1931-08-18 — Page 1

The

For TEK NAVEPAPER ENTERPRI

Library, Supreme Court

SINO China Mail

FREE WHEELING 5TH ADVANTAGE.

Shifting from Second to Top or vice vers without using the clutch, and the relief of the accelerator foot while free wheeling, are important contri- butions to relaxed motoring.

HONG KONG & SHANGHAI HOTELS, LTD. (Incorporated in Hong Kong.

No. 27,878

FINANCIAL CRISIS

IN AMERICA

UNPARALLELED PERIOD OF

HYSTERIA"

ESTABLISHED 1845.

HONG KONG, TUESDAY, AUGUST 18, 1931.

UNUSUAL INCIDENT HUGE PLAN

AT ASSIZES.

Prejudicial Effect on Prisoner?

BANKS PUT UP SHUTTERS sizes, this morning. when, after a

ات

STATE

BANKING DEPARTMENT

TO RESCUE

FOR CHINA

HER INDUSTRIAL DEVELOPMENT.

TO-DAY'S

DOLLAR

The

closing rate of the dollar on demand, to-day was 111⁄4d. -

PRICE $3.00 Per Month.

SHARES REMAIN QUIET.

Undertone Reported Steady.

THIS MORNING'S FEATURES.

The official summary issued by

ROSY OUTLOOK the Stock Exchange this morning

WILL TAKE DECADE TO COMPLETE.

states

The Stock Market was generally quiet this morning, but the under- tone remained steady..

JURY DISCHARGED.

There was an unusual incident in the Chief Justice's Court, at the | opening healing of the August As-

jury had been empanelled, in an alleged case of piracy on the high seas, Sir Joseph Kemp ordered the jurymen to be discharged, and a new jury sworn, for the reason that a statement made in the opening addiess of Counsel for the Crown

Hong Kong Steamboats had buy- might have the effect-of-prejudic---from the Chinese International ers in the market at $284, but no-

Department concerning a big in-thing transpired. dustrial development scheme, Waterboats were enquired for at which_is_to_be_submitted to the $28% without leading to business Chinese Government shortly pro- Providente (old) had sellers at viding for the development of $6.15, but buyers would not pay 120,000,000 hectares of land at higher than $6.05. present lying unused, and the

Hotels (old) were done at $17-45 construction of a mercantite and $17.55, but there were sellers marine of at least 8,000,000 tons, willing to continue at $17.40.

Banks were done at $2,040, "Geneva, Yesterday. Uniona had sellers at $565, and A telegram from the Inter-sales of Underwriters took place at national Labour Office has been $6. received containing information

Four Toledo banks, with over $100,000,000 in assets, did noting the prisoner. open yesterday; and eleven Savings Associations ceased to pay out -withdrawals.

Prisoner, Chan Sam, who had pre- vlously entered a plea of "Not Guilty" to the charge, made a cer-

The reason for this action is said to be to protect depositors tain statement. and avert panic.

He was proceeding with his

asked if it (the statement) was re- levant to the case.

Six banke in Lincoln, Nebraska, and a Virginian Bank and address, when the Chief Justice Trust Company have also put up their shutters.

Details of United States revenue collections for the fiscal year 1931 reveals large decreases. So also do the foreign trade figures for the second quarter of 1931.

Gold imports, however, exceeded exports by £32,000,000.

DECLINE IN FOREIGN TRADE

New York, Yesterday. a decline of 35.9 per cent. in value The closing down of more and 20 per cent. in volume as banks is reported. Six small compared with the corresponding banks, with total deposits of quarter for 1930. $1,180,000 have closed down in Lincoln, Nebraska.

The Howell Bank and Trust Company of Richmond, Virginia, with a capital of $250,000 has also put up its shutters...

Protecting Depositors.

Imports totalled £102,000,000 being a decline of 36 per cent. in value and 16 per cent. in volume. Imports of gold exceeded ex ports by £82,000,000.

Revenue Collections Less.

Washington, Yesterday, Toledo, Ohio, Yesterday. The internal revenue collec- A wish to protect depositors tions, not including the Customs, during the "unparalleled period for the fiscal year 1991, dropped of hysteria" is the reason given $621,000,000, to $2,428,000,000 for a decision by four banks here Income tax declined $550,000,- not to open to-day, thus tying 000, and the corporation taxes up over $100,000,000 in assets.... declined $237,000,000.

The State Banking Department Ban on Cotton Growing? - is taking over these institutions. Eleven Savings. Associations are also ceasing to pay out with- drawals.

Foreign Trade Decreases.

Washington, Yesterday, The value and volume of Unit- ed States' foreign trade in the second quarters of 1981 is the lowest for many years.

Exports totalled £121,000,000,

NO AGREEMENT.

Germany's Foreign Credits.

BANKERS' TALKS.

New Orleans, Yesterday. Predicting a return of pros- perity within a fortnight if im mediate action be taken, State

Governor Long has invited the other Governors, and Senators; and Congressmen of the cotton growing States to meet on August 21 to discuss State legislation prohibiting cotton raising in 1932. Reuter's American Service.

naught Road Central and the drug was concealed in a red balloon,

Coming off the Tung On wharf, A Chinese woman, when searched, was found to have opium tied round her legs. She pleaded guilty be fore Mr. Schofield and was fined $700 or four months' hard labour, in default.

SLAVERY REFORMS,

Experts Preparing Report.

Basle, Yesterday. The International Bankers' conversations have not yet re- sulted in agreement. The chief obstacle now; is the question of means to be adopted to make liquid the foreign credits at pre- Bent in Germany, without affect- ing German currency.' - ...

Rugby, Yesterday. Changes to Re-Open.

Experts, appointed at the re-j Berlin, Yesterday. quest of the Liberian, Government, At a conference of the Prus following the International Report sian Ministry of Commerce and on Slavery in Liberia, to investigate the Bourse Committees it was de- the assistance which could be ren- cided without question to re-open dered to the Government in intro- the stock exchanges in August, ducing reforme, has returned to The date of re-opening is to be Geneva and is preparing its report discussed at a later conference for submission to a special League Reuter

OPIUM SMUGGLERS.

Drug Concealed in a Balloon.

HEAVY FINES;

default,

vice, eduBAZASINI

The Chief Justice said he was not sure that he should go on with the same jury. The question of possible 'prejudice WHA

a very difficult one to discuss in Court, before the jury. He could quite imagine that the mention of the fact might prejudice them.

Mr. Fitzroy sald that if His Lordship held that opinion he would certainly prefer the jury to be dis- charged at once.

The Chief Justice, addressing the

jury, then said; Gentlemen, "for reasons. I need not explain to you

think it better that this case be tried by another jury. You are but will have to attend here to 'therefore discharged in this case, |

morrow morning instead.

Later, when a new jury WAS about to be empanelled, the Chief Justice aald, that he would like to say for the benefit of the Jurora

whose names

drawn that a jury had been em- panelled in the case, but that it had been_necessary for a certain reason which need not be stated...to..dis.. charge that jury. It was now necessary to draw another to try it.

were about to be

ROUMANIAN BANKS

RE-OPEN.

Normal Business Résumed.

DEPOSITORS CALM.

Budapest, Yesterday, business to-day, after the severe All banks resumed normal restrictions which had been im- posed on them.

It was found that depositors were not, in the slightest de gree, anxious to withdraw their money. In fact, there were con- siderably more payings in than withdrawals.--Reuter.

STORMY WEATHER AT HOME.

High Winds and Rough Seas.

ISLE OF WIGHT TRAGEDY;

Rugby, Yesterday." Following a week-end of thunder, Commission to be presided over by rain and wind, which caused much the British Foreign Secretary, Mr. damage, stormy weather was again Henderson, British Wireless Ser- experienced along the South Conat www.doto-day...... High, winds and the rough: est of summer seas for many years, are reported. Three lives-ars, re- ported lost in a boating accident off the Isle of Wight, and a bunga- low village, which had grown up on the shingle beach near Winchel sen one of the old Cinque Ports, has beed cat eff:by waves which threa tened to undermine the founda

lons of the buildings

And o

ACTRESS JUNE:

Granted Divorce in ein America

Nevada, Yesterday.

obtained

known

Other components of this scheme are extension of com-

OCCASIONAL RAIN.

The Royal Observatory's re- port issued at 10.37 a.m.-to-day

Bays:

The Southern typhoon is shown as a depression over 8. China

The Northern typhoon is less than 800 miles E.S.E. of Shing- hai, moving W.E.W.

Local Forcast:-W, winds, moderate; generally cloudy, oc- casional rain..

Rainfall Rainfall for 24 hours end- ed at 10 a.m. to-day 0.17 Inch. Total since January 1-58.58 Inches against an average of 60.65 inches - deficit 2.07 inches.

Temperature.

The temperature at certain specified centres this morning at 6 o'clock was:

Hong Kong . Pratas Island

Macao

Manila

78

81

77

83

Foochow

Amoy

Swatow Chefoo

78

Shanghai

79

munications and means of trans- port, and the building of new fac- tories all over China.

Lands, with sales put through at $91%, had buyers willing to do business at $90%.

Realties were in demand at

$17.35, cellers asking $17.40, and sales were reported at $17.30.

Ewo Cottone-Sales have to be recorded at T15.15, but there were buyers at the close at T16.20.

DUNLOP Special

Extra

Construction

For

Overseas Motoring Conditions.

FORT MOTOR CYCLE TYRES.

LOCAL BRANCH.

STANLEY

Pedder Bldg.

BALDWIN

HURRIES BACK

CABINET COMMITTEE STILL DISCUSSING PROJECTS

HEAVY FALL OF STOCKS

RUMOUR OF TAX ON INTEREST BEARING SECURITIES

The Cabinet Economy Committee continues-its business of con- sidering ways and means_to_balance_the_Budget,

British Government stocks experienced the heaviest fall in re- cent times owing to a rumour getting abroad that a tax might he imposed on interest-bearing securities,

Mr. Stanley Baldwin's unexpected early return to London has given rise to speculation. He was not expected to return till some time after Thursday.

The Committee is determined to have a definite programme ready by Wednesday, and it is now thought certain that Parlia -ment will re-assemble early in September,

Shanghai Cottons were reported to WEEK OF POLITICAL IMPORTANCE

have changed bands at Tls. 98%, buyers prevailing at T99.

China Lights were firmer at $26.80 buyers, but shares were not i obtainable at this rate.

Hong Kong Electrics were trans. acted at $81% with further buyers at the rate.

Telephones (part paid) were done at $88, and there were buyers prepared to pay $30%.

Cements had sellers at $20.15, with sales negotiated at $20.10, but buyers were willing to go on at $20.

London, Yesterday. hours and, after an hour's ad-' Excitement has been caused journment, continued its study by a report from Paris that Mr. of the projects before it.

A week of important political Stanley Baldwin has left Aix-les- Bains for London. He had not events, which may lead to an expected that he would make early re-assembly of Parliament, any move before receiving are began with the return to London. port from Mr. Neville Chamber this morning of the Prime Min lain on Thursday after the Gov-ister, who travelled by night from ernment had communicated its Scotland. With other Ministers, programme to Mr. Neville Chan-Mr. Philip Snowden, Mr. Hender berlain and Sir Herbert Samuel. son, Mr. Graham and Mr. Dairy Farma were in demand at

The Cabinet Committee ad- Thomas, Mr. MacDonald will to $32, and Bales occurred at $32.co. journed after four and a half morrow continue preparation of Watsons were dealt in at $16 60. hours' discussion until to-morrow proposals for the consideration. buyera offering $16.50.

morning when it will continue of the full Cabinet on Wednes Constructions-had-buyers at $13,-probably the whole day if neces-day. On Thursday a meeting will but no business resulted.

be called to explain the financial

NEW CONSTITUTION FOR SPAIN.

War Denounced Private Prisoner ?

CURIOUS FEATURE.

Madrid, Yesterday.

It is estimated that the carry. ing out of this scheme will re- The new Spanish Constitution, and 12,000,000, tons of steel. quire 200,000,000 tons of coal, published last night, solemnly re-

nounces war as an instrument of

sary.

:

In view of the principle laid position to the General Council that there must be "equal sacri-, and Executive of the Labour down by Mr. Ramsay MacDonald of the. Trades Union Congress

fices for all" a proposal is seri- Party, and they will probably also ously being examined for a tax be in consultation with Leaders on fixed interest bearing securi- of the Conservative and Liberal tle.

Parties with regard to the Cab- Reuter understands, however, inet's plans, Brititish Wireless that on examination it was re- Service. vealed that there were certain

London, Yesterday. difficulties in the application of The "economy, big five"Messrs. such a tax. Well-informed poli-MacDonald, Snowden, Henderson, tical circles consequently con- William Graham and Thomas sider the likelihood of such a tax again gathered in London this has been considerably lessened morning from the four corners of

the kingdom, for 8 meating at ·

pa to M There is

.

considerable activity

in political circles in anticipation of the expected deleion of the

Rumours of such a plan getting It is expected that the execu-national polley, affirms the right abroad during the day; however, decade. Reuter. tion of the scheme will occupy a of private property, and establishes caused one of the heaviest falls of British Government stocks in a single chamber Parliament.

A curious feature is the safe-recent times. vented from dominating the Pre- to be in a position to submit a ment after the Cabinet meeting on sident and vice versa by each party definite programme to the full August 19, in order to pass having the right of appeal to the Cabinet on Wednesday which legislation embodying the Govern electorate to dissolve the other may be embodied in the new ment's proposals Reuter..

WHEAT FOR FLOOD VICTIMS.

U.S. Asked to Supply.

CHINESE ENQUIRY.

Washington, Yesterday. The Chinese Government, it is

guard whereby Parliament is pre- The Committtee is determined Government to summon Parlia

CYCLONE HAVOC

PARAGUAY.

IN

understood, has asked the Gov-Several Dead: Hundreds

ernment of the United States what quantity of wheat it has available for supply on credit for relief of the flood victims in the. Tangtsze Valley and else where Reuter.

D.E.I. DEPORTATIONS

Alleged Chinese Communists.

Injured,

400 HOUSES DESTROYED.

Finance Bill which would be pre-Varlous theories continue to be sented to a special session of advanced as regards the Govern- Parliament next month. Reater, mont's precise measures, but there - Rugby, Yesterday. seems a general agreement that ♬ The Cabinet Sub-Committee of special levy on all kinds of in- five, which is considering mea-terest-bearing securities is at lenat sures to accure a balanced Bud-receiving serious consideration.- get, met this afternoon for three Reuter.

FLOODS ABATING?

Falling Level of Water Reported,

PITIFUL SIGHTS.

Buenos Aires, Yesterday. A cyclone has destroyed 400 houses 1 Asuncion, Paraguay,

There are several dead and hundreds have been injured in

Hankow, Yesterday Villarien, Bocayaty and other -The river rose another three districts, MA

Inches during the night, but there Communications have been in- was a slight fall this afternoon, terrupted. Reuter's American and all the ports up-river report a Service

falling level. "

Batavia, Yesterday. Over 180 Chinese are to be de orted from the Dutch East: Indies as the ress of Police in vestigations,

Free Ing the ba implicated

of Com

in the Risu

Food prices are soaring,

nan Min has been installed little "fresh" food is - gvallable, @Dockyard › Co, There are pitifo] sights, - with re-

along with the water up to their chins. A few are still clinging to the embankment, though now only the raila are exposed above water... Dead cattle and dors are float ing in the streets, and, human bodies are also coming slowly to the surface Reuter,

MENTAL CRUELTY

Dempsey's Plea for Divorce.

fűgees, evacuating the railway em- cr bankment with their meagre

of sessions, Bome with their belo

Ings on their heads, struggli

On

New York, Yesterday.. the ground of "niental

the boxes, Jack Demp filed a divorce petition his wife, Estelle Taylo Reno, Nevada Reuter