1933-03-06 — Page 11

HONG KONG DAILY PRESS, MONDAY, MARCH 6, 1933.

WILL AMERICA GO OFF GOLD

STANDARD?

EMBARGO ON GOLD EXPORTS

MAY BE INTRODUCED

BANK “HOLIDAY” DECLARED

THROUGHOUT AMERICA)

SPECIAL CONGRESS TO DISCUSS

BANKING LEGISLATION.

(THROUGH NEUTER'S AGENCY]

NEW YORK, March

Jf the declaration of a bank holiday in Delaware, all forty- eight States and the district of Colambia are operating

on a maratorium or restricted, withdrawal. North Carolina and South Carolina are operating with minor fictions, and Columbia is limiting withdrawals. In other states ks are closed.

A message from Washington states that Mr. Roosevelt sum oned x11 Democrat Congressional leaders on Sunday to fix a date for an extra session of Congress, while Mr. Woodin, Secretary to "the Treasury, has summoned members of the Federal Reserve Board and businessmen to confer, also ne Sunday. It is believed they will discuss banking legislation which the new Administration is drafting.

The New York: American's financial editor niserts that Wa shington is considering an embargo on gold exports as a first step of its banking stabilisation programme; while the Daily News -reports,—on-excellent-authority,.-that-the-banking-legislation-will-

involve inflation.

The fact that the Secretary of State, Mr. Hull, attended fin- ancial conferences held at Washington is regarded, says the Associated Press Washington correspondent,, as Indicating de.... finitely that a gold embargo is being causidered."

SCHEME TO FACILITATE BUSINESS

The New York Clearing House an. ounces that member banka use Clearing House certificates instead "of currency to facilitate the con- dut of business during the mora torium. The certificatea, which will to ready on March 4, are paper based on bank deposits and in effect are currenty jointly issued hy a group of banks. Such a medium has not been used since

1907.

New York, Chicago and six other Reserve

Banks, but excluding Cleveland and Richmond,.closed on account of bank holidays. The New York Reserve Band has closed in order to check withdrawals of gold for hoarding or export. The Sub-Treasury was open but paid out only $5,000 in gold bars 'against goki notes.

Communist demonstrations on Inauguration Day occurred in a few centres, Communists at Detroit paraded and demanded the im- mediate payment of small deposits. Unemployed Communists in Chica go went to the City Hall and de- manded cash relief for food. Police and

Reds" battled in the heart of Pittsburg, sixteen being arrest-

"Speakeasies Hard Hit,

NEW YORK, March 5.4 New Yorkers have accepted the Bank holiday good-naturedly. There is little excitement, but thousands of depositors,

weeping, gathered in front of the closed banks which are guarded by extra police,

some

Among the hardest hit were the speakeisies," hitherto favourite places for sash cheques, and the family court clearing house for alimony payments where estranged wives formed a queue awaiting their sole sustenance hitherto paid by chequa

One Broadway cinema accepted chuples, Hotels became bankers, cashing cheques for the guests.

EMERGENCY DECREE IN

JAPAN

TOKYO, March 8

WASHINGTON CONFERENCE.

RUMOURS

(THROUGH EEUTER'S AGENCY)

WASHINGTON, March 47: PRESIDENT Roosevelt's visit to

Mr. Hoover was attended by) Mr. Ogden Mills, Secretary of the Treasury, Dr. Moley, President Roosevelt's economic adviser, and Mr. Eugene Meyer, President of the Federal Reserve Board.

President Roosevelt subsequently saw a number of political and fin- ancial leaders while Mr. Hoover was closeted with Mr. Mills.

These emergency conferences have started numerous rumours. One is to the eflect that President Roose velt and Mr. Hoover- have con- sidered the possible abandonment of gold payments or an embargo Lon-gold-exports.

None of the rumours are confirm.

able, as the meeting was private and no statement was issued. *

After the conference Mr. Lehman announced that the spread of hysteria, and the restrictions im posed on the banking facilities of the country by the measures. taken in so many states, had at last placed on New York, banks a bur dien a great that it finally rendered drastic action here imperativa.

It is asumed that the New York Stock Exchange and all other mar kets will also be closed.

The States of Missouri and Tows have proclaimed bank holidays while Wyoming and South Caro lina are

limiting withdrawals. When the Illinois banks' reopen on Wednesday, the withdrawals will be limited to 3 per cent.

HUNTERS OF

· NOTORIETY”

Goverfor Lehman, en route to Washington, said that he did not Contemplate the declaration of a Chief Scout And Record- banking holiday in Now York State.

"Neither have I been asked to declare one," he added.

5 Per Gent, Available to Depositors Authorisation for banks to limit withdrawals, has been made in the States of North Carolina Virginia...

ין

and

The Governor of Kansas lins pro- claimed a per cent. Harit for withdrawals throughout the State.

London Stock Markets..

[BRITISH WIRELESS SERVICE.]

RUGBY, March 4

As the result of developments it the banking situation in the United States, where bank holidays have been declared in a great num- ter of states, including New York und Chicago, the London Bankers Committee has decided that there should be no dealing in foreign currencies to-day.

The London Stock Exchange has adopted in waiting policy regarding

the American situation and little business was passing in any direc tim.

on New

"No sterling quotation York was available this morning,

MAYOR CERMAK HAS

RELAPSE!

MIAMI, March 5. The condition of Mayor Cermak is again critical,

PARAGUAY TO DECLARE WAR ON BOLIVIA

-ASUNCION, March-4.

AFTER six months fighting in the

Gran Claco region, the Para guyan Senate has authorised the Government to declare war against Bolivia..

MEN IN HOLY ORDERS

Breakers

ATTACK ON GAMBLING CRAZE

Notoriety-hunting. was attacked by Lord Baden-Powell in the course of his Alfred Fripp lecture at University College, London.

he

"We seo in these days,' declared, "the feverish endeavour

going on among men and women to beat records, and so to gain fame and notoriety.

"Beforo attaining it they seem to think that this means auccess. that it does not bring happiness When they have won it they find but only leads to further restless, unsatisfied hunting for more.

ELECTION FEVER IN JAPANESE TROOPS NEAR GREAT WALL

GERMANY

Hitler's Last Appeal To CHAHAR PROVINCE TO JOIN

The Country

BRISK POLLING REPORTED

IN BERLIN.

THROUGH REUTER'S AGENCY)

BERILN, March 3."

ARMED police ure patrolling the

streets assisted by Nazi auxil liaries. Aeroplanes, fying Nation. nlist streamers, are roaring over head therwise there is little

lection manifestation.

Contrary to previous elections, Communist and Socialist flags have disappeared from the city. No dis- orders have so far been ported and polling is brisk.

"Greetings from E. Prussia,"

KOENINGSURO, March 8. Greetings from East Prussia, freedom has always been lit was "where the flames of German

broadcast by Herr Hitler from" an aeroplane in which he flew over the Polish corridor, en route to make his final election appeal here.

He was greeted on 'arrival by wild in cheering by excited crowds torch-light processions and ringing of church bells,

the

At

MANCHUKUO?

CHANG=HSUEH- LIANG ORDERED TO

RESIST. JAPANESE:

GEN. TANG YUSLIN FLEES WITH HIS BODYGUARD :

{THEQUGH LEEUTER'E AGERGK.}.

Tokyo, March bar AFTER « sharp encounter aty daybreak at Huangchin, the......... Japanese continued to press their pursuit of the Chinèse from Pingchuan and have reached Tickmenkyan, ten kilometres from the pass through the Great Wall ́at, Hsifengkou, pesonan

- Press despatches from Jehol City declare that the Chahar Pro- vince-is-expected-to-declare-its independence from China shortly: and jolu thè Maachukuo. (

NASKING, March. 5.----

It is learned that the Government has despatched Instructions to Chang Hsueh Liang ordering the defence of the "Great" Wall and continued resistance to the Japanese."

ARREST OF TANG YU LIN ORDERED

Herr Hitler denounced the Was

PRIPING, March 4. Brigade East of Jahol City, Guilt Lio" pacifism an internation- An order has been issued for the being responsible for Germany's undoubtedly be executed if he is. It is reported that the Kawahara alism. He blamed the world as arrest of Tang Yu Lin, who will

TOKYO, Laber

distress by failing to keep its pro- caught,

Brigade vanguard passed Ting- mises, and declared-that-Marxists-Chang-Hsueh-Liang-is-furious changtzu,niles eastward of had built up their programme on a heap of lies.

the collage of Chinese re. Jehol City ut 8.20 a.m., centiming sistance round Jehol He has the pursuit. ordered the sealing up of various Fasses ac troops to resist the Japanese.; Volunteers through will be shot.

attempting gget,

Tang Yu Lin is believed to be at Luangingshan, west of Jehol, but outside the Great Wall.

He concluded by appealing to Germans to sink class differences and inite in a fight for liberty and ondeavour to

rebuild a proud Germany.

SILVER MARKET

LONDON. PRICES

(From Our Own Correspondant;}'

LONDON, Marelt:4. FOLLOWING ARB THEN SILVER. QUOTATIONS ON THE LONDON. MARKET TO-DAY 15

Spor FORWARD

aa to empel Chinese

Fall of Jehol Olly.:

to

Japanese Sples Executed.

TOKYO, March 4. Chinese official coumouniques this morning complain of a vast mumber of Chinese traitors sent into Jehol by the Japanese na spies to out the Chinese communications.

Twenty of these spice are report. ed to have been caught and sum

TOKYO, March 4 Jehol City was occupied at 11.30 this morning. The Chinese troopsmarily executed. are reported to be in, full retreat and at noon were retiring south througir the two passes of Haifeng kon and Chieblingkou across the Great Wall.

MA

17.3/16 17

Mar, 17.1/16

CHAHAR

REMOVAL OF RENT RESTRICTIONS

HOUSE OWNERS WELCOME GOVT. BILL

"There is," he said,

14 a craze Viscount Hereford, in his pro in the nation from top to bottom if possible through a lucky chance tion of Property Owners and Rate .sidential address to the annual to get rich and to get rich quickly, conference, of the National Federa in the sweepstakes or tote club'or Stock Exchange. Why work when payers in London, said that since been unable to move because, of the War the property owner had

the barbed fence of restriction.

by

a lucky win you may make thousands is the notion."

He defended the youth of to-day against the charge that they are unwilling to learn from their elders. Quite the contrary," he said. "They appeal to one, of their own initiative, and are grate. ful for such advice as one is able to give them.'

For the first time in the last fourteen years the legislature was taking big step in the right direction. The new Rent Bill fore- shadowed total decontrol in 1938,

We welcome those provisions," Lord Hereford said, "which make it easier for a landlord to recover Arguing that health is not cssen- possession, and which at long last tial to happiness, he said, "I have give him control over tenants who, seen crippled Roouts content with by sub-letting and letting in lodg their lot and positively happy beings, are creating slum conditions cause they were able to make toys which form a blot on our national to happify children less well off life.". than themselves!!

From Heaven to Japan..

Lord Baden-Powell further ex-

plained how he came to travel. He nice had a dream in which he arrived at the gate of Heaven, and was asked by St. Peter how he liked Japan,

An emergency conference of lead. ing bankers has decided to suspend all operations on foreign exchanges to-morrow, owing to the American | SHORTAGE REMAINS ACUTE. put in that earth full of beauties situation.

Financial Markets Ulosed:

*

He expressed the view, that the present year would see a rift in the overhanging clouds of industrial- depression, and the dawn of

Snowstorms are now visiting al most the entire province (Jchol) and it seems very doubtful whether the line from Pingebuan to Sutao kow will play any part at all

Kingpeng

E Wicksg

H O'CHIFENS

Twix O

Omaizkola

✪ Lingpai

CHADTANG O.

· Chattaroban ✪ Langiswa i

Beichen

O Fring

PEKING

CHINA PROPER

********** GULF OF PECHILI

NTUMO

———. ▼ NEUTRAL ZONEČE

2KWANTUNG

The above map shows, the country in which the present Sino-

· Japanese skirmishes are

g place.

A message from Chinchow states that following the occupation of Jehol City the Chinese are report Building Hold Aped to have fled in confusion, most- A feature of the fourth coneus ly to the south-west, though some of production with regard to the are reported to have fled north in building and contrasting trades, the direction of Langhus, includ published in the "Board of Trade ing General Tang Yu Lin-with his Journal," is that in 1930 total personal bodyguard. of £18,074,000 was spent on public buildings, apart from homes and factories, compared with £8,782,000 in 1924.

Tientsin Withdrawal Demand,

TOKYO, March 4, The War Office knows nothing of the alleged Japanese demand for the withdrawal of Chinese troops from Tientsin.

ARMS EMBARGO CONDEMNED

¡THROUGH BRUTEN'S "AGENCY"}

LONDON, March 4 AL DEMAND for the removal of the arms embargo is made

a leading article in the Daily Mail to-day. The Daily Bapress similar -ly condemns the embargo as futile.

The Times, commenting on the decision of the Premier, Mr. Ram- say MacDonald, and the Foreign Secretary, Sir John Simon, to go to Geneva, emphasises the neostaity for consolidation on every possible point in the agreement if the failure of the Disarmament Conference is to be avoided.

Meanwhile, one of the tasks of Captain Anthony Eden, Under Secretary of State for Foreign Affairs on his return to Geneva will be to push forward the formation of a sub-committee, on the embargo of arma to the Far East

The Timer recalls that Sir John Siman-stipulated, when the-em- bargo was announced the necessity

aternational notion, and states that if "Britain's lead is not fol- lowed, the whole question will have to be red

DRUGS SEIZED IN SHANGHAI

LARGEST HAUL IN TEN YEARS

{THROUGH REUTER'E-AGKNOT.I

SHANGHAI, March 4,

ONE of the most important drug seizures in Shanghai tor the past ten years was made to-day when the Police, following the arrest of a Chinese chauffe-coo veying 300 lbs, of narcoties, raided the operating base, of a powerful drug ring which, for years, has managed to cay on ita nelarična work.

The base of the ring's operations is an innocent looking: godown: in Avenue Foch and contained an elaboriste, laboratory with a most up-to-date manufacturing plant. Large quantities of narcotics were seized in the course of the raid.

The eight Chinese who were as rrated will come up for trial on Monday.

A SCHOOLBOY BOOKIE

SHOCKS FOR CHURCH INQUIRY.

Gambling among Sunday school scholars is referred to in a report which has just been discussed by the Rossendale (Lancs) Sunday School, Union.

The report is that of a commistes set up by the Union largely és & result of evidence given before the commission on lotteries and betting: by Mr. J. 8, Hardman, of the Union.

The report hows that:

Church members, prominent, re ligious workers, a local preacher, and E member of the Sunday School Union committee had shares in the Irish sweepstake;

In one Union Sunday School members of the men's class spent one afternoon during the teacher's absence, comparing duplicates of the previous day's football cou

Betting takes place on Sunday: School football matches, and even on the Sunday School. Union lea sue games, principally among spectators but also among players

Members of Sunday School men' classes are reported to gamble and play cards for money in outside institutions;

On reply that he had never been

NANKING, March. 4. there, St. Peter said to him, My

With reference to the Tokyo dear fellow, what were you doing

Report Confirmed,

message stating that the Japanese with your opportunities? You were

War Office knows nothing of the Sunday School scholars are me PRIPING, March 4.

Japancae alleged demands at Tien timer sent by their parents and wondors for your enjoyment, Mr. H. B. Bryant, Secretary' of and you seem to have wasted your the Building Industries National the fall of Jehol City this morning at Tientsin sent three communica

The Chinese authorities admitti, a Chinese Apokesman say carry betting alipa; The Church needs men, more

that the Japanese Consul General Day teachers sell ticket them. Go back quickly and have there were signs of the desire of fleeing from the oily clared in the preface to the sixty another try." second issue of Crockford's Cleri

Local authorities to have building work put in hand.

Toxyo, March 4. Unfortunately,

The Japanese halted their pur- he added,

about to be put in hand is more at noon. nothing compared with the £35,000,000, which it is estimated

men, and get more men," it is de. / time sitting still and neglecting Council, stated yesterday that aslo that General Tang Yu Lin is tions to Yu Housh Chung in regard

NEW YORK, March 5. South Carolina is the only State now not affeced by the moratoria call Directory, published by the So he awoke, took a ticket to air restricted withdrawals.

Oxford University Press. financial and commodity

wonderful world it was when one markets throughout the United

mixed with one's fellow-men States have closed.

All

-

It is pointed out that, while the population has doubled in the last sixty-four years, the number of asistant ourates has remained.

Bank Holiday in New York. stationary.

head

Japan, and got to realise what the £4,000,000, worth of work suit at Linkou on the Great Wall,

NEW YORK, Manch 4(Wa have no exact figuris be Lisban, February 22-Portugal's A two-day bank holiday has been fore us, it is stated, but we oldest woman, Madame Rosaria declared in New York State and understand that the number of can- Limeila, died today agod 117.tive and remunerative work at three days bank holiday in didates for Holy Orders has in- Sanora Lameila achieved fame in

Illinois State, Nes

- Governor Lehman has cancelled bis inaugural trip to Washington, Loving to the bank crisis.

Bankars have met in an all-day conterence, and one group is still with the Federal Reserve

greased during the last twelve the middle of the last centeryna months. -Some dioceses appear to the mistress of Portugal & moet

to the withdrawal of the Chinese troops from Tientsing

Blam

LONDON, March 4

apazese

A communique ined from the Siamese Legation declares that it Fis the "Government's

main neni

in the ind controversy. For this reason their represe tive at Geneva, abstain- ed from yoting on the League.

Toxyo, Earlie No hows has been received is still being held up by restric regarding the spore of Jehol tions on the power of local City,diy clo authorities to spend on construct is learned, however,

the vanguard of the Kuwahara Brigade, GAN NATUS M N Bocorifing to- the last report, © wALS way towards Jebol City daving power from. Pingchuân în a raging snow.

Run -motor-car intended storm, which was hamperin s all the fitting reconnuisance, although the

pen, acting lamps, and eye aircraft, despite the

were attempting to reconnoître, the Chinese positions City

bo getting as many men as they can famous bandit Brando who terror of a new absorb, but we hope that this willized the country for a number of for not be understood to mean that the years Later, moes appeared on, a crisis is past, and that the supply

of clergy will very soon beade, quate,

lated her ex-, horn of the real articlo costa £30, and is intended for use in gardens nad private grounds only.

foundation.

draws and sweeps scholars in local Boo The fame of one it is stated, is mittes,

thiness

CALL

Mr. Chan

D'Affaires Office this "conve

vernment is Wellesl Deputy gent for Japan in the for Foreign or fe in any way. It is und are entirely without news from

hims embargo

uk foot of näet column.) od during the