10.
HOR
B
"HAVE AN H.B.
AND THEN TRY”
The Hongkong Brewery & Distillery Ltd,
JOHN I.
い
THE
HONGKONG TELEGRAPH, SATURDAY,
THORNYCROFT
& CO., LIMITED.
ENGINEERS & SHIPBUILDERS
MARINE MOTORS & MOTOR VEHICLES
WATERTUBE BOILERS
SHALLOW DRAFT STEAMERS HIGH SPEED BOATS
Telephone 22363
HONG KONG:
St. George's Building, (First Floor)
Cables:" "THORNY HONGKONG"
Telephono 14270
SHANGHAI:
Robert Dollar Building,
51, Canton Road
Cables: "THORNY SHANGHAI"
Japan Still Has Resources
Says Institute Of Pacific Relations
By Henry Wood United Stag Press Correspondent
San Francisco. Although Japan is finding it in- creasingly dimeult to pay her way in the world, as a result of the expendi- tures entailed in her invasion of China, she is not yet near the end of her
resources, necording to the Institute of Pacific Relations,
An indication of the time when the fatter point is approaching will be, it is intimated, when Japan calls upon her women to turn in their wedding rings to help swell the gold reserves. Already, however, many new im- portant control measures covering currency exchange, import and ex- port restrictions have been promul gated in order to enable the govern ment to conserve to the extreme de- gree the means necessary lo continue to finance the war and meet inter- national financial obligations, the in- stitute says.
During 1937 alone, the Institute Anda, Japan found it necessary to ex- port about half of her entire gold re- serves, leaving less than 1,000,000,000 yen at the current valuation.
To conserve what is left of this gold supply and even to increase it if pus- sible, the Institute Bads that Jupan
efforts to in is making herculean crease her own gold output, to ereuse foreign outpayments and crease foreign inpayments.
de-
in-
"In 1937," the survey states, "Ja- pun incurred a 000,000,000 yen excess In imports over her exports due large- ly to the very sharp increase in the timports of raw materials and parti- cularly materials for war. This was the largest import excess in the his- tory of Japan except in 1924 when the earthquake forced vast expendi tures for reconstruction materials."
During the first trimester of 1938, however, the Institute finds that Ja- pan has been able to bring about a marked decrease in this excess of im parts. During the period mentioned the excess amounted to only 54,000,000 yen as against 308,000,000 for same period last year.
VARIOUS FACTORS
the
factors that Some of the various have entered into this decrease in im- purts as well as exports, the Institute Ands, are the drastic control of in- ports for the protection of the yen, exchange, the world economic reces- sion, the various anti-Japanese boy- aspects cott movements and certain of the war in China.
In the matter of restrictions on im- ports alone, in order to decrease the amount of currency that would be drained out of the country there are 200 articles whose importation 13: completely prohibited.
The importation of other necessitles such as cotton has also been restric ted to such an extent that even a cot- ton shortage exists at the prom sent time, the survey
The reports, government's policy in regards to cot- ton is to import only enough to meet the demands of her eatton industry for foreign markets and to let the country get along the best it can for Its own domestle needs.
The Japanese hope," the survey reports. "that in the long run they may be able to keep excess payments, or ther outpayments, on other ne. cuunts down to a sum which can be paid for by shipments of newly pro- duced gold. If this position should be attained, Japan, could then continue to pay her way in the world as long as her gold mines could produce."
One of the internal repercussions tuling place in Japan to-day as a re- sult of financing the war is, the In- stitute states, un increase in wage and,price indices but with the cost of living rising more rapidly than the wages. Interest rates are kept low largely as a result of government in- fluence and there are no signs of an immediate crisis in public finance, the report says.
Japan hus beeri obliged to divert a Jurge part her shipping to the con- duct of the war, so that the revenues which she usually receives for this service have been greatly reduced thereby cirtalling another of her sources of Income from abroad.
The survey concludes:
"Japan has been living beyond her means internationally, and has been paying her way only by drawing on her reserves.
"Her efforts to reduce the druin on her reserves have at times weakened the earning power of sume of her export Industries.
"ler gold stock has been halved and unless present trends change. other reserves of capilat will have to be drawn upon.
"That these other reserves have not yet been touched is an indication that Japan is not yet desperate,"
May Be Able To Radio Home In 1939
San Francisco. Foreign visitors to the Golden Gate International Exposition here In 1939 may send short-wave rudio messuges to their homes under a plan announced by tite radio nmateur committed, of the Fair. Messages will be sent to and received from foreign countries on equipment sot up as a working display in one of the exposition balls on Trensure Teländ in San Francisco Bay.
AUGUST
13, 1938.
The now-idea musical from Darryl F. Zanuck, the hit-maker who gave you."Thin Ice"... "You Can't Have Everything"... "One In A Million"..."On The Avenue"..."Life Begins in College"..."Ali Baba Goos To Town"..."Wake Up And Live"! The greatest yet from 20th Contury-Fox, Studio of Hils!
GORDON & REVEL'S LATEST SONG HITSI "Sweet Someone"..."). Wanna Be in Winchell's Column"..."Be A Good Sport"... "Broadway's Gone Hawaii."
and that's not allf
Pollock & Milchall, Raymond Scott, Zeno & irwin wrote some hot. and-hissing tunes, tool
Darryl F. Zanuck
in Charge of Productions
WALTER
WINCHELL
BEN
BERNIE
SIMONE
SIMON
Shorsings! She sings!
LOVE AND HISSES
BERT LAHR JOAN DAVIS
DICK BALDWIN RAYMOND SCOTT.QUINTET}{ 'RUTH TERRY DOUGLAS FOWLEY. CHICK CHANDLER
Directed by Sidney Lanfield (who directed "Sing, Baby, Sing”) "One In A Million"."Thin Ice" and "Wake Up And Live"
TO-MORROW
AT THE
KING'S
A RIOT OF FUN AND ROMANCE
IN GLAMOROUS
MEXICO !
DOUBLE THE FUN OF "WAIKIKI WEDDING"!
TROPIC HOL
MARTHA-THE MATADOR- puts on the most hilarious bullfight over soon below the Rio Grandel
FIESTA-Beautiful girls, native dances, new songs:"My First Love"*"On a Tropic Night" "The Lamp on the Corner". "Tonight Will Uyo"
TO - DAY
QUEEN'S
Bob and Martha loose among the Lalins, where Dorothy Lamour and Ray Milland make languor- ous love to the most glorious Mexican music you've ever heard!
BOB BURNS MARTHA RAYE Dorothy LAMOUR
RAY MILLAND BINNIE BARNES TITO GUIZAR
Directed by THEODORE RIED
Play by Don Marimon And Frank Batta Jika Č. Halen und Dale Bilek verg
A PARAMOUNT PICTURE
TO-MORROW
ALHAMBRA