1933-06-15 — Page 9

HONG KONG DAILY PRESS, THURSDAY, JUNE 15, 1933.

H

CHAMBERLAIN

BRITISH WAR DEBT TO U.S.

REPORT OF DEFINITE AGREEMENT

THROUGH EEUTER'S AGENCY.]

LONDON, June 14.

FOUND GUILTY OF MURDER

INSANITY SAVES DEATH SENTENCE

(THROUGH REUTER'S AGENCY.)

TIERTSIN, June H.

It is learned that a definite agree-IN the British Court, to-day, be- fore. Judge P. Grant Jones, ment has been reached between the British Government and President, Hjo Hicks, formerly of the Chinese Roosevelt on the basis of payment Maritime customs was found guilty un account by Britain on the June, of murdering on February 22 Mr. 13 instalment of the war debt. An Lai Shin Chen with whom he had enquiry will be instituted by the lived for many years. United States, into the whole debt; position.

No definite figure of Britain's offer is available, authoritatively, though it is believed that the amount is nearer 5 per cent. than 10 per cent.

Hicks, who pleaded not guilty, was found insane and ordered to be kept in custody during. His Majesty's pleasure.

President Roosevelt's reply is ex-DR.

While there are. pected to-day.

definite suggestions that he is en- countering legal and other difficul ties on his side, there was distinct" optimism in well-informed quar ters, last night.

The Anglo-American debt agree. ment, it is understood, provides for the payment of a portion of the sum in silver, and for an en- the quiry to be instituted into

whole debt question before the

December instalment, 1933, becorner due.

Official Silence in Washington, (THROUGH REUTER'S AGENCY)'

WASHINGTON, EARLIER. United States official quarters remain silent on the question of the war debts, but it is understood in well-informed quarters that the report that Britain has arranged

10 per cent. payment is sub f stantially correct.

The British note received here yesterday, offered part payment of on the war debt instalment due June 15.

Italy Offers to Pay,

(THROUGH REUTER'S AGENCY)

WASHINGTON, June 14, An Italian note, delivered yes terday, also offers part payment of the June war debt instalment.

Neither of the amounts of the British or the Italian offer are dis. closed, but is learned that they dif, fer regarding the percentagua pro- proposed.

1

No Statement in Commons.

THROUGH BENTER'S AGENCY. 1

LONDON, June 13. A crowded House of Commons

further disappointed

WAS

WASSERBAECK ARRESTED

FRICTION REGARDING PRESS AGENTS

(THROUGH REOTKE'S 40ECT]

BERLIN, June 14. DOCTOR Wasserbaeck, Chief of the Press Department of the Austrian Legation, was arrested st 2n.tn. This is regarded as a reprisal to the Austrian's arrest of Doctor Harbicht.

4

Dr. Wasserbaeck has been releas- ed and expelled from Germany as a reprisal to the Austrian Govern- ment's refusal to recognise Dr. German Утебя Harbicht as the attache at Vienna.

night when the Chancellor of the Exchequer, Mr. Neville Chamber-1 lain, declared that he was still un-1 able to make a statement regard- ing the war debt to America, be- cause he had not yet received a reply to the proposals he had made to Washington.

ROOSEVELT'S REPLY

THROUGH REUTER'S AGENCY)

WASHINGTON, June 14, It is understood that Fresident to the War Roosevelt's reply Debt's note will be published here the afternoon. Well informed circles" expect the President to spring a surprise upon the natione concerned.

It is believed he intends receiv ing Britain's proferred partial pay- ment as an instalment, pending the stabilisa- Economic Conference's tion of world prices and the lower- Insting of tariff walls.

J

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OUTLINES BRITISH

PROPOSALS

BRITISH EXCHEQUER'S SPEECH WELL RECEIVED

DOLLFUSS ARGUES AGAINST

DEVALUATION

FINAL SETTLEMENT OF

WAR DEBTS A

NECESSITY

(THROUGH REUTER'S AGENCY)"

London June 14.

Ä UNITED STATES' PROPOSAL TO SUBMIT A RESOLUTION FOR A TARIFF, TRUCE WAS ANNOUNCED BY MR. E. MACDONALD WHEN OPENING THE PRO- CEEDINGS THIS MORNING. HE ASSUMED THE EXISTING TRUCE, TO WHICH UNTIL NINETEEN NATIONS HAD SO FAR ADHERED, WOULD REMAIN IN FORGE JULY 31. HE URGED THE STATES WHICH HAD HITHERTO NOT ADHERED TO THE TRUCE TO SUBSCRIBE AS SOON AS POSSIBLE.

T

THE CONFERENCE HAS DECIDED TO ESTABLISH TWO COMMISSIONS TO` DEAL WITH ECONOMIC AND MONETARY QUESTIONS, RESPECTIVELY,

M. PAUL HYMANS, THE BELGIAN FOREIGN MINISTER, HAS BEEN · ELECT. ED VICE-PRESIDENT.

4

CO-OPERATION OF CENTRAL BANKS

IN

CENTRAL BANKS SHOULD CO-OPERATE. ` IN ́

MONEY PLENTIFUL POLICY OF CHEAP AND ORDER

TO PROVIDE THE REQUISITE CONDITIONS FOR A RISE IN PRICE LEVELS." BRITAIN WAS READY TO EXAMINE HOW FAR UNEMPLOYMENT COULD BE STIMULATED BY GOVERNMENTAL CAPITAL EXPENDITURE.

EXCHANGE RATE STABILISATION SHOULD ÄTTEMPTED IN TWO STAGES: FIRSTLY, TO ACHIEVE PRIN- APPROXIMATE STABILITY BETWEEN THE CIPAL COUNTRIES.

BE

SECONDLY, THE ULTIMATE RESTORATION

OF

GOLD.

THE CONDITIONS NECESSARY FOR BRITAIN'S RETURN TO GOLD ARE; FIRSTLY, A RISE IN THE (LEVEL OF PRICES

RESTORE To 80 AS THE EQUILIBRIUM BETWEEN PRICES AND COSTS. SECONDLY, THE REMOVAL OF CONDITIONS WHICH CAUSED ITS BREAKDOWN.

EXCHANGE RESTRICTIONS

THIRDLY. THE GREATEST

TION

OF FLUCTUATION POWER OF GOLD.

IN

POSSIBLE

THE.

PREVEN- PURCHASING

AUS. OF HIS

AND.

ALSO THE THE AMERICAN DELEGATION WAS PRESENT AS WAS TRIAN CHANCELLOR, HERE DOLLFUSS, WHO EVIDENTLY ASSURED GOVERNENT'S POSITION, HAS DEFERRED HIS RETURN HOME,

DEVALUATION, AGAINST ARGUED HERE DOLLJUSS STRONGLY URGED THE REGULATION OF PRODUCTION AND EXPORTS AS A PRELIMINARY TO THE LOWERING TARIFFS.

BRITISH PROPOSALS

2

THE

DEALING WITH EXCHANGE RESTRICTIONS, MR. CHAMBERLAIN URGED THE CONFERENCE TO DEAL WITH THE QUESTIONS THROUGH, INTER ALIA, A RESUMPTION OF NORMAL İNTERNATIONAL LEND- IN EXCESSIVE ING, HE URGED A REDUCTION

ELEMENT CUSTOMS TARIFFS. THE PROTECTIVE

EXCEED WHAT

OF

SHOULD ANY TARIFF 18 NECESSARY TO

ON

SAID

MR. NEVILLE CHAMBERLAIN WAS THE NEXT SPEAKER,

HE WAR OUTLINING THE ECONOMIC SITUATION SINCE BRITAIN HAD TOO HOPEFULLY SET OUT TO RESTORE PRE-WAR CONDITIONS, THERE WAS NO AP- TO THE GOLD STANDARD. WHEN BRITAIN RETURNED PARENT REASON WHY A RETURN SHOULD NOT BREAK HER SUCCESS, BUT IT WAS NOT REALISED TO WHAT EXTENT THE REQUISITE CONDITIONS WORK- ING THE GOLD STANDARD "HAD ALTERED INEVITABLY. THE RESULTING TALL IN THE PRICE OF COMMODITIES, WHILE UNEMPLOYMENT HAD DEVELOPMENT INTO A SERIOUS PROBLEM.

THE ABANDONMENT OF THE GOLD STANDARD HAD PREVENTED A FUE

OUR ECONOMIC POSITION.

THER DEPRECIATION TO

HE EMPHASISED THAT THE CLOSELY CONNECTED FINANCIAL, MONETARY AND ECONOMIC ASPECTS OF THE PROBLEM MUST BE TREATED SIMULANEQUS- LY. HE SUGGESTED THE NEED TO RAISE PRICE LEVELS IN ANY ATTEMPT TO OBTAIN EQUILIBRIUM BY FURTHER LARGE" REDUCTION IN COSTS, AND HELD OUT NO HOPE OF SUCCESS.

THE FINAL SETTLEMENT OF WAR DEBTS WAS NOT WITHIN THE SCOPE OF THIS CONFERENCE, BUT SUCH A SETTLEMENT" MUST BE MADE IT MEA- SURES TAKEN IN OTHER SPHERES ARE TO BE EFFECTIVE,

(CONTINUED ON COLUMN & AND (7)

CHINESE DISCUSSING

SILVER QUESTION

(REUTER AND BRITISH WIKELESS)

Economie Peace.

if agriculture did not flourish. Creditor could not exist if debtor VOTER, Gold perished, and vice currency became meaningles if the free circulation of gold was not guaranteed.

3

They must find courage to carry through the solutions while remer- bering that the success of the Con- ference was largely dependant upon the frifilment of great political tasks.

M. Daladier, France, urged the consideration of a 40-hour working week, currency stabilisation, trade agreements and rationalisation of

LONDONO, June 14. progress would be made unless the Members of the Chinese dele financial and economio issues were

the world economic separated from the political gation to conference, were actively Lobbying sues.

the silver yesterday, largely on question: Notably, they had con Viscount K. Ishii said Japan production.

and versations with the British

desired conditions which would American delegations, but so far, make possible, the general restora- it is believed. that no tangible pro tion of the gold standard. posals have emerged.

count Ishii, stressed the need for economic peace, without which the world could not have political

Mr.

The Chancellor of Exchequer, Neville Chamberlain, will make an important statement, put. ting forward the British proposals, at today's sitting of the World Economic Conference. The Aus- trian Chancellor, Dr. Delfuse, is also expected to speak, and will later return to Vienna to deal with the internal situation.

The later part of yesterday after noon's session of the World Econo mic Conference, was devoted to the expression of the views of Poland, Cuba and Bulgaria. M. Koo of Poland, urged the stablisation of the currencies of the great Powers! as a first consideration, to be fol- lowed by the re-establishment on the gold standard.

The Cuban minister of foreign affairs, Dr. Orestes Ferrars, fol- lowing the Polish delegate, propos ed a gradual

pesoe.

Senor Jung, of Italy, emphasised the need for the settlement of in- Vister-Governmental debts.

and

M. Koz, Poland, considered, that of all the problems, universal ol stabilisation of currency was fundamental importance, should be kept in the forefront. No Artificial measures could store prices to where they were before the crisis. All efforte should be directed towards the reconstruc tion of stability of international relationships.

re.

High Rate of Tarifis Senor Marino, Cuba said, "If the Conference does not succeed in reducing the very high rate of tariffs which exists in the world to-day, it will have failed in its principal task." Modification, ot Baron Von Neurath, Germany emphasised the desire of his coun tariffs over five years.

Be After M. Malinoff, President of try to collaborate in the spirit of

the King's opening address. the Bulgarian National Assembly, remarked that the intereste trof had addressed the Conference, the creditor and debtor countries soem- proceedings were adjourned.

ed to differ, and that gold stan dard countries seemed to have other interests than the countries which General - Jan Smuts, Bouth had abandoned the gold standard

Nosd for Quick Decision

L

HONG KONG & CHINA GAS CO., LTD. Arica, one of the shine representa of which required exchange regula-

Central Showroom

wloon Showro

Poin

who spoke at sentions for the protection of their sion of the Conference, emphasised currencies the need for quick decisions and suggested the forma

technical expert com

financial and the

to deal with

agenda

tok, two;

and Debtor. But the Conference in its over mic, helming desire to acknow and oormoon vinterests, pr

the strikin

ion, He fea

"that, po rea) [ance.

appe

CHINESE DELEGATES

ENTERTAINED

(THROUGH REVIZE'S AGENCY)

LONDON, June 13. THE Chinete Finance Minister,

Mr. T. V. Boong and the, Chi- nese Ambasador to London Dr. Quo Tai Chi, were entertained at dinner in the House of Commons last night, by the China Bub-Com- mittce, the Foreign Affairs Com- mittee and the Conservative Party,

Lord Winterton presided at the function, at which the Foreign Secretary, Sir John Limon, was present.

SILVER MARKET

(From` Oni Own: Correspondent.)

LONDON, June 14. FOLLOWING AER TUB SILVER QUOTATIONS: ON THE LONDON MARKET TO-DAY

Jun 10,7/16" 10.7 19/7/18

AN EQUAL BRITAIN

NOT

PUT DOMESTIC PRODUCERS FOOTING WITH THE FOREIGNER.

CO-OPERATE READY TO MULTILATERAL ACTION BUT THE REDUCTION

WAS

IN ANY

WAS BEST

FOR TARIFF REDUCTION;

TARIFFS

OF

ACHIEVABLE BY A SERIES OF BILATERAL AGREE- MENTS.

THE

GIVEN APPLICATION

CLAUSE,

THE

OF

SHOULD BE -SUCH REDUCTIONS FULLEST EFFECT BY THE

MOST FAVOURED NATION

NOT BE COULD SUCH CLAUSE. LESS THE NATIONS RECEIVING

ARE PREPARED THEMSELVES REASONABLE ATTITUDE

-BUT

APPLIED UN-

ITS ADVANTAGES TO ADOPT A

OF LOWERING TARIFFS.

DISTINCTION.

CLEAR

THEIR SHOULD BEA BETWEEN ARBITRARILY IMPOSED PROTECTIVE QUOTA · (WHICH SHOULD PROGRESSIVELY BE ABOLISHED) INTERNATIONAL AGTEE- AND QUOTAS IMPOSED BY MENT.

GOVERNMENT SUBSIDIES

GOVERNMENTAL SUBSIDIES, PARTICULARLY SHIP- BE REDUCED AND EVENTUALLY PING, SHOULD ABOLISHED BY INTERNATIONAL AGREEMENT. WHEN MR. CHAMBERLAIN ENDED HIS SPEECH HE WAS LOUDLY APPLAUDED.

·BELGIAN VIEW

M. MONETARY THE RE-ESTABLISHMENT

HYMANS SAID BELGIUM CONSIDERED THAT. STABILISATION WAS ESSENTIAL FOR OF AN INTERNATIONAL

GOLD STANDARD, THE NORMAL FUNCTIONING OF

BELGIUM WHICH

HAD DONE NOTHING TO HIN- WAS

COLLABORATE READY TO DER BELGIUM

ABOLITION OF ALL TOWARDS THE GRADUAL

RESTRICTIONS ON IMPORTS. IT QUANTITATIVE

SMALL POWERS TO HAVE

LIVE AND IT WAS

MOST THAT THE

ABANDONED. CORDELL HULL AND M. LITVINOFF ARE

AFTERNOON SESSION. AT THE

WAS NECESSARY FOR COMMERCIAL FREEDOM TO LOGICAL AND LEGITIMATE FAVOURED NATION CLAUSE BE

MR. SPEAKING

A PANIC RIDDEN WORLD

MIL CORDELL HULL,

THE UNITED STATES

SECRETARY OF STATE DELIVERED HIS POSTPONED

SPEECH THIS AFTERNOON

AND WAS LISTENED MR.

TO WITH THE SAME KEEN INTEREST AS NEVILLE CHAMBERLAIN.

RIDDEN WORLD"

BEGINNING WITH REFERENCE TO A PANIC.

SEEKING LEADERSHIP FROM HE PROCEEDED TO COMMENT OF ALL NATION WHO ALL

·AND THE REALITIES

THE CONFERENCE ON THE ATTITUDE ..WERE IGNORING

SRENUOUSLY PURSUED A POLICY OF ECONOMIC FUTILELY FOOLISHLY ISOLATION; EACH WAS: STRIVING TO LEAD A HERMIT'S LIFE.

CHAOTIC EXPERIENCES IN RECENT YEARS, HE DRAWING A GLOOMY PICTURE OF THE WORLD'S DECLARED THE PEOPLES WERE WORSE OFF AND MORE INSECURE THAN TWELVE YEARS AGO.- THE SHOULD PROCLAIM THAT ECONOMIC CONFERENCE

IMPOSED UPON VARIOUS NATIONALISM, AS NATIONS, WAS A DISCREDITED POLICY IT MUST TURN ASIDE FROM THOSE WHO INSIST THAT THE WORLD CONTINUE THIS DISCREDITED POLICY.

WHILE EACH NATION TO A MODERATE EXTENT COULD RESTORE CONDITIONS BY SUITABLE STEPS.

AN THERE WAS AN EQUAL NECESSITY FOR TERNATIONAL ECONOMIC PROGRAMME

THE FENG YU HSIANG

QUESTION 4

[THROUGH #REUTER'S AGENCY/

PEPING, Jane-12 ADELEGATE of General Sung Chen Yuan left for Kalgan this

nicate: afternoon latest proposals, of the Peip Military Council regarding sett ment of the Chaher situation;

It is understood that ou proposals, requires Mar Tu Esiang to istue d gramabomining bia prese

Sot, The delegate will ikte, with, Marshal "Feng

taim of General

fal Gove