1934-04-05 — Page 1

Carnation

Qination

"From Contented Cows"

THERE'S CREAM

IN

EVERY DROP.

Sole Agente: CONNELL BROS. CO., LTD. HONG KONG & S. CHINA.

The dollar, on demand, closed

to-day at 1/5 84.

FINAL EDITION

GENTLEMENS

China Maile

Est. 1845,

Est. 1845.

THE OLDEST - ESTABLISHED NE SPAPER IN THE FAR EAST

No. 28,691

HONG KONG THURSDAY, APRIL 5, 1934. PRICE $3,00 Per Month.

!

OUTFITTERSTM

CHATER ROAD.

HONG KONG

DOUMERGUE REVEALS GRAVITY OF FRENCH FINANCIAL CRISIS

U.S. MAY

RAISE GOLD

PRICE BY $2

Dollar Expected To Weaken.

SENATE MOVE TOWARDS CURRENCY EXPANSION

SPECIAL TO CHINA MAIL.

(By Telegraph, Copyright, Telegra phic Meenager Ordinance, 1894. Re- ceived April 5, 19.45 fm.)

New York, To-day.

a

Some American financial ex- perts believe that if the dollar should weaken in terms of foreign exchange, there is more than possiblity that gold may be shipped to Europe, states Mr. Elmer C. Walzer, "United Press" financial editor.

However, he declares, such a

sident and France.

now Premier

of

INFLATION THREAT

DEFAULT OF

LIABILITIES

{HEAVY OVER-PRODUCTION OF

GASOLENE INUS.

Plan To Avert&olapse Of Marketing Structure

SPECIAL TO CHINA MAIL (By Telegraph, Copyright. Telegra

crived April 6, 8,56 (qu)

AVOIDED phie Messages Ordinance 1891, Kr

POSTAL EMPLOYEES DECLARE “WAR.”

TO OPPOSE GOVERNMENT'S "UNSOCIAL PLANS"

Paris, To-day. Exceptionally plain

M. Doumergue, former Pre- speaking marks a letter from the French Pre- mier, M. Gaston Doumer-

contingency could be eliminated US. STEEL PRICE gue to President Albert

by increasing the gold. prices,

Some Wall Street traders expect that the price will be raised to U.S.$37 per ounce. -United Press, per S. C. Gold Bar Co.

INFLATION MOVES

SPECIAL TO CHINA MAIL.

Telegraph Copyright, Telegra phic Mennugen Ordinoner. 1RDI. crived April 5, 11.50 a.m.)

STILL TOO LOW

Despite Wage Increases.

MILL OPERATIONS AGAIN.

HIGHER

Lebrun in connection with the Government's

economy programme adopted by the Council of Ministers last night.

Washington, To-day.

The Petroleum Board have said that an emergency plan will be announced to-day in an effort to prevent the threatened collapse of the wholesale gasolene marketing structure,.a daniger which has been brought about by heavy over. production.- United Press, per S.C. Gold Bar. Co.

GERMANY,

DENIES NAVAL

AMBITIONS

M. Doumergue states that if the Government. (By Telegraph, Copyright. Telegra had hesitated to use the

SPECIAL TO CHINA' MAIL-

Rephie Messages Ordinance, 1804. Ne

ceived April 5, 8.55 a.m.)

man-

Washington, To-day. The Senate and Congressional inflation advocates are oeuvring to force the Adininis- tration toward currency expan:] sion, and for that reason they are centering their drive on the Frazier-Lemke Bill, providing U.S.$2,500,000,000 in new money to re-finance form indebtedness,

Others are making an effort ได have the Administration utilise the devaluated dollar' and the increased gold base to issue several billions of new reserve notes..

to the fact Attention is called that it is theoretically possible for the Treasury to issue as much as U.S.$20,000,000,000 worth serve notes backed by the requir ed 35 per cent, of gold.

of re-

de-

Senator Lemke yesterday clared, "We have too much credit money and not enough real money."

Senator Tom Connally, of Texas. has introduced a measure into the Senate providing for the redemp- tion of all outstanding currency within two years.

Old currency would be replaced | with new currency.

Senator Connally pointed out that the measure would force | boarded money into circulation- United Press, per S.C. Gold Bar Co.

FLETCHER BILL REPORTED

New Concession To U. S.

*

National Banks

SPECIAL TO CHINA MAIL..

Chu Telegraph. Conwright Telegra

phio Messages Ordinance, -1204. Be-

ceived April 5, 11.50 a.m.)

Washington, To-day.

The Senate Banking Committeo

New York. To-day.

The New York journal, "The Iron Age reports that American steel operations are at 48:5 per cent, of capacity, with sharply higher schedules in the finishing mills expected about the middle of this month.

The journal calls attention to the fact that despite the price advances, the index

figure for finished steel pro- ducts is still considerably be figures, notwithstanding that wages are back, approximate- ly, at the 1929 and 1926 levels, United Press. per S. C. Gold Bar Co.

PASSING OF PIRATE CHASER.

low the 1929 and 1926

LA Submarine Being Broken Up.

IN HONG KONG IN 1927

London, To-day. Famous for her work among Chinese pirates in 1927, H. M. submarine L4 ls, now being broken up in the Thames ship yard,

"No Equality. With

Big Powers."..

BUT VERSAILLES TREATY REVISION DESIRED

Berlin. To-day. Germany expecta to parti. cipate in next year's Naval Conference with 'a view to

procuring some revision of the Treaty of Versailles and so obtain greater, naval se curlly, according to yester day's newspapers

"official" dé- They publish

exceptional powers granted by Parliament it would have meant, with- in a very short time, either the closing down nials, however, of the report pub- lished abroad that Germany has of the Treasury, the sus-drawn up a big Navy building] pension of payments and programme.

The papers emphasise that it the default of all liabili-would take several years to build ties, or inflation, with its up a large fleet. Germany, they attendant troubles, for assert, has no money for such luxuries, and does not intend tol inflation does not solve claim equality with the big Naval problems but, by defer-Powers, ring and aggravating them, it also leads to bankruptcy. :

Reuter,

DISARMAMENT BUREAU MEETING ON APRIL 10

London, To-day.

To be as rich as pre-war France, Mr. Arthur Henderson, President! with the franc, devalued. by four-of the Conference for the reduction fifths, capital and business turn-and limitation of armaments, yes- over ought to have increased five-terday met Mr. Aghnides, Director fold. This had not happened League of Nations, and discussed of the Disarmament Section of the

said M. Doumergue.

the procedure to be followed at the Moreover, expenditure had in- Bureau, which will meet at Geneva creased not five-fold, but ten-on April 10.. fold.

Meanwhile, Federation of de- Postal Employees has clared war against the Gov- ernment measures.

An emergency meeting, called last night, resolved on empower- ing the lenders to prepare an "energetic and decisive riposte to the unsocial plans contained in

Reuter. (Continued on Page 18)...

It is interesting to note that althe decree of laws." member of the gang now working

on the submarine served in the LA during the War.-Reuter,

FOREIGN TRADE REVIVAL.

has favourably reported the Increased Tonnages At

Fletcher Bill, permitting national banking associations established:

in United States possessione, to start branches in their respective areas-United Press. Gold Bar. Co.

per 3.

SQUABBLE DELAYS U.S. STOCK

MARKET BILL ⠀⠀

· SPECIAL TO CHINA MAL” (By Telegraph, Copyright, Telegra- phia Bfassager Ordinance, 1801, "Ra- ceived April 4, 1225 pm),

British Ports, v

London, To-day.

TRADE WAR THREAT BY GERMANY,

Reprisals Against French Quotas.

Berlin, To-day,

Commercial reprisals

(Continued on Page 9) "NOT A CONVERT TO HITLERISM." German Author Denies.

Charges.

"

The new King of the Belgians. King Leopold II rode the four miles from the Castle of Larken to the Parliaments Build- ing in Brussels, to take the oath of fidelity to the constitution and was then Proclaimed King. He is here seen on his charger, riding through the crowded streets of Brussels to the Chamber of Deputies to take the oath. He is followed by Prince Charles of Belgium(B. & Gi).

A SECOND POPE"] Mueller. Denounced At. Protest Meeting.

CHURCH DISSENSION IN GERMANY

Munich. To-day.

The Church dissension here

DEBT DEFAULTING NATIONS BARRED No American Dealings In Securities.

NEW SILVER SCHEME

US. SENATE

COMMITTEE

DRAFTS BILL

PURCHASING PLAN BY THOMAS.

SILVER CERTIFICATES AT $1.29 AN OUNCE

SPECIAL TO CHINA MAIL.. (By Telegraph, Copyright. Telegra phic Messager Ordinance, 180k Ra ceived April 6, 7.54 am)

Washington, To-day. *

The United States Sen- ate Agriculture Com-. mittee has appointed a sub-committee to draft a silver Bill. The measure is expected to comprise the Dies and Wheeler ·

HOUSE PASSES JOHNSON BILL plans.committee is

ÁPECIAL TO CHINA MAIL -

The

(By Telegraph, Copyright, Telegra expected to report on phia, Blessages Ordinance, 1894. Re Monday, with the pros-

is still seething, and the supceived April 5, 11.50 m.) pression of the Rhesish Evane gelical Churches by the Ger

man

Christians, is evoking condemnation of the Nazi Pri mate. Bishop Mueller, whom Dr. Beckmann, of Dusseldorf, described at a protest meet- ing last night, as "a second Pope."

Dr. Beckmann added that there was no alternative but body and soul resistance to the new German Christian policy.

Secret police at Dortmund reveal that two Presbyterian bodies have been expelled from the German Church for refusing to obey the Protes- Lant Bishop of Mucaster.- Reuter.

SUGAR BILL PASSED BY HOUSE.

Hawaii's Opposition.

SPECIAL TO CHINA MAIL By Telegraph, Copyright. Telegra aki Memages Ordinance. 1804, R |ceived. April 5, 11.58 2.m.)

Berlin, To-day.

Washington, To-day. The House of Representatives His conversion to Kitlerism is stoutly denied by the ex-Socialist yesterday passed the Sugar Bill Minister, Herr Karl Severing, who without a record of the vote... Representative Jones admitted repudiates the alleged passages, in

his forthcoming book, quoted "as a that it would not satisfy every- basis for a change of belief and the body but he believed that it would severing, of a most distressed false stabilised the industry better Impression, which originated" in the than anything else.

Hawali opposed the Bill and Vienna newspaper, Reichspost.

there was also scattered domestic The article was subsequently cir- opposition, United Press, per culated by an official German news 8. C. Gold Bar-Co.. Agency-Reuter.

against France have been HOP TO HONG KONG

announced by the GermanI Government..

FROM NANKING.

Mile, Hilsz To Start

To-morrow.

The return of shipping move- menta at British parts shows that foreign trade arrivals with cargo, i in February, 1984, revealed an The Germans contend that Im increase in tonnage of 7,9 per allowed under the quota aystem to France of German goods cent. over February, 1985, while departures with cargo were 8.9 are seriously hampered by being per cent, greater,

subjected to the decisions of

Ha Nanking, To-day; Arrivals in ballast decreased by "comites between professionals." 1.3 per cent, but departures were namely, persona interested in the On account of bad weather, the 184 per cent, larger.

gooda concerned.

French avlatriz, Mile. Margus Hiles, Coasting trade entrances and The German Government, did not laaya to-day. She has post- Market Regulation Bill has been in clearances with cargo wers 9.9 therefore, are creating similar poned her departure until tomor

anch row morninga sukim definitely delayed, on Bephant of and 8.8 per cent heavier respec organisation to deal

dins Lè la feared that Mia Hilse will squabbling among the Committee tively, and in ballast, 6.2 and 44 Importe, but sure pro members-United Press; per 8.0 per cent greater, British solve it immediately. France acta y diropt to Hong Kong, without

Flikewise, Luis Rauter.

stopping at Hangelios -Beat Gold Bar Co,

Washington, To-day.

Indications report that the stock

Wireless Service/32

HIGH TAXES ON US. INCOMES.

Advocated By,

"Borah.

- Washington; Today Dect thereafter for a The House of Representatives prompt and favourable yesterday passed, the Johnson report from the full Com- Bill, forbidding the dealing in mittee. United Press, securities, with debt defaulung

nations or with nations which per S. C. Gold Bar Co. have made token payments.

The Bill now goes to the White BRIGHT PROSPECTS. House for President Roosevelt's OF PASSING BILL

United Press, per}

signature.

p

Is. C. Gold Bar Co.

TAXATION CHANGE

IN AMERICA.

Flat Rate Income-Tax Of Four Per Cent.

NEW SCHEDULE APPROVED

Washington, To-day, The United States Senate has tentatively approved the Income tax and surtax schedule to which the House of Representative has agreed.

SPECIAL TO CHINA MAIL. (By Telegraph, Copyright. Telegra jphic Messages Ordinonce, 1821. Ra

ceived April 5, 11,50 a.m.)

Washington, Later.

The Senate silver forces are making a strategic effort to pass the Bill through a coalition of the agriculturat and mining groups, with others whose inter- eat is chiefly the inflationary effects of silver remonetisation.

The Bill has been sent to the (Agricultural Committee on the mechanical coup that it was a farm export plan. The schedule abolishes the pre Inside interests are of the sent income-tax of four per cent opinion that this is strategical·.· on the first U.B. $4,000 and eight in as much as the Banking Com- per cant. on any excess, and submittee is more conservative and stitutes a flat four. per cent, as the would have acceded to the Ad-

ministration's wishes, normal income-tax.

It provides surtaxes varying. It is rumoured that the silver from four to 69 per cent on high-cause has gained strength as the er Incomes-Beuter.

DIES BILL UNALTERED

SPECIAL TO CHINA MAIL...

(Hy Telegraph, Copricht. Telegra

nio Messages. Ordinanes, 1884. ceived April 5, 123B p.m.)

4

.....

result of political trading on the St. Lawrence Waterways Bill and the Administration's Tariff Bill, Two votes change since the Senate's last important silver roll call will appearently assure the passage of the Bill United Press; per 8. C. Gold Bar Co.

SPECIAL, TO CHINA MAIL.

Washington, To-day, Senator Wheeler has been ap (By Telegraph, Copyright, Telsgra-. pointed chairman of the Agricul phie Mesenger Ordinance, - 1881, E ture Bub-committee which comprises ceived April 5, 866 am) | Senators Pope, Thomas, Capper and

Washington. To-day. Shipatead. The Sub-Committee will Senator Thomas, of Oklahoma, also consider other dliver proposals, is preparing amendments to the The discussion yesterday Indi-Dies plan which would initiata a cated a disposition to keep the Dien silver buying policy, similar to› plan virtually in tact In order to the gold purchasing plan and facilitate on ultimate agreement provide for the nationalisation of with the House of Representatives, liver at 50 cents an ounce, bo

United Press, per 5.C. Gold Bar

RPEGIAL: TO: CHINA, MAIL. (By Telegraph. Copyright, Telegra Co. pale): Masigres Ordinasos. 1885., Ra. celand April 6,12.85 pm)

Yon.

WEATHER REPORT:

dat first, withy fo

in later; and:moder

Weather

this" morning.

Silver certificates would be immbed against the metal at U.S.$1.29 per ounce, the dif- ference going to the Trea sary as seigniorage,

Senator Thomas states that he. favours the cessation of buying hen the 1920 general price urity has been reached. * Unit Press per 8. C. Gold Bar Co.