THE HONGKONG“ TELEGRAPH,
CONFERENCE ADJOURNS.
Trade Rivalry More Dangerous Than International Armaments Race.
AMERICAN ADVICE.
STIRRING SPEECHES AT
CLOSING SESSION.
ROOSEVELT'S UNSTINTED PRAISE FOR BRITAIN'S PREMIER.
PLEA FOR SYMPATHY.
London, July 27.
level of more advanced countries. The Gorman, Government in future would always be ready to Joln with International co-opera- tion plans.
Belgium's Stand.
M. Hymans spare figure and un ruly mop of white hair, recalled Geneva and the Sino-Japanese dis- pute. Ho agreed that the early hopes of the Conference were not fufilled and emphasised Belgium'a determination to maintain the gold
Although no acceptable solution to the world crisis had been found in the past six weeks, be shared the view that a solution could be affected at more favourable moment.
ments.
a
M. Masaryk, of Czecho-Slovakia, on behalf of the Little Entente. declared the coming recess should Packed galleries and grave-faced delegates give ample opportunities for re- viewing the position. It was bet- gathered yesterday at the closing session of the World ter to face the difficulties honest- Economic Conference. Mr. MacDonald, after Ir than to reach superficial agree- buoyantly hopeful address, moved the adjournment of the Conference, with the provision that the Bureau Mr. Hull said that time must be would have the power of calling it to reassembly. The afforded for nations resolution was carried unanimously. Mr. MacDonald, broaden their economic plans in immediately after the vote, assured the delegates that order to co-ordinate them on a he expected to welcome them back to London within a cording to the Conference pre-
gradually increasing scale, few months.
Mr. MacDonald opened proceed- Inge punctually at 10 o'clock. He expressed the hope that they would fzish by 5.30 o'clock and said speeches would not be trans- tated in order to save time.
M. Bennet Introduced the finan- cial report, briefly reviewing the difficulties the Commission and stating that, If on this occasion they had been unable to reach full agreement on all points, there was no need to doubt the possibi- lity of reconciling the various views in due course.
M. Bonnet, with flashing eyes and emphatic gestures, defended the French monetary policy and de- clared the foundation of future agreements had been laid.
measures
bad
Hull's Warning,
to further
ac-
gramme. The wildest military armaments of the past scarcely
because the reaction to hopes uxceeded in danger the present fostered and dashed, might mad race between most nations to casily aggravate the situation. promote economic armaments He declared no single member which would inflict colossal in- was prepared to answer affirma-juries upon masses of people tively the question as to whether everywhere. The nations must any practical
pursue iesa extreme economic been agreed upon.
policlos, discard artificial expe Dr. Colijn.drew
dients and protect ineficient in- attention to certain countries which were eit-
dustries. Every country should ting on the fence, hoping it would first have a comprehensive damps- not become necessary for them to
tie programme to deal with de- foin in the mad race for high pression; but international tariffs, which hvas
operation was necessary to pro strangling
vide a broad basis whereon to build a stable domestic economic structure for the future.
world trade.
If the Conference hnd achieved no tangible resulte, he was not, unduly pessimistic. For example, there had been greater agreement in principle with regard to com- "We can, without
excessive mercial policy than had ever be optimism, anticipate.concrete refore been renched.· sults shortly which will effectively facilitate the economie reconstruc- Lion of the world." he said.
M. Bonnet also affirmed France's determination to adhere to the gold standard.
"We especially deplore the failure to limit exchange fluctuations due to speculation, which are detrimental to labour investments," he added.
Governor Cox followed the French spokesman.
week had
MacDonald Praised.
Co-
Mr. Cordell Hull presented Mr. MacDonald with a personal mes- sage from President Roosevelt, expressing sincere admiration and One Accomplishment.
respect for Mr. MacDonald's The delegates brightened when courage and patience as President Signor Jung, of Italy. declared of the Conference, declaring that that the part
Americans understood the other been marked by one important accom- than before the Conference, and nations' problems better to-day plishment which held of ultimate progress on lines of would, in the sante spirit of good. prospects that he trusted the other nations international corporation. In the meantime the world's econo- which were aimed at overcoming will, view the American policies mic troubles were uncurable piece the unprecedented economic situa- menl.
For example, a tariff truce and monetary stability formed a Must Co-operate.
single problem. He declared a Speaking-as-President-of-the managed currency-was-inconcel Monotary Commission, Ir. Cox vable Wealthy countries could said that there has been distinctly afford experiments, but wisdom. worthwhile results from the Con- dictated for Italy a rigid adhe ference and not that divergence rence to the gold standard. of opinion in important subjects that might have been expected,
Great Disappointment.
"We are agreed that to discon- Mr. Chamberlain was unable to tinue applying the best ender-disguise his great disappointment i vours in a concerted civilisation that so little progress" "had been would be the saddest reflection recorded in. number of im- on humanity in all history." portant and most urgent questions, Referring to debts, Mr. Cox vitally affecting the world's re- - stressed the importance of the covery, and which had only been Bank of International Settlements outlined. Conditions In the
of
tion.
The President said in part:
"I do not regard-the- Con- ference as a failure largely be- cause as a result of your tact and perseverance the larger and more prominent problema will continue to be discussed. I recognise the need of new ad- justments to meet the unpre- cedented economic conditions. You can rely on our continued efforts towards world' rehabili- tation because we are convinced that the continuation of the World Economic Conference will result in practical good in many fielda."
as an instrument necessary to United States precluded contem- stimulate constructive effort and j plation of stabilisation
M. Malaky scornfully declared added that there could be no changes or return
ex-j that though the Conference was general world recovery as long as national monetary standard.
to an inter-only six weeks old it was so hope- frozen credits
Onlessly senile that it was dispersing obstructed trade the other hand. repercussions of eine die. channela.
this decision оп the economic Senor Oliviera, of Brazil, hailed Runciman's Speech.
situation would be undoubtedly the Silvor Agreement as a definite most disturbing. "But we don't accomplishment and declared that Mr. Runciman, the Economic attribute the blame to anyone and the work started would Commission rapporteur, gave a wait only more propicious cir continue.
surely pithy account of his stewardship.cumstances to resume our labours."
Mr. Chamberlain added: "None 12.45 p.m. for lunch.
The Conference adjourned at He contended that his report did not minimise the dimculties or of us undervalues what has been exaggerate the progress they had, accomplished. Useful resolutions achloyed in a useful work of ex- have been adopted on the mone ploration. He drew attention to tary side, while the economic side At the resumed session in the the useful progress made In co- though discussions on tariffs and afternoon, a thin gathering heard ordination of production and mar-tradd barriers wore checked by the representative of Haiti, and keting, and asserted, that trade the same obstacle which blocked Baron falli, who followed. The Ja- barriors must be reduced. The progress on the monetary alde. panesa delegate said his country work accomplished would provide Britain is unable to accept a posi throughout had insisted on the a valuable basis for further busi- tion which stereotypes the pre-ed nations clause" and the re- maintenance of the "most favour- ness' after the recess.
Bont differences in tariff levels. Mr. Runciman's tribute to the We welcome America's recogni- moval of trade barriers. There- Chairmon of the Committees,tion that high tariff countries. fore he strongly supported the aroused a burst of applause, when should take a lend in reducing American proposals of July 21 in ho referred to Dr. Colijn of Hol- them."
land as a great chairman, and a He regretted no conclusion had most experienced and courteous boon reached on shipping sub- gentleman."
sidies.
Reducing Trade Barriers,
)
Germany's Promise.
Supports America.
favour of a discussion of trade agreements and trucca.
The Conference unanimously adopted the Economic Commis- sion's Anancial reports,
BRITAIN'S HOPE.
Later, on the motion of Mr. Mac- He declared that some countries Herr Schacht snid, speaking in sine die, until the call of the Bureau. Donald, The Conference adjourned have evolved practical measures English, that after more than six for the reduction of trade bar weeks of ardent work they must
--Reuter, riora.
rogrot to see that on almost nond "All this is less than we had of the Items of the agonda had hoped for but there are circum- agreements been reached. The
London, July 27. stances over which the Economic resolutions which finally emanated Mr. Ramsay MacDonald, Pro- Committee, at any rate, has no from committees merely constisident of the Economic Conference, control. These interrrupted our tutod general opinions and recom- spoke to the gathering of Inter discussions at.au early stago," he mendations similar to those re- national delegates with words of said. „2!
Histered at ovary International hope and encouragement at the re- Dr. Colijn poured a cold gathering since the Brussols Con-sumed sesalon in the afternoon. douche over the delegates when foranco in 1920.
Mr. MacDonald declared that
ho declared that the Conference One of the tasks, of Interna- the rising of the Conference was has no reason to congratulate tional economic policy in future a recess and not a finish.The. Itself on the results, achieved, will consist of 4 creating of om- early hopes had not been destroy- They were undoubtedly, highly) ployment by brinking countries of od, only postponed!? There were, dianppointing, and dangerous, a low standard of living up to the digna bien ruvival / of world trade
FRIDAY
but there were still obstacles to prosperity. The nations had at- tempted to solve their problems by economie. armamont, Economie disarmament was the only solution for the impasse, he asserted.
"Our work has been well done. The currency difficulty has, held up progress on the monetary side, and also discussións involving economic questions...As a tem porary settlement is impossible, adjournment was considered ad- visable."
During the recess Mr. MacDonald advised.all delegations to report to their Governments to enable the Conference to proceed successfully later.
Mr. MacDonald, proposed an in- definito adjournment, entrusting to the Bureau the task of reconven- ́ ́ ing the Conference. The resolu tion was passed unanimously.
"We adjourn not because we are defented or discouraged, but because we require a little longer time to continue deliberations," .he went on. Then exclaimed dramatically: "I bid you adieu. I am firmly convinced that before: many months have passed I will welcome you again.
Mr. MacDonald Dvation.
was given an
The Conference concluded at 4.38. p.m.--Reuter.
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SHARE PRICES
TQ-DAY'S QUOTATIONS
The following is the list of local share quotationa lasued to-day:
Banks.
* B.
'kong Banks, $1840s. H'kong Banks, London £130 n. Chartored Bank £15% n. 'Morcantile Bank, A.
£24% n. Mercantile Bank C., 40% n. East Asin, 8101 b. Am: O. Finance Corp, Sh. $20 n. China O. Fin. Ord., Sh.$5.40 n. China O, Fin. Pref. Sh.$5.00 n. Insurances.
Canton Ins., $310 b. Union Ins.. $540 n. China Underwriters, $2 n. China Fire, $696 n. H.K. Fire, Ins., $265 h. International Aasce; Sh. $6.60 n.
Shipping."
Douglas, $32.60 n. H.K. Steamboats, $18 n. Indo-Chinas, (Prof.), $30 n. Indo-Chinas, (Def.), $821⁄2 b. Shells (Bearer), 51/3 n. Union Waterboats, $15 n.
Mining.
Benguets, $33 n. - Kalians, 30/9 n.
Langkats (Single), S. $10 n? S'hai Explorations, Sh. $4 n. S'hal Loans, Sh. $6.40 n.
Raubs, $10.15 m. Venz: Goldfields, $5 n. Benquet Exp., 28 ets. n.
Docks, etc.
H.K.
harves, $129 n. H.K. Docks, $16. 8. China Motors A., $10 n. S. China Motors B., $8 n. Providenta (old), $3.80 n. Providents (new), $1.40 n. Hongkews Sh. $337 n.
New Engineerings, Sh. 87% n. Shanghai Docks, Sh. $149 n.
Lands, Hotels, etc.
H. and S. Hotela, $7% b. H.K. Lands, $78 b. and sa. S'hai Lands, Sh. $32 n. Metropolitan Landa, Sh. $14. n. Humphreys, $14 n.
H.K: Realties, $8.10 n. Asia Roalties "A" Sh. $140 n. Asia Realties "B" Sh. $20 n. Chineso Estates $97 n. China Realties, Sh. $15 n. China Debentures Sh.$187 n.
Cotton Mills.
Ewo Cottons, Sh., $10 s.
S'hai Cottons, Sh., $108 n.. Zoong Sings, Sh., $14 n.
Wing On Textlics (S.) $91 n.'
Public Utilities.
Tramways, 823 BA..
Peak Trams, (old), $15% n. Peak Trams, (new), $7 n. Star Ferries, $96 sa.
Yaumati Ferries (old), $25% n. China Lights (old), $13 b. China Lights (now), $12.85 þ. H.K. Electrica, $74/74% 88. Macao-Electrics, $33 n. Sandakan Lights, $10 Telaphones (old), $291⁄2 b. and
sa;
n.
China Buses, Sh, $114 n. Singapore Tractions, 2/- n. Slugapore Pref., 15/- n.
Industrials.
Malabon Sugars $15 n. Cald: Macg. (old), Sh. $20 n. Cald: Maca. (Prof.), Sh. $16 n. Canton Icos, 36 n.
Cements (Com.), $6.15′ b. Cements (old), $5 n. Cements (new), $1.05 n. 11.K. Ropes, $9 n.
Stores, etc. Dairy Farms, $28.70 b. Watsons, $9 n. Der A Wings, $1`n.-- Lane Crawforda, "§4. n. Mackintosha. $21 n. Sinceres, $13.60 8. Wm, Powcils, $2.10 n. Wing On (H.K.), $185 n.
Miscellaneous. Amusements, $12 n. H.K. Entertainments; $11. S.C. Enterprises, $3 pe United; Thostros, Sh. $4: n. Macas "Greyhounds, " $10 n.* Constructions. (old), $9.80 n. Constructions (new), 80 ets, b. B. Ind. & Bonds, 79% n. H.K. Govt, Loans, 44% b. Frem.
434% T Wallace Harpers, $8 n-
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