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FIRST EDITION EDITION
Supre
Hongkong Telegraph
FOUNDED 1HI 四拜疆”號五十月八英塔香 THURSDAY, AUGUST
No. 14458
15,
1935.
日七十月七
WHITEAWAYS SUMMER SALE
NOW PROCEEDING
REATER AND FURTHER
BARGAINS
'BEING OFFERED DURING
AUGUST
HINGLE COPY TO ORTH [Whiteaway-Laidlaw & Co., Ltd.
$80.00 FER ANNUM
U.S. BUYS HUGE BULK OF SILVER ON DECLINE
"BEARS" UNLOAD May Probe
HOLDINGS
"TREASURY KNOWS WHAT IT'S DOING"
TAKES 25,000,000 OUNCES FROM SPECULATORS
London, Aug. 14. '
Silver was again in the forefront of the news to day consequent upon the enormous dealings of the immediately past session. It is estimated that America bought 25,000,000 ounces from tired "bull" operators alone.
U. S. Silver
Programme
SENATOR THOMAS'
THREAT
DEMANDING DECISION
Washington, Aug. 14.
Senator Elmer Thoning, Okla- home Democrat, and prominent jaliverite, announced to-day that he i was preparing a resolution calling for a Congressional investigation of the Administration aliver pur-
chase programme.
He said the investigation would
be directed against any dividuals, but against the
in- pro-
gramme's administration general.
15.
Former Indian and Chinese "bull" operators have He added that if the programme been most disappointed in the American silver policy is to be carried out it should be and have rushed to sell in order to close their commit-done immediately because there is no assurance that the present Ad- ments. Meanwhile, America has bought heavily at a ministration will be in power for price which showed a slight decline compared to ever. previous levels.
To-day, the "bulls," frightened by yesterday's fall, inundated the market with selling orders. The price, after being fixed at three farthings lower later declined another farthing.
The heavy American purchasen necessitated the buying of a large amount of foreign exchange which
explains the weakening of
the
dollar in terms of sterling.
Owing to the wave of selling yesterday and to-day, the "bull" porition has been reduced con- siderably and the market therefore bears a healthier appearance. — Reuter.
DROP EXPLAINED
MORGENTHAU'S STATEMENT
TREASURY BUYING TO CONTINUE?
CONTRARY REPORT
DOUBTED
OFFICIAL RESPONSE
If the programme is not to be carried out then the acquisition of
silver should be suspended now, without delay, declared Senator Thomas.
The late Viscount - Bridgeman, whose death occurred yesterday.
Discusalox the McCarran Bill, CHAIRMAN.
OF B.B.C. PASSES
he said that Senator McCarran would introduce his measure for the silver tax repeal as a rider to the Tax Bill, which Congress is to consider before adjournament, It is hoped. Renter.
POLICY INVESTIGATION**
Washington, Aug. 14. Senator Elmer Thomas to-day announced his intention of asking the Senate Agriculture Committee to investigate the Administration's silver policy.
Senator Thomas said:-"Silver prices are off again to-day and I think something ought to be done] about it."
ONCE FIRST LORD OF ADMIRALTY
LORD BRIDGEMAN
OF LEIGH
London, Aug. 14.
Abyssinia
Appeals
To Geneva
PREPARATIONS FOR "MASSACRE”
ITALY CALLS MORE MEN
(Special to "Telegraph")
(ly Telegraph. Copyright, Telegraphis Mess angra Ordinances 1002. Iteerived August 13, 10 mm)
Geneva, Aug. 14.
Emperor Selusale of Abyssinia has written a strong appeal to the League of Nations for assistance.
"WII the Council of the League assume the responsibility for allow -ing preparations to continue for the massacre of a people who menace no-one?" he writes.
"Italy in manufacturing war material with the avowed intention of using it against Abyssinia. We noither manufacture war materials nor obtain them abroad. Is that real neutrality? In it just?”—Untied Prean,
can
MORE MOBLILISATION
Rome, Aug. 14,
Twenty thousand men of the re servist classes of 1911, 1913 and 1914, both at home and abroad, who have boon hitherto exempted from hervice, are being called to tho Curs.
The Wur Ministry wives no rea son, but it is believed that this action accords with Signor Munnŋ- Inl's general polley of vigorously pushing the African campaign be- fore the end of the present year.
The 1912 class of reservista has j not been called for service and it is believed that the newly mobilised classes are not intended for service in East Africa. Router Special.
Britain Names
The death occurred to-day of Commissioner
Neutral experts attributed the decline to, firstly, speculation as Viscount Bridgeman of Leigh, to whether the Treasury intends to former First Lord of the Admiral- press its purchases
actively at ty, and Chairman of the British present; secondly, speculation as Broadcasting Corporation since to whether, with adjournment so 1933. near, a little further pressure by
The late Lord Bridgeman was
became
APPOINTED TO ACT
AT. CANBERRA
PEACE FORMULA
FOR AFRICA
EDEN AND LAVAL IN AGREEMENT
BLAME FOR WAR WILL BE ITALY'S
Paris, Aug. 14.
It is understood that Mr. Anthony Eden, British delegate to the three-power conference at Paris in connection with the Italo-Abyssinian dispute, and M. Pierre Laval, Prime Minister of France, have reached agreement on important points with respect to the conversations which are scheduled to officially on August 16.
commence
They have agreed, firstly, that they must treat the Italo-Abyssinian dispute strictly within the frame-work of the League Covenant. Secondly, there will be ques- tion of French mediation between Great Britain and Italy.
Both Mr. Eden und M. Laval expressed deep concern for the preservation of peace and the fulfilment of the League's obligations, agreeing that the tri-party conversation offered the last chance for peaceful settle- ment of the Africa crisis before the League meets on September 4.
ANGLO- ITALIAN RIVALRY
MENACE TO ROUTE
TO INDIA
MEDITERRANEAN MASTERY
It is understood that the French Government have been informed of the British plan for the granting of economic concessions by Abyssinia to Italy. Details of these concessions have heretofore pot been disclosed, but it is understood that these are compatable first with. the Treaty of 1906, guaranteeing Abyssinia's territorial integrity and tracing the three zones of foreign influence; accondly, with the Italo- Abyssinian Treaty of 1928 and thirdly, with the Langue Covenant. POSSIBLE BASIS
The Anglo-Italian notes changed in 1925, bartering exclu sive Italian influence in Western Abyssinia and the construction of an Italian railway linking Eritrea with Italian Somaliland against the protection of the British interests aible basis for negotiations, it is in the Lake Tana area, offer a pos
believed.
New York, Aug. 14. The further drop in silver's price is seen on Wall Street as a reflection of the disappointment of speculators at the failure of the United States Treasury to bid up the price of the metal, coupled with the fact that Congress is in
Washington, Aug. 14. an adjourning mond and further The New York Journal of Com- action in favour of the Silver merre roport that the Treasury bas Bloc in the Senate is not looked discontinued its silver buying for al present. This might have|abroad has elicited no comment the silver bloc would CRUAC the born in London in December, 1864,
London, Aug. 14. induced the further unloading of from Treasury Department officials, Treasury to accelerate purchases; and was educated at. Eton where
beyond the assertion that the Trea- thirdly, the recent drop of the he was captain of the Oppidans nouneed that the Government has
The Dominions Office has au-: speculative long holdings.
sury would continue to fulfil the dollar against sterling.
and at Trinity College, Cambridge, decided to appoint & High Com
(Speciaļ to "Tatograph") BARONSTARCZZURRAN UNAZZTANNBIM LA FINNANTIDE VARUNCIRAMIDEN
provisions of the Silver Purchase Meanwhile, Senator McCarran where he took honours in classics, Act as long as it was on the statute has introduced his amendnient to lie
missioner in the Commonwealth Ordinawer, F. Redeterd. August Sity Telegraph. Copyright. Thegraphie Man Resistant private of Australia, with functions comum) books.
the Wealth Tax Bill for the repeal secretary to Lord Knutsford at the parable to those discharged in the
London, Aug. 14, It was pointed out that the of the silver tax transaction pro- Colonial Office and then
to Sir United Kingdom by the High Hicks Beach
The tripartite conference at Secretary of the Treasury has been in the week I Senator McCarran Treasury. In 1896, he married South Africa.
{ fits which will be voted upon later Michael
al the Commissioners for Canada and Paris is regarded here as another suaded to accept the concessions If Signor Mussolini can be per- given wide discretionary powers, calls it up for action, which be Caroline, daughter of
indication of the Anglo-Italian as that empowering him to acquire does not intend to do unless he is Cocll Parker. He was elected Con- kard. Assistant
Sir Geoffrey Granville Whis struggle for mastery in the Medi-Italy's need for colonial expansion which Britain and France, taking metal at prices reasonable and most
certain that advantageous to the public Interest, United Press.
pass.servative M.P. for the Oswestry
for Dominion
into full consideration, regard as but no limit has been set.
Division in 1906, and devoted his selected to be the first High Com-ference, Mr. Anthony Eden will expected to use their influence to Affairs, has been It is believed that, at this con- | reasonable, Britain and France aro attention chiefly to education he missioner, and he will leave Eng propose was for seven years on the London land for Canberra early next year mandate for Ethiopia, with an arrangement-Router. School Board-and to agricultural to take up his new post.
n collective economic obtain Abyssinia's consent to the
Italian Commissioner, The new High Commissioner has been Under-Secretary at the Observers believe that_the_de- Dominions Office since 1980 and cline of the power of the British Vice-Chairman of the Oversca Navy under the
It is lamed that Mr. Anthony limitation Settlement Committee since 1929. treaties and Italy's creation of Eden, British delegate to the tri- He entered the Home Office In a powerful bombing air force, partito conference here, proposes to 1911, and was Principal Private have encouraged the Italians to offer to Italy wide economic and Secretary
to successive Secre- aim at expansion of their colonies colonisation concessions in Upper taries of State from 1916 to 1920. to seek a larger share of Medi-Ethiopia, offering Emperor Selaselo He was from 1920 to 1922 Assist- terrancan control.
ja soaport in return.
Washington, Aug. 14. Following the wild rumours respecting Treasury policy in silver purchases, Mr. Henry Morgenthau, Secretary of the Treasury issued a brief state ment to-day. He said the
First, that the Treasury is taper- Government had bought in the world market to-day 25,000-ing off after recent comparatively
heavy purchasCAT"
Privato sources advance two reasons for the price break:
000 ounces of Silver, which is more than was produced in domestic mines in the entire 1934 production year.
He added that to-day's It is indicated that resent Gov- purchases were principally in ernment purchases have been of London and were the heaviest | such a volume that a substantial re- since the Treasury began its duction over a few days would be purchasing policy, which would sufficient to break the market. be continued. Reuter,
Second, that speculators with heavy stocks have become dis- couraged and are unloading.
It will
the Hon.
Further
Trade questions. A Junior Lord of the Expansion HONGKONG DOLLAR
LATEST BRITISH FIGURES
(Special to "Telegraph") Treasury Department officials ad- init that little progress has been
London, Aug. 14. made towards the accumulation of trade in revealed
Further expansion of British Meanwhile, additional Treasury the 11,000,000,000 ounces needed to minary figures for July, which in the preli- purchases are reported in the Now bring the Treasury stock to one show York market, but according to quarter of the value of golf stocks, £30,443,000, an increase of £3,629,- ⚫ that exports totalled silver traders the Treasury has which have been increased by $800,000 compared with June, and boon very particular about -de-000,000 this year-Reuter. livery times, giving rise to opinion that
to make it
the
it is endeavouring. as hard as possible
for speculators to get rid of their
holdings.
NOT TAKEN SERIOUSLY
Imports reached £61,825,000, an increase of £3,998,000 on the June figures. New York, Aug. 14.
Exports for the first seven New York silver traders refuse months of to take seriously the New York £242,874,000,
tho year totalled Official ciroles, as always, re- Journal of Commerce report that £19,825,000 compared
an increase of main silent In respect of the the Treasury has censed, or will corresponding period, while im
with the price drop. But Senator Pittman, cease to buy silver abroad. the strong Silver Bloc Agure, com
ports totalling £420,505,000 have The report is characterised by increased by only menting on the situation, said he many as "ridiculous" and the ma--Reuter Special,
£099,000. was not alarmed. He was con- jority belleve it would neither be fidant, he said, that the Treasury politically nor economically feasible knew what it was doing-Reuter at the present juncture to scrap the Slirer Purchase Act and the pro- gramme It involves.
U.S. PURCHASES
Hale ES
Fall As Silver Drops
The Hongkong dollar de. clined a halfpenny this morning, the official rate on opening being Is., 111⁄2d. Business rates were about Is. 111⁄2d. sellers and 1s. 11%d. buyers. On re-
that assuring news
the United States intends con- tinuing the provisions of the Silver Purchase Act, the local market was steadler than yesterday, when chao- tic conditions prevalled.
Treasury in the first coalition government during the war, he was later Assistant Director of the War Trado Department,
IRISH TROUBLE RECALLED
Under-Secretary
terranean,
WIDE CONCESSIONS
Parin, Aug. 17
If Italy rejects this compromise
ant Secretary at the Chief Secre-
If Italy's attitude at Paris con- tary's Office, Dublin Castle, and served in the Colonial Office from Arms this view, it would be dis- it is understood that Great Britain 1922 to 1925 and in the Dominions tinctly alarming, as it would con- intends to do her utmost to have Office from 1920 to 1929. Ho ac- stitute a monaco to the Britsh the League Council place the war companied the Dominions Secre- код route to Inda and British blame upon Italy.
The feeling here is one aupremacy along the Nile.-"
to United Press.
tary on the latter's visit Canada, Australia, New Zealand and South Africa in 1927-28.- Reuter
FOREST FIRE RAGING
-
1,000 MEN FIGHT: ANIMALS PERISH
Spokane, Aug, 14. With thousands of dear, bears,
CANADIAN ELECTION
BENNETT FACING"
OPPOSITION
Ottawa, Aug. 14. - Parliament dissolved to-day. The General Election is stated for September 14..
pessimism-United Press.
of
PRELIMINARY TALKS
London, Aug. 14. Proliminary talks on the Italo- Abyssinian dispute began in Paris to-day between the French Promier, M. Laval, who was ac- companied by the Political Direc- tor of the Quat D'Orsay, M. Bargeton, and the British Minister for League Affairs, Mr. Anthony Eden and the Permanent Under Secretary for Foreign Affairs, Sir Robert Vansittart.
It is understood that Mr. Eden
Mr. R. B. Bennett, the Prime not only outlined in some detail.
In 1916 he became Parliamon-rabbits and other wild animals FOR FLOOD VICTIMS tary Secretary to the Ministry of stampeding in terror before a Minister, leader of the Conservative the views of the British Govern Labour and in 1919 Secretary of wall of roaring flames, 1,000 Party, is facing the most bitter mont upon features of the actual Washington, Aug. 14. At the same time, it is pointed
Washington, Aug. 14, Mr. Henry Morgenthau to-day out that the Treasury again has nounced that it has given $100,000 Department and in 1928 was made timber in three states, Montana, country to approve. He will be event of an outbreak of hostilities the Board of Trade. From 1920 to forest fire-fighters are battling campaign of his career. It to be dispute, but laid aphasis upon The American Red Cross has an 1922 he was Secretary of the Minesgainst a blaxe which has already lieved. His high tariff policies and the wider fenues in Europe and announced that the Treasury had been a heavy purchaser in the Lon in Chinese currency to the Chinese an Ecclesiastical Commissioner. Idaho and Oregon.
demolished thousands of acres of economic reforms he will ask the elsewhere liable to arise in the purchased over twenty-five million don market while Treasury buying Government to assist in the rallat Mr. Bonar Law appointed him ounces of silver on Wednesday.in New York has been reported at of the Yangtee Flood sufferer Home Secretary in 1922. During
opposed by strong Liberal oppoel- in Africa, ka miarred wire 15 LAT (Continued on Page 5.) - sixty centar Reuter
United Press.
It is feared that many animalation and a growing number of more practical unanimity displayed by WP(Continued on Paga 5.)
are perishing in the fire-Reuter, radical reformers Reuter.