1931-07-24 — Page 9

HONG KONG DAILY PRESS, FRIDAY, JULY 24, 1931.

LONDON CONFERENCE DISAPPOINTS

SLUMP IN STOCKS ON NEW YORK

EXCHANGE.

FRANCE DISAGREES WITH ANGLO-AMERICAN PROPOSALS FOR NEW CREDITS.

INQUIRY

IMMEDIATE CREDIT WANTS OF GERMANY.

(THROUGH REUTER AND BRITISH WIRELESS.]

Ruany, July 23 The Seven-Power Conference concluded at London shortly after mid-day to-day. A communiqué was isntied as follows:-

The recent excessive withdrawals of credit from Germany created an. acute financial crisis. These withdrawale have been caused by lack of consdence which was essentially justifed by the economic and Budgetary situation of the country.

In order to restore the state of finances of Germany, which' is essential.in the interests of the whole world, the Governments represented at the Conference are ready to co-operate, so far as lies within their power, to restore confidence.

A

PROPOSALS RECOMMENDED FOR CONSIDERATION. The Governments represented at the Conferenes are ready to recommend for consideration of financial institutions in their respective countries the following proposals for relieving the immediate situation.

That the Central Bank credit of 8100,000,000 recently granted to the Reichsbank under the auspices of the Bank for International Settlements be renewed at maturity for period of three months..."

That concerted measures should be taken by financial institutions in different countries with a view to maintaining the volume of credits they have already extended to Germany

The Conference recommend that the Bank for International Settlements should be invited to set up, without delay, a com- mittee of representatives nominated by the Governors of the Central Banks interested to inquire into the immediate further credit wants of Germany, and to study possibilities, of converting. A portion of the short-term credits into long-term credits.

PROCEEDINGS END. IN: FRIENDLY ATMOSPHERE.

LONDON, July 2

The Conference is of the opinion that the German joint guarantee, recently placed at the disposal of a gold discount hank should enable the provision of a sound basis for the resump tion of normal operations of international credit.

The Conference considers that if these measures are carried through they will form a basis for more permanent action to follow.

The communiqué was signed by Mr. Ramsay" MacDonald, President of the Conference, and Sir Maurice Hankey, Secretary- General.

The proceedings concluded in a friendly atmosphere, Mr. H. MacDonald and Mr. Henderson will pay a return visit to Berlin at the beginning of next week.

INCREASE IN BANK RATE CAUSES NO SURPRISE.

The Bank of England discount rate is 3 per cent,

The advance in the bapk rate has not caused a surprise can- sidering the recent heavy gold drain from the Bank of England, moreover, it is anticipated that a further large rum will be ear- marked to-day for France,

Sterling exchanges have now recovered slightly but the markets are unsettled, pending further political developments.

GERMANY INCREASES HER SILVER CURRENCY.

BERLIN, July 23.

Among the flood of emergency deerees is one dated July 19 which alters the Coinage Law of August 1924. The latter was established so that only twenty marks, silver money, could be minted, por head of Germany's population; the new decroo raises. the limit to thirty marks, which means that a silver coinage value of roughly 1,900,000,000 marks can be minted. The circulation of. silver money on July 15 was 1,088,000,000 marks.

Whether the Reichsbank will use its authority to increase tão allver circulation up to the new iimilt remains to be seen, but it can be regarded as certain that the Reichsbank will circulate sliver money to an increasing extent.

The emergency decree so far has not affected the price of silver, as the Reichsbank has not yet made a demand for silver, having considerable supplies in reserve, and the price of silver compared with ten days ago is now actually quoted at one mark lower per kilogramme,

NEW YORK DISAPPOINTED WITH OUTCOME OF PROCEEDINGS.

%

DR. F. TUCKER'S ARREST.

VICTIMS OF KOREAN RIOTS.

PRES. GRANT IN COLLISION.

HANDED OVER TO U.S. CONSUL

| THREE JAPANESE SEAMEN MISSING.

(THROUGH REUTER'S AGENOT.]

OBAZA, July 21. One woman was seriously in jured and three are missing from a Japanese sailing vessel with which the President Grant (American Dollar Line) pollided this morning

hai from Kobe.

(THROUGH REUTER'S AGKNOW:]

PEPING, July 2

The U.S. Legation learns that the Chinese authorities at Tainaniu have handed over. Dr. Francis Tucker. to the American Consul upon instructions received from the

Chinese Government. ":

[A.message dated July 21 states i public agitation Following a "against Imperial demonstration " the Chinesa authorities in Shantung arrested Dr. Francis. Tucker, the

of Moji, whilst en route to Shang- respected superintendent of the American Board Mission Hospital at Tehchow, and have taken him to Tsinanfu. So far they have refused to hand him over to the American Consulate, «i/

Renewal of Loan.

LONDON, July 22. It is officially announced that the Committee of Finance Ministers at the London Conference have agreed upon the terme of their Report, which is to be submitted for ap proval to a plenary session of the Conference to-morrow (Thursday),

It is understood that the Report of the Finance Ministers indicates a large measure of agreement, re commending, inter alia, the renew- al of the credit of twenty-five million sterling, which the Reicha bank is due to meet on August 16.. The Committee proposes that the credit be renewed for a further

ninety days,

The Committee also recommende methods which will prevent the withdrawal of foreign credits from Germany and which will belp Ger many generally and the Reichsbank particularly.

Task for Banks,

It is probable that the process suggested will be for the banks themselves to undertake the im mediate work of supporting the eredita, thereby assisting Germany to restore confidence.

Possibly Inter the Bank of Inter- national Settlements will establish a committee to consider various points associated with the restora- tion of Germany's financial "stabi- lity.*

Germany's Borrowings.

WASHINGTON, July 22 Some of the causes of Germany's present plight are indicated in figures pblished to-day by the Commerce Department of the United States Government.

They show that Germany had an unfavourable trade balance of £1.81,500,000,000 in the seven years ended December 31, 1920. In the same" period, Germany had had to pay out a sum of G.82,450,000,000 as reparations.

In order to meet this expendi ture,

therefore, Germany hnd been compelled to borrow

G.$3,335,000,000.

French Stui Stubborn.

LONDON, July 23. If Dr. Bruening takes back to Berlin less than he exported, it will be, it is believed, largely ascribed to the attitude of the French who have steadfastly maintained their pre-conference attitude, declining to grant new credits to Germany without adequate guarantees.

Dr. Tucker on the night of July 1 shot and killed a Chinese, who was attempting to rob the hospital, where recently a number of rob beries have taken place...

The local Kuomintang is demand- ing, inter alin, that Dr. Tucker should die.]

ii

REDS" CAPTURE

CHAUCHOWFU?

SENSATIONAL NEWS FROM

SWATOW.

Messages received from Swatow indicate that Chowfu (Chanchow- fu). Fukien, has been captured by

Reds" and that the General in, charge of the district has requested reinforcements from Canton for the Swałow garrison.

There is reported to be consider- able uneasiness in Swatow,

WEATHER REPORT.

Yesterday's weather report, forecast and remarks, issued by the Royal Observatory at 5.27 p.m., stated: M

Pressure is owest over Tong king. Gradienta are shallow generally, rep

OX

· Local Forecast:-S.W. variable winds,"moderate" to light; fair.

LINDBERGH'S FAR EAST

FLIGHT.

{

◊

· TO TAKE OFF NEXT WEEK.

[DEUTER'S AMERICAN SERVICE]

NEW YORK, July 23. Very little is being left to chance in connection with the flight of Lindbergh and his wife to the Far Tast

off next week, dying via Alnake, The famous airman plans to tako Siberia and Japan to China.

Safety measures include a water- tight buoyant bundle which will be automatically released if the mono- plane strikes the water. 1t COL Laine a boat with a mast and sail, emergency rations and a wireless

Mr. Stimson, in an interview, ast. likened Germany to a leaky bath.. He said they hoped to put in more water, but they must certainly plug up the hole.

41

The document provided a start- satished with the latter expedient plenary sitting which was describ- Germany apparently mast being point for the discussion in the. el as particularly notable for the spirit of co-operation displayed by all the delegates

and" Anglo-American efforts to ar range now credits are reported to have finally broken down fallow inga tussle between Mr. Philip Snowden and M. Laval, the French Premier.

Į

MEMORIAL SERVICE HELD

AT SHANGHAI.~.

(THROUGH REUTER'S AGENCY.])

SHANGHAI, July 23. All Chinese banka and exchanges closed down this morning in con nection with the memorial, service" for the Chinose victims in Korea,

The agitation for a Japanese boycott, is increasing,

DAVIS CUP LAWN

TENNIS. -

CHALLENGE ROUND DRAW FOR SINGLES.

{THROUGH REUTER'S AGENDY.]

PARIS, July 23."-- The following is the draw for the 'challenge round of the Davis Cup

Friday:

Austin v. Cpchat. Perry v. Borotra,

Sunday:-

Perry

Cochet.

Austin v. Borotra, The teams of Saturday's doubles will be announced later,

FIVE MILLION

SLAVES,

DASTARDLY ATTEMPT ON THE LIFE

OF MR. T. V. SOONG.

MR, T. V. SOONG AND MR. SHIGEMITSU GIVE

VIVID DESCRIPTIONS OF INCIDENT.

MIRACULOUS ESCAPE OF CHINA'S MINISTER OF FINANCE.

[TanGUGH BETTER'S AGENCY.]

SHANGHAI, July 2a.. Mr. Soong and Mr. Shigemitsu arrived at Shanghaï from Nanking

by the night express.

On arrival this morning, they were entering motor-ears at the station exit when two bombs were thrown and a number of shots were

Ared.

At present there are no details of the affair, other than the fact that four persons are known to have been wounded, either by the bonds or flying bullets,

Neither Mr. Soong nor Mr. Shigemitau was hit and no arrests. have been made.

It is believed that the attack was aimed at Mr. Soong, who had a

very narrow escape.

Assassins Escape.

LATER.

The station, which is just outside international territory, was crowd-

PERMANENT BUREAU TOenierged when the bombs were

DEAL WITH QUESTION.

thrown and shots fred by Chinese dressed in black.

(THROUGH REUTEN AND URITISH

WIDELCER

7.

Object of Attack.

:...LATER.".: Nanking correspondent who was travolling by the same train as the Ministers and who was pre- sent at the station exit at the time There the shots were fired says: " is no doubt whatever that Mr. Tv V. Soody was the sole objective of the-attack.

..

It was widely known.

he was arriving by this train, whereas the fact that Mr. Shige- itsu was travelling had not been scheduled I was walking with Mr. Shigemitsu towards the en trance where he made straight for his car which was twenty yards: ahead of Mr. Soong's No shots came in Mr. Shigemitsu's direction, all were fired from the other side of the street near Mr. Soong's car. The attack only failed in its object by being too premature; had it been ten seconds later, the Minister and his party might have been wiped out. Mr. Soong's bodyguards. replied to the attack by firing

the orowd who panicked, due which the culprits escaped. One of Mr. Soong's secretaries was in-

ed with ministers, who had just jured. On the bombs exploding the booking hall was filled with black automatie, took cover behind a wmoke and Mr. Scong, drawing his

pillar from whence he was shortly afterwards escorted by Railway Police to the Railway Office up- stairs.

Mr. Boong immediately withdrew to the railway offices after being nearly shot. Mr. Shigemiteu, who

He later proceeded to his pri-: proceeded by motor car, was also vate residence in the Trench Con- unhurt. During the excitementecasion, and is uninterviewable."

the would-be

which followed

LONDON, July 22, It is estimated that there are 5,000,000 people in a state of sor vitado at present in China, Abys sina, Liberia, and Arabia, declar ed Eari Buxton in moving a resolu-assassins escaped. tion, agreed by the House of Lords, urging further definite steps to bring about the extinction of all forms of slavery.

Earl Buxton said that if the

Two Theories, There are two theories regarding League of Nations would agree to the objective of the attack. Cae the British Government's proposal. La declare slave trade to be piracy, is that it was the Japanese Minis thore would ho no longer any slaveter and that the attackers were trade.

He suggested the establishment Communists, whose object was to of a permanent bureau at Geneva

to

dual with the question of create a diplomatic incident in the alavery.

The Archbishop of Canterbury, hope that it would result in serious Lord Lugard, and Lord Parmour trouble and possibly war with supported the suggestion,

It will be recalled that it was, a

Lord Farmoor said that slavery Japan. in China must be dealt with by International action, and emphasis the mus sai system in Hong Kong ed the Government's desire to put

at an end."

་ '

Mr. Shigemitsu, when interviewed said: 'I was just entering my car when I heard a bomb explode and a fusillade broke out. I saw crowd in the bocking hall panic. king and falling flat to escape the Obviously the objectivo

büllets

was the Finance Minister.

"The masonry at the sixtion exit

is bespattered with bullets,

Dodged Behind a P

The Finance Minister, Mr. T. V.

Soong, when interviewed at his

residence this afternoon bad frag-

ments of a crude bomb on his desk.

Communists who were responsible and arrived around 7 am. As I similar objective which actuated the before him when he said: "I came

from Nanking by the night train,

for the Nanking outrage in 1927.

was about fifteen feet from the exit)

Lord Cecil urged the appoint mont of a permanent Commission to assist the League's efforts in the In that case, the aim was war beof the main hall of the North matter. The difficulty was the fear'

of all countries of interference with tween China and one or more of their own affairs, which it was im the foreign Powers. portant to make clear was not fo.. tended.

The theory which is mostly held, However, is that Mr. Soong was the objective and that the attackers, RUSSIAN DEBTS TO who, of courze, were hired, were

BRITAIN.

LITTLE PROGRESS MADE

BY COMMITTEE.

(BRITISH WIRELESS SERVICE. )

neting on behalf of the Cantonese.

It is known that the break be woen Canton and Nanking is hurt ing the former far more than the latter," Especially is Canton badly off for funds.

Station of the Shanghai Nanking Railway Gring simultaneously broke out from both sides of me. Realis- ing I was the target of attack T threw away my white sun helmet, which was conspicuous in gloom of the station hall, ran into the crowd and dodged behind it pillat

Boarcely had I reached the pillar when I heard two bomb explosiona and the station filled with smoke. There was confused firing from all sides to which my guards replied. It was fully five minutes before the station was cleared of all except my party. At least four assassins were seen by my guards to be fir ing, but there may have been more, When the smoke cleared away my secretary, Mr. Yu Lop Tang (who was walking abreast of me when

Without touching on any of the political aspects of the situa tinn, the Conference at oneż staga exchanged views upon the funda Mr. Snowden's Baggestion. mental onuses of the financial The French account of the dis- crisis but it was agreed that as puta says that the British Chan-speed was such an important factor cellor urged that British, American at the present time the conference and French banks should partici- should devote ite energies to the

Recently, the Canton Govern pate equally in short-term credits, primary task of restoring con- and pointed out that so far the fidenca in Gorman finances,

Bucur, July 22

ment strongly urged Nanking to Americans had provided 06 per The American State Secretary,

Answering a House of Commons agree to its receiving a larger cent, the British 35 per cent, and Mr. Stimson, and several other question on the work of the Anglo. share of the Customs Revenue the French only 3 per cent. statcamen mnde a contribution of Russian Committees dealing with

Mf. Laval opposed the suggestion.constructive character which debts, the Under-Recretary for For Canton's purpose was to dont The principal delegates have been underwent general discussion and sign Affaire said that Lord Goshan based on the Customs, but Mr. invited to the King's Garden Party after a sitting Insting three hours, chen, Chairman of the Committee Soong very determinedly and sue on the ground shot in the bladder,

during which the general feeling has reported the present state of was, that useful progress had been these negotiations to the Foreign fully opposed any such conces hip and arm, The Bullets having made, it was decided to refer oer- Secretary, who is greatly disap-ion to the rebel government." entered, both from the left and the tain technical questions to the pointed to and, that so little pro-Well-informed Chinese point out right. His hat and brief case were that this is one of overal reasons riddled, and it was a miracle I

to-day.

-

A message from New York says that Wall Street is disappointed by what they consider the virtual failure of the Conference.

Still Confidential

RUGBY, July 22. The brief and concise document which was the outcome of yester day's five-hour discussion by the Committee of Finance Ministers was to-day, under discussion st ́a plenary session of the Bevou Power Conference,

Committee of Finance Ministers.

**

the firing started) was found lying

Hopeful Outlook, istersess, has been made.

The Borief delegates do not yet Mr. Stimson, in a Press. inter Eppear to have submitted any pro- why Canton should hate Mr. Soong | escaped unscathed, as I towered, view to-day, took an optimistic posal for settlement or even to have Holder of the “ Parse-Strings,**/

above him. Mr. Tang has since. LONDON, July 23. two points at the opening of the

view of the Conference proceed indicated what categories and types It is also to be remembered that died from his wounds: Two, el my inseperate home The German Chancellor and dele- Stock Market.

of claims they are prépared to al- United States steel is down

We are making real progress" low, de ranking for settlement and Mr. Soong with Chiang Kai Shek guards were" wounded, ano, most gation luncheoned with the French; Westinghouse and General

he said, and I am not at all hop on what conditions. The work has is the cornerstone of the present seriously, and some passengers delegates at the German Embassy Motors The spiests remained until 6.30 p.m. Bankers are of the opinion that

morrew

the stage of exchange of inform holder of the purse-strings, his in-r less that we may finish up to therefore, not yet progressed beyond

Nanking administration. As the

were injured. anl views were exchanged for the the advance in the London bank

The minds of the delegates seem rate is obviously designed to pro- The terms of this statement ara

to be working on the successive The Foreign Secretary has influence ultimately is even greater ings that members of the so-called purpose of laying a foundation for vent a further flow of gold out of still confidential but it deals with enggestions of possible aid to Ger- formed Lord. Goschen that he pro- than Chiang Kai Shok's further collaboration

the "country" possibly so it deine the methods whereby the immediate many, and there has been an entire pong to take ha srig opportunity. - Mengre Results,

tended to draw funds to London, task before the Conference, namely, absence of scrimonione: Isues belozzepresent to the Soviet Ambas His removal would be a tremen. 1 their agents to take my life, but but it is considered such a move the restoration of confidence in tween countries. The situation issador the necessity of putting for dous blow to Nanking and would they count, among the other ac New York, July 23 Disappointment at the meagre ment at present is unlikely as far Germany's financial position, could difficult but there are elements of ward practical proposals if the

hope in it and I am very hopeful negotiations are to be brought to Brobably bring down the Govern-complishments, the gentle art results of the London Conference as New York is concerned, were reflected in losses of one or (Continued on nere Oplumn.)

a successful conclusion

best be achieved.....

~ (Contér ned on aɛat Column.)

to-day!!

1.

ment.

I have received repeated warn

Cogton Government would and

until now little did I reckon that

assassination