinn. W. Thompson, E. M. Bryden, D. S. Harvey, G. A. Leiper. W. II. B. Beg, J. Fleasing. E. C. Hudson. R. W. Jones. 11.04 11. W. Dukes, R. P. Newell, 11.08. R. II. Wild, Comdr. Hockney. 11.12 K. A. Munro, G. B. Lyon. 11.16 A. I. McBride, J. E. Richard-
LONDON STOCK
RESUMPTION RENDERED PRICES
INTOLERABLE
London, Dec. 2. THAT BRITAIN IS NOT ASKING THE UNITED STATES TO MAKE A GREATER SACRIFICE THAN BRITAIN HAS ALREADY MADE IS ONE OF THE POINTS STRESSED IN THE SECOND WAR DEBTS NOTE HANDED TO MR. H. L. STIMSON TO-DAY.
The true interests of both countries, the Note declares, lie in co-operation for the revival of world trade, and war debts and reparations must be held chiefly re- sponsible for the present crisis.
MARKETS ON THE
DULL SIDE
Mesare, Swan, Culbertson and Fritz report that the markets were inactive and generally closed dull. Quotations: Nov. 30. Dec. 1. 50/3%* 60/-
35/74*
Daily Mail Trust Imperial Chemical Imperial Tobacco
Guinness Distillers General Electric Electric Musical Industries... Turner & Newall Unilever Vickers
SHARE PRICES
TO-DAY'S QUOTATIONS
The following is the list of local share quotations issued to-day:
Banka.
Hongkong Banks, $1640 b. Hongkong Lon. Reg. £117 n. Chartered Banks £18 Mercantile Bank, A.
£281⁄2 n. Mercantile Bank C., £9% n. East Asin, $108
& B.
Am: 0. Finance Corp., $28 n. China 0. Fin. Orq., Tls. n. China A. Fin. Prof. Tla. 4.60 n.
Insurances,
Canton Ins., 81250 n.
b.
China Underwriters, $2.75 b.
China Fire $620 n.
H.K. Fire Ins., $1100 n.
International Ássce, Tls. 4.20 b.
Shipping.
Douglases, $26 b,
H.K. Steamboats, $28
9.40
F. A. Redmand, A. -H. Rn-
worth.
9.45
PERPETUATION OF
DISORDERS
THE WORLD'S
Mexican Eagle ....
Burmah Oil...... Anglo-Persian Olt
87/0
2/4
Royal Dutch
$184
$174
Couls
46/-
40/1/
24/0
24/0
Union Ins. $512
247-
23/1034
05/0
95/7%
80/G
20/0
64/8
54/3
40/-
107--
12/3
12/8
22/0 22/6
31/6
31/3
n.
0/7%
8/16
Indo-Chinas, (Pref.) $45 n.
70/0
70/6
21/0
21/-
18/9
Ido-Chinas (Def.), $82 n, Shell (Bear), 48/- n.
18/0
10/1/
10/-
London Tin Burma Corpn. Anglo-Dutch ...... International Nickel $12% Hydro-Electric... $0 Brazilian Traction $12 International
Holdings "Shell" Transport * Trad. Örd.
8/9
8/0
1074%
10/4
10/-
10/1
$11%
80%
$12
$ 1
$1%
(Bearer)
48/0
10/104
Courtaulda
3173
31/3
International Tea
29/9
29/7%
10.48 10.62 10.56 11.00
Fun.
11.20 . R. Sturt. Cdr. Morrin. 11.24 A. H. Purves. T. C. Monag-1
han.
FRA
11.28 0. Eager, H. Hampton. 11.82 C. W. Jeffries, J. Coulthart, i 11,96 6. Worrall, M. N. Coch 1140 J. C. Mill, R. R. Davis. 11
H. S. Prophet. 11. A. M. 11.18 G. P. Hale, 6. W. Rewell. 1152 N. Croucher, A. D. Coppin. 11.56 W. A. Stewart, J. G. Camp-
12
E. M. Tetley, D. II. Junes. 12.01 W. Pittondreigh. A. McFar-¡
The suspension of the December payment is essential to enable reconsidera- tion of the whole question in a proper atmosphere of calm and concentration. Pointing out the distracting effect of the transfer of such a large sum at present, the Note shows that the only practicable method of payment would be gold from the reserves of the Bank of England which are none too large already.
The request for postponement is based on the profound conviction that the re- sumption of the old war debt payments would have disastrous consequences upon every nation, not excluding the United States.
Anglo-American discussion would be fruitful for the revival of world pros- perity, and the Note offers to consider, in conjunction with the United States, any convenient method of arranging for the postponement of the debt payment, which would materially improve the prospects of success.
Woolworth
Motors
Ford
Dunlop Rubber
Chartered
Stores Everready Pinchin Johnson
The alternative would appear to be a restriction of imports from America and the reopening of the Lausanne Agreement, so that the whole system of European in Syndicate confidence, now precariously balanced, would fall to the ground.
In answer to another query by the Magistrate, Inspector Baker
aid that in the ordinary way thei women would have been brought be fare the Secretary of Chinese Af- faire, nad, as likely as not. been consigned to the Po Leung Kuk. From a comparison of finger-prints, it was discovered that one, So Ying. wan previously known, to the police and in her case the more drastic course would have been adopted of putting her up for banishment. He agreed that the usual form in which their ball was entered was not suita
(Continued from Page 1) able for the present case, but pointed out that the need for the
Loans made to the Alles by the A. M. Macaulay. R. W. Tap United States, Britain and France special form required had not oc- eurred often.
the colossal G. H. Wilson, A. M. Parker, together reached His Worship adjourned the1 128
J. Fer-total of over £4,000,000,000.. question of confiscation of the bail 1932. H. Babeuck, C. until Inspector Baker had made 12.36 W. H, Hailey, K. K. Rounds, For a time, payment of repara further inquiries in an attempt 1240
C. H. Robertson, A. Webster. tions and war debts was rendered again to locate the missing women. 12.44 J. F. Lawrie, H. N. Willison-possible by the flow of investment capital from the United States to Continental Europe.
12.08 12. K. Vibratine, J. P. War REMARKABLE NOTE'S CHIEF POINTS
SHANGHAI INCIDENT
SETTLED
Shanghai, Dec. 1. A conference wha held, this afternoon concerning the Japaneseį Consular Police kidnapping and Rettled the affair amicably.
!
J. P. Sherry, W. C. Clark, 12.12 1.16 C. H. Burton, R. S. Traill. 12.20 W. D. Hugher, S. T. Butlin 19.24
lin.
TINOT,
son.
12.48 C. Thwaites, P. S. Grant. 12.52 E. M. Preshaw, C. C. Clarke, New Course
TJ. 1. Fenwick, A. Ritchie. 0.36 J. W. Alaharter, A. Reid. 9.10. P. Ilyde, A. H. Harbord. 9.44 A. H. K. Cobb, W. H. E.
Thomus.
A Lowson, J. D
Donakl.
Alue-
9.62 10.08
A. S.. Mitchell, F. C.Mudie.
10.00
to
287- 28/- 26/1 26/-
1/9 1/74
Reuter.
Possible mutilation,
Arrested last Monday evening in Canton Road, Wong lol, Wong Sang and Wong Fat were again brought be these attempts to force the for an all-round reduction or fore Mr. Butters at the Kowloon enneellation of Inter-Allied debts. Blagistracy this morning by Detective stream of capital uphill.
That proposal was not accepted, Inspector Dorling. Defendants were charged with unlawful possession of IN SAME POSITION.
and the British Government were FL fully-loaded revolver and two Referring to the possible critic-called upon to fund their debt to daggers, and were alleged to be con- ism that any remission of war the United States. They then an-templating an armed robbery when debts would merely transfer the nounced that they would limit arrested. Inspector Dorling applied ilability from the taxpayer in the their demands on her own debtors for a remund and intimated that he borrowing country to the taxpayer to the amount they wore required would ask for the defendants to be in the lending country, the Note to pay America. points out that in this respect the British and American" taxpayers are in much the same position.
Before the Hoover Morntorfum, But the prosperity of the years! 1923 to 1929 was largely illusory.all réparation and war debts re- Towards the middle of 1931 some-ecipts of the United Kingdom thing like panic prevailed,
ILLUSORY PROSPERITY.
went to covor current payments
receipts But, in fact, their have amounted to less than half their payments to their creditor.
RELATIVE POSITIONS.
of
committed.
tomer, but if the war debt payments had to be resumed, the heavy adverso balance of visible trade, amounting to £78,000,000 in 1931, would. have to be reduced by adopt- ing measures which would further restrict British pur- chases of American goods. Therefore, if payments were re- sumed to the United States Trea-
the United States producer.
Syne Thomson. A. C. 1. Instability, if not with "collapse of the two countries, looked at United States, as well as £134,000- \sury, a definite loss must follow to i
The French Consul stated that! on the basis of this arrangement be 11.41) W. A. considered the incident amicably! closed.
The mutual handing back takes place to-night between 7 p.m. and 10 p.m.-keuter's Special.
WORLD DISORDER.
LAUSANNE.
The relative position is that the Since then, the world has been due to the United States, and the United States made loans of the United repeated shocks British taxpayer had each year to £2,055,000,000 and living under The French undertake to hand back the two Japanese plainclothes
. K. Littlejohn, G. I. Bond, which have completely undermin-, find from his own resources over Kingdom made similar loana
the £80,000,000 for interest on internal £1.600,000,000. The United States men, held prisoners and the
Mrs. Syme Thomson. W. F.ed the confidence on which Simmons.
system of private investment "de loans, out of which advances of have received £134,000,000 and the Japanese undertake to hand back
£1,600,000,000 were made by Brit-United Kingdom nothing, having J. A. Shaw, R. A. Rodgers. 2016
pended. the Korean they arrested. The
Mrs Shaw. Mrs. Rodgers, Japanese Consul-General in addi- 16.6
Currencies are threatened with to the Allies. The interests passed on all their receipts to the: tion undertakes to take the neces- 10.28 W. J. Roberts, P. S. Cassidy.]
re 10.6 Mrs, Jones, Mrs. Martin.
When interest is taken into ac Bary disciplinary measures
16:44 F
and the controls and restrictions from this standpoint, are the same.000, in addition. Bowker. garding the Japanese plainclothes
But even a partial recovery of count, some £200,000,000 has been to remedy the trouble men involved.
McBride, Mrs. intended 10,52 Mrs. A. H
have merely aggravated it.
business activity in the creditor found by the British taxpayer. E.
would result in ad-
Touching on the Lausanne settle- countries Markinlay. A.
While the British share of Everywhere taxation hus been ditional receipts from taxation,
total Indebtedness to the
ment, the Note says if the payment Gerondal.
of war debts due to the United entlessly increased and budgets 11.0 W. A. Weigh. E. Stone.
United States is only 10% of Exchequer many times over for
States Government were to be re- The
the total of payments made to 11.16 5. P. Fletcher, Mr. Fletcher are in deficit or are balanced with which would compensate their 11.24 J. Dalgarno, W. A. McKinlay ever-increasing difficulty.
the loss of revenue involved in thei
sumed, the British Government the United States, 80% has
would be obliged to reopen the ques- world cannot even begin to con- revision of war debts, 11. A. 0. Brawn. F. Lobel.
come from Britain. 11.40 6. T. May, J. C. Dunbar,
tion of payment from their own sider how to restore the monetary 1148 Mrs. Sherry, Mrs. Clark.
mechanism without which thei
Coming as they did after losses debtors-France, Italy, Portugal, 11. Mrs. Mackie, Miss Thomas.
modern world cannot effectively.
creditor resulting from the war, these Yugo-Slavia, Roumania and Greece, few million effects constitule, in the view and also the British Dominions, 12.04 D. 1. Mackie, V. R. Gordon.
confidence, country to collect
a which have been suspended since undermining 12.12 W. E. F. Jones, T. A. Martin. conduct its daily life. until the it will not profit a
pounds or dollars if it thereby of His Majesty's Government.
the Lausanne Conference. The ave been removed.
strong claim to consideration. SUGAR MARKET
debtor countries would in turn have One of the most important of perpetuates world disorder.
And a
new war debt settle- inter- hese is the system
CHANGES OF CIRCUMSTANCES. to demand payment by Germany of,
her obligations under the Young overnmental debts. These debts ment, however generous it may iffer radically from commercial seem, would be repaid again and.
Govern-again by the contribution it would Regarding the changes of cir-Plan
the burden of Britain's obligations, saus raised by foreign
for productive purposes, make to the peoples of the world, cumstances which have increased
self and particularly those of the it is pointed out: ents
are Messrs. Pen- uch productive loans.
liquidating, but reparations and United Kingdom ar debts represent expenditure greatest creditor nations, if they pressed in terms of gold, but the war debt obligations, the Lausan- Like the shells on unite in co-operation to make the burden on the British people in ne agreement could not be ratified. In destruction.
of sterling the question of reparations would hich they were largely spent, first essential step towards avert-measured in terms
blown to ing disaster, financial, economic Consequently the payment on De- remain unsettled, the improvement hese war loans were
cembar 15th is increased from in confidence which followed the feces and have produced nothing and political.
$19,750,000 to approximately £30.-Lausanno agreements would bo to repay them.
000,000.
London, Dec. 1. At the end of the London Naval Treaty period in 1936 Britain would have decreased her navy by 17 per cent as compared with what'
in 1911, stated Sir D. Eyres-Monsell, First Lord of the Admiralty, in a speech in the House of Commons in the course;
It was
THE LATEST CABLED QUOTATIONS
of the debate on naval reductions, The following cable at the close while the United States navy of the sugar market yesterny has would increase by 29 per cent and been received by the Japanese navy by 37 per cent, treath and Co.
There would be further unilateral reduction by Grant Bri- tain, he declared.-Our Own Cor. respondent.
no
CHRISTMAS CRUISE
It is inadvertently stated in an advertisement elsewhere regarding the Canadian Pacific Christmas Cruise to Manila, that meals on board during the stay in Manila are "with extra charge." The error, which is ours, is regretted,
in point of fact, all meals are pro vided without any additional charge whatever.
London Terminals. March 1933 5/7% down 14d. May 1933 5/9 down 24. August 1933 6/11% down 24d. Buyers at above prices, sellers fasking d-d more.
.
London (1/12/32).-Weakness) caused by American selling.
New York Terminals.
March 1933 .74 down 2 pts.
May 1933 .80 down 2 pta.
July 1033 84 down 2 pts.
September 1933 .90- Cuban 96-Spot N.Y. 90 change.
Two pictures showing the Bonus Army camp in Washington before and during the authorities carried out their sutklass aviation campaign. 2. A repetition of auch ugly soned ka apparently now threatened.
!
auses
of
na the two
BRITISH PAYMENTS.
Firstly, the British debt is ex-
Secondly, the average wholesale price index In the United States during the period when the debt was in- curred was 189, and fe now under 84. The debt thus re- presents to-day, in terms of goods, not less than twice the amount borrowed.
POSSIBLE FATAL RESULTS.
Without readjustment of tho
undone, and fatal results might well be found to have accrued to the solution of the many gravo political as well as finanacial pro- blems now under discussion.
Union Waterboata, $21 b.
Mining.
Benguets, $18% n.
Kallans, 28/9 n.
Langkata (Single), Tis.4 n. S'hal Explorations, Tis.2.10 n. S'bal Loans, Tle.2.30 n. Venz: Goldfalda, $4.20 b. Benguet Exp., 23 cta, n.
Docks, etc
H.K. Wharves, $147. H.K. & Docks, $24 n.
S. China Motora A., $10 n. S. Chinn Motor B., $8 n. Providents (old), $4.65 b. Providents (now), $1.65 b. Hongkews, Tls. 230 n. New Engineerings, Tla.6.20 n. Shanghal Docks, Tis.96 n.
Lands, Hotels, etc. Hotels (old), $9.00 b. Hotels (new), $9.76 n. H.K. Lands, $77% 8.- S'hai Lands, Tis. 23% n. Metropolitan Lands, Tle. 10 n. Humphreyn, $15% ga. H.K. Realties, .$8.80 s.
Asin Realties "A", $140 n
Asia Realtics "B", $28 n. Chineso Estates,'$100 m. China Realties, Tis.11.40 D. China Debentures Tia.99% n.
Cotton Mills.
Ewo Cottons, Tis. 14.70 . S'hai Cottons, Tls. 73% 1. Zoong Sings, Tis.11.76 b. Wing On Textiles (S.) 148 n. Publle Utilities.
. Tramways, $21 8.
Peak Trams (old), $15.50 n. Star Ferries, $92 d. Yaumati Ferries, (old), 3341⁄2 B#, Yaumati Ferries new), $83.76 n. -China Lights (old), $14.20 8.
H.K. Electrics $76 b. Macao Electrics $29 b. Sandakan Lights, $12 n. Telephones (old), $30 n. Telephones (new), $20.10 b. China Buses, Tis.10 n. Singapore Tractions, 2/- n. Singapore Pref, 12/- n.
Industries. Malabon Sugars $27 n. Cold: Macg. Ord.), Tis.14 n. Cald: Macg. Prof.), Tis,10 n. Canton Ices, $0 n.
I
Cements (Com.), $12.75 a. Cements (old), $10 Cements (new), $2.50 n. H.K. Ropes, $12 n. Agriculturale, $10 8.
Stores, etc. Dalry Faems, $28.50 8. Watson (old), $12.75 n. Wataona (new), $11.40 . Der. A. Wings, $1 n. Sinceres $16.50 . Lane Crawfords, $5.60 n. Mackintoshs, 321 n.
Wm. Powells, $3.35 n. Wing On (H.K.), $235 b,
Miscellaneous. Amusementa $16.50 n. Entertainments, $13.40 b. S.C. Enterprisce, $84 b. United Theatres Tls. 5.25 b, Macao "Greyhounds", $6.50 b. Construction (old) (8.25 ¤, Construction (new), $1.40 b. B. Ind. G. Bonds, $69% n. Wallace Harpers, $10 s. China Sports Ltd., $10 n. H.K. Govt. Loans, 2% % prem. b.
international In the long run,
The Note recalls that British debts can only be paid in the form
war expenditure amounted to of goods or services.
Creditors, insofar as they have £2,100,000,000 of which only about adopted a commercial policy pre-one-third was financed by barrow- venting payment in goods, haveling from the United States Govern- compelled their debtors to pay in ment. Approximately £600,000,000 110 gold.
was obtained by the sale of gold This has led to a drain on the land accurities. gold reserves of many countries In addition, the British Govern- and has forced down the price of ment raised commercial loans on commodities in terms of gold cur- the American market, before the rencies, causing widespread ruin United States entered the war, to han restricted the import of Bri- to producers in debtor and creditor the amount of £504,000,000. Of tish manufactured goode. When countries alike, and acriously in-tiho market borrowings in the the British war debt was fundedį ernwent in gold and foreign ex-person calis a busy business man over
debts,
INTOLERABLE.
Thirdly, the American tarif
amounted to £60,- been repaid, and in respect of the 000,000. This year's figure United States Government loans £10,000,000.
It has rendered Intolerable the payments have been made, both peculiar burden of unproductiva before and after the funding war debts.
agreement, amounting to £854,000,- The withdrawal of credits from 1000 or £629,000,000 In all. Germany and the connegoent movements of capital forced the United Kingdom to abandon
the
BALFOUR NOTE.
AMAZING FALL IN TRADE.
United States Imports into the the United Kingdom show an usually remarkable fall from £211,- 000,000 in 1920 to £59,000,000 in; Meanwhile the advances made the first nine months of 1932. The total trade between the two coun- old standard, with worldwide re-by Britain amounted to £1,000,000, tries since funding agreement has aults. Thus we feal that the 000 and had increased subsequent fallen from about £300,000,000 to effects of these unnatural trans-ly by the addition of unpaid in-£100,000,000 yearly. fers have gravely accentuated the terest. dificulties of all five Continents.
war, the Shortly after the Confidence and credit cannot British Government offered to revive until an end has been put join in any oquitable arrangement
The United Kingdom has up to the present generally been America's best
The proposal for a suspension of the December payment, which would in no way affect any ultimate settlement, is necessary | to create a condition favourable to the successful issus of sub. sequent debt conversations. The reserves of the British Gov-
When a person calls a friend over the telephone, that is an expression. of friendship, but when an unknown
modification of exchange fluctua annoying questions, that is unjust tions, were not intended and would vexation. This was the ruling of not suffice to cover as well the Judge Lula P. Torres, of Manila, in payment of GR05,500,000-British imposing a fine of six peson on Victo Wireless-and Reuter.
rin Veloso, of Pasig, Rizal, for annoying A. 1. Fanthagen, cashier Washington, Dec. 1. of the Manila Electric Company, over The renewed British request for the telephone. It appeared that postponement of the December in- Victoria kept calling Enathagon ever atalment of the war dobt ap- the wire and continued to ask him
| auch questions as "Who was that. parently made little Impression to blonde I saw with you last night 71 night on Congress. Republican and "With whom did you take your and Democrat leaders clung to dinner Easthagen, testifying. their previous positions and also that he did not know by what right predicted the defeat of any pro- the woman could ask him such ques posal to create a Debt Commistions, especially during busy hours at sion-Reuter.
thie office,
said