1929-04-13 — Page 2

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THE

HONG KONG DAILY PRESS. SATURDAY, APRIL 13, 1929.

WORLD MYSTERY

OF GOLD.

WALL STREET FEARS A EUROPEAN, HOLD-UP.

CANADIAN CLUE.

Are

still

Wall-street bankers exercised.concerning what appear to them to be a concerted action throughout the world to prevent the movement of gold from foreign countries to the United Statez

Recent developments in London,' Amsterdam, Rome, and Ottawa are responsible for The high money rates in New York this impression. have attracted large amounts of foreign capital to New York, and the resultant pressure against the currencies of most of the important foreign countries bas threatened to bring about shipments of gold from many sources. ·

%

Discount Rate Advance. The Bank of Italy, for example, advanced its rate of discount from 8 to 7 per cent., the second upward revision this year. This advance was doubtless a reflection of the conditions in Europe in conse quence of the advance of the dis

count rate of the Bank of England fromto per cent. recently.

At the same time cables received in Wall-street from Amsterdam in dicate that an advance in the dis count rate of the Bank of the Netherlands is imminent..

LINER RAMS A

LIGHTSHIP.

SKIPPER DEAD, SIX MEN SAVED.

GOODWINS DRAMA.

The Gull lightship, one of the five when the Channel was in the grip that guard. the Goodwins, was sunk of such a fog that the din of fog horns dad maroons made it almost impossible for people at Deal to sleep..

One of the ships that were grop Ellerman cargo liner City of York, ing their way up-Channel was the a ship of 7,844 tons. She was only crawling along, but when she hit the lightship, invisible from her deck

SLUM BOY'S RISE

TO FAME.

LADY DOCTOR AS A GOOD FAIRY.

MOTHER'S DEATH.

A romance of n London alum'such. as Dickens might have immortalised

in one of his heart-break novels was revealed in the cold atmosphere of

a coroner's court,

It is the story of a starving woman and her infant boy resoued

a prison cell, by a woman doctor from a one-room home, as bare as

twenty-two years ago.

"Devoted Friend."

"The woman was brave; ehe did not complain. She seemed a nice, superior woman, and I felt I could not leave her in her misery. I took her into my service, and she came to live with me, and all through those long years "she remained my faithful," devoted-no, not servant, I prefer to call her my friend,"

silent homage to her slum friend, De Fox paused for a moment in and then re-told the story which only a few hours previously she had related in the coroner's court of the slum boy's meteoric rise to fame in the Civil Service.

The boy did well at Monnow-

road Comcil school, and passed on The slum child of nearly a quar-she continued. "I helped him by to St. Olave's Grammar School,"

paying for his books, and later he with a double first. went to Cambridge and passed out

in the fog, the little vessel dis-ter of a century ago is to day a appeared in a few moments.

The master of the lightship, David magistrate in India, having risen Williams, was drowned, but the six step by step from a Bermondsey other men on board were saved, Council school, to Cambridge Uni- and in icy water, largely owing to after a terrible ordeal in darkness versity, where he had a distinguish the strenuous work of one of their wich own number, Alfred Good, of Har-.)

»

Could Hear the Engines. representative when the six rescued Good told the story to a Press men, dressed in all sorts of odd- ments of garments lent them by the Liner's crew, were landed at Tilbury by the City of York.

"I was one of three men deck," he said. "I had known for. on Naturally, what the Bank of

half an hour that a large ship was England does is of paramount in-close by. We could bear the en- terest, but similar developments in gines, and the ship had been sound- other countries have also their ing its fog borns regularahast replied with the regulation blast every two minutes.

effect in New York,

British shipments of gold to the United States had been predicted,

but it is understood that they were prevented by the unexpected sup port of sterling from French sources, which sold dollar balances to buy sterling.

Canada presented a few days ago one of the most striking examples of the trend of events.· Canadian dollar at one time went The to a discount of 1 per cent, the lowest mark recorded for many years. This would ordinarily have enused a heavy movement of "gold from Canada, but no such move has yet been announced.

12

ed career.

Fatal Fall. The inquest which brought the romance to light was on a widow, of age, who died in Guy's Hospital Marion Carleston, fifty-three years from injuries following a fall.

The first scene is laid, in a small bare room in a tiny cottage on the Iriage of Bermondsey.

Dr. Selina Fitzherbert Fox, of the Bermondsey Medical Mission, came. across the woman in the course of plight of this young widow with her her daily round. The pitiable child wrung the heart of the doctor. Suddenly the liner loomed out She took the woman and child to of the darkness and crashed into her own home, in Grange-road, us. We were struck on the port side Bermondsey, made the mother her nearly amidships. I was hurled off housekeeper and almost at once at a dangerous angle, my feet. The lightship heeled over protégé. and I realised that it would float for only a matter of seconds.

My first thought was to try to I had almost succeded, although launch the lifeboat on the port side. single-handed, when the liner, the bow of which had been stuck half way through our boat, reversed its engines to pull clear of us.

Lifeboat Tomm' Away.

"The lifeboat was torn away by the bow of the liner. The sea poured in until it was almost water- logged, but I knew that this boat was our only chance and so I jump- ed for it.

The practice hitberto in ballion movements between Canada and the United States is for them to be made through the Canadian banks, acting as agents of the American banks. The Canadian banks are declining to act in that capacity, friends had been flung into owing, it is believed in New York, the water and were swimming about. to the pressure from the Dominion We kept in touch with each other authorities.

by shouting. Somehow I managed to row the waterlogged lifeboat, and I was able to pick them up one

Gold Reserve Protection, Financial experts in London have realised for some months past that concerted action would have to be taken by the countries outside America to protect their gold re serve. The development described above illustrates some of the steps now being taken to counteract mass speculation in America

oue. The three who had been sleeping below had rushed on deck and plunged into the water before dressed only in their night clothes, the lightship sank under them."

He was sleeping in his cabin, which "Not one of us saw the captain is near the part of the ship which was struck The damage caused by the collision would have cut off his only means of escape, and I am afraid he was drowned like a | rat in a trap.”

Another member of the rescued

The United States of America already holds more than half of the world's supply of gold. In the second half of last year there de- veloped on Wall-street the greatest share boom that the world has hitherto seen. All the capital that crew said that he and his mates could be spared was used for speetan hour before they were able to were in the water for nearly half lation, and many rates were forced clamber into the boat manned by up to unheard of levels.

Alfred Good.

The call-money rate frequently touched 12 per cent., with the re- sult that gold began to flow towards New York from all parts of the world in order to obtain the benefit of these high rates.

Successive advances in the New York Federal Reserve rediscount rates (which is practically equiva lent to the Bank rate) entirely fail ed to check the share boom. Money rates advanced out of all propor tion to the increases in the official Bank rate, and gold continued to flow into the the United States from the countries outside.

Last Man Sayed.

H. Garner, who was the last man to be saved, was still in a state of collapse when he was landed. The other men saved are Alfred Richmou, R. Cole, E. G. Smith, and Percy Brett,

The Gull lightship's post could motor-boat Lady Beatty, which had not be left unguarded, and the Deal been first on the scene after the collision, held the fort, armed with A small red flag and muffin bell

The lightship "sunk was a relief ship, No. 38, which had no wire- lega. The original Gull lightship was removed only shortly before for overhaul and repairs. The 'relief ship was manned by the original

Bank Rate Raised." The gold reserve to the Bank of England became so depleted that on February 7 the Bank rate was raised from 4 per cent, to 5 per crew. cent. This resulted in checking the David Williams, the drowned gold outflow, but has failed to at master of the lightship, would have tract gold from abroad, and it is been sixty years old in October, considered probable that a further when he would have been entitled advance may shortly be necessary to a pension on retiring. His home if the sterling dollar exchange fails was in Brooklyn Road, Dovercourt. to rise above gold point. Other He leaves a widow. Continental countries have had to When the Gull lightship was re- raise their bank rate, and further placed Williams declared shortly similar movements are likely to before leaving home that he did not take place.

ship, and that he wished he was not like the idea of changing to a new going to sen...

The banking authorities in New York are aware of the difficulties that Wall-street speculation is eaus ing in foreign countries, and they are proposing to take steps on their own account to discourage the em ployment of foreign balances in Amerien.

Meanwhile foreign countries are taking concerted steps to prevent the influx of gold to America. The stepa, involve the penalisation of trade and industry by high money rates.

An inquiry, regarding the use of cocaine at Sculcoates (Hull) Work house was held privately a few days

ago.

"

The remainder of the crew are all residents of Harwich.

HOW CAN IT BE SAID?

JOHN MCCORMACK TO SING FOR THE "TALKIES."

John McCormack has admitted that he may soon appear in sound motion pictures.

Io reply to New York reports that he may enter the "talkies" the widely known tenor said: "I have been approached by several -Iti-announced that Sir Gewalt ducers and I must admit the high. different sound motion picture pro Mosley's name was included by salaries they offer are very tempt- error in the list of nominations for ing. I may decide to appear in the the chairmanship of the ILP., and “talkies" soon, but for the pre- that Bir Oswald will not be a candi- sent I have not signed any con- date.

tracts.

the son

her

Dr. Fox sat in her consulting rooms in Bermondsey, and told the tative. story to a Daily Express represe

little house," she said, she was "When I saw her first in her practically on the verge of star- vation. The home, if you could call it a home, consisted of a broken chair; a bed, and a basin.

WET ECZEMA ON CHILD'S SCALP

In Pimples, Hair Had to Be

Cut. Cuticura Healed.

"My little girl wan"troubled with wet eczema. It broke out in pimples behind her.cara azid on her scalp, and caused her to scratch. The pain was so bad that it kept her swaks at night. All her hair Find us be cut. "I read an advertisement for Cul- cura Soap and Ointment and sent for a free sample. She derived anch wonderful restilts that I purchased another box of Cuticut Olatent which healed her." (Signed) Mira. Mary Rica, 13, Anglesey St., Bootle, Liverpool, Eng.

Cuticura Soap, Ointment and Tel- chat are all you need for all sollet uses, Samp to cleanse, Ointment to soothe, Tales to powder.

Sampla cach Soap, Ointment and Tales free upon request, from Darten Price & Company, L., F. O. Bax 650, Shanghai,

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she added, "just as mother and son Now this tragedy has come,"

were on the point of being reunited. for his mother to go out to India LADIES COLLEGE, JERSEY, CHANNEL ISLANDS— The boy was making arrangements to stay with him this year. It is very sad.'

INDIGESTION SHORTENS

LIFE.

and

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