1933-06-16 — Page 9

HONG KONG DAILY PRESS, FRIDAY, JUNE 16, 1933

CHINA'S DESIRE TO

CANADIAN SUPPORT

THERE WAS EVERY PROSPECT THAT. THE GEN- ERAL DEBATE WOULD BE CONCLUDED TO-DAY AFTER THE HEADS OF THE PRINCIPAL DELEGATIONS, AS WELL AS A NUMBER FROM THE SMALLER POWERS, HAD SPOKEN. THE NEXT STAGE WOULD BE THE FORMATION OF THE TWO COMMISSIONS MENTION- ED IN THE FIRST SECTION OF YESTERDAY'S RE- PORT...

THE

PORTUGUESE

SEN. FOREIGN. MINISTER, DAMATTA, THE FIRST SPEAKER THIS MORNING, AN- NOUNCED THAT PORTUGAL WOULD ADHERE TO THE TARIFF TRUCE. PORTUGAL WAS PREPARING A WAY TO RETURN TO THE GOLD STANDARD AND THEY WERE UNABLE TO ACCEPT A BIMETALLIC SYSTEM BUT ACCEPTED THE USE OF SILVER AS A SUBSIDIARY CURRENCY.

THE CANADIAN PREMIER, MR. BENNETT, DE- CLARED THAT CANADA WHOLE-HEARTEDLY AGREED TO THE MONETARY PROGRAMME OUTLINED BY MR. NEVILLE CHAMBERLAIN. CANADA WOULD STABILISE

IN THE DOLLAR

LONDON WHEN BRITAIN AND CANADA AMERICA STABILISED THEIR EXCHANGES.

SHOULD ALSO AGREED THAT TIME TARIFF TRUCE BE MAINTAINED DURING THE DURATION OF THE. CONFERENCE, BUT THE TRUCE PERPETUATING IN EXISTING CONDITIONS WAS INSUFFICIENT.

SENATOR JOSEPH CONNOLLY, THE IRISH FREE STATE MINISTER OF LANDS, URGED THAT NO IDEAS AND SUGGESTIONS, HOWEVER, APPARENTLY IMPRAC- HE POINTED BE RULEI OUT. TICABLE, SHOULD

OUT IN THIS CONNECTION THAT THE REPORT OF THE PREPARATORY COMMITTEE DECLARED IN THE EXPRESS JUDOS MAIN, SHOWED A TENDENCY TO

COMPLETELY MENT WHICH LEANED ALMOST CONVENTION.

SOVIET RESOLUTION

ΤΟ

OF INTERNATIONAL "THE WHOLE ORGANISM EXCHANGE SHOULD BE BROUGHT UNDER INTER- NATIONAL CONTROL AND REMOVED FROM THE CON- TROL OF THOSE WHO MERELY EXPLOIT IT AS A SPECULATIVE OR PROFIT MAKING BUSINESS.".

IN DRAWING ATTENTION, TO THE CONTINUOUS DIMINUTION OF LABOUR CONTENT IN. PRODUCTION, HE SAID THE WHOLE PROBLEM OF READJUSTMENT OF LABOUR MUST BE CONSIDERED BY THE CONFERENCE WHO MUST. AIM" TO' RECAST A BASIS OF ECONOMIC LIFE FROM A SOCIAL HUMAN STANDPOINT. BEFORE THE ADJOURNMENT FOR LUNCH, THE SOVIET DELEGA- TION HANDED IN A RESOLUTION OF THE TERMS IN- DICATED BY M. ATVINOFF YESTERDAY.

SOON AFTER THE LUNCHEON INTERVAL, IT RE- CAME APPARENT THAT THE GENERAL DISCUSSION TOMORROW. THE WOULD NOT CONCLUDE BEFORE ATTENDANCE WAS RATHER THIN WHEN THE PRO- CEEDINGS WERE RESUMED, THE PRINCIPAL POWERS TURKEY EN- HAVING ALREADY HAD THEIR SAY.

PACT OF TIRELY AGREED WITH THE PROPOSED ECONOMIC NON-AGGRESSION.

THE PRINCIPAL AS THE REPRESENTATIVE OF SILVER PRODUCING COUNTRY OF THE WORLD, SEN. PANI. THE MEXICAN FINANCE MINISTER EARNEST- OF SILVEN LY ADVOCATED THE REHABILITATION AND THE STABILISATION OF ITS PRICE.

ALTRINCHAM BYE-APPEAL TO GANDHI

ELECTION

MR EDWARD GRIGG RETURNED

İTİOUGH REUTER'8' AGENCI.] THE Arincham bye-election caus ed the elevation to the Beach Mr. Cyril Atkinson re- wulted is allow :-

Sir Edwd Grigg (Nat. Cons.)

25.302.

IT

P. M. Gliv (Liberal) 15,882; J. J. H. Huds (Labour) 9,333.

BUDGET DEFICIT

INCREASE TAX CUT WAGES

İTHROUGH REUTER': 'AGENCY]

BATAVIA, June 15,

is estimated that there will be

a budget deficit of 84,300,000

TO PREVENT MARRIAGE OF

HIS SON

(THROUGH REUTER'S AGENCY]

POONA, June 15.

A MEETING of Orthodox Brah-

mine appeled to Gandhi to prevent the marriage bis son Diva- das to a high caste Brahmin girl. The Brahmins declared that Gand- hi, during his life in South Africa became a Christian and his Temple entry movement is a direct out- rome of the his Christian tenden-

cies.

NON-RECOGNITION

OF MANCHUKUO

CAPT. "EDEN'S STATEMENT EN COMMONS

THAN REUTER'S AGENCY.]

LONDON, June 14.

CO-OPERATE

TO SECURE SOLUTION OF WORLD ECONOMIC CRISIS

STIRRING SPEECH BY T. V. SOONG

(THROUGH REUTER'S AGENCY]"

London, June 15.

SAID THAT MR. T. V. 50ONG, IN HIS SPEECH AT THE ECONOMIC CONFERENCE CHINA ENTERED THE CONFRENCE WITH AN EARNEST DESIRE TO CO-OPERATE WITH SOLUTION TO THE THE REST OF THE WORLD IN SECURING A REAL AND LASTING WORLD ECONOMIC CRISIS, THE PROBLEMS WERE DIFFICULT BUT NOT BEYOND HU- MAN SOLUTION IF APPROACHED IN THE RIGHT SPIRIT AND WITH THE NECESSARY

THEM FOR DETERMINATION. A GREAT RESPONSIBILITY RESTED WITH

THE RE. WARDS OF SUCCESS AND PENALTIES OF FALLURE ALIKE WERE INCALCULABLE.

NOT ONLY · PROLONG THE DE THE FAILURE OF THE CONFERENCE WOULD PRESSION, BUT WOULD ALSO PROFOUNDLY DISCREDIT THOSE NOW CHARGED WITH THE RESPONSIBILITY OF GOVERNING THE WORLD, WHILE SUCCESS WOULD BRING AN ERA OF GREATER AND MORE STABLE PROSPERITY.

STATING THE GENERAL LINES OF THE POLICY ON WHICH CHINA WAS PREPAR- ED TO CO-OPERATE WITH THE OTHER COUNTRIES AND THE SPECIFIC CONTRIBUTION THAT CHINA COULD BRING,ME.

RECALLED THE CARDINAL FACTORS

CHINA'S POSITION.

SOONG

"

OF

IN OTHER COUNTRIES THEY SAW OVER-PRODUCTION AND A SURPLUS GLUT, WHILE IN CHINA THERE WAS UNDERDEVELOPMENT AND PAUCITY AND NO MEANS FOR PURCHASE. CONTRASTING THE DEVELOPMENT OF CHINA WITH THAT OF THE UNITED STATES AS AN EXAMPLE, ME. SOONG POINTED OUT THAT CHINA TO-DAY HAD SEVEN UNITED STATES THOUSAND MILES OF RAILWAY AGAINST 275 THOUSAND IN THE AND TWENTY THOUSAND MILES OF MOTOR ROADS AGAINST THREE MILLION MILES. OTHER FORMS OF INDUSTRIAL AND COMMERCIAL DEVELOPMENT WERE, JUST AS DISPROPORTIONATE.

(CONTINUED ON (COLUMN 6 & 7)

DR. WEN ENDORSES SOONG'S VIEWS

CAPITAL NECESSARY FOR RENAISSANCE!

LONDON, June 15.

WHEN INTERVIEWED BY REUTER, DR. W. W. YEN SAID THAT HE FELT THAT SOONG'S SPEECH WAS CERTAINLY ON THE RIGHT LINES AND IF EVERY DELEGATION STATED PRECISELY THE STEPS THEY INTENDED TO TAKE TO SOLVE THEIR OWN NATIONAL PROBLEMS INSTEAD OF TALKING AIRILY

CONFERENCE ON WORLD PROBLEMS, THE

WAS

CERTAIN TO ARRIVE AT CONCRETE RESULTS.

HE EMPHASISED THAT CHINA HAD A VAST POTEN- TIAL FIELD FOR ECONOMIC RECOVERY FROM THE OVERFLOW WHICH WOULD REACT FAVOURABLY ON THE OUTSIDE WORLD.

CAPITAL WAS NECESSARY BEFORE AN ECONOMIC RENAISSANCE IN CHINA COULD BE CARRIED VERY

WAS FAR, BUT HE

CONVINCED THAT CHINA WAS ... A GOOD INVESTMENT, AND ANYHOW, FOREIGN. IN- VSETORS WOULD OBTAIN SUITABLE GUARANTEES,. TERMS OF WHICH COULD BE SETTLED LATER

BRITAIN TO PAY incertainty and despair

$10,000,000

ON ACCOUNT OF JUNE WAR DEBT

KOUDA REUTER'S AGENCY. 1

LONDON, June 14. BRITAIN 18 TO make a

pay- ment of ten million dollars to the United States on account of the June War Debt instalment

The amount will be paid in silver at fifty cents per fine ounce. Four million ounces of silver have been acquired from the Government of India for this purpose..

Mr. Neville Chamberlain made this announcement to-night before A very cheerful House of Com mona, stating that this was exact. ly the offer which Britain made

from

which it was to a large extent re scued at Lausanne last year.

إبر

No-Repudiation.

On the other hand, said the Chancellor, the British Govern- ment had the strongest objection to the taking of any course smack- ing of the repudiation of our

Britain obligations.

therefore made the offer of a payment on ac count as an earnest of goodwill. Mr. Chamberlain then read statement, which has been circulat ed by President Roosevelt in Wa shington stating that it is fair and. wise to postpone formal representa- tione on the debt subject. until later.

It is vitally necessary,, says the President, that the meetings of the World Economic Conference should. not be hampered by a difficult and protracted discussion of the debt problem, but in view of the Bri

the fact that the present part pay ment is an acknowledgment of the debt itself, he declares that be has no hesitation in saying that be does not characterise the resultant situation as a default.

ITALY PAYS UP!

[REUTER'S AMERICAN SERVICE.]

WASHINGTON, June 13. THE Italian ambassador here has advised the State. Department that Italy will pay $1,00,000 að * token instalment of the War Debt

FRANCE REFUSES!

CHINA'S PURCHASING POWER

-THE FOREIGN TRADE OF CHINA' HAS BEEN INCREAS- ING BUT IS STILL TRIFLING IN RELATION WITH HER POPULATION, REACHING IN 1932" THE FIGURE OF FOUR BILLION DOLLARS, CHINESE CURRENCY, THERE WERE DELEGATES THERE FROM COUNTRIES WHERE FOREIGN £150 PER FAMILY, TRADE AMOUNTED TO NEARLY CHINA'S IS MORE LIKE SEVEN SHILLINGS" AND THIS IN A COUNTRY OF VIRILE AND INDUSTRIOUS PEOPLE COM- PRISING ONE FIFTH OF THE HUMAN RACE, ENDOWED WITH IMMENSE THOUGH UNDEVELOPED NATURAL RE- SOURCES.

WHAT FOLLOWED FROM THIS!

FIRSTLY, SURELY IF THE STANDARD OF LIVING IN CHINA WAS RAISED AS WE MEAN TO RAISE IT" CON- SUMING POWER WILL NOT ONLY ABSORB CHINA'S OWN INDUSTRIAL PRODUCTION BUT WILL ALSO PROVIDE FOR THE GREATEST OF ALL MARKETS FOR THE WORLD-i SO GREAT AS TO BE THE DECISIVE FACTOR IN A NEW ERA OF PROSPERITY. NEXT,

OFFERED THE GREATEST POSSIBLE OPPORTUNITY FOR PRODUCTIVE EMPLOYMENT OF CAPITAL-WESTERN AND CHINESE CAPITAL TOGETHER.

CHINA

SURELY IT SHOULD NOT BE BEYOND THE STATES- MANSHIP OF THE WORLD TO FIND A FORM OF METHOD THAT SHOULD SATISFY THE IDEAL OF THE LATE DR. SUN YAT SEN, SECURING ON THE ONE HAND A POLITI- CAL AND ECONOMIC INDEPENDENCE FOR CHINA AND ON THE OTHER HAND AFFORDING WESTERN CAPITAL, INDUSTRY AND COMMERCE A PROFITABLE FIELD FOR DEVELOPMENT. DEALING WITH CHINA'S CONTRI- BUTION IN POLICY AND ACTION, MR. 800NG EMPHA- SISED THAT IT WAS THE FIRST TASK OF EACH GOV- ERNMENT TO ESTABLISH ITS OWN SYSTEM SOUNDLY "AND ITS NEXT TASK WAS TO CO-OPERATE WITH OTHERS IN A SOUND WORLD POLICE,

4

*:

Good Work Done." Midst difficulties which he need not now describe, he thought the Chinese had reason to be proud of certain achievements in their pre- Supported sent administration,

by the people they had balanced their 1938 budget, carried through successfully the conversion of their internal debt and also carried through an enormous amount of work in reconstructing the dykes of the Yangtse which were destroy ed by floods in 1931. This work was supervised by. four thousand Chinese engineers, the technicians having at one time under their orders, 1,400,000 workers.

1

Higher Standard of Living. Turning to the general line of co-operation which China wished to pursue, Mr. Econg pointed out that a few people in China and a large number in other Asiatic countries believed that Asia had little to learn and nothing to fear from the west and urged the com- bination of Western technique with the low Eastern standards of liv ing, contending that they would thereby capture all the markets of the world. They exclude Western co-operation in the name of "Asia" for Asiatice" and the so called

Monroe Doctorine for Asia" and said that such doctrines were alien "I do not wish you to infer here to our conceptions of international that we have been able to take intercourse. We do not propose to care of all the loans contracted by follow them and we reject national", China before the formation of the for regional isolation. PARIS, June 15.

National Government in 1927, some This, then is our policy, and it IN answer to rumpure that the of which are in default, but it doea is the settled aim of my Govern French Government proposed suggest that if the Chinese Government to develop China's consuming following the British example in

ment have been able to carry on power. We mean to so reorganise offering United States a token pay in face of national calamities, in the country so that we can raise ment of to-day's war debt instal-ternal difficulties, world wide the standard of living. ment, the Government has instruct economic crises and foreign inva Economic development and the ed the ambassador at Washington sion without borrowing, it does not exploitation of natural resources to point out that France adheres

constant pre-occupation and we desire to achieve this by to the attitude regarding the debt question which the Chamber as-

means of which to advance interna

benefit sumed last December...

tional co-operation and

We welcome Westein from... it. Capital and kill, and desire to maintain a fiscal policy which does not prevent the entry of foreign goods.

SILVER MARKET

(From Our Own Correspondent.)

برگر

LONDON, June 15.

ARE THE BILVER ON THE LONDON

FOLLOWING QUOTATIONS

HARKET TO-DAY:

June 15 19.9/16

FORWARD. 103

Spor

Three Defaulters.

June 14 19.7/16

19.7/16

Prove an insuperable task to com bose her just obligations once these dificulties are partially or entirely removed.

The five thousand miles of em- bankment, built dykes were BO strong that in 1939 the floods made not a single breach in them, and the area devastated by floods in 1931, which was then the home of forty-three million people, last year had bumber crops.

League's Help Appreciated. He was glad that the League of Nations, which provided the Chi- nese with valuable technical advice in regard to this problem were also helping them in other econo- mic problems.

are

our

Mr. Boong recalled that it was some years since China was reliev from antiquated treaty restric tions and secured & full tarifi. autonomy.

Tariff Revenue..

He said she did not use that Iree- dom to build up a protective tariff wall, but our the other hand the desired to see the world as an Referring to the question of economie unit whereby each coun- silver, Mr. Soong said that the try would develop lines best suited Western World which was experi- to the genius of its population and encing difficulty, managed their nature and its resources, rather currencies, which fluctuate in rela- than pursuing a willo the tive value from day to day, wisp of economic self-sufficiency. thereby dislocating foreign trade, China's tariff rates were lower ***** and they were seeking at the con- than those of most countries, the ference to overcome these diffienl duties imposed being for purely ties. The Chinese had similar fiscal purposes and anyone whd difficulties because, although Chi- knew the difficulties of direct, currency was metallic and taxation in China can understand unmanaged, there had been violent why the tariff revenue was so im- fluctuations in the price of silver portant. in relation to gold and non-gold currencies.

LONDON, June 14 The actual cost of silver trans- ferred from the Rej to the British

Government is understood to be approximately £1,000,000 sterling

nese.

to the United Statee, as an acknow. tish representations and in view of Guilders in the Dutch East Indian CAPTAIN Anthony Eden, reply. ledgment of the debt. budget for 1833/4. The Governor-. ing to a question by Mr. John General "in announcing this

Not Regarded as Default. at Haslam, in the House of Com- meeting of the National Council mous, stated that the Advisory said that fifty million of this was Committee appointed by the Lot-

The Chancellor of the Exchequer earmarked for debt clearance. It gue to consider technical matters expressed regret that President is believed an increase in taxation rising out of the Assembly resolu- Rosevelt was unable to accade to and & cut in wages will be pro tion in reference to the non-recogni- the British request for a postpone Loud cheers from all sides of the posed.

tion of Manchukuo, kas drafted a mont of the June instalment, pend-House greeted Mr. Neville Chamdo crisis which threatened in He hoped, therefore, that while Kemorandum which is being eiring & discussion of the war debts berlain's peroration on the debt culated to members of the League question as a whole. and to other governments.

MRS. BONNEY FOUND

FORCED LANDING NEAR LINZ

THROUGH BEUTER'S AGENCY]

VIENNA, Juns 14.- THE MYSTERY of Mrs. Bonney,

THE MACON SAFE

DOCKS AT AKRON AFTER EXCITING TRIP

President Roosevelt hind, how. agreement, ever, nocepted the part payment offer in a spirit of cooperation without prejudicing the freedom!

discussions.

Opposition Pleased.

and personnily be hoped, that while Silver now was at its lowest price other commoditica would rise in Satisfaction is expressed by the relation to gold, silver would do so American delegates at the World also.. Economic Conference of Britain's Mr. Soong pointed out that a decision to pay her instalment of reasonably stable value in silver. war debt which is regarded as a was more important than an in- successful solution of the imme-crease in value of that commodity.

ternational co-operation.

atablization was sought for gold currencies, it would also be found for silver, which was the currency of China's vast population as well as being of great interest to almost an equally vest population sin India.

Italy is also believed to be pay. ing only a part of her war

whilst debt instalment,

Czechc Slovakia and Rumania are follow ing Britain's example,

Belgium, and almost certainly France, in defaulting.. Poland also won't pay and a note regarding this has been sent to the State Depart

of either government in subsequent The House was buzzing with satisfaction, the opinion being ex Mr. Chamberlain pointed out pressed, that the American declarum that the instalment of December was a good augury for the supe 15, 1932, was paid in full in the of the World Economic Conferencement by the Polish Ambassador. hope of paring the way to a settle and may prove the first step to a ment before soother instalment be

complete and final settlement of came dus,

It seemed impossible to contem War, Debte plate the ocatinuance of payments

(THROUGH ZBOTER'S AGENCY)

AKRON, OHIO, Jung 15. THE giant U.S. Navy airship, Ma

Bir Stafford Cripps, on behalf of ton, which yesterday reported the aviatrix who was reported herself in distress owing to the dis of this magnitude, while suspend the Labour Party and Sir Her missing in a flight from Budapest abling of her rudder, has managed ing under the Lausanne Agree bert Samuel, for the Liberals, con to London on June 12, has been to make her why safely back to upon our debtors

ments, the corresponding claims gratulated Mr. Neville Chamber cleared up.

She had to make a forced land- Akron,

Hence further payments on that lain and expressed their doop ap ing near Linz, but intends to re- The airship docked safely at eight scale would have ended the Lau-preciation of President. Roosevelt's

realism.

Republican View,

[REUTER'S AMERICAN-SERVICE]

WARRINGTON, June, 14. The entire instalment should be paid, or mine," said Senator Robinson, the Republican leader, condemning President Romevelt, and the Senate for accepting the British part payment in silver, at

sume the fight to England to o'clock last nigt after an exciting sanne Agreements and assin Pia (Contina af foot of next Column) Efty cents an ounce.

MOTTOW.

voyage.

fed the world condition or

China placed no such restrictions on trade as the quotas imposed, no shimp in silver, and, the difficultion exchange restrictions, despite the thereby created for the Govern ment.

"We shall adhere to policy of freedom from artificial restrictions in the firm belief that. we thereby not only promote the interests of China to the World, but also further the broad social and political purpose which lies behind the policy of economic de velopment which I have now des cribed"

Mr. Soong said China was con vinced that by basing reconstruction on these principles, she can obtain (Continued on Pégé 15.)

COUGH LINCTUS

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

Prepared Bolely

QUEEN'S DISPENSARY

CHEMISTS A DR