1921-03-14 — Page 5

THE HONGKONG DAILY: PRESS" MONDAY, MARCH 14TH, 1921.

GERMAN REPARATIONS

BILL.

MANNER OF LEVYING TAX.:

AUSTRIA IN EXTREMIS. CHANCELLOR'S APPEAL TO ALLIES.

TREATY OF

1

SEVRES:

EXTENSIVE MODIFICATIONS PROPOSED.

LATEST CABLES.

THEOUGH RXUTER'S AGENCY.). TREATY OF SEVRES,

ALLIES' CONCESSIONS TO TURKEY.

LONDON, March 19th.

of

An official communiqué states that the Conference at St. James Palace has, handed the Turks and the Greeks pro- posals for the settlement of the Near East problem, including the admission. Turkey into the League of Nations, in- arsase of Turkish forces to 75,000 with more Turkish and fewer foreign officers, reduction of the demilitarised zone in the Btraits, Allied evacuation of Copstan tinople and the Ismid Peninsula, restriç- tion of Allied occupation to Gallipoli and Chanak, maintenance of Turkish troops in Constantinople, strengthening Turkey's naval forces, substantial conces sione as regards the Financial Commis sion, suppression of foreign post offices, recognition of the facts of the situation in Kurdestan, modification of the stipala tious of the treaty as regards Armenia, and admission of Turkish sovereignty in the vilayet of Smyrna but maintaining a Grock garrison in the tows of Smyrna,

The League of Nations it is suggested, should appojat a Christian na Governor of Smyrna. The Turkish delegates protest- ed against the proposal of a Greak garri- son in Smyrna, but undertook to mibmit. the proposals to the Governments at Con- stantinople and Angura.

LONDON "CONFERENCE.

LAST SESSION.

LONDON, March 13th. The Allied Conference has been con cluded.

LATEST CABLES. FAR EASTERN CABLE

· KRONSTADT REVOLT. ITS AIMS AND SCOPE,

LONDON, March 19th. The latest indications from Russia are that the Kronstadt anti-Bolshevik move. ment is making slow headway. The Bol shevik claim that they are still in the nundant in Petrograd is probably car reet Not much real fighting has been

NEWS.

[BY COUNTERY OF THE “CHINA MAIL"] DISASTROUS TIRE AT SHANGHAI, DAMAGE SEVEN MILLIONS.

SHANGHAI, March 12th."

SHANGHAI LEGAL SENSATION," SOLICITOR SUSPENDED.

41

dpoe Lately. Boater's Helsingfors corres-the buildings which proved inacces. Paish, Major Barnes, MP, Mr. J. M. rowing, and sales, and the surplus five pondent's infest report mentions inter-sible. Two firemen were seriously injured mittens firing from Krannaragorka, and several had which after all is believed to be in Bol-falling walls and live electric wires.

narrow escapes from

shevik" hands, though there are signs that The conflagration is expected to burn

for fully a week. st will shortly came into the possession of the rebels. It is probable that ice in high estimate of the damage.-Eb., These are silk godowns; hence, the the Gulf of Finland has become so thin.D.P that in a few days all military activitios at present being carried on in ite surface ATTITUDE OF PEOPLE OF would cease. In the meantime, a wire-

OCCUPIED TOWNS.

less message from Kronstadt lays stress

SHANGHAI, March 12th. PAR18, March 10th,

on the fact that the revolution is not by the suspension from practice of Earl A sensation was created in legal cirales with perfect equanimity, evan with con-

The-Rhinish population is acquiescing headed by u "white" feneral, and do B. Rose, formerly a partner of Mesars.

clares that the movement aims at the re-Jernigan, Fessenden and Rose... cooled satisfaction, in the Allied occupo-organisation of the Soviet Government, The American Judge ordered his disho asked, how could they expret the 1920. Then would come the less exhausted order. Business is going on as tion which guarantees them peace and and accuses the Soviet Government, with barment for professional misconduct in usual, its blood-stained chief, of robbing the converting to his own use the securities

people in order to maintain

of clients. power.

Rose, who was a prominent racer and message declares that the revolutionaries

paper hunter, has fled from the jurisdie have sufficient armis and ammunition, but tion of the American Court.". indicates a shortage of medical supplies: and food

THE GOLD STANDARD, Was it not simply that the Government.

had paid out five millions more notes than ECONOMY AND SOUND FINANCE.

it got in? They had gut five millions. An interesting discussion took place worth of goods and services and securities on January 23th on the question of without paying for their out of money the restoration of the gold standard obtained by taxes, by borrowing, or by ot a public meeting in the Cannon Street salos. On the other hand, when the total Hotel, which followed the annual prin circulation decreased five millions, what A dienstrous fre occurred in Chinese tion. The chair was occupied by Mr. D. ent had got in five million more notes seedings of the Sound Currency Associa. I did that mean? Simply that the Govern- godowns in North Souchow Road. The damage is estimated at Tia. 7,000,000.

M. Muson, and nunongst those supporting on goods and services and securities ve than they had paid out. They had spent The firemen had no chance of

him were:-Lerd Farrer,, Sir George miliona less than they got by taxes, bor- BAVIPK

Hogge, M.P.. Professor E. Cannan, Mr. Hence the connection which everyone was millions meant five million notes cancelled. A Halfour, Mr. Laurence Currie, Mr. J. vaguely aware of between overnment. B. Braithwaite, Mr. Ernest Sykes (secre. economy and sound currency whenever Mr. F. C. Goodall (hon, secretary). tary of the Institute of Bankers), and our Government, on any Geyermutent with

an inconvertible currency, found it parti After the re-election of officers, the cularly difficult to make ends meet, up.

which, the association is engaged, he re-quantities of war stores were being sold annual report. Allading to the work in ment borrowing was easy, when large Chairman moved the adoption of the went the issue, and, on the other hand, when taxes came in freely, when Govern marked that depreciated currency and the and expenditure was small, the issue breakdown of the mechanism of the shrank. Thore was no doubt that if we foreign exchange had had a great deal returned to the old standard the Donin- to do with the present depression. ious would follow immediately, and so. they desired to see that depression pass remove all the difficulties at present re- away and the wheels of industry revolve sulting from their gurrencies having got ngain, they must do all they could to out of the usual relation with ours. After the situation. They had beard many ad-ne excuse, had followed the fashion of bring about the restoration of the gold them would follow most of the European mirable schemes with regard to advancing suspending convertibility, and hind conse standard. That was really the key to ex-neutrals, all of whom, with little or credits to the Continental nations, but quently seen their currencies depreciate in engage, in making large credits unless and, finally, not probably at the old, but Government or private syndicates to and better-governed of the ex-belligerente, they knew on what basis they were going at some new and much reduced standard. to be paid?(Henr, hear.)

the emaining countries. India world Sir George Prish, in seconding the re-rejoin, as soon as the gold area became solution, said when war broke out it was big enough to make it worth while to doubtful if we could maintain the galdiak up again. So we should return to standard, and it was suggested that it the old stability. It was for us to more should be abandoned. but the idea wita that the countries of which the position first If we did not ho rather expected SHANGHAI HOTELS, LTD.

not adopted. The gold standard mate- rially helped us in financing the war; it appeared at present the most desperate BIG EXCHANGE DEAL PROFIT.

helped us to preserve our credit and give paper would go into the waste paper Their prosent the financial assistance we did to the SHANGHAI, March 19th.

Entente nations. Unfortunately we had basket like the Mexican, and like Mexico, At a meeting of the Shanghai Hotels, moment, but our position, he maintained, an Austrian crown, and a Polish mark to abandon the gold standard for the coin, and we might say a Russian rouble, necessity would drive them back to hard Ltd., Mr. Edward Ezra, a director, an- would not be sound until we got back to joining the little band-the American, nounced the recent purchase of half a lit. We had arrived at a point when we Mexican, and Japanese currencies-which. million gold. After a month it was not must re-establish the golf standard, not stood on a par with gold, and against required and sold, the amount realizing merely for ourselves, but for Europe, and which the pound sterling was heavily a profit of seventy-three thousand. we should not be able to do that until depreciated.

We could put new capital abroad to the and see! PRESIDENT HARDING'S APPEAL

Should they act, or wait extent of £400,000,000. We must be pre POE CHINA.

PAPER MONEY. Lord Farrer, in seconding the resolu

Havar.

THE ENTENTE. ITS FIRM STAND.

Pazis, March 10th

At the Inter-Allied Club' a number of prominent British subjects residing in Paris met a number of prominent French. men at a luncheon presided over by Lord Chorics Montagu. »

in an address, M. Paul Camboo, the former Ambassador, in London, stated that, despite repeated attempte, to divide them, the French and the British peoples wore still firmly united, and mutual good. will was growing every day.-Havas.

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AUSTRIA OF TO-DAY. AUSTRIAN CHANCELLOR'S STATE- MENT.

LONDON, March 13th. The London Conference received the Austrian Chancellor, M. Mayr, who dwelt

-GERMAN REPARATIONS BILL. on the cruel privations of Austrians and

OBLIGATIONS OF PURCHASERS OF GERMAN GOODS.

LONDON, March 12th.

The text of the German Reparations Recovery Bill has been published. It pro- wides that the purchaser shall pay the Commissioners of Customs and Excise such proportion of the value of imported German goods, not exceeding 50 pur cent, as the Treasury may prescribe. The Commissioners will pay the money into La special account applicable towards the --, discharge of Germany's obligationsunder,

the Treaty of Versailles.

on the necessity of procuring coal and foodstuffs. He thanked the Allies for their help in averting starvation, but he contended that Austria had not been given

The

NEW DUTCH-AMERICAN CO. FOR FINANCING COMMERCIAL ENTERPRISES..

AMSTERDAM, March 19th,

Maatschappij

A company, called the Hollandsche

Handel, has been founded at the Hugue

Voor Buitenlandsho

by Dutch and American intereste for the purpose of administering shares in, and financing, commercial enterprises, et with a capital of ten million guilders, of which shares of the value of three million guilders are being issued.

JANTI-NEGRO RIOTS.

MANY WOUNDED IN SPRING- FIELD.

SPRINGFIELD. (OHIO), March 12th Racial disorders broke out at midnight here as a result of a negro shooting a à fair chance to carry out the conditions policeman. The streets were crowded at of the Treaty of St. Germain. He mention, the time, and the crowds are now on the ed that the direct taxes had increased move. Heavy Aring in the negro district eightfold since July, 1920, and the Cusis reported. A number of negroes have

seventy-fold. Nevertheless been shot.

toms duties

1.

forty-two milliards, chiefly due to State rushed up to the city. Austria was suffering from a deficit of State officials have ordered troops to

subsidies for food. The deficit would disappear if foodstuffs were obtainable on credit. Unless the Supreme Council

TROOPS RESTORE ORDER.

LATER.

+

WASHINGTON, MArch 13th. President Harding has issued an appeal to reliere the famine conditions in China. to the American people to do their utmost

EARLIER CABLES.

LONDON, March 11thi in the House of Commons, on

the Colonial Office supplementary Vote, there £15,000 for payment to the Angio-Persian was some discussion on the estimate of Oil Company under an agreement between and the Company with regard to pros the British and Australian Governmenta pecting for petroliferous deposits in ment's liability is limited to £50,000. Papus, under which the British Govorne

pared to tako secarities in payment for

Mr. W. F. Evans supported the mation, which was carried.

CURRENCY AND EXCHANGES. Professor E. Cannan afterwards posed the following resolution :---

would make the start.

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a large part of our exports, whilst at tion, raid underlying it were the complex the same time we had to pay cash for facts which, in his opinion, were the root- position. It was necessary that Rassin happier days before the war the British what we received. That was a big pro-trouble of to-day's world unrest. our food from her instead of from Ame-out the civilised world of a promise to should be restored so that we could buy sovereign was the accepted, token through- In the

rica; at any rate, în We could pay Russia, but we could not visible sign of no inward and spiritual large measure. pay. It was in fact the outward and pay America. A free market in gold grace, and that grace was credit or beliof could only be re-established when the that the recipient would receive what was ANGLO-PERSIAN OIL VOTE, whole of our finances were on a sound promised,

basis. The Government must adjust the token The British paper pound to-day Had anyone found, a better OBJECTIONS RAISED IN PARLIAexpenditure of the country to what the would only buy much less-Bay, one-half

MENT.

nation could afford. We had to be ex-of what the sovereign bought ten years ceedingly economical for many years in age, and if tendered in neutral marketa order to recover from the misfortunes of it was of much less value than the old the war. The conditions of the country gold sovereign. Was it not their duty as spend five times more than we spent be-credit go back in the markets of the world were such that we could not afford to good citizens to try and make our British more paper money, would only plunge ne fore the war.

to its old value! His firm belief was that deeper into the mire.. In his judgment. the return to-day to a free gold market would be a sign that the British Govern pro-mont openly recognised the needs of our Lord Robert Cecil and others abjected to Government with the desirability of the Treasury note system, and demanding

That this meeting of the citizens of

traders in the City of London. Majos the Hon. W. G. A. Ormaby-Gore, London desires to impress his Majesty's favouring the continuation of the present Mr. A. Kitson moved an amendment the vote on the ground that it was finane restoration as soon as practicable of the that the issue of the notes be continued being a private Company and that the gold standard, as likely to improve to meet the demands of trade and indus- agreement had never been submitted, to British credit, stimulate and regulatetry, with the view of saving the nation Parliament.

Colonel Amery, replying, said the lity to prices, and thus allay a great deal!

British trade and commerce, give stabi- from rain. Anglo-Persian Company

Mr. W. Hill (National Union of Manu- lending experts at cost price, not for any the community.

were simply of the prevailing unrest in all classes of facturers) Areonded the benefit to itself.

untendisent. Australian and British Governments were out, was no longer the perpetual aprush should be given to traders by the banks.

Speaking from the business standpoint, If there was oil, the Our own immediate trouble, he pointed he urged that better credit facilities the expenditure might be financially re-

Mr. Morcton Frewed opposed the resolu munerative and strategically valuabletion. whilst at the same time we were to deflate both currency and crodit was cess which caused all kinds of disloca oil resources in the Pacific as most iming about of the relations between the reliable figures were issued that would The Admiralty regarded the possession of more worried than ever by the wild jump involve us in trouble. He believed when Portant

procceding here at a pace that would Quinness asking for the production of all called the exchanges. There was a wide months had sudded 30 by the last six

A motion by Lieut.-Col the Hon. W. A.

values of different currencies which we find that deflation within the last six agreements before the House committed in the sound creasing desire to get back burden of the National Debt. It appeare itself was rejected by 168 votes to 63.

Commander Bellairs urged the Govern did not vary so wildly, because they were where to deflate, and the result had been old conditions when prices ed to him that word had gone out some mesit to bring the question before the gold prices, and currencies kept close to an unexampled fall of prices. The idea of Imperial Conference in order that it par because, whether the chief circula- coming down to a gold basis again was might be thoroughly thrashed out.

tion was metal or paper, the unit of perfectly outrageous in the first place, and The Vote was agreed to.

cach was always equal to a little bit of undesirable in the second, and he protest- gold, and gold could be freely carried ed strongly against tampering with the QUEEN MARY AT OXFORD. shout the world, so that it could not be. currency: All this deflation and tampor. worth very different values in different ing was part of a desire to get back to countries, The question was could we the price before the war. Any such de get back, and got. hack moderately flation of prices would absolutely ruin the quickly? To both questions, he said, country, and make it quite impossible to Yes." He took it they were not willing pay any National Debt at all. (Hear, that the present depreciation of the hear.).

pledged comprehensive help in the matter,/ companies of troops have arrived. No far. going to develop it. He emphasised that of prices, but the revulsion from that pro tion. He found, he said, that the desire

The disturbances have subsided. Three of credita, Austrin was faced with ther trouble is expected, It is believed collapse.

that the policeman and the negroes shot will recover, The Mayor and other mani. cipal officers were fired on when they from shooting, but were not hurt... attempted to persuade negroes to desist

The Act applies to all German gode whether they come direes or not, with the exception of goods imported for exporta. tion after transit through the United Kingdom or by way of transhipment.

The Commissioners will fix the value of goods,, Any dispute, as regards the value, is to be referred to a referee appointed by the Treasury, The Commissioners may A document submitted by M. Mayr will require importers to furnish particulars be examined by financial experts.

na regards the country of manufacture and production of goode. If the Act threatens hardship in the case of con- tracts arranged before March 8th, 'applica tion may be made to the High Court to secure a suspension or annulment of any proooodings for the enforcement of the contracte. The Board of Trade may re-

duce payments to the Commissioners or exempt certain goods on the recommanda tion of a committee of exports which the Board will appoint.

ATTITUDE OF REICHSTAG:

Bia, March 13th.

The Reichstag, in the course of its debate on the proceedings of the London Conference, adopted a Coalition resolu-

tion, by 208 to 40, endorsing the Govern-

Mr. Lloyd George replied that the Allies were most, anxious to help Austria in hor genuine distress, but they were themselves over-burdened with economic troubles.

BARLIER CABLES.... NEITHER A PARASITE NOR A

CORPSE,"

AMBUSH IN IRELAND, MILITARY REPULSE THEIR ATTACKERS.

LONDON, March 19th. Thirty men of the Bedfordshire Regi- ment proceeding in a lorry were ambush LONDON, March 12th. ed with rifle fire and bombs between That Austría is neither a parasite nor Carrick-on-Shannon and Ballinamore. a corpse was one of the statements of They repulsed their assailante, of whom the Austrian Chancellor од his arrival the bodies of seven have been found. All in London tonight, He doclared that are in Republican uniforms. The mill the oountry was sorely mangled by the the promise of a little assistance. Then Peace Treaty, but hopes to return with Austria would be able to work full steun ahead and vindicate her old position...

GERMAN GOVERNMENT

ATTACKED.

SHARP RETORT TÓ HERR STINNES.

BERLIN, March 11th, The discussion of the London Confer

tary had no casualtica.

STANDARD OIL CO. FIRE, NEW YORK, March 13th. The Standard Of Co's tanks fire at Brooklyn was brought under control yesterday morning after an explosion had taken place in a fifth tanke,

NEW SPANISH

CABINET. mcot's action and supporting the Governance proceedings in the Reichstag Foreign

MADEID, March 13th. ment's persistence in rejecting unfulfill Affairs Committee was strictly private, the presidency of Benor Allen de Balzar, A now Cabinet has been formed under bat, according to certain privileged news-, papers, the feature of to-day's proceed the ex-Premier. inge was a violent attack on the aimless- ness of the Government's foreign policy

able demands, notwithstanding Entente sanctions.

i

the

Horr von Simons said, that the Guvern ment must strive to find a middle path, enabling submission of counter-proposals

a different basis.

by Herr Hugo Stinnes, who is one of the dominant factors in modern Germany.

Dr. von Limons is reported as replying

RUGBY.

LONDON, March 12th

In the international rugby match,.

HIGHEST DEGREE CONFERRED UPON HER MAJESTY.

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LONDON, March 11th.

Her Majesty the Queen, accompanied

"IS LIFE A BOON?"

by Princess Mary, visited Oxford and pound sterling against gold (or against Upon being put to the vote the amend- received the degree of Doctor of Civil the American dollar, which was the same nent was lost, and the resolution was guished gathering in the Sheldonian we could demean ourselves to that, wo Law in the presence of a large and distin- thing) should be made permanent. If afterwards agreed to. was the first time the Queen of England standard immediately. All that would be Theatre The Chancellor Baid that this could have, not the old, but a neg gold had received an honorary degree of required would be to amend the Coinage Oxford University, and he paid a tribute Act so as to secure that the present, a to the example of well-doing which the grain sovereigns should henceforward bal. The question whether a quotation from Qasen had set the nation. He read a legal tender for £1 58. Od., and that the the "Yeomen of the Guard" should be message from the Queen saying that she mint price of gold should be altered permitted on a headstone at Lock Brook valued the honour not only because it was correspondingly, He did not think we Cemetery, Bath, was debated recently by. the highest the University could confer, were willing permanently to dehase the the Cemetery Committee of the Bath but because it enabled her to testify pound. (A Voice: "Why not There Corporation. Relatives of a lady buried education of women publicly her interest in the cause of the might be difference of opinion about in the cemetery desire to put on the stone it, but he did not think, on the whole. the wards Is life a boon?" the opening

WAGES REDUCTION.

If an it must befall

we were prepared to do so, and that words of the song which continues: being the case, we had to get the value of the val e of the pound sterling up to

MOVE BY AMERICAN RAILWAYS.113 grains of gold before we could nei

NEW YORK, March 11th.

the unskilled workers, foresliudowing an ways are now following the recent lead Practically all the large Western. rail of the Eastern lines in reducing wages of early redaction of the skilled workers'

The

A ROYAL BETROTHAL

COPENHAGEN, March 11th. betrothal is announced of Princess uncle of the King) and Prince Hene of Bourbon brother.Ek Vacancy an

to it and as saying that though he would Wales beat Ireland, by ■ points to ni, Margaret daughter of Prince Waldemar gladly accept Harr Stinnes advice, he

was not one of his junior olerka. Sudden at Belfast,

enjoy the comfort of the gold standard." This could not be done in a moment, but ernment were willing to take the neces it could be done soon provided the Gov shry steps, ...

That Death, where'er he cal Must call too soon.

by a member, said the point was wat The Town Clerk, replying to a question.

whether the words should be permitted na whether life was a boon or not, but

tombstone.

Conneillor Taylor: I should say po Co noillor Smith: You will be putting riddles on headstones next.

Councillor Hacker: There are zamo

FEWER CURRENCY NOTES, He asked the Government to take care that in every month it paid out fewer currency notes than it received and to

what happened when the weakly currency the person underneath. persist in this course until the American there, already. things which were true, this looked almost inscription. exchange ross, to par. Like many other Councillor Stone saw no objection to Lin too simple to be true. But just think Councillor Briggs 16 won't interers note account showed that than lokal DNA CAR