CURRENCY REFORM ADVOCATED.
KEMMERER COMMISSION RÈPORT ISSUED.
NATION-WIDE SYSTEM URGED.
[RECTER'S PACIFIC SERVICE.]
SHANGHAI, March 2
The report of the Kemmerer Commission of Financial Experts, submitted last November to His Excellency T. V. Soong, Minister of Finance, a very lengthy document running into, 200 pages, has. just been published.,
The Commission spent the whole of 1929 in China investigating Anancial conditions. The report, after laying down n Project of Law for the gradual introduction of a gold-standard currency system in China, gives an historical sketch and report on the pre- sent condition of the currency, followed by a scheme for its reform and an explanation, at length, of specific provisions of the gold- standard project, with relevant appendices concerning exchange rates, silver and the circulation of coins and paper-money through- cut the country...
TWO THINGS NEEDED.,
1
A Buffer Fund.·
THE HONG KONG DAILY PRESS, TUESDAY, APRIL 1.
in
Dealing with the proposed gold- and certain kinds of foreign credits payable in gold. Part 11, is to con- standard, the report says:-
sist of gold-standard coins Currency reform, which is urgent China, and metal purchased for coinage purposes. Part I. will be ly needed in China, should involve held in two or three foreign finan- two things-the replacement of the vial centres, at the outset probably present confused currencies by only in New York and London, and will earn interest for the Govern. uniform and nation-wide currency
ment. This part of the Fund is to system, and the introduction of th-be used only for the redemption of gold-standard. The chaotic condi.coins in China by means of drafts
as already mentioned. tion of China's currency is 2. serious handicap to trade and to
Part II. of the Fund, consisting the development and prosperity-cf|
of Chinese coins and metal for the country. China is the only im-
coinage purposes, will provide a portant country to-day upon the supply of new currency as the need arises, or will take up the slack if silver standard. The silver stan-
the currency should become redun. dard is also a grent handicap to
dant. Thus Part II. will constitute China, particularly in the disturb a buffer fund, regulating automati- ing effect it has upon the country's cally the supply of currency in China to changing trade needs. An foreign trade, and in the difficulties excessive drain on Fart 1. of the it creates in the management. of Fund will be checked automatically, the Government's finances, since by a contraction of the currency in China, the currency redeemed gu government receipts are..
almosting into Part 11 of the Fund where. wholly in terms of silver, while it will be locked up. large part of the payments are fixed in terms of gold.
The project of law in the Kem merer Report provides for the gradual introduction of a qualified form of the gold exchange standard and arranges for the permaneat retirement from circulation of the varidus monies now in use, thus giving China a untional and uni form gold currency system
New Gold Unit.
The administration of the Fund and of the gold standard is to be intructed to a Currency Depart ment in the Ministry of Finance. An examination of the Fund may be made at any time by the three bankers associations of Shanghai, by the Chinese Chamber of Com merer of Shanghai or by the Cen tral Bank.
THE ANGLO-EGYPTIAN TREATY.
EXPERT EXAMINATION OF DRAFT TREATY,
[BRITISH WIRELESS SERVICE.]
The new gold currency unit, for which the name "sun has been suggested, is to contain C0,1866 cen- tigrams of pure guld and therefore to have a value equivalent to 40 cents in United States eurrenes (82.50 G.81), to 18. 7.7263d, ster ling, and to 0.8023 Japanese gold
Recay, March 20. yen. This unit wag selected largely
The British and Egyptian nego- because it is of practically the same value, in terms of gold, as the tiations will be formally and pub- silver dollars now current in most licly opened in the Locarno Room parts of China. The shift from the at the Foreign Office to-morrow present silver unit to a gold unit morning, when speeches will be of approximately the same value made by the Foreign Secretary, should involve little if any die Mr. Henderson, and the Egyptian turbance to prices, wages and the Premier, Nahas Pasha,
After this session it is probable relationship between debtors and creditors. If an individual, for ex- that the negotiations will develop ample, receives 100 dollars a month into an expert examination of the on the present basis he would preexisting draft of the treaty, That aumably receive 100 sans a month draft, embodying proposals for on the gold basis, and where an lasting and honourable settlement article now costs him one dollar is of the British Egyptian question, would presumably then cost him was drawn up in agreement by Mr. Henderson and by Mahmoud Pasha. and published last August.
tre 10.
A
The Project provides for silver coins of one sun, 50 cents and 20 cents; nickel-coins of 10 cents and 5 cents; and copper coins of 1 The cent,cent and 1/5 cent. smallest copper coin is not to be minted unless an urgent need for such a coin appears. The Project does not provide "for the minting of gold coins. The gold standard does not require the coinage or circulation of gold, and most coun- tries to-day on the gold standard do not have gold coins in active circulation. The Project provides, however, for the maintenance of the parity of all coins with the value of a fixed gold unit, and, provides
Mr. Henderson, who in a cover- ing note described the proposals, as representing the extreme limit to which he could recommend to the British Government to go, under- took that if the proposals were ratified by the Egyptian Parlia ment, he would at once submit them to Parliament in London, with a view to the conclusion and ratifica tion of the treaty carrying them into effect.
Delegates Wilcomed.
LONDON, March 31.
NAVAL CONFERENCE
A NEW CRISIS REPORTED.
A SENSIBLE REDUCTION OF TRAGEDY ON LAKE REQUIRED.
[THOUGH REUTER'S AGENCY.]
LONDON, March 30. The Naval Conference is continu- ing its attempt to find a formula which will fill the gap between the somewhat vague phrasing of ar corenant and France's definite us ticle 16 in the League of Nations' mand for security.
While it is recognised that the turk in most difficult, there is al ways the possibility of obtaining definition satisfying all concerned." It is with this hope that the dis cussions are proceeding and article 16 is being closely examined,
To-day's development consisted in conversations between Mr. Ramsay MacDonald and Signor Grandi at Chequers in regard to Italy's in- terest in any new definition of ar ticle 18 and in the discussions of the formula,
The official British spokesman emphasised that Britain was an- xious to do the utmost for peace, but any further military commit ments were absolutely imposible.
nt
The British delegation met Downing Street to night after Mr. MacDonald's return from Chequers and the meeting of the heads of the delegations was fixed for, March.
Quest for Formula.
The newspapers give prominence to reports of a new erisis in the Naval Conference. They declare that the British and French ex- perts, who have been searching for a formula to 'reconcile the Franco- British viewpoints, have reached u complete deadlock,
Press Opinion.
GANDHI'S PLANS
1930.
INDIAN COTTON
FAIL.
GOVERNMENT'S STATE- MENT.
(THROUGH REUTER'S AGENCY.).
Bounty, March 30.
TAXES.
BRITISH PREFERENCE
MODIFIED.
NATIONALISTS WALK OUT.
THROUGH REUTER'S AGENCY.]
A Government communique states
NEW DELHI, March 31. that the report that large scale re-
The Tariff Bill embodying the signations of village officers at
new taxes on cotton piece-goods Gujerat. resulting from Gandhi's was adopted by the Asserably with. campaign in that area, is exaggeran amendment, moved by the In- ated. Only one talati (village ae-
headmen and revenue collectors) countant) and 34 patels (village have resigned, many since have sought revocation.
Others despite there alleged re-
signations, are carrying on their duties.
Most of the resignations wer obtained through local intimids tion, such as the refusal of water; notices of eviction from houses, and other inducements.
AUSTRALIAN AIRMEN
FOUND.
ALL", O.K."
(THROUGH RECTER'S AGENCY.]
SYDNEY, March 3h The search party has arrived, al O.K."
The above message" which has received from Wyndham, been North Australia, relieves the anxiety regarding the fate of the stranded airmen, Smith and Shiers. who had just previously wirelessed for food.
DEATH OF MR. R. G. SHAW.
FIRST HUSBAND OF LADY
ASTOR..
·EREDTER'S AMERICAN SLEVICE.] LONDON, March 31. Whilst
generally
NEW YORK, March 30, newspapers
The death is announced of Mr.. agree that the Naval Conference is deadlocked, the Daily Nera de Robert Gould Shaw, the first hus. clares it has been marked by the band of Lady Astor, from whom he was divorced in 1903 when he mar British and rapprochement "of French views, and adds, if, they ried Miss Mary Converse. A mem- can be carried a little further a ber of a well-known Boston family.
Mr. Shaw was
a prominent sensible reduction of the French sable des may be anticipated, sportsman and an enthusiastic polo with some confidence, but if it enn-player. not the Conference, so far as a Five Power understanding goes, will fail."
"Action Cannot Be Delayed.
A DIVERSION FROM
.POLITICS...
The general feeling in Confer-JOURNALISTS WIN SPELLING ence circles, last night, is said to have been that decisive. "action
could not be delayed longer, and
接
that by Friday, when plenary session w' be held, every delega tion must be prepared to state its position publicly.
Success or failure, to achieve a Five-Power treaty will depend very largely од discussions at negotiations during interval.
Japan's Reply.
COMPETITION.
[REUTER'S AMERICAN SERVICE.]
WASHINGTON, March 30. Members of the United States' Congress were worsted fast night in a spelling contest between mem- bera of Congress and Washington newspaper correspondents.
The Congress men were obliged to retire one by one before stumbling blocks such 15 "eleemosynary," Toxyo, March 31.
"referable," and "stalactite." The The instructions to the Japanese laat surviving member of the Con- delegation are virtually certain' to
gress representatives broke down he despatched to London. to-mor-ever the spelling of kimono," row afternoon,
giving it a final "A" instead of
It is expected they will be of a "0.” conciliatory nature accepting the proposed terms, with certain re- newspaper servations.
ห18
A correspondent of a New York finally crowned "champion spellor of the United States.
идя Tung near
Firstly, ensuring acceptance does not imply Japan's readiness to give The contest. was broadcast up her demands of 70 per cent. of throughout the country and a bell 8-inch gun cruisers permanently.
the microphone Secondly, that Japan is allowed whenever a competitor made a mis to carry out a certain amount of take. Naval construction between now and 1930, for the purpose of giving. skilled dockyard employment to workers in the meantime.
COOLIE AND HIS HOARD.
OPIUM SMUGGLER HEAVILY
SENTENCED.
RED PROPAGANDA IN CHINATM.
SPECIALISTS SENT EAST.
COMMUNNIST PAMPHLETS
FOR MANCHURIA."
(THROUGH REUTER'S AGENCY.]
LONDON, March 31.
FREEDOM OF THE MALAYA PRESS.
SIR CECIL CLEMENTI DENIES INTERFERENCE.
POLICY WITH REGARD TO KUOMINTANG,
An
Was
important pronouncement. made by Sir Cecil Cle- menti, at I h recent meeting The Kremlin is once more in- of the Straits Settlements Legisla-
Over which ho dian Chetty, and was accepted by teresting itself in China and eagerly tive Council, preference in the Government, modifying British anticipates the arrival of the Chi-
nes delegation, now en route to presided for the first time, when, certain classes of
Moscow,
in connection with the recent ban-, goods, which compete with Indian It is stated that the Cominternning of the Kuomintang, Mr. Lim lines, in effect removing British preference in the case of plain grey recently assigned a considerable Cheng Ean, asked if the English sum of money to the new schemes Press in Malaya had been interfer- cloth, namely, unbleached cloth, or
in China.
ed with, or pressure brought to eloth dyed in the piece and main-
All Soviet specialists experienced bear on them to refrain from com, taining it in the case of other
Chinese revolutionary affairs ment. classes. In other words preference have again been sent East. disappears wherever 33 annas duty applies, but remains where ad valerem duty applies
The Bill passed without division after Pandit Malaviya and the Nationalist party have walked out.
MR. V. LEAR BLACK.,
LEAVES SHANGHAI FOR OSAKA.
(THROUGH LICTEA'E AGENCY.]
SHANGHAI, March 30. Mr. Van Lear Black left here, for Seoul at 8.58 a.m. to-day en route for Osaka.
Arrival at Seoul.
SEOUL, March 31. Mr. Van Lear Black landed here at 5,33 p.m. to-day.
PRINCE SAIONJI ILL.
LAST OF THE GENRO.".
(THKOTON RECTER'S AGENCY.]
Tokyo, March 30. The aged Prince Saionji, the last survivor of the "Genro," a brilli- ant group of elder statesmen, who has been indisposed for the past few days, has taken a turn for the worse and pneumonia has set in. Owing to advanced age of this "power behind the throne," consi dérable, anxiety, is felt.
PALESTINE ARABS IN LONDON,
TO MEET LORD PASSIFIED,
(TROCGH REUTER'S AGENCE.]
LONDON March 30. The Palestine Arab delegation reached London to-night.
It is headed by Musa Kazim Pasha and includes also the Grand Mufti and the Mayor of Jerusalem.
in
Sir Cecil gave an emphatic de- The Khabarovsk Eastern Langu nial of the charge, but, declared age School has received an order thas in view of the delicacy of to print a series of Communist Anglo-Chinese relations, the Chin- pamphlets and short cyclopedia of ese Vernacular Press must be sub- Socialist reconstruction in Chinese.jected to censorship in this matter. These books are destined for re cently established Communist pro- paganda schools for Chinese iz Manchuria.
NEW. C.E.C. TO BE SUMMONED,
(THROCH REUTER'S AGENOT.]
A Chinese Frotest.
Mr. Lim Cheng Ean said he desir- ed to draw attention, to the Gov- ernment's policy with regard to the Kuomintang. He proceeded: I am not a member of the Kuomin- Lang, but what I desire to refer to is the freedom of the Press. "
"I understand, Sir, that pressure was brought to bear upon the Fress not to make any comments in ro-
gard to the Government's pronoun. cement on the question of the Kuomintang.
"I do not know how true it is but I wish to say, on behalf of the Press. that a serious encroachment" or serious interference with its liberties has takes place.
PEPING, March 31. Chen Kung Po and other Re- organisationists who are still in Peping, held a meeting yesterday evening with Shansi representa- tives. The meeting was at times
stormy, most
but they finally agreed that a new Central Execu tive Committee be summoned here of the Re- consisting of sever organisationists, sevea Western Hill's Party, and seven representa
"It is possible that if there had tives from Shansi and Kuominchun militaries. This C.E.C. will ar-been no interference with the Press there may have been an expression range for the setting up of a ċen- tral secretariat,
of opinion which would have been very interesting.
It is understood these proposals will now be submitted to Yen Hsi Shan and Feng Yu Hsiang for their approval.
"I say that the freedom of the Press should be preserved and protected as much as possible.
I hope to have your assurance, Sir, that I am wrong and the rumour I have heard is falar.
"Before resuming my seat I wish to make it quite clear that I am CHANG STILL UNDECIDED. not associating myself with the Kuomintang or with its time or objects.
HAY JOIN KUOMINCHUN.
(Fah Tr Yat Pao).
"I am merely concerned with that vital matter, the freedom of the Press
His Excellency's Reply. Before bringing the meeting to a close His Excellency, "replying to Mr. Lim Cheng Ean, said: The Hon. Member prefaces his remarks by a statement that he has no criti- cism to make with regard to Gay- ernment's policy towards tbe Kuomintang in Malaya
PEPING, March 31 The attitude of Chang Hsuch Liang is still obscure. It is under- stood that it is probable that the Manchurian troops will cast their lot with the. Shansi-Kuominchuo troops when aghting breaks out. A military conference was recently held at Mukden but no important
"I am glad to know that Govern- decisions were reached with regardment's policy in this respect has to the situation.
been endorsed by Chinese opinion throughout Malaya.
It will see Lord Passficid early YEN'S CIRCULAR TO FOREIGH in the coming week.
CHINESE GUNBOAT SUNK.
COUNTRIES.
(THROUGH REUTER'S AGENCY.]
PEPING, March 31. Yen Hsi Shan is drafting a cir cular to foreign countries, in which the necessity of the campaign against Chiang Kai Shek is pointed out, and says that the objective of the campaign is to bring forth the true peace of Chipa and to put an ntend to internal strife.
TEN LIVES LOST.
STORM ON WEST RIVER.
[FROM OUR OWN CORRESPONDENT.]
A Canton report says that Chinese gunbont
was.. sunk Dosing on the West River on Sun- day morning when over ten lives
Fere lost.
•
a
A storm suddenly rose in the early morning. The Canton gun- The Foreign Office completed the
goat Kong Hon which was in & state of repair and which was then instructions this morning, and will
moored in the middle of the stream shew them to Naval experts this
was sunk. Soon after a tow-boat evening, but it is understood they
Charges of possessing illicit opium happened to pass by and rescued will be sent to the Cabinet "to-
were preferred against two Chinese over ten of the 30 souls on board. unaltered morrow
whether the who appeared Mr. R. E. Lindsell The rest were missing. Naval experts approve or disap yesterday. The second defendant The Commander and Vice-Com- pleaded not guilty and was dismander of the gunboat were not on charged on first defendant accepting hoard at the time, they having gone sole responsibility.
to Wuchow the previous day.
prove.
of currency in circulation will varytiate the Anglo-Egyptian political matter a political, issue.
in the same manner as the amount issues.
number of people were
KWANGSI IS TRANQUIL. NO FURTHER FIGHTING ·
ANTICIPATED.
It now only remains to obtain the Cabinet's approval, which is Practically pasured, after which the
The first defendant described him- In consequence of the storm, Emperor's sanction will be neked.
self as a coolie, but Revenue Officer which lasted less than a quarter of Grimmitt, who proscented, said that an hour, many sampans were also Japanese Delegation Ignored?
hundreds of dollars were found in sunk. Trees were uprooted and TOKYO, March 31. Admiral Kale, Chief of the Naval his wife's safe when defendant's serious damages were done to roofs, Staff, speaking to the Press, de-matshed in Kennedy Town was s raided. R.O. Grimmitt also stated injured. Mr. Henderson is principal. Bri-clared that so long as the Govert that large quantities of opium were tish delegate, and Premier Naheshent decided its attitude to the recently discovered some distance Pasha is the principal Egyptian American proposal he
himself a mechanism whereby the amount delegate at the conference to pego would
refrain from making the away from the shed and probably came from some of the Pakhai ships. Defendant is also alleged to have In the meantime the Navy. Office of currency varies in such cöun- tries as the United States or Great British Government's welcome
Mr. Henderson in extending the is reported to be angered at Press kept an opium divan.
Fines amounting to $1.750, or nine at dispatches from London reporting months' imprisonment, were impos- Britain as a result of actual im the public opening, which was held that Mr. Ramsay MacDonald ised on defendant. ports" and exports of gold. The at the Foreign Office, said they ignoring the Japanese delegation, proposed system thus provides the had met to seal, by treaty, the and his communicated direct with essential features of the gold stan friendship of two peoples whose Tokyo, through the British Ambas dard, hut without the coinage or interests were identical in many endor, stating that the circulation of gold.
respects and refused to contemplate Pibility of the failure of the Con Fiduciary Goins.
the possibility of failure.
ference will revolve on Japan if All of the coins, including the He declared Egypt, should be they refuse the proposed compre
free independent misc. enabled as sovereign State to play her part in comity of nations befitting her ancient greatness and modern pro gress.
+
not
silver sun, are to be fiduciary, and maintained at a parity with gold by means of unlimited redemption in drafts on gold-standard.. coun- tries, or in gold bars, at the option
Nabas Pasha replying said: Pnet of the Government. Although the Project gives the Government the failures of negotiations had option of redemption in gold bars, discouraged them in their deter- it is expected that this form of re- mination to-rench a loval under- demption will be rarely if ever used standing with Britain. They were In order to provide for redemp convinced the task would be ste- tion and to provide for the sale cessfully achieved and it was only abroad of drafts payable in Chinese natural for Britain, the "mother of money, a gold-standard trust fund fiberty," to joyfully greet the entry is to be established. The Fund is of Egypt, the "mother of all civil- into the League of to amount to at least 35 per cent. isation,"
of the value of the coins in circula- Nations. tion, and is to be divided into two i The conference then sat private parts. Part 1. is to consist of gold ty
теарод
DISCOVERY OF NEW MOUNTAIN.
HIGHER THAN MT. EVEREST.
[REUTER'S AMERICAN SERVICE.]
NEW YORK, March 30. It is reported that Dr. Joseph Rock, Director of the National Geographic Society's expedition to South-West Chinn and Tibet, who has just returned to America, has discovered a higher mountain than Everest in the Himalaya rauge.
A MEAN TRICK ON A. CHINESE WOMAN.
to
According to a Wuchow report. the military situation in Kwangsi has become quiet during the past week. The Canton Nanking troops are remaining on the defensive at Pinguam, while the Kwangri troops are making a stand at Tai Wong SIXTY DOLLARS BY FRAUD! Kong and Sunchow. No further fighting is expected for the time A Chinese who obtained 860 from. being. It is reported that General a woman under false pretences was Chen Tsai Tong has decided to yesterday sentenced
three resume the offensive against the months hard labour by Mr. T. S. Kwangai troops as coon as the
"Ironsides." Whyte-Smith,
austed from The defendant went to the southern Kwangtung,
The Ironsides" recently suffer. | woman's house with some letters
that were supposed to be writtened a reverse and evacuated Pakhoi by her relatives asking for money last week. A regiment of Can- and so obtained" the sum in "ques- tonese troops under Colonel Chang. tion. He ndraitted the charge but Chih Ting is now quartered at Pak said he acted under the instruchoi and order has been restored.
The Ironsides" have fallen back tions of another toan,
Detective Sergeant Fowlie said on Yamachow and will most pro- that the letter in this case was bably retreat into Kwangsi when support to be written by thenressed by the Cantonese troops. woman's husband who in There is nothing extraordinary to
report. Singapore.
WOK
ars
The circular concludes that life and property of foreign residents will be adequately, protected.
CHLANG EN ROUTE TO SHANGHAL.
(THROUGH FEUTZZ'S AGENCY.)
There has been no interference with the freedom of the English Press in Malaya.
I
this matter "In
aur very glad to note that the English Press has refrained largely from
comment.
"The matter is a delicate one. It involves the foreign relations of Great Britain and China, and in such
matter the least said,
soonest mended. There is, however, and must contimie to be, under the existing circumstances, censor- ship of the vernacular Press,
Such censorship is not peculiar to Malaya; it exists also in Hong Kong, and as long as subversive.
this propaganda is seat into Colony by anti-British organisa- tions, and as long as there is pro- paganda as regards Malaya, which is terra irridenta, so long these hostile manifestations must be care- fully watched by Government, in SHANGHAI, March 31,
order there should be no distur Chinese papers state that Chiangtance of the friendly relations Kai Shck, accompanied by his wife which I have with the utmost plea and suite, arrived, yesterday after-
sure noticed exists throughout Ma noon, at Hangehow from Ningplaya between race and race. He is staying at Hangshow for two
"No one was more struck than I or three days before leaving for was on arrival here to notice, in Shanghai.
4
SINO-JAPANESE AGREE
~MENT.
TO BE SIGNED SHORTLY.
(Wah Tiz Yat Raa.)
NANKING, March 31.
place after place which I have so far visited, how every one in all classes of the population and all races live together in fraternity and concord.
"This is a most happy state of affairs and Government would be most reluctant that any pro- paganda should be introduced into, this Colony which might in
sny
In an interviewed with Press-way disturb so friendly and happy
a relationship."--Straits Times. men, Dr. C. T. Wang said:
The Sino-Japanese agreement on the Chinese Tariff will be signed very shortly.
||
Negotiations regarding the revi sion of the Sino-Japanese treaty and the Extrality question have begun.
MEDICAL CONGRESS OF JAPAN.
TO OPEN TO-DAY,
(THROUGH REUTER'S 'AGENCY.]
ין.
MENACE OF "REDS.".
PRECAUTIONARY STEPS AGAINST PERIL
Drastic precautionary measures are being taken in Namhung in the northern border of Kwangtung against the menace of the Reds under Tak and Mo Chak Tung, who. are striking down from Taivu, im southern Klangsi, towards Kwang- tung.
A meeting was recently beld by OSAKA, March 31. the magistrate to devise measures The eighth Medical Congress of against the Red invasion, and the ореля to-morrow. The People's Militia, which has more Japan pathologist, Professor Sata, will than 4,000 members, in preparing preside over 5,000 medical men, in to cope with the situation: Wang cluding a number of distinguished Ming Lich, the former Magistrate European, American and Chinese of Namhung, has been appointed to direct the defensive forces. A regi- specialists.
The English medical Profession is ment of Canton troops has arrived
in the district to samist the militia; • conspicuous by its absence.
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