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FIRST EDITION
The
Hongkong Telegraph.
FOUNDED 1881
Na. 14635
一拜疆 號五廿月二英港香
HIGHEST DOLLAR IN FIVE YEARS
EXCITEMENT IN H.K. EXCHANGE CIRCLES
SHANGHAI RATES RUN AWAY FROM SILVER
Largely as a result of the steady advance of Shang- hai exchange, the Hongkong dollar registered a further advance of a farthing this morning, opening at 18. 10d., which is the highest rate for over five years.
Exchange rates in Shanghai were very firm this morning, the market opening at 18. 634d. The rate is running away from silver, and there is considerable. speculation as to likely developments, especially in view of the fact that an oversold position of something like £2,000,000 exists. There is considerable excitement in exchange circles both in Shanghai and Hongkong.
Small business was done in Hongkong this morning as high as 18. 10.11/16d., but the market rate is about 1s. 104d. and 1s. 10.5/8d. Considerable uncertainty exists as to the immediate future.
After the opening firmness; the Shangha! market fluctuated and later became somewhat easier. advance In One factor in the
con-
rates la said to be Mr. Mackie's kpeach at the annual meeting of the Hongkong and Shanghai Bank- ing Corporation, which is aldered bullish in some quarters. SHANGHAI MARKET
Shanghai, Feb. 25. The Foreign Exchange Market here is very firm this morning.
It la reported that Dairen operators are selling exchange, while there are many local sellors and no buyers,
INDIA'S
PRINCES
GATHER
OPPOSITION TO RAJ BILL
PROPOSE CHANGES
The market also apparently anti- cipates a renewal of the heavy selling orders from Hongkong and Singaporo which were primarily responsible for advance on Saturday,
The selling is attributed to the increasing conviction that Shang- hai rates will continue to following to be held to-morrow at London aliver.-United Press.
Bombay, Feb. 24. the last hour. The Princes of India and their Ministers, who are here, held informal discussions to-day on the eve of the momentous meet-
SILVER MOVEMENTS
Shanghai, Feb. 25.
Baroda,
BURMA'S
PRESIDENT
REMOVED
SIR OSCAR DE GLANVILLE
EUROPEANS
INCENSED
7
Rangoon, Feb. 25.
The Governor of Burma bas concurred with the motion of the Logislative Council for the removal of Sir Oscar De Glanville
from his office as President of the Council.
.
The Governor adds that this does not mean he approves of the Coun cil's action.
The motion that the President be removed was carried by a vote of 56 to 38 on February 22
The reasons given at the time were Sir Oscar's supposed in- adequate knowledge of the Burmese language and his action in calling upon the police to preserve order
In the last session of the Council.
The representatives in the Coun- ell of European and Indian com- munities are incensed at the Burmese attitude, and pay a warm tribute to the President.
The Burmese stand was coupled with the threat to throw out the budget unless the Governor con sented to remove the President of the Council
Sir Oscar is a barrister, Govern- ing Director of the Rangoon Daily. Necs, and a member of the Burma Legislaturo since 1923. He was made President in 1932. He was knighted in 1931-Reuter.
MONDAY, FEBRUARY 25, 1935.
Mr. Randolph Churchill, who is to start a campaign for a revival of the Conservation Party as a distinctive political unit.
Paraguay
Outlawed
BE SOLE DOF 19 CENTS
HINT OF SHANGHAI SCANDAL
I.R.C. OFFICIALS SUSPENDED
WELL-KNOWN SPORTSMEN
(Special to "Telegraph")
(By Telagraph. Copyright. Telegraphie Moon : ange Ordinance, 1886. Eleculeri, Fibruary $3.50 .MŲ
Shanghai, Feb. 25.
The sensational announcement that the International Recreation Club had suspended from official, positions three of the most prominent sporting figures in Shanghai,
made Was
this
morning.
The Club has notified all its members that Mr. Y. S. Day, the Secretary, Mr. F. O. Madar,
By Geneva Assistant Secretary, and Mr. A. H.
UNLAWFULLY
AT WAR
BOLIVIA EXCUSED
(Special to "TalograDA").
(by Telegraph, Copyright.' Televrephia Mas adges Ordinance, 1894. Kaesived, February 15. a.m.).
Geneva, Feb. 24. Paraguay's notification of her
Motor Party's withdrawal from the League of
Tragic End
Nations was received to-day.
This date marked the expiration of the three months of grace before.
FORMER U.S. CONSUL the adoption of the League. Assem-
IN H.K. KILLED
Madras, Feb. 26.
for the bly's recommendations settlement of the Gran Clinco war, which has been in progress for Patiala House for the purpose!
Mr. LeRoy Webber, the Ameri-three years. Henceforth, Bolivia of discussing' the Raj Bill,
can Consul at Madars, Mr. A. W.will be in a state of legal warfare Practically all the important Eatey, of the Standard Oil Com-while Paraguay's position will be
their pany, and Mrs. Estey, and According to returns issued by states will be represented, Includ Muslim chauffeur, were killed in illegal under the Covenant of the the Shanghal Maritime Customs ing Hyderabad, Mysore,
Bikaner, Bhopal, a motor accident last night war League. authorities, the total amount of Travancore,
It is unlikely that the League will exported to the United Patiala, Indore, Haipur, Jodpur, Guduvancherry, 24 miles from this silvor States from Shanghai for January Udaipur, Bhavnagar, Kashmir and city.
Mahratta State; in fact, nearly
Mr. Webber was formerly with take such extreme measures as the was $1,000,000, whilo silver im- porte from Hongkong for the same two-thirds of the population of the American diplomatic service in severance of trade and diplomatic Hongkong, having served as Consul relations with Paraguay ne pre- month were $2,500,000, showing anthe Indian states, will be
there in 1923-24. He was then excess of imports of more than presented. $1,000,000 over exports-Central
posted in Amoy, Chefoo and vided in the Covenant, as it is Shanghai in turn, finally returning believed
News,
NEW YORK MARKET
re-
It is understood that the Princes feel that the present Raj Bill does not carry out the promises made and the pledges given to the States during the various conferences, and does not adequately maintain their rights and privileges.
New York, Feb. 24. It was reported to-day that the favourable factors influencing the Stock Market wore Increasing re-
The Princes are aiming at pro- tail trading, and improvement in labour difficulties, particularly in posing certain important amend- the automobile industry, the earn- menta in order to enable them to ings report of which is still Hold-accept the scheme.
ing good.
Some of the proposed amend-
The unfavourable factors are ments would apply to the mode, or the decline in Youngstown steel form, of accession to authority production, the uncertainty regard- within the federation, the rights ing legislation, and bearishness in of the Governor-General with re- the rail investment market. gard to federating the states, and
Boon,
reach
FINANCING EXPECTED Competent observera here state that they are expecting new im- portant financing operations to will which commence ultimately
tho pre- depression stage as a result of the gold clause decisions which have removed one the greatest current barriers to now financing. This barrior was due to many new issues having been hold in abeyance in view of the un- certainty whether the new fasues would I be on an equal footing with existing securities containing the disputed gold clauso,
Also there was the uncertainty whether redcomed securities could be repaid in devalued dollars,
It In
In expected soon that the Bethlehem Steel Corporation will float a $46,000,000 bond issue, and that the Canadian Pacific will float a $50,000,000 issue.
of
New York State was the first community to take advantago the gold docisions when it adver tisod for bids on its $42,025,000 Unemployment Rella and State Improvement bond issue-United
Press
the privileges and immunities of the Princes with regard to pro- visions of the Bill with respect to finance and rallway expenditure. Reuter.
AFFORESTATION SCHEME
REMOVING CAUSE OF
· CHINA'S SORROW,
Nanking, Feb. 25.
The Chinese Ministry of In- dustry has drawn up a plan for the afforestation of the upper valley of the Yellow River as a fundamental meaauro for the eradication, of the proverbial "China's Sorrow" and has asked the provincial authorities. Shonel, Shansi, Sulyuon, Ninghsia, Kansu, and Chinghui for co
[operation.
of
The Ministry of Industry hopes that this plan will be completed within a period of five years
Central News,
that melther the United
Leslie, Accountant, all had been "suspended from any oficial capacity in connection with this club."
It WAS simultaneously an- nounced that Mosars, Thomson and Company, Chartered Accountants, had been appointed secretaries until further notice.
Mr. Day, the former Secretary, is one of the mast outstanding of Mr. Shanghai's racing men. Leslie, the suspended necountant, has been the coach of numerous Chinese football teams which have been groomed for interport matches. Mr. Madar, too, 18 a leader in the aporting community. All three are well-known in Hongkong-United Press,..
3180, PER AMOUTH
DUNLOP Fort
TYRE
al feature of distinction and a factor of safety
CONSERVATIVES TO RALLY
YOUTHFUL LEADER'S HIGH HOPES
1
RANDOLPH CHURCHILL
·TO FORM UNION
London, Feb. 24.
Mr. Randolph Churchill, despite his defeat in the Wavertree by-election where he fought as in Indepen- dent Conservative, announced to-day that he had decid ed to form a Conservative Union immediately after the by-election at Norwood.
+
The object would be to revive Conservative princi ples within the party.
He asserted that he is assured of powerful financial backing and hopes by means of the Union to make the Conservative Party so strong that even Mr. Baldwin may recover his faith in its ability to defeat the Socialists without the aid of refugees, from other parties."
POWER BEHIND SCENES
WOUNDING OF KING'S ENEMY
MINISTER OF SİAM
London, Feb. 24.- Prominent Siamese, interview-|
Two-Burn To ed by Reuter to-day, declared
Death
THREE OTHERS HURT IN LOCAL BLAZE
The Bon of Mr. Winston... Churchill, himself opposed to the continuation of the National form: of Government may or may not have the active support of him father. But he is determined upon this enterprise--Reuter.
Mr. Randolph Churchill's pro- posed campaign to revive party politics so far as the Conserva.. ilves aro concerned is not alto gather surprising. There have for some time past been indications that the recalcitrant Conservatives think It unwise for the Party to... continue to link itself with the National Government. The view held in these quarters is that the Conservatives would stand a much better
the coming chance in General Election if they fought as A distinctive unit,
MAY SPLIT VOTE
On the other hand, if Mr. Bald-' that the King's adherents re- win adheres to his view that the National Government should con- garded the Minister of Defence, tinue in existence, and National Luang Pibulasongram, whom a Conservatives are opposed by out- and-out Conservatives in the coming gunman attempted to 08808-
result,
as in the election, the sinate yesterday, as one of the Wavertree by-election, may be to figures mainly responsible for split the Conservative vote. A woman and child lost their events which led up to the de- Hvex, and three other inmates were more or less seriously in-parture of the King for England jured, when a fire broke out at and his abdication, which is not No. 3 Belchers Street West Point yet an abdication in fact. at 4.30 this moring.
The Minister of Defence, say
"
party opposing the King. They
The outbreak started in the top floor of the building and spread these persons close to affairs, was to the two adjoining buildings, the power behind the scenes in the causing considerable damage be to Chefoa in 1932. He had been States nor Brazil would favour Buch fore it was got under control by
available further asserted that this party in Madras only a short time,
Aremen rushing all and unless those states co-
only retains power because it con-' equipment to the spot. Born in 1891, Mr. Webber
the a native of Utah and had spent his operated with the League
Panic-stricken inmates Anding trols the military machine of the life with the American diplomatic severing of relations would have no
their cacapa down the staircase nation, and Lunng is responsible service-Reuter.
effect.
cut off, jumped from the upper
AUSTRIA'S ENVOYS
SCHUSCHNIGG
IN LONDON.
(Special to "Telegraph")
WEA
Bu Telegraph, Copyright. Telegraphic Mow- anges Ordinance, 1874, Reesíuod, FabraETY 15, 9:30 am)
London, Feb. 24. Chancellor Schuschnigg of Aus- tria, accompanied by his Foreign Minister, Dr. Waldenegg, arrived at Victoria Station at 5.25 p.m. to-day,
United Pross
CYCLE MISHAP
GUNNER BADLY INJURED
a course,
There is still hope that the South American states may ngàini'attempt | to mediate.—Rozter Special.
Switzerland's Preparedness
LONGER TRAINING FOR HER ARMY
24.
Zurich, Fob A nation-wide referendum to day-approved by a vote of 486,400 to 421,700 the Bill for the reorgan- lantion of the army, providing mainly for the prolongation of service of recruits.
The Bill was passed by Parlia mont on. August 24, 1934, but the Socialists and Communists de manded a referendum. No Gunner R. Dodd, of Mount Although Switzerland does not Davica Barracks, was injured possess a standing army, boys when, whilst riding a. bicycle, he reaching their majority have been ran into a wall on the Island called to the colours for two
floora. A woman was killed out for its administration.
right when she dropped from the
top floor. Another woman, aged
Luang was wounded twice, in the
56, was seriously injured when she neck and arm, by revolver alote, threw herself from house No. 5. but the wounds are not believed to
Two children were subsequently be serious-Router. picked up from the street, having apparently dropped with their mother who had leapod from the the top floor of No. 3. One of children dled in Hospital.
A fifth casualty was a male Chinese, who la now In Hospital.
SVEN HEDIN REPORTS
FRENCH SOCIETY
DENOUNCED.
SAID TO ENCOURAGE GAMBLING
At the Wavertree by-election, Mr. Randolph Churchil polled 3,198 fewer votes than the National Conservative candidate and was of four third in the poll, aut candidates. The result of the the Labourites a victory. split Conservative vote was to give
COTTON MARKET LOSSES
PRICES FORCED TO LOWER LEVELS
¿Special to "Telegraph")
New York, Fob. 24. Prices wero downward on the Now York Cotton Exchange during Saturday's scaslon.
Heavy March liquidation and sell- jing inspired by the casiness of the Stock Market wiped out the gains registered in new crop positions during the week, and forced the old Crop as much as 25 cents a bale lower as compared with prices fực the previous wack.
Trading was mostly professional: Considerable switching out of Shanghai, Feb. 24. -
March positions was noted, and the Twenty-two Chinese educational differences widened with March institutes, including the Chinese switching to July at sixteen points Economic Science Institute, the and to October at nine points, which University, Nankai University and respectively during the previous Central University, Chungshan compare with eleven and one points Kinling University have, jointly week-United Press. lasued a circular telegram "to-day Dr. Sven Hedin, Swedish adviser fiercely denouncing the Interna- to the Chinese Ministry of Rail-tional Savings Society (a French
TELLS MARSHAL OF TURKESTAN LABOURS
Hankow, Feb. 24.
in
5.80
Dr. Reichelt (Tao Fung Shan). will: ways, who recently returned firm) and similar foreign financial 5 bis second lecture in the Cathe from a journey. Chinese Institutes, which are alleged to sral Hall to-morrow (Tuesday)
p.m. His ribject is "Trends Turkertan, arrived here by plane have conducted legitimate bual-China's religions at the present time from Nanking to-day to interview ness In China: that is, encouraged and opportunities for the
gambling among the Chinese Lion of the Christain, Palik Priz Marshal Chiang Kai-shek.
lecture will deal: ospecialty with the people.
part that: Buddilam elle playing allige Dr. Hedin is believed to have Or
submitted a detailed report of the
same telegram, they China "gralirious life ¿to-day-ly? I results of
his work in Chinese strongly urged the Government to Bekket speak with Turkestan to the Marshal. He give such foreign financial insita na perand candytand returned to Nanking, by the same tates a
certain space/weries Halous:people you cana
the grast powa plane this afternoon. Central to wind up the banta
Road, near Kai Lung Wan, yes-three months training. Their terday
training has now been extended to He suffered serious cuts to the 102 days from 92, for cavalrymen; thigh and was later admitted to 88 from 77 for artillerymen, and the Military Hospital at Bowen 88 from 67 for Infantrymen and
engineers United Press.
Road.
Naws.
In the
And