1926-03-29 — Page 7

FRENCH POLITICO-FINANCIAL CRISIS..

THE FINANCE MINISTER'S PROPOSALS.

THE BOAT RACE: DETAILS.

(THROUGH REUTER'S AGENCY.]

FRENCH FINANCES.

NEW TAXES TO MAKE ENDS

MEET:

Fais, March 7th.” In the Chamber of "Deputies, the Finance Committee agreed to new taxa tion yielding an estimate of 1,350,000,000 francs, including a profits tax on the conveyance of real property, an increased tax on the tale of businesses and doubling the turnover tax on firms whose figures exceed a million francs.

It is understood that the Finance Minister, M. Peret, is willing to accept a compromise on the proposal to make up the remaining deficit of over milliard franes by a general turnover tax exclusively confined to wholesalers and middlemen.

HOPE OF A SETTLEMENT.

'LATER

The Ministerial Council have discussed

the Enancial situation. M. Raoul Peret indicated there was hope of reaching

ar agreement in the Finance Committee,

and added that he was prepared to make a further effort at conciliation as far as was cor patible with the imperious necessities of the hour.

The Council, unanimously approved of M Peret' attitude. Subsequently Peret said he would wash his hands of the whole business unless the Business Turnover Tax and other taxes was voted by March 31st.

M. Peret declared the Government. was unanimous on the necessity for a speedy vote, and would, if necessary, stake its existance thereon. Things could not con- tinue in this way. They were at the mercy of the slightest incident which might mash up everything. He was not afraid of any complication at the moment, but if demands for reimbursement of Treasury Bonds should pour in he would be reduced to resort to inflation which he would not have at any price.

THE HONGKONG DAILY PRESS, MONDAY, MARCH

*ELECTRICITY BILL.

HOME GOVERNMENT FACEB

DIFFICULT PROBLEM.

LONDON, March 29th. The Government faces another difficult problem when the second reading of the Electricity Supply Bill is taken to-morrow. Much opposition is pect from Government supporters. The strongest fealing exists among a section of Conservatives against the Bill which is regarded as the thin end of the wedge of Nationalisation.

BX-

Some forty have indicated they are supporting the unofficial motion for the Bill's rejection on the ground that it is Socialistic. It is unlikely, however, that this motion will be moved as Labour amendment advocating a publicly owned system which takes precedence, while Government circles contend that most criticism arises from the fact that the Bill's technicalities are imperfectly understood. The situation needs careful handling, and it is expected that the Government will be induced to accept

some modifications.

ANTI-FASCIST MEASURE. OFFENDERS TO LOSE PROPERTY AND CITIZENSHIP.

Roue March 27th

The new law against politient refugees is applied to the case of the ex-Socialist depptics Antonio Vaciren, residing et New York and Angelo Tonello, living at Lugano.

The former is deprived of rights of Italian citizenship and his property con- fiscated for alleged ajsteraatic vilifica tion of Italy in the United States while Tonello loses his rights of citizenship and his property is sequestrated for two years for allegedly conducting a veno- nous campaign against Fascism.

The Finance Committee of the Cham- her passed by 15 votes to 7, with five abstentions, the amendment of Deputy Morgaine aiming at the institution of a monopoly on the higher grades of petrol.

The amendment provides for State Con- TREATY BETWEEN POLAND AND

trol of the importation of raw petroleo, its derivatives, nad also sugar from January 1st, 1997, but it is not certain that Parliament will pass it.

LATER

The politico-financial situation is dras tically transformed: The Government's fate yesterday seemed sealed owing to the Socialista and Radicals_opposing_an_ja-| crease of the Business Turnover Tax, on which the Government insisted, but to- day, M. Peret suddenly informed the Finance Committee of the Chamber that he had given up this tax and would in- stead submit proposals for an increase in gertain indirect taxes, especially wines. beers, spirita and certain stamp duties.

M. Peret asked for a little time to put the finishing touches on, the new project, and the Committee readily agreed, thus the anti-Government majority on the Turnover Tax is averted at the eleventh hour.

[THROUGH HAVAS AGENCY.]

THE MOROCCAN WAR

A STATEMENT BY MONSIEUR PAINLEVE

PABIA, March 28th.. . Painleve, beard by the Finance Committee of the Chamber, stated in the recent fights in Morocco, the French troops made good progress,, with unim- portant losses."

The Government remains willing to contemplate, broaching negotiations as soon as circumstances make it possible, but will act in full accord with Spain towards a pacific settlement of the Moroccan question. It is for their enemies to impart to Spain and France their desire for peace.

(THROUGH "REUTER'S `AGENCY.]

FRENCH SYRIAN WAR."

CONVOY TANKS ENGAGE REBELS.

PARIS, March 29th.

A message from Beirut states a French column, while proceding from Bednaya .to Nive, encountered hostile forces. Convoy tanks preceding the column, engaged a powerful body of rebels at Barze, killing thirty.

LABOUR WIN.

NO CHANGE IN SCOTTISH COUNTY

BY-ELECTION."

LONDON, March 27th. In the Bothwell Parliamentary by election, Mr. Joseph Sullivan (Labour) headed the poll with 14,830 votes Mr. A O Mackay K.O. (Conservative), was next with 8,740 and Mr. Ernest Young (Liberal) bottom with 1,276. The by election arose out of the death of Mr. John Robertson,

NEW ALLIANCE.

ROUMANIA SIGNED.

BUCHAREST, March 27th

A treaty of alliance between Rumania and Poland has been signed.

THE FALLING FRANC.

LONDON, March 20th. French francs on London have dropped to a new low record, closing at 141.20, on selling believed to be emanating chiefly from Paris.

THE STEEL TRUST. TO BRING DOWN PRICES AND INCREASE TRADE.

BERLIN, March 26th. The Rhenish Westphalian Steel Trust, which will be known as the Vereinigte Stahlwerke, is now practically a fait accompli, and it begins active operations un April 1st. The purpose of the Trust is atated to be reduced general expendi ture by the concentration of production so that the various works will only pro duce material for which they are best suited. It is hoped to reduce the cost of productions and bring down prices and increase trade.. The headquarters of the Trust will be at Dusseldorf-for steel and at Essen for coal. The capital of the Trust, is fixed at 800 million marks, and it is hoped to obtain the necessary work- ing capitai by means of long term loans from the Reichsbank at the reduced dis count rate of from eight to seven per cent, whereas the rate of interest on advances is from nine to eight per cent.

THE GRAND NATIONAL

THE GRAND

JACK HORNER WINS A GREAT RACE

Lesnar, March 26th. " The result of the Grand National, rün at Aintree to-day, was as follows:-

Jack Horner Old Tay Bridge Bright's Boy.....

There were 30 starters. Won by three lengthe, one length between second and third.

The starting price betting was? Jack Hornez, 26 to 1; Old Tay Bridge, 8 to 1; Bright's Boy, 25 to 7:

Instead of being French as the Lincoln was, it was an American Grand National, as Jack Horner was purchased by a leading American financiar, Mr. Charles Schwartz a fortnight ago, from Kenneth Mackay for £1,000. Bright's Boy Dis owned by the popular American Mr. Banford the owner of Sergeant Murphy.

It was an excellent race with an ex citing finish. Old Tay Bridge and Bright's Boy rose at the last jump to- gether, but the former falled to resist At the last election, Mr. Hobertson Jack Horner on the flat. The time was (Labour) best Mrs. H. B. Shaw (Cona min 35 secs. There was no serious servative) by 14,891 to 11,214.

mishap.

|

(THROTON BEUTER'S. AGHEVY. 1

THE BOAT RACE HUGE CROWD SEE CAMBRIDGE WIN

ITALIAN DICTATOR.

ANOTHER BOMBASTIC OUTBURST

·BY MUSSOLINI..

Box, March 26th.

On the occasion of the seventh-ähniver-

1926

FAR EASTERN - CABLE NEWS.

(THROUGH LEETER'S "ÄGENÉK.} THE NORTHFEN WAR.

TSUN.

LONDON, March 27th Fine weather prevailed for the boat of Fasciam, Signor Mussolini has BATTLE EXPECTED NEAR HUANG

issued a

to Italian Fascists say- message race, which was witnessed by a hageing, inter alia: At home the consent crowd.

of the people is thronging ever more Oxford won the toss and chose the around the Government which has selved Surrey side.

Cambridge won, eskily.

THE BACK DESCRIBED,

~LATER.

The conditions were ideal for a fast race, the water being smooth, with a light south-easterly brease an excellent start was made, Oxford had a slight lead early on, but Cambridge rowed beautifully. At the milepost the time was practically level, and a spart by Oxford secured them an advantage, but Cam bridge answered well.

4 ming 3 recs. Here they were

At Hammersmith Bridge (Time 7 mins. 7 sec.), Oxford lead by a bare enavas. At Chiswick Cambridge by a magnificent effort drew ahead, and although Oxford tried hard by Duke's Meadows to reduce the lead Cambridge reached Barnes Bridge in 16 mins. 10 set with the race well in hand.

As they approached the finish Cam bridge with a short spurt, lengthened their lead considerably. The Cambridge crew did not appear to be distressed, but some of the Oxford men were badly done up.

FOOTBALL AT HOME. MANCHESTER CITY AND BOLTON CUP FINALISTS.

LONDON, March 25th. The following English Cup and League matches were played on Saturday:-

CUP SEMI-FINALS.

Manchester City, 3; Manchester U., d (At Sheffield). Bolton W., 3; Swansea,

(At. Tottenham). “THE LEAGUE: DIY. ONE. Blackburn R., 1: West Ham U., 0. Bury, Arsenal, 2.

Cardiff City, o; Leeds United, ◊. Everton, 3 Notts County, Huddersfield T., 5; Aston V., 1. Sunderland, 3; Leicester C., 0. West Bromwich A., 0; Liverpool, 3.

THE LEAGUE: DIV. TWO. Barnsley, 0; Middlesborough, 1. Blackpool, 0; Stoke City, O Bradford C., 1; South Shields, 1... Chelsea, 3; Wolverhampton W., 3. Clapton O., 1; Portsmouth, 1. Darlington, 3; The Wednesday, 1 Derby County, 3; Fulham, 3 Notts Forest, 2, Stockport County, 0. Port Vale, 3; Preston N.E., o. Southampton, 3; Oldham Ath, 1.

THIRD LEAGUE (SOUTHERN). Aberdare A., 1; Swindon T., 1. Brentford, 0; Bournemouth and B.A, Brighton and HA, 1; Exeter C., 3. Bristol O., 4; Gillingham, 0. Crystal P, 4; Charlton A., 1. Millwall, 3; Queen's Park R., Q. Northampton, 3; Bristol R., 0. Norwich, 2; Luton Town, 0. Plymouth A., 3; Merthyr T., 0. Southend U., 4; Newport C, 1. Walford, Q; Reading, L.

THIRD LEAGUE (NCHTERRN), Ashington, 1 Bradford, 1. Barrow, 0; Chesterfield, a Coventry C., 1; Tranmere B., 2 Crewe A, 0; Halifax T., 1.

Doncaster R., 2; Hartlepools U., 1. Lincoln C., 3; Accrington S., 1. Nelson, Walsall, 0.

North Brighton, 6; Rotherham U, 1.p Southport, 6; Durham C., 1. Wigan Boro', 2; Grimsby T., 2 Wrexham, I Rochdale, G

SCOTTISH LEAGUE.

Airdrieonians, 5; Hibernians, 1. Dundee U., 6; Clydebank, 9. Hearts, 2; Dundee, s Motherwell, 2 Celtic, 1. Partick T, 3; Morton, 3.,, Queen's Park, 2; Kilmarnock, Raith Rovers, 1; Falkirk, 4. Rangers, 0 Aberdeen, 1. St. Johnstone, 1; Hamilton A., 1. St Mirren, 2; Cowdenbeath, 1.

INTER-SERVICES' RUGBY.

ARMY WIN THE CHAMPIONSHIP.

TWICKENHAM, March 27th

In the inter-Services Rugby Tourns- ment the Army beat the Air Force by 11 points to nif, and the Army thus win the Championship.

INTERNATIONAL HOCKEY

BEAST, March 27th...

In a hockey match here to-day England defeated Ireland by two goals to one

THE PRINCE'S HEALTH.

LONDON, March 27th

Wales is progressing

The Prince excellently.

LOCAL AND GENERAL. Tanders of the-Wing On Construction Co have been accepted for constructing the main road through the busiest part of Sai Kwan, the Sup Pat Poo, or the 18th Ward, Canton. Work is to start

immediately, i

Miss Coy, of No 7 Cameron Road, has reported to the police, that sometime between March 25th and 25th. A wash house on the premises was entered and linen to the value of $70 was stolen.

PERING, March 26th. It is reported that Li Ching Lin's armoured

train, manned by White formidable problems, whilst the opposi tions of all sorts have been dispersed. Russians, came into contact with Euo

The dance postponed from last week Abroad, Italy is loved or feared and minchun forces at An Ting. Some Sght-

was held at the Craigengower Cricket respected everywhere, despite the impoting took place this morning.

Club on Saturday night. There was i Knomischun reinforcements are pro-large attendance and the dancing, which ent manouvres of old political forces which we definitely have crushed." But ceeding to An Ting from Feng Tai.. Fascism's heaviest-task is yet to be con

fronted, and we must now, under the invincible symbol of Fasces, prepare un ceasingly the material and moral power of the Italian people Blakkshirts By All means and against every obstacle, we shall realize our ideal"

SCULLING CHAMPIONSHIP.

MAJOR GOODSELL ACCEPTS. TOM SAUL'S CHALLENGE

SYDNEY, March suth.

Major Goodsell, the holder, and Tom Saul have signed articles for a sculling race on the Paramatta River on May 3rd, for the world's championship, with a stake of £200 aside.

**

[Major Goodsell became world's ebam- pion fast year by beating the previous. holder, J. Paddon.)

·SOVIET *** REFORMS.' ABOLITION OF MONASTICISM

DECIDED ON....

RIGA, March 28th.:

A message from Moscow says it is announced that the so-called Holy Synod has decided on the total abolition of monasticism throughout Russia and monka. must renounes their vows as not couform- ing with the spirit of the times.

[REUTER'S 'AMERICAN BERVICE-]

MEXICAN BANDITS. NOTE TO GOVERNMENT. PROM AMERICA.

PEXING CUT OFF.

TIENTAIS, March 27th.

A battle is expected shortly near Huang Tsun where rails have been torn up Thus, railway communication, with the Capital is again stopped.

A strong force of Ruominchun troop believed to be the remnants of the Third Armiy, are holding Huang Tsun while the "Allies have sent armoured trains manned by Russians and troop trains carrying Russians and Chinese up the line. Many others are proceeding by

road.

1

continued until a late hour, was very much enjoyed...

*

A Chinese was knocked down in the Taun Wan Road on Friday by a der driven by Lieut. G. C. Fawns, RA. Hu was slightly injured and was taken to the Kowloon Hospital. On the same day there were three minor accidents in Wan- chai, but the victims were only slightly.

bart.

At the Central Magistracy on Satur, day," a Chinese was brought up on rs mand on a charge of unlawfully receit ing 200 bags of gesamum seed, stated to be worth $3,000. It is alleged that de- fendant said that he was manager of the Aai Yan firin, of No. 125, Bonban Strand East, and so received the gooda from another firm. The case was ad journed.

"A GENERAL "RED" EXPEDITIOS..

HANKOW, March 27th. A wireless message from Changsha states the Fourth División is moving from Changsha to Yochow against the The Hongkong University Christian Third Division and the Fochow Garrison. Association is to give a "farewell " Railway telegraphic communication party to the Bev. Dr. T. W. Pearce on between Rentor and Changsha are Saturday next in St. John Hall. During severed. The local Headquarters consi- the evening a presentation will be made der the movement a preliminary to ato Dr. Pearce in recognition of his general "Red" expedition.

ATTEMPT TO CAPTURE PEKING.

TIENTSIN, March 29th, Peking is now completely cut off from Tientsin, neither telephone nor railway communications functioning.

The Kuominchun have established in portant lines of trenches at Huang Taun, with supports two milen behind, in readiness for strong resistance.

WASHINGTON, March 28th. The United States Ambassador Shefeld has delivered a Note to the Mexican Foreign Office requesting speedy punish-All foreigners in Fengtai have gone to ment of the bandits who robbed, two Peking. The Mukden troops are now American mining engineers in Durang ten moving scross country to Peking, and

days ago.

There have been several other anti-it is expected these, with Li Ching Lia's American outbreaks in Mexico recently,

but the State Department intimates the army, will attempt to capture Peking. Note hardly constitutes a protest in the diplomatic sense of the word, and the United States is disposed to view these manifestations merely a recrudescence of banditry, for which the Calles Govern- ment should not he held too strictly accountable.

FALL IN U.S. STOCKS. HEAVY SALES.

NEW YORK, March 28th. In the stock market the average price of twenty pivotal Industrials sank to new low levels for the year, as another stream of liquidation poured out and aggressive bear-selling caused heavy sellings, and weakened marginal accounts. The mar ket.closed with heavy sales which totalled over a million dollars,

MEXICAN OIL...

DISCUSSIONS WITH US. COM- PANIES BREAK DOWN.

PING, March stb.. Gunfire was beard last night, probably at Sanhobsien, where the Fengtion ad. vanceguard is-reported to have arrived ALLIES CONCENTRATING ON PEKING.

SHANGHAI, March 28th. The civil war has reached an important stage, the Manchurian Generale Li Ching Lin and Chang Teung Chang having re captured Tientsin from the Kuominchun Army and now advancing along the railway to Peking, while Chang Tso Lin's cavalry are pushing forward. to Peking from the East, and Wu Pei Fu, who has completely cleared the province of Honan, from the South.

PEKINO, March 28th." General Lu Chung Lin, the Command- art of the Kuominchun Garrison here, New Youx, March 27th. Negotiations at Mexico City between has emphatically disclaimed his inten- representatives of the leading oil com tion of disarming the Chief Executive's panies and the Mexican Government with reference to modifications in the regali (Tuan Chi Jui) Bodyguard, thus greatly tions for the exploitation of oil fields have relieving apprehension stuce. General broken down.

Disagreement arose owing to the oil representatives' inability to accept clauses concerning lands held before 1917. It is expected that the Government will now promulgate regulations and promise to meet the companies' abjection in "aub sequent negotiations.

CHILE AND AMERICA.

SERIOUS COMPLICATIONS ON PLEBISCITE PROBLEM.

ARILA March 27th. Serious complications have arisen be- tween the American and Chilean mer- bers of the plebiscité commission. The Chileans claim that they accepted the good offices of the United States on con- dition that their plebiscite activities should remain undisturbed while the Americans demand complete suspension

thercot.

TACNA ARICA DISPUTE. UNITED STATES CALLED IN.

Feng Yu Hsiang's telegram.

THE DUTCH INDIES, NEW GOVERNOR GENERAL APPOINTED.

THE HAOVE, March 28th. Jonkheer de Graaff, ex-Minister to Tokyo, has been appointed Governor- General of the Dutch Indies.

HONGKONG BANQUE

INDUSTRIELLE,"

DEVELOPMENT IN FORMER MANAGER'S LAWSUIT.

Pants, March 26th.

There has been a further development in the suit brought by M: Durnegin, formerly of Hongkong, against the Ban qué Industrielle de Chine

services in connection with the Associa

tion.

A similar party is also boing arranged by Morrison Hall, of which Dr. Pearce has been Warden, for many years.

D

dance

The usual Sabraon Anniversary Ball is not being held by the Warrant Officers and Sergeants of the 1st Bn., The East Surrey Regiment this year. In ita place the R.E. was given at Theatre, Wellington Barracks, on Friday: evening. Major-General CC Loard, C.B., C.M.G. (G.O.C. the Farcus in China) and Mrs Luard, Col. Montagua

Bates and the majority of the officers of the regiment were prescat

Sanitary Inspector H. J. Knight is retiring from the service of the Hong." kong Government after thirty years residence in the Colony. He leaves for Home on the R Glenamoy on, April 7th. Mr. Knight arrived in the Colony in Within 1898 to join the Police Force. three years he was transferred to the Sanitary Department. Since 1917, Mr Knight has been stationed at Kennedy. Town, where he has been in charge of the slaughter houses, and the home for dogs under examination for rabies He will probably settle down in the South of England..

It is notified in the Government Gazette that it is the intention of HE the Governor to make an Order on the e piration of six months from the date of this notice, directing the removal of all. graves in certain portions of Sections A, B, C, and Plague Tronches in Hau Pui Cemetery, a certain portion of Sec. tion A in Chai Wan Cemetery, and the graves in certain portions of the Tung Wab Hospital Cemetery at Kai Lung Wan and Sham Wan Cemetery. In the cast of the first cemetery the Order will be made for the purpose of the execution. of a public work, namely the laying out of roads and building sites. In the case of the other three cemeteries the Order will be made for the proper laying out of such areas for the purpose of burial therein of Chinese dead,

The suggestion was accepted, and the Bank de Paris et Pays Bas with other Banks subsequently placed at the disposal of the Bank of France a certain reserve which contributed to reduce speculation M. Robineau's letter concluded by pay- ing a tribute to the promptitude and competence of the Bank de Paris et Pays. Bar

"A Paris cable of March 20th stated: M. Durnegin, till 1924 manager of the Hongkong branch of the Banque In- dustrielle de Chine, has brought an action in the Paris Court of Appeal against the Banque for wrongful dismissal, and says he was dismissed for refusing to carry out instructions which it was im- The contention of the Bank de Paris possible to execute, and which, moreover, et Pays Bas-that it was acting for the

were calculated to lower the value of the Government is supported by a letter franc. He says on May 7th, 1994, he from M. Robineau, Governor of the Bank received a telegram from the Head Office of France, to the Directors of the Bank ordering him to buy dollars or sterling The Secretary of State, Mr. Frank de Faris et Pays Bas confirming the re-on account of the Banque de Paris et. Kellogg, has announced that the Governquest of the Bank of France to various Pays Bas to the extent of £100,000 daily. ments of Peru and Chile have accepted other Banks to furnish foreign currencies He refused to carry out the order because the good offices of the United States for for the purpose of increasing the reserve it was calculated to start a panic in Far Bettlement of the long-standing Tacna which was, being amassed to combat the Eastern markets. The Banque de Paris Arica controversy.

et Pays Bas atatement declares that the speculation against the franc

M. Robineau recalls that the Bank de orders mentioned were placed on Govern- Paria, et Pays Bas suggested the Farment account to defend the frame. The Eastern market as being less susceptible to sudden, fluctuations than the Euro- pean and American markets; and, con sequently, suitable for such operations

WASHINGTON, March 28th.

MR. MELLON'S, HOLIDAY.

NEW YORK, March 27th M Mellon Jeft for Bermuda for his Easter Vacation. Sir Robert Horne said farewell to him on the pier, pas

(Continuce on next Column,)-

case may be politically important as the Banque de Paris et Pays-Bas, is asso cinted with the Socialist-Radicals and for two years financed many operations for the Government.