1923-08-03 — Page 1

مالكي

MOUTRIE'S

FOR

VICTOR

RECORDS

SPÉCIAL DISCOUNT

The China Mail

ESTABLISHED

Mail.

THE DOLLAR, ^

To-day's opening rate 2/2 13/16.

August 3, 1923, Temperature 79..

Barometer 20.56

Rainfall 0,00 inch.

Humidity 91 August 8, 1989, Temperature 82.

Today'a closing rate 2/2 11/16.

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- HONGKONG, FRIDAY, AUGUST 8, 192

BRITAIN'S GRAVE WARNING.

POSSIBLE GERMAN COLLAPSE. toned the desirability of obtaining reparations from Germany and inquired what the Government's next step would be.

DANGERS OF DESPERATION.

Dwelling of the urgency for action, he attached great important to securing Germany's admission Into the League Nations, notwithstanding French opposition. He included by warmly encouraging the Government in the adoption of a positive policy. French Reply.

13,

PARIS, August 2..

PREMIER FEARS EARLY CRISIS.

FRENCH POLICY REMAINS UNSHAKEN.

(Reuter's Service to the China Mail.)

Discussing the French and Belgian replies to the British draft note suggesting that negotiations should be resumed with Germany, the Premier, Mr. Stanley Baldwin, uttered a grave warning re- garding the possibility of German collapse and Rosal of June 7 At the question of passive resistan promised to summon Parliament if a crisis arose. The occupied teritory will be evacuated pari passu ce must be settled before anything else is touched.

LONDON, August 2

In the House of Lords, the Foreign Minister, Lord Curzon, disclosed the contents of the recent

A summary he French reply to the British note has been pula. It deals with the points raised in the British note and declares readiness to investigate immediately. with the British Covernment the German pro

with Germany's payments.

As soon as passive resistance ceases the occupation will be made as lenient as possible, but until passive resistance ceases France cannot discuss any modifications of

British draft reply. This the mode of occupation with Germany. expressed the opinion

As regards the proposed conference of experts, that it would be advant- the French Government asks whether such a body would be better than the Reparation Commission, Security.

ageous to agree to the German proposal for an impartial examination,

As regards the British proposal for a complete but in co-operation with the Reparations Comcial settlement, the reply recalls that such a plan Allied plan for a general definitive finan inission, of Germany's

already exists and the Reparation Commission has capacity to pay.

all the powers necessary to enfore its application.

The draft pointed out that the German offer of guarantees did not mention stabilisation of the mark or balancing of the budget. The draft said that guarantees were ineffective unless some form of international control over Genuan financial

administration were provided.

The draft concluded by advising Germany im mediately to withdraw the ordinances which had fomented the passive resistance policy and to dis avow sabotage.

Cordial But Evasive.

The draft then expressed the belief that the oc cupation powers in the Ruhr would then reconsider the position with a view to resumption of normal conditions in German industrial life.

The covering notes to the Allies elaborated the British views in this connection and urged inter Allied discussions without delay.

The French andi Belgian replies were couched in a cordial spirit, but they did not mention the draft British reply.

. Mr. Baldwin's statement in the House of Com mons was identical with the foregoing.

Sounding Public Opinion.

LONDON, August 2.

In the House of Lords, Lord Birkenhead, follow- ing Lord Curzon, suggested giving the French every chance with their policy and advised the with- drawal of our army of occupation and our repara- tions commissioner.

Lord Curzon, replying, dissented. He contend- ed that the former was our only guarantee under the treaty to ensure that Germany met her obligations The latter was an unwise step and might do a deal of harm. It was not fair to ask what the Goverment was going to do before it had gathered. public opinion from the promised publication of the papers. If that question were put now, he did not know that he could answer it,

Premier's Warning.

LONDON, August 2.

The reply, suggests that it would be contrary to the treaty to reopen the principle of settlement and fixing the total figure. It asks what Britain' means by a general definitive settlement and whether that includes inter-Allied debts.

Referring to the question of security, the note says the French Government is always ready to discuss this, but the question is independent of the occupation of the Ruhr and must be dealt with separately.

French Official Opinion.

.

PARIS, August 2. Official quarters emphasise that the French Reply leaves all doors open for further negotiations. They consider that Mr. Baldwin's statement contains no suggestion of a break and its moderate tone paves the way for further conversations.

HOW IT FAILED.

FRENCH BANK, JUDICIAL INQUIRY.

OFFICIALS SENTENCED.

INEXACT BALANCE SHEET ISSUED.

PARIS, August 2.

Under the Banque Industrielle de Chine sen- tences, André Berthelot is fined 3,000 francs; M. Pernotte is sent to prison for three months and fined 3,000 francs; Perchet is fined 350 francs; and Decerenville, Pallu, Laste and the engineer Chau-

targ are fined 300 francs each.

The directors Frezouls, Favareilles and Meilhan are acquitted

LATER.

The judgment declares that the original failure of the Banque was due to faults of the administration. When the capital was increased the second time it was irregular to issue shares, but the position was subsequently regularised. The plaintiffs' claims for damages were dismissed, but those mentioned were held responsible for the issue and were sentenced accordingly, Pernotte being also found guilty of the negotiation of irregular shares.

Berthelot was found guilty of the distribution

In the House of Commons, Mr. Baldwin, reply- of fictitious dividends and Pernotte of complicity.

ance

The judgment points out that the ing to the debate, empliasised that British interests

bal- sheet in 1919 were involved not less than those of Belgium and

was inexact, since it France. He elucidated the effects of the Ruhr included irrecoverable credits. Consequently the plaintiffs' demands concerning the distribution situation on world trade and uttered a grave warn of fictitious dividends were admitted, provided the ing as regards the possibility of German collapse, shareholders acquired shares before January 25, and the effects of a surrender forced by despera-1921, the date when the position of the Banque be

came publicly known... tion.

The Government would continue to strive to bring together the Allied forces to secure a just setttement. If a crisis arose, Parliament would be called.

The tribunal appointed an accountant to pre- pare a statement regarding the damages due to the plaintiffs in this connection.

[André Berthelot, former figure head of the Banque, is a brother of Philippe Berthelot, once Mr. Baldwin concluded by expressing a desire was disgraced through his attempts to save the powerful head of the French Foreign Office who

1

to maintain warm friendship with France.

Labour's Support.

LONDON, August 2. The outstanding features of the speech made by Mr. Ramsay Macdonald, the Labour leader, who followed Mr. Stanley Baldwin, in the House of Commons were hearty endorsement of the Govern ment's decision to pursue its own policy and severe condemnation of the French polley

The Leader of the Opposition made a pointed allusion to the omission of a reference in the French and Belgian replies to the British draft. He hoped that this was not more than an oversight.

Warlike Feeling,

ง

Banque. Pernotte was formerly Chief Manager of the Banque which owed its formation to his enterprise and industry.

NAVAL" WORKS.

· DUTCH EAST INDIES QUERY,"

LONDON, Aug. 2.

In the House of Commone, replying to Mr. E. D. Morel (Lahor), Mr. L. C. MS, Amery, First had accurred between the British and Dutch Gov Lord of the Admiralty, declared that no discussions, ernments as regards certain projected naval strate- gical works in the Dutch East Indies,

PLATINUM MONOPOLY.

Moscow, Aug. 1

A decree has been issued making platinum

Mr. Ramsay Macdonald proceeded to point out that the British conception of the alliance was co- operation, not one in which any partners could claim control concerning their own interests. He sserted, State monopoly, that no sane man would now believe that France was in the Rubs for the purpose of getting reparations, but rather was permeated by a warlike feeling m

- Mr. Ramsay Macdonald'proceeded to examine

-GERMAN--DISCOUNT--RATE-

BERLIN, Aug

The Reichsbank has raised the discount rate

the internal conditions of France which he declared to 30 per cent were much better than those of England. He ques-

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