1933-07-10 — Page 9

HONG KONG DAILY PRESS, MONDAY, JULY 10, 1933.

LIMITATION OF COTTON

Production In U.S. Too High

ACREAGE 11.6% HIGHER THAN LAST YEAR

New York, July 9. The Government estimates "of the cotton acreage is 40,796,000, which is 11.6 per cent, more then | on July, 1 of last year.

The estimate does not take into account any reduction that may be made nuder the pro- grammie of the "Agricultural Adjustment Administration.

The Secretary of Agriculture has not yet determined to take any dereage out of cultivation, If an acreage weduction is made the amount thereof will be in-f nounced in the future.

All states show, herenge in creases over last year, the great est increases in the major states are shown in Oklahoma" and Texas with 36 per cent, and 16 per cent, respectively.

Offer By Growers.

Mr. Wallace said that thr

"GOLD STANDARD

ON GOLD

UNREST IN PORTUGAL

Measures Being Taken

TO DISSIPATE. REVOLU TIONARY ATMOSPHERE

Lisbon, July 9:

Veiled indications that all in not well in the Portuguese Re- public is contained in an official communique. referring to the tetivities of opponents to the pre- sent regime declaring: The Ministers of the Interior, War and Navy are taking measures to dissipate the revolutionary atmos- phere which the enemies of the Bepublic have been displaying lately?"--Reuter,

growers in fourteen of the sixteen GERMAN-VATICAN

cotton states offered to take

5,566,150 acres from production |

in return for government cash,

and the option of benefits. He

CONCORDAT

also announced the campaign Priests To Withdraw

to obtain Fuch agreements from the growers, which is to be closed to-night, would be extend- ed to Angust 1, and a further ex- tension would be made' if neces

ary-it uter. "

Roosevelt Interested.

New York. 9. Pres. Roosevelt, a a cotton planter himself, has sent a letter to Mr. Wallace urging cotton producers to join in the acreage reduction programine promptly next week in order to reduce the supply and improve the absurd. ly low prices next year. Reuter,

WARNING GIVEN TO AMERICA

NEW BOOM ·A· DANGER

WASHINGTON, July 7. THE rapid rise in commodity price and the stimulus given to industry by the speculative boom is not an unmixed blessing in the United States.

do

From Politics

Vatican City, July 9 'The Concordat which WES

IS

DOOMED "

HOPELESS EFFORT TO KEEP WORLD

FRANCE REFUSES TO HELP WEAKER GOLD COUNTRIES

U.S. REPRESENTATIVE ATTENDS

IMPORTANT MEETING

1

London, July 9. The Gold Standard is doomed,' declares the Sun- day Express diplomatic correspondent who asserts the discussions at Paris, yesterday, showed the last effort to keep the world ON gold is hopeless. France refused - to consider the suggestion of weaker gold countries that the hig French gold reserves should be put at the disposal of other gold countries. Reuter.

COMPLETE AGREEMENT BY GOLD COUNTRIES

Paris, July 9:

the continuation of the Confer Complete agreement has been ence, enumerating items he con- reached by the gold countries sidered capable of discussion, for ways and means for maintaining policy, individual external in- bankers' meeting on technical instance, price levels, credit their currencies on the gold debtedness, standard.

The proposals will be put in effect inmediately.

th

∙com-

A communique states that ex- initialled to-day, by Capt. von changes of views resulted in com Papen and Pacelli, the Vatican plete agrement on means of Secretary of State, regulates for giving full practical efficacy to the the first time in history the posi-declaration of gold standard tion of all Catholics in Germany. governments favouring

it is understood the Vatican plete maintenance of the gold concedes to the complete with standard at present rates. drawal of Catholio priests and organisations from politics, but the Vatican draws a veil over the anti-Catholic demonstration in Germany-Reuter."

1 D

Before leaving for. (ermany, Capt. von Papen made a state- ment to clear the delimitation of the competence of the Church and the state in Germany to eliminate, in future. all differ- encès hetween them."'.

Anti-Catholic Orders Rescinded.

Berlin, July 9,

The depression saw heavy wage Immediately the news of the

in all directions cut appear to be the reading initialling of the German-Vatican Concordat was received, Herr Hitler rescinded the dissolution orders in the case of Catholic

The Central Banks of countries represented at the meeting will

-

producers' agree- ments, prohibitions, restrictions, retaliation and other war breed ing trade methods.

The general feeling is that the statement does not greatly sup plement the previous plea by Mr. Hull to the Bureau.-- Reuter.

.CAMPAIGN FOR HIGHER PRICE LEVELS

LONDON, July 8.

President

It is learned that

Fresident Roosevelt who has figured prominently in the World Economie

Conference.

PROPOSAL CARRIED

BRITISH LOANS TO

FRANCE

̈£15,000,000 To Be Paid End Of July

FRENCH FINANCES ARE SATISFACTORY

HALE JOHN D. ROCKEFELLER

Celebrates His 94th.

Birthday

2ND & 3RD GENERATIONS ATTEND DINNER

New York, July 9.

The optimistic and hale Joho D. Rockefeller to-day celebrated his ninety-fourth birthday at his home at Pocuntico Hills. Al the Rockefellers to the second and third generations joined in a family dinner.-Reuter,

Paris, July 9. Public finances are satisfactory enough to repay half of the British loan of £30,000,000 by the end of July, stated M, Daladier when addressing his THE EIGHTEENTH

'constituents.

Referring to his foreign policy

that he emphasised

French diplomacy was in friendly and France is convinced that a return constant liaison with Britain. to economic stability depended

the stability of currencies. This thesis is defended. in Lon- don and must triumph in order that agreements between pro- Sir Henry Strakosch (India) sub-ducers, which remain one of the mitted that the exclusion of mone

surest remedial measures for the tary questions from consideration world crisis, would conflict with the bureau con The Government is anxious to be concluded. elusion to proceed.

effect rationalisation of markets in the French Empire to avoid useless competition.—Reuter. ·

The Italian, Swiss and Austrian delegates supported the Roumanian. proposal. On t vote being taken the British proposal was approved by 25 to 1o with one ab-ent. There

were several absentions.

said he would report the result of The Chairman, Signor Jung, the debate to the Bureau.

OTHER OPPOSITION

At a joint meeting of the various sub-cominittees of the Economic Commission to consider future work, a proposal that the sub-com- mitters on the co-ordination of pro- duction and marketing of sugar, timber, wine, coal, tea, tin, copper opposed. The silver question is al so being dealt with by a sub-com mittee of the Financial Commission -Reuter and British Wireless.

IMPORTANT MEETING TO-DAY

immediately put into application Roosevelt last night prepared and silver should continue was not tails of which were agreed upon the World the technical arrangements, de-message to the U.S. Delegation at Economic Conference at the inceting.

outlining in greater detail bis campaign for world price recovery conference. as the immediate objective of the

LONDON, July 8.

THE fate of the world economis

conference will be decided on

M. Moret afterwards pointed out that the banks represented at the meeting held between them over The consideration of the items 40 per cent. of the world's gold which can usefully be discussed reserves. Their decisions were having regard to the gold bloe's unanimous, but they were not monetary questions, occupied much objections to anything relating to going to reveal the nature of the time in London yesterday." technical measures they were go- The gold bloc displayed soreness ing to apply. They did not require at an apparent attempt to narrow the authority of the various down this line of deliberation. Mr. governments, on the contrary, the original agenda be adhered to, prediction.

Neville Chamberlain proposed that they were giving practical effect adding that reservations hored to, to a decision already taken by made these governments. They were now going to sign a protocol plac-

CUT AND DRIED SCHEME

extent enabling them to keep paco with rising costs.

Some anxiety is being felt in Washington, the attitude of the authorities being expressed organisations. He also ordered ing their decisions on record. Brig. General Johnson, the Ad- a stoppage of all measures against ministrator tf the National Re-Catholic priests and other leaders covery Act

of Roman Catholic codies. "Herr| Worse Collapse Feared. The recent surge in speculative Hitler says the conclusion of the production in American factories Concordat is sufficient guarantee and the rise in prices of commodi that German Roman Catholics ties are beginning to outstrip the henceforth will unreservedly sup purchasing power of the masses and there is a danger that this port the Nazi State.--Reuter,

development will cause a new and worse collapse."

Brig. General Johnson appealed to industries to hasten in the for- mulation of codea for increasing wages and reducing hours of work. Labour Report.

The danger is also emphasised in the American Federation of Labour jo Report, which states that workers incomes increased by seven cent. between the months of Maren and May, while the factory output jumped by thirty-five per cent,

per

The Labour Federation Report infers that much of the present feverish activity is purely specula- tive and it urges industry volun- tarily to limit its profits until the workers are back to work at a living wage. Reuter.

ANGLO-CHINESE RELATIONS

Th

READER APPOINTED AT UNIVERSITY

THE

LONDON, July 8. Readership of Chinese Language and Social Econo- my, create at Manchester Univer- alty, has been filled, by Mr. E. W. Head, formerly of the Consurar Service.

The appointment, was made pos sible by contribution of. £100 - nually out of the £200,000 which the Universities of China Commit tes received from the Boxer In- demnity Fund.

Somewhat similar posts will be established in several universities. Professor W. H. Moberly, Vice- Chancellor of the Manchester Uni- veraity, at the Degree Day, pro-

HUGE TEXTILE SCHEME

Soviet Specialists Draw Up Plans

+

Moscow, July 9. Spinning, weaving and finishi ing, factories with an estimated yearly output of over 30,000,000 yards of textiles will be establish-

Paris, July 9. The gold bloc countries have drawn up a cut and dried scheme

if unanimous conclusions were not possible, M., Bonnet, as the champion of the gold countries, opposed the proposal, but it was ultimately adopted...

of

The decision of the Bureau of the World Conference to proceed with its work to the utmost extent pos sible, necessitates a complete review of the conference's activities.

The situation will be clarified to defend their currencies. "A when on Monday the Bureau. has common fund has been creat-before it the reports, from the va ed which will be

rious sub-committees, several thrown

which were in session during to- on the market wherever specu- day. lation threatens gold currencies. Meanwhile, the position was con. The presence at the Conference sidered at private meetings of the of Mt. Ian Fraser the American various delegations and there were head of the Bank of International consultations between the delegates Settlements is interpreted

at which the major issues before the amference were discussed. meaning that the Balse Bank will act as faison officer. It is also calculated to reassure Britain and

Monday. In the meantime, there ia no justification to heed the re- parts that the conference will 'ad. journ in August and reassemble in the Autumn. The position is far too uncertain to make a confident

The stabilisation argument con. tinues to stick in the gullet of the gold bloc countries and induces them to insist that until this is ac complished, no finality in other directions may be expected

Dr. Colijn, the Dutch Premier,

LAEAAAAAAAE

SILVER MARKET

(From Our Own Correspondent.)

LONDON, July 8. FOLLOWING ARE THE SILVER QUOTATIONS ON THE LONDON MARKET TO-DAY:

SPOT

FORWARD

JULY 8

38.1/16

18.3/10

THE LONDON ON NEW YORK CROSS BATE TO-DAY WAS: £1= $4.74,

AMENDMENT

President's Wire To Party Leader

Washington, July 9,. Mr. Roosevelt has publicly ap pealed for the repeal of the Eighteenth Amendment, the re- peal of which by Congress early. of three fourths of the States. in the year requires the approval

cratic Party leader in Alabama, In a telegram to the Demo-

where an election on the repeat issue is being held shortly, the President emphasises that the platform of the party should be carried out as far as is within their power. Reuter.

er

LONDON STOCK MARKET

BOOM IN INDUSTRIALS

LONDON, July 7. A CONFIDENT tone characteris

ed the markets on the London Stock Exchange, industrialy rising sharply. The gilt-edged market was easier.--British Wireless...

PRUSSIAN DIET ASSUMES NEW

POWERS

Newspaper Suppressed: 88 Jewish Doctors Arrested

Berlin, July 9.

an one of the prominent lights of The Prussian State Council

the Conference, when questioned as will henceforth be an advisory HOLD UP ON THE

consist

to whether the Bureau is likely to chamber without a vote. It will Exercise its over-riding power shrugged his shoulders and remark ed significantly, ""Let them try it."-Renter.

TUSSLE EXPECTED

of -Prussian Cabinet Ministers and fifty others who will not be paid, but appointed by the Prussian Premier. They will

C.E.R.

Action

include Nazi' Storm Troop Foreign Consuls Take LONDON, July 8. leaders, representatives of chur- „To-day's activities of the World ches, industry, business and Economic Conference delegates science. The meetings will be meetings, at which it is presumed were chiefly confined to informal secret. preparations are being made for The Taegliche Rundschau has Mooday's tussie over

the new been suppressed for 3 months scope of the Conference.

The Bureau will then have the owing to its anti-government

articles. opinions of the Economic and Mo-

and Dutch Consuls called on L United States' friendliness to took a prominent part in these con- to its exercising the right, if it have been arrested and sent to a C.E.R. and insisted on a settle wards sterling and the dollar. sultations, presided over a meeting 10 doems desirable, to over-ride concentration camp. Jewishi doc- ment of the question of detention netary Committees, preliminarily Eighty-eight Jewish doctors Shao Gen, chairman of the of the British Cabinet held at the their decisions. House of Commons this evening..

Reuter.

CABINET MEETING

Mr. Ramsay MacDonald, who

Reuter,

TO CURB EXCHANGE FLUCTUATIONS.

mans belong.--Reuter.

Moscow, July 9 message from Vladivostok states that the British, French

Reuiter.

BELGIUM TO REMAIN A

At a meeting of the Monetary the views mainifested yesterday the hidden to treat Aryan members naya station. Li Shao Gen is In consequence of the variance of tors, unless exempted, are for of foreign exports at Progranich-

GOLD.

Sub-Committee, which has before it whole issue may be re-fought in of sick benefit institutions to ready to agree to the conveyance an agenda including credit policy, the Bureau, behind closed doors which ninety per cent. of Ger- of the goods back to Harbin Brussels, July 9..

price levels, the limitation of cur- Belgium is determined to stick

reney fluctuatione exchange, con- ed at Kaiseri, Asia Minor, if to the gold standard, declared M. and the resumption of lending, Mr. trols, the problems of indebtedness the phins drawn up by Soviet Jaspar, the Finance Minister Neville specialists are carried out.

Chamberlain emphasised when broadcasting. He pointed the difficulty of isolating that par- The Turkish Government's in- out that the gold reserve is 13 out raising the others and he pro- ticular items for discussion with- dustrial delegation which discuss-milliards of Belgian francs. ed the matter here have left for

posed all should be subject to fur ther discussion. Ankar.-Reuter.

ITALIAN AIR ARMADA

Held Up At Reykjavik

The Roumanian delegate propos- ed and Mr. Bonnet (France) sup- mitteo should cease on questions ported that the work of the Com- other than indebtedness.

banks of the gold bloc countries,

PARIS, July 8, The Governors of the central together with M. Leon Fraser, head of the Bank of International Settlements are now conferring on. measures to curb exchange, factus- and steady on gold communique is tions so as to keep currencies firm being issued later.-Reuter

WEEK-END ACTIVITIES,

London, July 9. The main activity in Confer ence circles during the week-end was the canvassing for doubtful This question might be profitably votes for to-morrow's bureau discussed while on the other side. HOW THE VOTING WILL GO meeting at which argument on tions of the conditions of producsentation of 18 members shows that of the conference work, the quesA study of the Bureau repre what subjects are discussable in tion and marketing and the organ- if it comes to a vote on the sub- the monetary. sphere are expected isation of labour might be proceed ject of the non-gold countries pro- to start again. -

Considerable speculation was aroused when it was known that the British and French delega tions were holding private con versations. So far it is impos sible to ascertain their nature,

ed with

posal to continue the monetary Senator Couzens (United States)ide of the gends in all its rami- while recoguising that there were fications, instead of curtailing the differences of opinion as to how best discussions to indebtedness, the re to accomplish the primary purpose sult will be very close. d of the conference to relieve, unem ployment, drew attention to Preei: dent Roosevelt's endeavours to raise

Reykjavik, July 9... General Balbo has announced ceedings, said he hoped that the that owing to unfavourable The only other development is the price levels and hoped that Reader would help to interpret to weather reports it is not unlikely that Mr. Hall, after further other countries each in its own way English business communities, the the air armada will stay at communications with President He saw no reason for not con

would assist."; present Industrial and commercial Conditions in China and those in Reykjavik for two or three days Roceevelt, made a statement tinuing with the work before com „Britain to the Chinese ---

longer-Reuter,

reiterating bis Bureau plea for mit

The Argentine, Britain, United States, Canada, China, Japan and Sweden levour the all-embracing continuation of the Conference, whi Cheche-Blovakia, France, pain opposed this view at yester Germany, Italy Holland and day's, sub-committee vote.

(Continuted on Page 12)

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