1932-02-17 — Page 6

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HONG KONG DAILY PRESS, WEDNESDAY, FEBRUARY 17, 1932.

AMERICA FACES THE SLUMP.

INTERESTING ADDRESS AT ROTARY CLUB MEETING."

FALL IN INVESTMENT, STOCKS: SOME AMAZING FIGURES,

An interesting and instructive address on the economic condi tions in the United States today was given by Mr. Hamper Sib. ley at the Rotary Club yesterday.

The Hon. Mr. W. E. L. Shenton presided and there were sover- al distinguished guests present. In addition to Mr. Sibley, there were present Rotarian H. M. Gavonder of Manila, Rotarian Col. 1. Cohen, past president of the Melbourne Club,, Rotarian P. E. * Stevenson from Poking Rotarian A. A. Brown, President of the Drew University, New Jersey, Dr. C, F. Emerson, Dean of the Tadiana University, Mr. W. C. Costin, Phodes Scholar of St Jolin's College, Oxford, and Mr. & McKirdy,

܆܆

In introducing the speaker, the Chairman said that Mr. Sib ly was interested in banking, mining and agriculture, was ox. President of the Rochester Chamber of Commerce and whs now a member of the Commitleg of the National Chamber of Commerce. I was the President of the Rochester Y.M.C.A.”

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LACK OF EVIDENCE.

CREW OF 0.S.K. LAUNCH DISCHARGED.

The four members of the 0.8.K. Hlaunch, Tomijima Moru, who were charged before Mr. Fraser, in con nootign with a haul of, 1,402 thels hof opium by offoers of the Revenue Department, ware discharged yea- terday,

RO, Humphreys, giving evi donce, said he boarded the launch (at abouj, 9.30 p.m. ́on Sunday. The launch was tied up to the Praya wall between Queen's Pier, and the Star Forry Wharf. In the forh part hidden in a cavity behind a mirror, which" was screwed to the enhin wall, He found some dour bags and sacka containing brasn

QUESTION OF INTERNATIONAL DEBTS.tins, which, he discovered, held

opium. The contraband was. hid- den in a cavity through which tho anchor chain passed, and in ha opinion, the chain could not be moved without interfering with the

opium.

Mr. Sibley began by saying that stocks had dropped 60 per cents the world economic crisis appeared the twenty hest Industrials had to be particularly acute in the Unit-dropped 8 per cent; the 20 best el States. He explained that no Public Utilities (power and light was a 100 per cent, believer in incompanies) had dropped 76 per

Ma, Lo submitted that the opiur. dustrialisation of a country and cant. At this rite, said the speak was discovered in a plan to which the increase of the machine producer, if one's money was invested in

every member of the crew had ac tivity. ::

the best stocks in the country, one

Ceus. Describing the conditions in the would lose no less than thres quar possible to say that any one of the On this evidence, it was im-

United States, Mr. Sibley, said "tors of one's capital,

defendants was guilty of having that there had been a tremendous Out of a total of 25,000 banks input the opium there; certainly not "jag" in the country which, had the United States, some 9,000 banks the engineer, who would not nor been "intoxicated" during the past had anally gone into the hands mally go to that part of the launelt. two or three years. We have now of the Receivers and their liabilities Mr. Le pointed out that it the found the headache which inévitab amounted to G.88,000,000,000. They authorities found opium in the ly must come along."

were only able to pay eight contestroot, they could not arrest every on the dollar.

man in the street on a charge of unlawful possession.

Que reason for the state of "in Loxication" was that American j (business« manufacturers and sales man believed in the philosophy which taught that profits came from apending rather than from saving: that the way to lay up for the future was to speed freely because

i

It was thought that the bottom had been touched by the year 1031, hut in, that year there were some additional drops. Last. spring it appeared that the time was oppor tune to buy stocks; nevertheless it had proved to be anything but if everybody spent, it created busi.opportune. The speaker said that

came prosperous.

Mr. Sibley said that the situa tion was not without its humorous aspect. Ha instanced the case of a man worth about 0.830,000,000 be.

His Worship agreed that there was no case for the defendants to answer and accordingly ordered the, defendants to be dismissed and the opium to be confiscated,

Railroad Stocks.

A third remedy suggested and in- troduced by the American Govern ment was in connection with the railroad stocks. The best securities the more interesting of which were in Amerien, it has been recognised for years past, were ruilroad stock and these securities were held by the

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neas and the creation of business New York Central Railroad stocks plained, the Government, had, in led to more. business; going round which operated through a great many cases, stepped in and Axed in eirgle until most people be series of industrial cities, hnd a rate by which the banks could

dropped from 8132 to 825 a share. realise a fixed value on such securi-ing Eau de Cologne fragrance Mr. Sibley said that the Amari Another very big slock, U.S. Steel ties, can people had not only got into Corporation, dropped from $152 to the habit of spending their incomes, 838 although the Corporation had but through facilities afforded to asante which worked out at $150 per them by the credit system, mang share. Another leading railroad of them had spent the following stock dropped from 8104 to $15. year's salary as well. By spending in this manner the "population had created un artificial buying power. Another reasou for the improved business in, those days was that the United States had made tremen dous foreign loans all of which fore the crash, who died on the eve leading insurance companies and was to be spent in the United of the fall in stock prices. Out of banka. The railroads were slate Etates, which again enlarged the his estate he had to pay death buying power, of the people. Through these various agencies duties to the extent of G.87,000,000. business was stimulated beyond the This payment was not duo until normal income and it was felt that business was on the up-grade and about a year after the death and was going to keep soaring inde-by that time the value of the stocks finitely. More money was made held by the estate had dropped su thau in normal "years" and the out- low, that the beneficiaries of an some of that was that stocks want estate, worth $30,000,000 found on railway system, the Illinois.

themselves unable even to meet the Central, which had shown a profit death duties.The family wan of 88,000,000 for 1930, showed a loss "wiped out," The rise in stocks gave birth to Inventors in American stocks have of 84,000,000 for 1931, representing A number of investment trusts. The had to write off G.250,000,000,000 a difference of 813,500,000 in a year.

115.

Investment Stocks,

controlled, to the extent that their profits were kept at about five and a half per cent, each year. Since the crash, however, business had fallen off and car earnings had gone down by about one-third. On

investment trusts said that they in two YOLTE, That simply Not only were the railroad com

could invest money far better than "knocked over the American

the average person, claiming to people. The bond market went panies unable to pay dividends, but know more than they did. The re-lower than it had ever done for some of them were rapidly head- salt was that a great many people the past twenty years, "

President's Efforts,

ing for the hands of the receivers. The Government Reconstruction Finance Corporation had arranged

began to buy investment trust se curities and they in turn went in for stocks and there was a tremen- dous increase in the country's pur- As was to be expected when the to pay interest on railroad stocks. chasing power іл stocks. The crisis came, the people turned to speaker gave an inalance of the, the Government for help and Pre to saist stock-holders to tide over company in which he had an aident Hoover held a conference the prosent period and to allay the interest and said that for years that with some of the leading business fears of such stockholders. Steps stock had been standing at $600, men. The Government at first said

ad to accept ten per cent. less of their salaries and wages,

They were hoping that ons day it there was no depression and that had also been taken to permit the would touch $1,000. During that was only a matter of a slump railroad companies to increase their bnom a small parcel of 20 shares in the stock market, Six months rates to meet the emergency, and were sold and re-sold in the market, later they said that the depression and one day when he looked in the was almost over. Still six monthe railroad employees, rather than papera to see what their stock was later, theys Baid that the worst was face unemployment, had volunteer. quoted at he found the amazing over and that, the country ought figure of 84.500. On that basis the to be able to show brighter colours stock was carning about ons per in the near future. They kept ca One feature of the depressio!!, cent. for the intelligent" buyer. talking in that way until about max which was very encouraging, said Thad was the situation in the stock months ago they realised that the Mr. Sibley, was that there was no market and it give some idea of patient was very sick. Since then blame going round. Capital was the ridiculous prices that were, be President Hoover, had come for not blaming labour, nor did Jabour ing paid...

ward with len proposals, somo of blame capital and no After the boom, there came the the more interesting of which were blamed tho Government, bub orash in 1929, "If we went up dealt with by the speaker.

the whole country was trying to fast, and Mr. Sibley, “we came The postponement of internation-solve the problem together, which down a lot faster." It was amar al debts, said Mr. Bibley, was one was a hopeful sign. ing the way things had dropped in of the proposals. The idea had met the United States. He did not with the approval of the business think anyone who had not recently man and the newspapers of Amer. been there could realise how bad ca.

Future of Industrial System.

4

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Mr. Sibley concluded by saying things really were. In Great Bri Another remedy suggested by the that he was a thorough believer in tain,"mid the speaker, the people, Government of the United States the industrial system for rolieving were more used to depression. In was to raise funds to assist the pressure on the land. Population the United States the depression | various banks" on which there was grow daily but not the product of following the boom was like a per-ja ran. The Government Teconthe corn land and it was inevitable son who had been very well and struction Einance. Corporation was that the people in the rural areas vigorous being auddenly stricken formed whereby the bigger banks should find their way into factories "We have not got used to wore enabled to help the smallet Properly handled, this wea, not down 16; said the speaker, “and we are ones. The Corporation was formeil | such a difficult problem and be fore vary much upsol by it."

to underwrite the solvency of saw the day when the machine did thousands of American banks, most all the work and mon had much of which hold securities which wera time for leisure. He felt sure that at.one dime standing quite high, but when that time, came, man would Giving Agute to illustrate the which could not even meet the learn to control his leisure, drop in stocks since the crash, Mr, banks' liabilities Yo-day. In re Mr. P. 8. Cassidy thanked the Bibloy said that during the last gard to these securities. It was ox-speaker for his instructive ang two years the twenty best railroad (Consipied on mezi Uolumn.) witzy "apanch,

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