1934-01-27 — Page 1

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THE OLDEST - ESTABLISHED NEWSPAPER IN THE FAR EAST

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GENTLEMEN'S

No. 28,635

HONG KONG, SATURDAY, JANUARY 27,

PRICE $3.00 Per Month.

FIGHT

"NO RETURN

TO INSERT SILVER REMONETISATION INTO US. GOLD BILL

TO METALLIC

STANDARD"

Opposed By British Banker.

A POLICY OF CHEAP AND ABUNDANT MONEY

London, To-day. Opposition to an early return to a metallic basis for British currency was expressed by the Rt. Hon. Re-l ginald McKenna. Chairman of the Midland Bank, at the annual meet- ing of shareholders yesterday.

WHEELER AMENDMENT BEFORE SENATE

DEFEAT PREDICTED

BY LEADERS

PITTMAN URGES WIDER

USE OF SILVER

MOMENTOUS SENATE VOTE

BE DECIDED TO-DAY

SPECIAL TO CHINA MAIL..

ΤΟ

By Telegraph. Copyright, Telegraphic Mettages Ordinance, 1884.

Received January 27, 9.06 m.)

WASHINGTON, TO-DAY.

He said that the success of a policy of cheap and abundantį money in maintaining the gen- eral average of prices at a level which rendered production profit- THE UNITED STATES SENATE ADJOURNED AT 5.50 P.M. able, was beyond question. YESTERDAY WITHOUT ACTION. THE BOARD AMENDMENT WAS World trade might still be dia- DEFEATED BY 54 VOTES TO 36. THE AMENDMENT LIMITING organised, exchanges chaotic, in- REVALUATION of the DOLLAR TO A MAXIMUM PERIOD OF ternational dealings accompanied | THREE YEARS WAS APPROVED, THE SENATE ALSO APPROV- by prohibitive tariffs and quotas. ED THE VANDENBERG AMENDMENT PROVIDING THAT THE and other restrictions, yet not- SECRETARY OF THE TREASURY MUST HAVE THE PRESI- withstanding all these obstacles. DENTS APPROVAL IN. DIRECTING THE STABILISATION FUND. the trade of Britain had for many months been making steady and gratifying progress.

The International situation seemed unripe for the re- storation of a universal monetary basis and gain from universality was the only consideration which should be allowed to tempt · the country back to a metal- lic standard.

Senator Key Pittman Introduced an amendment authorising the President to issue silver certificates against the bullion now held by the Treasury. Senator Pittman explained that it merely designed to enable some use to be made of the silver now in the vaults.

Senator Wheeler introduced his amendment. He said it was intended to give silver a place in the monetary system on the basis of its gold equivalent value,

It was, he said, entirely different from the Wheeler Bill providing free and unlimited coinage of silver at a fixed ratio to gold.

"WORLD PRICE OF SILVER

WILL ADVAN

Senator Key Pittai

Optimime In U

SPECIAL TO CNIÏÀ MAIL. (By Telegraph, Copyright, Telegra phic Monnages Ordiman, 1894, Re- ceived January 17, #00km.);

Washington Today.

In a letter to the lining Con gress Journal" the Chairman of The United States Semalt:Foreign Relations Committee, Benitor: Key Pittman, wald that he was satis fed that the world of silver adva United Press, per S.C. Gold

Was going to

Co.

US. SENATE

PROCEEDINGS

SUMMARISED

Gold Bill Protects "Uncle Sam.”:

"IN MONETARY WAR FOR LOWER CURRENCIES".

Mr. John Carreth Wells, the 22-year-old son of the Tamons Anglo-Canadian explorer, and his wife, Jill, -tryłog out the tandem cycle on which they plan to travel to Abyssinia. They hope to recover the treasure of the Queen of Sheba which is said to have lain in the mountains near the Kenya border for centuries.~(S. & G.):-

SILVER DECLINES AGAIN

Limited Support In New York.

WALL STREET STEADY

BRITISH VIEW ON DISARMAMENT

Still Adhere To Draft Convention.

-SIR JOHN SIMON'S SPEECH

"ON" MONDAY S

London, To-day. The Foreign Secretary, Sir John Simon, will make a new de- claration of the British policy on Disarmament, when Parliament re-assembles on January 29.

It may safely be assumed that this statement in based on the British draft convention, from which the Government has never made any material departure.

The final draft statement will be considered by the Disarmaznant. Sub-Committee at a meeting to- day-Reuter.

CABINET DISCUSSION:

London, To-day

A meeting of the Cabinet Com jmittee on Disarmament over which the Prime Minister, Mr. Raininy

GERMAN-POLISH PACT OF MacDonald, presided, was held at

NON-AGGRESSION

www

No. 10, Downing Street, yesterday afternoon. The meeting was the

10-Year Agreement Based On hat which will be held prior to the- re-sembly of Parliament - next: Kellogy Pact

Berlin, To-day.D.

A ten-year pact of non-aggres- sion, based on the Kellogg Pact has been concluded: by, Germany and Poland, dem N

Both Powers agree not to re- cort to armaReuter.

Washington, Today. In the course of yesterday's debate in which the Senate voted to give the Secretary of the Trea- sury sole jurisdiction over the stabilisation fund, the Chairman,

New York, To-day. of the Foreign Belations' Com-

Suppert was rather limited on mittee, Senator Kel Pittman, the theline of silver in New York, urged the extension of the Presi The Wheeler amendment provides for the purchase of 50,000,000 dent's powers to enable him to yesterday. Tired long Interests give silver certificates instead of liquidated their commitments for change stability without jeopardy ounces of silver monthly until the ratio reaches 16 to 1 to gold, when pur-actual silver dollars in exchange, distant months, due in some men to lack of news from the stability of purchasing chases will halt. Senator Wheeler said that the amendment is designed for silver bullion. power. Britain's inflexible task to protect the United States against foreign manipulators.

Senator Reed denounced the pro- Washington.

Industrials, raile and utilities bable effects of the Bill and declar ed that the stabilisation fund would weakened, dropping 47, 10 and INDIA TARIFFS?

He urged that until the world!

had learned how to secure ex-

to

should be to demonstrate that wixe management of a monetary unit with no fixed attachment to gold was both practical and, in its results, highly beneficial. British Wireless Service.

--

The Democratic leaders expect that the Wheeler amendment will be defeated. Senator Borah. In his speech, said that, he supported the Gold Bill as a step in the right direc-

to

He favoured the Bill provide mandatory currency ex- pansion.

MINISTER'S AFRICAN tion.

AIR TOUR.

Colonial Secretary Much Better.

London, To-day.

NO SIGNIFICANCE TO RISING DOLLAR.

Official Statement.

create an artificial market for the 34 to 106,38, 48.47 and 26.55 · re- Government's bonds, and was tan-spectively, while bonds were up

The commodity Index tamount to "pegging" for which the to 89.00, bankers had been condemned.

The Democratic, leader, Senator SPECIAL TO CHINA MAIL... Robinson; retorted that all that (By Telegraph, Copyright, Tricorn-Senator Reed proposed was to con- phic Messages Ordinance, 1884, Retinue ex-President Hoover's laisser ceived January 27, 9.19 a.m.).

Senator Borah's statement

Washington, To-day. came when he opened the fight to insert silver remonetisation into The White House states that the the Gold Bill. United Press, per rising dollar has no special signi- S. C. Gold Bar Co.

ficance with the United States

per S. C. Gold Bar Co.

Owing to the marked improve. EXPERTS TO HANDLE monetary policy.United Press,

on

ment in his condition the Colonial! Secretary, Sir Philip Cunliffe-Lis- ter, hopes to leave Nairobi Thursday next in continuation his East African tour.-British Wireless Service.

FUND.

of No Speculative Foreign

Exchange Battles.

COTTON INDUSTRY DEPRESSION.

Spinners Meet President Of Board Of Trade..

IMPROVEMENT OF OVERSEAS MARKET DISCUSSED.

SPECIAL TO CHINA MAIL.. (By Tolegraph, Copyright. Telegra hic Messages Ordinance, 1891. Re- [ceived January 27, 1008 a.m.)

Washington, To-day.

TWO AMENDMENTS DEFEATED.

faire policy.

was up 32 to 52.38.

Business reached a good figure, 2,510,000 shares 'being traded.・・

In their market report, Messrs.

and Company.] E. A Pierce through their local correspondents,) Messrs. Asia Lands, Ltd., state:~~ Senator Bailey, championed

"Evidently the trading element the Bill as designed to protect "Uncle Sam" in the monetary

5s becoming more cautious," per

nations, and to relieve the tre war with depreciated currency haps because of the inability of the market as a whole to make de finite progress on the up-side and mendous burden of debt from the American people. ́

to attack the July 1983 high levels. Senator Borah advocated the re-Cross currents are developing | monetisation of silver to broaden throughout the market, with pre- the world's monetary base, declaring dictions of a moderate reaction In- that there was a shortage and mal-creasing.

(Continued on Page 9) distribution of gold,

AMERICAN COTTON

Senate Votes To-day On The Monetary Bill attempted to meet the problem by sub-dividing Gold Bill.

gold, but it would not help the rest of the world, Senator Borak said. : Ab Senator Wheeler introduced amendment directing the Govern- Mr. Roosevelt Considers

Washington, Later.

The United States Senate has defeated the proposal to limit the activities of the stabilisa“ tion fúnd to the sole purpose of stabilising dollars at ex change value.

ment to purchase silver until it reaches a ratio of 16 to 1 to gold. -Reuter.

Later.

CROP.

·Further Control

· SPECIAL TO CHINA” MAIL (By Teleprack. Copyright. Telegra The Senate agreed to vote at 2 phic Manages Ordinance, 1894, Ro p.m. to-day on Senator Wheelere erived January 27, 0.19 a.m.) ju amendment which proposes that the Government should purchase 50-

SPECIAL TO CHINA MAIL (By Telegraph, Copyright, Telegra- It is learned that Presidentphic Messages Ordinance, 1898, Ro Roosevelt has already selected selved January 27, 8.13 aan.} a number of experts to handle the stabilisation fund. It is reported that they include the nation's best monetary talent. Observers believe that the bulk London, To-day. The causes of the depression in of the stabilisation fund will be the cotton industry were discussed used to finance gold. transactions yesterday when Mr. Walter Run-rather than speculative foreign, ex-

It also defeated the House of Re-000,000 ounces of aliver monthly ciman, President of the Board of change battles with foreign na presentatives provision requiring until a 16 to 1 ratio to gold has Trade met the representatives of tions.

the President to inform Congress been reached, or until 1,000,000,000 the spinning section of the indus- It is believed that the purchase regarding the fund's operations. ounces have been bought

The debate will continue until try at Manchester, kit

and sale of gold would control the

The Senate meets again at 11 am. Mr. Runciman undertook to give money price fluctuations better careful consideration to the repre- then speculative purchases and today, and will vote on Senator D. when the Monetary Bill-vote sentations made, with a view to sales of foreign exchange in op-Wheeler's amendment at 2-p.m. - Improving the overseas market for position to the British equalisa- It agrees to limit the debate on British cotton goods, British Wiretion fund United Preas, per B.. the Gold Bill to 10 minute speeches

after 4 pam.ch Gold Bar, Co. Jess Service.

It is expected that the vote on "MONETARY WAR the Gold Bill will be taken late to day United Press per 8.C. Gold Bar Co.

WEATHER. › REPORT

Fine generally, warmer, moderate north-easterly winds, the forecast issued to-day by the Royal Observatory.

The forthcoming" mwerings batu John Kendall, Gala, solleitor, 21 No. Bakit Boden, Holland Road, Binmas B.43% and Laura Patricia Clark, Waterloo Road, Kowloon, Hong Kong

"SPECIAL TO CHINA HAIL. (By_Telegraph, Copyright: Telepra- crived January 27, 1009 6.m.) phío. Masinges. Ordinance, 1894). "Re-

Washington, To-day, Senator Balley has defended the Gold Bill; "asserting, that it would Prices to a point where the ation's debt burden could-be 11

(Cantis at foot of next Ooliemi)

«He said that! In the monetai

needed

will be taken.—Reuter

-LOCAL DOLLAR RECOVERS.

Spot Silver Price Advances.

and Washington, To-day The White House has indicated that President Boosevelt Is study- ing recommendations for further control of the cotton crop.

|JAPAN TO EVADE

Plan To Increase Imports Into Afghanistan.

1

Kabul, To-day.

fotice has been given of Questions relating to Diem and other current matters which mitte

vice.

session of the

TREASURY ISSUE OVERSUBSCRIBED.

Applications Received For $91,950,000.

London, To-day,

A total of 291,950,000 was this

The Japanese diplomatic week applied for in Treasury bills.

The amount allotted in bills at 8 mission arrived here yesterday] ne

months was 485,000,000,0 to prepare for the establish-

The 'average : rate per cent. was ment of a permanent Legation 18/1.41d. as compared with 18/24, and to examine the possibility at week.

of extending the scope of Jap Tenders for Treasury bills to a anese imports to Afghanistanimum amount of $40,000,000 which would be permitted to will be issued on February, 2.-Bri pass the free zone at Karachi Wireless Service.

without paying the Indian Cus- toms' duties. ...

The Afghan Government has already appointed a Minister to Tokio, Reuter.

TIBETAN RULER ELECTED.

Successor To Late

Dalai Lama

Nanking, To-day,» According to Chinese verna". cular newspapers, Jo Chen-ho Tukotu has been elected Tibe tan ruler in succession to the hate Dalai Lama, by a general conference of Lamas..

He will take charge of Tibetas | affairs. pending the finding and It is understood that the Admin crowning of the next Dalai Lama, 4istration favours taxing gins of the journals state Renter

excess production-United Press per S, C, Gold Bar Cou

GREAT WESTERN RAILWAY:

Sir Robert Horne As New Chairman.

Sir Robert Hor

BRITISH IMPORTS INTO FRANCE:

Board Of Trade Studying Quotas.

London,

The Board of

PRINCE'S INTEREST IN UNEMPLOYED,

Pays Visit To Windsor Soup Kitchen.

London, To-day The Prince of Wales visited the Windsor Soup Kitchen yesterday, when, about 100 children of unem ployed men were having a hot dire

In the occupational centre In another part of the same building the Prince saw a number of un employed men engaged, in boot- mending, carpentry and other work,

British Wireless Service.

MEXICAN EAGLE OIL COMPANY.

Bi New Concessions Confirmed.