1924-04-10 — Page 7

CALBES.

LATEST CABLES. (THROUGH REUTER'S AGESOT.)

RECOVERY OF GERMAN DEBT."

$

DAWES COMMITTEE'S REPORT.

PARIS. April 5th. The official report of the Dawes «C'am- "mittee, with regard to the

measures Becessary to balader the German Bualget and to stabilise the currency, while re cognising that political considerations set certain limits within which a son tion must found of it is to have any chance of acceptance. emphasises that the Committee has been concerned with the problem of debt recovery, and not with the imposition of penalties.

GOOD FAITH ESSENTIAL

As business men they consider it hope less, to build any constructive scheme exerpo ou a basis of good faith, and they submit their plan, relying on all parties! carrying it out on such a basis.

The Committer arrived at the conetu- Bion that there is no method of balancing the Cirran Budget, temporarily or per manently, under the present limitations of Germany's fiscal and economic rights over part of her area. They, therefore, are votipelled to Lase their report solely on the hypothesis that fiscal and evon. omic unity of the frich must be restored.

BRONOMIC ACTIVITY MUST NOT BE

HAMPERED.

|

THE HONGKONG DAILY PRESS, THURSDAY, APRIL 10TH, 1924

THE FLIGHT OF THE MARK HOW GERMAN FINANCIERS RIGGED EXCHANGE.

LATEST CABLES, “

兆

THE KIEFF TRIAL..

FOUR DEATH SENTENCES.

Moscow, April sth.

The trial has been concluded at Kieff

י

FRENCH TURKESTAN REVOLT INSURGENTS SUPPORTED BY

POPULATION.

RIGA, April Stb.

It is reported frexia. Moscow that a fresh

The insingents are every where being sup- ported by the population.

PARIS, April 6th. " The report of the McKenna Committes, which has been requiring into the fight of German capital, estimates the value of of a number of well-known leent fatellt has broken out in Turk estan,

The old revolutionaries have beat rein- German capital abroad at the end of last Figenti, mostly. Social-Democrats on fored by well-armed fogers, including year at between 3,700 million and 7,900 charge of treason. The following sentences 20,000 well-organised cavalry, and also by million gold marks, making, with halt a were delivered: - Tehebakov, Yakovlev, artilvey. milliard foreign money held in Germany, Inovsky, and Madame Vinogradova xwers two brothers sentraced to death, the a grand total of right milliards.

The report states that the principal | Vasilenko, also Tcheloensky, Smirnov and method of acquiring foreign capital was Telpsgo received ten years' imprisonment, It Anna Kapoustitskia seven years and the by negotiating paper taarks, abroad.

The condemned. declares that enquiries at the principal remainder five years. German banks, assisted "by "charatered people have the right to appeal within accountants show that the Germans thus forty-eight hours, made a profit of woven to eight milliards.

The repors enumerates other methor for the export of capital, like the sale of merchandise securities and bullion bills of exchange.

PROPOSALS TO PREVENT FLIGHT OF CAPITAL.

In order to stop the flight of capital, the riort recommends the abolition of the cause, namely, a dehaite cessation of

inflation.

It attributes the flight of capital pria- eipally to the failure, to balance the Budget, causing expitalists to translate

money

into foreign denominations in order to avoid loss through depreciation of their currency.

"

'

The report declares that the flight was accentuated by the attitude of the German

The experts emphasise that their fore-people towards the payment, Germany casts are based on the assumption that was called on

eesonomic activity must not be hampered by ney form of our troi organisation other thra prided for in the scheme.

creditors.

to make to her war

EARLIER CABLES,

FRENCH WIRE TO RUSSIA.,

PARIS, April 5th.

The Soviet Government are despatching considerable forces,

HOME FOOTBALL.

FIRST LEAGUE MATCHES.

LONDON, April sth. Cardiff, 2: Tottenham, 1. Sheffield U., 3; Notts County; 1.

LATENT CABLES, REUTERS AMERICAN SERVICE.

U.S."

"GRAFT" CHARGES,

3. Poincare has telegraphed to M; Chicherin declaring that French public

GREAT FALLS, April sth. opinion gravely, fears, that the Professors

The Federal Grand Jury have indicted implicated in the trial at Kieff will suffer Senator Wheeler with accepting a retain the death penalty, and that their lossing fe for his influeer in granting oil

land permits after he begate a Senator. would be a cause of great sorrow and be regarded as a diminution of the world's intellectual patrimony. The French Gov- crument has asked the British and Italian Governments to make a further appeal

AFTERMATH TO GOVERN-

MENT DEFEAT.

ALTERNATIVE, BILL PASSES

SECOND READING.

UNEMPLOYED A PUBLIC CHARGE.

LONDON. April sch.

WORLD CHESS.

New York, April 8th, In the sixterath round of the later national Chess Contest Doctor Lasker bent Reti, aftakower heat Janowski, Alkhin drew with Edward Lasker, and Capablanca drew with Marshall,

EARLIER CABLES.

SHANGHAI WATERWORKS. MUNICIPAL COUNCIL'S OFFER » DECLINED.

SSUMISAR..

IDEAS

1'

AI

WARPED OY BUREAUCRATIC ATMOSPHERE.” At the annual meeting of the Shanghai Waterworks Co, Ltd., last week, Mr. H. Martia Little, the Chairman, made the following reference to the negotiations by the Municipal Council for the purchase of the Company's interests

"WHAT THE PUBLIC WANTS."

AUTHORS ON POPULAR TASTE.

What the publie wants-and why"; was the subject of a lecture and counter- lecture giver at the London School of Economies on February 28th, by Miss Rose Macaulay and Mr. 4. P. Herbert.

Mis Rose Macaulay: opening the dis cussion, said that most people had not the least idea what they wanted. Poli- tically, they knew in a vague way that they did not want the politician. They wanted cheap things, no taxes, and as little Government interference as possible.

Editors had invited her to-write on such subjects as "Why I would not marry m curate." The cave nau," and "Should clever wouses marry!" Those editors were sure that the public wanted that kind of stuff. She thought they were wrong but there was a public who swallowed anything they got and never said what they did want, because they did not know. They did not cry out even against lead- ing articles; not even against the fourth leader in The Times. There, was one ex-

ception. They did want, and demanded,

all the winners." (Laughter.),

I hope you have git read the record of the negotiations during the last two years which accompanied the Annual Report and Accounts. You will have seen that after consultation with a leading firm of Chartered Accountants in London we de cided to use our price upon the value of the property and plant at the date of purchase. Accordingly a valuation was made by the Company' 's engineers asaist- vd when required by expert advice, and we informed the Council that we were prepared to recommend the shareholders to sell the Company's

"business and undertaking, etc.. for the sum of Tis.

The majority of the public could be TAB47,750 subject to certain conditions which are set forth in our letter to the made to believe they wanted anything. Council of the 13th April. 1923, which All they wanted was a nice book, and if

·written would have, to be added further capital they saw If Winter Comes expenditure up to the date of purchase in the sky by an aeroplane, they naturally We reserved the right to amend this price thought it was a nice book. in the event of the Council being unable thing applied to plays The play was to agree and deciding to submit the aiat- well received was the one point on which ter to arbitration. At the Ratepayers' the dramatic erities were agreed, meeting held on April 19th last year a public would accept anything. There was resolution was passed authorizing the no fixed standard of taste. Look," she Council to purchase, with an amendment concluded, “at what we allow the broad- wherely the Council should not exercise casting people to inflict on us, and I ask the authority until it should have further you to look at Wembley!* examined the financial considerations in- Mr. Herbert contended that there was volved and should have taken the direcno such thing as the public, or rather tions of a further meeting of ratepayers | that there were 30 publics. He had z whether or not there should be a quorum greater inith in the public than Miss of ratepayers present. The Council has acaulay had, and would lay down three since informed us that it is advised that | principles :-(1) That the public was far it cannot exercise the power to purchase more intelligent than one would think to except with the authority of a special look at it; (2) that, generally speaking, inecting of patepayers at which a quorum | the purveyors consistently underestimated is present, and that it may therefore be the taste and intelligenes of the public: necesary to lay the whole mutter de aere land (3) that the public wanted a litus of before the ratepayer's at their next annual everything and the best of everything.

Life was short, and art was "getting

CITY OF PESTILENCE."

HONDURAS CAPITAL STEWN.

WITH DEAD, -

WASHINGTON, April 8th, Advices received by the State Departmeeting The House of Commons opened veryment depict a serious state of affairs in Jul, the benches being sparely occupied, the capital of Ilonduras. The ground on and there was no sign of resterday's dram the outskirts of the city is strewn with

dead, and typhoid and dysentery are 8 atic events until, replying to Mr. Baldwin, ing. No attempt is being made to inter or cremate the dead. The city is still Mr. Ramsay MacDonald stated that the sieged, and there is comiterable hand

band fighting.

The McKenna Committer refers to the' recommendations of the Dawes Com A cxisting measures hampering such mitte for establishing German inones on activity consequently must be withdrawn stable foundation, thas facilitating the as soon as "Germany has taken positive return of a large amount of German steps towards the plan," such as estab-wealth-which is abroad-to ordinary Government's Evictions Bill could not be Jishing machifiery by which assigned re-rommercial channels, and proposes, for vende will Bow-through Allied control. the period of sfansition, that persons liabla to penalties under the existing law should be pardoned, and advantages" offered to Germans who subscribe to lots in foreign

Nach ensures should not he re-ini- posed except in a case of flagrant failure, when creditor Governments should deter „Juine time nature of sanctions.

་

The numittee propose the establish- meat of a new issue bank in Germany, or reorganisation of the Reichsback as an essential agency for creating a stable

currency.

SOTE ISSUE MONOPOLY.

currency, a

NEW ITALIAN CHAMBER.

GOVERNMENT'S COMMANDING

POSITION.

ROME. April 8th..

The new Chamber consists of the Gov The Bank will have a monopoly of the ment Party aubering three hundred right of it - igne in Germany for half and eventy-five against one hundred and -a-century; the present paper mogy to be sixty representing elevru other "Parties

withdrawn and replaced by a single uof- The Populars now "umber forty, having font eurrenes, namely, the new bank's lost sixty-six seats. The Democratie bank botes.

This currency will be kept Socialists are Bow" twenty-five strong, stable in relation to gold but will not be having lost fifty seven wats. convertible. at the commendment, it

will be protected by a reserve of 03) per KING GEORGE OF GREECE.

cent and other Iquid assets.

The reserve will be held largely in the form of deposits in foreign banks,

IN SOUTH CHINA,

again introduced this session, but the Goy- ernment thought it possible satisfactorily SEARCHING. FOR MINERALS to amend the Bill introduced by Mr. E. D. Simons (Liberal), which pave its second reading last night, the passage of which the Government could fachata after it was satisfactorily amended.” The Government had not abandoned the pro posal to make assistance to the unemploys a public charge, but, ** public funds "i would be local funds.

LATER.

The Simons Bill aforementioned is almost identical with the Government' Evictions Hill, except for the clans an which the Government were defvated.

·SAFEGUARDING OF INDUSTRIES ACT,

Loxpos. April ath.

The ne

The

I may point out that if the Council is longer and longer. 11 Back to ethuwiah and decides to sulmit the matter to arbi- | it might be more instructive, utăre enter- whale to agree to the price named by us were played as a reue in a single night, tention, it must, under the terms of our taining, and more fruitful of purpose. agreement, first give one year's notice to purchase and then. having, given that notice, it must purchase whatever, the result of the arbitration may be.

COUNSELS OPINION.

of

The

He advocated more comic opera and less grand opera. There was no doubt that. the public wunted films, but in their filme they wanted more simplicity, less elaborz tion, more life, and a little less drama.

GERMANY'S SECRET ARMY.

4,000,000, MEN AVAILABLE. The first nuinber of The Fighting Forces quarterly magazine for the Royal Navy, Army, and Air Force; edited by Lieut. Col. F. E. Whitton, contains an article by a great French authority, Gen- oral Fonville, dealing with the menace to France from Germany. He says:

Germany has not disarmed, the eludes disarmament just as she cludes reparations. She has been able to at all these limitations and pro

of the Treaty of Versailles. She has duplicated her regular army, the Reich- webe by a military police of 150,000 men. This Schatzpolizei (the Schups} is composed chiefs of ex-others and non- commissioned officers from the Imperiak Arms. It

in quartered barrucks does military training. It a nursery

Similar, too, is the Reich

cadres

and

of swehr.

"A system of mobilisation is arrange by which the cadres, can be filled up at any moment. It is camouflaged under all sorts of disguises. The whole is un-- der a Great General Staff which bas been re-formed.

Artillery is wanting, it is true. Bat there exist means for turning it aw quickly. We know from trustworthy information that the manufacture of guns could begin at the end of a month, and that only ten months would be re «quired to equip the whole mobilised army

of Germany...

In September, last year, it was intiu ated that the Council's opinion the price to be paid should be based upon an agreed number of years' purbase of the MR, J. A. RUSSELL'S EXPERIENCES.net maintainable profits. We therefore

decided to eunsult the best possible Coun The following

is an extract from evi- set in England on the question and we dence given by "Mr. J. A. Russel of obtained the opinions of the Right Hon. Mesars. Russell & Co., who together with Sir John Simon, K.C.. MP., and Mr. G. the Malayan, Collieries are being sued at Talbot, KC, now Mr. Justice Talbot. Kuala Lumpur by Mr. F. C. Peck who Both Counsel supported our contentions, is claiming $1,729,000 damages and in. I had an interview with the Chairman of Lerest thereon, alleging that this amount the Commeil and acquainted him with this was profit which Mr. Russell and his frm and on December 19th we advised the wrongly made out of a deal with Malayan Council in writing. We also drew arter Collieries, over the Goenoeng Batu Besar tion a decision of the Supreme Court coal-anine, situated in Dutch. Borneo:-

of the T.S.A. last year that the value of In December, 1918, witness said he was

a public utility undertaking is properly in Hongkong, where it appeared that it measured by the cost of its reproduction, would be worth while spending a certain or more elaborately, the cost of consthur amount of money on searching for mineral tion to-day at prevailing prices deposit in South Chira. At first their material at labour. Yet the Council in iden way to look for wolfram, coal, and its letter of January 15th this year aks tin. but eventually seventy-five per cent. the Company to accept a price based of their activities were directed towards upon 15.3346 years' purchase of the profits looking for coal. Mr. Henggeler and wit-earned during the year 1900-less that ness decided that if a property was found | Tla. 8,000,000—4 view to avoiding "what n long and that would be worth acquiring or oper may possibly develop into ating Malayan Collieries were în have the costly arbitration."

Time does not permit of my going into first refusal

Counsel: Naturally, if you had found something good you would have charged all the arguments in support of our price nor in view of the possibility of arbitration a profit-Yes, we had no intention of

is it desirable. Suffice it to say that the Connell by, handing it over at cost.

this offer seeks to gain pores. Generally, in searching for coal-mines sion of the Company's undertaking at its there are many misses to each hit!--Ye, highest state of efficiency at a price based all our searches were misses in China.

For the purpose of tarrying at this upon the year in which the return on

capital expended was at its lowest, project, witne ntinued, a company basis of maintainable profits is in itself Minerals with a paid up capital of 100,000 have been limited by its agreement with was formed in Hongkong called China manifestly unfair; the Company's profits,

Colonel Reboul, who is described as a Hongkong dollars, which was equivalent the Council. The Council seeks to regard very competent authority, is cited to the to 200.000 Straits dollars (re). Or that these profits as the net maintainable pro effect that Germany has now a mchilisables. amount, which was all working capital, fits it ignores the potential profit earning army of 4,000,000 men. General Fonville witness directly or indirectly contain the Council purchase, de tilting for the thinks that during the last year, when the one-third and Henggeler

it will be the sole ar same amount. At the beginning of 1919 biter of the rates to be chard, and I activity of the Allied Commission of Con

trol was paralysed, German industry cou witness came back to Kuala Lumpur, thinks there is very little doubt that pur- have produced the guns required France where he told Mr. McCall that they would chase will be followed by an immediate weald be mad," he says, if in the. Ezar give Malayan Collieries the first refusal increase in water rates.

of ruch danger she did not busy herself" any property discovered in South China,

COUNCIL'S OFFER REFUSED-

with the question of her safety above all Malayan Collieries existed for about 15

We have refused the Council's offer; in- else." months, during which time they spent deed, I find it dificult to believe that much Luearly the whole of their capital, this a price could have been offered by a set of

money being entirely lost. Witness hal busines, men unless whey they enter the Mr. Arthur Henderun, the Home Secre never sought for re-imbursement from Council room they get their ideas warped tary, and Labour candidate at the Bu Malayan Collieries. After the end of by the bureaucratic atmosphere tinged ley by-election, speaking in the division China Minerals an engineer named Mr. with no oriental influence and thus offer on February 23rd, said that all who value? ¡CAPETOWN, April 8th. Barr continued investigating in China for as is customary in the Eat at least half world praes aged desired to see intern tional co-operation and good will must in In the Legislative Assembly, the Nation-about eight months on behalf of Messrs. of what they are prepared to pay.

Loxley & Co., which Sr was owned by

Well, Gentlemen. I am sure that theist on the revision of the Treaty of Ver alist leader, General Hertzog, said he Russell & Co. Mr. Barr did not discover views of ratepayers are that an individual sailles. hape that the nouement of the post anything of commercial value. One pro or a company should have a square deæ, ponement of the Prince of Wales' visit wassing desit was found by China For six weary years we have been negoti Minerals, but it required licking up with ating with succeeding Councils and is hils not equivalent to saying that the Price the Carton Harbour railway, and Gually rearing agreement at times, you have only

the negotiation fell through Apart from to refer to former speeches of the Chair- Im afraid I cannot at present give of Wales would not come at all. (Cheers.) Chine Minerals, Mr. Barr's operations in man of this Company, the Council again ou further information, but the festge He said he hoped that he was voicing the China cost Russell & Co, about 30,000 and again changes its ground, and I can certain prisciples put forward to the letter feelings of all sections when he said that Hongkong dollars, for which they had not help feeling that the Company bas net which we may not we our way to fall in with. The letter is couched in friendly from been treated fairly.

termis and welcomes discussion TŘET if the Prince of Wales visited South Malayan Collieries.

In our letter to the Council of February open to difference of opinion and is'n. 22nd, we suggested a profit sharing great advance" on previou pro-Africa in the future he would be greeted

arrangement in lieu of purchase, whereby tions. If we may take

ke this of a new atmosphere in the fits earned after paying interest at sa

token that they are Sir Harry Stephen. Iecturing upon the concern, the Company in return au- of the Company, well, the Gentlemen, I agreed rate upon the the capital cost of new prepared to recognize the just claims Criminal Law" at University College

very roul

rout hope indol at that the Prince of Wales was assured treated as such. That was not. bis

on February 27th, said it might be that orized to base its charges upon a meter, think there is in the last time the The Premier, General Smuts, replying crime was a dish and opinion

tariff. An arrangement of this sort has been that this will really he

in Alexandria (Egypt) and

our Chairman will have of a very royal welcome from every shade-in fact, he was to much of another opin received a preliminary reply from the the next time he athires you, our

to commend it

wk reference to protracted negotiations and

differ of opinion. It was only the proprieties of ion that the question did not internt him. Council in which no referener is

nenges with the Council will have here.

4.

In the House of Commons, Mr. Sidney Webb. President of the Board of Trade, stated that the Government had decided IMPASSIONED DEMAND TO BE

hot to introduce legislation extending the RESTORED.

duration of the provisions of part 2 of BUCHAREST, April 8th. the Safeguarding of Industries Act, pro- The Bank will be the fiscal agent for

In au impassioned despatch, to the vidling duties to meet the case of deprecia. the German Government, and will be Greek people, the exiled King George ted currencies, which will accordingly laps allowed to make short term loans to the demands to be restmed to the Monarchy. on August 10th. (Liberal and Labour Government, but the amount and charne-He declares that the violent suppression cheers). of such loans will be carefully limited and of the principles on which the State is The Government, he added, had eare-

afeguarded.

founded impels hini to protest against fully considered the report of the Cons "The relations of the Reparations Com-the injury committed against the nation mitter, recommending a duty of 33.1/3 per isk to the Bank will be those of and to demand the free exercise of the cent. on face cubroidery, and silk, but dis

rights and duties of Royalty laid down not propose to ask Parliament to impo The Bank will have a rapital of 400 in the Constitution,

the duties. (Ministerial cheers.) rmillion gold mirks, of which 200 millions will be subserited in Germany and

SOUTH AFRICAN POLITICS.

abroad, and the remainder will be issded in the purchase of real property from the Reichsbank.

private client.

❖ ༢

PAYMENTS FOR ALL PEACE TREATY CHARGES.

The whole of the schedule payments

FAMINE IN OMSK.

Moscow, April 9th. Eighty thousand people are reported to be starting in the Omsk Province.

EARLÏER CABLES.

UNIONS MOVE QUICKLY.

will begin to ruu only us from date.

Germany regains full economic and fiscal sovereignty in her territory, and UNRULY MEMBERS SUSPENDED payments will be available not only for, reparations, but for all peace treaty charges, and the interest on nny loan.

CONTROL OF BAILWAYS.

LONDON,. April 8th. The shipbuilding unions have suspended the whole 1,200 members of the three recal citrant branches at Southampton.

The balloting of the remainder is

The railway.company to have control of German railways for 50 years) will be administered by a board of eighteen mem-ceeding bers, half of them to be nominated by trustees appointed by the Reparations Commission.

HUNGARY'S FINANCE.

LONDON, April 8th

The Managing Director will be a Ger- man, but a foreign commissioner will be The League of Nations has appointed authorised to take measures if service the Bostonian Enancial expert, Mr. J. honda cannot be assured.

The Reich hould provide five millard Smith, se Commissioner General for the gold marks in debentures in industrial Financial Reconstruction of Hungary, Mr. cent, to being stores at five per Smith participated in the organisation of cent.; to be administered by the Repara- 1long Commission's Trustee.

the Chinese Consortium,

LOYAL SPEECHES ABOUT THE PRINCE.

with that respect and warmth worthy of his high position and the South African people. (Cheers.]

"VERY ROYAL WELCOME.”

the that

never.

sought

re-imbursement

CRIME AS A DISEASE.

CERTAIN PRINCIPLES.”

the Council should participate in the pro netentions and as a

and har

ая д

to visit had indeed the Government 13 regard to insanity in murder cases, ho purchase but it la stated that the Council amicably and fairly, sckled to the Nati an election turmail, and he hoped that the of Lord Janes Atkin and hin colleagues is giving particular attention to this surfaction of both parties and the pa

gestion of the Company.

on a fair way to the prosperity it has invitation would be renowed when the had provided a final solution of this vexed

long been debarred from. (Continued at foot of hark column.) clictions were over.

question.