1937-03-22 — Page 16

PRESIDENT LINERS

are

LUXURY LINERS

Famed for a Splendid Cuisine

TO SAN FRANCISCO-

LOS ANGELES, NEW YORK,

AND BOSTON

Via Shanghai, Kobe, Yakölaus. and Honolulu

Pres. Cleveland Midnight. Mar. 24 | Prei Pres. Coolidge ..Noon Apt. 18 Prez. Taft

3.00 a.m. Apr. 21 Pres. Hoover ..Noor May 1 Pres. Lincoln. “.... 8.00 am. May 19 Pres. Coolidge .Noon June 3

EUROPE, NEW YORK AND BOSTON Via Manila, Singapore, Colombo, Bombay, Suez, Port Said, Naples, Genoa and Marseilles

Pres. Adams ...8.00 a.m. Mar. 31 Pres. Harrison 8.00 am. Apr. 11 Pres. Polk.....8.00 am. Apr. 25 Pres. Pierce...... 8.00 a.m. May 9 Pres. Van Buren 8.00 a.m. May 23 Pres. Garfield

8.00 am. June:6

TER VICTORIA RESS. BOUTE"

obe and

Pres. Jack Pres Jefferson Pres. McKinley Pres. Grant Pres. Jackson

ht Mar. 26 Apr. 9 Apt. 23 ight May 7 Midnight May 21 June 4

TO MANILA THE MOST FREQUENT SERVICE

NEXT SAILINGS :

Pres. Adams.....8.00 am: Mar. 31 Pres. Jackson ..6.90 p.m. Apr. 3 Pres. Harrison" „8.00 am. Apr. 11 Pres. Coolidge 9.00 pm Apr. 11 Pres, Taft ..6.00 pm. Apr. 14"

BOLLAR STRAMSHIP LINES- AMERICAN NAIL LINE

CANADIAN PACIFIC

WORLD'S GREATEST · TRAVEL · SYSTEM

EMPRESS OF RUSSIA

SAILS FOR VANCOUVER SHANGHAI & JAPAN

AT 6 AM.

FRIDAY, APRIL 2nd.

EMPRESS OF BRITAIN

sails for Shanghai (Woosung) Chinwangian, Beppu, Kobe, Yokohama, Honolulu, San Francisco, Los Angeles, through Panama Canal, New York and Southampton.

AT 8.30 PM.

THURSDAY, MARCH 25th

EMPRESS OF RUSSIA

Sails for MANILA at 5 PM.

FRIDAY MARCH 26th.

For Information Apply To Your Own Agent Or

Canadian Pacific

AUS THE WARD.

Tel. 20752

THE CHINA MAIL, MARCH 22, 1937.

NEAR PANIC IN MANILA ON STOCK MARKET

EARLIER INDEPENDENCE MOVE DISTURBS BUSINESS

States

the earliest

Manila, Saturday relations with the United The Manila business community fare to be terminated is stunned by press dispatches practicable date. from Washington to the effect that The Tariff Commission President Quezon had suggested at Obviously, the "earliest practic- the interdepartmental committee able date" is not just a few years. meeting that the Philippines. be The report of the experts of the given her independence in one or United States tariff commission two years.

which made & survey of the Islands American businessmen were par-stated that the present ten-year ticularly alarmed because of a pos-period is too short for making sible sudden change in their civil economic adjustments for the Phil status. Under the Philippine con-ippines, and that unless the econo stitution, they have the same civil mic restrictions in the Tydings-Mc- frights as Filipinos for the duration Duffie act are changed, economic

of the Tydings-McDuffie act, and chaos will result here.. quite naturally they have based Now then, if ten years is con their activities on the present ten-sidered inadequate, it is safe to as year period.

sume that the adjustment period What would be the civil status suggested in the joint statement of of these Americans after indepen- Philippine and American representa- dence-after 1938, after 19397 tives will be more than ten years. Would they be in a class with A prominent businessman directe foreigners? The prospect of inde attention to that portion of the pendence in one or two years has statement that the trade relation- countries an unsettling effect on American ship between the two business in the Philippines more would terminate at a date: “consis than on any other group.

tent with affording the Philippines

Near Panic in Market ja reasonable opportunity to adjust

The immediate effect of the news their national economy "S

was a near panic in the mining Businessmen were inclined to shares market. There was some doubt the feasibility of any plan agitation to close one stock ex- to grant the Philippines Indepen- change but this was prevented. The dence for the purpose of obtaining selling wave, short-lived though a reciprocal trade treaty with the it was, caused averages to drop at United States prior to 1941. This the Manila Stock Exchange as much is due to the fact that the recipro as 12.47 points. Averages on the cal trade treaties which the United International Exchange, however, States has entered into with a good dropped only six-tenths of a point many foreign countries contain The Central Exchange, which did what is known as the most favour- an unusually large volume of busied nation clause. Obviously,” the ness, has no index of averages. The United States cannot grant

Phi discrepancy in drop in prices belippines preferential rights without tween the two exchanges quoted is granting those same rig dependent to some extent upon the other countries with whic much larger volume of trading done agreements until after at the Manila exchange.

tion of those agreer

Few businessm were willing to will not talk, least of all to be quoted. They explained that they "just got their bearings yet.”

haven't

23

Pire until 1941.

TIN RESTRICTION

VIRTUALLY ABANDONED

However, well informed business leaders interpreted the news perhaps nothing more than a trial balloon, to determine the reaction They ventured the opinion that the situation is probably not as bad as would appear from press dispatches. No communique was issued at the They said that a sudden change, such close of the session of the Interna-- as is proposed, probably would not tional Tin Committee here on Satur-- be advanced unless there were com- day but a newspaper report pensating advantages.

Amsterdam.

To-day.

that nominally restriction on tim Maybe The Best Way

production will be maintained and One prominent American bus-the export quotas left as they are. inessman suggested that the fixing Only the Netherlands East Indies of Philippine independence at an and Malaya have already reached" earlier date is perhaps the most fea-the present export quotas of 110 sible way of bringing about a stable per cent, the paper adds. trade relationship between the Practically speaking, however, re- Philippines and the United States. striction has been dropped since He directed attention to the fact every country can now produce as that, from the legal standpoint, one much tin as it can export-Trans- congress cannot, bind another con- (Ocean.

gress. Any legislation which the

present congress may approve which Singapore Raw Rubber

would give the Philippines prefer-

treatment in the Ameri

eeding

Buyers

Messze. HB. Joseph & Co., re- be abolished by a suc-ceived the following quotations from he pointed out Singap in Straits Currency for he said, the most prac-Raw Rubber: tical way of adjusting the trace relationship between the two coun- Spot tries is by a treaty. But the Unit-Apr/June ed States cannot enter into a treaty July/Sept." with the Philippines as long as the Oct/Dec. Islands are under the American flag Hence the suggestion that the date of Philippine indep

ence be ad-

vanced

The second,

Market: Quiet

41% Down 24 4s Downs

42% Down 8. 42% Down

The Women's Auxiliary of the

for the Protection

wledges

sum of $E

of Chil grateful