1932-08-17 — Page 3

Page

PROPOSED

ABOLITION OF

THE TAEL.

CHINESE BANKERS URGE

CANTON.

In an open letter from the Shang- hai Native Bunkers' Association to the their fellow countrymen on proposed abolition of the tool and the adoption of the dollar as the standard unit of exchange through- out China, the association, in ad dition to urging careful considera- Lion of possible evils which might arise from a sudden change from an age-old custom, makes three pro posals in connection, with the plan. ed change, the guiding, spirit of which is the minister of finance, Mr. T. V. Soong.

The association places on rreord that it is not opposed to the aboli- tion of the tael. The hope is voie- ed, however, that both the govern ment authorities and the general public will give fair-minded con Pideration to this all-important problen.

Three Proposals.

The following proposals have been made to the government by the as. sucration:

[12.00]

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

Money and Markets

AO FC. Average of Shanghai Stocks

1054

+27

25.25

17.71

TWENTY

$16.00

STOCKS

11.0

24.06

LAJI

24001

ТАЛЬ

(2100)

13.71

11.90

|110|

21.00

{tano]

PRE20

31725

<LOB>

1200

-11.00

21.75)

H

16.0

EDLEM

11029

rosal

| 1029)

| 2600

Oc

MR. WANG CHING WEI.

CANTON AND HIS RESIGNATION,

TVOOSUNG SHANGHAI

LINE

IMPROVEMENTS BEING

CONSIDERED

23743

CENTRAL RADIO

SERVICE KING'S BLDG

Nanking, Aug. 11.-The Minis try of Railways has instructed the Hangchow-Niugpo Railway Ad. ministration to discuss with the Canton, August 15. local agent of the British and Official opinion at Canton with Chinese Corporation the measures reference to the resignation of Mr. recently submitted by the Greator Wang Ching Wei and the poli-Shanghai Municipality for the im tical situation thus created, which provement of the Woosung-Shang- hitherto has been very reserved, no hai branch line. A detailed report official statement having been issued of the conference is to be submitted ather than those denouncing the to the Ministry for consideration. | young Marshal, Chang Hauch Liang,

(From Our Own Correspondent.) Shanghai-Nanking and Shanghai-ray),

is now expected to assume were obstensible form in the course of tho next few days.

ernment organs,

GRAND OPIUM BONFIRE Shanghai, Aug. 11.-Large quan-

·Soveral meetings, formal and in-tities of opium and its derivatives, formal, have since taken place as well as opium-sticking a among the various leaders of the phernalia, were burnt yesterday in South West, though no definite de the presence of representatives of cisions have apparently yet been the various local Party and Goy- reached. During the last week-end, Miss Hu Mu Lan, daughter of Mr.

The narcotia destroyed comprised Hu Han Min, the veteran Kuomin- confiscations made by the Shanghai tang leader, came up to Canton a District Court during July-Decor- her father's deputy to exchange ber last year, amounting to nearly views with the local leadera. She

14,000 taels (ounces). Opium. was on her return to Hong Kong smoking articles total almost 5,000 Accompanied by Mr. Chun Yung, picces. chief accretary to the South-West Political Council, who was delegated to bring the local views before Mr. Hu. A declared policy is thus ex- pected be forthcoming,

While the

CHOLERA AT NANCHANG

A SERIOUS SITUATION

1. Centralization of coiunge

Meantime, a "supreme military

Nanking, Aug. 11.-The number rigin and the establishment of a

conference is being convocated in of deaths due to cholera in and standard weight and rate of fine-

the city during the next few days. near Nanchang has become alarm- Hess. The weight and fineness of

All the important military commaning. No less then 24 deaths cecur- now silver dollars to be coined in

ders of the two Kwang provinces, red among inmates of the local future should at least be equal to

including Generals Chea Chai Tong, hospital last Friday while another that laid down by the Currency

Li Teung Jen, Foi Chung Hsi, Yu 18 died the next day. A whole Law of the 3rd years of the Repub.

Han Mau, Heung Hon Ping and village on the outskirts of the city li. At the time of coinage n com-

others are expected to put in is now deserted owing to the heavy mission organized by "different

toll of lives. The Provincial Au- The Shanghai stock market this otherwise the volume of trading has, indication for the trend of prices personal attendance, trade guilds should be organized to

At the before covering further quantities. nominal programme of the meeting thorities have been receiving urgont supervise the minting process and week has bea a tame affair, with teen exceedingly light.

is concerned mainly with anti-Com demands from many districts for to make a chemical analysis of the few features of general or of special! half-day session of Saturday, the The cotton market remained in a

a whole, market showed firmness, but sellers rather firm position, this tasin fer-manist activities, it is to be safely anti-cholera vaccine.

that tho products. The result of their find interest, The market

present.It is learnt that the Civil Court ings should be published in the moved within a narrow groove. On adopted a cautious attitude.

ture being purchases of the domestic anticipated

national crisis will form the chief

at Linehwan, northeastern Kinng- newspapers for public information. Tuesday trading was almost at a Tuesday the market again was mo staple by Japanese spinners. The ubicat for discussion. It is to bosi, has been closed as death has

matter of Lionless. Seller's apathy continued silk market has been active with 2-Fixing a proper rate of constandstill. and, as a

The fixing of a proper fact, this paned on many of the and little business was done with great many transactions in steam noted that the decisions of these claimed most of the police attach- version: rate of conversion of the tael for succeeding days.. Shanghai Lands buyers holding out to their rates.

filatures, mainly for Europe.. the dollar concerns not only the in-were under pressure, 600 shares On Tuesday of this week Shanghai

After the slow movements in the terests of the banking trade or of changing hands at 25, what on Land had buyers at 242 and China

over the the residents of the district of livened the occasion on Wednesday. Realties at 11. Ewos were wanted Shanghai stock market Shanghai but is also vitally linked Thurday the market improved, et 14.10, sellers asking 14.13. past month, the attempt to break with the interests of all other trades prices were better, though on aar Shanghai Docks were wanted at away from this tendency is likely

row dealings. There was great in- (82). throughout the country which use

terest shown for debentures and a the tel ns, a medium of business

fairline of 8.W.W. and Shanghai Land transactions. To arrive at rate of conversion, the chambers of debentures, amounting commerce of different places should 875,000 changed hands. On Friday be charged with the responsibility more buyers were in evidence, but of calling a meeting of various

guilds of their respective locality

to Tlf.

to discuss the problem, in order LONDON EXCHANGE

that the interest of any may not

be impartially affected and the scheme may be smoothly carried aut.

3. Centralization of the right to issue paper money. In order to re- move any possible alight suspicion on the part of the people as to the. true object of effecting this mone- tary change, the right to issue bank- notes should be centralized, and a reserve fund should be special established of which at least 60 per cent. should be covered by cash. This reserve fund should not be substituted by other sources business credits. This point should deserve special attention as it is the keynote to the security of the nation's economic life, and with such a reserve, there will be no pretext left to foreigners for mak ing any unfavourable criticism.

Opinions Opposed,

of

It is pointed out in the open let- ter that the opinions on the sub- jeets of the conservative and radic als are diametrically opposed each to the other, yet both are advanced with the object of promoting the beat interests of the nation. The government authorities, it is stated, conscious of the great significance of the problem and its close rela tion to the financial stability of the entiro nation, rightly decide that this is a question on

which they raust consult the opinions of the various sections of the munity, the result being the ap pointment of the Commission for the Investigation of the Advisabil ity of Abolishing the Tael.

coin.

The Association's letter stresses that the three proposals are not u spired by any selfish motive. In Fact, it asserted, in putting for ward these proposals the associn. tion is cherishing the interests ol the different trades of the nation and their financial future.

Charge to be Waived,

RATES

(BRITISH WIRELESS SERVICE]

Paris

New York Montreal Brussels

Rugby, August 14.

B6Z 3.48) 1.00

25 3/32

Genera

17,831

Amsterdam Milan ........ Borlin

8.041

14.021

19.374

Stockholm Vienna Copenhagen

Oslo Vienna Prague...

Madrid Lisbon

Athens

Bucharest Belgrade

Rio............

Buenos Aires

Montevideo

Bombay

Hong Kong.

Trade accounts during the past week continued dull, new business from the piece goods market has fallen away during the last few days as dealers seem to await some

NEW YORK STOCK EXCHANGE.

A.O.F.C. QUOTATIONS.

New York, August 13. Dow Jones Average:

Aug. Aug. 13 16 Change

to be slow,

A

August 3, 1932 20.18

High for 1031-32 Sept. 19, 1031 28.08 Low for 1831-32 July 12, 1832 10.09 August 8, 1932 20.30

HONG KONG STOCK MARKET.

YESTERDAY'S OFFICIAL

QUOTATIONS.

The market was without any im. portant features yesterday, but under the influenes of concentrated

|

no

military leaders will doubt

ed to the Court. greatly influence the opinion of others who may be otherwise inclin- ed.

SHANGHAI DEFENCE WAR ORPHANS

FROM CHINESE

NEWSPAPERS.

TO RECEIVE FREE EDUCATION

A message from Nanking states Nanking, Aug. 11-All orphans of that Marshal Chiang Shek will Ay the officers and soldiers who fell in to Peiping shortly to attend an the defence of Shanghai last emergency meeting with the North- February are to receive free educa ern teaders.

tion, according to a ruling of the Ministry of Education. Provincial The resignation of Marshal Chang and local educational organs have Hauch Liang has been officially ac- beon advised of this decision and cepted by the Nanking Govern- instructed to act accordingly. ment.

30 Industrials, 63, 10 06.61 3.32 up inquiries, Ewos, dights and Docks. 20 Rails

........ 25.54 28.30 2.76 up

were marked up substantially, 20 Utilities... 27.05 28.54 1.69 up

Sales, Messra. E. A. Piorco & Co. Report,

To-day's market indicates that the 29) Nom.ling of least resistance is still up

ward and that constructive forces still control the market. -Busincas done: 1,000,000 shares..

LABT TO-DAY'R

PRICE PRICE

18.70

19.071 201 No. 1174

HOW TO AVOID INDIGESTION.

General Foods General Motors

In most digestivo troubles, exccas acid ferments food and causes gases International

Hong Kong Bauk, 81560

Bayers.

China Fire Insurances, 8020. H. K. Steamboats, 8291. Union Waterboats, $20,

Youmati Ferries (Old), 834).

Helsingfors

232)

Raubs, 8304.

43 3/16

Air Reduction

$60

$52

H. K. & K. Wharves, 8140).

110

Allied Chemical and

H, K. & W. Docks, 821.

540

Dye

75

Providonts (Old), 84.05.

585

213

American Can

50%

521

H. K. Hotols (Old), $10.00.

American Telegraph

Hong Kong Lands, 970.

Nom.

and Telephone....... 105

1094

Ewo Cottons, Tls 14.

30 Nom.

1/87/04

Shanghai

1/9 7/32

American Tobacco "B" 731 Auburn.

78

Peak Trama (Now), 871.

63

1/4

Bordon Company

......! 271

071 281*

Yokohama (sellers) Silver (spot)

1/43

Canadian Pacific

12 141

18!

Silver (forward)....... 18

Consolidated Gas of

Now York

Yaumati Ferries (New), #23). China Lights (Old), 818,30. China Lights (Now), 9171

Drugs, Inc.

521

40

54)

401*

Du Pont de Nemours. 327

Eastman Kodak

10.

511

General Electric

101

子

201 272

Watsons (Old), 812.80.

19

14

Lane, Crawfords. 85.40.

Harvester, 27}

20)

H..K. Amusements, $19.

H. K. Govt. Loans, 3% Premiu

95

11)

Sellers,

Liggett and Mycra

53

54*

Union Insurances. 470.

20 27}

201

15)

H. K. Hotels (Old), 811.10.

by the Minister, of Finance in identic orders to the various Pro- vincial Governments yesterday. With the impending aboli Union Pacific tion of the "tsel, the Ministry is United Aircraft"and" striving to eliminate all non-stand.

Scava Roebuck Standard Oil Co. of

New Jersey

321 Socory-Vacuum Corp 107 Union Carbide and

71. --8 192 A 221

AMERICAN-ORIENTAL

34 111

FINANCE CORPORATION

Carbon ......

22 23 891* 60%

Agents in Hong Kong,

ard coins so as to bring about uni

Trane

131

∙101.

40

of coins, whether silver or copper,

34

by local governments is prohibited Continued at foot of next column)

by the Central Mint at Shangbai

to distend the stomach. That is why intense pain so often follows International Tol, and immediately after eating, Diges- Tel. tive disturbances of this kind can

It is pointed out by the organiza- tion that in view of these circum stances it is regrettable to note that a section of the public should gain the impression that the native banking trade opposes the change simply because it makes a profit on the rate of tael exchange.

The association backs up its as sortions by stating that effective distress. Every chemist Bolla Pennsylvania Railway 12 from August 6, 1932, all-members-Itisurated Magnesia, and if you Radio Corporation..... of the asociation have agreed to will take it as directed you will waive the charge in connection with quickly gain freedom from diges future tail and dollar conversions. tive pain and discomfort,

be absolutely prevented by taking "B" a little Bisurated Magnesia in water after eating. This neutra-Leow's Ine. lises the excess acid and onables the Pacific Gas and Elec- digestive organs to function in a tric...................... 271 normal manner without pain or

CHINA'S MONETARY

SYSTEM

PROVINCES NOT TO MINT COIN

Nanking, Aug. 11.-The minting

fication of the monetary system in United States Steel the country. It is understood that Westinghouse E. & M. 31 hereafter coins will be minted only

Ex. Div.

t-basis.

*

*

The Nanking Government has! The Canton Government has re- wired several times to Mr. Wang mitted 850,000 to the Nambang dis- Ching Wei urging him to withdraw trict authorities for the reconstruc his resignation. Another telegram tion of the city wall which was re- has been despatched to him by the cently destroyed by the "Frids."

"Volunteers " urging Manchurian

It is reported that a large con- is immediate resumption of office.

signtaent of Russia piecegoods has

It is reported that Dr. Welling

ton Kon will leave, vid Siberia, for France in accompany with the League Commission to Manchuria.

An outbreak of cholera has been reported in Bi An. So far, a total of over 22,000 deaths have been re- corded.

Continued at nezi column.)

arrived in the Colony.

•

A report has been made to the Canton police by the Hoi Ping dis- triet authorities that an armed robbery took place in a bouso, oc- cupied by a wealthy Chinese family. Two women and two children, in the house at the time were stabbed to death by the intruders.

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Cements (Combined), $13.50.

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