1932-05-26 — Page 9

EUROPEAN

FINANCIAL BECRISIS

OUTLOOK NOT AT

ALL BRIGHT.

(THROCH REUTER'S AGENCY.]

LONDON, May 25. With the Lausanne Reparations Conferenes only three weeks ahead, there is no sign apparent break in the financial. clouds that are hanging over Europa."

Apart from the reaction from last week's buoyancy in the gilte-dged securities market, which has bann feature of this week's trading on the Stock Exchange, there alarming signs of weakness, On Continent.

the

FRANCE FACING

BUDGET DEFICIT

IMPORTANT MEETING OF LEADERS

(Renter's Special Service.)

PARIS, May 25,

An important political confer- cuce was opened at the Elyase by President Le Brun to-day. Those attending included M. Tardieu, M. Flandin and M. Herriot, the "leader of the" Radionl. Socialists,

success

HONG KONG DAILY PRESS, THURSDAY, MAY 26, 1932.

CHINESE POSTAL STRIKE SPREADS

Many Towns In North China Now Effected

GOVERNMENT ISSUES ULTIMATUM

whom weress at the election gives POST OFFICE OFFICIAL

and

him an obvious claim for the Pre- miership. domestic financo vero exhaustively

Foreign affairs discussed.

The now Government is" pot likely. to be formed until the Chamber moeta in the first week of June

Financial questions predominate French politica:for France is facing

big budget defeit and a dimnish ing trade balance.

A

The now Government will hardly have time to get a vote" of con- adence before it must depart to' attend the all-important Repara- tions Conference at Lausanne on

Austrian Datult. Financial correspondents of the lending dailies draw particular at tention to the slump in Czecho- Slovakian bonds, in which connecJune 18 -- tion it is pointed out that Czecho Slovakia is one of the principal guarantors, with France and Bri- tain, of the Austrian Six Per Cent Loan.

The statement has been made in more than one quarter that Aus- trin, at the end of the week, may be expected to declare a moratorium on external debts.

Germany Next.

The Daily Herald in a leading, article on the probability of Aus" trials. compulsory default, asks how long the drift towarda, European bankruptcy is to continue.

The Labour organ suggests that it can hardly be more than two months bafore Germany is forced to follow Austria's example.

Britain's War Debt. Meanwhile, the greatest interest has been aroused in England by (Continued on nez; Column.)

It is expected M. Herriott will depend on M. Painleve and the Loft Centre for support as the redue- Socialists are demanding a tion in military expenditure, the nationalisation of insuranez and the creation of a dole as their price for support.

reports that the British Government" is intimating to. Washington its rendincas

debta payments.

to

resume war

The Financial News asks if the reports mean that all is being pre- pared for the resumption of Bri- tain's full war debts payments and after reviewing the various factors involved and the likely effect in Britain, forecasts extremely bitter opposition by the British taxpayer unless, at the very least, a serious effort is made to re-open the qucation of Britain's debt settlement with the United States.

HOOVER MORATORIUM

WAR DEBT PAYMENTS MAY BE

RESUMED

BRITISH INTENTIONS' WELL RECEIVED

IN AMERICA

[REUTER'S AMERICAN SERVICE]

New York, May 25. The Goverments, of several for- eign ecuntries, including Britain, are expected shortly sign agreements with the United States providing for payment of $252,000,000 arrears in war debts

to

in 1833, the eleventh year of pay- ment, from 8181,100,000, as paid in previous anal instalments, "to 8183,000,000,

SATISFACTION IN AMERICA

The Times Washington correspoa- dent says the information of the British intention to adopt a posi-

on which President Houver granted tion of regularity over this ques-

a moratorium inst year,

tion is accepted there with satis- According to the New York!faction and without surprise. Dis- Times the payments will be discussing the major war debe issue tributed over ten years at four per he remarks: What the American cent. interest.

policy will eventually be depends

nations.

prospect would be gicomy indeed

ARRESTED ·

SIBERIAN MAIL VIA SHANGHAI SUSPENDED

(TUROVAH LECTER'S AGENCY.)

PRIPING, May £5. THE postal strike is effective at Tainan, Tsingtao, Kaifeng, Chengchow and other large cities in North China, as well as all smaller cities in Hopei, Shantung and Honan.

Shans and Sulyuan postal workers have expressed their sym -pathy and have declared their readiness to strike.

SHANGHAI, May 25.'

The local postal authorities under instructions from the Com› munications Minister will serve a notice on the strikers" to-morrow to resume work in two days. Failure to do so will result in their dismissal from the Postal Service,

An attempt made this afternoon by the Foreign Staff to open six sectional post offices was frustrated. The reason being that all the keys for the offices have been carried off by the strikers. » (From Our Own Comespondent)."

SHANGHAI, May 23.

The Post Office, ander guard of fifty plain-clothes men,"open, ed its doors on Wednesday and received malis, sold stamps and transacted a limited business. It intends to engage thirty girl. volunteers on Thursday.

EVERY EFFORT TO BREAK STRIKE

4

Government officials are exerting every effort to break the

strike.

A section of the strikers themselves are inclinded to return to work and the prospects for an early resumption appear slightly brighted.

The majority of strikers are adhering to the original demands, and the Government is standing firm. It is universally felt that capitulation would be fatal.

The Superintendent of Mails (H.K.) informs us that the trans- mission of mails to Europe via Shanghal and Siberia is temporary suspended.

During the temporary suspension these mails will be forwarded: via Japan and Siberia.

Parcel post service to Shanghai is sino temporary suspended.

リ

SERIOUS CHARGE AGAINST CHIEN CHUN CHI

(THROUGH

· REUTEL'S AGÉNCY.]

NANKING, May 25.

mittance Bank, ha a separate enter prise and subsidized aviation-com-

postal administration,

Chien Chun Chi, Director-General | pasies with money taken from the Finland and Greece have already upon Europe and upon the courage of the Postal Administration, was signed, and conversations are pro-and sense of realities with which arrested to-day on a charge of in

The Chinesa postal service, the ceeding with Hungary and Ger- Europe will deal with the questions many. No official communications of land disarmament and reparastigating the Shanghai postal strike, manifesto goes on, has always been. have yet been received from other tions. If Europe should fail the It is alleged that placards advocat. an efficient organization having for there are not forces enough in ing the strike were found in his America to repair so disastrous a possession, and it is understood happening If Congress is again the Ministry of Communications. is to think internationally it must be shown the way by a Europe which, determined to have him severely as its public men believe, has every punished. thing to gain and nothing to lose by such initiative."

It should be understood that the settlements now being noncluded are merely to settle terms on which deficiencies in the Hoover your will be paid, if, and when, the pressat scheme of debt repayment is re- sumed.

becomes due.

(THROUGH REUTEX'S AGENCY.].

SHANGHAI, May 25. - A meeting is taking place this afternoon at & p.m. between leaders

been in operation for, over thirty years. The system has always been competitive, thus insuring efficiency, Corruption was introduced into the system in 1099 when the Ministry of Communications opened up the Postal Savings Remittance Bank Неге as a separate enterprise, there is no such thing as competi tive examination.

EMPIRE DAY "MESSAGE FROM SIR WM. AND LADY PEEL

The following telegram from Lady Peel was received by Mrs. Southorn yesterday:

Victoria, B.C.;

May 24. Best wishes from us both for the success of Empire Day.

IMPEACHMENT OF WANG CHING WEI

CAUSES TROUBLE IN

POLITICAL CIRCLES --

THROUGH REUTER'S AGENCY.]

י

MACCARDIE

SCRUTTON ALTERCATION

DEPLORED IN ALL QUARTERS

THROUGH REUTER'S AGENCY:].

LONDON, May 23. The public altercation" between Lord Scrutton and Mr. Justico MacCardio is deplored on all hands. Both Judges core in for: advere eriticism.

The Telegraphanging the provo cation that Mr. Justice McCardio received did not justify what is an unprecedented reference by ofe judge to a hierarchically superior 1

IN HONG KONG TO-DAY.

OCCASIONAL RAIN,

YESTERDAYS WEATHER REPORT, FORECAST AND REMARKS, ISSU KO. BY THE ROYAL OBSERVATORY, AT 6.20 P.M., STATED :~~

PRESSURE 16 HIGHEST OVER. THE PACIFIC TO THE EAST; OF 'THE. BONIN ISLANDS THE DEPRES

#ION IS MOVING BASTWARD INTO THE BRA OF JAPAN. A DETREBRION 18 SHOWN. OVER SW. CHINA.

LOCAL FORECAST.-5.W. WINDS, MODERATE TO FREAK, SQUALLY ¡ . CLOUDY, DOČASIONAL BAIN.

JAPANESE

Ü

CABINET

FORMED

PLACE TO-DAY

NANKING, May 23. Owing to the recent impeachment against him for no referring the colleague. Shanghai Poncs Pact to the Legis- ! The Times points out that frank lative Yuan for approval, Wang and fourless statements of judical INVESTITURE TAKES Ching Wei intimated his decision to resign but finally agreed to remain opinion are not incompatible with in office in order to save the Gov- the exercise of thet and good man- nors, and it is gonerally agreed ernment facing another orisis.

You Yu Jen, President of the that such incidents are liable to Control Yuan, a member of which destroy the man-in-streets, trudi- made. the impeachment against tional respect for the Bench and his Wang Ching Wei, has expressed his deep pride for English administra- intention to resign Efforts aretion of the law, being, made to persuade him to re- consider his intention but he isabled in the Commons by a conser A contentious resolution has been .vatite member criticising Mr. Justice McCardie, but it is regard. ed as of a formal nature and is not likely to be debated...

adamant

QUO TAI CHI GOES TO NANKING

(THROUGH REUTERʼB AGENCY:)

Shanghai, May 25. Quo Tai Chi left for Nanking, this afternoon. Heports that he will succoed Lo Wen Kah as Minister, for Foreign Affairs have revived.

BANDIT

SUPPRESSION

19TH ROUTE ARMY LEAVE FOR FUKIEN

(THROUGH REUTER'S AGENCY.]

"

NANKING, May 2. The Sixty-First Division of the Nineteenth. Army, which has been stationed at Nanking for the past few weeks, left for Fukien to-day by order of the Military Council, Other units of the Nineteenth Army stationed along the S.N.R. are ex- pected to leave for Enkien shortly.

GEN. SHIRAKAWA SINKING

SUFFERS RELAPSE ON WEDNESDAY

BRITISH INTENTIONS

(THROUGH BEUTER'S AGENCY.]. The Tinier states that the present BRITISH WIRELESS SERVICE] agreement does not in any way pre-

SHANGHAI, May 23. Rugay, May 25.

judice any suggestions or proposals

General Shirakawa, who has been An agreement is like to be sign about war debts which may possibly

progressing "favourably since his ed within the next few days in be made before the next payment of the postal strikers and officials All this tended to paralyze the relapse this afternoon and now operation, yesterday, suffered a Washington providing for the re

concerned, including Co Kung works of the postal administration, again is in 1 payment to the United States, of A request for a business-like de-

serious condition,, the British war debt annuity finition of the terms of the mora-o, Minister of Idustries, who ar, which could not make, both ends Daless he shows improvement duri suspended during the moratorium torium does not warrant any in- rived from Nanking this afternoon meek In older to stave off banking the night, it is feared leath will be the end of his gallant battle, for year initiated hy President Hooverference as to the American attitude "last June. Cuder the moratorium towards

any such suggestions.

ruptcy, the Government had decide. the normal debt arrangement would But until the presidential election

ed to raise the postal rates, thus be resumed after July 1, the Arst next November ja over and the

increasing the burden of the people contribution becoming duson United States returns to normal December 15. The agreement. Te political life there is no ponsibility

in general, garding the suspended annuity is of serious attention being given in in the nature of routine as the America to the complicated difficult sequel to the moratorium arrange problems of international debts.

to enquire into the strike situation

on behalf of the Central Govern,

ment.

HOPES. FOR SETTLEMENT

Shanghai, May 25:

In conclusion 'the manifesto atates The meeting between the sirik-that the Canton Pontal Workers'

morrow,

JAPANESE EVACUATION

[TÜROVON" ESUTER'8" ADENOY.}"

SHANGHAI, May 23. Woosing Forts; Woosung Village were handed over to the Chinese authorities to-day by the Japanese.

THE DERBY:

TWENTY-THREE ACCEPTORS

ment and merely stipulates the Meantinie, other powers can only "ers'" representatives and „Govern-¦ Association is deeply in sympany and the walled city of Proshan terms of repayment. These provide endeavour put their own house in mant official lasted over three with the demands of the postal for the repayment on a four per order so far as possible without hoars, after which ometals told strikers in Shanghai, which are (1) cent, basis during a period of ten American enllaboration. years and thus add £13,000,000 an

SITUATION MADE CLEAR

Benter they hoped the strike would that the original · postal, tariff " be nually to normal debt repayments

be called off in a few daya.

maintained (8) that the Postal due over that period. The prin-

(THROUGH REUTER'8" "ADENCE.) ciple of the arrangement is the anne

London, May 26.

A member of the Strike Com Savings Remittance Bank be amal- a that applied at the London Sir John Simon cleared up in the mitteo' said that the present altan-gamated with the Post Office, and Conferencs of last August when the House of Commons the misunder tin would at least not be aggravat (3) that the regular subsides to situation regarding the European standing regarding the Anglo-ed and further progress is expected aviation companies he cancelled. intergovernmental debts was Americha negotiations. examined in the light of the Hoover He explained that the American to be made at another meeting to- It is not likely that the postal moratorium. It was then decided Government had requested a signs

workers in Canton will go on strike' that the European debts suspended fure to, the agreement regarding

CANTON'S ATTITUDE during the moratorium year should the repayment of last year's nr-

to. bring pressure to bear on the be repaid in ten equal annuities rears of war debt. Ho declared (From Our Own Correspondent.) Nanking Government to hosted the from July, 1683, these "to include it was a formal step which was

settlement of the Shanghai strike. both principal and interest. The necessary to give legal effect to

Canton, May 25. The Canton Government looks upon Gorman Government at time point President Hoover's proposals and: The Canton Postal Workers' As the attitude of the Canton Postal ed out that its acceptanos of that implies no decision on any questionsociation in a manifesto issued to-Workers Association with sym proposal must not be taken as im of principle.

day. upheld the contentions of the pathy. It has ordered all the poet plying any "expression of opinion. Sir John Simon rejected Mr.postal strikers in Shanghai, declar-offices in the south western pro- upon Germany's future capacity to Churchill's suggestion that the ing. the the Ministry of Communi vince to continue to handle both pay. Acording to the Anglo- formality might prejudice the Lau- cation & the National Government the postal avings money service American debt funding agreement sanne Conference when considering had made a grave mistake, when it and the postal money order sør- the scale of British payments rises war debts and reparations.

organized the Postal Bavings Kavice.

(THROUGH REUTER'S AGENCY.]

London, May 25. There are 23 final acceptors for the Derby. They are as follows:- Peter Planet, Hosporus, Corey, Celebrator, Porto Fino, Sunny Borough, Royal Dancer, Totaig, Summer Planety Bucklo, Bacchus, Dastur, Firdaussi, Jiwek, Wyverng- Mirsole, Andres, Orwell. Leighton.. Jackdaw, Spenser, April Fifth, Cockpen.

ÁDVISER TO

NANKING GOVT.

SIR ROBERT HO TUNG ACCEPTS

[THROUGH RECTER'S AGENCY.]

LONDON, May 24.

Sir Robert. Ho Tung who is at present on a visit to England, has telegraphed his acceptance of the official offer of the Nanking Gov- ernment that he should become a first-cines advisor to the Chinese Government.

honour

A luncheon is being given in of Sir Robart by the Chinese. Legation on Friday.

(THROUGH REUTER'S AGENCY.]

Toryo, May 25.

Secretary of the Minseito Party, Mr. Ryutaro Nagai, the Chief

has accepted the offer of Viscount Saito to become Overscas Miniliter.

Baron Kumakirhi Nakajima wilk be Minister of Commerce and In- dustry, while Mr. Chuzo Mitsuchi will fill the post of Minister of Railways.

LATE

Further Appointment Mr. Mataukichi Koyama, Minister of Justice.

Admiral Kejauki, Okada, Minister. for the Navy.

"Mr. Ichiro Hatoyama, Minister of Education

LATER:

·Baron Yamamoto, Minister of Home Affairs,

Agriculture and Forestry

Mr. Fumio Golo, Minister of

Mr. Hiroshi Minami, Minister of Communications.

LATER.

The Foreign Mirvistay will tempor.. arily be held by the Premier..

The investiture will take place to-morrow.

TO KEEP

YOUR

KITCHEN COOL

AND CLEAN

COOK BY GAS.

ACQUIRE YOUR OWN COOKER

ON HIRE-PURCHASE TERMS

1

MANY MODERN ALL-

ENAMEL TYPES AVAILABLE.

SEE THEM AT OUR SHOWROOMS.

HONG KONG & CHINA GAS CO., LTD.

Works. West Point, Hong Kong & Jordan Rd., Kowloon. Central Showroom-Gloucester Building (Corner of East Arcade). Kowloon Showroom-246, Nathan Boad (Corner of Jordan Road).

Office West Point. Telephone 28181.