1933-03-07 — Page 1

Page

O.K. SAUCE

Served in the best places.

Hongkong Daily Press.

Registered as a Net-paper at the General

Post Office in the United Kingdom.

ESTABLISHED 1857

No. 23275號伍拾柒佰弍仟萬弍第 日式拾月弍年酉癸 HONG KONG, TUESDAY, MARCH 7, 1933. 式拜禮 日柒月叁叁佰玖仟查英 Price

"SIMPLEX"

BOTTLE POURERS-

-have no mechanism to get out of order. Worked by an air lock, you need simply tip the bottle and the flow will cease when a tot has been

up poured out--a pause of four seconds and the flow will start again.

---are easily fitted into the neck of means of a tapered cork.

any bottle by

-give accurate measure of twenty or twenty- -five-tots to the bottle, as desired.

-are invaluable to Clubs and Hotels, where a careful check on consumption is necessary,

and will save their initial cost within a month or two.

Stocked by:-

CALDBECK, MACGREGOR & CO., LIMITED Prince's Building

Ice House Street

TEL. 20075

HONG KONG, CANTON AND

MACAO STEAMERS.

JOINT SERVICH OF THE HONG KONG, CANTON AND MACAO STRAMBOAT CO., LTD, AND CHINA NAVIGATION CO., LTD.

HONG KONG-CANTON LINE. HAILINUS From HONG KONG-Daily at 8 a.m. and 10 p.m. (Sundays 10 pm, only).

SAILINGS From CANTON—Daily at 8 a.m. and 4.30. p.m. (Sundays 4.80 p.m. only),

HONG KONG-MACAO LINE.

AMENDED SERVICE

BAILINGS From HONG KONG— at 10 a.m. and 5.80 p.m.

(Week days only).

SAILINGS From MAOAO

at 9 am, and 5.30 p.m. (Week days only).

SPECIAL RACE MEETING EXCURSION SUNDAY, 12TH MARCH

S.S. "TAISHAN'

will leave Hong Kong at 9.30 a.m. and Macao at 6.00 p.m.

SPECIAL SALOON FARES.

WEEK DAYS. —Bingle: $3.00; Return: $5.00.

✦ EXCURSIONS—Siapls! #250; Return: $4.00. Not-All Steamboat Company Steamers are filed with Wirelebs.

HIGH

CLASS TAILORS

AND

WOLLEN MERCHANTS

ALL

HONG KONG & SHANGHAL

OF

KINDS SUITS MADE TO MEASURE, WORKMANSHIP GUARANTEED. PROMPT SERVICE.

W. W. AHANA CO.

(HONGKONG), LTD.

87; QUEEN'S ROAD, CENTRAL.

The Milk of Human Kindness

Tue, 26358,"

ANKORIA

BABY-FOOD

FOR BABY'S SAKE"

Distributora: LUERING & SMITH, 12, Des Voeux Road 0.

AMERICA TEMPORARY OFF GOLD

EMBARGO PLACED ON EXPORT

OF GOLD AND SILVER

NATIONAL BANK HOLIDAY DECLARED UNTIL THURSDAY

A STATE OF “MANAGED

CURRENCY"

(TEROCON REUTER'S AGENCY)

"New York,” March ̈6.– PRESIDENT ROOSEVELT has issued a proclamation giving the National Government absolute control of the nation's gold supply. The proclamation places an embargo on gold and illver exports and forbids the earmarking of gold for foreign nations, and also declares a national bank holiday mut!! after Thursday, when Congress convenes for a special session.

The Treasury Secretary, Mr. Woodin, in amplifying the President's proclamation, said emphatically that the United States is not off the gold-standarð. 'Any such interpretation is a grave mistake,” adding that it was a state of managed cur. » rency."

In this connection he pointed out that Switzerland was -on a gold standard, but forbids the exportation of gold.

President Roosevelt's confidants predict that the banks wil! be closed until March 13 in order to force gold from hiding places and prevent any gold export. There is no confirmation of the Daily News report that America will go off the gold standard.

A VERY WISE ACTION*

NEW YORK, March 6, ehortage of cash, is being considered The banking authorities have in--in a number of cities. terpreted the proclamation, which became effective at 1 p.m. to-day, as removing the United States from the gold standard, but only for the period of the banking holidays ter- minating on Thursday.

dollars as is threatened in the case of America, exchange, banks arò un- easy and practically no business is passing oven in sterling.

Since the foregoing, was written. news has trickled through" that | U.S.A. bas definitely put an em-. bargo on the export of gold and it will take probably “several days if not weeks before exchange business in U.S.A. dollars will be conducted freely.

Different from "Grøst. Britain. .

It may be worth while pointing out that the U.S.A. has gone off göld under very different circum- stances as compared with Great Britain. Britain went off gold be cause there were large short-term foreign bilances in London which for reasons (which are now fairly well known) were suddenly with drawn. Great Britain therefore had-- no option but to put an embargo on the export of gold as her supplies of gold were inadequate to meet the circunstances. U.S.A. has an abundanço' of gold but due to the banking crisis her own people have boon seized with panic, withdrawn their balances, and envervoured ta export the gold for fear of America going "off gold" in other words, They rocked the boat them selves."

Not" According to Plan.”:

A local expert in the course of t conversation with our representa- tive emphasised that while Great Britain left the gold standard, 'according to plan," the necessity having been forescen, Americap had drifted into her present predica- ment. In Great Britain there had been no failure of banks or immense.

company, but that, our informant held, had been, due to prudent to foresighted handling of the situa

In New York, certificates are printed for issue on March 7 tion.

Mr. William Woodin, Secretary of Treasury, conferred in Washing

ton with leading bankers and busi ness men to-day, but made no an- nouncement...

One Teading banking authority said that it was a very wise action" Special Session Called by Roosevelt. which will terminate. the drain on American gold currency which has

WASHINGTON, March 6. President Franklin D. Roosevelt reached serious proportions, and will. simultaneously give Congress is calling a special session of Con- time to enact stabilizing legislationgress on Thursday to deal with the

banking crisis. of a more permanent nature,

In the meantime, banking or Emergency Meeting of Gabinet. ganisations are ready to issue hun-

WASHINGTON, March 5. dreds of millions of dollars in

The decision to summon a special Clearing House certificates, which, session of Congress on Thursday together with the currency already was announced after an emergency in circalation, it was felt would meeting of the Cabinet. permit the transacting of adequate business during the period of emer- gency.

Hoarding Prohibited.

New Yoak, March 6. President Roosevelt's proclama- tion also authorised national regu- lations for the issue of Clearing House certificates and prohibits the boarding of coins and currency.

BUSINESS AS USUAL IN SHANGHAI

SHANGHAI, March 6.

í

President Roosevelt subsequently stated that he was preparing an immediate programme to meet the monetary emergency.

It is rcpected that the Congress" first act will be to rush legislation permitting national supervisions and co-ordination for the banking system, and to aim at restoring con fidence so as to re-start the bank- ing system.

Tokyo Stock Markala Close.

TOKYO, March 6. All stock markets are closed to-

day, and probably will not open This however, is de- For American Banks in Shang. to-morrow.

bar carried on business es impendent on the American situation.

to day despite the crisis in the Trouble Spreads to Havana, United States. Cooks and the American Express Co. are cashing tavellers cheques and letters of credit, hence visitors are experi- excing no difficulty. -

WASHINGTON, March 8. President Machado has proclaim- ed a three-day bank holiday,⠀⠀

LONDON, March 6. All exchanges are being dealt in on the London market to-day ex cept the gold dollar.

Réaction in S. Africa,

JOHANNESBURG, March 6.

Reacting on the American crisia, Kaffir shares declined appreciably and on general nervousness there, was the heaviest selling, for weeks Prices slumped on an average five, shillings.

Exciting scenes were witnessed at tall, when the downward tendency Was maintained and all stock were affected

Oficially of Gold?

NEW YORK, March 5.

The Washington Correspondent

On the Bourse, all exchange operations are suspended for three) days.

Banks is he closed till March 13.

NEW YORK, March President Roosevelt's confidants predict that the banks will be clos ed until March 13 in order to force

The effect on Real exchange would probably not be very great The value of the American dollar would probably fall, but there was no reason to expect much varia- form of compromise gold-standard, tion in the sterling rate. Some

such as France had in force, might be arrived at between America and Britain.

IN HONG KONG TO-DAY

GENERALLY OVERCAST.

YESTERDAY'S WEATHER REPONT, FORECAST AND REMARKS, 188UED BY THE ROYAL OBSERVATORY AT 8.10 P.A., STATED):---

THE ANTI-CYCLONE REMAINS CENTRED TO THE WEST OF SHAN- TUNG ANU HAS STRENGTHENED. FRESH MONSOON WILL CONTINUE ALONG THE COAST OF CHINA AND OVER THE CHINA SEA.

-LOCAL FORECAST: N.E. WINDS, PRESH; GENERALLY OVERCAST.

DIARY OF LOCAL"

EVENTS

TO-DAY (March 7),

00

(II Moon 12th Day), Fifth Meeting of Hong Kong English Association, Lecture

Coventry Patmore" by Mrs. F. E. Barker, M.A., Helena May In- stitute, 6.30 p.m.

gold from hiding places and pre-ing on "The Changing World--

vent any gold export.

There is no confirmation of the

Daily News report that America! will go off the gold standard.

Porto Rico Móratórium.

SAN JUAN, March 5, A three-day bank moratorium has been proclaimed throughout Porto

Hico.

Local Reaction

of the Daily News states that it UNCERTAINTY AND WAIT

is learned at the White House

from a prominent Democrat that

South Carolina Joins Holiday NEW YORK, March 3 The dovernor of South Carolina, the last of the 48 States of America to be affected by the banking crisis, has declared a seven-day bank holi- day,

AND SEE?

Professor C. A. Middleton-Smith is giving a broadcast talk this even

Progress 21 Years Hence.

Theatres Central: "Blue Danube," King's "Sherlock Holmes.". Y Queen's: "Rod Headed Woman. Oriental: "Sky Devils." World: Beau Hunka.” Majestic: Tom Brown Culver."

Star: Hell Divers."

...Dances.

of

Ten Dances at Glottester Build-

ing King's Restaurant; and Hong

Kong Hotel.

Dinner Dancen as Hong Kong Hotel; King's Restaurant; and Peninsula Hotel,

Sporta

the United States will go off the As a result of the Booking crisis gold standard, officially as well as in U.S.A. there is been practised technically, to höftow

ply not exchange market in Hong Athletics: - Kowloon Junior Kong. Banks will pot quota buying School (Kowloon C.C. ground), rates for U.S.A. dollars, as it is 10.30 am. obvious that if America goes off Lawn Tennis:-Open Doubles: 8. gold is currency will automatically A. and H. D. Rumjalin Ng 820 be depreciated very considerably in Kwong and Tsui Wai Pai; L. Gold- Iman and E. Fincher 0. terms of local dollars,

The state of uncertainty has Gamble and C. A. Wright... Certificates to Replace Use of Cash. terpad even sterling exchange in Sunrise: 6.40 a.m.; Sunset: A.20

terms of local dollars, and although p.m. NEW YORK March there will not be the same disturb Tides:-High ab 17.30; Low at Isues of Clearing House certirance in the relative value of the 0.56. ficates similar to scrip, to meet the pound sterling in terms of local

(Continued on Page 8.)

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FOAT)

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PAUL RENNET ET CIE

4 F887

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"

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Bus Stop:

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