THE HONGKONG TELEGRAPH. FRIDAY, JULY 28, 1933.
CONFERENCE ADJOURNS.
Trade Rivalry More Dangerous Than International Armaments Race.
AMERICAN ADVICE.
STIRRING SPEECHES AT
CLOSING SESSION.
level of more advanced countries. The Gorman Government int future would always be ready to join with international co-opera- tion plans.
Belgium's Stand.
M. Hymans spare figuro and un- ruly mop of white hair, recalled Geneva and the Sino-Japanose dig- pute. Ho agreed that the early hopes of the Conference. were not fulfilled and emphasised Belgium's
ROOSEVELT'S UNSTINTED PRAISE determination to maintain the gold
FOR BRITAIN'S PREMIER.
PLEA FOR SYMPATHY.
standard.
Although no acceptable solution to the world criats had been found in the past six weeks, he shared the viow that a solution could be affected at more favourable moment.
♫
M. Masaryk, of Czecho-Slovakia, on behalf of the Little Entente, declared the coming recess should
sive ample opportunities for re-
viewing the position. It was bet-
London, July 27. Packed galleries and grave-faced delegates gathered yesterday at the closing session of the World Economic Conference. Mr. MacDonald, after a ly than to reach superficial agree- buoyantly hopeful address, moved the adjournment of
ter to face the diflculties honest-
menta.
Hull's Warning.
.
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 to further resolution was carried unanimously. Mr. MacDonald, broaden their economic plass in immediately after the vote, assured the delegates that he expected to welcome them back to London within few months.
Mr. MacDonald opened proceed- Ings punctually at 10 o'clock. He
hope expressed the
that they would finish by 5.30 o'clock and said speeches would not be trans- Iated in order to save time.
a
them on n
order to co-ordinate gradually increasing scale, ac-
cording to the Conference pro- gramme. The wildest military armaments of the past scarcely
heenase the reaction to hopes exceeded in danger the present fostered and dashed, might mad race between most nations to ensily aggravate the situation. Promote economic
armaments
He declared no single member which would inflict colossal in- was prepared to answer aflirma-juries upon tively the question as to whether everywhere. any practical measures had pursue less been agreed upon.
minases of people The nations must extreme
economic A. Bonnet introduced the finan-
policies, discard artificial expe cial report, briofty reviewing the difficulties the Commission and Dr. Collin drew attention to dients and protect inefficient in- stating that if on this occasion certain countries which were eft-dustries. Every country should they had been unable reach ting on the fence, hoping it would first have a comprehensive domes- full agreement on all points, there not become necessary for them totic programme to deal with de- was no need to doubt the possibi- join in the mad race for high pression; but international lity of reconciling the various tariffs,
operation was necessary to pro- vide a broad basis views in due course.
whereon to build a stable domestic economic structure for the future.
M. Bonnet, with flashing eyes and emphatic gestures, defended the French monetary policy and de- clared the foundation of future agreements had been laid.
which
world trade.
was strangling
If the Conference had achieved no tangible results, he was not unduly pessimistic. For example, there had been greater agreement In principle with regard to com- "We can, without excessive merelal policy than had over. be- optimism, anticipate concrete re-fore been reached. sults shortly which will effectively facilitate the economic reconstruc- tton of the world," he said.
M. Bonnet also affirmed France's determination to adhere 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 French spokesman..
the
Must Co-operate. Speaking as President of the Monetary Commission,
One Accomplishment.
MacDonald Praised.
Co-
Mr. Cordell Hull presented Mr. MacDonald with a personal mes- sage from
President Roosevelt, expressing sincere admiration and (respect for Mr. MacDonald's Signor Jung, of Italy, declared Americans understood the other The delegates brightened when courage and patience as President of the Conference, declaring that that the past week had bcen marked by one important accom-than before the Conference, and nations' problems better to-day plishment which held prospects that he trusted the other nations of ultimate progress on lines of would, in the game spirit of good- international corporation.
will, view the American policies
In
1
the meantime the world's econp-which were aimed at overcoming mic troubles were uncurable piece the unprecedented economic situa- meal. For example, a tarif truce
tion. and monetary stability formed u single problem. He declared a managed currency was inconcei Mr. Coxvable. 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 aubjects that might have been expected.
"We are agreed that to discon- Mr. Chamberlain was unable to tinue applying the best endea- disgulve his great disappointment i vours in a concerted civilisation that so little progress. had been would be the saddest reflection recorded in a number of im-i on humanity in all history."" portant and most urgent questions, i
Referring to debts, Mr. Cox vitally affecting the world's re stressed the importance of thecovery, and which had only been Bank of International Settlements outlined, Conditions
Great Disappointment.
in the
as an instrument necessary to United States precluded contem-! stimulate constructive effort and plation of stabilisation
channels.
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 problems will continue to be discussed. I recognise the need of now ad- justments to meet cedented economic You can rely on our continued afforts towards world rehabili tation because we are convinced that the continuation of the World Economic Conference
the unpre- conditions.
will result in practical good in- many fields."
Supports America.
31. Maisky scornfully declared of ex that though the Conference was added that there could be no changes or return to an inter-only six weeks old it was so hope- general world recovery as long as national monetary standard. Onlessly senile that it was dispersing frozen credits obstructed trade the other hand repercussions of sine dic.
this decision On the economie)
Sonor Oliviera, of Brazil, halled situation would be undoubtedly the Silver Agreement as a definite Runciman's Speech. most disturbing. "But we don't accomplishment and declared that Mr. Runciman, the Economic attribute the blame to anyone and the work started would surely Commission rapporteur, gave a await only more propicious cir- continue. pithy account of his stewardship.cumstances to resume our inbours,"
The Conference adjourned at Mr. Chamberlain added: "None 12.45 p.m. for lunch. He contended that his report did not minimise the dieulties or of us undervalues what has been) exaggerate the progress they had, accomplished. Useful resolutiona achieved in a useful work of ex- have been adopted on the mono-
At the resumed session in the ploration. He drew attention tolary side, while the economic side! the useful progress made in co- though discussions on tariffs and afternoon, a thin gathering heard the representative of Haiti, and checked by ordination of production and mar-trade barriers wore keting, and asserted that trade the same obstacle which blocked Baron Ishii, who followed. The Ja barriers must be reduced.
monetary side panesa delegate said his country The progress on the work accomplished would provide Britain is unable to accept a post throughout had insisted on the a valuable basis for further busi-tion which stereotypes the pre- maintenance of the "most favour- sent differences in tariff levels. ed nations clause" and the re-
There- Mr. Runciman's tribute to the We welcome America's recognt moval of trade barriers. Chairmen of the Committees tion that high tariff
fore ho strongly supported the aroused a burst of applauso, when should take a lead in reducing American proposals of July 21 In favour of n discussion of trado he referred to Dr. Colijn of Hol- them." land, as a great chairman, and al Ho regrotted no conclusion had agreements and truces, most Experienco courteous been reached on shipping-hub- gentleman.".
| Ridics.
ness after the recess.
Reducing Trade Barriers,
countries
Germany's Promise.
The Conference unanimously i Endopted the Economic Commis-
Bion's financial reports.
Later, on the motion of Mr. Mat- Donald, The Conference adjourned
sine die, until the call of the Bureau. -Reuter,
He declared that some countries) Horr, Schacht said, speaking in) have evolved practical measures English, that after more than six for the reduction of trada bar weeks of ardent work they must гіога.
regret to aco that on almost none
DRITAIN'S HOPE. "All this is less than wo had of the items of the agenda had hoped for but there are circum-grooments been reached. Tho
London, July 27, stances over which the Economic resolutions which finally emanatąd Mr. Ramsay MacDonald, Pre- -Committee, at any rate, has no from committees moraly const-sident of the Economic Conforence, control. These interrrupted our tuted general opinions and recom- spoke to the gathering of inter- discussions at an early stage," he mondations similar to those re national delegates with words of sald.
glstored at avery International hope and encouragement at the re- Dr. Colijn poured a cold gathering since the Brussels Con-sumed session in the afternoon. -douche over the delegates, when forenco. 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 polloy in future a recess and not a finish. The itself on the results achieved. will consist of a creating of om early hopeg had not boon destroy- "They * cre" undyiübtedly: highsy ployment by bringing countries of ed, only postponed. There were “disappointing, and dorigerons, a low standard of living up to the signs of a revival of world trado,
but there were still obstacles to prosperity. The nations had at- tempted to solve their problems by.. economic armament. Economic disarmament was the only solution for the impasse, he asserted.
"Our work has been well done. The currency dificulty has hold up progress on the monetary side, and also discussions involving economie qucations... As a tem porary settlement is impossible, adjournment was considered ad- visable."
During the recess Mr. MacDounld advised all delegations to report to their Governments to enable the Conference to proceed successfully Inter.
Mr. MacDonald proposed an fn- delinite adjournment, entrusting to the Bureau the task of reconven- Ing the Conference. The resolu- tion was passed unanimously.
WO
"We adjourn, not because * are defonted or discouraged, but because wo 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.
Afr. MacDonald ovation.
was given an
The Conference concluded, at 4.38 p.m.-Reuter.
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SHARE PRICES
TO-DAY'S QUOTATIONS
The following is the list of local share quotations issued to-day:
Banks.
& B
Il'kong Banks, $1840 8. H'kong Banks, London £130 n. Chartered Bank $16% n. Mercantile Bank, A.
£2434 m. Mercantile Bank C., 69% n. East Asin, $101 b. Am: 0. Finance Corp., Sh. $20 n. China O. Fin. Ord., Sh.36.40 a. China O. Fin, Prof. Sh.$5.00 m.
Insurances.
Canton Ins., $310 5. Union Ins., $540 n. China Underwriters, $2 n. China Fire, $595 n. HK, Fire, Ins., $266 n. International Assee, Sh. 35.00 n.
Shipping.
Douglas, $32.00 n.
H.K. Steamboats, $18 n.. Indo-Chinas, (Pref.), $30 n. Indo-Chinas, (Def.), $321⁄2-b. · Sholls (Benror), 51/8 n. Union Waterboats, $15 n.
Mining,
Benguets, $33 n.
Kailans, 30/9⋅ n.
Langkats (Single), Sh. $16 n. S'hal Explorations, Sh. $4 n. S'hai Loans, Sh. $6.40 n. Raubs, $10.16 n. Venz: Goldfields, $5 n. Banquet Exp., 28 cts. n.
Docks, etc.
n.
H.K. Wharves, $120 H.K. Docks, $1611⁄2 n. S. China Motors A., $10 a. S. China Motors B., 38 n. Providents (old), $3.80 n. Providents (now), $1.40 n. Hongkews Sh. $337 n. New Engineerings, Sh. $7% n. Shanghai. Docks, Sh. $149 n.
Lands, Hotels, etc.
H. and S. Hotels, 37% b H.K. Lands, $75 b. and sa. S'hat Lands, Sh. $32 n. Metropolitan Lands, Sh. $14. n. Humphreys, $14 n.
H.K. Realties, $8.10 n. Asia Realties "A" Sh. $140 n. Asia Roalties "B" Sh. $20 n. Chinese Estates $97 n. China Realtics, Sh. $16 n. -China Debentures Sh.$187 n.
Cotton Mills.
-
Ewo Cottong, Sh., $15 e. S'hai Cottons, Sh., $108 n. Zoong Sings, Sb., 314% n. Wing On Textiles (S.) $91 n.
Public Utilities. Tramways, $23 sh.
Peak Trams, (old), $151⁄2 n. Peak Trams, (new), $7% n.
Star Ferries, $96 aa.
Yaumati Ferries (old), $253⁄4% n. China Lights (old), $13 b. China Lights (now), $12.35 b. H.K. Electrics, $74/741⁄4 sa. Macao Electrics, $38 . Sandakan-Eights,-$10%-ni Telephones (old), $291⁄2 b. and
China Buses. Sh. $114 n. Singapore Tractions, 2/- n. Singapore Pref., 16/- n.
81.
Industrials.
Malabon Sugars $15 n. Cald: Macg. (old), Sh. $20 n. Cald: Maeg. (Prof.), Sh. $16 n. Canton Ices, 80 n.
Cements (Com.), $6.15. b. Comenta (old), $5 n. Cements (new), $1.05 n, H.K. Ropes, $0 n. `
Stores, etc. Dairy Farms, $28.70 b. Watsons, $9 n. Der A Wings, $1 n. Lane Crawfords, $4 n. Mackintosha, $21 n. Sinceres, $13.00 8. Wm. Powells, $2.10 n. Wing On (H.K.), $185 n.
-BHscellaneous. Amusements, $121⁄2 n. H.K. Entertainments, $11 n. S.C. Enterprises, $3% n. United Theatres, Sh. $4 n. Macho "Greyhounds." $10 n. Constructions. (old),. 83.99 n. Constructions (now), 80 eta, b. B. Ind. & $ Bonds, 79% n. H.K. Govt. Loans, 4%% b..Prem.
44%.80. Wallace Harpers, $8 n.
SWAN, CULBERTSON & FRITZ.
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Daily New York and London Stock Exchange Service. Investment bankers and brokers in securities and commodities. Commodity Futures on the principal American markets, Members of:
New York Cotton Exchange.
Chicago Board of Trade;" Commodity Exchange, Inc.
(Silver, Rubber, Silk, Copper, Hides and
in).
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ddress: Swanstock. "Life Building, 14, Queen's Road,
Hongkong.
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