1933-11-01 — Page 1

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The dollar, on demand, closed

to-day at 1/4 7-8,

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BERNARDS OF HARWICH.

China Maila

Est. 1845.

THE OLDEST - ESTABLISHED NE VSPAPER IN THE FAR EAST

Est. 1845.

CONBULATE SHIPTS & P. JAMÄS LILLEY & SKENER FOC WEAR

OLY KNITWEAR : MACCLESIELY

NECKTIESADORES.

AD,

NG. KONG.

U.S.

A

No. 28,562 HONG KONG, WEDNESDAY, NOVEMBER 1, 1933, PRICE $3.00 Per Month.

ECONOMIST

recent, charming

snap.

what of Princess Margaret, the younger daughter of the Duke and Duchess of York.

MAGNIFICENT

NEW HARBOUR

AT HAIFA

BIMETALLISM

PREDICTS A NEW DOSE OF INFLATION SOON

TO BE INCLUDED

IN INFLATION? Direct' Methods If Gold Plan Fails.

POLITICAL TRÚCE BROKEN BY OPPOSITION

Washington, To-day. Further steps in Prest- dent Roosevelt's gold policy are being anxiously awaited. Well-informed circles predict that if this final attempt by Pre-! sident Roosevelt to raise com-! modity prices by gold manipula-| tion fails same form of direct inflation will be adopted to the

extent authorised by the amend-

to reduce

ment empowering the President the gold content of Palestine A Prosperous the dollar up to 50 per cent. of

Country.

RAPIDLY EXPANDING

the present legal content.

It is suggested that this might.

BITTER REPUBLICAN ATTACK ON ROOSEVELT POLICY

Charges. Of Inconsistency In Granting Foreign Loans

SPECIAL TO CHINA'MAIL. Bu Telegraph, Copyright, Telepra phir Mexmages Ordinance, 1594. Rr. ceived November 3, 8.44 0.1%)

Washington. To-day.

The Republican National Com- mittve have issued pamphlet bitterly attacking the Roosever policy sieclaring that it fails to the Democratie follow

Party pledges.

The pamphlet makes charges of inconsistency k arranging loans

and Russia after to China President had attacked the gen- Pral policy of foreign loans.- United Press per S. C. Gold Bar Co.

the

EVADING TAXES IN AMERICA

be accompanied by some measure Series Of Corporations TRADE of bimetallism.

Colonial Secretary's Comment On Recent Riots

London. To-day.

Meanwhile, the Adminis- to be trailon is reported awailing word from Great Britain on gold purchase plans before any purchases nre made abroad.

of the gold One consequence The magnificent new harbour at Haifa, the first to be constructed in programme has been the flood

of spurious gold-mining shares. Palestine since Herod built, the port The political truce prevaljent ; of Caesarea in honour of His Im-since President Roosevelt assum- perial patron, was formally opened ed office has been broken by the issued by the Re- yesterday. It transforms the un-statement

National Committee, protected roadstead into the finest publican

charging President Roosevelt election harbour in the Levant.

with violating many

Formed.

DISCLOSURES AT SENATE INVESTIGATION

Washington, To-day. The formation of a series of Laxes Corporation to escape was yesterday revealed by the former President of the Chase Bank, Mr. Albert Wiggin, while testifying before the United States Senate Banking Inves tigation Committee. He said that the directors of the

included Mr.

NEW POLICY EXPECTED

BECAUSE OF

CONFUSION

NOW EXISTING

NO FOREIGN GOLD YET PURCHASED. ECONOMISTS WARN ROOSEVELT ABOUT INFLATION"

SPECIAL TO CHINA MAJL

(By Telegraph, Copyright Telegra phic Messages Ordinance, 1501. Re- ceived November 1, 8.45 ¤#L

Washington, To-day.

Some United States observers predict an en-

His Excellency the Governor, and Lady Feel, accompanied by Captain R. F. Walter, A.D.C., and Mr. J. G. Pilcher, secretary, leaving Queen's Pier yesterday to join H.M.S. Tarantula, on which His Excellency made his official visit to Macao. -

tirely new Government ATLANTIC SAILED SOONG YIELDS TO

monetary move because of the confusion follow. ing the decision. to pur- chase gold in foreign markets.

One of the most pro- minent economists. whose opinions are fre quently sought the United States

Under British rule Palestine pledges, including those relating corporation president of the Bankment, said that the gold

har regained its pre-eminence as to Bound currency.

ment.

the inter-

of International settlements.

IN TINY YACHT

64 Days' Voyage. v. C. PILOT CROSSES FROM ENGLAND TO BAHAMAS

London, To-day. Group-Captain Rees arrived at Nassau, in the Bahama Is lands, yesterday, after sailing alone in hus eight-ton yacht

almouth, via the Azorest - The voyage front the Atores took 64 days.

Group-Captain Rees won the Victoria Cross during war

10 enemy planes. He brought by attacking, single-handed, two down and continued the although severely wounded, untill the other eight scattered.--British Wire- less Service. LETTER AIR MAILS

purchases will apparent- trading centre and as the national monetary conference, a Mr. Wiggin asserted that the highway joining Western Asia balanced budget and a reduction Corporations made a profit of .S.ly comprise the Govern- with Northern Africa. Pales-in federal expenditure. fine is actually one of the most i Five prominent industrialists $10,000,000 in five years but lost U. ment's final monetary S. $5,000,000 from participation in plan before resorting to prosperous countries in the world have resigned from the National

fight. actual currency expan- 10-day and Halfa is the nerve Recovery Administration's In-tools and syndientes with the Chase

Securities Corporation.Reuter. centre of its commercial develop- dustrial Advisory Committee, os- Following criticism, when it was sion.

tensibly in conformity with the revealed that he had been receiving

He declared, further, that if com- The number in bonuses from the Chase Bank ex- The opening of the harbour, rotation plan.

addi-modity prices fail to advance, the which has cost about £1,250.000 eluder Mr. W C. Tengle, Presi-reeding $100,000 apautally in and which encloses an area of 400 dent of the Standard Oil Com-ion to his yearly salary of $200,000, Government must print money. despite the Banks serious losses, However, even this method will not acres. was yesterday the occa-pany of New Jersey. — Reuter.

Mr. Wiggin last week

raise prices materially unless the sion for the exchanging wireless of messages between the High QUIET TRADING ON that he had voluntarily surrendered dollar is suddenly forced down to

his contraet with the Bank under WALL ST.

which he received a life pension of a fraction of its present value. U.S.$100,000 annually.

Commissioner,

Lt.-General Sir

Arthur Crenfell Wauchope, and the Colonial Secretary, Sir Philip Cunliffe-Lister.

The High Commissioner, ex- pressed belief that the har- bour would result in an in- crease of prosperity to Pales- tine whose rapidly expanding trade it was primarily design- ed to werve.

He also referred to the fact that it would not have been built had not the British Government guaranteed the loan raised by the Palestine

U.S. Steel Dividend Despite Loss.

New York, To-day.

The New York Stock Market ruled quiet yesterday, with prices Industrials were slightly weaker, down .27 to 88.16, while rails de clined 15 to 35.94. bonds weakened

Utilities and .28 and 31 to 23.08 and 82.59 respectively.

Con-

announced

U.S. FARM STRIKE COLLAPSING.

Wisconsin Farmers To Resume Work.

Des Moines, Iowa, To-day.

The calling off of the farmers' strike in Wisconsin is announced. — Reuter.

Economists are warningg Pre- sident Roosevelt that the people ill soon lose confidence in an inflated currency.

Meanwhile,

Administra

tion officials have denied that the United States is planning to corner the world gold supply.

It is also denied that any gold

FROM BRITAIN.

Big Increase Last Quarter.

Sep-

London, To-day. During the quarter ended tember 30, 55,100 pounds of letter

air mails were carried from Britain as compared with 39,846 pounds during the corresponding quarter of

1982.

Those to India alone were 14,052

pounds.-British Wireless Service.

has yet been purchased in for-pounds as compared with 9,768 eign markets, although they are expected to begin in a few days. A general strike of farmers was —— United Press, per S. C. Gold tinued to rule so. Bank Interests called on October 19 by the Farm Bar Co. were absent. Thero Was buying towards the close.

Silver opened quiet and Government to provide the neces- Mary capital.

(Continued on Page 8.)

REUTER MANAGER MARRIED Miss Peggy Kirkbride Of Liverpool.

CEREMONY AT ST. JOSEPH'S CHURCH

The wedding took place this morning at St. Joseph's Church, Garden Road, of Miss Peggy Kirkbride, of Liverpool to Mr. William O'Neill, Reuter's Mana ger in Hong Kong. Rev. Father Miganti offelated, "d

Bome Holiday Association and began at

Sleet yeater-

United States day declared ■ 50 cent pre- ferred dividend. Third quar ter operations averaged 40 per cent. There was a net loss of

U.S.82717,014, after allowing

for all charges.

noon the following day, in order to

compel the Administration to formu- BABSON PREDICTS

INFLATION

late a Code for agriculture, and also to raise prices by a stoppage. The farmers demanded an inflation of the currency, the establishment of Government banks, and the re-fin A Decline In Wholesale

Prices? ancing of farm mortgages.

On October 23 i was announced that the Farm Administration, had SILVER ADVANCESuggested an immediate loan of T2

IN NEW YORK. Wheat Prices Slump.

SPECIAL TO CHINA MAIL.

DISARMAMENT BUREAU TO RE-ASSEMBLE ON NOV. ↑

WANG'S REQUEST

ARAKI PLAN

FAVOURED BY

GERMANY

Far Eastern Peace Conference.

SIGNIFICANT OFFER TO SOVIET

Berlin, To-day.

The suggestion made by the Japanese War Minister. General S. Araki, for the convocation of. Far Eastern Peace Conference, finds sup» port in German semi-official circles.

The latter declare that peace in the Orient is of the greatest importance, and also for States apparently not directly concern- ed with that part of the world.

The Conference would be of

the greatest value to overhaul Naval Treaties of London and

the Nine Power Treaty and the

Washington and to bring Japan ese policy within the framework To Remain Member Ofor International politics.

Fronomic, Council.

GENERAL CONFIDENCE" IN NEW FINANCE MINISTER ·

Shanghai, To-day.

The Japanese suggestion for a non-aggression pact with the Soviet is consider ed most significant in view of Japan's coolness when the Soviet proposed a similar pact laf year.

It is reliably learned that, mas

The Bertin Tageblatt consi result of yesterday's meeting withders that. General Araki's plan is Mr. T. Sams, Mr. Wang Ching deigned mainly to take the wind

bas persuaded him to remain out of the sails of the Soviet Recess Commisar, H. Maxim Litvinoff; of the National Economic Council, when Erë lartër goes to Washing, though he has not definitely ex-ton to negotiate for American re- pressed when he will be able to cognition of, the Soviet. return to Nanking.

Mr. T. V. Soong indicated in an Interview with presamen that he was intending to apend time at Hangchow before return- ing to Nanking.

iter.

Reu-

Short TOBACCO COUPON

TRADING

The political crisis created by Mr. T. V. Soong's resignation is re- garded as over and all sides, parti- cularly banking circles, seem in- clined to have full confidence ip Mr. H. H. Kung'a ability to tackle the financial difficulties.

Mr. H. H. Kung had a series of meetings with Shanghai bankers before returning to Nanking. Central News Agency.

To End This Year.

BRITISH. ASSOCIATION'S DECISION

London, To-day. The tobacco trade in the United Kingdom will cease coupon trading on December 31, according to an the Tobacco [announcement by

Trade Association yesterday.

The announcement states that coupons, certificates, vouchers similar things with an exchangeable Talne, will only be issued by mana- Expenditure Down Byfacturers up to that dabe. Out- standings coupons will be redeem- Over £30,000,000.

able until the end of February, 1084-Reuter.

BRITISH REVENUE STILL RISING.

London, To-day.

The latest Treasury returns show that ordinary revenue, for the cur- rent financial year up to October 28 amounted to £318,734,323. At London, To-day. The President of the Disarma-the corresponding date of last year ment Conference, Mr. Arthur Hen-the amount stood at £311,570,954. -- * Ordinary expenditure, to date for derson, announced yesterday that. the Bureau will meet on November the current year totalled #877,664,- on November 8-British Wireless at the corresponding date of 1982.

British Wireless Service: 9, as originally proposed, and not 382, as compared with £407,790,882

Service.

(By Telegraph, Copyright, Telegra More Friction In Manchukuo

cents a bushel on wheat, while the phe Messages Ordinance, 1881. B*- re-financing of farm debts was beceived November 1, 1227 am). ing speeded up and Farm Debt Con ciliation Boards had been established in 15 States,

LOCAL DOLLAR UNCHANGED.

Silver Steady.

Washington, To-day. President Roosevelt's first radical step is towards in- fation, of which the nation will get another dose, as soon as it can stand it, as ́ serts Mr. Roger Ward Bab son, the well-known. Ameri- can economist and statisti- cian, e

or

PARLIAMENT MEETS ON TUESDAY, Disarmament Debate.

re-

London, To-day, When Parliament assembles, next : Tuesday the first subject of importance to be debated will be the Dis- armament question.

The Foreign Secretary, Sir John Simon, for Government-British Wireless) Service.

As Soviet Officials Arrested will be the chief speaker

Harbin, To-day

The recent arrest of three Soviet laughable. Mr. Shih Liu-pen said citizens, including, a soldier, on an that the men might be released if Leland in the Amur River, 40 miles the Soviet acknowledged "Manchu:] demand. from Aigun has resulted in a vigo kuo's rights.

New York, To-day. Bilver prices made further ad- vances on the Commodity Ex- The here yesterday. change...

rous exchange of protests and coun- M, Slavutsky, has again

ed the release, of the arrested The bride was given away by December trading price, quoted on

ter protests Mr. D. J. Mackle, of the East Monday at 3855 cents per ounce,

Manchukuo claims to be within Chinese Eastern Railway oficials ern Extension Telegraph Com-

her rights in arresting the men' as and has called attention to the pany, Miss Francis Kelly acted yesterday closed at 40 cents, while

the March trading price rose from The dollar shows no change, as bridesmaid, and Mr.40.15 cents to 40.60 cents.

He predicts that credit should she owns the faland, The Soviet, alleged ill-treatment of the Soviet opening to-day at 1/4%90%

also claims opziership. prisoners by White Russians em Duncan performed the duties of

Wheat prices slumped sharply. Silver prices were unchanged yes-be esaler during the coming however, best man.

sala commodities as the only in-day, upon M. Blayutaky, Soviet Con Mr. Shih Liu-pen said that "re- A recaption was held at the the December quotation dropping terday, closing af 18% and 185% for year, with a decline in whole- Mr. Shia Liu-pen called, yeater ployed as Manchukuo, police, Hong Kong Hotel following the cents to close at 86 cents per spot and forward respectively.

United Press, contention that Manchukuo's Sparrested men were guilty of criminal ceremony and the couple then bushel, while the July price declin-The cross rate, London on New terruption is the trend towards all here, who informed him that the lease could not be affected as the

per: 8.C. Gold Bar Co

verign rights had been violated, was offences.-Reuter. left for Kepulse Bay, where the ed from 865 cents to 85% cents.| York in £-GB4.75% and New York higher levels,

on London Z-GS477 honeymoon is being spent

Reuter..

TYPHOON ENTERS INDO-CHINA. To-day's Weather Forecast

The Lyphoon has entered the coast

of Indo-China in about 13 degrees north latitude, "

easterly winds, is the forecast issued to-day by the Royal Observatory.

Fair generally, with fresh north..