1934-10-25 — Page 1

Carnation

"From Contented Cows"

THERE'S CREAM

IN

EVERY DROP

Cornation

MILK HONG KONG & S. CHINA

Sole Agents: CONNELL BROS. CO., LTD.

The dollar, on demand, closed

to-day, at 1/7 1-2.

FINAL EDITION:

ChinaTM Mail

LADIES' AUTUMN FOOTWEAR

NOW ON SALE NOW ON

KOWLOON SHOP ONLY:

PAUL RENNET et CIE

`EAL 1840.

Est. 1845.

No. 28,865

THE OLDEST ESTABLISHED NEWSPAPER in the FAR EAST

HONG KONG, THURSDAY, OCTOBER 25, 1934.

Corner of Austin Nathan Roads, Kowloon

PRICE $3.00 Per Month

AT BANKERS'

ROOSEVELT'S VEILED CHALLENGE ADMINISTRATION POLICIES NOT REVEALED

ROOSEVELT'S NO MENTION OF BUDGET COMMODITY

MESSAGE TO

U.S. BANKERS

+

BE LEADER

OR CENTRAL BANK

GOVERNMENT MUST DENIES THAT "NEW DEAL”

SOCIALISTIC

WAS

"TIME RIPE FOR ALLIANCE PASSES OVER CURRENCY

OF ALL FORCES"

Washington, To-day.

President Roosevelt, laying down

a definite challenge to the bankers of the nation here last night, call-

ed upon them to have confidence

in the American people and to "resume their responsibility" to the public.

The President said "To-night, I ask the Bankers of this coun try to renew their confidence in the people of the country, and I hope that you will take me at my Word."

Contrary to general expectations, he gave no inkling as to the future

plans of the Adminstration. mone tury or otherwise.

functions."

STABILISATION

SPÉCIAL TO CHINA MAIL.

(By Telegraph, Copyright, Telegraphic Messages Ordinance, 1894, Received October 25, 10.01 (LAM)

WASHINGTON, TO-DAY.

PROTECTION

REITERATED

Drastic Inflation Not Contemplated BANKER'S INTERPRETATION

- OF ADDRESS

SPECIAL 10 CHINA MAIL. (by Telegraph, Copyright, Telegr phic Merages Ordinance, 1894. Re- ceived October 25, 9.20 am.),

Washington, To-day,

Bankers have intrepreted Pre- PRESIDENT ROOSEVELT IN HIS SPEECH AT THE AMERICAN BANKERS ASSOCIATION CONVENTION, LAST sident Roosevelt's affirmation of NIGHT, PROMISED BANKERS THAT HE WOULD CURTAIL the objective of creater steadiness FEDERAL LENDING ACTIVITIES AS SOON AS PRIVATE in prices and values as indicating MEET INDUSTRIAL CREDIT DEMANDS.

CONVENTION

the Inde-

Combining the forees they represent to maintain pendence of the Saar district against the wishes of Germany, Mr. Plardi, left, Communist leader, and Max Braun, head of the Soci alist party in the Saar district, are photographed at Saarbrucken Saar plebiscite. discussing mutual plans for the pending January The plebiscite will determine whether the Saar will return to the custody of Germany or remain independent.

MYSTERY SOLVED

PILOT DETAINED

IN PERSIAN GAOL

DURING AIR RACE

Wright Released By British Residents

ALL HOPES FOR HANDICAP PRIZE DASHED

Basra, To-day. The mystery surround- ing the whereabouts of John H. Wright has been cleared up by the news that he was forced to land to the west of the Mo-

CAPITAL DISPLAYS ITS WILLINGNESS AND ABILITY TO that he does not contemplate 20,000 STRIKE IN AMERICA hommerah, where he was

He re-affirmed his faith in the profit system and the theory drastic inflation, and adheres to the that business should, generally, he financed by private capital. policy of protecting commodities.

He said that Government lending would continue until pri- vate agencies were able to take over the job, to which, he said, the majority of bankers were agreeable.

The tone of his address was completely conciliatory. He did not mention the central bank nor the balancing of the Budget.

Large unemployment expenditures were necessary be said, but "we should proceed in the expectation of a revival of business and a steadily reduced burden."

HE SAID THAT THE UNMISTAKABLE REVIVAL OF THE DEMAND FOR GOODS AND SERVICES PROVIDE THE NECES SARY ASSURANCE FOR FINANCING INDUSTRIAL LIFE.

His reference to other nations' terpreted as the fundamental of appreciation of steadiness is in- world conditions being increas ingly favourable for international exchange stability, although his remarks avoid any definite com- mitment on the part of the

United States.

CURRENCY STABILITY Some felt that President Roose- velt is aiming at a situation where

5th National Congress Is

SILK, RAYON AND

DYE INDUSTRIES

ARE AFFECTED

arrested and detained, despite the fact that his passports were vised by the Persian Legation in

London.

Postponed GORMAN BREAKS UP His release was eventually ef

NANKING GESTURE TO SOUTH

Shanghai, To-day. the steadiness of the respective car-The “North China Daily News" co-rencies will automatically accom states that the Fifth National plish de facto exchange stability Congress, scheduled to open on November: 12, has been postpon- ed until March 12, 1935.

(Continued on Page 9.)

"AGREEMENT" FOUND He asserted that he had found] "an ugreement" between the Bank ers that the Government's emergency credit agencies should conting President Roosevelt made no which he promised the full lend until the banks were "ble and mention of currency stabilisation joperation of the Government. rendy to take over these tending except for declaring that there He also suggested that a joint without a. formal agreement,

was a "nole of growing apprecia-examination of banks for all Gov- Many of his listeners regarded tion of other nations on the de-ernment agencies might be adopted the following words in the nature sirability of arriving as quickly and said that examinations could of a challenge: When that time as possible at a point of steady properly be made on the basis of soundness and solvency rather than comes" (Le when the Banks could prices values.” take over the lending functions) "I, "This objective of greater steadi-(on the basis of overmuch liquidity. shall be only too glad to curtail theness we have kept before us as 'na- activities of these public agencies tional policy," he said. in proportion to the taking up of He denied that the New Deal" said that slack by privately-owned agencies." was Socialistic, and

agriculture, industry,, labour, and PLEA FOR CO-OPERATION

New Decentralisation Of Credit Control

SHOCK TO

AMERICA &

JAPAN'S ATTITUDE

capital must unite to protect the He said that the R.F.C. only AT NAVAL PARLEYS

The President ended his speech profit system. with a request for co-operation and

"an alliance of all forces upon business recovery."

wanted to make loans when other

He asked bankers to renew con-credit was not available, and sug- intent fidence in the country and thanked gested further decentrialisation of

those bankers who, said it was im-eredit control. possible to estimate the speed with which reliet expenditure might be reduced

(Continued on Page J)

•

U.S. APPOINTMENTS BY ROOSEVELT

SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Telegra phic Messages Ordinance, 1891. Re- ceived October 25, 9.26 am)

Jesse Jones Vouches, Government Aid

He advocated limiting bank de- posits to eight times the amount of sound capital, and urged bankers to promptly replenish capital, where it was needed.

The R.F.C., he continued, had Itwo big problems, to further the

CAUSES MEETING

Demands Altogether

Too Great

WASHINGTON TREATY MAY BE ABROGATED

London, To-day.

The Chairman of the Recon-[assistance to railroads and to re-

It is learned in Ameri- struction Finance Corporation, establish the national market for Washington, To-day.-President Mr. Jesse Jones, assured bank-sound real estate and mortgages.can quarters that the Roosevelt, in the next few weeks, ers that the dangers to banks in these problems he asked for the rigidity of the Japanese expects to appoint a governor for were passed, and called them to co-operation of bankers, the Federal Reserve Board, a chair-lend the way to recovery. In a

for the National Labour friendly manner, he emphasised lending.

He urged banks to stimulate attitude evinced at the Board, and two directors for the the necessity of increasing the Reconstruction Finance Corpora-flow of bank funds to business. tion-nited Press,. per S. E. Levy He suggested a - widespread and Company.,

man

eriment further into lending capi-

The newspaper states that this demonstrates the sincerity of the Government in desiring to arrive

nt à rapprochement with the

opposi-

tion leaders in the South-west,

It adds that the decision followed a meeting between Mr. Wang Ching-wei and Mr: Wang Chung- huei. The latter has just returned here from Canton.Reuter.

༢: -

"Nothing Decided ” ̈ ̈

Shanghai, Later.

Dr. H. H. Kung, Chinese Finance Minister, has informed the presa that Central Party Headquarters is considering the south-west's re quest to postpone the Kuomintang Congress, but no decision has yet been reached as a unanimous deci-1 sion is required:-Reuter,

Postponement Now Confirmed

Nanking, Later. It is confirmed that the National

PEACE PARLEY

AFTER RECENT STRIKE ALLEGED DISCRIMINATION

Paterron, N. J., To-day. A... strike of 20,000 TSYOU, and dyeing industry workers was called at mid-

fected by two British residents and the airman is spending the night at Shaiba, near Basra state.

The delay has extinguished all chances in the handicap race, but he is continuing his way, to-day. -Reuter,

JONES AND WALKER FINISH FOURTH

night. A conference of em`Complete 11,000 Miles In

Just Under 5 Days ployers and workers met in a lastminute effort to avert the walk-out, but the Strike Committee leader, Mr. Francis Gorman broke up the meeting four minutes after it.had as sembled.

Mr. Gorman threatened a fresh outbreak of textile strikes ow- ing to alleged discrimination by employers against Unionists who participated in the recent strike-Reuter.

OIL MONOPOLY IN MANCHUKUO

Governments Urged To Protest To Tokyo

Mukden, To-day.

NEW ZEALAND FLYERS LIKELY

TO ARRIVE FIFTH ·

Melbourne, To-day. The second of the trio of 'de Havilland Comet planes entered in the England-Melbourne air race, landed here at 4.59 a.m. GM.T., to-day, giving Cathcart Jones and K.F.H. Waller the honour of fourth

place in the most gruelling long-

distance flight in history.

They completed the 11,000 mile journey In 118 hours.

(Continued on Page 7)

2.

AIR RACE GIVES FILIP TO

`US. PLANE SALES

New York, To-day. The Eng- land-Australia Air Race is stimu-

lating sales of United States aero- planes United Press, per S.,E Levy and Company,

"The continuation of naval talks has shocked Congress has been postponed, but

Details concerning the oil mono- TYPHOON RECURVES forced liquidation will put the Gov-American delegates on the date of the Assembly has not

BUT FAR AWAY tral Executive Committee will hold kuo proposes to establish, have liberalisation of credit policies, in tal to business," he said.-United account of the extent of/been decided. Meanwhile, the Cen-poly which the so-called Manchu-

plenary meeting in Nanking on been received by representatives of Moving Slowly Towards November 11-Reuter.

North Of Colony

Press, per S. E. Levy and Company. the demands.

COMMUNIST MASS ATTACK Roosevelt Laughs At

NOT COMFIRMED

REDS REPORTED STORMING CANTONESE POSITION

Central Bank Idea

SPECIAL TO CHINA. MAIL.

phie Messages Ordinance, 1894, "Re

a

British and American companies in the three Eastern Provinces.

Details: have also been com- municated to the Governments con- An intense anticyclone is centred cerned, with a request to register to the north of the Yangtze Valley, an emphatic protest at Tokyo on according to a Royal Observatory the ground that the arrangement is report this morning. contrary to the spirit of Article III) The typhoon is Alling up to the of the Nine-Power Treaty. Reuter, west of Donghol. The Pacific ty phoon appears to have recurved, and is now probably in about Lat. 20 N. Long, 185 E.,maving N. N. E. A deep depression is situated to the north-east of Hakkaido.

According to the Manila Obse

The initiative of keep ing details of the talks

MARSHAL CHIANG secret came from Mr.

IN PEIPING Norman C. Davis, the (By Telegraph, Copyright, Telegra United States delegate First Visit Since 1929

Made By Air ceived October 25, 9.26 am.) to Geneva, who feared Washington, To-day that publicity would pre-

Peiping, To-day. The President laughed away the vent Japanese retrac-

Accompanied by his wife, Mar- the press questions as to whether tion. It was later learntial Chiang Kai-shek arrived Canton, Todiny: Lih returning to the frent tends he was considering a central bank, While several. Hong Kong Chin- to contradict outport reports that and asked Who raised that that lapan, inter alia, here at 4.45 pm. yesterday from A large gathering of officials, in- United Press. per S. E. hinted her intention to Kaifeng in a private Ford planeCIAL TO CHINA MAIL Levy and Company...

abrogate the Washing-duding Mr. Huang Fu, Chatrraan phio Manager Ordinance, 1894, Be-vatory report, isaped at 10a.m. to- of the Felping Political Council, eved October £5, 9.28 a.m.) day the typhoon is situated about ton Treaty.

Roosevelt, interviewed by the press; west-northwest. Morgenthau To Speak

The United States de- was present at the aviation field Washington, To-day President 1,000 nt of Hong Kong, moving

to greet the Marshal.

WEATHER FORECAST legation met and discuss-The route from Nanyuan air-stated that he regards illegal of

1 From Our Own 'Correspondent1'

se papers reported that General the Reds are attacking the Canton ghost? Li Yang-ching has hurried back to ese position. In Southern Kiangel," Kwanmunling to resume command.Local papers have not confirmed of troops in view of the Communist the alarming news that 800,000 incursions into the Cantonese Communists are storming the Can lines, it is reported in military cir tonese position at Kanchow and cles to-day that General Li Intends Nankang in Southern Kiangai. It to visit his native home in Tung-is true, however, that General Yu

The United States Han-mou, officer commanding the kwoor

Mr.Henry Mor General Li will first return to First Army, and Lieut-General Li

tanding the will speak to bankers at Canton before proceeding to his Fan-yun, officer command.

ention to-day. The delay of General

(Continued on

To-day Washington, To-day,

ILLEGAL OIL PRODUCTION WORRIES ROOSEVELT

(By Telegraph, Copyright, Telegra

field to the city was heavily production as most disturbing and ed the proposals in what guarded by troops and police believes that adequate, enforce ment will be necessary. He said that the Department of Just was already acting

is described as a distress-Marshal Chiang last visited

mind. ed state Reuter

Peiping in 1929, but came Paotingfa in Spring last year Rentuer.

per S E. Levy and Company

Cloudy with moderate to fresh.

winds, was the weather for today, as issued by Observatory this morn