1933-10-24 — Page 9

HONG KONG DAILY PRESS, TUESDAY, OCTOBER 24, 1933.

MYSTERY OF FANG

PRES. ROOSEVELT'S MONETARY CAMBRIDGESHIRE

POLICY

Described As "Utopian" And "Unworkable"

PRESIDENT AIMING AT AN "ELASTIC" DOLLAR

New York, Oct. 23.

The opinion of otherdox economists and bankers on Pre- sident Roosevelt's monetary, broadcast is summed up in the words, "Utopian" and "Unworkable." 11

The "New York Times" states that leading financiers const- der the President's plan unprecedented and completely at vari- ance with established monetary precepts.

Other economic experts suggest that President Roosevelt is -aiming at an elastic dollar manipulated by the Government and by purchases and sales of gold at premediated prices to coun- teract fuctuations in general in the price level.

In other words, a "commodity" dollar with virtually a stable purchasing power.

Bankers are most scepticle regarding the ""practicability of controlling the general price level. They favour the control of the foreign exchange value of the dollar but are surprised by the election of the Reconstruction Finance Corporation as agents in- stead of the Treasury or the Federal Reserve, System.

According to the Washington, correspondent of the "New York Times." the price of gold must be fixed at about forty dollars per ounce if President Roosevelt, aims at achieving the 1920 price level. Bome quarters predict an immediate effect, would be the increased gold price abroad and a drop in the dollar, vis-a-vis other currencies.-Reuter.

LONDON BANKERS

London. Oct. 23. London bankers are following Mr. Roosevelt's monetary plan with interest, but are adopting a walt and see policy before commenting on the success of the experiment as it stands a fifty fifty chance. and recall Mr. Montagu Norman's recent remark that a new situa- tion is developing in the United States every day, hence no wise-i man can safely predict the future.) Reuter.

HEADING IN THE RIGHT DIRECTION Encouraging Broad- cast by Roosevelt

Washington. October 23. "Our troubles will not be over! by to-morrow. They may take a year or even three years, but we are headed in the right direction,"

INTERESTED

The dollar would be re-valued after the restoration of price levels, and would be maintained so that it will not change the purchasing and debt-paying power the succeeding generations.

"It is necessary for the United

:

of

States to take the gold value of the dollar firmly into its own hands to prevent disturbances from inter- national influences," he said.

-Whenever necessary, the Govern- ment would buy and sell gold on the world market in order to con-

net would maintain con-

its move a managed

tinuous control.

President Roosevelt declared that be was not satisfied with the flse In prices of farm products.

"It is our polley to increase and extend the rise to products which, so far, have felt no benefit, and I it cannot be done one way, we will do it another," he said.-Reuter.

GOLD & SILVER

declared President Roosevelt in his Roosevelt's Policy

broadcast address to the nation, last night.

Four millions had been re-em- ployed since the Recovery ma- chinery was established, he said.;

ال

Praised

New York, October 23.

but it was unreasonable to expect The Montana Silver Association every State and locality in the huge Secretary stated that President territory to share the improvement Roosevelt's gold polley should in- equally and simultaneously.

directly aid silver and that it might The Government to ease the gold, ultimately stabilize both metals. embargo, would create a Govern- Nevada mining men are disap- ment market for gold under the pointed that the President ignored operation of the Reconstruction silver, but since gold and silver are Finance Corporation, who were usually mined together, the rising authorised to buy newly-mined of the gold price alded sliver. American gold, at prices to be de- Senator Thomas praising Prest- termined from time to time.. dent Roosevelt's statement added

Confidence

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Bayer's

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"BAYER CROSS

Beware of imitations!

Mr. Montagu Norman, Chief of

the Bank of England.

that silver in turn will come, and by our own action Mr. Montferry, ex-President of the American Silver producers association, foresees an improvement in silver, probably as the primary money-Reuter.

A MIGHTY TUGA

OF WAR

Between Roosevelt and Farmers

Washington, Oct. 23. A mighty tug-of-war between Roosevelt and 2,000,000 indignant American farmers in 23 states is in prospect. The situation was quiet in the farm strike regions yester- day, pending. president Roosevelt's broadest talk last night.

Mile Reno, Chairman of the Farm Holiday Association, left for Chi- engo last night to enlist the support Mile Reno asserted that the strike of the railwaymen for the strike.

was a battio to determine whether the farmers become menial staves to nsurers and industrialista.

ers, the Farm Administration has

In an attempt to meet the farm-

suggested un immedinte foar' of 79 cents per bushel on their wheat which is estimated to require. C. S $250,000,000. The re-financing of farm debts in being speeded up

CALL OVER

Cotoneaster Made Favourite

P

London, October 29... Cotoneaster 21/3 o 100/9 + Limelight 19/1t and o Andrea 13/1 t and o

-Totaig. 100/7 and o

Ole King Sole 15/1 t and o Dastur 20/1 t and o Denbigh 25/1 à 28/1 Stalky 25/1 o 28/1 t Alluvial 25/1 o 28/1 t Young Native 28/1 Gallapas 33/1 t nd o Rymond 33/1t and o Scatter Cash 35/10 40/1 t Gino 35/1 o 40/1 t Eroica 40/1 t and o Diamantee 48/1 0.45/1 Disarmament 40/1 't and o The Font.40/1 o 45/1 t Pommame 45/1 Tartan 50/1 Eauderoses 66/1 t and o Great Scot 66/1 t and o Izverman 66/1 t and o Bow and Arrow 66/1 o 100/1 t Hot Fight 68/1 o Englesant 80/10/100/1 t Seraphboy 100/1 Rathlinisle 100/1 Manoeuvres 100/1 Ailsscraig 135/1 t and o Towncrier 125/1-c

Effaceable was scratched at a.m. to-day--Reater.

"DUGGIE" TRIES TO BUY

Half Share in Dastur's

Chance

Report He Has Been Murdered

Feking, October 23. The mystery of General Fang Chen-wu remains.. unsolved. Same reports are now hinting that the rebel leader was murdered unknown assissin.

by

However, soldiers of his former command who arrived here yes- terday declare General Fang is still alive. They maintain bo did not arrive in Tientsin but cut off his beard in order to avoid detection, "and is now on his way to Canton, for the purpose" of re- suming his political activities.

Some circles here, however, be- lieve that General Fang is now definitely in Tientsin. where they assert he arrived secretly in dis- guise, after hiding for several days in a village near Tungchow. This version claims that the de- feated general travelled from Tungchow to Tientsin on a slow train and thus escaped detection.

General Fang Chen-wu'a ally, General Chi Hung-chang, who is hankering to visit Cuba, "is re-. ported to have already left Tien- a tain" for an unknown destination.

-Reuter,

Tsingtao. October 23.

ed £1.000 for a half share in ticket Duggle of London has offer-

A. O. 59294 held by the Shae Syn- dicate at Tsingtao. The bolders

INLAND SEA TYPHOON

POLITICAL CRISIS IN FRANCE

DALADIER MAY SURVIVE

DEBATE ON BUDGET PROPOSALS

Paris, October 23. Owing to the seriousness of the political situation, President Lebrun has returned to Paris in order to con sult with his Ministers if necessary.

++

The Chamber was crowded when the Budget debate on which the franc' may depend was resumed this morn. ing. Communists resumed their attack of moving amendments, which M. Lamoureux, Minister of the Bud- get, declared had killed the lottery "scheme."

After passing the first Article, M. Daladier request ed the Chamber immediately to debate on the most im. pörtant proposals, for example provisions designed to prevent fraud and taxation on Civil Servants.-Reuter:"

CUT IN

SALARIES MAY BE ACCEPTED

Paris, Oct. 23.

ALTHOUGH a definite issue on

the French Budget proposals had not been reached" when the Chamber, of Deputies adjourned last night until to-day, the survi- val of the Daladier Cabinet is now a definite possibility,

The proposed six per cent, cut in the salaries of State employees, sanctioned by the Finance Com- mittee to assist in reducing the Budget descit of 6,000,000,000.

Body Of Mrs. Prevost francs, also has a definite chance

Not Yet Found

Tokyo, Oct. 23.

of acceptance.

The Government has not yet lost hope that the Radicals and Socia- lists will reach a compromise for- mula satisfactory to the conflict- ing demands. M. Iamdureux, the In spite of authentic reports re-Budget Minister, has informed the garding the recovery and identif Socialists that the Government will 24 Chinese employees of the Kiaochow-Tsinan Railway whevost and Mrs. Milner-Barry, both

cation of the bodies of Mrs. Pre- not tolerate indation, preferring to learns to enter that Dastur wives of officers of BMB. Eagle,

fall honourably-Reuter. considering acceptance, on is one of the favourites they are who were drowned when the Ya- reconsidering the "offer-Reuter shima Maru sunk during a typhoon S'HAI SWIMMING and four-fth seconds. This is a

are

while Farm Dent Conciliation IRISH SWEEP ON

Boards have been established in 13 States,—Heuter.

DOLE IN AMERICA.

Oct. 23.

CAMBRIDGESHIRE

in the Inland Sea, the British Consulate at Kobe informed Reu- ter to-day that the body of Mrs.

Prevost was still missing.

E

The funeral of Mrs. Milner-

Barry took place in a local ceme-

tery this morning. A number of Japanese officials, including Ad- mical Arizuka, were present.

The question on Eastern Holders Draw Lieutenant-Commanders Prevost

insurance will be tackled by the United States Administration when the Secretary for Labour, Miss Frances Perkins, will Aummon State officials, economiste, and la- bour experts into conference.

Sir William Beveridge, K.C.B., C.B., has been invited in an advi- sory capacity.-Reuter.

FARMERS' PICKETS BLOCK- ADE ROADS.

James, Iowa, Oct. 23. The first action in the farm strike "war" occurred yesterday, when picketa blockaded the roads leading to Sioux City and forced several lorries to a standstill.

No violence was displayed.-Reu-

ter.

SHORTER HOURS

Washington, Oct. 23.

Three million six hundred thou sand person have found employ- ment in the United States since March, according to an announce- ment made yesterday by Mr. Wil- liam H. Green, President of the American Federation of Labour, However, 10,000,000 are still employed, hence shorter hours, such as by fixing a 20-hour week in all industries are essential. Mr. Green added..."

an-

The apparent buying power of the workers bas increased 30.7 per cent. between March and Septem- ber, but owing to the rise in prices, this figure represents a real increase -of only 20.3 per centi

It is estimated that the employ- ment increase was 500,000 monthly between April and July, and 580,000 in August and September. These figures are more striking because industrial production declined 11 por cent. during that period...

A programme to obtain a mini- mum revenue of U.S.$500,000,000 in liquor tax in the first year after the repeal of prohibition, is being draft- ed by the Administration,

The plan necessitates raising the domestic tax from U.8.81.10 to U.S.82.60 per gallon, while the pre- rept import tax of U.S.85 per "għl- lon, will be fixed by representatives of the Ways and Means Committee after December 1 It will probably be reduced, will

It is estimated that 60,000,000 ga)- loos will have to be imported, as the eposumption is 150,000,000 gallons and the domestic supply is only 100,000,000 gallons-Reuter.

More Horses

Landon, Oct. 23.

and Milier-Barry have, arrived in Kobe and expect to rejoln HMS. Eagle in Hong Kong.

Meanwhile the search for the body of Mrs. Prevost is continuing.

The draw for the Irish Sweep was resumed this morning. Stalky-Reuter was drawn by ticket No. N I 48235.

which is held by Stoep!, N K P M

Pendopo, Palembang.

gor.

MEET

Shanghai beat All. Star Chinese

Shanghai, October 23. In the Swimming Meet between the All-Star Chinese v. Shanghal, the two hundred yards' relay race WES. Won by Shanghai in one minute 47.2-5 secs.:

The hundred yards back stroke, J. Coon, Ist, Chek Kamret 2nd.

min. 17 secs.'

Light Bussex, X 8 20588, Fatience, Batangkali Estate, Uluyam, Selan- Kwok Chan Huang 3rd Time: I 15; St Michael's Road, Singapore.

Pommame, was drawn by ticket No. A. C. 78058, a five per cent. share of which is held by the

Roumell was drawn by ticket H. R... 50089, held by "Magaretha” D. J. P. A. Java-Reuter.

Hundred yards free style, Madley 1st, Chen Chi Chung 2nd, Wong Sung Shun 3rd. Time: fifty-seven

Tested and Passed

as a

Perfect Food in beverage form

M..Eladler; Premier of Francmi,

new Shanghai record.

Seventy-five Yards Medley; Kwok Chan Thang ket. Chơi Chỉ Chung 2nd, J. Coon 3rd. Time: 50 eetst Shanghai record.

Two hundred yards Free Style: Hadley 1st. A Logan 2nd, Chak Kam Tu 3rd. Time: 2 mins, 20.3-5 secs.

Ladies Hundred Yards' Free Style Relay was won by Shanghai in 64.1-5 secs.

The Ladies Medley" Relay was won by the Chinese team in two minutes and 22-5 secs.

The Ladies Fifty Yards' Breast Stroke; Miss Chun 1st, Miss Lan 2nd, Miss Thompson 3rd Time: 55,2-5 secs.

The final event in the Water Polo was won by Shangbat by 4 goals to 2...

Total points: Shanghai 46. "AD Star Chinese, 41.

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