1923-11-30 — Page 7

CABLES.

LATEST CABLES. (THROUGH. REUTER'S AGENCY.} THE GERMAN MENACE ALLEGED EVASION OF TREATY

MILITARY CLAUSES:

LONDON, November 8th."

THE HONGKONG DAILY PRESS, FRIDAY, NOVEMBER- 30TH, 1928.

LATEST: CABLES,

ITALY AND SPAIN.

A LATIN BLOC TO OPPOSE LON

PARIS, November 28th. The Hatin's Madrid correspondent leuras from a good source that thuring the visit of the Spanish Sovereign ta Rome the question of the formation of a Latin Aloe was discussed, which might result in Spain, Italy and several South American Republics withdrawing from the League of Nationa

SPANISH ROYALTY LEAVE FOR HOME NAPLES, November 29th Their Majesties the King and Queen of Spain sailed and the cheers of a huge

Well-informed quarters discredit the statement attributed by the fun to Gevoral Bingham (head of the central section. Allied Military Control in Ger inany) to the effect that disarmament in Germany was completed months ago. It is pointed out that the latest Note from the Conference of Ambassadors to Ger many plainly intimate that a number of military clauses in the Treaty of Ver-crowd. sailles had not been carried out to the King Alfonso, who had previously re- satisfaction of the Allies. Since the viewed the cruiser squadron, sent the despatch of this Note, owing to the oc-heartiest nessage to Signor Mussolini cupation of the Ruhr, rus Allied control inviting him to Madrid. has been exercised nid, in the meanwhile,

large numbers of inch exceeding the

Treaty establishment have been rapidly GLOWING training under military experts,

To the

SUGGESTION THAT RUSSIA AND SWEDEN MAY SUPPLY CUNS. The opinion is held that owing French occupation of the Ruhr, Germany is at present nable to provide artillery, Lut Krupp's have cultivated close rela tions with Russia and Sweden, though it is not yet possible to ascertain whether this is concerned with the manufacture and supply of guns.

It is also pointed out that the Allies have not secured more than half of the rilles in Germany and there is little doubt that German small-arms factories are turning out these and ammunition on a large scale. Altogether, the situation is regarded as indicating a potential. though not imminent menace.

NO CABINET IN GERMANY. WHAT NEXT?

BERLIN, November 29th.. After a series of failures in his efforts to form a Cabinet, Herr Stegerwald, of the Centre Party, has given up the at tempt to establish a Coulition Govern ment on the broadest Bourgeois basis, owing to opposition by the Democrats. President Ehert will probably dissolve the

FROM

BARLIER CABLES, FAREWELL MESSAGE

SPANISH KING.:

NAPLES, November 25th. In a glowing message of farewell to the Italian people, King Alfonso says he is vinced that the events of the past few days will echo to the furthest confines of the Latin world and produce definite result. in the near future to the advantage of Italy and Spain

HOME ELECTION CAMPAIGN MR. BALDWIN AND THE SHIP BUILDING INDUSTRY.

LONDON, November 28th, Mr. Baldwin, speaking at Glasgow, said that owing to restriction deliberately applied by foreign powers in their own in- terests, there was less tonnage building in British yards than at any time in the last fourteen years. "We cannot be cut- tent with passive resistance in the face of such a situation," he declared, and said if he were returned to power he intended to call an early conference of shipbuilders to try and devise a means to keep the great industry going.

FAR EASTERN CABLE NEWS.

THROUGH REUTER'S AGENCT,] REUTER'S CHAIRMAN AT PEKING

RUSY WEEK?

PERING, November 28th.

(THROUGH REUTER'S AGENCY.]

THE NYE STRIKE.”

COMPANY DIRECTORS "AND SHARE-

"HOLDERS TO CONSIDER SITUATION.

TOKYO, November 29th.

R

TO RESTORE TRADE ABANDON DEFLATION.

MR. MCKENNA'S REMEDY,

UENTS

TO SAVE MILLIONS

MR. F. PALMER · AND YANGTSZE.

FLOOD PREVENTION

foods

t.

LAND TAX SUGGESTED.

Mr. Paran, who is consulting engineer: to the Yangts Commission, was replying

In the course of an address delivered to the Belfast Chamber of Commerce, on At a dinner given by the Chihli River To-day the directors and shareholders October 24th, the Right Hon. Reginak Commission in Peking an interesting. McKenna, chairman of the London Joint statement was made by Mr. Frederick of the NYK. Company, are holding a «Sir Roderick Jones, Chairman of general meeting, when, the situation Chancellor of the Exchequer, strongly River, and the possibility of prevention of City and Midland Bank, and sometime Palmer en navigation on the Yangtare Reuters, has spent a busy week at the created by the attitude of the employés urged as the best means of restoring our capital. He had a special audience with in the company's offices at home and trade a tonyxrary abandonment of the policy of deflation, which to regards na the President at the Palaes on Tuesday abroad will be fully aired, and he has had long conversations with The changes in the company's regula main cause of unemployment More the French, British and Japanese Minis-tions which, it is alleged, handicap land credit and more money were required, to spech by Premier Kao Ling Wei, ters, and also with the ex-Premier, Dr. employes to the advantage of marine and he was not afraid that the policy he: The latter reviewed the organisation of advocated would lead to a recurrence of the Commission, and explained that W. W. You and the Foreign Minister,ployés, have tended to accentuate rela monetary inflation. He was hopeful of though the Government realised the neceg- tions between these two sections of ent- the future, and believed that with the sity of improvement several years aga Dr. Wellington Koor .

The latter gave tilin in Sir Roderick's ploy which have always beer antagon-abandonment of credit reduction our trade when petitions from the British Chamber honour, at which the leading members of istic and have resulted in the reported

of Shanghai and people living along the river had occupied their serious attention, the Cabinet and the British Minister were threat of the land employés to resign

they had been unable to proceed with the present. Sir Roderick was entertained unless their grievances be re

work owing to the lack of funds. by Dr. W, W. Yen to-day.

Last night. Sir Ronald MeLeny pive à dinner in Sir Roderick's honour' at the

medied.

LOCAL · SHIPPERS PERTURBED,

Despite the Belief entertained by the Legation, the company, including Dr. Company officials that the question will Wellington Koo and the Minister of Com- be easily settled, developments are being munications. He will be the guest of watched with great interest, not only by honour the Bankers Association at the employes, but by numbers of local tifin to-morrow, and later will attend a shippers who will be largely affected arty arranged for him by the Japanese should the trouble take a more serious Minister. He has delivered addresses at turn tiffins given him by Chinese journalists and the Anglo-American Association.

Sir Roderick leaves on Saturday by a special och attached to the going train for Shanghai, en te for Tokyo. He will break the journey at Tientsin, where a titha in his honour has been arranged at which he will meet leading British citizens.

PROTECTION OF RAILWAYS : IN CHINA.

DISPUTE DOES NOT INVOLVE CREWS

would soon be in a fair way towards recovery,

Speaking of his inspection, Mr. Palmer said he hid colife to the conclusion that

"There ar

“WE PROSPEN AS THE WORLD PROSPERS.

There were some, he said, who asked whether we should not gain more by the crippling of German competition than we lost by the sacrifice of a portion of our foreign trade; but if we examined the would not be worth while to improve question in its entirely we must, he the river for navigation.

ought, come to the conclusion that a sigh places in the lower reach of the vital blow could not be inflicted on a river in seed of improvement. They are great commercial country without serious much too shallow," he pointed out. It injury to ourselves alle had prepared a would cost between half a million and a statement of the export trade of the million dolars a year to drain them, and United Kingdom for the ten years before the amount saved the shipping companier the war, and it showed that while world would be about one hundred and sixteen £1,400,000,000. the thousand dollars." United Kingdom year by year revolved The question of flood prevention was aut exports increased its due proportion of the increase our eutirely different matter, however. The highest proportion being 15.5 per cent length between Hankow and Shanghai of and our lowest 13.8. After the war, in the Yangtze was six hundred miles, nad Lopos, November 28th. 1020, our exports were 151 per cent of the land on both banky would beneft if »

the total;" in 1921, owing to the goal the disaster from foods could be removed. The newspaper draw attention to the strike, they fell to 16.9; nad in 1922, they 18 the land extending ten miles from strike of Japanese staffs of the Nippon rose again to 17.3. The havoc in several either side of the river were taxed at a of the manufacturing countries of Europe few cents per now, the amount of collec Yusen Kaisha all over the world. pending and the crippling of some of our rivals. ffox would be more than suficient to my settlement of the dispute with regard to were accompanied by an increase in our

proportion of the world's exports from for all expenses to prevent inundations. the reorganisation scheme introduced an 13.8 to 17.3 per cent. But what of the " Director-General Sry Pao. Car" also re- November 14th, and affecting selection of actual state of our export trade? When plied, and expressed the hope that the une allowance was made for the difference | Chinese Government would take a long men to fill responsible positions, also prin prices in the years named, it would be sighted view of improvement. It was viding for the appointment of navigating found that our exports were at least 25 their duty to provide improved means. per cent. less in 1922 than in 1919, and of communication, even if this cost more and engineer officers to administrative this decline took place notwithstanding than what was actually returned for the that our population had increased by investment. The promoters of the Hai Its hitherto filled by staft men. The

over 2,000,000. Whoever gave his atten- Ho Conservancy Board and of the manager of the London branch in antion to these figures could draw only one Whangpoo River Conservancy did not interview pointed out that the dispute did conclusion from them. On balance we realize the immense laeft which the pre- lose by a reduction in the total volume sent improved conditions of these two nt involve the crews of their steamers, of world trade, even though the reduction rivers would confer upon the people, at. be caused by the collapse of trade rivals, the inception of their undertakings. It which were unloading and discharging as We may obtain, it is true, a larger per would be wise for the Yangtze River centage of what remains, but the Enal Commission to adopt a policy of far- result is to diminish our total exports. aight and an attitude of sympathy with

the multitudes of people who were suffer decline as the world declines.

ing in silence on account of the deterior-. Dealing. with unemployment, Mating condition of the river, and urged NYE STRIKE AT HONGKONG,

McKenna said once we could make that the original object of the Commis TOKEO, November 28th. serious intoad into our figures of anem-sion should be carried out in spite of

ployment, a revival of trade would come difficulties which might be encountered. The Nippon Yusen Kaisha officials here, of itself. Where was the remedy The Among the guests present were Prime serions | Imperial Conference was considering the Minister Ko Ling Wei, Dr. Wellington The Minister of Communications has fuit is understood, do not attach any vited the provinces concerned to send importance to the demonstration by the matters but the expansion of the marketa Koo, Minister of Foreign Affairs, Sir of the Dominions could not be rapid Francis Agles, Director General Sun Pao delegates to a meeting to be held at the celestaff at Hongkong, which is regarded enough to deal with the present situation Chi, Mr. Yaan Nai Kro, Minister of as promptly as the urgency of the case Agriculture and Commerce, and Sir Cabinet Office on Saturday, after which is being due to the necessity for tras demanded. It must be agreed that we Ernest Wilton, Mr. Hussey Freke, St ferring some of the staff from the head could not look for any substantial im-cretary of the Hai Ho Conservancy Board, the plan will be promulgated.

provement in foreign trade while Europe Mr. H. von Heideataam. Engineer Chief General Wang Chun Chen has been office to local. pests, under the reorganisar remains 14 it is. Where, then, pen we of the Wangpoo Conservancy Bard. Mr. to turn? We were driven back upon our TJ Eldridge, Const, Inspector of Shang- Mr. Austen Chamberlain, speaking at

selves. If remedy at all was to be found hai, Mr. H. van der Veen, Consulting Birmingham, denied that protection would appointed commandant of the Chibi tien plans.

It is believed that that difficulty will we must seek it in the growth of our own. Engineer to the Ministry of Communica- only benefit the industries to which it was Brigade, which, will guard the Tsinpu

statement internal trade. There was in truth notions, Colonel PC Young, General directly applied, but by sthnulation of

scon be solved, ngcording to a

distinction between internal and external Manager of the Kailan Mining Adminis production would diffuse the advantages line.

trade. A year ago the trade of Northern tration, Mr. Peters, Chairman of the mande bere. amongst the population,

with Southern Ireland was interual; to British Chamber of Commerce at Tien- day it was external. It was just matin, Mr. Yang Pad Ling. Mr. T. S. Wei ter of territorial limits, customs, barriers, and Mr. Goodrich of the Chili River and Government regulations. Perhaps we Commission, Messrs. Chen Shih Mt Chief could throw some light on the problem

GOVERNMENT'S PLANS TO BE PROMULGATED.

PEKING. November 20th.

The detailed plan for the organization

Mr. Baldwin made farther reference to of the Railway Protection Bureau passed usua the tendency for foreign countries to dis- the Cabinet on Tuesday and has been (Y COUNTRY OF THE DAILY BULLETIN. We prosper as the world prospers; we criminate against shipping in favour of their own, and said the matter was serious that it was brought before the re- cent economic conference, and a method discussed whereby the unity of the Empire might make itself felt if it became neces- sary to fight such an attack.

A

FILL TO CUREAN

EARTHQUAKE

Viscount Grey, speaking at Port-mouth, Reichstag very shortly if a settlement of affected ten per cent, of the unemployed,

the political crisis is not reached,

EARLIER CABLES,“

said that tariff, which at the most only

were like taking a pill to cure an earth qunke. A capital levy was the sarthquake itself.

approved in a Chihling maudate publish cd in the cernent Guzrita today. The Bureau will be under direct control of the Cabinet.

CABINET DISSOLVED

DUESSELDORF, November 28th "The Republican leader, Herr Matthes, announcs, that he has dissolved theNINE SPEECHES IN ONE DAY BY ARMED ROBBERS AT SHANGHAI

“Cabinet following, the indecisive attitude of Ministers as regards the military coup d'etat attempted by superior officers of the Rhineland Army," whose dismissal was recently ordered by the Cabinet!

LATEST CABLES.

STATUS OF

CANVAS IN

MR. LLOYD GEORGE.

LONDOS, November 28th.

BIG HAGL IN INTERNATIONAL SETTLEMENT.

NYK. PROFITS.

TEN PER CENT DIVIDEND PREDICTED.

Mr. Lloyd George has been very busy in

SHANGHAI, November 29th. Lancashire. Addressing a mesting at Old- ham,, he confessed that it was his. inth

Armed robbers held up a messenger of The Tuskin" Xing predicts that the speech that day. He declare that the Pro- tectionists were unable to quote a single the Tung Yih Trust Company; this morn-dividend of the Nippon Yusen Kaisha to Le announced shortly will be 10 per cent, cy of a country which had adopted tariffs and was able to revert to its formering, in the centre of the International despite the saving from reduction of allow ancey. It was stated by the Seamen's condition. Once the step had been taken it Settlement and escaped with "approx Union in connection with the recent strike

mately 33,000 dollars worth of negoti- that the leading shareholders hoped to have that the whole of the unemployed had would not make a profit, but a loss of

became irretrievable:

.:

BRITISH COLUMBIA OPPOSED TO WIRELESS COMMUNICATION.

GRANTING FRANCHISE

4

Victoria, BC., Nov. 28th The Legislature has passed a resolution opposing the cufrauchisement of Indians in the province. The resolution is being forwarded to Ottawa for consideration.

CANADIAN TRADE SUBSTANTIAL INCREASES.

OTTAWA, November 28th.

The trade of Canada for the twelve months ending October was $1,930,000,000,

an increase of $351.000.000 compared with last year. Imports increased by $172,000,000 and exports by $179,000,000. The balance of trade in favour of Canada was $62,000,000

Trade with the United Kingdom in- creased by 864,000,000, of which imports amounted to $23,000,000,

Trade with the British Empire increased by 801,000,000, of which importa nmounted to $31,000,000, and trade with the United States increased by $211,000,000, of which imports amounted to $127,000,000,

EXPERIMENTS WITH SHORT WAVE LENGTHS,

יוני-

able Government Bonds.

JAPANESE MEDIAEVAL COMEDY FLAYS.

LONDON, November 28th.

forin

if we looked at what has happened re of the Engineering Department in the In the Ministry of the Interior, Mr. Z. Y. Chow, rently in the United States. autumn of 1991 the trade depression in C. Shoung, and Liu Chih Li of the that country was exceptionally acute Ministry of the Interior, Mr. Sun Ping. The officially accepted estimate of the Hwang of Yang Chow and Mr. Guernier number of unemployed at that time reach- Tientsin Customs Commissioner. ed the unprecedented total of 5,000,000. Eighteen months later it was reported been absorbed.

DEFLATION AND IXELATION.

the dividend made up to 12 per cent. it

goods bought or manufactured for stock: the allowances were halved. This reduc

if prices were higher when the order was tion has retually gone into effect for the

There was no mystery about what hap. given than when it was fulfilled. Enter officers and shore hands, but the men of the mast are to get the same allowance as pened in the United States. Their finan- prise was checked and orders were not before, though half of it will be in the cial policy, as with us, had been one of given. What was the consequence ? Men

forcing down prices by a restriction of and women were thrown out of employ of special earthquake relief. To provide evm 10 per cent., says the credit and a reduction of the purchasing ment, less was paid in wages, and the Kobe paper, the company will need to draw power of the public. In the autumn of amount spent upon consumption was re- At a meeting of the "Japan Society,¥2,000,000 from its fund for the equalisa 1927 this policy was, for the time being, duced. We found ourselves in the vicious tion of dividends. The net profit for: the ahanloned. The restriction on the in circle of bad trade, and the trader who unst half-year is given as Y1,000,000 against crease in bank credit was removed. Bank cut down his orders was justified in his The deposits grow, prices of commodities tend-prudence by the insufficient market which Y1,800,000 for the previous term. writer attributes the decline to poor trade ed to rise, and the unemployed were existed for his goods account apparently of the millions lost in eighteen months the work was complete, ple.. When unemployment was greatly in on the European run so that he takes no graditally absorbed into industry. In The conclusion he drew was very sim- funds available for distribution at show themselves. In the spring of this unhesitatingly the deflationary policy the earthquake disaster. Ho puts the But now evils of another kind began to excess of the normal we should abandon let him not he misunderstood. He did Ya,310,000, made up of the so called "net" year there were symptoms of inflation, which was a cause of unemployment But

the 72,000,000 from the reserve and and a check was rightly put on the move

not say that a change in official policy Prof.00 carried forward from las term ment. Aten-percent, dividend would absorb In Great Britain, on the other hand, would have the same far renching affect. ¥2,000,000, and it is supposed that the deflation was actively continued util in Great Britain as in America. Neither directors would receive Y150,000, as against three months ago, and still nominally did he say that we should pursue a policy 200,000 for last term. This would leave stood as our official policy. In contrast of monetary fufation. With any improve- Y.260,000 to be carried forward-Japan with the American figures our bank de- ment in trade undoubtedly more banking

Pants, November 28th, Experiments are being made in Paris similar to those in England on the possi bility of employing very short wave lengths for wireless communication, General Fer- rie, who is in charge of the Eiffel Tower Naval Commander Oswald Tuck lectured wireless station has informed the Academy on the comic Japanese mediacvai plays. of Science that it has been found possible

Burcu Hayashi, who presided, replying to communicate distance of amile and a quarter with a two metre wave length and to an expression of sympathy with the an aerial one metre in length The inten- sity of the oscillations la note in Japanese in consequence of the recent milliamperes. By increasing the intensity earthquake, said the Japanese were deeply and other it will be possible con- siderably to increase the distancat which grateful for the splendid English response messages could be heard.

to the Lord Mayor's appeal

The meeting concluded with a reprezent ation of the Japanese mediaeval comedy "The apple and the friar"

MR. N. C. ROTHSCHILD'S ESTATE

A HUGE FORTUNE,

LONDON, November 28th.. Nathaniel Charles Rothschild, who re. cently committed suicide, left two, and a quarter millions sterling, on which death daty amounting to £10,000 is payable. En left British un to tion of siphonapters or other parasitic insects.

[BY COURTESY OF “THE DAILY BULLETIN."} U.S. CONSULATE-GENERAL IN JAPAN,

US GOVERNMENT'S SILVER Hin lers, £10,000 to the Bellian Mua calice TO BE TRANSFERRED TO TOKYO,

PURCHASES.

PRODUCERS THREATEN.

PROCEEDINGS.

NEW YORK, November 29th,

A number of important silver producers are arranging to bring mandamus pro ceedings in order to compel the Federal Treasury Department to y

to buy 12 million ounces of silver

It is contended that in buying that amount of silvari atia saving of 35 seats per ounce the Treasury misconstrued the Pittman Act

LIQUOR SEIZURES AT SEA

TOKYO, November 28th The American Cuastinte-General is being removed from Yokohama to Tokyo, while a Consul is to be stationed at the forme

a

LONDON, November 28th, "It is authoritatively learned that Britain has made representations to Amerier with port. regard to the vizure of the s. and one on Nov. 28th, The United States Government has promised to carefully the earthquake, but has now been brought investigate the matter. It is understood to a head.

This step was contemplated long before):

that no action will be taken in the case The Consul General is now searching for of the Tomaka until the question of the vessel's registry, has been settled.

a temporary office

Chronicle,

JAPAN'S INSURANCE

PROBLEM

HOW SOME COMPANIES ARE AFFECTED.

The principal. Kwanmi fire and marine insurance companies says the habe Fushia po, bad the following total insuranes on properties destroyed ly the earthquake and fire

Kyodo Kwasal Y.120,000,000 Kobe Kaijo (Marine) 50,000,000 Osaka Kaijo... 000 50,000,000 Hokoku Kaija

€ 43,000,000 40,000,000 30,000,000 20,000,000 15,000,000

Takbo Kato

Fukuju Kwasai Nippon Kaija Asahi Kaijoit Dorfun Kw thành Pacifio Marine Kyoto Kwasai

5,000,000 1,000,000

posite to-day showed a decline of 20 per credit and more currency would he te- cent. This meent a 'severe restriction of quired and must be provided, but this was purchasing power, and a consequent not monetary inflation." Personally he lowering of prices, which was indeed the had no fear of a recurrence of monetary declared purpose of a deflationary policy, infation.

But we should not forget that there were Whilst it would be a mistake to expect, two ways of bringing down prices we in view of the present conditions of the might do so either by an increase of com world, a full revival of healthy trade, he modities available for purchase, or by believed that quite a considerable rerivil forced restriction of purchasing power was possible. For some three months The former method was not attended by now there had been no act of dodation, bad trade, hat was slow in producing its and he believed that this change from effect; the second method was drastic in earlier policy was already beginning to its operation, hut could not fail to depress have its effect. In prophesying about trade and cause unemployment, trade a wise man would speak with bated breath and whispered humbleness, But Very little argument was needed to already he began to see signs that the show that a polity of driving or keeping very grave depression of the last few down prices liv z restriction of purchasing months had passed its lowest point. power masi depress trade Trade was Here and there symptoms of improvement carried on not by nations, but by indivi- were visible, and if the trading workl duals. If ilu, merebant or manufacturer were satisfied that no further effort would thought that price were going to fall be made to bring down prices by" credit the would restrict his orders for finished restriction, he believed that, our trade goods or raw materials. He knew that he wild soon show itself in a fair way to

(Continued at foot of next column) recovery.