Nation's Power
ROOSEVELT HOLDS DEMOCRACY TENDS TO ERADICATE WAR
Disregard of Obligations Follows Trend to Other Forms of Government
Washington, Jan. 3. Unawerving faith in the future of democratic government D. Roosevelt in his was expressed by President Franklin eagerly awaited address to the second regular session of the 79th Congress.
THE HONGKONG TELEGRAΡΗ. TUESDAY,
In his message, the President said that in spite of the determination of the United States for peace it had become clear that the nets and policies of nations in other parts of the world had far-reaching effects, not only upon their immediaté neighbours, but also on the United States.
"I am thankful I can tell you our nation is at peace", declared President Roosevelt. It has kept the peace despite provocations which in other days, because of their seriousness, could well have engendered war. The People and the Govern- ment of the United States have shown a capacity for restraint and a civilised approach to the purposes of peace, while at the same time we muintain the integrity inherent in the sovereignty of 130,000,000 people, lest we weaken and destroy our influence for peace and jeopardise the sovereignty itself.
"11
JANUARY 4, 1939.
Best Guarantee of Peace Superlative Values in
Our traditional policy to we cannot be certain of reciprocity
with other nations. on the part of others. live at peace Further we have been leaders in
TREND FROM DEMOCRACY
advocating the use of paclic methods "The disregard of treaty obligations
tempted to remedy the agricultural rituation and defended the Adininis-
EXCHANGE
tration's erop control policy. le NEW YORK STOCK said it was shameful misrepresenta- lion to call this a polley of scarcity. It was, in truth, Insurance before the fact, instead of Government subsidy after the fact.
SWAN, CULBERTSON &
Dealing with the opposition to the hours and wages legislation, Presi- FRITZ LATEST REPORTS
New York, Jan. 3.
U.S. COMMODITY
PRICES
LATEST CABLED
QUOTATIONS
8.23/23
Closing 0.21/21
8.30/30
8.21/28
3.37/37
8.35/35
8.45/44- 8.30/41
dent Roosevelt said that no reason- able person ought to oblain com-
New York, Dec. 3. plete uniformity of wages in every S. C. & F. Dow Jones Summary of The following quointions on the part of the United States. All they yesterday's markets:
New York commodity exchange are sought was legislation to end starva- Business to-day was interrupted issued by Reuter: tion wages and intolerable hours, owing to expectations of the Presi
New York Cotton Legislation dealing with wages and dent's message to Congress, which
Opening working hours was therefore WOR
as favourable, al-January construed
commitments problem definitely before Congress, though
are being Marci for action to be taken. It was an withheld, pending appraisal of the
May essential part of the economic re attitude of Congress. There is some July covery of the country and had the
apprehension, however, regarding October support of an overwhelming majority the President's special mesane re- December of the people.
ferring to law reorganisation. The Spot market was adversely interrupted the default of the Erie Railway by Bonds and the Supreme Court's de-May cision holding Dust the P.W.A. Power July Grant was Constitutional.
Bonds,
including Government December
stocks
were Irregularly
March
New
September
8.40/48 8.45/45
8.31/51 8.50/51
8.38
York Rubber
14.40/41
14.10/21
14.45/41 14.31/32
14.02/43
14.52 N
14.07 N
1-4.5-1/52
14.63/63
Sales for the day:-2,870 tons,
Chicago Wheat
1014 ?00 90%/90% 614/84% 85/5 Friday's Sules:-14.503,000 bushels.
Chicago Corn
HELPING INCREASE INCOME "If you increase the purchasing power of the farmer and industrial workers, you will increase the pur- chasing power of the final third of our nation-those who transport and distribute farm products", declaredes, were irregular. the President. There is an urgency higher, but the market was quiet. May which must be met by complete and S. C. & F. New York errespon-July not partial action. If it is met the dent cables: totul nation's income can still be
Slocks: The market te-day le-
following further increased, and other happy clined
the President's May now results will
from such an
which was personally read July increase."
in a tone interpreted by many us less concillatory than early reports had Dee. indicated that it it would be. The May Times business index for the week
July was 84.7 as against 34.6 last week and 107.1 for the corresponding week
"We raised the nation's income from $30,000,000,000 in 1832 le about SUU,000,000,000 in 1937. Our goal is to raise it to $90,000,000,000 or $100, 000,000,000. The budget for 1930, which will shortly be sent to Con-
gress, will exhibit a further decrease in the deficit although there will not be a balance between the income and the expenditure."
WILL NEVER CONSENT TO
DOLE
who
Riessage,
of
last year,
82 781% 01/01% 015/01% 00%/60% Winnipeg Wheat
deleted
11834/1104 120/120
1134/11134
SHARE PRICES
Cotton: The market Is ogain walling farm legislation and some indleation of the general Washington attitude towards business. Conditions
The following is the list of local to-day were very quiet. Forward- share quotations issued this morning. ings to mills for the week totalled 211,000 bales.
Banks
11.K. Banks, $1,445 b.
H.K. Banks, (Lon. Reg), £80 n. Chartered Bank, £12 n. Mercantile Bank, A. and B. £32
of
11.
Mercantile Bank, C., £15 . East Asia Bank, $80 n.
those The President sald
Wheat: The market continues to advocate.a balanced budget by means depend upon exports. which are of reducing relief work for unem-light at the moment. It is reported: ployed were people, who at heart, that harvesting in the Argentine re-
reports that the recent discussion and conciliation in in- in dis
President Roosevelt dan
were ternational differences.
We have seems to have followed the surface were actually in favour of substitu-vesis
11:15 Deen # triven for the reduction of military trend away from a democratic and tin dole.
exaggerated. There visible decrease in supplies of 3,769- forces, but in a world of high tension representative form of government, added: "To that neither I, nor, damage to the crop there
over 1000 bushels. and disorder
where stable it would seem, therefore, that world am confident, the Senators and Repre- anet.
Corn: Exports are light, but, com- civilisation is actually threatenet, it peace through international agree sentatives in Congress, will
President Roosevelt claimed that bined with domestic demand, manage become the responsibility of eachments is safest, in the hands of the consent."
democratic and presentative Lov-
Government expenditure could not be to absorb receipts. There has been mation striving for peace at home and
much below $7,000,000,000
a visible increase in supplier of peace and among the other nations, ernment-in other words peace
without destroying essential
1,918,000
bushels.. unnally to be strong enough to ensure the more greatly Jeopardised in and by cut
fundamentals Hose nations where democracy has function or letting people starve. He those observance of
Rubber: Weak primary markets added that sum could cheerfully be and dealers hedge-sales are depress- for a peaceful solution of conflicts, been discarded or never developed,
"I still believe that civilised man,
provided by the American people ifing influences. It is ropneted flat which is the only ultimate basis of
in the long run, will insist upon orderly existence.
Resultate in our determination to Benuine participation in his own the nation's income could be increas-mail-order fiouses are reducing their i respect the rights of others and torment. Our people believe that a point beyond the presentre prices.
over the years, democracy will be command respect for rights our-
inust keep selves.
ourselves
10
restored
OF
uf mankind."
established in
level.
Sugar: The market is quiet, but Referring to the changes in taxa-: The
Wall Street Journal Morning com- nations which to-day know it not, tion, President Roosevelt emphasised prices are flen,
That speculative income should not dequately trong in self-defence.
the and in that faith lies the future peace
he favourc! over earned income.ment:
Must forecasters expect a business There is a trend away from
The objective of Increasing the observangs at both the letter and the
pre-up-turn by July, with the outlook purchasing power We
nation's HOME AFFAIRS spirit of eatárs.
propose
for the last haf of the year in most between co-operation Turning to home affairs, President supposed obsery, as we have done in the
Industries brighter than in 1937. Labour. An over- past, our oven treaty obligations, but: Reosevelt detailed the measures at- Capital and
Brokers reported that there has been much switching from motor: and rail stocks into steel and air- plane-manufacturing shares,
Brokers
Invest-
Bro predlet further ment in utility securies when the Administration's attitude towards Industry is clarified this year.
The Street is not expeeling much of a stock market trend this week. Dow Jones Averages
20 Rolls
Insurances
Canton Ins.. $270 n. Union In.. $510 n. China Underwriters, $1.50 n. 1.K. Fire In.. $235. Shipping
་་
Douglas, $40 b. H.K. Steamboats, $8.20 b. Indo-Chinas (Prof.). $51 n. Indo-Chinas (Del.), $43 n. Shell Bearer, 98/10% n. Union Waterboats, $9.30 R.
Dorks etc.
H.K. & W. Wharves, $113 n. 1.K. & W. Docks, $28 11. Providents (old). $1.95 b. Providents (new), 15 els. New Engineerings, St.- Shanghai Docks, Sh.- Kailan Mining Adm. 10/0 n. Raubs. $7.30 b.
Venz: Goldfield, $5 n. Hongkong Mines 13 cts. s.
Philippine Mining -
Antumok, P. 49
Bugulo Gold, P. 10 n.
Dec. 31
Close
.
30 Industrials
120.85
20.45
120.57 20.35
Aloks, P. 174 11.
20 Utilities
20.35
20.101
40 Bonds
93.00
02.50
11 Commodity Index
53.0-1
*52.01
• correct.
EXCHANGE RATES
Puria,
| Geneva,
Berlin.. Athena Milan
Copenhagen Stockholm. Oslo... Helsingfors. Shanghai New York..
Vienna
Amsterdam
Prague
Mutrit
Lig
Jan. 3.
147.19/64
21.02
1/21
5.000
Bengue: Consol.,
Benguet Explor., P. 8.80 n.
Big Wedne, P.-
Coco Grove, P. 1815 m.
Consolidated Mines, P. 011 n.
Demonstrations. P. 33 n.
E.
Mindanao, P
Guinaus G'fields, P. —
Ipo Gold, P.-
1.X.L
P. 60 13.
Itogons, p.
Masbate Consols., 'P. — Min. Resources, P. —
Northern Min., P. ---
Paracale Gunnus, P. 10 n.
Salacot Mining, P.-
San Mauricio, P. 45 n.
Suyor Consol., 144 n. Ex. Div. United Paracales, P. 41
Lands, Hotels, etc.
H. and S. Hotels, $5.05 b.
H.K. Londs, $304 b.
Dec. 30.
147.9/32 21.01
12.41
12.43
.5744
014/2
574%
.95
9516
22.40
.19.40
10.40
19.00
19.00
32016
22078
220%
1/2
4.00
2013 .8.09%
28
3.00
1423
Hongkong
Nom. 110 1/3
Nomi
110
Bombay.
1/01
Montreal
Brussels,
5.01 29.4912
Yokohama.
1/2
Belgrade...
210
2115
2161
I.K. Tramways, $13
ulitles
b
Montevideo.
2534
2651
Peak Trams (old), $7
n.
Rio de Janeiro...2%
2.17/32
Silver (Spot) ....18% Silver (forward).18 Wor Loan
Star Ferries, $78 b.
10
19
.101
107 10
הסטפן
5.00%
.20.47
1429
10
n.
H.K. Lands, 4% Deben, $100 n. S'hai Lands, Sh. - Metropolitan Lands, Sh.- Humphries, $8.10 b. and sa. H.K. Realties, $4% 8. Chinere Estates, $80 1. China Realties, Sh. -
China Debent
Publie
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beautiful textures and colours
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$7.50 por yd.
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In Reseda, Bottle,
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$4.95 per yd,
High Value at Low Price
LADIES' SALON
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KING'S THEATRE
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BARTON MACLANE MAUCH TWINS
BALY & BOBBY
NIGHT and DAY you'll be glad you kept to Johnnie Walker
No man was ever the better for mixing his drinks; and everyone who keeps to Johnnie Walker for an evening is glad the next morning that he did so.
There is something essentially clean and refreshing about the taste of Johnnie Walker-evidence of the purity and age of the fine whiskies from which it is blended. An evening with Johnnie Walker is a pleasant evening-and pleasant to look back on- so always ask for Johnnie Walker by name.
JOHNNIE WALKER
Born 1820-still going strong
Sole Agents for China › GALDBECK, Macgregor & CO., LTD.
KILANGITAL HONGKONG TIENTSIN
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whelming majority of businessmen and bankers intended to be good citizens and only a small minority had displayed poor citizenship by engaging in praetlees which were dishonest and definitely harmful to society.
LABOUR DIFFERENCES
HARMFUL
Turning 10 Labour, President Roosevelt sald the unfortunate divi- sions relating to jurisdiction among the workers themselves had retarded produciton in certain industries, and
the recommended
Immediate desirability of increasing the wages of the lowest paid groups aver period of a whole your, rather than in terms of remuneration per hour per day.
C
by
President Ruusevelt concluded with a strong plea for co-operation both Capital and Labour with the Government, "not beenuse of pledges Lo party
programmes alone, but chiefly because of a need of national unity in ending the mistakes of the past and meeting the necessities of to-day, we must carry on. I do not propose to let the people down. I am sure the Congress of the United States will not let the people dewil.” ~Reuter
Peak Trams (new), $34 8.
Yaumuti Ferries (old), $24% n.
Chin Light (old), $10.10 b. China Light (new), $7 b.
b.
II.K. Electric, $50% Macas Electric, 103⁄4 n. Sandaken Lights, $14
n.
Telephone (old), $2511⁄2 6. Telephone (new), $84 b. China Buses, Sh.
Singapore Tractions, 23/9 n. Singapore Pref., 23/- n.
Industrials
Cald: Mack. (old), Sh. — Cald: Mac. (Pret.), Sh.-- Canton Ices, $1.70 n. Cement.. $12.00 b. H.K. Ropes, $3.80 n.
Biores, &c. $2914b. Dairy Form. Watsons, $4.00 b. Lane Crawfords, $0.00 n. Sinceres, $1.75 n. Wing On (11.C.), $40 n. Wm. Powells, 75 cis, n.
Cotton Mil
Ewo Collana Sh. $12 n. S'hal Cottons (old), Sh. $55 n. Zoong Sings, Sh. - Wing On Textiles, Sh. -
Miscellaneous H.K. Entertainments, $5.20 b. Constructions (old), $11⁄21⁄21⁄2 b. Constructions (new), $1 b. Vibro Filing, $0 n.
Ch. Govt, 5% 1915 GSBds. 74% n. HI.K. Govt. 4% Loan 5% prm, n. 1.K, Govt, 3% Loan 1%% pr
b. and sit.
Wallace Harpers, $341⁄2 b Marsmans Irix, (Lon.), af- 18/3 n. Maramāns Inv, (ILK), B/- 4/0 n.
THE
HONGKONG
PENINSULA HOTEL:
HONGKONG HOTEL; RẸPULSE BAY HOTEL;
&
SHANGHAI
ASTOR HOUSE; PALACE HOTEL;
HOTELS
LIMITED.
In association with the Grand Hotel das Wagons Lits, Peking
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