1934-04-25 — Page 1

Carnation

Crnation

MIL

"From Contented Cows"

THERE'S CREAM

IN

EVERY DROP.

Sole Agents:

CONNELL BROS. CO., LTD. HONG KONG & S. CHINA.

The dollar, on demand, closed

to-day at 1/5 .1-3.

FINAL EDITION

The

China Mail

THE OLDEST - ESTABLISHED NEWSPAPER IN THE FÅR EAST

Fri. 1845,

No. 28,708 HONG KONG WEDNESDAY, APRIL 25, 1934. PRICE $3.00 Per Month.

BUY YOUR SUMMER WEIGHT

WHITE SLIPOVER

THIS WEEK.

LIGHT & COOL

BERNARDS OF HARWICH

CHATER ROAD,

HONG KONG.

OPEN DOOR IN CHINA"

JAPAN WILL NOT "ENTIRELY CLOSE THE OPEN

H.K. DOLLAR

CONTINUES

TO SLUMP

Drops Twice To-day

To 1/4.

SILVER TRADERS PANIC IN

NEW YORK

at

Following the first drop this morning of 4 to 1/5%, the local dollar slumped a further 10.15 am to-day. No further fluctuation occurred before noon, which is closing time on Wednes day. The market is uncertain.

The sharp decline follows the slump in silver prices on the New York Commodity Exchange yes- terday when the May price fell 1.85 cents per ounce to 43 cents per ounce,

The New York decline is due to speculators' panic following President Roosevelt's opposition to remonetisation.

66

Mr. Quo Tai-chi.

BEAR" RAID ON US. DOLLAR

FAILS BADLY! Speculators Face Huge Losses,

ROOSEVELT TO LEAVE GOLD PRICE UNALTERED

·

SPECIAL TO CHINA MAIL (By Telegraph, Copyright, Telegro- phic Menyapes Ordinance, 1894. Re erived April 25, 1.50 am.)

"BUT POWERS MUST CONSULT HER"

SAITO AGAIN EXPRESSES TOKYO'S POLICY

US.

OFFICIAL NON-COMMITTAL ON CO-OPERATION WITH BRITAIN

WASHINGTON, TO-DAY,

MR: SAITO, THE JAPANESE AMBASSADOR TO WASHING- TON, BRIEFLY CONFERRED WITH MR. PHILLIPS, UNDER-SE-

CRETARY FON STATE, YESTERDAY, IN REGARD TO THE JA- PANESE MANIFESTO RE CHINA. IT IS STATED THAT MR. SAITO DID NOT GIVE MR. PHILLIPS ANY OFFICIAL COMMUNI CATION. HE SAID THAT THE JAPANESE GOVERNMENT HAD NOT INSTRUCTED HIM TO VISIT MR. PHILLIPS.

Mr. Saito did not expect the 'Japanese Foreign Office to send any official communication in regard to policy for him to deliver to the State Department. The Japanese officials, he said, were somewhat puzzled at the reaction created by the statement in the capitals of the world, because it was merely a "re-statement" of a well-known policy.

Mr. Salto added that the Foreign Minister, Mr. Koki. Hirola, stated the policy in a speech in the Diet some time ago, and it then passed without comment by diplo mats of other nations.

Mr. Saito said that Japan neither desired nor intended to "en- tirely dose the Open Door" in China to other nations, but insisted on being consulted when any foreign nation or its nationals had deal- inge with China which might be inimical to Japan.

Mr. Saito added that he and Mr. Phillips had not discussed the policy, outlined or any application it might have to American inter-

ests.--Reuter..

New York, To-day.” Foreign speculators here are facing staggering losses through the unsuccessful week-and-altemp! of Reaching its 1934 pak

to depress the dollar which, begin- 1/64 on February 18 and 19, to

ning on Friday was pushed below day's closing price constitutes a

gold parity, low 1984 record for the local del-On Saturday, the Treasury an- the United lar. Although it declined slight-nouncement that ly during the last week in Feb States was determined to main- ruary. It recovered to 1/64 on tain the gold content of the dol March 12, and remained at that lar, resulted in support for the

which, price until March 15. when the dollar, after

foreign gradual decline started..

shorts, frightened, began cover- To-day's declines,

ing, causing heavy losses when ever, are the heavies! perienced for many months. Spot silver declined 9/16 and

Washington, To-day. forward silver declined yester-by the United Press on Saturday day, closing prices being 19 5/10 that the Treasury was willing to The Japanese Ambassador to and 19 7/16, respectively.

export gold to Europe whenever Washington, Mr. Saito.. in an The London on New York cross-the price dropped below par, interview with Reuter yesterday, rate yesterday closed at £-U.S.showed that the Administration declined to comment on the Bri- $6.14%, as compared with £-US is determined to prevent wide tish action, but déclared that $5.14% on Monday, while the New fluctuation.. York on London rate closed at £-U.S.$5.154, as against —U.S; $5.16% on Monday.

how-

ex-

it rebounded to the vicinity of SAITO RETICENT CONCERNING GOODBYE TO TRADE

par.

The exclusive revelation made.

It also revealed that it is determined to maintain the present gold price; namely 11.S.335 per ounce.

BRITAIN'S ACTION

Japan had no other aim than to have law, order and peace estab lished in the Far East and sin-i cerely wished China to observe the principle of the "open door": It is predicted that as soon as and of equal opportunity.

uble to cover Japan's sole anxiety is that

Closing on April 17. at 1/54, the price declined to 1/5% on the fol- lowing day. It remained steady un-speculators are

til Monday, when it closed at 1/5%. committments, the dollar will under the lee of this principle move narrowly thereafter. there may be perpetrated actions United Press, per S. C. Gold Bar that will result in added disturb. Cu.

ance in the Far East. Reuter.

SELLING BY INTERESTS

IN FAR EAST

New York, To-day. Heavy silver selling on the New York market, yesterday, was credit- ed to Far Eastern accounts, to- gether with local liquidation on the uncertainty in connection silver legislation becoming un- covered. Stop-loss orders caused) a big break in prices.

¿

PROF. TUGWELL PROMOTED.

with Nominated By President

To New Office.

Liquidation for May silver wEN, absorbed on the scale-down by in-

-

SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Telegra

ceived April 25, 10.04'am.)

terests with banking connections.phie Menangen Ordinance, 1884, Re

LONDON SILVER AGREEMENT.

Ratified By All Signatories.

Washington, To-day. President Roosevelt has sent to the Senate the nomin- ation that Professor Tugwell, member of the "Brains Trust," be Under-Secretary of Agri culture, a new position.

It is understood that the promo- tion is due to the recommendation of the Secretary of Agriculture, Wallace, United (Dy Telegraph, Copyright, Telegra.Mr. Henry C.

#PECIAL TO CHINA RAIL

phic Mesanges Ordinance, 1891. R. Press, per 8.C. Gold Bay Co,

ceived April 25, 11 q.m.)

Washington, To-day.

The American Under-Secre- tary of State, Mr. Phillips- yes- terday announced

that all thel

signatories to the London Silver

Agreement, "juve taken steps to

MR. LATHAM ARRIVES

IN SHANGHAI H

Shanghai, To-day,

SIR JOHN SIMON'S NOTE STRESSES TREATIES

London, To-day. The diplomatic correspondent of the London Daily Telegraph states that Sir John Simon's communica

tlon to Japan inquires in the most friendly about the actual authority, purpose and scope of the original Japanese statement, and dwells on the position to which Great Britain Is entitled in the Far East by virtual of international agreements, in- 'Icluding the Nine Power Treaty and the Four Power Banking Consor- tlum,

The nota lays down that this posi- tion must remain unaffected by any interpretation of the Japanese de claration.-Reuter.

U. S. SUGAR BILL, GOES TO SENATE

".

-

WITH CHINA.

If Japan Adopts Same Action In China.

London, To-day, The Leeds Chamber of Commerce has passed a re- the solution calling on Government to do their ut- most to protect British inter- est in China.

The mover said:

"A strong line will have to be taken to keep the door open for trade in China, for if the same principles as were applied to Manchuria by Ja- pan are applied to the whole of China, then it will be good- bye to Chinese, trade."- Reuter.

U.S. ENVOY SEES MR. QUO TAI-CHI,

Not Instructed By Washington.

Washington, To-day.

American Under- The Secretary for State, Mr. Phillips, was non-committal, yesterday, when questioned as regards the possibility of the United States joining. with Great Britain in an at- tempt to iron but the Sino- Japanese situation, ' Regarding the reports from London, that the American Am- The House of Representatives yes:bassador there, Mr. R. W. Bing-

SPECIAL TO CHINA MAIL (Dy Telegraph, Copyright; Telegřa phis Messages Ordinance; 189. Br |ceived April 20, 10,24 a.m.)

Washington, To-day.

put the Agreement into force." The Hon. Mr. J. G. Latham, terday adopted the Conference reham had conferred with the

D

Thousands of people attended the launching at Chatham Dockyard, on March 6, of the nw 5,200-ton cruiser "Arethusa." The naming ceremony was perfo med by Lady Typwhitt, wife of Admiral Sir Reginald Tyrwhitt, who commanded a former "Arethusa" in the Beifgoland engagement. H.M.S. "Arethusa" is here seen leaving the slipway.—(S. & G.).

FURTHER U. S. TRADE RALLY

PREDICTED BY JOURNAL

"Policy Of Keeping Funds Entire And Invested" · Justified

SPECIAL TO CHINA MAIL. (By_Telegraph, Copyright, Teleprn-

phie Metenger Ordinance, 1864. Re- ceived April 26, 0.50 a.m.)

New York, To-day!

The brookmire business, Journal

in predicting a further busines improvement. atates "Develop ments justify the continuation of the policy for keeping funds en: tire and Invested.”—United Press. per S.C. Gold Bar Co.

SILVER HOLDERS

IN U.S.

Only Two Advocates

Hold Stocks.

MORGENTHAU THREATENS SENATE INVESTIGATION

SPECIAL TO CHINA MAIL.

(By Telegraph, Copyright, Telegra phic Mesoges Ordinance, 1894. Re- ceived April 22, 8.50 a.m.)

Washington, To-day,

MARCONI'S NEW EXPERIMENTS

Harnessing Shorter Wireless Waves,

RADIO REVOLUTION MAY RESULT

1

BRITISH

ARMS ACCORD

WITH ITALY

Original Convention Favoured.

LONDON - CONVERSATIONS ON DISARMAMENT

London, To-day.

A Disarmament convention, on the lines of the, British draft com- vention, has been rendered all the more desirable by recent events.

This was the conclusion reached as the result of the conversations proceeding in London between the Italian Under-Secretary for Foreign Affairs, Signor Suvich the Foreign Secretary, Sir John Simon and Captain Anthony Eden.

It is, however, that the Italian

Government think that success

might be attained by a less am- {bitious restriction of arms if the whole British plan proves up- acceptable.

The British maintain that the plan presents fewer dif- ficulties than ideal limita tion, for the following reas

song:--

Firstly, a number of coun- tries have been. self-denyingly. keeping their armaments at a much lower level than that to which they could permanently

agree.

**

London; To-day, Radio revolution may re- sult from the experiments now being conducted by the Marchese Marconi to harness much shorter wireless waves. < Secondly, it is very doubtful He is at present engaged on the whether certain countries will first regular communication testa agree to an investigation of their using wave lengths of 50 to 40 arms: resources and personnel if centimetres, over distances of 100 limitation to present levels is the miles between stations near Genoa zim

and Leghorn respectively. ·

Thirdly, a standstill agreement Interviewed telephonically by would involve numerical limita- the London Morning Post, the tion of all armaments over which Marchene stated that they were it is difficult to exercise super- obtaining very fair reliability of visory control. reception, although it was not good as he wanted.

There was no apparent dif- ference between day and night in the conditions of re ception, but there were other Variations of which they did not

et know the cause.

80.

ex-

added that micro waves tended very greatly the range of wireless, and would, he thought, be

The United States Treasury applicable to television, yesterday submitted a list of They would have the advantage no interfer- silver holders to the Senate. The that there would be list does not disclose the names ence of any kind.-Renter of persons active in supporting sliver legislation.

The Treasury Secretary, Mr. Henry Morgenthau, in a letter ac- companying the list indicated that the Treasury was experiencing dif- ficulty in obtaining information, and suggested that it might be necessary for the Senate to make its own investigation to get facts,

The largest silver holder is the Chase National Bank, with 18,000,- 1000 ounces.

the

offer large holders include Bank of Manhattan, with 11,068,759 cuncas; the Commercial and national Bank and Trust Co. of New York, with 1,797,568 ouncer; the Contin ental Can Company, of New York,

(Continued on Page

SHANGHAI PLANE CRASH.

Film Company's

Machine.

Shanghai, To-day.

The mysterious plane which crash-

EARLY CONGRESS ADJOURNMENT.

Inflation Measure Dropped.

SPECIAL TO CHINA MAIL... (By Telegraph, Copyright, Telepra- phic Messages Ordinance, 1884, Ra ceived April 25, 10.81 a.m.):

Washington, To-day, Following a White House conference, yesterday, the speaker of the House of Re presentatives, Mr. Henry T Rainey, said that President

·Roosevelt hopes that Congress will be able to adjourn la three weeks time,

- Reuter.

:

£10,000 GRANT FOR EXPEDITION.

Rymill's Antarctic

Exploration..

London, To-day. The Government, have made' a £10,000 grant to the expedia - tion which will shortly pro ceed to Grahamland under the leadership of Mr. John Rymill. The project is to explore one of the largest unknown coastal areas in the Antartic lying between Luft- poldland and Charcotland, and .to make a journey along the western side of Grahamland.

It is expected that the party will remain in the Antartic for, about $2 months,

་

II.R.H. the Prince of Wales is the Patron of the expedition-British Wireless Service.

́OVERSEAS SERVICE

FOR 15 YEARS.

Seaforth Highlanders Back In England.

He said that the President pleased that both Houses are shel- ving the McLeod Bank Deposit

London, To-day. Bill-United Press, Der S. C The Second Battalion, Seaforth

Gold Bar Co.

WEATHER REPORT

Highlanders, landed, at Southamp ton, yesterday, after 15 years' ser- vica overseas.

“The Battalion served for four. Cloudy generally, with fog, mist years on the North-West frontier of or occasional rain, and moderate India, and took part in the Kajuri least and' south-east-winds, is, the operations in 1980-81 for which a

He said that Spain and Peru C.M.G., K.C., Deputy Prime Minis-port on the Sugar Bill, Including the Chinese Minister: to London, Mr.ed on Saturday, near Minhong, kill- had ratified during the 80-days ler, Attorney General, Minister for Benate amendment for the purchase Que Tai-chi, Mr. Phillips, said ing its pliot, has now been identified. extension period allowed by the External Affairs and Minister for of 300,000 tons from the continental that Mr. Bingham had not been sa belonging to a Chinese motion

given instructions and had not picture company.⠀⠀ other signatories the United Industry: for 'Australia, has, arrived surplus for relief purposes.

The Senate considers the report notified the State Department of The machine was employed in States, Canada, India, Australia here on his visit of friendship" and and Mexico United Press, per goodwill to China and Japan, Reu-next-United Fress, per 8.C Gold any conversations he might have sene from the company's latest pro- weather forecast" Izzued by the special modal" was awarded-Brl-

Bar Co.

had with officials, Reuter duction ter. 8. C. Gold Bar Co.

Royal Observatory to-day.

tish Wireless Service.