1931-09-22 — Page 10

10

GOLD STANDARD.

(Continued from Fage 9.)

Omolal Communiqué,

LONDON, Sept. 201 As from midnight, Great Britain will be off the gold standard,

HONG KONG DAILY PRESS. TUESDAY, SEPTEMBER 22, 1931.

CAPTURE

RIFFS

(Continued from Paga 1)

The Government have arrived 4) EUROPEAN LADY'S SMART CAPTURED BY THE their decision with the greate relectance. But during the last few days the international Anan- [cial marketa bave become demora

lised and have been liquida their sterling assets regardless of their intrinsic worth.

BANISHED THIEF SENTENCED

Mrs. Sutherland, anager of the Jade Tree Shop in

Hotel, was commended by

Fraser at Kowloon Magistracy you terday for the manner in which the wilted the store on Saturday was Inspector Elston, who prosecuted,

of thief who

Then we tried a glaco boar Volomb, Bechar! The sand was too

loose So wo Bow southwards to Reggan, the last oasis in the da sert, and there discovered a

a spot ideal from almost every point of

EIGHT KILLED BY ONE

FLASH

SIXTEEN DEATHS, IN

FRANCE

Paris

August 6.Torrino thi derstorms which have swopt. France during the past thirty-six hours have caused sixteen doethe and much damage to property.

In the circumstances there was This was the purport of an off no alternative but to protect the cial communigas issued last night funncial position of this country from No. 10, Downing Street, by the only means at our disposal whither the Prime Minister had This Gevornicat are securing 4 rushed from Chequers for a Cabinet balanced budget and the internal said at bout. 2.30 pm on Satur view. It was flat, it was hard. The worst fatality was ab the military onmp at Bissonne, Cnear conference and a meeting with reposition of the country in sound day, Mrs. Sutherland was in the there was plenty of room, and there not where troops are engaged shop when the defendant wont in presentatives of the Bank of Engis phe thing to go off the gold and, examined some articles. He seemed to be no danger of marauder

land..

al financial difficulties, but because of excessive withdrawals of borrow ed capital.

choke a ring, tendering a 810' note.ing tribes.

This position must be maintained, standard with an unbalanced bug The communique states:

get and uncontrolled sifflation, and She had no change at the time, and But the moment one began to it in quite another thing to take was going to send har boy out The Government has decided this measure not because of intern-when the defendant stopped her walk on this endless ses of desert after consultation with the Bank of

He had his note in his band all the land, the eye was bewildered by England that it has become neces

time, and when she told him she constare zirages lands, a had no change, he intimated that sary for the time being, to suspend

he did not want the ring he had sea beaches and groves of trees ap- the Operation Clause of the GoldThere will be no interruption of shop.

Banks to Carry On chosen. He then walked out of the peared and disappeared like night Standard Act of 1925, which ro quires the Bank of England to sell ordinary banking business clu banks will open as usual for the geld at it fixed price.

convenience of customers and there is no reason why starling transactions should I affected in

A Bill for this purpose will be Introduced immediately and rushed through all stages of both House of Parliament to-morrow.

"In the meantime, the Bank of England is authorised to proused nccordingly, in anticipation” of action by Parliament, pending closed."

any way.

The banks have undertaken to co-operate in restricting the pur chase by British citizens of foreign exchange except those required for the actual needs of trade or for

that her

mazon,

Caught Going on the Feizy - * - After defendant had gone, Mr. Sutherland discovered purse had disappeared. She im mediately suspected the defandant and thinking he would be going to r the Star Ferry, she rushed to the wharf and was just in time to see him going on to the ferry She caught hold of him, and later, hand

in manguvreA.

Jual na they were returning to

camp"

mp last night the storm broke, Some Tumision soldiers sheltered in

referen, die den large, tent, but hardly had they entered when the tent was struck by lightning and bet on fire. Eight of the men were killed instantly and three others were badly burned.

VRC NIGHT FETE.

THREE CHAMPIONSHIPS ON

SATURDAYA

The following championships will be held at the Night stovon Satur day, September 20, at the Victoria Recreation Club

400 Yards Free Style-Champion

ship of the Colo

100 Yards Free Style Ladies

Championship of the Colony, 100 Yards Froo i Styla---Boys

Championship of the Colony. (Open to boys under 18 years).. Entries close to-morrow at 6 pm. with the Secretary of the Hong Kong Amateur Swimming Associa- tion

Entrance fee 81 each evant. The dates for the other champion ships will be announced in the course of the next few days.

ANNUAL HARBOUR RACES

To cap it all the plans was 200 miles south of the oasin,

At Châlons-sur-Saone lightning

cupent and softing fire to the build held on Monday, October 10, 09m- It seemed almost impossible to struck a farmhouse, killing its be- The Ladies Harbour Race will bo surmount the problem of transport-ing. Two farms in the neighbour-

and destroyed by fire, one person The Open Harbour Race will bo ing such an enormous car as the hood of Nevers were also struok mencing at 3 p.m.

being killed,

held on Tuesday, October 90, also Blue Bird.

trees during a storm was exempli

The danger of sheltering under commencing at 5 p.m.

However, I ook samples of sand and earth, packed them into boxes,

which the Stock Exchange will meeting existing contractsheed him over to the police loaded them into the aeroplane and ified at Languidic, near Lorisat,Entries close on October 16 at 61

The communiqué adds that is Majesty's Government have no ronson to believe that the prescut exchange difficulties are due in any substantial extent to the export of capital by British nationals,

„Undoubtedly the bulk of the with. drawals. of gold have been for for cigo account.

Enormous Resources,

They desire, however, to repeat emphatically the warning givɑn by the Chancellor of the Exchequer

Government officials state the the export of capital by British nationals will be controlled with the cuperation of the banks and the purchase of foreign securities will be officially discouraged,

Play the Game." "Play the Game. will be the Government slogan to the British people and overy confidence is ex pressed that the country will soon be back upon an even keel, said "What we want

One of the Cabinet Ministers

el

that any British citizen who in-courage and warm feet, creases the strain on exchangos by ⠀⠀⠀ Officials at No. 19, Downing purchasing foreign securities him Street pointed out that the world self, or assisting others to do so, ila at present very panicky. deliberately adding to the country's difeulties."

4

The communiqué concludes: "The ultimate resources of this country are enormous and there is no doubt that the present exchange difficultics will prove only tempor

Bry

The Bank of England announced late last night that the Bank Rate had been increased from four and a half to 6 per cent,

Complate Cak.

The situation had been pre- cipitated by lack of confidence on the part of countries who had funds in Great Britain, and to a lesser degree, as a result of the sensational stories cabled abroad about the naval unrest.

Inspector Elston, in conclusion, said Mru. Sutherland had full con decided to bring them back with trol of the situation all the time.

His Worship I am sure she had. mo and have them examined by The defendant, after being con-exports, in order to see whether victed, was charged with returning the tyree would stand the strain of from a banishment of ten years, His record showed that he had been running at tremendous speeds on banished twice from Malaya before such going. being banished from Hong Kong,

His Worship sentenced defendent to three months hard labour on the charge of stealing and another nine months for returning from banish

ment:

I was not too sanguine about it. There were miles and miles of gritty, fine gravel which covered the surface of the dezert, at least two

inches deep.

The only plan which presented

JAPAN READY FOR MAVAL itself as being at all possible was that of hiring an immense army of CUTS.

native workmen to sweep the track clear.

REDUCTION OF CONSTRUC-

TION ON ECONOMY AU

GROUNDS.

Tokyo, Sept, 16-The Japanese papers report that the Government intend to cut the estimates for their construction pro- Fear Baval gramme, which were sanctioned in

Bix.

It was emphasised, too, that th abandonment of, the gold standard was a measure more precautional's than anything else and the shrew commonsense and patriotism of the British people would 'prevent LATER.anything like a scare or a pale Despite the momentous nature of At the same time it was intimat the announcement regarding the ed that the Cavernment would last Diet. gold standard, there was an atmos take immediate nad drastic stepe phere of completo calm and an to prevent any acts of an unpatria absence of any trace of excitement tie or an unnational nature on orularm in Government circles the part of persons thinking in their own selfish interests. It was hoped that such stops, would be ancreasury, and in any otec no

to-night.

where, of a group of people clus struck one woman and her little daughter were killed and two others were burned. Wy

tered under a large tree, which was

الحمد

Tour men on bicycles were killed by lighthing, which also partly wrecked the Chateau of Blois Me- han.

Finally two young Riffs made us understand by siges, that they would guide us there. Apparently we were not, to be shot-unless the dirty work was to be kept until darkness fell

We marched for miles along the beach until, finally, no night was falling-and we also felt like falling wherowo stood we came to s small native village and were con ducted to a rough two-storeyed hut of mud and stone. It was evidently the residence of the local chief..

And imagine having to sweep a stretch of desert clear of tons of gravel for a length of 12 to 15 miles and several hundreds yards wide, How would one get the men there, We had to wait outside while the food them, house them, find drink two boys went in and explained our ing water and finally remove the presence to the great man Meant thousands of tons of gravel. And while, a mob of snarling dogs and even if one removed it, what guar- althy villagers gathered round us, antee was there that, the surface the former snapping at our heela beneath, would be smooth enough and the litter jabbering and gesta- finally uncovered culating And how they melt. I It seemed heartbreaking All my never want to get to windward of illusions were ahattered. However, an Arab in his native village again.

Presently, out came the two boys determined to see what the tyre experts had to say about the gravel and we wore conducted into the surface and whether they thought lut, a rough. earth-Hoored room full it would be at all possible to design of men, dogs and chickens, and pre- We climbed into the aeroplanescal with magnificent mannerss next year. At the same time they with a last look at these endices and the dirt, of ages engrained in admit that they will probably agree miles of waterless desert, on which He conducted us up a ladder inte to slow down the programme to a lay the false scas, and lakes which an upper.-room in which were, six are the cruellest delusions of

other Riffs, and gave us to under- Africa.

stand that we were to sleep there and not to move. I wondered if

Commenting upon these reports, the naval authorities intimate that they have already consented to re duce the allotment for the current fiscal year but they state that noth.

The communiqué, and the Cabinet attempt would be made by the au ing has yet been decided regarding res which could stand up to it.sented to the Sheik, a bearded old

tremes provided no deliberate at tacks were made upon exchange.

his skin.

Downing Street was almost de serted at the time of the issue of Ministers, all of whom were pre-thorities to carry matters to Ox- ngat left with their heads high in the knowledge of work well done.

Inquiries by Reuter's representa tive in diplomatia circles showed that the Bank of England hoped right up to the last minute to be ahls to avoid thie stop, but heavy withdrawals on Friday and Satur with his advisers. He proceeded is agreed that further retrenchment higher and higher, bound homeward in the dark.

day deceitated, that emergency measures be taken immediately.

Premier in Closs Touch with Advisers, During the crisis of the last forty-eight hours, the Prime Minis ter has remained in closest touch

certain extant after they have fully considered the Government's gener al proposals for retrenchment, as it

in Chequers on Friday, afternoon is necessary for the purpose of in the belief that everything was balancing the budget.

A Temporary Measure? running normally. Shortly after In view of the attitude taken by

he left London, information was

Government circles emphasised that the departure from the gold standard must only be regarded as a temporary measure and further emphasised that there was all the difference in the world between the country going off the gold standard with a balanced, budget and depart ing from the standard with an un- balanced budget....

Tronaury oficiala aleo reiterated that Mr. Philip Snowden is deter mined, at all costs, to balance the budget, which meant that the situa tion was far less serious than might otherwise have been the casÉ:

received regarding the events in Japan at the Disarmament Con- other capitale, and the situation ferences, when there was consider thus revealed caused him to return. immediately from Chequers to Ncable discussion regarding the ratios

of naval strength which were to 10. Downing Street,

Throughout Saturday and Sun-maintained by the Powers, the day, the members of the Cabinet, ther voluntary restriction of naval when not actually in session, re- mained in the closest tough.

bi

construction now proposed is re

Wo turned her nose for the coast

that meant a knife at our throats

Suddenly, one of the four cylia had a drink. dropping

Don, who was nearly with thirst, shut his oyes and had a pull at it, but, although I had not had a drink all day, 1 could not face it, ne pa leplete

and in a few moments were rising for England and a fresh start on what seemed to be a hopeless quest. Sir Malcolm Pinchas.

After hours of flying we reached Presently, up through the batch- the Atlas Mountains, near the coast. way came a bucket of filthy water, The machine climbed higher and which was passed round for every soon we were, passing over those one to have a drink from. There terrifyingly savage peake and valleys were eight Riffs in the room of sun-baked rock in which lurk altogether, and each of them dipped sons of the blood-thirstiest, and his dirty hands into the bucket, face and beard, und ders of the aeroplane gave cut.

This meant a forced landing. It seemed hopeless to attempt it. To land in that rock strewn mountain country would mean almost revit ubly a crash, possibly in famok

There was no sign of a town, a An announcement, which was

village or human babitation of any made simultaneously with that

sort. Every minute the machine was dropping lower. Finally, when increasing the bank discount rate,

to America. But they are prepare were only a few hundred feet followed the unexpected meeting The closing of the Stock Ex-ed for the further reductions and from the ground, we noticed by the of the Cabinet, and detailed the change, to-day will not interfere

will reasons which led to the decision." with the business of current settle their representatives it is said, WwThe announcement says that ment which will be carried through attend the Disarmament Conference

espite the large credits obtained as usual

in February, next in this spirit. from New York and Paris, the Wall Street Approves,ma withdrawals of foreign balance NEW YORE: Sept 21; from London during the last fow

The Prince of Wales, who regarded as of special significance turned from his holiday yesterday, Naval circles toke the view that flying home from Paris to Wind- sor Castle, lunched with the Pr Japan could never agree to the total

mier to-day, and on receiving in abolition of capital ships which, formation regarding the course of events, decided not to proceed to according to Press reports, is the Bentinnd as arranged but to re suggestion Great Britain has made main in London.

The partial suspension of the

days accelerated so sharply that Gold Standard Act in Great Bri

Authoritative suarters in

Then, up came a thing like carpenter's bag, full of lumps of a bowl of greasy, smelly gTIVY, || hard bread. It was followed by Everyone broke off a piece of brend dipped it in the gravy and ate it. It would have been the worst of verge of the sea, rongh, boulder manners to refuse to eat my host's bread, although I could just avoid strown beach. We made for its »

As we swooped downwards it be drinking his water without offending came obvious that to land on the bim. So I had to eat. It nearly beach would be almost as dan choked me, yaya coul

Then, feeling tired out and winck gerous as landing in the mountains.ed to the world, we lay down and Don, however, made a splendid Walanding, but just of the last moment tried to get some sleep. We shared the room with his eight friends, the wing of the machine caught a

Chief lying in the doorway, as he

the Government felt bound to take tain in applauded in Wall Street shington are of opinion that the the decision. ME

The Frincely Pyjamas.

It will not affect the obligations as a constructive measure dictated future of Great Britain now lies pinnacle of rock, swung us round kept all his wives in the room be of the Government, or the Bank of by the present emergency largely in the hands of private and we landed in the sea,

It is pointed out that the sus-Englishmen and bankers. The par- The seroplane lit in a fountain low, and as, I suppose, he had coms England's obligations that are payincasion will not affect the recent tial suspension of the Gold Stan of water and began to sink almost to the conclusion that we were not able in foreign currencies. **The gold holding of the Bank of Jans to Great Britain by the dard Art is considered a construc at once. I jumped out and found to be trusted near them.

Federal Reserve Bank and the tive move which should prove effece myself standing up to my shoulders England amounts to £130,000,000 Morgan Byndicate which are speritive in restering the stability of in the sea Don followed me and

Next morning we, were given to and having regard to the contin fcally payable in gold dollars for exchange began to drag the Moth to the Honeies, which may have to be mat will it affect the service of the Denmark Affected, |land Amp

understand that we could leave I it is inadvisable to allow this bulk of British dollar bonds heid |⠀⠀⠀⠀

tried to convey our thanks to the * COPENHAGEN, Sept., 21. reserve to be further reduced. in the United States

As a result of the partial sust

Chief for his night's hospitality and Heavy Withdrawals From London. It is expected that the British pension of the Gold Standard Act

as neither of us had any money Since the middle of July, funds banking autliorities will control in Great Britain, it has been de

Don presented him with a pair of samounting to more than two hun- foreign exchange transactions on olded to suspend the quotation of

old pants, while I gave him my gor mounting to and have been lines similar to the steps adopted stocks on the Copenhagen. Bours

have I soon asian to pleased." E 8000 coloured silk pyjsmās. - Hever **withdrawn from the London Marin-Germany

While the development has caus Berlin "Changes to Close,

honestly believe those pyjamas aro ket The withdrawals have been

BERLIN, Sept 20.

doing duty to day as royal robes met partly from gold, and foreign ed considerable uneasiness. In

One of the rattabern of the Bourse

on local throne room occasioit -currency held by the Bank of Stock Exchange circles, Wall England and partly from the pro- Street bankers are of the opinion Committee, informed Reuters oor

Many hours afterwards, when we teeds of the credit, of Afty million that the decision will have less respondeat that there is no doul

were nearly done, we fell: in with pounds which shortly matures, effect on the American banking that the Berlin Stock Exchange

a patrols of Spanish soldiers and Bored by the Bank of England system ince the American sherswill-l-closed a from to-morrow However, I tried to explain were conducted to their fort. The from New York, and Parity and form balancer held in London are The Committee meets on Mot

Spaniards showed up the greatest partly from the proceeds of the small compared with those in Ger day forendon to announce this

cairtear sont warship tosselve For MONOde to accident. At the same time kept the aeroplane, and we retired to expected to repeating the wood resumed Ceuta in the unboat and caught lon"ot the name of the nearest town on boat/Fome for England ind the const, which I hadged, would pointed disillusioned and

#nd American oredita log to eighty million pounds. obtained by the Govern

the Inatow days of foreign balances

matty

san, banks, mainlalu. lances In London for It is estimated that

$30,000,000. ofaert column:) I count

not exe

Just as we reached the shore and ward hauling the aeroplane up the beach, sweating & every pores and steaming under the blazing sun, about fifty wild locking Tiffs clad and carrying dico, forme charging in long flowing, white, burZORECE down the beach out of the rocker

They shouted and gesticulated waved their arms, and weapons, and were evidently giving us orders. thought that any moment we were gong to get a bail of bullets through that we word perfectly harmless travellers who had suffered a light

bank dis be about 75 miles away, hendan - The

に

pinged on next Column) are foun

ack had still

Entrance fee 81

FANLING GOLF:

GAB. LANE WINS THE BOGET.

TOP POOL

There were 24 entries for the Bogoy Pool at Fanling during the week-end. A. B. Lane (6), all square, want G

· Other scores were D. M. (Mach Dougall (8) one down, and W. B.. Vallance (0), two down..

Haig

SCOTCH WHI

JOHN HAIG& Co.Ltd. (Donkiz Masa & Haig, S18) MARKINCH. SCOTLAND.

Has Pleasant "Tang".

Just right after

Tennis.

Opneumers are requested to see that every bottle of John Haig Gold Label Whisky as supplied by bears the foot label thus: "Gando, Price & Co., Ltd., Sols Agents for Hong Kong.

SOLE AGENTS

GANDE, PRICE & CO., LTD., St. George's Building, Ice House Street, DIAL 20135.

Browns Ita

London Tailors

OR

SUMMER SUITS.

STYLE and QUALITY

*ABE OUR FIRST, CONSIDERATION

80 A SUIT TAILORED BY US *WILL ALWAYS BE OF

HOLASH VALUEURS

GLOUCESTER

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