1934-05-23 — Page 1

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BUY YOUR SUMMER WEIGHT

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BERNARDS' OF HARWICH

CHATER ROAD,

HONG KONG.

INTERNATIONAL BIMETALLISM AS

NEW LEAGUE PROBLEM

SALVADOR

· RECOGNITION OF

MANCHUKUO

Possible Expulsion

For Violation.

COMPLICATED SITUATION

GENEVA, TO-DAY.

CHANGE IN PERSONNEL OF

SOVIET EMBASSIES

New Delegates For London And Tokyo Forecasted

Berlin, To-day.

Changes in the personnel of the Soviet Embassies in London and Tokyo are believed to be fore- shadowed by the announcement that the Soviet Ambassador to Berlin. Mr. Len Chinchuk, has been recalled,

He will be succeeded shortly by M. Saritz. Soviet Ambassador to Ankara. Reuter.

THE NEWS THAT SALVA SECOND DISASTER.

DOR HAS RECOGNISED MAN-

CHUKUO NOT ONLY MARKS THE FIRST BREACH IN THE UNITED FRONT OF THE POW-

AT CHICAGO.'

ERS TOWARDS MANCHUKUO. Water Tank Crashes In BUT RAISES THE QUESTION

OF HOW FAR IT AFFECTS Seven Storey Building.

THE FUNDAMENTALS OF THE LEAGUE OF NATIONS ITSELF.

When the League Special As- -sembly,-on-March-11, 1932, pass:

4 KILLED. 20 INJURED.

Chicago, To-day, A-second disaster, causing fur-

ed a resolution in regard to the ther loss of life, occurred in Chi- non-recognition of Manchukuo,

a huge only one Power. Siam, abstained cago yesterday when from voting.

water tank, with a capacity of Salvador, which attended all the 10,000 gallons. crushed through| meetings, did not vote, but did not announce her intention to abatain. seven storey building. killing

The League jurists hold, there-four people and injuring 20. fore. that Salvador must be deem-

It is believed that other bodies!

Thomas Midgley, Jr. Thomas Midgley, Jr., ail company head, has revealed discovery of a new chemical method of tapping the ocean for gold and other precious metals inexpensively. Rich- Bess of ocean water in gold has been known for a long time.

JEAN BATTEN'S RECORD

Amy Mollison's Time Bettered.

ed to have adhered to the resolu-still remain buried in the wreck-THREE DAYS IMPROVEMENT ON tion. Consequently, the question age. — Reuter. arisce, how far has Salvador viol ated The Covenant and exposed herself to pensuse under Article People injured, and 2,000 rendered

XVI. which would undoubtedlyį

Three Aromen were killed, 2,000 ENGLAND AUSTRALIA FLIGHT

homeless by a terrific fire which

lead to her expulsion from thebroke out in the stock yards in Chi- League

cago on Sunday, causing damage

It is doubtful, however, whether estimated at approximately U.S.$26.-

the Council will take any action. especially as they have no official intimation of Salvador's decision. MATTER FOR CHINA

The matter, however, may come before the China Advisory Com- | millee.

A most complicated and serious situation is expected to develop, especially as the Salvador decision! might help to cireumvent the em bargo on opium import licences,) which were established. as far as the Manchukuo Government concerned. Reuler.

is

j000,000.

TEXTILE CONTROL IN AMERICA.

Emergency Period Of Reduced Hours.

NEW N.R.A. MEASURE.

Washington, To-day.

The National Recovery Ad-

Darwin. To-day, The New Zealand avia- trix, Miss Jean Batten, arriv- ed here at 2.59 p.m. to-day, breaking Amy Mollison's re- cord for the England to Aus- tralia flight by three days.-— Reuter.

LEAVES KUPANY

Batavia, Earlier. Jean Batten left yesterday from Kupany on the last stage of her flight to Port Darwin-Reuter.

16-DAY JOURNEY

SILVER PROBLEM SOLUTION

ROOSEVELT

SEEKS SILVER

STABILISATION

'Times" Interpretation Of Message.

DOUBTFUL EFFECT ON COMMODITY PRICES

London. To-day. President Roosevelt's message emphasises the necessity of reach ing a world agreement to raise the price of silver and stabilise it at La higher level, states "The Times"

in a leading article, to-day.

It is assumed that President: Roosevelt will not rush to buy millions of ounces at fancy prices,

which would have a disturbing effect on the exchange value of

silver currencies and on the trade of all silver-using countries.

It is extremely doubtful how far prices can be affect- ed by manipulating the metallic content of a cur rency unit.

The rise in American internal commodity prices in the past jyear is more probably the result! of lavish Government expendi- ¡ture of credit money duting that

period. - Reuter,

ROOSEVELT

PREPARES

HIS RETREAT

Silver Plan Seen As Impracticable.

"FINANCIAL TIMES CRITICISM

ministrator, General Hugh John-| Miss Ballch, who left England retreat for himself. son, has announced that begin on May 8 on a solo flight to Aus-

of

|

ROOSEVELT MESSAGE

+

TO CONGRESS

TIME FAVOU RABLE FOR

INTERNATIONAL MOVE

IMMEDIATE ACTION URGED

C

SPECIAL TO CHINA MAIL..

(By Telegraph, Copyright, Telegraphic Messages Ordinance, 1894,

Received May 25, 8.20 a.m.)

Washington, To-day.

President Roosevelt yesterday submitted sil- ver legislation to Congress, designed to avoid a money rebellion at the present session.

He said that the metallic base of currency should be broadened as rapidly as conditions per- mit and that silver should not be neglected in improving the monetary system.

He..recommended legistation at the present_session, declaring that the policy of the United States was to in- crease the use of silver in the monetary stocks until there was a ratio of 25 per cent, silver and 75 per cent, gold. He asked authority and direction from Congress to purchase silver to accomplish the foreign rallo, ̈ ̧

The Gold Act, he said, was a long step forward in improving the United States financial and monetary system. “BUT IT. WAS. ONLY A STEP,” HE SAID, FIT WAS PART OF A LARGER OBJECTIVE”-

"

HE SAID THAT SOME THINGS HAD BEEN CLEAR

PRESIDENT ROOSEVELT.

CONTENTS

OF THE NEW

SILVER BILL

SENATORS EXPRESS

SATISFACTION.

Courageous Action

By Roosevelt."

WIDE POWERS FOR PRESIDENT

SPECIAL JO.CHINA_MAIL_

*** (By_Telegraph, Copyright, Telegra. phic Messages Ordinance, 1896, Re- ceived May 23, 846 am)

Washington, To-day.

In accordance with President Roosevelt's request, the Silver Bill been introduced inte Semate declaring that

is the United States po-

"One is, that' we should move forward as rapidly' as conditionslicy to increase the proportion of permit, broadening the metallic base of our monetary system and silver to gold in the monetary stabilising the purchasing and debt-paying power of our money on a stocks, "with the ultimate objec- more equitable level," he continued.

tive of having and maintaining

"Another is, that we should not neglect the value of the in-one-fourth of the monetary value

Since of such stocks in silver.” creased use of silver in improving our monetary system. 1929 that has been obvious,

"Some

WORLD AGREEMENT "In order to arrive at that point,

The Bill was introduced by Senator Key Pittman.

"The Secretary of the Treasury

ditions as he may deem reason- able and most advantageous to public interest.”

PURCHASE CONDITIONS

London, To-day.

measures for making paper currency without seriously President Roosevelt's aim is to greater use of silver in the pub-disturbing the adjustments of world is authorised and directed to pur induce other nations to join the lie interest far appropriate for trade," he said. "However, due to chase silver at Home and abroad United States in parallel mentures, independent action by the United the great world supply and the use for present and future delivery.. declares the Financial Times, in a States. On other measures in- of silver varying in forms through with any direct obligations of American ternational co-operation should out the world, concerted action by coin or currency of the United leading article on the silver plan.

be sought.

all nations, or at leant part of them, States and authorised by law or "In the former class is that of is necessary if a permanent mea-with any funds in the Treasury The President has both raised a

increasing the proportion of all-sure of value, including both gold not otherwise appropriated at wide issue of international

ver in the abundant metallic re-and-silver, is eventually to be made such rates, times, terms and con- operation and prepared a way

serves at the back of our paper a world standard.”

This policy was in of currency. The preparatory commission

itiated by a proclamation on ning on June 4, the cotton and/tralia. reached Timor Island yes-jexports before the Monetary Eco December 21, 1933, bringing out we must seek every possible means NEW GOVERNOR FOR textile industry will limit the terday.

Inomic Conference, pointed out that

current domestic production of She was then about 620 miles the bimetallic standard, which pre-silver into the Treasury, as well for a world agreement, although it Juse of productive machinery to

75 per cent. of the present maxi-from Port Darwin, but 400 miles supposes the fixed relation be-

hours in force for of that distance was over open tween the value of gold and silver, as placing the nation among the may be that the United States will chases

first to carry out the London ultimately have to take such inde- must be regarded as impractic- Silver Agreement,

pendent action on this phase of the emergency period of 12 weeks.

matter as its interesta require." Amy Mollison's time for the jour-able, the journal declares.

On that assumption, silver is un- OTHER SILVER ACQUIRED The President pointed out, that ey was 191⁄2 days.

"We have since acquired other the success, so far, of the London The record for a solo Englaud-suitable for extensive inclusion in

reserves of central silver in the interest of the stab-Conference, made a future agres- His Majesty the King has been Exceptions are made in the Australia fight is 7 days 4 hours the metallic

lisation of foreign exchange and ment worth seeking. pleased to approve the appoint- rayon industry, which will not be 47 minutes, aet up by Sir Charles banke.

broader ment of Lord Erekine to be Gov-put on the loom-hour basis, while Kingsford-Smith.-British Wireless, Finally, experts are of the opin-the development of a

ion that from the point of view of metallic base for our currency. ernor of the Presidency of Madras the synthetic industry will have Service

commercial relations with China, in succession to Sir George an eight-week programme of cur-

tade interests would best be ser Frederick Stanley, whose term oftailed output. -Reuter.

MADRAS.

Lord Erskine's Appointment.

London, To-day,

office will expire in November next.

Sir George Stanley is at presevi deputising as Viceroy during the absence of Lord Willingdon, who last week proceeded from India te Europe by air and is now spending A holiday at Alx before coming to England.

mum

**1

It is hoped thereby to reduce the maximum use of machinery from 80 to 60 hours a week,

sea.

NO RECORD ATTEMPT

Prior to undertaking the lone ved not by a rise in the price of flight to New Zealand, Miss Batten silver as such, but by a rise in the BROKERS' ASSN. FOR stated the fight was not in any general level of commodity prices.

ABROAD.

way an attack on any record. She These conclusions give little had been in England for four and room for hope that any interna- a half years and she was flying tional plan, sponsored by Presi- home.

dent Roosevelt, can succeed, the newspaper states-Reuter.

U.S. Traders To Seek New Business.

SPECIAL TO CHINA MAN

Lord Erskine, who is Unionist (Dy Telegraph, Copyright, Telegra- member of Parliament for Weston-phic Messanci Ordinance, fan, Ra. Supermare, Somerset, has been cived May 15, 6.08 m.)

New York, To-day. assistant Whip to the National Government since 1932-British It is learned that a group of

Wireless Service.

WINNERS IN LAST NIGHT'S COLONY DANCE CONTEST

(Continued. On Page 12.)

A.S.P. BEREAVED...

Daughter Dies From Blood Poisoning.

The death occurred at the Kow-

LOCAL DOLLAR STEADY.

Silver Prices Level.

"We seek the adjustment of our currency. In further- ance of this policy it would be helpful to have legisla tion broadening the author ity for the further acquisi tion and monetary use of silver."

legislation, the Recommending President said that authority to purchase the present accumulation in the United States should bel limited to purchases not in excess of 50 cents per ounce.

EXECUTIVE POWERS "The executive authority should) American stock exchange traders

The . local dollar remained be enabled, should circumstances re- jare beginning the formation of an association of brokers dealing loon Hospital early this morning of steady, opening on demale to-dayquire, to inks over the present silver surpluses of the States, which ara abroad, the purpose of which is Colleen Mary, four-year-old daugh at 1/5.

Both spot and forward silver not required for industrial uses, on to obtain new business to comter of Mr. T. Murphy, Assistant pensate the losses incurred Superintendent of Police and Mrs. prices were also steady, closing the payment of funt compensation, The results of yesterday's open through the application of the Murphy.

yesterday at spot, 19 9/10 and for- and to regulate the imports and ex- ports, and other dealings in mone- dancing competition at the roof Stock Exchange Control BIL, The little girl took, i on Saturward, 19%.

The London on New York crosstary silver," he added. garden, Hong Kong Hotel were, 1. when and if passed. -- United day and as her condition did not

· Mr. Taddy Yap and Mias Cocila Les, Press, per 8. C. Gold Bar Co,

improve she was taken to hospital rate, which closed on Saturday at He recommended a tax of at where her complaint was diagnosed 4-U.S.45.11, closed on Tuesday least 60 per cent, on the pro

fits accruing from the deal- B. Landolt. Monday'a results were, The Hong Kong Society for the as blood poisoning. In spite of all at --U.S.$5.10%, while the New 1. Mr. Leung Ling-chuen and Miss Protection

(Women's efforts by the doctors, however, the York on London rate closed, onings in silver.

We can proceed with the', pro- Tuesday at £-US$5.10%; an LAN- Mee, 2. Mr. David Yee, and Miss Auxiliary) acknowledges with thanks passed away early this morning,

the following donations Lady Lucille, Kwan, 3. Mr. N. M. Leung Southern, 150; Mr. and Mrs, G. B. The funeral will pass the Monu-pared with US$5.11 on Bagramme of Increasing stores for use las part of the metallic reserves for and Miss Lily Los

Archbult, $25; Bira. D. Davior, 65, ment, Happy Valley, at 6 p.m. to-day. (turday...

2. Mr. J. 7. K. Gilchrist ́and Missi

of Children

The Bill provides that no pur-

shall be made!

1.

At prices in excess of the monetary value of silver.

2. Whenever and so long as the monetary value of aflver stock are equal or grea- ter than 25 per cent. of the value of the gold and silver stocks.

3: At a price in excess of 50 cents per ounce.

"At, no time since the efforts of the United States to secure an inter- notional silver agreement bogan, in 1878, have conditions, been more 'It provides permissive nationall- favourable for progress along this sation "whenever, in the judgment line," he said...

+

(Continued on Page 6).

ROOSEVELT BOWS

TO SILVERITES:

Daily Telegraph's" Interpretation.

London, To-day. The London Daily Telegraph adopts a, cautions view and de- clabies that it is clear that Pre- sident Roosevelt has been per suaded to give "the silver In- !terests

a great deal. It re mains to be seen, however, what in the relative importance of the mandatory and permis. sive clauses of the new Bilvar"} BIL

Upon that depends whether the messare “is gloch-making er not more than a minor con

litical pressure

and inflationist sentiment, the journal ádda

of the President, such action, is necessary to regulate the value of money in the United States.

:

"He may, by executive order, frequire delivery to the mints of any or all silver by whomever owned and possessed.

be

COINED INTO DOLLARS "Silver so delivered shail cófnéd into standard silver dollars or otherwise added to the monet- Jary, stocks ́na the President shall |determine, and 'there shall be re-

turned therefor, în standard silver- dollars, or any other coin or cur réncy of the United States, to the monetary value of silver so de- livered

for less deductions seingioragé, brassage, coinage- and other mint charges,"

(Continued on Page 4).

WEATHER FORECAST

moderate

Fair generally, with |sast and north-east winda, was the weather report issued by the Roya [al observatory this morning,