1933-07-06 — Page 9

IMPROVEMENT IN

BRITISH TRADE

Unemployed Figures Decline

RESTRAINED BUT IN-

CREASING CONFIDENCE

LONDON, July 4 THE PRESIDENT of the Board

of Trade, Mr., Walter Runci- man, was detained at the World Economic Conference when the

HONG KONG DAILY PRESS, THURSDAY, JULY 6, 1933

"CONFERENCE SENTENCED TO DEATH" FOREIGN LOANS

SETTLEMENT OF WHEAT PROBLEM

On Basis Of U.S. Proposals

Board of Trade vote was consi- COUNTRIES TO EXERCISE

dered in the House of Commons, to-day. In his absence, Dr. E. L Burgin, Under-Secretary for the Department, said that the trade position and the prospects of the country could be summarised in the phrase, "General improvement is definite and marked in coadi tious of restrained but increasing conftience"

The tendency of infernational trade to decline, he said, had nos yet been arrested, but the position of the export trade of the United Kingdom was certainly not un satisfactory in the light, of world

trade as

whole

Improvement, he said, had been widespread, and covered 50 out of

DOUBLE CONTROL

London, July 6. Canada, Australia, Argentine | and the United States have agreed to a settlement of the what problem on the basis of the American proposals. It is understood

the plan will be submitted to European wheat producers who will undertake not to augment their acreage or production, while consumers will reduce" tariffs

mideriake

100 of industrial groups and 600 aguist wheat when the price out of 700 of the whole of areas rises in consequence of restric- for which statistics were available. | tion. There was a notable improvement in building, cotton, wool, engineer. ing, boots and shoes, motorcars and shipbuilding.

!

Canada, the United States, Argentine and Australia will exercise double control, amely over exports and internal stocks. Increase in Employment, The agreement has not actual There was a further substantially been signed, but Australia has improvement in employment during signified her assent, and it is the month of May, this being the understood her signature will fourth successive monthly improve follow shortly, ment. At the end of May 9,637,000 insured persons were in employ ment or 120,000 more than in the preceding month and 372,000 more than in January. This was the highest volume of employment among insured persons at any time. since September 1930.

All British industry was heal- thier than for some time was heal- industrial and commerical activity would respond very quickly to the successful results in the interna- tional field.

The total volume of world trade was continuing to shrink. Great

The plan to which the coun- tries have agreed to at present does not specify definite figures. These would be filled in if Euro- pean countries and give their assent.--Renter

consumers

CUBAN SUGAR PROPOSALS

"BUT A REPRIEVE IS POSSIBLE"

U.S. DELEGATION PUZZLED

HAS ROOSEVELT CHANGED HIS

POLICY?

GOLD COUNTRIES INSIST ON MONETARY AGREEMENT

London, July 5.

"The Conference has been sentenced to death, but a repricve is possible,' sums up the feeling this morning.

The announcement of the wheat agreement had a tonic effect, arousing a feeling of somewhat greater optimism, though gold countries especially continue to be most doubtful whether the fateful phone call from President Roosevelt, which is expected at 3 p.m., will bring a re- prieve.

Apart from the gold countries, however, it seems there is a move by the majority of the delegations to back efforts to avoid adjournment.

Meanwhile, it is understood confusion has been caused among the US. Delegation members by the message from Roosevelt, which it is understood indicates that he has no lasting opposition to the gold standard, but is now raising the question over a method of a return to the gold stan dard.

The climax to the negotiations for the continuance of the World Economic Conference is expected at 3 p.m., when the U.S. Delegation are expecting a phone call from Pres. Roosevelt,

GOLD COUNTRIES' PESSIMISTIC OUTLOOK

The US. Delegates are puzzled by the communication as they declare it is possible to interpret it as a change in Roosevelt's policy. They, therefore, have cabled clarification, which they expect to receive in the 3 p.m.. phone call.

The Americans are expected to issue definite declaration late this afternoon. **

Britain's shure was maintained, but Scheme Rejected By Washington

it was a somewhat melancholy satis faction when they thought of the tremendous interest they had in the andintenance of the volume of total world trade.

Referring to trade agreementa, Dr. Burgin said that their reault had been to give help in the balance of trade and for the first five months of the present year that balance showed an improvement of £30,000,000 over last year.-British Wireless Service.

THORNTON AND MACDONALD

Cheered By Huge Crowd

ON ARRIVAL AT LONDON

London. July 5. Huge crowds cheered the re- leased Moscow prisoners, Thorn- ton and Macdonald, when they stepped out, from the train at Liverpool Street morning.

Station this

China

PRESENT TERMS TOO STRINGENT

for

**

COMMUNICATIONS NOT COMPLETE

Roosevelt's Reply Eagerly Awaited

HULL KEEPING IN TOUCH WITH MACDONALD

THE CONFERENCE

DEADLOCK

Has Little Effect On Exchanges

GOLD CURRENCIES RE- CEIVE MOST ATTENTION

.

TO CHINA

Risky Investiment At Present

ACCORDING TO LONDON MORNING POST

LONDON, July COMMENTING on the cable gram received from the South West Politics) Council at Canton; referring to, reports that Mr. T V. Soong, Chinese Finance Minis ter is trying to negotiate loans abroad and declaring that any such London, July 5.

loan will be "nationally repudiat- ed," the Meraing Post, while ad- The Conference deadlock cou-mitting that it does not know by tinues to have little effect on the what authority the Council speaks, exchange market, where contin- states that the statement illustrates The exchange of communica-ental gold currencies are receiving the present disunity in China and

is a useful caution against grant-: tions between Pres. Roosevelt most attention.

ing credits to the Chinese Govern- and the U.S. Belegation, the Continental rumours that sterl-ment at present.-Reuter, outcome of which conference ing would be linked with the members are eagerly awaiting, dollar caused a heavy offering of are not yet complete.

sterling and buying of gold cur- rencies by continental operators.

eventually checked here by the official sale of French franes."

London, July 5.

Although the delegation re- ecived Pres. Roosevelt's first

communication during the night, in various quarters it is now re ported that the delegation head- quarter's situation is not suffi- ciently crystallised for stute ment of policy to be issued.

communications, which began when the delegation start- ed its meeting at 10.15, are still progressing.

The

Movement was

The downward trend in sterl ing was assisted by the continued coutinental sale of dollars.

THE LUANTUNG QUESTION

AGREEMENT SIGNED AT

DAIREN

Tokyo, July 5.-

Francs opened at 85.16 and A message from Dairen states that appreciated to 84.93, but later went back 85.15.

0.

Sino-Japanee Agreement regarding the details involved in Dollars weakened from an the evacuation of the fighting opening of 4.493 to 4.514-zone has been signed. It refers,

jo popuqrrisip aut og fuge d Chinese troops assigned for patrol duty and other work, also for through traffic on the Peipings Mukden Railway accompanying tho withdrawal of Japanese troops.-Reuter,

Meanwhile, it is understood | Reuter. that Mr. Hull is in touch with the various delegations, also with Mr. MacDonald.

The U.S. Delegation has in- dicated that no concrete state- ment will be forthcoming from. them for several hours, as after

LONDON STOCK EXCHANGE

the receipt of final instructions SLIGHT DECLINE IN HEAVY

from Pres. Roosevelt discussions will be held between Americans and other delegation members While the discussion was proceed before any proposal is submitted ing, a messenger brought Mr. Mac. for to-morrow's bureau meeting Donald a note from the delegation-Reuter. of the United Stated, asking for a postponement of the meeting of the Bureau fixed for 6 p.m. they had an important communication to the U.S. delegation is tion to make.

** AIR CLEARING "

London, July 5. Pres. Rocevelt's communica-¦

TRADING

LONDON, July 4. VERY large business was again transacted on the London Stock Exchange in certain industrial spe- cialities to day, and although subs tantial gains were registered in many cases, values mostly closed under best.

German bonds. remained weak. War loan, 31 per cent., closed at 081.—British Wireless Service.

The Prince of Wales and Prince

EARLIER REPORT

PRIPING, July 5. According to Chinese reporta A hitch occured in the Daiken Conference to settle the Luartung

question as a result from the Japanese demands that.

&

(1). The Japanese authorities be permitted to station certain number of military inspectors in the Luantung district after their withdrawal to the Great Wall, and-

(2) A Board consisting of Chi- nese, Japanese and Manchukuo re- presentatives be set up for joint control of the Lutai-Shanghai section of the Peiping Mukden Railway.'

The Chinese delegatea have re- to Peiping

Mr. Macdonald suspended the stated to be in the nature of meeting hour with one of the clarification. It is not a direct American delegates and then told stimulus to the Conference, but the Drafting Committee that the contains a summing up of the United States Secretary of State, Mr. William Cordell Hull, had situation and an optimistic view George were in galling opposition ferred the demands Amid u welter of speculation found it impossible to reach Pre for the continuation of the Con-at Sunningdale last month. The which have been telegraphed to Franco-Dutch circles firmly stand aident Roosevelt. Therefore the de-ference.

Prince of Wales was partnered, Nanking for instructions. by their thesis that it is legation was unable to decide re- London, July 5. useless to expect. Roosevelt to garding the adjournment of the China has rejected the Cuban put up a monetary formula which Conference.

Mr. MacDonald, however decid sugar restriction scheme.

She will be acceptable to the golded that the Bureau should meet has sent a memorandum to the bioc, and in reply to rumours that at 6 p.m. At the meeting, Mr. Sugur Sub-Committee of the Roosevelt may advance proposals MacDonald, on behalf of the World Economic Conference stat- calculated to keep the Conference Steering Committee moved the ad- ing that China is prepared to alive in the economic sphere, the journment of the Conference consider" participation in alter French and Dutch reiterate the impossibility of an economic ad- vance without a monetary agree- ment.--Reuter.

native schemes.

The Chinese memorandum points out that the dwindling Chinese production will scarcely survive foreign competition un less methods of cultivation and separation are improved. While

"

A COOLING-OFF PERIOD

LONDON, July 3.

the proposal to prohibit the that the recess obtained at the It is hoped in American quarters erection of new factories or an World Economic Conference, will increase of production in existing | prove-a "cooling off" period in. factories will involve a greater which the Delegations will have a sacrifice than is bearable by the chance to forget President Roose-

velt's stinging words. Chinese industry.—Reuter,

SILVER MARKET

d

Mr. Huil protested and suggest- ed a re-meeting to-morrow.

M. Bonnet, and Senor Guido Jung (Italy), suggested to-day, but yielded to Thursday."

In the meantime the Chinese Air clearing" appears to be by Douglas Fairbanks against the view of the U.S. delegation to The inatch was close all the postpone their return to Peiping.

Prince George and Archie Compe I delegates have been ordered to following two and a half hours way round, and after the sides had meeting which rose at, 1.45.p.m. been square with nine holes played, after reviewing the whole field Prince George and Compston won in which the Americans feel the by three and two. Conference might continue.

The United States delegation members, who are now communi- cating the results of their de liberations to other conference

They declared, however, that officials, are of the opinion that they are very positive that a solu- the atmosphere of the Conference tion must be found by then, and is far more friendly than yester- in their opinion, the best proceday. Professor Moley was pre- ! dure was an adjournment of the ing by the Bureau-Reuter. Conference as fixed yesterday morn-sent at the whole of this morn-

ing's conference.-Reuter

AVOIDING STIGMA ON", ROOSEVELT

LONDON, July 6. The Bureau of the World Econo- mic Confareuce. has been adjourned till to-morrow.

Though it is generally thought that the Conference will end on Thuraday it is not a foregone con- clusion.

at the meeting of the Bureau of the Conference summoned by the Pre- rident, Mr. Ramsay MacDonald, Before the yesterday evening. Conference, was called, the chief of the American delegation, Mr. Wil- Liam Cordell Hull had an hour s conversation with Mr. Ramsay MacDonald.

Mr. William Cordell Hull ex- plained yesterday evening that he had asked for a 24-hour recess in order to talk thinks over with both the British and American delegates with the hope that within the next two days the Conference. stiuution can be reumed and an economic The Americans are doing their The meeting of the Bureau last- They were met by relatives, Trom Our Own Correspondent.) policy formulated on which work utmost to prolong its life in ordered for 40 minutes. It was announc to avoid the already voiced opinioned afterwards that no decraron had The Americans are known to de- that President Roosevelt has "tor. been reached and that the meeting aire further discussions on price-pedood" the Conference.—Reuter,

would be resumed to-morrow morn raising and other countries believe

ing. that President Roosevelt greatly desires the Conference to continue and therefore, that he will make a great effort to the end.

friends, the chairman and other

officials

OF

Reuter

Metro Vickera.-

BRITISH FOREIGN

SECRETARY

Going On Long Holiday

London, July 5.

LONDON, July 5. FOLLOWING ARE THE BILYVIA QUOTATIONS ON *EX. LONDON **MARKET TO-DAY:

.

July 4 181

19

July 5 BPOT.......

18.15/10 FORWARD......

19 The London on New York cross rate to-day was: £1- $4.51).

NON-AGGRESSION PACT

It is announced that Sir Joba DEFINITION OF AGGRESSION

IS BASIS OF CONVENTION

Simon will shortly leave on a long sea voyage for the benefit of his health, which has been indifferent for the last two months. Reuter,

MT. EVEREST FLYERS ENTERTAINED

alavia.

LONDON, July 4, A CONVENTION for the defini tion of aggression was signed yesterday afternoon at the Soviet Embassy in London, by representa tives of Rumania, Czecho Slovakia, Turkey, Soviet Rumian and Yugo Except that it contains an Arti LONDON, July 4 cle extending to other countries the MEMBERS of the Houston Mount right of adherence to it the Conven: Everest flight expedition, weretion is the same as that signed yes. entertained at a congratulatory terday by the Soviet, Poland, Ru- luncheon by the British Empire masia, Turkey, Esthonia, Latvia, Union in London to-day-British Pargin and Afghanistan-British Wireless."

Wireless Service.

can proceed.

SILVER COMMITTEE TO REPORT LATER

LONDON, July 5... Yesterday morning's meeting of

The silver mibcommittee under the Steering Committee and the the Chairmanship of Senator Key evening meeting of the bureau were Pittman, yesterday, discussed the characterised by much strong cri ticism of the attituda of the United Progress of the conversations with reference to a conclusion and an States from the highest quarters, understanding between producers but, out of courtesy to America, of silver and large holders of the request for an adjournment of

stocks. the bureau was granted without taking a vote,--Beuter -

-RECESS SECURED BY AMERICANS

The meeting decided to pursue the conversations privately, and report when a satisfactory stage has been reached.--Reuter,

MR. HULL'S MEETING WITH MR. MACDONALD

It is understood that this course was taken at the instance of the American representatives who de wired further opportunity, of ex- President Roosevelt's plaining statement. It was also felt that further consultations with the, de- legations not represented on the Bureau would take place before tion to the Conference as a whole. that body made any recommenda-

British Wireless Service.

ROOSEVELT Confident

WASHINGTON, July s. President Roosevelt arrived at the White House last night, and has cabled fresh instructions LONDON, July, ..

to the United States delegation in The following are the events

London to exert every effort to, leading up to the dramatic folsh. |

LONDON, July 5. keep the World Economic Confer of the World Economic Conference. The situation created by the ence going.

Yesterday morning's meeting of statement of the American policy President Doosevelt's instruc the Bureau appointed a committee regarding the temporary stabilisations were coded and dispatched to draft the final resolution, com- tion of currencies, was discussed at through the United States Navy posing the British Premier, Mr. length in World Economic Confer Department. Ramsay MacDonald, the Chancellor ance circlea

It is authoritatively stated that of the Exchequer, Mr. Neville In delegation meetings and in President Roosevelt has every con- Chamberlain, M. Bonnet, French private conversations, the advan Adence that the Conference will Finance Minister, and the Dutch tages and disadvantages of post- not break up and that the Amert- Premier, Dr. Colijne poning the proceedings, at least, can delegation would be able to

At 3 a.m., the committee had al-in regard to the financial work of net to keep it in progress. most agreed to the resolution, not the Conference, were debated, and The text of the cable had not ing the results obtained at the Con- it was anticipated that some deci-been discceed, and it is stated ference and stating the reasons sion on this point might be reached that any news will chavestpe necesitating its adjournment.

(Continued on next" "columns). from London-Reuter

WE

The train service between Pei ping and Tongshan was resumed to-day after a suspension of nearly two months.--Reuter.

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