1933-01-18 — Page 11

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HONG KONG DAILY PRESS, WEDNESDAY, JANUARY 18, 1933.

CONTINENTAL LETTER

The

The World Economic Conference:

League and Important Labour Pro- posal: The Georges Philippär Again: Germany's Budget and

the Unemployed :

Kreuger Scandal.

GENEVA

The

The Firing Hamburgher. Berlin, Jan. 11-Fifty representa tives of British, French and other foreign railroads and traffic com panies took part to-day, at the in vitation of the German State Rail- way Company, in a trip on the new super express from Berlin to Hamburg, commonly called the Zeppelin Railway or "The Flying Hamburger-Transocean Kuomin

Military Attaches.

by the fire on the Atlantique,

Berlia, Jan. 10.-The report that Deputy Dothange to-day tabled a Pessimism and Optimism." motion to the effect that the Cham- the Government of the Reich in- ber instruct the Government "intends to appoint again Military Geneva, Jan. 10.The two out. standing features of the happenings order to allay the widespread dis attaches to the principal ambassies at the opening session of the ex- quiet," to publish the Georges and legations was confirmed to-day perts commission for the prepara- Philippar report immediately and is authoritative quarters.

The appointments will be made tion of the World Economic Con that on the Atlantique as soon as ference are the pessimism express the investigations have been com- for April 1. For the beginning ed by Sir Frederick Leith-Rosa and pleted. It is expected, that the Military Attaches will be sent to Rome, Moscow, the optimism of Mr. Williams. j motion will cans a stormy debate, London, Paris, While the British delegate declared in the Chamber which reasseintles | Prague, Washington and Warsaw, that he could not tee the slightest to-day. sign of the crisis having passed,

the American representative made BERLIN the significant announcement that the United States Government was hoping to reach the solution of the inter-alliod debt problem before the meeting of the World Economic Conference and that besides the United States were ready to aban- dem their ultra-protectionist policy.

The Budget.

while Naval Attaches will also be stationed at London, Paris and Rome. Several of these attachés, will be accredited concurrently to governments of neighboring coun- tries,

at-

It is understood that" Govern- ments concerned have already noti led the Berlin Foreign Office of thoir agreement of these appoint- ments.

DUESSELDORF

Berlin, Jan. 10-A note of quali-

It is furthermore stated that the fied optimism was struck by Miuis ter of Finance Court Schwerin- attaches will be subordinated to the Krosigk in giving to-day before the Ambassadors and Ministers respec

atively and must submit to them all Reichstag's budget committee survey of the Reich's financial their reports, whereas in pre-war The Forty-Hour Week. situation While admitting that days the military and naval Genova, Jan. -The Conference the deficits incurred recent years as taches were only "attached" to the en the introduction of the 40-hour well as the huge expenditure for diplomatic representatives but were week as a means of combating un unemployment relief as envisaged in their work and reports indepen- employment entered to-day in its by the present government's econo-dent of them. general debate after having premie programms, will prove a heavy viously decided to admit German burden for the coming years, the us the third official language besides Minister expressed the conviction that all this will be more than coun English and French.

I ter-balanced by the anticipated in

crease of income from taxes any by the much hoped for falling off of the payments for the social services,

Electricity Company's Dividend. including the dole. At the end of 1839 the Reich's debts totalled

Marks where Duesseldorf, January 11-The

of

Electricity 12,260,000,000 10,430,000,000 were funded, being a Khanish-Westphalian

of 2,000,000,000 since Company, the largest power com decrense. March, 1932. The Treasury bonds pany of Western Germany which West- Rhineland ind issued in support of banks, indus provides light and power to the trial and commercial undertakings whole amounted to 1,207,000,000 Marka phalia, will pay for the financial whereof 315 millions were granted year. 1932 a dividend of 8 per cent., In the annual report of the com by the von Papen and 893 millions the same as for the preceding year. by preceding governments.

pany it is pointed out that the turn-over was badly affected by the economic situation, being, in spite of considerable expansion of the company's activities, 10 per cent lower than in 1031.

to

The French trade union lender. M. Jouhaux: opened the debate with a fiery apecoh in which he valiantly pleaded for the 40-hour week, pointing out that at least one-third of the present unemployment was attributable

the increasing mechanization af industry.. He vigorously challenged to view that the economic crisis or unemploy ment could be alleviated by such Dalliatives AB increased tariffs, wage-cuts, etc. In conclusion, he cited the report drawn up by the official American commission on un- employment which strongly advoc ated the introduction even of a 30- hour week as the only means to prevent a catastrophe.

The British delegate raised objec- tions against the proposal as being of too general a character and seope, asserting that it would be preferable to begin by reducing the working hours within certain corelated industries.

The Swedish representative de- clared that Sweden could agree to the proposed reduction to a forty- hour week only on the presumption that all her foreign competitors would do the same.

PARIS

Drastic Government Outs, Paris, Jan. 11.-Finance Minister Cheron's bold proposals for a fur-

As to the outlook for the 1933 budget, everything would depend on the Treasury's income from taxes rand on the amounts needed for rae support of the unemployed. In or der to avoid mistakes, the new bud. get, the Minister declared in con clusion, would only be submitted | STOCKHOLM to Parliament after some time, when the trend of the economic develop ment could be clearer seen than at the present moment.

Unemployment. -

Berlin, January 10.Unemploy ment in Germany increased during the second half of December by 169,000 totalling at the end of the year 5,770,000. Compared with the end of 1931 this figure is higher by about 110,000

In spite of all attempts of the

ther cut in the salaries and pen-Government to count this develop aions of the civil servants and its ment, the number of unemployed unanimous approval by the Cabinet workers has towards the end of the in the session to-day have taken year increased.

As, there is not yet sign of an public opinion completely by, sur prise, it having been generally ex-interruption of this steady increase pected that M. Cheron would sub- of people in receipt of the dole, ordinate his convictions to expedi-grave apprehensions are raised re- mey, making first sure of the garding the outlook. Socialists' support for his scheme.

1. Cheron's proposal to balance the budget, approved by to-day's Cabinet Council, which was pre- sided over by President Lebrun bimeolf, include, contrary to gen. eral expectations, a further 5 per rent. but in the salaries of the civil servants as well as in the pen sion of the war-veterans in addi tion to the stipulation that no new functionaries will be employed this year and that those retiring will not be replaced.

On other points M. Cheron's pro- gramme conforms to expectations inasmuch as it proposes to wipe out the 10,000,000,000 france deficit by effecting rigid economies to the amount of 3,330.000,000 frames and taxes to" the by imposing new amount of 5,430,000,000 franco.

This whole drastic scheme is cer- tain to arouse the fury of the Socialists, and at the present it is not clear how the Government can hope to force M. Cheron's pro- gramme down to the Chamber's throat Transoceka Kuo Min.

Paris. Jan. 10-For the third consecutive time, Prince Bibescu was unanimously re-elected to-day President of the International Aeronautical, Federation.

A New Alrahip,

- Paris - Jan. 11.-Though it had beon believed that the French had given up the idea of building and using dirigibles, a new airship has, it became koowi to-day, been con structed to the general surprise of the public.

The new dirigible has a capacity, of 10,000 cuble metres, is eighty metres long, sixteen metres high, and provided with two motors of 250 h.p. esch It can develop a spead of 110 kilometres per hour and has an action radius of 2,000 kilometres The dirigible wit able to carry a useful load of 800 kilogrammes with a crow of eight

After some trial flights, which will be executed shortly, the air- ship will be taken over by the Navyzd

The Georges Philippar? Paris, Jap. 10-As a result of

CARTETS overnment's refusal to publish

John D. HUTCHISON & CO.

the exports report on the Georgre Philippar disaster the importan of which has been greatly

Kreuger's Expenses. Stockholm, Jan. 10.--The lato Match-King Ivar Kreuger'e person- al expenses between 1917 and 1931 amounted to 432,000,000 Swedish Kroners at par, according to the final report of the accountants sub- mitted to the trustees of the Kreu- ger estate, dealing with the affairs of 100 subsidiary companies of Kreuger and Toll in Europe and both Americas..

of

During the same period Kreuger

sunt the huge disposed of 2,800,000,000 Kroners of which he Kroners 2,000,000,000 obtained through the floatation of loans bas- ed on fraudulent returns of his companies, the earnings of which, according to the report, were given at over 1,000,000,000 - Kronars more than they really were.

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