1948-06-03 — Page 1

شهلا

FOR YOUR

HOLIDAY SNAPSHOOTING

BE SURE TO BRING ENOUGH

г

FILMS

FRANCIS WU'S STUDIO

Gloucester Arcado.

CHINA MAIL

No. 33988.

Debtor-Creditor

ESTABLISHED FOR OVER ONE HUNDRED YEARS

HONG KONG, THURSDAY, JUNE 3, 1948.

Compromise

PICTURE OF THE DAY

Valley

"Fair Means" Of Revaluing Yen Payments Of Death

Rickmobile

New Ordinance Has First Reading Tests

The Debtor-Creditor (Occupation Period)

Ordin-

ance 1948-Government's compromise plan for revaluing claims in occupation currency in respect of repayments made during the enomy occupation of the Colony-passed its first reading in Legislative Council yesterday.

In a long review and ex- planation of the mensure the Acting Pinancial" Secretary (Mr. A. C. Clarke), who intro- duced the 11, said:

"This B has been before the public for over Evo meaths and Dn has arousi some degree of publie terest might per = naps add to the very full ex. planation given by the Attorney General

iri the Objets nod hensons, brief explanation, in non-technical terms, of Govern- ment's policy on this controver- Rial matter, and of the Walch 30 is hoped to relieve,

purpose

"When the ensay overran the Colony at the end of 1981, one of his fist steps was to introduce s currency of his own, It was paper currency which was busted

without backing.

AS

1136

"The 'Military Yen' new currency WELL WIN called, first circulated at the rate of one Military yen v Hong Kong dollars, and

subsequently Was revalued at the rate of one Mill- tary ነፃነ tu fom Hong doilus,

Konte

"In May 1943 the rate of ex- change against the Hong Kong collar

was entirely abolished

Preliminary tests of Hong Kong's future motorised rick. shaws — rickmobiles — were made in the compound of the Central Police Station yes. terday morning.

a.

Mr. G. D. Dinstead, Buper- Intendent (Tramo) of Police, drove the rickmobile around to test its speed and other mechanical functiona

More tests will have to be carried out before the vehicles

held to be illegal, in which case the debines would have to pay are allowed on the streets.---- "the full sum over again.

"I cannot say what view the Pouris might take, but, whatever might be the decision. It is re- tain that the loss would fall rom- pletely on one side or completely ut the other.

"Government cannot envisage without concern the possibility of the creditors being success - ful, with the revit that the debtors would have to pay in fall over again, nor does it feel that a decision in favour of the debtors would be altogether, just to creditors.

"After such anxious ronsklera- after consultation with His Majesty's Government, this Guveranunt feels therefore stat

་་

the pond, which made it worth Le tag less than a Bong Kong

dollar.

which existed

"There are various ways of texink to arrive at a value in

We could take the black market freins of Hong King currency,

exchange te throughout could

The occupation; we could take the price of gold; we could take the cost of such neccs- sities of Ife as rire, fuel, oil and vegetalles Investigations have been made along; all these Jinus, and the table in the schedule is the result.

to avoid lengthy liligation which "Not Perfect”

Terms Of

course is tu

"It does not reflect the value of the yen during the occupation

11,

must result in mequitable treat- ment for one side or the ither. the only possible, emmet special fegulation to pro- vide

i compromise, This com-period, nor yel does it represent promise is expressed in the Bill the bilf-value which I suggested now before this Council und Its

as the suitable compromise. terms are as follow:-

should be folish if I made any sich etalni for as E should uromptly be given speciile exam- ples to prove how wrong. I

"But what I think it provide is a reasonably means of revaluing payments in occupation currency. I do not claim that it is perfect, but

the fact that perhape opposed by both creditore and debtora za beļng against Ihair Interests may be taken as in. dicating that it represents reasonable. compromise.

and the use of the Hong Kong Compromise

dollar made Biegal. This meant

that after that date the value

ом

the

enemy

Dec. 1942 MY 20

1943

million

dis-

re-

dose

fair

1

•

of the Military yen depended entirely

"First: where a debtor the confidence

repaid his debt during the occupation in which it could command; il de- pended in fact on the military Hong Kong currency, he is re- pleatige of

as having validly who tarded Iersied it.

charged his debt, regardless of "The following are gures for the fart that his creditor may not the value of Military yen notes

have received the money. That is, in circulation during the occupa the Japanese liquidator

If

"If we accept this table the re- tion period:-

crived the payment, the creditor sult is like this. A pre-occupation suffers the full loss. Thus if the debtor, who has made payment. individual, to white referred in MY 12

occupation currency moment ago as selling his house liquidator during the occupation. MY 300

MY 1.903

to reppy the ructgage on will be held not to have "Another early step

that the made the repayment

in Hong charged his debt. But the amount Kong dollars, he has took. after his occupation more to worry about. enemy

nothing which he has paid the liquidator out will be converted into Hong Kong of the Cupny, was to take over -the firm that thuse countries with "Second, where debt, in dollars in accordance with the whom he was at war. He up-curred before the occupation, fell table in the Schedule. This sum

liquidators and pom'ell

due for repayment either before will be deducted from the

origin deavoured to wind them up. A or during the accupation period, necesary step of the winding up and payment was demanded and of the occupation, and he w{1} was to collect, debts, owing received by the creditor himself, have to pay the difference. these concer:is,

++ 1934

1944

Aug. 1945

"

to

+

dia

at amount due at the beginning

or by his agent, thut debt is "I have deliberately restricted deemed to have been validly myself to the all-important point discharge, even is payment were of how far payments made dur-

Cases Of Hardship and in occupation currency un-ing the occupation period are to

less payment in occupation cur- be regarded as valid. The other renity were accepted under points in the 13 may all be re- duress.

garded as subsidiary to this one,

paid to

Palmach soldiers (Jewish Commandos) Carry an Injured comrade from the battlefield high in the Judean mountains. The incident was during the Jew-Arab fight In Dab el Wad on the main Jerusalem Tel-Aviv highway. The Jews finally captured the post after many casualties on both sides, Deb el Wad a commonly called "the Valley of Death" because of the heavy death list.

FILM DISTRIBUTORS'

די!

THREAT TO WITHDRAW

HK Chinese Write To Wallace

year.

Distributora made their threat following a City Gov. ornment announcement of new ceiling prices for theatres and A stipulation that the lowest- price cats in each theatre should not be less than 30 par cant This

the second

major

Price: 20 Cents.

PORTABLE TYPEWRITERS

OF ALL WELL-KNOWN BRANDE IN STOCKI

|Hongkong Typewriter Exchange

9. D'Agullar St.

Tel. 21433

STEPS TO RELAX TREASURY CONTROL OVER HONG KONG

His Majesty's Government favours in principle

the relaxation of Treasury control over Hong. Kong, and measures to achieve this object are now in hand. This announcement was made by the Colonial Secretory (Mr. D. M. MacDougall, C.M.G.) in Legislative Council yesterday, replying to the motion put by the Hon. Mr. D. F. Lon- dale for the termination of Treasury control over Hong Kong.

Mr. Landale's motion asked frost something of the order of] that having regard to finan- $150,000,000,

Colony,

Currency Reform 'Premature'

Nanking, June 2.

Dr. Hollington Tong, Gov- ernment information spokes- man-today dismissed as~~pre=" mature the reports of an im- · minent currency reform in China and declared that apart

clal difeulties_____faced_by_the_ "Ago_Of_Discretion.... United Kingdom Government "The second haiť ́of my motion Itself as a result of war losses is a natural corollary to the first incurred during the war, Hong half. No grown-up member of Kong should accept the pro- a family likes being tied too from the China ald pro posals contained in H.M. Gov- tightly to its mother's apron gramme, the Chinese Govern- strings. While I admit that should "rnment's announcement of

further such member of a family start ment has made no April 27, 1948, and to seek the sewing an undue amount of wild request for United States as- immediate termination

ufats, the parent has to bring its sistance to support a currency Treasury control over the influence to Bear in putting mai- reform.

tern right.

Before the war the Dr. Tong said that though the Colony had reached the age of Government has had a plan for discretion and had achieved a cer. currency reform for a long time. tain degree of financial autonomy, it is

uncertain when this (but as a result of

of the

war-not

be

put into practice. He flatly denied the reports alieging that allver dollars. ure "However, during the two being minted in the United States years since the war we have or Mexico in

anticipation of a proved that we are capable of currency change. being re-instated to that same

In expl

explanation of the recent degree of financial autonomy,

Government action in lifting the that wo enjoyed before the ban on silver coins, Dr. Tong war, and it is the sincere hope said that while their possession of all my Unofficial Colleagues and sale to the Central Bank are that our request will be accad- ed to."

Introducing his motion before Council, Mr. Landale sald:—

"There is considerable desire locally to assist the Home Gov. crament in their present Anancial dificulties, and it In Gulvly for this reason that we do not wish to press for what might crudely be expressed

'pound of flesh'.

"The terms offered are in our least that we were opinion the entitled to expect.

นม

As our

Majesty's Government's decision not to ask us to pay any contribution towards the cost of the Military Administration is one which the Colony had every

righ!

to expect; more particularly In view of the frequent statements made by responsible Ministers of the Crown during the war that the cost of the war as far as tho Colonial Empire was concerned would not lie where it fell."

might add of sewing wlid oats- four donnees deteriorated.

(Continued on Page 2 Col, 0)

Naval History Made

-- "As regards His Majesty's Gov-[many

vernment's decision to trčot: ns a free grant advances madd before and after the establishment of Civil Government, amounting to three and B quarter million pounds, such advances fall within the same category as the cost of The Military Adiuinistration. —

Free Grant Disposal

in

(

still

ities to

aterm

measures

the Government has structed local financial author

take against private trading in silver.

In reply to

question whether China has applied for additional aid from the

the United

States in making a currency reform, Dr. Teng said: "Since the enactment of the Ching Ald Programme.

the Chinese Government has not made any further request for financial assistance." Router- AAP.

Housing |Scheme

To Proceed

The number

"Chine Mail"

Shanghai, Juno 2. As a protest against the City Government's restric-

London, June 2. The British Pacific Fleet. tions on admission price increases in local

supporting the American attack theatres,-eight American-film distributors—in”

on the istand of Okinawa in 1945 sometimes opened fire on Shanghai threatened to withdraw from the

friendly fighters, states Vice- local market from the end of this mont!..

Admiral H. B. Rawlings, then received by the proposed Sufficient support has been Such a move would not only City Government's amusement ment's further offer of £1,000,-

"As to His Majesty's Govern- second command of the Home-building and Invest- deprive Shanghai of American tax by two-thirds.

Fleet, movies, but would also cut the Distributors have

in his report of the 000 as a free-grant-to-assist the two demands--that Presente Colony in resolving the problems operation, published tonight ment Society for embarking on its Jardine's Lookout pro- admission arising out of expenditure con. by the Admiralty. prices shall be based on those of nected with

the war, It seems

the After declaring that the matter §ject, 1030 and multiplied by the City clear that the whole of this sum of differentiating between. eut learns. Government's monthly cost of living index for

and more will be absorbed by ex-own und enemy aircraft became.

daily of more

of prospective salaried em-penditure arising out of the war,

Importance, Ad- ployees, and that the proportion and I consider that this eum too miral Rawlings writes: "With the ouse-owners who have register- of lowest-priced

seats in theatre shall be as of May 1 this the other two items.

a falls within the same category as suicide attack and, as is invited with the Provisional Commit- tee of the Society was not avail- able, with our own fighters pur- suing the enemy right on to the able yesterday. It is, however. "On the other

known that the original plan is hand, it is fleet's guns, there is only a mat-

to construct 190 double-storey also clear that the Colony's finter of seconds in which to act.

homes in "In collecting these debts, the

the area, ances, with the help given by "AL certain angles, there is Japanese were anxious to secure

The Society's application for Third: where a debt, in and it is on the solution proposed "The struggle of the Chinese

His Majesty's Government will little difference between ~repayment-- in Hong Kong

the land, subject to Government's 20- eur- curred before the occupation in here-that-the Bili must stand or people against the dictatorial rule

be able to meet the additional Japanese single-engined pircraft year non-transferable lease, was rency, the currency, in which_the Hong Kong..currency, was_re: (nl). I cannot but feel that the of Chiang Kai-shek and the

itoms of expenditure which and some of our own fighters.". approved some time ago when debts had been incurred, for they

Hipuldator dering situation which has arisen as a China policy of Truman is hut

this' Government will be called

The report is contained in Government granted it an area at knew just how much their occu

the occupation period in oceu result of the enemy occupation is one phase of the world-wide fight

upon to bear.

the despatch on the operation by Kowloon Tsai and 'currency was worth. The

another at pation currency, such repay-ong which cries cut for compro- for pence," declares a letter ad- tors, who were equally well

ment shall

"By accepting the offer which Admiral Lord Fraser, then Com-Jardine's Lookout, informed.

be regarded as a mise. Government has worked dressed to Mr. Henry Wallace by threat by the distributors to pull If they had to poy,

It is understood that the num- mander-in-chiet of the British partial discharge of the debt. out a compromise in terms that dissident Chinese political parties out of Shanghai. Last year, dis-under the

circumstances We Paclite Fleet, who writes that the ber of applications registered for tried to repay in Military yen,

It considers fair und equitable, in Hong Kong yesterday.

tributors threatened to withdraw | gard as representing a very great but were not at all anxious to "It is particularly over this last and now presents it to this Coun-

from Shanghai when the Bureau effort and a real proof of sym- Fleet made British naval history homes at Kowloon Taal are at part with their Hong Kong dol-provision that controversy has eft in the form of this Bill.

The letter was signed by Mar- of Social Affairs wanted to en-pathy and goodwill on the part of by operating off the enemy coasts present not sufficient to embark shah Li Chai-sum and Madame force a "voluntary" contribution His Majesty's Government to-

immediately on the house-building Lors,

"It is beelde the point to

scheme for the mainland. Liao Chung-koj (Kuomintang Re- of CN$3,000 million for flood re-wards the Colony, and not press- агоце whether tho Japanese voluntionary Committee),

Shen lief.

ing for a fuller settlement, we are iquidators had eny right under

Chun-Ju and

Fo-chun Chang

Later Law to act as (China International

the Bureau again at-in fact making nò mean contribu- Democratie League), templed to saddle the distribu- tion towards alleviating the home they did. "This

Bill arises out of the fact Democratic Promotion (Society), tion to

General Tra! Ting-kal (China tors with a "voluntary" contribu-rountry's difliculties. had to sell the houses in which other currency, and we want re-that they did so act, and seeks to Tan Ping-shon (San Min Chu

the City Government's they lived, in order to satisfy payment in full,' -

present a solution of the problems

winter relief drive.-Reuter. that have been occasioned there- Comrades Federation), General

Li Chang:ta (China People's Na by, a solution which, if accepted tional Salvation Association), Kuo by this Council, will at last en-

| Ma-jo__(Non-partisan), Peng Tsr- able Governinent to lift the

MOSQUITOS Peasants and Work-1 min (China "The Debtors reply--We admit

Moratorium which has been withers Danocratic Party), Ma Hau-

AT, KAI TAK · sidering these debt payments is having borrowed Hong Kong dolus so long. that the money did not go to the lata before the occupation

lun and Wang Shao-au (China The motion was seconded by Democratic Advancement Ago Five Mosquito Aircraft of No. But creditoreto whom it was due,

the Colonial Secretary (Mr. D.M. clation), and Chen Chi-you (Chh81 (Photographic Reconnaissance) but to the liquidators whom the liquidated our creditors,

tho enemy caine along and MacDougall)-and-carried-unani-Kung Tong Party). enemy had placed in charge.

Squadron RAF, commanded by believe they were entitled to do mously.

The signatorics endorsed Henry Squadron Leader E.A. Fairhurst, "The question of whether the We paid them the full amount

Wallace's open letter to Stalin. ID.F.C, arrived at Kai payments made to the Japanese they demanded. If our creditors

Tak on The last instalment of the first described the presence of Ameri- Monday at the end of a routine Ilquidators constitute, in law, have got nothing of that money, volume of the "Churchill Mc-can armed forces on Chinese soil training, flight from Singapore, legal discharges of the debts, is we are very sorry, but that is not muira" publishcu yesterday was as "an unbearable insolenco" tu The Squadron will remain In one that can only be decided by our fault. They should look to titled "he 42nd and Last." This the Chinese people and supported Hong Kong for about a month 200 miles south of Tokyo is moving Nur the courts. Were it to be left to Japan for reimbursement.' should have beon "Forty-First the proposal that such troops be during which time it will carry NNE 1 Isences the whole of Inpass

No instalment has withdrawn and all, outside più to out normal photographie recon- and is East to the B.E.

Chiang Kai-shelt be stopped, 'naissance duties,

ro-

arisen.

These points are very

"The Creditors say in effect- levant in view of the terms of we lent Hong Kong dollars be- this B. Government

fore the enemy come. We have that there have been cases of not been repaid cent either in hardship: of individuals who Hong Kong dollars or in any

awara

the demands of the Japanese

Liquidators for repayment

bank mortgages.

*The

point, however,

of

"Look To Japan”

which

must be borne in mind in con-

Elther

as we

The

be thrashed out in the courts, two possibilities might eventuate existed, this is surely one.

"If over a case for compromise and Last."

been omitted. The payments might be debtor who paid the liquidator held-to-ba.Jegul, in which case the creditors would suffer the full but his creditor did not receive undoubtedly parted"win"value" loss; or the payments might be that value.

"A suitable compromise would be to spilt the difference and to give the debtor credit, against

On Other Pages

PAND TWO

Women Smugglers Charged Page Throa

War

Board Bupplies

Pago: Fivo

Chinese Killed In Bingapore

Daton Chargs, Pago Dix

d: China'aw Now #ditorial.

ic

his debt, for half the value_with which he parted, and to requiro him to make up the full balance to his creditor,

"The real.

dimculty on.

-ו'

HK WOMAN'S DEATH JUMP FOILED

San Francisco, Juno-1.

tox for periods up to 30 days cach,

Reuter,

"It must be borne in mind that in-addition-to-the-suma-set-out-in- the answers there will be the added burden of rehabilitating Government buildings and in stallations, and constructing new ones to replace those destroyed- all as a result of the war,

This Government and is estimated to burden will fall directly-on-this-

The Weather

.

A deep depression is now centred some

A trough extends from the deep depre alon through south Formosa vio a complex Denemalon „Az kun muyezing the Gulf nt. Tonking. ___ Propisina la kigh over: Hornso and the Carolines.

Foreenet 1---Maderise Kast winda, Fresh |ng timone at first. Battered light emina

during the morning. Otherwise falz.

Yesterday's Weathery'

Maximum 88.1 deg, Fab,

Minimum: 78.8. den, Fab.

Bunshine: 9.6 kourn. "

Rafofalli 0,5 mm.=0,0)*fa. Total sloop

Jan. 1-118,9 · mmm1744. Ina. CARRÍONÍ AU average of 198,9, INCLOSE

23.41 Ina.

"Rondinam ̈àl" 10_x.m.

101-10013 m.b.

4 p.m.

A Chinese woman who planned a 14-storey death loop was trapped and pulled to safety today by two fire inspectors, after she had teetered between life and death for three and a quarter hours on a three- foot ledgo. The woman, :41-year-old', A crowd of 5,000 spectators Immigration Board of Inquiry countered In proceeding to Wong Loy, despondent because lammed the streets, forcing a ro ruled that there was insuficient make the compromise, effective

routing of trade.

ovidence of marital relationship and had ordered the woman dear, at me. woman, who arrived | ported; ";

Equals from Hong Kong on Jan. 17: Her, appeal is still pending at Rel. Humidity 30 NE 26

doke no English, Two inter- the Immigration Bour

Board in Wash- Dew Pointscorers „preters and her lawyer called |ington..

Wind. Diesetions......... M., M to, her in Chinesa

from theThe authorities said the

V1 17 kodla said the wo Wild Force..... door above, while two companies man reached the lodge by 巍

High

is just what was the value with the immigration authorities re- which the debtor parted? What fused to allow her to join her WAS 'Military yen worth American-Chinese husband, Gir during the occupation?

Hop Lok. of Aberdeen. Wash-

Cabinet "The Japanese valued it at ington, climbed out on the 14th

either two.Hong Kong dollars or four Hong Kong dollars. Never storey ledge of Appraisore persegPalestine-Truce Agreement, tholcas rullat payments from, the Building toʻlay" and defled

Page Tan

Page Faurtean art de

The

of firemen rigged a large jumpe painter's ladder that had been

Ing net in the street below. left on the exercise root, of de• Low

United Kingdom to -Interneca, in efforts at fremen, police”, and riskat Tour Hudlakong, wares, converted by Interpreters to lure her from Immidation Regional tention quarters on the 20th

are chiers Mr. AT: Wimon, Balo Kihe, noor-

The Jupaisse listo yen at 17.10 15 litr suicide porch

* 20.60;* -89,57 inches.

Coca Cola

TRADE-MARK OFF INTER

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Coca-Cola

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4

Refreshing

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