1930-06-10 — Page 12

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INTIMATIONS.

THE HONG KONG TELEPHONE COMPANY, LIMITED,

No

HONG KONG DAILY PRESS, TUESDAY, JUNE 10, 1930.

EUROPE'S SICK BED. ANOTHER DOLLAR

M. POINCARE ON THE FEDERATION OF STATES.

PARIS, May 30-In an article entitled "Europe's Sick Bed" in

PROBLEM.

CANADA'S DIFFICULTIES.

Following the opening of lake navigation and the bulk movement

TOTICE IS HEREBY GIVEN that at a MEETING of the Directors of HONG KONG TELEFONE COMPANY, LIMITED, held on the 17TH DAY of FEZRUARY, 1990, & Call of $2.50 per the Excelsior, a moderate and in-of wheat, the Canadian dollar wns: Share

was made upon

all the Member holding Shares upon which only $2,50

dependent ergan, to-day, M. Poin. pr Share has been Faid

and that such call will be payable to the Bankers of care joined, the chorus of sceptics 18 Сотрану,

By order of the Doard,

W. L. MCKENZIE,

THE SILVER SLUMP.

ESTIMATED PRODUCTION TOO SMALL.

(CNITED PRESS.]

Washington, June 1-The "con-

last month quoted above its sterlingtinued decline in the price of silver,

declive due to increased over-pro- at par with the American dollar. parity, and has once or twice been coupled with prospects of a further Some Canadians have been looking duction of the metal, is attracting for a further rise, with gold imparts the attention of financial commenta tors throughout the Caited States. to follow. But before it is forgot.

These emphasize the damaging ten that a few months ago the Canadian dollar stood both in Lou-effect which this decline has had don and in New York at an ab- upon United States foreign trade, normal discount, while no gold ship pointing out that American exports ments away from Canada ensued, to China during the first quarter of we will record some criticism from 1930 were 23 per cent. lower than a recent article by Professor C. A those for the corresponding period Curtis, of Queen's University, of 1999, Tais situation is mainly contingent upon certain Kingston, Ontario, on the Cana attributed to the silver decline.

Meanwhile official figures com-

The HONG KONG AND of M. Briand's Pan-European SHANGHAI BANKING CORPORATION at their Head Offoe, No. 1. Queen's Road memorandum, the reception of Central, Victoria, Hong Kong, on the which by the European Press the 30TH, nár of Jorx, 1930"

ex Premier of France describes as "polite but hardly encouraging."

According to M. Poincaré, of all European nations, Germany has so far accorded the scheme the most cordial reception, but Germany, said the prominent French states man, would certainly make her

9489]

Secretary,

CREDIT FONCIER D'EXTREME ORIENT. MORTGAGE BANK AND ESTATE AGENTS.

"PEAK MANSIONS"

sent

EASTERN NEWS IN BRIEF.

PARS FROM EVERYWHERE.

Mr. Wu Shi See was, at Geneva, en May 13, nominated a member of the International Commission of Intellectual Co-operation.

*

The Bishop of Singapore and Mrs. Roberts attended at At-Home for visitors from overseas on May

e at the World Headquarters of

the Overseas League, in Park- lane, St. James's-street.

The Crown Prince Frederick,

Prince Koud, and Prince and Princess Axel returned to Copen-. bagen on May 10 from their tour in the Far East, The Crown Prince expressed great satisfaction with the tour and with the position of

conditions such, for example, as andian currency system as at preseniled by the Senate's Gold and Danish subjects in the Far East.

Austro-German uhion, the return managed.

of the Polish corridor, etc. Such elaims, it is pointed out, are already Six-roomed & Five-roomed Apartmantaenusing uneasiness in both France One Ball Five-roomed FLAT Araïînbla

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Moreover, Poincaré declares, Me Brinnd's vagueness in defining the relations between the League of Nations and the proposed European Federation is highly unsatisfactory. One would like to know first of all whether the 'two organizations are to rival or to co-operate with each | other.

Concluding, the article says, 9 matter how sincerely M. Briand desires peace, he must take care not to confuse dreams with realities."

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Gold Movements.

Silver Inquiry Commission indicate that world silver production for 1923 amounted to 262,000,000 ounces, which is aver

ounces 5,000,000 "above commercial estimates which

had been generally believed to be accurate.

:

Peninsular and Oriental Steam Lord Inchcape, Chairman of the

Navigation Co., was received by the "Prince of Wales at York House on May 13, when it is understood that the Prince conveyed 'his apprecia tion of the arrangements made by the P. & O. Company for his return From Africa.

Even NO PLACE NOW FOR THE Cave, of The Rectory, Londes:

the United States, he says, become Gold shipments from Canada to

profitable whenever the Canadian dollar is over 3-16 of 1 per cent. below parity. Now, since January, 1929, the premium of the American dollar was well over the gold, paint, going as High as per cent. when it was only 1 per cent. the profit of exporting $1,000,000 of gold from Canada to New York would have been $8,000. Yet so gold went. The reason was "the Department of Finance has effectively, no matter how, directly or indirectly, placed a prohibition on the export of gold. No legal dotion has been taken, and, as far as effectiveness is concerned, none is apparently needed. In Canada practically all gold exporting is done through the chartered banks.

that

Thus when the Government causes

SOVEREIGN.

MODERN TENDENCIES IN

FINANCE.

...

Modern youth's lack of acquain- taner with the golden sovereign is no disadvantage in the present con- ditions of the world.

So Mr. C. H. Kisch, financial secretary of the Indian Office and

Rev. Sir Genille Cave-Brown.

borough, Yorks., who had a varied and adventurous career, which in cluded fighting in the American- Spanish War and in the Boxer Expedition in China, life before the mast, ranching in America, the circus and the stage, and who took Orders in the Church of England in 1020, left £187.

Miss Denise Halla, daughter of Mr. Karel Halla, the Minister of Czechoslovakin, at Tokyo, was married to Mr. Helge de Knorring, commercial attaché of the Finnish Legation, at 2 o'clock on May 28. The ceremony WAS held in the

the banks, with which it has great author of a standard work on Inter-Czechoslovak Legation, with Father-

national banks, told the three hun-Tulpin officiating. Baron Albert de dred young men and women at the Bassompierre, the Belgian Ambas- opening of the sixth annual Univer.sador, and Ir. Antonin Raymond were witnesses for Miss Halla, sities Congress arranged by the while, Dr. Mario Ruiz de los Llanos, National Union of Students at the Argentine Minister, and Count R. Strachwitz, secretary of the Cambridge, last month.

German Embassy, were in attend. ance upon Mr. de Knorring.

influence, to restrict gold exports, it has practically stopped all such exports, because foreign banks only withdraw gold through the agency of the Canadian banks. It may be accepted, then, that Canada has, in fact, been off the gold basis. for the last year.

A situa tion which has existed for a year, Mr. Kiseb, who spoke on modern and threatens to continue indefinite tendencies in finance, said gold eur- ly, can hardly be classed as temporrency represented by sovereigns or ary,"

louis would be fatal to the indus- trial and social progress of the world. He was a firm believer in a gold standard as distinct from

The total number of births in Tokyo during the year 1929 was 5,331 less than the figure for the previous year, according to statistics made public by the city authorities. a gold currency, The Bank of Eng-The figure for 1929 was 51,769, ap- land's action since the war stood proximately twice the figure record. out like a beacon light in the ed 43 years ago. Despite the de world of international finance. It cline Tokyo is still the most prolific had taken the lead in the restora capital city in the world. The birth tion of the gold standard in rate for 1929 was 24 births for each

greatest economy of gold.

with the second highest rate, namely, New York, has only 21 births for each 1,000. London's birth-rate is 18 and Berlin's 10 for each 1,000 persons.

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*

Abandoning the Gold Standard. Professor Curtis goes on to ex- plain the composition of the Cana dian currency. In February, 1999. there were outstanding about $192,000,000 of Dominion notes. By the Acts of 1914 and 1915 $50,000,000 of the notes were issued against. a $26,000,000 without any backing. The rest were to be covered 100

There were still banks, however, per cent by gold. However, hy to be taught that geld economy was later Acts the Department of Fina necessity. Price fluctuation was

was empowered to advance a curse. Dominion Holes to the banks against collateral, generally Gay- erament bonds, and against these it keeps no gold reserve whatever, though the obligation to redeem them in gold remains. The hor- rowings of the banks from the Finance Department increased from $23,000,000 in January 1929, to $113,000,000 in December, 1029.. Meanwhite. between November, 1928, and February, 1929, the Gov- ernment'e gold reserve was lowered by $50,000,000 to about 860,000,000.- where it remain.

Too Many Notes,

of

central

The new Bank for International Settlements marked a great advancement of the late Dr. Sun Yat Sen The first anniversary of the inter- in international monetary control at the Nanking mausoleum was ob It should lead to steady and con- served in Shanghai on June 1, at sistent co-operation

the offices of the Shanghai Special banks:

By such co-operation it might be persons were present, mostly repre- District Kuomintang. About 600 hoped to minimise price level dis-sentatives at Kuomintang branches turbance arising from monetary and local organizations. During the causes which threatened to impede service, which lasted from 9 a.m. the course of ordinary economic to 11 a.m., several speeches were progress,

made, urging the people to observe the Three Principles and to sup- port the Central Government. The speakers included Chen Teh Chung and General Chang Chan, the Mayor of Shanghai (Chinese Ter

Ji

What we want," said Mr. Eisch. is a sane gold standard managed by sane people.'

LAUNCH CAPSIZED.

(UNITED PRESS.]

The plnia trath appears to be,” azys Professor Curtis, that the FATAL PLEASURE CRUISE. ritory), Department issued more notes than it felt could be redeemed, and so redemption

Не avoided," WAS thinks the Government's policy, was mistaken. It should have restrict. ed advances to beaks and maintain- ed the "redemption of all notes in gold. He explains why, more than $45,000,000 of notes could hardly have been presented, so that the gold reserve, though depleted, would not have been exhausted. "At present," he concludes,

Canada, has too many Dominion and flung more than 60 passengers notes outstanding for the amount of into the sea, gold held, and either more gold must be obtained or the Dominion

note issue reduced."

CROOKED POLITICS. BISHOP CANNON RELUCTANT TO DIVULGE EXPENDITURE

[UNITED, PRESS.]

Washington,

Jane 1.-Bishop James Cannon, Jr., of the Methodist Church Bouth; is to appear on Tuesday to challenge the authority of the Senate Lobbyist Committee to investigate his expenditures in connection with the political cam paign against presidential aspira- tions of the former Governor, Mr. (Alfred I. Smith..

Bishop Cannon declared that the Corrupt Practices Act does not re- gquire a report of expenditures un

less a campaign covers two or Btates. Bishop Cannon's activities were contred upon the state of Virginia.

more

The administrative council in Nanking, says the vernacular press, has received a petition from a repre sentative of the Nanyang Brothers' Tobacco Company, pointing out that it is not in a position to re- open its factories at present owing to heavy losses sustained, and in giant were to-day overturned has entrusted other cigarette fac- Santa Monica, Calif., May order, to maintain its business it

fishing launch off Santa Monica The administrative council points an overloaded 66-foot pleasure and tories. with rolling its cigarettes. out that as the facts given by the company are true, the Shanghai

Nanyang Brothers Tobacco Com pany to re-open its factories.

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برا

FROM

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DE ABOUT ·

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TJIKARANG

Noca

AMOT 18th June 17th Jun

Noon

'B'RAL & AMOT 22nd June 24th June, Mamma, Mrozz

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NORTH BOUND.

Boats rescued 30 of the passen (Chinese Territory) Municipality TJISONDARI... S'HA Axx In Port 10th June, MANILA, M'KA, gere but 25 are missing, while will be ordered to instruct the seven bodies have been recovered... Bureau of Social Affairs to cancel. TJILEBOET

Relatives of those missing gather-its order, No. 1149, directing the ed at the pier and soon thousands of grief-stricken and anxious men, women, and children were crowd- ing about, seeking word of those Thus the Peking" and Tientsin known or believed to have been Times: Nanking is the best Gov "aboard the craft. -

ernment China has bad-since-the- Santa Monica, Cal, May 31-first Revolution. Only foreigners of With the latest investigations in- narrow prejudices and limited vision dicating that 10 were drowned in will find, anything to rejoice over yesterday's launch capsizing accid when it doce fall. It has been on ent, search for the bodica is con- the whole very moderate in its tinning.

foreign policy, compared with the zavings of the agitators, and it is. idle to hope that the next Revolu- tionary Government will be more TJILEBOET complaisant insofar as foreign. privileges are concerned. It has TJIKARANG done good work in its planning of the laws for New China.

But, TJISALAR

While the exact number of those on board the craft is not known, the launch company said to-day that it believed the best check was the fact that 54 tickets for the pleasure and fishing trip were sold. although some may have boarded

tickets were asked for.

military adversaries in WeepONS RHG" The missing are now estimated resources of war, victorious, as it at from 11 to 16, but it cannot be may even be in the present cam ascertained definitely how many of, paign, it has lost its mandate from those may have been drowned until the people and it can only hope at a check has been completed best to check its armed enemies for

Seven bodies have been recovered, I a brief space.

STEAMITA

Fox

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