1933-04-21 — Page 9

HONG KONG DAILY PRESS, FRIDAY,

AMERICA OFF GOLD STANDARD.

PRESIDENT ROOSEVELT'S

"DARING STROKE"

RESTORATION OF GOLD

EMBARGO

[RENTER'S AMERICAN SERVICE.]

Washington, April 20. PRESIDENT ROOSEVELT HAS ISSUED A PROCLAMA- TION ANNOUNCING THE RESTORATION OF THE GOLD EMBARGO. IMMEDIATELY AFTER THIS, MR. WILLIAM II. WOODWIN, SECRETARY OF.. THE UNITED STATES TREASURY DEPARTMENT, ADMITTED THAT THE DECI SION COULD ONLY BE INTERPRETED TO MEAN THAT THE UNITED STATES HAD GONE OFF THE GOLD STANDARD.

MR. WOODWIN ADDED THAT REGULATIONS WOULD BE ISSUED TO PERMIT THE EXPORT OF THE GOLD WHICH IS ALREADY EAR-MARKED.

Although the Senate yesterday defeated a Bill proposing re- monetization of silver at a ratio of 16 to 1 to gold, advocates of the various allver schemes are still optimistic. Legislation will be introduced into Congress, probably to-day, giving President Roose. velt dictatorial powers regarding inflation.

The British Premier, Mr. Ramsay MacDonald, arrives in the United States to-day and will immediately proceed to the White House to inaugurate with President Roosevelt the series of informal conferences arranged between the President and the representatives of the leading Powers,

New York, Later.

PRESIDENT ROOSEVELT'S DARING STROKE ON THE EVE OF THE WORLD ECONOMIC CONFERENCE FOL- LOWS SUBSTANTIALLY THE COURSE OF BRITAIN'S" ABANDONMENT OF THE GOLD STANDARD, ACCORDING TO THE "HERALD TRIBUNE" WHICH PROTRAYS MR. WOODWIN AS HOPEFUL BUT STILL SCEPTICAL,

THE "NEW YORK TIMES" DECLARES THAT OFFICIALS ARE PREDICTING THAT BRITAIN WILL TAKE STEPS TO COUNTER-ACT ANY ADVANTAGE WHICH AMERICA MIGHT RECEIVE FROM WORLD MARKETS.

CONSERVATIVE QUARTERS EXPRESS GRAVE DOUBTS REGARDING THE WISDOM OF PRESIDENT ROOSEVELT'S POLICY, ASSERTING THAT THE STIMULUS GIVEN TO BUSINESS IS LIKELY TO BE OFF-SET BY THE POTEN. TIAL DAMAGE TO INTERNATIONAL TRADE THROUGH THE GREATER INSTABILITY OF CURRENCIES.

SILVER FOR WAR DEBT PAYMENTS

Roosevelt, is accepted.

The recent United States embar. gu on gold which came into opera-

The amendment gives President tion on March 6, was lifted by Roosevelt broad powers to inflate Presidential order on April 5. The currency. Besides permitting him order, however, demanded licensing of the issue of gold in in-cretion, the measure could provide the to issue currency at his own dis- dustrial and trade truusnctions, and for the acceptance of silver for war forbid individuals, under heavy debt payments. penalties, to retain gold in excess The amendment further provides of G$100 after May 1.

for the reduction of the gold con- tent dollar by international agree. ment or otherwise.

The embargo gives the National .Government absolute control of the nation's gold supply, and places an embargo on gold exports and pro- hibits the chr-marking of gold for foreign nations,

Amendment to Farm Bill. It was annourred here today that the payment of the war debt, instaliments in silver, under certain conditions, will be possible if the amendment to the United States Farm Bill, drafted by Senator Thomas and the 'Administration ad visers for approval by President

Amendment Sanctioned.

It is understood that President Roosevelt bas sanctioned the Amendment to the Farm Bill. In consequence, the prospects of the Aniendntent being passed are con sidered very bright.

Washington, Later. Legislation is to be introduced into the United States Congress, probably to-day giving President Roosevelt virtual currency inflation dictatorship.

WORLD JEWRY, UP IN ARMS

$200,000 RELIEF FUND

(Special Air-Mail, Service)

WHAT HAS

HAPPENED

RUSSIAN GOODS BOYCOTT

NEW ZEALAND'S SUPPORT.

IN AMERICA SERIOUS RESULTS FEARED IN

LOCAL EXPERT'S ANALYSIS

Our representative was given the following comment on America's action by a local expert on ex- change→→→

When they closed down for the Easter holidays, people all over the United States were very ner vous about leaving their foreign exchange commitments uncovered, especially those who had outstanding cales as they feared that some poll- tical announcement might be made Puring the holidays which might lead to a depreciation in United States Currency. There was, there- fore, a last minute rush by these people to buy foreign exchange which had the effect of causing the rates on foreign countries to move even beycad the "gold export point."

MOSCOW.

(THROUGH NEUTER'S AGENCY.]

Loyoox, Apr. 20.

The embargo on Russian imports is welcomed by all the London morning papers with the exception of the News Chronicle and the Daily Herald

The former considers it a danger

weapon, likely to damage firitain's trade as much as Russia's, while the latter says the embargo will make it harder for the Soviet to do under foreign threat what they may do of their own free will. The Financial A considers it a hasty step."

"

Trial Ridiculed.

The Times' ridicules the trial as a farce and mockery of justice, and says there is little doubt that the deporters owe their liberty to Par inrent's passing of the Import Prohibition Act, and yesterday's pen the Soviet's eyes to the dam- proclamation, is well ealculated to age they are doing to their trade with Britain.

That was the first open sign of uneasiness throughout the country with regard to the exchange rates, since the scare subsided after the enforced hanking holiday a Jew weeks ago.

After the Easter holidays, hetion of Russian imports uncasness increased when it became apparent that the amount of gold being exported under "licence" was inadequate for the demand and when President Roosevelt annome- ed yesterday that the United States would re-impose the embargo on the export of gold, the effect of this announcement was to cause wild spéculation resulting in marked de preciation of the Ameriena flar- reney, similar to wild speculation in commodities, and shares and every- thing else.

Support for Britain.

WELLINGTON, Apr. 20. Mr. G. W. Forbes, the Prime Minister, declared today that the New Zealand Government is in mediately considering the prohibi-

Fears in Moscow.

Moscow, Apr, 20. A serious result of the British embargo is anticipated here, as it is claimed that the Soviet can meet the obligations of other countries

It is possible that America will remain off gold this time and have a managed curteney. The old methods of banking and finance having broken down they may con tinue as at present, until the World Economic Conference takes place in the near future. Prices in America have risen and that is exactly what has been wanted all the time. To force prices back now would need very great courage, in view of the disappointment that would he chused so that it seems unlikely that the financial authorities in America would deliberately force back the Gold standard on a reluctant people, at this juncture.

Purists of finance will disagree with this departure from the gold standard and the foreing up of prices in this manner. The prae- tion! effect, however, is so much what everyone wants that it will be difficult to put the clock back.

fall in U.S. Currency in terms of

There have been an appreciable | both local curres et and European currencies. How far this will go no one en say. The position is ob- scure and certain,

SILVER MARKET

(From Our Own Correspondent,)

LONDON, Apr. 16. FOLLOWING ARE THE SILVER QUOTATIONS

ON THE LONDON MARKET TO:DAY:

Stor

FORWARD

Apr. 18 Apr. 20

19 18.7/16

19.3/16

to:

by means of the revenue ob tained from her favourable obtain cd trade balance with Britain.

DELEGATES RECALLED

[HROUGH REUTER'S AGENCY.]

Londen, Apri! 20.

It is learnt that the three prin- cipal members of the Soviet Trade Delegation kave been re- called to Moscow for consulto- tion."

APPEAL LODGED

MOSCOW SENTENCES TO BE COMMUTED (THROUGH REUTER'S AGENCY.]

Moscow, Apr. 19.

J

It is learnt that Mr. Braude has Executive Committee of the Soviet presented a petition to the Central Government asking for mutation of the sentences passed upon Mesars Thornton and Mac Donald.

T

com.

will be granted and that the sen. It is expected that the petition

banishment tences will be consmuted to life

COMING FROM MOSCOW (Special Air-Mail Service)

LONDON, Apr. 4. Sir Esmond Övey, who has been recalled to London to report in person on the recent events in

Moscow has been working these under very considerable strain. Indeed, it will occasion little sur prise if the opportunity is taken to send out a relief so that he may be able to take a much-needed rest

on his arrival home.

He was appointed to Moscow in 1920, after the eleventh-hour can- cellation in the saree year of his appointment as Ambassador. to Brazil.

APRIL 21, 1935.

GENERAL MA CHAN SHAN RELEASED

· ON WAY TO CHINA WITH THREE COLLEAGUES

ง

[THROUGH REUTER'S AGENCY.]

7

Moscow, April 20. THE four Chinose generals, includ. of the Heilungkiang Province, who ing Ma Chan Shau, ex-Governor. were interned at Tomsk after they had escaped into Soviet territory, were set from yesterday. They passed through here on their way to China ria Marseilles.

JAPAN ACCUSED

OF DANGEROUS INTEREST IN DUTCH EAST INDIES

(THROUGH REUTER'S AGENCY.}

THE HAGUE, Apr, 20. AN allegation that Japan is tak

ing a dangerous interest in the Dutch-East Indies was made by the the Upper Chamber during a dis Secialist member, M. Mendels, in cussion on the East Indies Budget yesterday.

The speaker called attention to Japas's need of oil for warships and also her desire to create settle ments in New Guinea.

The Colonial Minister, M. De (raaff replied that the Government was vigilant hut that the same laws applied to Japan as to other coun

tries.

It will be remembered that Generals Ma Chan Shan and Sa Ping Men entered Soviet territory from the wist of Manchuria to wards the end of last year. The other two members of the party,

On the question of rubber re- Cenerals Li Tu and Wang Teh Lin crossed over the Eastern Frontiestriction, the Minister said that the in January this year.

problem was an international one, and only when a definite resolution, was taken by those concerned, could the Government consider the prac bicability of the schemes submitted to it.

NEW MINISTER

EDUCATION S

OF

'MR. OONG WEN HAO'S RESIGNATION ACCEPTED

(THROUGH REUTER'S AGENCY.)

NANKING, Apr. 20. IT is understood that the Central

Political Council has approved of the resignation of the Minister

of Education. Mr. Doug Wen Hao, and has appointed. Mr. Wang Shih Chich, the President of the Wahan Lniversity, to be his successor.

TRAIN DERAILED

16

BY BANDTS IN MANCHURIA

ĮTHROUGH REUTER'S "AQENCY.}

HARRIN, April 20.

AN IMPORTANT LINK

IN JAPANESE RAILWAY (THROUGH REUTER'S ORNCY]

TOKYO, Apr. 20. ONE of the most important linka munications has been forged with

in the Japanese system of com the completion to-day of the line connecting the Kirin-Tanghua Rail way with Kanei on the Korean border.

Both from a military and com- mercial viewpoint, the new line is of immense importance as it will tay a potential market for Japan ese goods and in the event of an- other Russo-Japanese War would enable Japan to rush troops into

SUNSHINE ESCORT FOR THE KING

Brilliant Picture During Drive to Levee

LONDON'S CHEERING

CROWDS

(Special Air-Mail Service)

་།"

London, April 4-The King. wearing the brilliant scarlet ani- form of a Field Marshal, held a leveo at St James's Palace, Lou--- don, yesterday,

It was the second levee of the sengan but the first to be held by the King. At the previous levce the Prince of Wales deputised for his father, who was suffering from a slight chill,

As the King drove in State from Buckingham Palace, attended by an excort of Life Guards, the spring sunshine turned the burnish eri helmets, and breastplates of the

troopers to silver, shone on the

gold crown, surmounting the King's roach, and picked out the gold and scarlet of the livery of the royal footmen and coachmen.

Looking Well.

The King sat in his coach bare- hended and without a greatcont. He looked remarkably well as he leaned forward and smiled to the crowds. which cheered him all tho way from the gates of Buckingham Palace to the garden gate of St. rayal conch sat the Earl of Gran- James's Opposite the King in the ard, Master of Hors

of the Scots Guards was drawn up

At St. James's a guard of honour! with hands on the lawn, played the National Anthem and They gave the royal salute as the King stepped from his coach to be re ceived hy the Officers of the House- hold, who conducted him to the Throne Room.

throne the National Anthem was! As the King took his place on the again pinyed, and then the stream

ANOTHER sanguinary encounter North Manchuria by a shorter and of presentations-several hundreds

is threatened in Fast Man- safer route than any at present churia where a large force of, anti-existing. Manchukuo troops are massing with

the object of attacking Tungning, which is a town near the Soviet border about twenty-five miles to the south of Suifenho. It is the eastern terminus of the Chinese Eastern Railway,

The Japanese Commander of the Manchukuo frontier guards at sul- fenho has issued a proclamation declaring that the ringleaders and any participants in any strike by employees of the Chinese Eastern Railway intended to dislocate the C.E.R. service will be severely punished.

In the meantime, a large number of bandits are active along the body raided the huge timberyards eastern section of the C.E.R. One:

the north of Shihbachotze. at Tigrovayapad, fifteen miles to This they set on fire and destroyed.

train running on the C.E.R. Se They also derailed and subjected to a heavy fusillade of bullets a veral persons on the train were killed and many wounded.

PARCEL POST SUSPENDED TELEGRAPH SERVICE ALSO CRIPPLED.

..

(THROUGH REUTER'S AGENCY.]

NANKING, April 19.

IN HONG KONG

#

TO-DAY

MIST AND RAIN

YESTERDAY'S RATHER REPORT, FORECAST AND BEMARKS, ISSUED BY THE ROYAL OBSERVATORY AT 5.25. P.M., STATED : —

A WEAK ANTICYCLONE COVERS N. CHINA, PRESSURE T's ALSO MODERATELY RIGH OVER THE SEA OF JAPAN.

N.E. OVERCAST,

LOCAL FORECAST: WINDS, MODERATE; WITH MIST AND BAIN AT FIRST, PROBABLY IMPROVING LATER,

SHIPMENT OF ART TREASURES

INCLUDES FAMOUS

PAINTING

TOROUGH REUTER'S AGENCY.]

PEIPING, April 20.

ANOTHER shipment of art trea

sures, consisting of 4,000 cases will be leaving for Shanghai by train early to-morrow morning.

THE Post Office to-day announced the suspension of the parcel service to districts east of the ters will be handled as usual. Luan River, although ordinary let- This shipment includes the famous portrait of the Empres also announced that no delivery of American artist Miss Katherine The Telegraph Administration Dowager Tsubsi painted by the telegrams will be possible to places Cari and also a number of twenty east of Luanchow.

INTERVIEW WITH CHIANG He went to Moscow when there had been no British diplomatic re-

(THROUGH REUTER'S AGENCY] presentative there for two years, following the withdrawal of Sir MR Shino Hsien Ken, General

NANKING, April 19. Ralph Hodgson, the Chargé Sung Chieh Yuan's personal d'Affaires, when"

:

KAISER AGGRIEVED severed in 1977, lations were delegate will be leaving for Nan-

.7

AT BETROTHAL OF GRANDSON

ROYAL NAVY

RED SEA SLOOPS

(Special Air-Mail Service)

London, March 29.--A change is due to become operative to-day in the command of the Penzance, one of the two sloops in the Red Sea Division, in which Commander A.

March 29, H. Farquhar, D.S.C., who has had The World Alliance for Combat- nearly two years' service in the ing Anti-Semitism, which on Friday Division, will be acceded by Com-declared a general boycott of Ger- mander R. H. Bevan, late execuman goods, announced yesterday IT is reported that the ex-Kaiser tive officer of the emuiser Cumber to all Jewry that this boycott land in China. Since the Wur the!" also means that no Jews are to of Prince Wilhelm, the eldest son is very aggrieved at the betrothal Red Sea Division, formerly includ, visit cinemas exhibiting German of the Crown Prince, and his ed in the East Indies Station, has films, and no German restaurants favourite formed part of the Mediterranean are to be patronised," Ficot. It is at present commanded by Captain C. S. Sandford, O.B.E., in the Hastings

Commander Bovan entered On-

has been forined to receive Jews In Paris a provisional Committea foreed to love Germany.

The Federal Council of the

(THROUGH RZUTEN'8 AGENCY.]

11

AMSTERDAM, Apr. 19.

grandson, to Miss Dorothy von Salvaiti. of an old Italian aristocratic fami- Misa von Salvaiti i descendant ly, which migrated to Prussia in the time of Frederick the Great,

Prince Wilhelm, by his action,

Sir Esmond, who has a definite strain of unconventionality in his character, speaks a number of little- known languages, and has visited a number of out-of-the-way countries. His Russian, which he speaks very fluently now, he is said to have learnt from a text book while he was in the Russian department of the Foreign Office..

LONDON SINGAPORE AIR MAIL SERVICE.

MR. C. A. BARNARD ON SURVEY OF ROUTE

Singapore. Mr. C. A Barnard,' of Imperial Airways, Ltd., who re

korne na a cadet in January, 1995. Churches of Christ in Amerien, has broken the rule of the house cently surveyed the route from and in passing out of the training which represents twenty-six Pro of the Hohenzollerns which forbids Calcutta to Bingapore in connection cruiser Cumberland as midshipmun in July, 1909. he took first prize of testant denominations, with a mem- its members to marry. his torm for senmanship, and tied bership of many millions, has form

ed a provisional Committen Jubietank.

The Future

Emperor?

Kai Shek. chang by air to see General Chiang

TO ENCOURAGE THE TROOPS

(THROUGH REUTER'S 'AGENCY.]

NANKING, April 19. MR. Chen Kung Pao is leaving for Peiping this evening to visit the Northern front and en- courage the Chinese troops there on behalf of Mr. Wang Ching Wei. Mr. Chen will also take the oppor- tunity to inspect industrial condi- tians in North China.

- MINISTER RECALLED (THROUGH REUTER'S AGENCY)

NANKING, April 18. . THE Chinese Minister to For tugal, Mr, Quang Ting Ichang who was recalled by the Waichiaopu arrived here this morning.

below with the proposed London-Binga- can i pratrolar uniteria

has now issued his notes on the possibilities of the scheme.

He describes the scope there is for further acceleration of communica tion and the advantages of any air service in these important terri- the London-India-Australia Em torice, not only in regard to mails, pire route, once it is in full opera gers; and states that it can be welcome and support by those in anticipated very confidently that the many countries it will serve!!!

for second place in history. Jod English. He served as a lieutenant 10 ile own words, will "protest during the War in the cruiser Duke against German Fascist atrocities." Apparently the ex-Kaiser was not of Edinburgh and the battleship There is to be a big protest meet- asked to consent to this mesalliance Herchilee, and in the latter was ing at Madison Square Garden, which bars Prince Wilhelm's acces present at Trtland. He specialized New York, to-morrow. Jewish aion to the throne. in gunnery in 1918, and in staff places of business will be closed. It is believed that it was the duties in 1991. At the time of his and a resolution will be introduced secret hope of the former German

· promotion to commander, in June, to raise à relief fund of $1,000,000 || Monarch that Prince Wilhelm but also in the transport of passention, will be accorded the fullest

(£200,000) to aid Jewish victims in should one day become Emperor Germany.

of Germany.

1927, he was an Assistant to the Director of Naval Ordnance.

five centuries-old stone drums which had hitherto adorned the Confucius Temple. The portrait belongs to the art collection of the Summer Palace.

NEW CITY HALL FOR SHANGHAI

RESOLUTION TO BE PRE- SENTED AT RATEPAYERS MEETING

A resolution for the purchase of a site, for the erection of a City Hall in Shanghai will be pres ted to ratepayers at the an- nual meeting to be held at the Grand Theatre on April 19 at 4

p.m.

of them-began. The Duke of Gloucester in Hussar's uniforma Prince George in naval uniform many Ambassadors and Ministers, several members of the Cabinet, and many other distinguished pro- ple, attended the levee,

After the ceremony the King drove back to Buckingham Palace in State.

BRASS PLATE NOT EVIDENCE

ADMIRAL AND MAN WHOSE NAME WAS ON WIFE'S HOUSE

Tokyo-Chief Judge Amano, of the Osaka Court of Appeal, has ruled that because a married w men puts another man's name-plate on her house, it does not necessari- ly mean she is living with him.

Hence he dismissed a suit for: divorce brought by Vice-Admirał” Seiichi Suzuki (assumed name) who alleged that his wife ruined him by running up debts totalling Y100,000, and has since been living! with another man. The wife, In her defence, said she had business relations with the man in question, and put his name-plate on the door of her residence in order to de-. ceive creditors.

The judge ruled that this was quite legitimate, though a bit hard on the creditora

TOBACCO FROM CANADA

FINDS BRITISH MARKET.

Kingdom increased last year by of Canadian tobacco to the United Montreal, Canada, Consignments

more than seventy per cent. over 1931 and reached. a total of 10,844,154 pounds, according to a report from Mr. Harrison Watson, Canadian Trade Commissioner in London.-

In 1931, Mr. Watson points out, Canada, Nyasaland and Southern Rhodesia together supplied 23,000,- 000 pounds of tobreco to the United Kingdom, and the United States sent 187,000,000 pounds. Last year the three Empire countries shipped 90,000,000 pounds and the United? States only 125,000,000.

As an interesting evidence of this new trend of trade the Commis sioner commented on the fact that

опо

cigarette ja made exclusively of widely advertised British

The resolution is proposed by Mr. AJ. Hughes and is seconded hy meetings and for housing the Pub Mr. W. P. Lambe. It reads: lic Library and to make present "Resolved that the Council be re- provision for future civic and com- quested to purchase at the Arst munity needs and that the location favourable opportunity an area of the price and the immediats usen land sufficient to provide for the to be made of the land be left to erection of a City Hall for public the discretion of the Council."

COUGH LINCTUS

"HIGHLY RECOMMENDED FOR COUGHS, COLDS ASTHMA, BRONCHITIS AND ALSO VERY EFFECTIVE FOR THE PROTECTION OF THE CHEST AND THROAT, ETU.

Prepared Bolely by

QUEEN'S DISPENSARY CHEMISTS & DRUGGISTS

HONG LONG