1933-06-16 — Page 1

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BEDFORD

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The dollar, on demand, elos

to-day at 1/4: Budi

FINAL EDITION Co

China Mail

Est. 1845.

HONG KONG HOTEL

GARAGE

No. 28,444

THE OLDEST-ESTABLISHED NEWSPAPER IN THE FAR EAST

HONG KONG, FRIDAY, JUNE 16, 1933.

·Fat 1845.

PRICE $3.00 Per Month.

GENTLEMEN'S HIGH GRADE OUTFITTING

AT HOME PRICES

BERNARDS OF HARWICH

CHATER ROAD,

HONG KONG

CONCESSION BY FRANCE WILL LEAD TO CURRENCY STABILISATION

BIG SLUMP

IN STOCKS ON

WALL STREET

AMERICAN SECURES IMPORTANT POST

Industrials Down Over CHAIRMAN OF MONETARY

5 Points.

GOOD TONE IN SILVER AFTER EARLY DECLINE

New York, To-day. The long-awaited reaction on the New York Stock Market commenced yesterday afternoon. industrial averages slumping 5.19 points to 88.87. Rail and utility averages also declined heavily. dropping 2.36 and 2.94 points to 41.41 and 32.94 respectively. Bonds held steadier, declining only 22 to 84.34.

Business showed a decrease on trading, the past few weeks' 4,890,000 shares changing hands.

COMMISSION

COMPROMISE EFFECTED BETWEEN

U.S. AND FRANCE

LONDON, TO-DAY.

THE AMERICAN AND FRENCH RIVALRY FOR THE IM- PORTANT APPOINTMENT TO THE CHAIRMANSHIP OF THE wORLD ECONOMIC CONFERENCE MONETARY COMMITTEE HAS ENDED IN A COMPROMISE THE UNITED STATES DE- LEGATE, MR. JAMES COX, SECURING THE OFFICE AFTER AN UNDERSTANDING HAD BEEN REACHED- ON CUR RENCY STABILISATION. THE APPOINTMENT IS REGARD- ED AS SIGNIFICANT IN VIEW OF AMERICAN ADVOCACY OF SILVER REHABILITATION.

The Franco-American negotiations over the Chairmanship of the Monetary Committee terminated on the basis that Mr. Cox's In their daily report, Messrs, chairmanship be a definite step in the direction of British and American currency stabilisation, according to French official

E. A. Pierce & Company, through their local correspondents, Messrs. Asia Lands, Ltd., state:-

circles,

It is noteworthy that Mr. Cox's election was proposed by M. Bon- "The much discussed and long-net, while M. Bonnet was proposed as Rapporteur by Mr. Neville expected shake-out occurred this Chamberlain. The French Officials are convinced that the movement afternoon. It was drastic and we for stable currencies will now advance quickly.

think that it was largely due to

the uncovering of top-loas orders

as traders, lately, have been sea-

ed. We think many positions were

protected at the close. Trading:

was so sharp that perhaps it will

Special Plea For Agriculturalists.

be completed within a day or two. CONCLUDING SPEECHES AT

Wheat. The report that a pro-

cess tax will be imposed was largely responsible for the early! weakness. The market later ruled

CONFERENCE.

London, To-day.

firm on advices from Washington The general discussion continued

The principal members of the Monetary Commission have bec! appointed as follows:-

Mr. James Cox (United States), Chairman,

Signor Guide Jung, Italian Finance Minister, Vice-Chair-

man.

Dr. Kienbock (Austria) Vice- Chairman,

teur.

that no decision had been reich-throughout the day, when speakers. Bonnet (France), Rappor ed on the tax. Weakness later de from many countries expressed, veloped in sympathy with stocks. their views on the subjects with

(Continued on Page 12)

which the Conference will later deal in greater detail,

DUTCH CHAIRMAN

The Economic and Trade Com-

U.S. ECONOMY CUT Representatives of Albania mission officials were elected as

FELT HERE

Trade Commission Office Closing Down.

CONSULATE TO TAKE OVER

Dr. Colijn (Holland), Chair-

men.

Peru, Greece, Latvia, Estonia and follows:-- inge Haiti contributed their views, the last-named especially press- ing the claims of the agricultur- ists of the world, whose purchas- ing power, he asserted, should be increased.

After a short address by the The American Trade Commis. President of Venezuela, General stoner in Hong Kong, Mr. Thomas J. V. Gomez, the Vice-President

C. Barringer, received advice this of the Conference, M. Paul

CLLLLLLE

WAR DEBT DEFAULTS

|||||||-|-|-|| $40,738,000

******

Great military parade In Vienna to demonstrate" Austria's determination to maintain at all costs her political independence of Germany. The parade was regarded as being symbolic of the readinces of Dr. Dollfuss, the Austrian Chancellor, to take action against the German Nazis should they cross the frontier and commit lawless acls~~(S, & G.)-

MACAULAY

CAUSES CRICKET

SENSATION

Northants Dismissed For 27 And 68.

SUTCLIFFE'S CENTURY

London, To-day. The most sensational first-class cricket match within the past ten years was concluded at Kettering yesterday when Yorkshire, the champions, beat Northants by an innings and 206 runs.

Northants, who batted first. were dismissed for 27 and 68.

Macaulay, who is enjoying & brilliant season, caused one of Herr Krogmann (Germany), the most remarkable collapses Vice-Chairman.

since the war when he took 7: (Argen-wickets for 9 runs to dismiss the

home county for 27!

Senor Doa Le Breton tine), Vice-Chairman.

The latter Commission will: appoint their own Rapporteur. The Monetary Commission will

AMERICA'S HUGE : PUBLIC WORKS PLAN APPROVED

Senate Sanctions Expenditure ́Of G$3,612,000,000 -

GERMAN DEBT

AGREEMENT

Concessions On Interest Rates Reported.

CREDITORS MEET IN LONDON,

NOT TO BE PAID

BY FRANCE

Italy Pays $1,000,000 In Silver.

FINAL SETTLEMENT SOUGHT BY BRITAIN

Washington, To-day,

The French Ambassador to Was- [hington, yesterday delivered a note annonacing the French default the war debt instalment of G$40, |738,000 dut yesterday.

France also defaulted her pay ment last December,

Other nations which have met the June payments are, Poland, Belgium, Estonia, Hungary. Jugo Slavia, Austria, and Greece. Reu

¡ter.

Italy's Token Payment.

Washington, To-day. The Italian Ambassador to Washington, yesterday advised the United States State Depart ment that Italy will pay G$1,000,000 as a token instal- The negotiations in London, bement on the war debt. Reuter, tween Germany and her "Stand- The total amount involved is still crediton, it is learned from

Washington, Today. The United States Senate have finally passed the Appropriation BUI for President Roosevelte Public Works programme and the Muscle Shoals and Tennessee Val ley development scheme,

G$3,612,000,000,-Reuter,

SEAT RETAINED National Conservative Victory.

DECISIVE MAJORITY. IN BY-ELECTION

London, To-day.

London, To-day.

well-informed German quarters are expected to lead to an agreement to-day.

Certain concessions regarding

Britain Delivers Silver In Bombay,

auktigten,: Te-day.” The United States yesterday re-

interest rates, are said to have ceived the British war debt token

been accorded to German debtors,

of 20,000,000 ounces of silver at Bombay. Britain, however, is res- ponsible for the delivery of the consignment to the United States State Department,

Under, the concession, the average rate; commission in- 'cluded, would be reduced from about 4 per cent, to 4% per

It is also disclosed that the cent.. Creditors would also renounce, Federal Assay Office in New York provisionally, their right to the re- has received 2,000,000 ounces of payment of the principal due silver from Italy on the war debt The Parliamentary by-election under the Standstill Agreement.account-Reuter, in Altrincham caused by the Reuter. elevation of Mr. Cyril Atkinson, A general moratorium was de- War Debt Mission To Conservative member, to, be aclared on June 8 on all credits given High Court Judge, resulted yes to Germany before July, 1931.

Dr. Schacht, the President of the FINAL ADJUSTMENT DEPENDS Requiring 274 to save the in-terday as follows:

Sir Edward Grigg (National Reichsbank, who made the an

ON CONFERENCE. Conservative) 25,392. nouncement declared that July, Mr. P. M. Oliver (Liberal) 1931, had been fixed because Ger

15,892.

many's present financial position! was caused by the bank, crisis of that date.

Yorkshire, aided by a dog- ged 113 by Herbert Sutcliffe in the face, of the wiles of "Vallance Jupp (6 for 99)

totalled 301.

morning that the office of the Hymans called on the New Zea deal with currency stability, gold American Trade Commissioner in land Prime Minister, Mr. G. W standard and exchange restric Hong Kong will be closed on July 1. Forbes, and then the Brazilian tions, while the second will deal

This action is due to the general delegate. Neither delegate being with economic problems, such as nings defeat Northants again economy plans of the United States present, M. Hymans suspended tariffs and quotas and other ob-failed dismally before the York- Government, whereby many Feder. the meeting until the conclusion atacles to trade-Reuter.

al Bureaux will be consolidated or of the Bureau meeting, over revamped to meet present condi- which the British Premier, Mr.

tions

&

Ramsay MacDonald is presiding.

Mr. MacDonald will make In future, the trade promotion ac-¡ tivities of the Department of Com-statement to the General Assem- merce in South China will be han-bly on the resumption of the dled by the Consulates, in the same Conference, manner as before the Department

of Commerce sent its own trade re- presentatives abroad.

The debate concluded after Mr. MacDonald had nounced the recotamenda- tions for the Commission appointments..

sised, the importance of inter- national co-operation for the good of each country,

Señor Alberto J. Pani, Finance

Minister for Mexico, desired to see the rehabilitation of silver and the stabilisation of its price. -

M. Salmais of Latvia, advocated. the gradual reduction of tariffs, and thought that the larger powers i The Economic Commission should give a lead in reducing the nard, will leave Hong Kong early will appoint its own rapporteur. tariff, in the first place, on agri-

The Trade Commissioner, Mr. Barringer, and the Assistant Trade Commissioner, Mr. David M. May

In July for the United States and will report at Washington-for-or- ders..

· DOLLAR STEADY

TO-DAY.

Gold Dollar Firms

In London.

INTERNATIONAL BANKING.

cultural products and materials.

raw

In the earlier discussion Mr. Joseph Connolly, of the Irish Free Doctor Oscar Kallas, the E State, suggested that the possibi-tonian Minister to London, also lity of making the Bank of Inter-recognised the necessity for the national Settlemente at agreed abolition of important restrictions, clearing house for international and maintained that countries exchange and, transfer be explore should be placed in a position to ed, and that its activities might be pay their obligations in' goods and

services, co-ordinated with the various cen-)

shire, fast bowlers to be dismiss- led for 68. Macaulay bad 4 for 25 to give him a total bag of 11 for 34 in the match, while Bowes, who, toured Australia,, took 4 for 120.

(Continued on Page 8.) Scores as cabled by Reuter: Yorkshire beat Northants by an innings and 206 runs at Kettering. Northants: 27 (Macaulay 7 for

9)

68 (Bowes 4. for 20, Macaulay (4 for 25}, Yorkshire: 801 (Sutcliffe 113,

-Y. W. C. Jupp 6 for 99),

YANGTSZE RISES

Concession Flooded In Hankow.

MY GRAVE FEARS FOR CHINESE CITY.

Shanghal To-day

ter for New Zealand, argued that

The local dollar remained steamy tral banks in all countries, by in- Mr. G. W Forbes, Prime Minis- at yesterday's closing price, opening ternational agreement. this morning at 1/43⁄4%/3%

He thought that the place of maintained excessive debt charges A special message to the China ⠀⠀ Bilver prices, spot- and forward, advanced slightly, spot gaining 2/16 gold should be that of a yardstock must be included in any adequate Press states that the Yangisza at to 19.9/16 and forward 3/16 of values, and in a last extremity, list of trade obstructions,

as the ultimate factor of the set Zealand

Cross rates, continue on the downtlement of balances He would ward trend on the London on New like to see the development of an York rate, which is given at international clearing house of G$4,06 to-day, 25 against commodities aiming at their ex G$4.09% yesterday, while the New change and the disposal of sur York on London rate, given at 8pluses of production. CH4.184 verterday declined to Tewik Rushdi Bey, the Tur „GB1,0273 this mornings.

kish Foreign Minister, empia”

most

New Hankow on June 16/1964 over the

he said, were 42-foot mark and completely flooded

the

the

rmer Russian Concession:

or of

fears are enterta Chinese city,

*

Mr. J. H. Hudson'. (Labour)

8,333.

Majority 9,500. "No change results.

Mr. Cyril Atkinson was un opposed at the last election, and had a 10,937 majority in 1929- British Wireless Service.

ASCOT GOLD CUP

Their Majesties Again At Races,

FOXHUNTER'S WIN AT 52 TO 1 ODDS

London, To-day, Their Majesties the King and Queen again attended. the Ascot races yesterday witnessed the * keen uggle for the Ascot Gold

Cup The result was

Gamond's - Foxhunter

GIANTS AND YANKS

DEFEATED

Cardinals Again Top National League.

U.S., BASEBALL RESULTS

Washington.

London, Today, Discussions with the object of furthering plans for the ultimate settlement of the war debt between

the United Kingdom

ons and the United

States will be continued by Sir Rog ald Lindsay, British Ambassador in upon whorn has mam- Washington, upon

ly fallen the conduct of negotia tons which culminated in the Chan- cellor, of the Exchequer's announce ment on Wednesday night.

In London political circles it is New York To Cry. New York Glants and New York considered that a foal adjustment Yankees, respective leaders in the largely depends upon the course of major baseball leagues, were You events during the World Economic ed yesterday by their Boston Conference, and, that not for some ist and possibly not aber in it likely

-debt mission would

until

(Continued on Results as cabled by Reuter?

National Leag

Boston New York

ed Eutt's Orpen, at Chicago

Hermin

and Chapman

nds and R. Johnson-

Any

Chun- the Ex-

settlement: would, course, need to be ratified both by the United States Congress and the British Parliament British Wire- Jess Service

FOUR

BAND