1933-10-18 — Page 2

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Expert Judgment (4)

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HONG KONG DAILY PRESS, WEDNESDAY, OCTOBER 18, 1933.

GOLD MINED IN HAINAN NEWS LETTER

JAPAN

ΤΟ ΒΕ ΚΕΡΤ IN THE COUNTRY

Important Change in Policy

ཏཾ

Tokyo.-A drastic

reform may

be made in the Government policy on the specie holding in the near -future. Gold bullion mined in Japan will be kept here, not ex- -ported.

of

The Government at present ex- ports gold bullion, which it buys from miners, for settlement overseas accounts. Its specie holding therefore does not in- crease at all. The gold reserve' ai the Bank of Japan, as a matter of fact, has long been stationary at Y430,000,000. Suggestión has often been made that the Govern- ment should stop the export and keep the metal in Japan. The matter was also discussed in the Diet. Mr. Takahashi, Minister of Finance, each time opposed the suggestion for the following two

reasons:-

..

A Visit To The Silk Raising District

TYPHOON DAMAGES RICE CROP

(From Our Own Correspondent

Kachek, October 6th.

When these skeins are all October 1st and 2nd" a "second | complete they will be starch- typhoon struck. Kachek, almost as ed either with glutinous rice severe as the one of July 30th. The water "or a solution made by Chinese continually used the ex- bolling seaweed, dried. dyed pression concerning the former if desired, and wound onto the storm that the wind was low" i bobbins ready to be put in the and that was the reason the narrow looms. If the "slik la de- damage was so great. They said; stred to have a smooth, finish that of this storm that the wind was will not rough up it is taken to "high" and certainly it did com- "the market of Yellow Bamboo after paratively little damage to build-it · G Woven and thoroughly ings and trees. It did however "ironed" in one of the polished practically ruin the rice grop_as | semi-circular affairs in which the the rice was just in dower. The heavy curved mangle worked wind blew from 7.00 p.m. of the back, and forth for hours. Fine 1st until 5.00 p.m. of the 2nd quality Hainanese silk of this type almost without a lull, and shifted sells for $120-8130 for ten Chinese from the north-west to the south-feet. There are cocoons which east..

spin a white silk and this whiter. silk is more expensive.

"ז

Beavy

1-A special account will have to be established. If the purchase Independence Day was observed is to be made by the Bank of very quietly in Kachek. The meet- Japan, the Government will haveing held in the theatre enclosure to compensate its loss through in front of the barracks. the difference of the mint par and the buying prices. necessitat ing the institution" of * special law,

2-Suspension of gold shipments is liable to affect the rate of ex- change.

MR. TAKAHASET'S PSYCHOLOGY

the suspen-

rains prevented any putting up of posters or assembly for speeches

until nearly noon, and "showers began again in an hour or so. The military and the students were the

only ones to take formal notice of the day.

*

The Silk Industry. Particularly since

On a recent visit to à village where sion of the gold standard in the silk worms are raised, some of the United States, however, the situa- processes in the making of the silk were being carried on. The worms tion in the exchange market has greatly changed; the relative raised in this section of the coun" try produce the very yellow thread value of the yen to dollars has advanced and the question even

from which the "Vun-sio silk" arose as to the need of checking is spun., The cocoons are about an the rise. The increase of the

inch long for the males and slight- The visible trade enabled the Yokoha-ly longer for the "females. ma Specie Bank and other ex- change banks to replenish their overseas funds. This has had some effect on the psychology of the Finance Minister.

Dow

Japanese gold miners are withholding their product. Evid- ently they anticipate an increase in the Government buying price which to-day is as low as Y.8.88 per" momme. The market" quota- tion is Y.11.20. It is said that, if the Government is unable to effect an increase in its price, most miners are ready to wait sev- eral months.

GOVERNMENT PRICE TOO LOW

Since the commencement of the Government purchase at the cur- rent quotation, the gold mining industry in this country "has re- stored its activity. The six larg est miners, the Nippon Kogyo, the Mitsubishi, the Mitsui, the Fu- Jits and the Sumitomo in the past one year produced 3,724,868 mom- me. But, in the curent year com- mencing with July last and end- Ing in June next, they expect to mine 4,423,000

momze... or an average of 368,000 momme every month. Up to the end of August, these miners delivered this quan- tity to the Bank of Japan who acts as the buying agent for the Government. but since that time, the delivery has fallen off sharp- ty. This is due to the difference of the Government buying price

cocoons are saved carefully for e time and then those that are to be made into silk are thoroughly dried in the hot sun to kill the moths, while those that are to be allowed to hatch are kept in shaqy dark places and kept from jarring. When the silk is to be taken from the cocoons they are dipped in boiling water and then unwound into heaps of thread, piled lightly in the bottom of rice, baskets. Then the women pour rice onto fangling and pulling under layers the pile of thread to keep it from

up as they wind their long frames. Which works all right most of the time-but the woman I was watch- ing was having difficulty untang ling her thread-while the basket was set out in the sun to dry the thread a watchful hen spled the rice and hopped in the basket and began to scratch and eat.

"The Exchange: 2,700 Cash for a

Dollar,

Exchange from dollars to coppers is unprecedentedly high. In Kachek a dollar changes for 270-coppers (2,700 copper cash, old style), and in Holhow the rate is a trifle higher. The rate has risen steadily but slowly all summer, and no one seems to have an adequate ex- planation for the fact.

Military Burial Ground. Some little distance outside the north gate of Klungchow City are the executive grounds, and many. Fond this burial ground is the land unmarked mounds of earth. Be

used for burial of dead soldiers. Two plots have long been set apart by walls or fences, with memorial arches, etc. One of these is de-. dicated to soldiers of Admiral Chan Chak, the other to men of a previous regime. Now across the motor road from these two the site of an old fort is being walled in and several arches are being put up.

Graves in this latest section are those of officers and from Sin Hang Hoang's army.

*

The Missions.

*

Two items of note in the annals of the Church of Christ in Hainan may be noted. On October 1st Mr. Foa Tin Hoa was ordained to the ministry and installed as pastor of the Kiungchow city church. Mr. Foa is the sixth butive pastor to be ordained in. Hainan. On October 7th and 8th the organized church at Liang Do Sang in the Kachek field celebrat- ed the twentieth anniversary și When the thread was straighten- Christian. Work in the village. out again she placed a rice-$ift- | This village, and its surroundings ing tray over the basket, ran the hamlets have a strong congrega- thread through one of the meshestion of Christians, organized as, a and wound it off briskly onto á bamboo frame about two feet long. setting each twenty or thirty strands a little way apart, and when a dozen such sections were wound off, breaking her thread and making a skein of the silk,, each section still held separate by a bit of grass woven back and forth between them.

and the market potatotton SCHISM IN THE

on gold bullion

in

London, as a matter of fact, it works out a price of Y.13,895 per. momine.. It leaves too wide a difference from the official buy- ing quotation of Y.8.88. Hence the demand for an increase in the purchase price..

COPPER PRICES DECLINE

International Conference

Envisaged

PHILIPPINES

church two years ago. It is espe- Clally noteworthy that two of the six ordained native pastors have come from this place the Rev." Ngod Ng Tin, of the Kachek church, and the Rev. Mr. Foz, just tentioned. These two men are friends of long standing, hearing the Gospel at about the same time and becoming leaders in the work.

F

ROYAL RESEARCH SHIPS Carrying Mails" To Isolated Faland

London, Oct. 12 »

"Quezon Group Fool- The Royal research ship" "Dis

ing the People"

· Lozery: Becond”, which – is due ˆto' call from England on October 20 on her way to South Georgia, wi call at the isolated island of

· Tristan de Cunha, which is well off ordinary shipping_routes.

matter to give that impression.

Mr. Roxas "was one of those largely responsible for obtaining the independence bill and insisted that the islands were not likely to obtain a better ane-“United Press.

Manila, P. Oct. 11. Following a bitter debate In She will carry letter maits for which Mr. Manuel Roxas, former the Island and a limiled quantit Speaker of the House of Repre- of stores which have been contr'. sentatives, alleged that the Quezon ! buted by public. yenerosity. group were fooling the people into British Wireless. Belleving that the Philippines Legislature was opposed to the New York, Oct. 11.7- With copper selling in New York Hawes Cutting Independence, Bili at auch low prices that the stock cren with modifications, the House and commodity markets are Indir of Representatives to-day Hatly ectly affected, a report was circula- rejected that bill. The vote was ted in Wall Street to-day that an

55 to 22 in favour of rejection international conference will soon

The bill now goes to the Senate be called to achieve a comprehen- which had previously voted sixteen sive international agreement to to four not to accept it. Bome regulate production.

legislators said the action was not Similar reports reached New equivalent to positive rejection York from London and the hope hence the rejection measure was of such an agrement was offered in the House. heightened by the fact that the The bill rejecting the Hawes League of Nations Assembly re- Cutting measure passed by the commended the early calling or a United States Congress last winter conference to restrict production of also provided for sending a new all raw materials.

mission. to Washington to work for Copper was selling to-day at a more favourable bill. The new eight cents the, lowest price that mission will include all of the has prevailed in many months former member of the mission ex- The declining price has cast glooin cept Mr. Boxas as his charges over the stock market and added were considered too blunt

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to the general uncertainty regard-The resolution adopted to day ing bugingas conditiontstaaduly informs Congress that the Previong« attemptat, to regulate Philippines Legislature rejects the "copper" prices have folled, The Independence bill.

IMMEDIATE FREEDOM? *.

Washington, Oct. 12. It is believed possible here that, during its next session, the U.S. Congress will grant the Philippine Islands their independence imme- diately and not within ten years as provided for by the

Hawes- Cutting Act recently rejected by the Benate and House of Repre- sentatives of the Philippines.

In the opinion of Philippine experts, the Islands cannot be defended, no matter what the daval force of the United States may be.

Havas."

ST FRANCIS HOTEL

Inst conterence was in New York During the debate Mr. Roxas. and it broke down partly as the contended that the Legislature was a result of the demand by American not in fact opposed to the Haweg- producers for an export quota Cutting hill with reservations but & that was considered excessive that the opposition had been "United Press,”

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