1934-02-02 — Page 1

The

new BEDFORD

HONG TRUCK

THE

dollar, on demand, closed

to-day at:1/5 94.

FINAL EDITION

GENTLEMENS

China Maill

Ext. 1845.

HONG KONG HOTEL

GARAGE

THE OLDEST - ESTABLISHED÷NEWS

PER IN THE FAR EAST

No. 28,640 HONG KONG, FRIDAY, FEBRUARY 2 1934. -PRICE $3.00 Per Month.

Est. 1945.

MAKE

YOUR

BERNARDS'

BUYWORD !

OUTFITTERS

CHATER ROAD.

HUNG. KONG

FRENCH PRESS HOSTILE TO

REVERTING

TO THE GOLD

STANDARD

U.S. Joins Small Gold Bloc.

SEVEN NATIONS ON SOME FORM

OF GOLD BASIS

SPECIAL TO CHINA MAIL.

(By Telegraph, Copyright. Teiegra. pkie Messages Ordinance, 1894, Re- ceived February 2, 12.86 pan.)

Washington, To-day. Observers have called atten- Lion to the fact that the new monetary system is the gold standard to the extent that the Government is ready to main tain the dollar at 59.0 cents and to pay international debts with gold.

Mr. Henry Morgenthau has issu- ed instructions to the Government to purchase gold at U.S.835 An ounce, including "imported fine gold bars."

He explained that this meant a a fineness of 899, or finer, such as ir ordinarily used for the settle. meat of international balances.

The mints will also purchase other forms of imported gold, such as unrefined or other form of gold than stamped bars, also various kinds of domestic gold and execpt- ing hoarded silver coins.

Observers, have called attention to the fact that France, Holland, Poland, Belgium, Switzerland and the United States now hávť-GODIS“ form of a gold basin,

Italy is considered to be nearly on the gold standard owing to the close management of the Ira

around its theoretical gold point.

(Continued on Page 12).

Heavy Shipments To U.S. Imminent.

GOLD PRICE ALLOWS A PROFIT

SPECIAL TO CHINA MAIL. Bu Telegraph, Copyrig'). Telegra phic Manager Ordinance. 1904 ceived February 2, 0.54 0.1.)

London, To-day.

Britain has boosted gold to 34.07, despite which heavy shipments to the United States are imminent, since the dif- ference allows for a good pro- A.

12.

STERLING RESISTS ALL ATTACKS

DOLLAR ALSO STEADY ON

EXCHANGE MARKET

MORGENTHAU STILL SECRET ON STABILISATION OPERATIONS

SPECIAL TO CHINA MAIL.

(Bu Telegraph. Copyright, Telegraphic Messages Ordinance, 1884.

Received February 2, 6.69 a.m.)

WASHINGTON, TO-DAY.

THE UNITED STATES TREASURY SECRETARY, MR. HENRY

MORGENTHAU, YESTERDAY SAID THAT THE PEGGING OF THE DOLLAR ESTABLISHES THE UNITED STATES ON AN IN- TERNATIONAL GOLD BULLION STANDARD, THE STANDARD WILL BE IN EFFECT AS LONG AS THE PRESIDENT LEAVES THE PRESENT GOLD REGULATIONS EFFECTIVE.

He refused to comment or the stabilisation opera- tions and the effect of America's policy on world con ditions, - United Press, për 8. C. Gold Bar Co.

New York, To-day.

Sterling, yesterday, withstood all attacks, whether real or imaginary. The foreign exchange market was confused but ster- ling early regained its nominal loss and thereafter remained sta- (ionary. The dollar failed to decline in relation to gold curren- cles, and its substantial premium over London gold and the frane made imports of gold on private accounts profitable..

The largest volume of trade since July, 1933, was recorded on the Stock Exchange, 4,600,000 shares changing hands. Goverment bonds and commodities were strong-Reuter

Three Methods For ·

Raising Prices.

Ang mga t

SPECIAL TO CHINA MAIL..... (By Telegraph, Copyright. Telepra- phie Messages Ordinance, 1884. Re- etived February 2, 0,55 am.)

Washington, To-day. Domestically, the immediate dollar devaluation effects small.

GOLD STOCKS.

Heavy Influx Into America Expected.

SPECIAL TO CHINA MATE

( Telegraph, Copyright. Telegra

ceived February 2, 12.40 a.m.)

BRITISH DISARMAMENT PROPOSAL

"The pirate

remiads Frederic: of his duty." A scene from the Gilbert and Sullivan opera, “Pirates of Penzance,” which will be presented by the Hong Kong Philarmonic Society, at the King's Theatre from February 6 to February 10.

QUICK ARREST OF MURDERER

4 Hours After Crime In Shanghai:

· DEPARTMENT"-- STORE" "MANAGER" - KILLED

Smart work by the police, resulted in the terday evening, of the

murdered Mr. Lee Man-Joe MANA- ger of the Sun Sun department store, who had dismissed him from

AUSTRIAN ANTI-NAZI

CAMPAIGN

Cabinet Dissatisfaction With “German Attinde

Vienna, Today.

In consequence of the unsatis- factory German "reply, to the re- cent Austrian-note the Dolfuss Cabluet announces its unanimous, agreement to "continue in the path forced upon them by cir- cumstances.

This is interpreted to mean the

measures - and - äîn appeal to the Lebgus of- Nations. Beutering

his position of watchman, yet BRITAIN SWEPT

day afternoon.

Mr. Lee Man-joë was found shot dead in a room in the Sun: Sun Hotel. He waï a native of the

BY GALE

are in Michaagra Ordinance, 1884. Re-Chungshan district of Kwangtung. Thrilling Rescue Off

The Administration hopes, eventually, to increase prices and

to restore business through:-

Firstly, expanding credit.

Thirdly, to protect America's foreign markets,

|Leaving for Australia in his youth. New York, To-day.

he remained in the Commonwealth experts for about a quarter of a century, stress that the United States Mr. Lee, who was 53, la survived] now has an "International Gold by a widow and several children.

Foreign Exchange

Union

Secondly, the stabilise prices as Bullion Standard" which is simi- He was a member of the Canton much as possible.

lar to that of France in as much Guild and the Cantonese as the gold is being taken over by Church.--Beuter, the Government, and similar to The House of Representatives Holland since it is purchasable Ways and Means Committee has only for export to another cen authorised the appointment of 10tral bank. monetary, experts to assist tho United States Treasury Secretary, Mr. Henry Morgenthau, to adminis- ter the stabilisation fund.-United

France, however, is demermined Press, per S.C. Gold Bar Co. to maintain a free gold standard.

The United States is ready to COMMODITY DOLLAR

commence exchange operations.

Whether such action has already been taken, is a secret known to

only a few.-United

F.C. Gold Bar Co.

Press,

du

ABANDONED.

per N.Y. Bank Review Fears

Inflation.

The international gold flow

is expected to resume, which, at current parities, means a heavy influx into the United States and possibly a severe drain on the French re- sources. - United Press, per S. C. Gold Bar Co.

New Record Gold Price.

SPECIAL TO CHINA MAIL, Received January 27, 9,08 a.m.). phis Messages. Ordinance, 1821. Ba ceived February 2, 12,48 'aML)

"London, To-day.

MORE GOVERNMENT FINANCING|- SPECIAL TO CHINA MAIL.

(Bu Telegraph, Copyright. Telegra SPECIAL TO`CHINA MAIL

thic Messages Ordinance, 1894. Bar (By Telegraph, Copyright. Telegrăceived February 1, 8.43 a.m.) phie Massages Ordinance, 1384. "Ro-]

New York, To-day. ecived February 2, 1.08 p.m.)

The National City Bank of New York, To-day, New York's review states that Some bankers believe that the the outstanding influence on the lowering of the Federal Reserve, trade outlook is the huge. Goy- Bank of New York's re-discount ernment disbursements,

The previous record was 1846, 84. rate la preparatory to more Gov The US. $6,000,000,000 new per ounce on October 8, 1983.---- erament financing-United Press financing is easy because the United Press, per 8.0. Gold Bar-Co. per S.C. Gold Bar Co.

LEICESTER WIN OVER RAF

Services' Rugby Tourney Next Saturday,

London, To-day,

Leicester beat the Boyal Air ints' to 11" on In the only

Force; by:

their own big Rugby Union The [day,

country trusts the Administra- tion, the review states.

The limiting of currency fluc- tuations tends to restore con fidence.

The gold price here reached 135%. 6d. par amica, a record high,

RIGID REGULATIONS, FOR GOLD IMPORTS

It declares that the Recovery

SPECIAL TO CHINA MAIL programme's real test will be

•{Dy Telegraph, Copyright. “Falogra the Government's ability to halt phia. Manage Ordinance, 1856, upending when desirable with- selved, Fabragiry 1, 8,58 a.m.) jout causing a business slump.

Washingto

(Continued on page 18.)

FEDERAL RESERVE REDUCES RE-DISCOUNT RATE:

gold,

SWANSEA WIN CUP REPLAY Bury Beaten By Three

Clear Goals,

LEICESTER AND TRANMERE WIN

Londen, To-day. Swansea Town reached the last eight in the F.A. Cup yester;

day when they won their hor

Yorkshire Coast.

4

CHANNEL SERVICES STOPPED

London, To-day. A fierce northerly gale swept Britain yesterday and was especially violent in the Channel and in the North Sea.

Two of the cross- Channel sailings be- tween Dover and Ostend were cancell- ed, and lifeboats at Filey, Yorkshire, res

replay against Bury by three cued the crew of the clear goals to qualify to meet Portsmouth at home in the Fifth Bound on February 17.

Leicester recorded a home" "win over Liverpool in the First Divi- elon, while Tranmere's chances of promotion were improved by home win over Accrington,

The following, were yesterday's results:

[Bwanges

F. A. Cap Replay.

8 Bury "First Division” Leicester

1Liverpool Third Division" (North) Tranmere M2 Accrington

Perth Reuber (Tablou on PAES

ON SILVER MORE LIKELY

motor vessel "Catch- clyde from the heavy seas.

At Deal, great waves pounded the foreshore and swept over the promenades British and roads. Wireless Service,

M

2 DESTROYERS COLLIDE

Warships Damaged At Gibraltar,

Gibralter:: The British

¡FRANCE TO

IGNORE BRITISH

PROTESTS

Will Not Restore

Full Quotas.

THREAT OF TRADE WAR

Paris, To-day.

It is understood that France

mand for full restoration of the 100 per cent. quotas

ITALY ALSO CRITICISED

GERMANY

WELCOMES

EQUALITY

IMPORTANT VIEW BY AMERICA.

LONDON FEARS WIDENING OF FRANCO-GERMAN RIFT

London, To-day. Official response fr

from other Powers, especially

from France and Ger- many, to the British Dis- armament memorandum, is anxiously awaited in London with fervent hope. Second thoughts

·|modify the unofficial re- action which so far sug- gests the widening of the Franco-German gulf, ---

Responsible British circles recognise that France is required to

No retails of the reply to the British Note are officially die make big concessions, closed but it is believed that it

states that France demands but is given valuable countervailing advantages, as„‚i.

ls essential for her to make compensation. Firstly, good the deficit on her commer that Germany must re- cial balance. Reuter.

Speaking with "brutal candour turn to which would leave no possible room

Geneva, and

for ambiguity," the Parliamentary secondly, the acceptance Secretary to the Board of Trade, of Dr. E. L. Burgin, in a speech to the British Chamber of Commerce, last Friday, asserted that the British} #r Government considered the French

sunt automatic

of arms, "The French Press is almost un-

quota proposals as unacceptable and, animously hostile. A typical head- In the true spirit of the Anglo-line appears in "l'Qeuvre" which French partnership, he must say states, Simultaneous Offensive from that such discrimination would not London and Rome," while "l'Echo be tolerated.

de Paria condemns even the coma- promise idea on the ground that. the middle-line gives an unfair ad- vantage to those who have made exaggerated demands.

The British Minister would notify the French Government of Britain's decision to take action if the policy of dis- crimination continued, he

sald.

WIRELESS MAST CRASHES

After Burning For Over 30 Hourg

| FIRE AT ADMIRALTY STATION AT GRIMSBY

London

The top part of a 450 fe long wireless mast at the Ad- Grimsby miralty - station® crashed to the ground yester day after-burning for over which

time firemen gazed helples ly at the flames in much-mur of their reach

The Italian Press consi- siderathe ?! simultaneous publication of the Anglo Italian memorandum as

·proof of a prior agreement between the two Govern 10ments

Washington 27 journals statë |that the British memoranduzm bies in importance in the official mind, with President Roosevelt's gold proclamation."

*Semi-official reports from Ber ¡lin state that: Germany rejoices.

over 7 both" "documents and sul stantially acknowledge, that the claim equality is ther serious and a valuable: tion to pa

The The Italian