1926-01-29 — Page 7

CABLE AND WIRELESS

NEWS.

(BRITISH WIRELESS SERVICE.] ITALY AND BRITAIN... PRESS VIEWS ON DEBT SETTLEMENT.

A JUST AGREEMENT.

Rucny, January 8th.

As was paticipated by Mr. Churchill, in his speech yesterday, the terms of agreement with Italy, for the funding of the Italian war debt to Britain, have encountered some criticism in certain sections of the Press which consider that,

in accepting £4,000,000 annually for 62 years, the British "Government has acted with unique generosity.

THE HONGKONG DAILY PRESS, FRIDAY, JANUARI 29TH, 1926

ITALY'S WAR - DEBT, AGREEMENT FOR REPAYMENT SIGNED IN LONDON.

DETAILS OF BETTLEMENT,

Rugby, January 27th. The Anglo-Italian Debt Agreement was signed this morning at the Treasury by Winston Churchill, the British Chan- cellor of the Exchequer, and Count Volpi, The the Italian Minister of Finance. agreement provides that Italy shall pay

(THROUGH REUTER'S AGEXOV-] SUDDEN DEATH. DRAMATIC INCIDENT DURING CHURCH MEETING.

{THROUGH HEUTER'S AGENCY.] POLITICS IN GERMANY. PROGRAMME OF CABINET IS APPROVED."

BERLIN, January 97th,

Assy, January 28th.

At the opening of the debate on the There was a dramatic Incident at a mesting of the committes to consider the Government's programms in the Reich competence of the general synod of the stag, the Centre leader, Herr Fehrenbach Dutch Reformed Church to decide whe and the Socialist, Herr Mueller approved ther the well-known Amsterdam clergy of the programme. Herr Mueller de man. Dr. J. C. Geelkerken, had rightly manded that Germany should enter the been declared "a suspect," owing to his League without delay and uncondition. alleged unorthodox views in regard to ally. He agreed with the other parties certain narratives in the Old Testament-view that promises made to especially whether the serpent actually many had not been fulfilled, but declarod

Discussions in committes were most spoke to Eve in the Garden of Eden. heated; and the speakers indulged in, personalities. When the excitement was at its highest, the Chairman, Demoor, suddenly collapsed and died

apoplexy.

Dr.

£4,000,000 in the current financial year. £4,000,000 in cath of the next two years, and £1,250,000 in the succeeding years until 1986-87 Payments will be made in

• It is, however, geacrally recognised that, sterling half-yearly, the first payment politically the settlement represents an taking place on March 15th next. Italy important development in the economia will issue and deliver to the British Trea- stabilisation of Europe. It is pointed out)ury by February 20th bonds in respect almost immediately, apparently from that so long as the Inter-Allied debts of cach of the payments provided for, which are to be free of all Italian taxes.- remained unsettled they constituted a

Italy has the option of postponing such harrier to economic progress.

There will doubtless, also, be general part of any half-yearly instalments fall recognition abroad of the fact that, ining due on or after 15th September, 1999, so far as terms of settlement involve the as exceeds the sum of £1,000,000 for not cancellation of large proportion of more than two years, but only on condi- Britain's claim on Italy, they express the tion that the instalments falling due in nermanent good will of Britain toward the Italian Nation and a keen sense of the implication of comradeship in war. It is equally beyond doubt that the settle ment is inspired by the clear British perception of the essential unity of European peoples in the present condi tion of the world."

The Times says: "Count Volpi and his colleagues of the Debt Funding Mission have deserved well of Italy in effecting settlement which is not ungenerous and which is, so far as can be judged, well within their country's capacity of pay ment. Here, generally, the feeling will undoubtedly be one of quiet satisfaction that the chief financial question of out

the second succeeding year cannot he postponed until the instalments due for two years and for one year previous shall have been paid in full. The postponed payments shall bear interest at five per cent. per annum.

"GIVE AND TAKE"

An important clause of the agreement provides that if at any time it appears that the aggregate payments effectively received by Great Britain under the Allied Debt Funding Agreements and qu account of reparations or of liberation demands, exceed the aggregate payments effectively made by Great Britain to the Government of the United States of

AMUNDSEN EXPEDITION. ITALIAN DIRIGIBLE TO VISIT RUSSIA.

Moscow, January 28th.-

It is announced that as a result of nego

tiations with, the Soviet Air Administre tion, Amundsen's Italian dirigible will visit Russia on its forthcoming fight to the North Pole, if a suitable hangar car be found at Gatchina, near Leningrad.

THE EX-KAISER. ANNIVERSARY OF BIRTHDAY IS CELEBRATED.

AMSTERDAM, January 27th:

The ex-Crown Prince of Germany was absent from the ex-Kaiser's birthday-

Gør-

that opposition to their fullment, did not coms from statcamen but from militarists of the Entente, owing to the "sword rattling of the Germed Nationalist press.

BITTER CRITICISM. Count Westarp, the lender of the German Nationalists, bitterly, criticised Her Stresemann's policy and remarked that the impossibility of carrying out the Dawes Plans was now generally recog nised.??

(THROUGH HAVAS AGENCY.] FRENCH IN MOROCCO. TRIBES NORTH OF WERGHA SURRENDER,

PARIS, January esth. All the tribes of the Metrus, north of Wergha, have submitted. Partianns and our cavalry have taken Taunat and

to Echehur. Thus the whole area north of Wergha has completely submitted French rule...

{TEROUGH RJUTER'S AGENCY,Į HEAVY-WEIGHT BOXING. GEORGE COOK DISQUALIFIED AGAINST SCOTT.

EDINBURGH, January 7th.

FAR EASTERN CABLE NEWS.

THROUGH REUTER'E 'AGENCY:]

PREHISTORIC MONGOLIANS.

SWEDISH PROFESSOR'S DISCOVERY IN CHINESE TURKESTAN.

STOCKHOLM, January 28th.

gists is being held here in connection with An intercating meeting of archaeolo

Professor John Gunnar Andersson's dis covery in Chinese Turkestan of the re- mains of a prehistoric Mongolian people, dating from 3,000 B.C.

On the invitation of the Crown Prince, President of the Swedish Archaeological Society, Professor Pelliot of Paris, Mr.

Boxing in a twenty rounds contest for T. L. Hobson of the British Museum, Mr. the British Empire Heavy-weight Cham-Raphael (owner of one of the largest pionship, which was witnessed by nearly private collections of Chinese antiques in 90,000 people, Phil Scott"best the Aus the world), Professor Karlgren of the tralian Champion, George Cook, who was University of Gothenburg and Dr. Sven disqualified in the eighteenth round for Hedin examined the collection. holding.

of the "Mongolian race 3,000 years ago. as showing the intellectual connections

with the peoples of Central Asia, South Europe and Africa.

Professor Pelliot, in a lecture, emphasia- It was a poor fight, mostly clinchinged the great importance of the discovery Cook who was repeatedly warned for holding, floored Scott in the fourth round for a count of eight. After this Scott Amid interruptions from the Hight, Dr. Luther refused to give information improved and led narrowly on points of negotiations between Germany and the at the half-distance. He further im- Allies. He said the Reichstag must supe proved and landed stiff rights to the port and not merely tolerato him. He head and face and lefts to the ribs. There demanded a positive vote of confidence, we no surprise when the refarce inter- which will be voted to-morrow and willvened in the eighteenth round, disqualify. probably be adopted by a small majority. ing Cook for holding.

HANGS BY A THREAD.

PABIS, January 28th. The fate of the Luther Government hangs by a thread. The Chancellor at present is trying to persuade the Economic Party" to vote pro-Government in the Reichstag, this evening when the

[REUTÉR'S AMERICAN SERVICE} STORM IN ATLANTIC. HEROIC ATTEMPTS TO RESCUE SAILORS IN DISTRESS

HALIFAX, W.S., January 27th.

A wireles from the Geraan steamer

"..

FROM PREUMONIA.

DEATH OF VISCOUNT KATO, JAPANESE PREMIER SUCCUMBS

IGNATION OF CABINET.

Tokyo, January 99th. The death is announced of Viscount Takaaki Kato, G.C.MG., Premier. of Japan.

CAUSE OF DEATH.

··LATER.. ledications et pacumonia developed last night. Early this morning the patient became. comatose and failed to rally Viscount Kato's devotion to duty, despite medical advice, resulted in over-

standing importance between ourselves America in respect of war debte, an celebrations, it is believed owing to of vote of confidence is taken; otherwise the and Italy has been settled on a prac-account shall be drawn up by the British jections raised in consequence of hi Government is in danger of defeat sirce Bremen reports that the British freighter strain which left no reserve against be felt here because the amount is not allowed on both sides of the account. If fight from Wieringen. A special service the attitude of the Socialists is by no Laristan has broken, up in mid-Atlantic illness,

tical basis. Any disappointment that may Treasury, interest at five per cent being

larger must give way to consideration of principles loftier than those underlying a purely profit and loss transaction British policy in the vexed question of war debts has been animated by the broad view of her responsibilities and obliga

tions."

ANOTHER STEP FORWARD. The Morning Post says: "The settle ment may be said to mark another step in the process of the unification of Europe. of which the arrangements concluded at Locarno were the beginning, and, as it is to be hoped laid the stable foundation of enduring peace. However friendly may be the sentiments entertained by one nation to another, the existence of on undetermined liability between them must be embarrassing to both parties Friend ship between Italy and this country happily remained unimpaired and indeed has been steadily strengthened during and since the war; and the terms of the settlement are themselves proof that any doubts and misunderstandings which may have existed have been dissipated."

FURTHER TAXATION. The Manchester Guardian, in drawing attention to the generosity of the terms, points out that capitalised at 5 per cent the annuities represent a total sum of £88,000,000 which is to be paid in satis faction of a debt of £810,540,000. Italy is, therefore, relieved of an amount of 2624,840,000.

that account shows that receipts exceed payments, Great Britain will credit Italy, against the payments next due by Italy, with such proportion of that excess as the payments effectively made by Italy bear to the aggregate sums effectively received by Great Britain under the Debt Funding Agreements

Thereafter a similar account will be drawn up by the British Treasury ench year and any further excess of receipts over payments shall each year give rise to a credit to Italy of her proportion of such excess. On the other hand, any. deficit shall he made good by an increase in payments next due by Italy up to a similar proportion of such deficit within. the limit of the total of the amount of credits already allowed to Italy under this article.

Finally, the agreement stipulates that the £2,200,000 of gold belonging to Italy, which was deposited under the agree ments of 1815 against the Italian Debt, will be retained by Great Britain as a non interest-bearing deposit and will be re- leased to Italy as to the sum of £1,000,000, in eight equal half-yearly instalments commencing on the 15th September, 1029, and terminating on the 15th March, 1982, and, as to the balance, in equal half- yearly instalments commencing on the 15th September, 1932, and terminating on the 16th September, 1037, provided always that all annuities due under the agreement have been integrally paid to date.

was held in the house at Doors, attended: by Princess Hermine, Princess Louise' with her husband and "children, Prince Henry of Prussia and Princess Margaret of Hesse.

-OIL AT KAIDAKBAYM. NORWEGIAN CONCESSION IN CASPIAN TERRITORY:

Oslo, January 27th. Norwegian experts have investigated twelve thousand square kilometres of land at Kisdakbaym, East Caspian, "where a Norwegian oil company has obtained ̈ ̈ä. concession and they report that geological conditions favour oil production in four places.

Boring experiments are to be conducted shortly with a view to actual production this year.

means clear.

FRANCE AND BRITAIN. SIR AUSTEN CHAMBERLAIN

ARRIVES IN PARIS..

PARIS, January Fith

H. Briand met Bir Austen Chamberlain on his arrival from Rapallo. The latter proceeded to the British Embassy and it

expected he will spend two days in Paris, and confer with M. Briand to- morrow, proceeding to London on Friday..

FOOTBALL AT HOME.

SCOTTISH CUP. DRAW FOR SECOND ROUND OF

LONDON, January 27th. The draw for the second round of the the following result:-" Scottish Cup was made yesterday with

Hibernians v. Airdrieonians. Bo'ness v. Bathgate. Falkirk e. Montrose Aberdeeniv. Dundee.. Morton v. Raith Rovers Arthurlic. Clyde, Celtic v. Hamilton Acad. Third Lanark v. Leith Ath. Stenhousemuir 1. Rangers. St Johnstone. Queen's Park. Selway Star v. Brechin City. Arbroath, St. Mirren. Forfar Ath. Dumbarton Alloa Dundee Un, or Hearia. Partick . King's Park.. Albion Rovers Peebles Rovers Matches will be played on February

In making passing reference to the clause in the agreement dealing with the Balfour note principle, Mr. Churchill re marked that up to the present Britain had paid the United States £100,000,000 reparations and had received from "Britain's national debt is permanent- Before the signatures were appended £25,000,000 and nothing from war debts. in relation to the pari pasan principle ly increased by this colossal sur, for to the agreement, short speeches were He proceedert to examine the settlement which an annual service of £25,000,000 made by Mr. Churchill and Count Valpi

and for this purpose he said comparison Mr. Churchill said that the British will have to be raised by the British

with the settlement made between Italy Government, in leaving him wide dis Government in taxation."""

cretionary power in the negotiations, had and the United States had become neces desired him to take into considerationsary. But there were many points of | 8th. the whole course of Britain's happy rel dispute about what would actually con- tions with Italy in the immense tasks of stitute pari passt, and, in the case of the war and the period of reconstruction. the American debt, there was no quer?" and other points of difference made simple Great Britain bad always recognised that tion of a gold deposit to be considered payment of the debt must take full account of the capacity of payment of actuarial calculations inappropriate.

this connection be mentioned the relative the debtor. He was glad to have been

early payments against large later pay able to carry through a definite settlement importance that was to be attached to which, in the judgment of the British Government, was of a most generous ments. character, having regard to Britain'rown obligations. He believed this settlement would cement the long and unbroken bonds of Anglo-Italian friendship. He was sure it would condece to the re-estab lishment of Italy's credit on a secure and stable basis and that the concessions

"HOMEWARD BOUND. " The Italian debt funding delegation left London this morning....

Count Volpi, in an interview said that problems, which the members of the dele gation "faced, had been complex and naturally the settlement did not meet the wishes of either government; but the people of Britain and of Italy would welcome an agreement which may be termed just.

PREMIER AT SUNDERLAND... REASONS FOR SOBER CONFIDENCE AND MODERATE OPTIMISM

RUGBY, January 28th,

than compensated by this further step in the restoration of Europe.

MR. CHURCHILL EXPLAINS.

On strict acturial calculations, the British settlement was considerably less favourable, but it was more favour able, on the pari passu basis for the next 22 years, and much more so in the im mediate future.

ANY COMPARISON DIFFICULT

RE-PLAYED MATCHES.

with the loss of twenty-five members of the crow. This is the final chapter in the heroic efforts of the Bremen which stood by for twenty-four hours and rescued six of the Laristan's crew, but mountainous sea frustrated further

efforts.

Lew

similar fight is in progress a miles to the south, the American liner, President Roosevelt, having hitherto lost two men and six boats in trying to rescue the crew of twenty-four of the British steamer Autinoe. The rescuers have been forced to suspend operations pending the abasement of the gate.

ENTIRE CREW SAVED.

VALENCIA, January 28th. The steamer President Roosevelt has wirelessed that she has rescued the entire crew of the datinge. She has proceeded on her voyage, leaving the Antince in a sinking condition and very dangerous to navigation.

"

The late Viscount Kato (created 1916), who was 65 years of age, was appointed Prime Minister in June, 1924, Mr. Kato was educated at Tokyo University. From 1888, Mr. Kato was private secretary to the Foreign Minister in 1864, he was appointed Minister to the Court of St. James, which post he held for 3 years," returning in 1908 as Ambassador to Temain until 1913.]

CABINET RESIONS.

Toxro, January 28th. The Cabinet held an extraordinary conference this morning, for the purpose of deciding its future course of action. The members en los have tendered their resignations. Ma

Mr. Wakatsuki, the Home Minister, was He has also succeeded the late Viscount appointed to act as Premier. Kato aa President of the Kenseikai, the Government Party:

AVIATION, IN CHINA. CHANG TSO LIN EVINCES FAITH IN FRENCHMEN.

PARIS, January 28th, The airman, M. Poulet has returned to France after & years' pioneering aria- tion in the Far East. He will remain here 2 months and then return to China.

M. Poulet emphasised, the activity of German propaganda in the Far East in New Yong, January, 23th.. favour of German machines; but said that- The report of Captain Fried, com-Marshal Chang Tso Lin was deaf to it and was sending 30 Chinese to France mander of the ss. President Roosevelt to be trained as pilots.

GALLANT VOLUNTEERS.

shown the heroism of the steamer's crew

in rescuing those on board the Antinge, who had been foodles for two days and were too weak to take a chance by jump-

The results of matches re played to daying into the sea. The rescuing boats,

were :--

Hearts, 1; Dundee Un., 1 Airdrie, 7, Queen of South, 0 Morton, 4; Dykehead, 13144 Buckic This, 1; Dumbarton, B

ale of Leven, 1; Stenhousemuir, 2.

CRICKET IN AUSTRALIA.

SOUTH WALES VICTORIA IS DEFEATED BY NEW

SYDNEY, January 27th.

TRADE WITH 'OHINA.

BRITISH PREMIER NOT TOO. HOPEFUL OF OUTLOOK:

LONDON, January 27th. Alluding to the portents of trade im which were manned by volunteers, reprovement, Mr. Stanley Baldwin, speak- in a most dangerous position owing to ing at Sunderland, said that since the imposition of the silk duties no fewer the heavy swell constantly threatening than fifty new silk companies had been to smash them against the side of the registered in Britain. Many Continental "Antinoe..

firms had arranged to build factories in Britain, which, after America, is the largest producer of artificial silk in the world. He added that Canada had in creased its spending power by a great harvest, and the same applied to Aus

Twelve of those on board the dutinoe were rescued during a favourable spell,

The Captain and twelve others, who remained aboard the Antinue, are now tralia and India reported to have been rescued, "the sea

THE WORLD COURT"," DEBATE CONTINUED IN

AUS. SENATE.

I am told that trade shows a remark- able resiliency, even in China, though we cannot hope for any development until more settled political conditions prevail". He was unable at present to say that he was very hopeful thereof, but he was doing his utmost, in conjunction with other parties to advance a settlement with China

New South Wales defeated Victoria, Mr. Stanley Baldwin, the Prime Mini which Britain had made would be more Mr. Churchill said the Cabinet had left by an innings and 96 runs. The scores having apparently moderated,

tions and had directed him to have regard New South Wales, 708: ter, in a speech at Sunderland last

him very wide discretion in these negotia-winning to various other considerations, for exat Victoria, 200 and 322 night, dealt with industrial affairs and

Flo,the whole of the British relation For New South Wales, Collins made referred to signs of improvement in the

In an interview with the Press after ship with Italy before, during and since, 143, Kippar 71 not out, and Kelleway. outlook, which had been apparent during the last few weeks. He said there were the agreement had been signed, Mr. the war. That relationship had been ones For Victoria, Ponsford made 79 and

WASHINGTON, January 27th

PEKING-HÁNKOW LINK at least good reasons for sober confidence Churchill made a detailed explanation of of unbroken friendship sad cordial co

In the Senate discussion on the World and moderate optimism While refrain its terms. He pointed out that Italian operation in many fields, He had also 138, and Woodfull 126. In the bowling,

A Court, a drastic application of the RAILWAY TRAFFIC COMPLETELYY ing from any anticipation of the report sterling bills falling due at various-dates to remember that on various occasions Everett, for New South Wales, took four

STOPPED. of the Coal Commission, the Prime and held by Britain, to the amount of British Governments had tentatively diskote for 67 runs, and free wickets for Minister endorsed the words of Lord £810,640,000, represented the value at the cussed the question of debt repayments unofficially reported that the closure failed to stem, the current of the

HANKOW, January 26th Londonderry, the large Durham coal present time of £592,000,000. When allow and, although no legally binding offere owner, who a few days ago declared that ance was made for Britain's, obligation had been made, the proposals tendered South Australian, Arthur Richards, debate. As the hour approached to take thers ought to be direct and frank dis to release £2,200,000 deposited by Italy to Italy at such times as when the French and the Victorians, Woodfull and Ellis, the final vote, old controversies with

raised again, and once or twice the It is rumoured that the line is cut between cussion between owners and miners in against her war debt, Italy's total net war entered the Ruhr had to be borne in mind. will complete the team to tour England, regard to the League policies, President There is a complete stoppage of regular debate touched the question of religious Kloshan and Sniping. Meanwhile there the districts on now local agreements, debt amounted to about 2570,000,000 These and other considerations made with Everett se sixteenth man if the Wilson and many other issues were traffic on the Peking Hankow railway. tolerance and the Ku Klux Klan. A are extensive, troop movements from Han in place of a national agreement; that Having dealt with the method by which actuarial calculations and comparison number is extended.

distinguished company of Spectators kow to Honan, troop trains leaving every the initiative should be taken by in annuities for repayment will be made, with the American settlement difficult, if

listened to the debate in the packed tour this morning Troops from other dividual owners and that there should Mr. Churchill remarked that this meant not impossible. --

galleries, web be greater output on a decrease of wages that practically the British Treasury and no increase of hours, would receive £4,000,000 annually for

The Premier sppealed to both sides in years. The Italian Government, he add- the coal industry, not lightly to inflicted, took sole responsibility for these pay further Josses upon other trades and, menta, which were not dependant on the speaking as convinced" pacifist in in amount received by Italy from repara dustry, he expressed approval of the wine tions.

(Contin on next column). decision just reached by the railwaymen

Concluding Mr. Churchill reinstked that the settlement constituted the first appreciable relief Britain had received in obtained at the price of bitterness. It respect of her debt, and it had not been

will that had hitherto existed between the would probably rather cement the good.

two countrica

LAWN TENNIS TEST. SOUTH AFRICANS DEFEAT BRITISH TEAM.

CAPE TOWN, January 27th Bouth Africa defeated the British team Aix in the third lawn, tenuis fest, matches to four.

KESOLUTION. PASSED.

The senate by 76 votes to 17 has ratified the resolution providing adherence to the World Court..

sections of Hupeh are concentrating here from Honan, and large numbers of troope have revolted against the Kuominchun, calling themselves the Tzechichun or Self-Governing Army, and are combining with Hupeh in a northern expedition.