1933-07-26 — Page 9

CLOSING STAGES OF WORLD ECONOMIC

CONFERENCE

PLENARY SESSION TO BE HELD

ON THURSDAY

2

PROMINENT STATESMEN TO

ADDRESS MEETING

London, July 25,

The only World Economic Conference meeting held this morning was that of the Bureau of the Steering Committee which applied the finishing touches to the material which the Plenary Bureau meeting will consider this afternoon when it draws up the final resolution. The Plenary Session of the Conference, on Thursday, will last all day.

At the Morning Session, Mr. R. MacDonald will prob- ably be followed by Mr. Neville Chamberlain, Senator Cox, Herr Jung and M. Bonnet.

Dr. Schmidt the GermanMinister of Trade had half- an hour's conversation with Mr. MacDonald, at which Reuter understands, non-conference matters were among the subjects in the discussion.

The dollar was unusually steady. It opened in New : York at 4.69, then 4.701 and is now 4.684. There is little

doing.

GREAT STIMULANT TO WORLD

TRADE

as

London, July 25. restoring the use of silver That the World Economic Con- money.

Ex-Senator Charles Thomas, de- ference Silver Agreement will clared that Senator Pittman's plan prove to be one of the greatest was only a palliative and would stimulants to world trade yet have more adverse effect on the developed, is the opinion of the silver situation in the long run. American Delegate, Senator Key Pittman.

In an interview with Reuter, he said, that with half the world knowing no other coinage, a rise in the price of silver would con- The sequently benefit them. price of silver was exactly half. of what it ehould be. Stabilisa tion of the price would help China to pay off her debt and assist in other ways.

of the Denver Chamber of Com- Mr. George Harrison, Uhairmau

merce Mining Committee, declared that the plan was all right as far as it went, but did nothing for the bimetallic policy is advocated. --Reuter.

14

FATE OF THE CONFERENCE

The future of the League of Nations Monetary and Economic Conference will be fully considered by the Conference Bureau to-day. The Bureau, will have before it the reports of its two main commission: which, in turn, are based on the reports of their many sub-commit-. tees.

Senator Pittman paid tribute to other countries' delegates for their assistance, especially to the

The Economic Commission nas Chinese Finance Minister, Mr. T. V. Soong and the Indian yesterday afternoon the Monetary already completed its report, and delegates, whose spirit of co- and Financial Commission examin operation convinced him thated the report of their Rapporteur, they would not fail to reach an M. Bonnet of France in a plenary agreement.-Reuter.

WALL STREET OPTIMISTIC

NEW YORK, July 24. The silver agreement is regarded by Wall Street silver brokers as the ranat constructive development since Senator Key Pitman's recent silver legislation in Congress re garding war debts.

ECASION.

It

It is stated that the initial ex- changes revealed the solution of the majority of problems involved and the necessity for settling first, cerain fundamental questions. was agreed after an exchange of views, that the solutions were for the moment impossible, and that in the circumstances, it was better to postpone discussion,

The sub-commissions accordingly The interpretation of the agree- decided to concentrate on the war ment is that the market will have loan as likely to lead to immediate to absorb only the new production results, and modified their pro

of the next four years which is | gramme.

regarded as a notable gain in view

of the heavy stocks in India and

elsewhere.

The absence of an agreement for

Five Resolutions,

The Brat sub-commission, dealing with immediate measures, adopted

a definite ratio of silver as part of a resolution relating to indebted

mess. Discussion of other subjects only proceeded far enough to out- line the main problems.

the currency backing for signatory nations is regarded as unimportant in view of the salutary effect of the present agreement on market con. The second ab commission, on

ditions, though it is believed that such a pact is likely to develop in the near future-Reuter. PRICE OF SILVER WILL RISE!

San Francisco, July 24. Mr. Henry M. Rives, Secretary of the American Silver Producers Association, interviewed by Reuter, said the new agreement would, unquestionably raise the price of the metal.

It should be beneficial to indus try and bring many mines in the country into profitable operation as a result of better prices. Reuter.

SILVER INDUSTRY NOT *PLEASED

DENVER, Colorado, July 24. The mining industry generally

permanent measures, has adopted

the five resolutions already report

HONG KONG DAILY PRESS, WEDNESDAY, JULY 26, 1933

THE TEST MATCH

Jardine's Fine

Innings

London, July 25.

body-

"FRENCH OCCUPY CORAL ISLANDS

OFFICIAL STATEMENT FROM PARIS

Paris, July 25..

NEW CHINESE DUTIES

SERIOUS FIRE NEAR CANTON

QUESTIONED IN PARLIAMENT

DAMAGE OF ABOUT $2,000,000

U.S. INVESTORS IN DARK

Anxiety Over Falling Stock

THE PRESIDENT'S SILENCE

Washington, July 20 suburb, were burni to the ground

While investors in all parts of last night, resulting in a loss of the country awaited word of the about $2,000,000. Despite the Government's attitude regarding efforts of the fire brigade, the fire the falling American stock and continued raging until the small Roosevelt and the Secretary of commodity markets, President hours of this morning.

London, July 25.(From Our Special Correspondent) "The French occupation of the There were three thousand

In the House of Commons, Sir between Indo- | J. Haalam drew attention to the people present when the second coral "islands

Canton, July 25. Test between England and the China, Borneo and the Philip inquiry on the new Chinese About 70 houses and shops at West Indies was resumed. Thepines is officially announced and Duties on Lancashire cotton Hung Tek' Seventh Lane, Honam weather was sultry and the states that henceforth will be goods... wicket worn in parts.

under French Sovereignty.

Dr. Burgin said the question Martindale adopted

The new territories are specifi- of Duties was discussed with Mr. line" tactica but Jardine, in a

ed as follows Caye Damboise, TV. Soong during his recent

July 4;

Ituaba visit. The discussions were being typical captain's innings played occupied the bumpers carefully and com- Deuxilles, on July 10; Latio, on pleted his century-his first in July 11; Thita Spratly on July Test matches in 245 minutes. 12; and dependent islets. He went on to score 127 and was. at the wickets for 280 minutes while his knock was described as a chanceless one.

Robins put together 55 before he was neatly stumped and dur- ing the time he was at the wickets, he had the satisfaction of adding 140 runs in 120 minutes with his captain.

England only batted ten men, Macaulay being on the injured list, but even then they managed to get within one run of the West Indies total..

West Indies opened their second innings disastrously, losing: their first wicket (Barrow) with

only 5 runs on the board. Head:

ley joined Roach and they brought the score to 23. when a stop was made for lunch.

West Indies, 1st Innings. Roach, b Clark

Reuter.

AAALALAADIDAERA

SILVER MARKET

(From Our Own Correspondent}

LONDON, July 25. FOLLOWING. ABE THE BILVEN QUOTATIONS CX

LONDON MARKET TO-DAY :

SPOT

THE

*

July 23 19.1/18

FORWARD... 182

July 24 18.5/16 18.7/16

THE LONDON ON NEW YORK CROSS RATE TO-DAY WAB: £1-. $4.672.

TCICLETT

BRITAIN'S POSTAL SERVICE

GOOD REPORT FOR PAST YEAR

Barrow, b Wyatt.

Headley, not out

13 ....106 189

Hoad, b Clark

#

{

Grant, e Ames, b Robins... 16 Constantine, Robins, "b

Clark

31

Wiles, Hammond, b Verity o Da Costa, b Clark

20

Achong, b Verity

B

Valentine, b Robins ..... Martindale, b Robins

Extrus

6

2

Total...

.375

Fall of wicketa-1/20; 2/228: 3/227;1-4/266 5/302; 6/306; 7/341; 8/354; 9/363; 10/375,

Bowling Analysis.

0. M. R. W,

Clark Machulay

Robins

Verity

འ

LONDON, July 25, DURING the Commons debate last night on the Post Office vote, which showed an anticipated sur- plus on all services of £10,192,000, the Postmaster-General, Sir Kings ley Wood, gave an interesting ac-| count of the Department.

#

continued.-Reuter,

THE KULING CONFERENCE

MILITARY CHANGES TO BE DISCUSSED

G

Treasury, Mr. William Woodin, added to the general anxiety by m fusing to comment on any phase or the situation.

The fire broke out in a con- gested part of the suburb which consisted of old-fashioned houses

While other Government officials abutting on marrow streets. For this reason the flames apread very ready to discuss the situation, the were more frank and apparently quickly, from one house to an- White House and the Treasury, by The fire brigade was their silence, caused a food of handicapped by the lack of with the question of, dollar revaluas rumours, most of them dealing water works system in that tion. ieland, while the burning build- ings were some distance from the Pearl River.

other.

It was not until the close of the New York stock market to-day that Government officials realised the Only several of the shops were extent to which the public had taken part in stock dealings. This had insured, while the uninsur-been feared. by those officials in ed honses were mostly residences charge of the Administration's re of middle class families: The ex-covery programme and to-day it act cause of the fire is not known, was learned that the accounts of but it is understood that the thousands of small investors had

been closed out. 4! 。 conflagration first began from a a

shop which sold roasted edibles.

Nanking, July 25, Commenting on the agenda for the Kuling Conference the Chinese Press to-day, quote & high military thority as de- claring that the chief subject on the agenda of the Conference con- cerns changes in the organisation of the National Military Council: The idea will be for economy, reducing expenditure to minimum, while trying to in crease the efficiency of China's

highest military organisation.

He denied, however, the rumour that the Ministry of War General Staff Department would be abolished.----Reuter.

TO MAINTAIN "PEACE & ORDER"

JAPANESE TROOPS TO GUARD RAILWAY

Tokyo, July 25.

A Tokyo communique, issued

The number of telephone sub scribers increased during the past year by 15 per cent. In the Post by the War Office says that after Office Savings the sum of over reaching the necessary under- £300,000,000 was standing to the standing with Chinese and for- credit of 5,500,000 depositors, while reign authorities, Lieut.-General Government securities to the value Nakamura, commander of the of £900,000,000 were held by Post Japanese garrison at Tientsin Office depositors.

4

Break Desirable Members of the Federal Reservo

large pan of oil was kept boil- Board were unanimous in saying ing by a continuous fire which that the break in the markets was ignited the nearby woodwork desirable at this time and that it which developed into flames. was pot & cause for concern. Pri- So far the casualties are un-business conditions warranted, they ces had been higher than actual known, and in view of the hot said, and an adjustment was neces summer night very few persons sary. were asleep when the houses. caught fire.

ANTI-BANDIT DRIVE

נו .

JAPANESE CLAIM SUCCESS

TOKYO, July 24, A MESSAGE from Mukden states that the seoppd stage of the anti-Bandit drive started on July 21

The gross turnover of the Post has decided to station, troops has proved to be successful with

40 8

99

4

-14

2 +48 0 28.4 2 111 3

Office was P700,000,000

32 14 47 2

Hammond

Langridge Wyatt

5 0 27 0 9.1 23

1

0..

England, 1st Innings.

C. F. Walters, 1.b.w, b

Martindale

40

Sutcliffe, run out

20

Hammond, e Martindale, b

Constantine

34

RES. Wyatt, e Constan-

tine, b Martindale

18

D. R. Jardine, e Constan-

tine, b. Martindale 187 Ames, c Headley, b Martin-

dale Langridge (Jus.), e Grant,

b Achong.

R. W. V. Robins, st. Barrow,

b Achong

Verity, e Clark, h Verity Macaulay, absent (hurt)

Extras

Total... Bowling Analysis,

Martindale Constantine Valentine Achong Headley

Da Costa...

47

55.2

૨વા

18

.374

O. M. R. W. 23.4 4 73 6

28

5 55 1 ક 49 0 37 9 DO 2

15 1 65 0

10 6 12 0

Grant ...

2 0 12 0 West Indies, 2nd Innings. Roach, not out Barrow Langridge, b. Clark..... Headley, not out

Extras

The various boards of the De partment of Agriculture, however, made no statement and this fact, combined with the silence of the President and Mr. Woodin, lent an air of mystery to the situation while the rumours increased...

One rumour was that the Presi dent was ready to revalus the dol lar but with it came another that the President woult not move to sustain a price level that Wag backed in part by speculation. The public, part of which was bad- ly pinched in the break of prices. was left to take its choice.

Treasury however, some notice was In all departments except the taken of the market situation. ordered an inquiry into the comp The Grain Futures Adminstration

temporarily along that section of 150 bandits dispersed at Chikaskoa mitments made by members and postage the Shanhaikwan-Peiping Rail-near Mukden on July 23, while two the Industrial Recovery Adminis-

Nearly 7,000,000,000 stamps were sold last year. Wire

less licences, now number 5,508,078 Way east of Tangku for perserving other strong bands of brigands are tration issued a statement, saying Air mails are being increasingly peace and order in that section on the verge of disintegration as ised. The new samples post, re- Reuter

presenting a traffic af 20,000,000 packages yearly, had proved o great value to trade.

<

The Post Office, he said, was preparing for, not waiting for, the trade revival and was following & policy of expansion and modernisa- tion, particularly in regard to the telephone service,-British Wireless Service,

AIR BOMBING CONTROVERSY

CAPT. ANTHONY EDEN EXPLAINS

ON

a result of vigorous raids carried out by the Japanese-Manchukuo combined troops.-Reuter.

U.S. ATTACK UNEMPLOYMENT other day or so if the market con-

PRESIDENT ROOSEVELT'S# SPEECH TO NATION

tinued falling."

The Chicago Board of Trade re- ceived an order from the President for a report on grain commitments as a warning and announced that, when the market opens to-morrow morning, fluctuations will be re stricted by rules of the board.

Fluctuations in wheat and rye will be limited to eight cents either

Washington, July 24. A nationwide attack upon unemployment was launched by President Roosevelt to-night in the course of a striking broadcast way and fluctuations will be limit- speech.

cat five cents for corn and four The President declared that cents for oats Bids going beyond the US budget was balanced.these limits will be permitted. The immediate task which re- quired tackling on bis assumption

Adjusting Production.

A similar rule is in effect re-

LONDON, July 23.

of office, bringing the regular ex-garding silver trading and wide A DEPUTATION from the Wo

men's Advisory Council of the penses of Government within the wings in prices of the metal can League of Nations Union protested revenues, had now been accom- in an interview with Capt. An- | plished.

not take place."

It was believed here, however, that such restrictions would have

thony Eden, Under-Secretary For A large proportion of the emer-little effect on the general price) eign Affairs, against the retention

of the reservation in the draft disgency expenditure was, he said, 17 armament convention regarding in the form of sound loans.

outlying districts.

movement but would simply delay the settling of the markets to levels warranted by consumption.""

The whole cheme of our pro- posal for a national industrial re-code is to adjust production to consumption and to make the figures available to the public," General Johnson said.

O bombing for police purposes in The foundation of Federal credit, which was broad and sure, was the base of the whole covery programme...

Capt. Eden expressed warm in terest in the viewpoints expressed 23 and promised to report them to

the Prime Minister

Total for 1 wkt.

COUNTY RESULTS

LONDON, July 25." Kent recorded their third sucess

· Bank Orisis Over,

General Johnson intimated that

informed very accurately as to the had there been such a code in effect, investors would have been

actual value of commodities.

-

He recalled his speech in the Declaring that the end of the sive win in the County Cricket for the inclusion of the aident Roosevelt said that only assured the delegation that the House of Commous on July 4, and hank crisis had long passed, Pre- ed, dealing firstly, with the ado Championship yesterday when C. reservation were weighty and bas-about five per cent. of the deposits earning power of stocks, and the tion of gold as an international monetary standard; secondly, the S. Marriott and Tich Freeman ed on the special responsibilities of the National Banks were still creation of central banks; thirdly, gave them a convincing triumph which the United Kingdom bore to tied up, while State Banks were It was noticeable, however, that the need for co-operation between Over Notta. such banks; fourthly, their ado Gloucester, Maurice Tate forcing

Sussex proved too good for area

an exceptional degree in certain showing a steady reduction in the Government in this instance tries to their special economic con- the home county to follow on 175 saving not only of money but of He stressed the vital necessity adjust themselves and resume tion in certain agricultural coun-

ile described instances in which the total of frozen deposits, probable time the markets would made no predictions as to the ditions, and fifthly, the resolution runs in arrears, Wensley and Ar- life had resulted from the employ of restoring the purchasing power nomal advancement dealing with silver.

thur Melville, the South African ment of the bombing weapon for of the nation by reducing the debt Oxford Blue, then completed police purposes-British Wireless interest charges (referring to cities tried to encourage owners of Referring to the communication Gloucester's discomfiture."

While eagerly scanning word received regarding the general prin-

from Washington, brokers in ail Service. R This was the twelfth Bussex win ciples of the monetary policy of of the season, in spite of the ab-

internal commercial and bank stocks and in most cases, advised central banks, the report notes that sence of James Langridge, who DUTCH VIEWS ON RUBBER debts) and warned employers that them to hang on to their holdings the United States delegation con- playing for England at Old Traf sidered the discussion on this ques- ford.

penalties existed to protect the if possible. tion as premature, but that the Wally Hammond for the same rea Gloucester were without

willing from the laggard.

Government reports on car load- Federal Reserve Bank would calmon..

The Government, he went on, and growing arope contained no ings, factory output, general sales ly confer at opportune times with

THE Dutch Rubber Association would distribute Badges of Hon- thing to explain the market break other central banks on questions of

Results as cabled by Router were will issue a communique re our to all employers who agreed and the general opinion here Bs. follow this character, in so far as they

garding the rubber restriction to abide by a voluntary blanket that it was entirely due to specula Sussex boat Gloucester by an in- question, wers compatible with national nings and 19 runs at Gloucester.

on Thursday next- policies.

Reuter, Sussex 346 (Cook 115).

code, in order to shame the stack. tion Gloucester 171 (Tate 5 for 72),

ers, while & Roll of Honour would The Federal Tieserve 156 (Wensley 4 for 61, A.

ported that Joans of members be kept in the Post Office of every to brokers during the previous > Melville 5 for 17),

town. Pân mua had increnss3 by 812,00

President Roosevelt declared was taken as an indication that that the Recovery Bill provided a

professional traders had not-over means to conquer unemployment

or reserve tás mer- with the same weapon that was ma eed to strike down child labour.. the Reuter

The sub-commission was unable to complete ita report during the has accorded a lukewarm reception present session regarding the gold to the World Economic Conference

; 1.

Kent beat Wotts by an innings and 114 runs at Maidstone,

Notte 105, (C. S. Marrott 6 for

exchange standard and silver agreement,

other methods of economising gold, and Une prominent member, declared the report suggests that the Bank that the plan might tend to relieve of International Settlement should 58), the pressure on the price of silver deal with the problem of the gold as a commodity but did not cor exchange standard-British, Wire- respond to the Colorado idea for leag Service;

128 (Freeman 6. for 45), Kent 245 (Continued at foot of next column),

RESTRICTION

AMSTERDAM, July 25,

WIN FOR ESSEX.

LONDON, July 28. Escz beat Glamorgan by 229 rans in their county champion ship match. The scores were

Essex 227 and 281..

Glamorgan 174 (Nichols ea) and 85 (Farnes 6 for 43).

for

ket,

out nor

ent condition of

id--Unitèd

that continuation of artificial pri ces might have resulted in a major crash and destroyed much that had already been gained,

Logical, and Healthy,

The Government does not want rapid rise in either store or com- does not want such a rise to be modity prices and, above all, it based on speculation," a member of the Reserve Board said.

"The Govrnment wants the price level to result from increased consumption which, in turn, should be based on an increase in employment.".

General Hugh Johnson, in his tatement declaring the market break logical and healthy, indicat. of the country's buying power and ed that production had gone ahead

that the prices had reflected pro- duction rather that consumption.

In no quarter, however, was there any assurance that the Glov ernment would not intervene in au

(Continued on previous column)..

Here she comes Down the street

Looking smart And very neat!

Yes, of course she did Nugge

this

shoes

NUGGET

BOOT

GOOD LOCAL

STOCK