1933-10-25 — Page 9

FRANCE

FACED

DIFFICULT TASK

TO AVERT LANDSLIDE

OF THE

11

FRANC

“MOTOR" GOOD, BUT PLUGS WANT

CLEANING"

"Paris, October 24.

In an urencouraging grey morning after a night of unrest, France faced a most difficult task finding a government able to avert a landslide of the franc. The Republic is now looking for leading Radicals Chautemps, Steeg, or Caillaux who are willing to sirik party differences for the sake of the franc as a best chance, of salvation.

A

The fall of M. Daladler immediately resulted in a weakness of Sterling being quoted at 83:20, compared with 82.12

the-franc.

over night.

It is believed the Bank of France this morning was support- Ing the franc against foreign offerings.

President Le Brun received the retiring Cabinet in the small. hours arid began consultations at 9 am. His first visitor being M. Jeanneney, President of the Senate who summed up the situation as a motor which was alright but whose plugs want decarbonis- Ing. Our vital duty is the defence of the franc and French soll He afterwards received M. Boulsson.-President of the Chamber, M. Caillaux, President of the Finance Committee of the Senate and others.

H

All demonstrators who were detained yesterday have been re- leased. Private cars used to plook" roads have been returned la their owners, but the taxi drivers are still detained.--Reuter...

A

GRAVE SITUATION

Paris, October 24. The fall of the French · Govern- ment opens a serious crisis owing to the danger for the franc, and the grave international situation existing following Germany's with- drawal from the League of Nations.

M. Daladier's nine-month Gov- ernment was the third combination of Radicals and Socialists in this Legislature, the others being the Herriot Government and M. Paul Boncour's Government.

"M." Daladier's overthrow sounds the deatif-knell of the Left Cartel Ministry. The next Government must stretch further to the Right and turn back on the Socialists.

The Radicals, however, must be retained as the nucleus, as they" are the largest party in Parliament. The voting on the, tax proposals was 329 against 241, M. Daladier resigning.

A tax on salaries and pensions or the overthrow of the Govern-" ment was the bold challenge M. Daladier had to face, but the next Government will come up against, the same obstacles. ··

ment employes and drastically re- form veterans' pensions the Social- lists have been opposed and Dala- dier needs their support to remain at the helm.

Taxes are generally believed-at the highest point feasible with increased collections." As for bor- rowing. the government's credit seems temporarily exhausted and la expected to continue so until the budgetary situation is settled.

Finance Minister Bonnet recently said the government would need to borrow seven billion francs before the end of the year. The financial situation has been made the more unfavourable by the deficit, estim- ated by Senator Rene Hery at 40,- 000,000,000 francs, incurred in the last four years, of which only 15,000,000,000 is represented by long-term loans.

I

INFLATIONISTS WEAK. The voice of the inflationists has been wear however, the mass of French opinion seemingly being committed against such a policy.

The government has been work- a plan of deflation the ing on "Despite the hour, the Ministers chief object of which would be to drove to the Elysee to resign. reduce the cost of living, and its Possible successors to M. Daladier success would bolster the cabinet's are M. Aibert Sarraut and M. proposal to reduce salaries and Chautemps, both of whom are other government expenses. Radicals, and M. Caillaux. Prest | With the balancing of the budget dent of the Finance Commission. money might easily be borrowed The Senate foreign policy is prac-and France stay indefinitely on the tically to be certain be the same-gold standard. Reuter.

B

DALADIER'S POLICY

Budget Must Be Balanced

Daladler took office last Janu- ary 31 after Premier Paul Boncour; at the head of the government only six weeks, was overthrown on the issue of balancing the budget. The chamber. refused to vote for

HONG KONG DAILY PRESS, WEDNESDAY, OCTOBER 25, 1933.

WITH

M. Daladier, whose Ministry has been defeated.

GERMANS TO THE FORE

Seeking

NO BLUSH OR

HIGH

APOLOGY

Premier's Appeal To Germany

London, October 23 No-one is ask.ng Germany to fortet either her honour or her.. self-respect, declared Mr. Ramany MacDonald,," speaking at Crawley, Sussex. to-night, when making an appeal for understanding.

disarma- He emphasised that ment efforts must continue. The British Government, he said, is not going to give up attempts to 'secure an agreed scheme for the reduction and limitation of arma- ments.

The Prime Minister. touching lightly on the suggestion by Bar- on von Neurath that there had been misrepresentation of Germany's that Britain position, declared could look Germany in the face without any blush or apology.

Neighbourliness'

The nations of the world, he went on, must develop the spint of neighbourliness,

DO.. settlement in Europe until every nation can sit around the samŠ table OB terms of equality.

Business in There could be Manchuria

Tokyo, Oct. 24.

It is reported from Harbin that the German Consul has received instructiona to negotiate with Man- chukuo with a view to Barter Ger- man machinery for Manchurian Soya beans. It is expected satis- factory agreement will be reached. -Reuter.

NAZIS GOING STRONG

Leaflets Dropped From 'Planes

Vienna, Oct, 24. Germany's withdrawal from the League has spurred Nazis to most bald deeds of propaganda, despite increasingly severe punishment; Swastika Bags were aurreptitiously unfurled

public bulldings.

side were visible for miles. A fleet Swastikas burnt in the mountain of small balloons floated into Salzburg and burst scattering anti- Government leaflets.

on

Government henchmën retaliat- ing who for example at Frohnletten, Styria, forced Nazis to dangle peri- lously at the end, of a rope and obliterate Bwastika which their comrades, had cut on rocks!

A group of well-known Nazi law- yers were compelled to remove the painted Swastike facing the rail- way station-Reuter.

POST OFFICE RESEARCH

New

Laboratory

the drastic economy and higher Opened by Premier

(By Associated Press) Paris, Oct. 19-The cabinet of Daladier cabinet Premier Edouard

The

taxation he recommended.

а week lates Daladier was abandoned its attempts to balance

confronted to-day with the opposi-expenditure and income. tion of the Chamber of Deputies on the Issue of balancing the budget and officialá said there was danger of its overthrow.

Government forces in the cham- ber began marshalling their strength to resist the salary, and pension reduction suggested by the premier.

ABANDONMENT OF GOLD STANDARD DENTED. (By United Fress)

Paris, Oct. 19. The foreign, of

characterized fice to-day

As the height of absurdity reports that France may soon abandon the gold standard.

The attitude of Chancellor Adolf Hitler and Germany's withdrawal Buch rumours have arisen repeat- from the arms conference and the

edly. since the United States League of Nations was considered abandoned gold last spring, but by government officials -38 French officials have always main- strengthening the cabinet but tained that France will stay on political squabbling was viewed as ¦ gold.” overshadowing the international

crisis,

Daladier urged that the heaviest

sacrifices be made

to

assure

that parliament which reconvened Tuesday, will balance the budget.

It was on this issue that he took

ofice last winter,

BIG DEFICIT SEEN.

MYSTERIOUS. GEN. FANG

He told his Radical Socialise Said to be Heading

party congress at Vichy earlier this month that the heavies pressure had been brought to devaluate the French currency by quitting the gold standard but declared his government was as deterinined to defend the franc against inflation BS, French soll from military in- vasion.

Budget Minister Lamoreux re-

for Canton

Peking, October 24, The elusive rebel" leader. Gen- eral Fang Chen-wu, is now re-

London, October 23. The Prime Minister to-day for- extension mally opened the new

of the Post Office Research Sta- tion at Dollis Hill"

The station was established be- fore the war and the apparatus is now being transferred to large

suited new premises, better laboratory work,

Germany; in contribution "td that end; must make it possible for other nations to be alongside her without fear roused in their hearts and without distrust re- fected, in their arms,

adopt

Britain, he added, will the measures she considers best fitted to get results and "certainly one of those methods is not to run away ourselves.".

The Premier denied that Ger- many's action in leaving the reat of the world to face its difficul ties alone was the way to bring peace and to give confidence to Europe.

He concluded by expressing the hope that Germany would seize the first opportunity to show that she is pursuing peace and is an xious to return to co-operation with other nations that will not ask her to forfeit either her hon our or her self-respect-Reyter.

Mr. Ramsay MacDonald, the British Prime Minister,

SILVER MARKET

(From Our Special-Correspondent)

· London, October 24. Following are the Suver Quota- tions on the London market to day:

Sport Forward

2004

Oct. 23 Oct. 22 18.1/16 18.3/16 18.3/13 188"

The Loadon on New York cross

Among the many other inven- tions and discoveries which have rate to-day closed at L-UA been applied to the improvement 4.67.

of communications, the Dollis Hill experts are largely responsible for the recent rapid and remarkable developments of long distance telephony.

The work already dose bas given the laboratory world-wide -recognition and amorg those benefitting from its research work are the engineering students sent to London by the telephone and telegraph administrations of many foreign Governments. British Wireless,

LONDON STOCK MARKETS

ported to have passed through Good Tone Reported

Hauchow in company with his

to

cently estimated the deficit would ally, General Chi Hung-chang, by be 6,000,000,000 francs for. 1934, but other estimates are between train en route to Shanghai. seven and eight billions. In addi tion there is a deficit for 1933 since tax returns show a decrease of about a billion francs from budget- ary estimates.

Both leaders are reported have cut their beards and to be disguised as merchants. They are accompanied by four

**) similarly disguised,

Of the total French budget of about 50,000,000,000 francs nearly 45 per cent goes toward debt ser- vice and military expenses, leaving less than 30,000,000,000 francs to be reduced by about 25 per cent. ́TAXES AT HIGHEST POINT:

To measures to cut the civil ser- vice

attendants

London, October 23.

The stock markets to-day, bé- gan a new account with a good tone which was maintained until the close despite uncertain Inter- national factors which held busi- nes in check,

⠀⠀⠀ British “Government stocks were

They are credited with the in- teation of proceeding to Cantat to join the Bouthern faction. It is reported they broke their Jour- ney at Taian, but the reports do not mention whether they called Kaffis finished higher on the

firm with war loan 31 per cent at 1011 Home Rails were steady while foreign rails improved

on their former chief, General day, and international, especially Feng Yu-hsiang, who is living nickles, closed Armer British

Lower salaries of guvern- there in retirement-Reuters Wireless -

STOP PRESS

London, October 24. The last 1,004 consolation £100 prize in the Irish Sweep were drawto-day among those who had tickets were: w --H. – Nieuwenhuis, 4. Meester

Cornells, Javay

W. V. Veresland, Mloenstraat,

Bolo

A. P. C. Joale, Shanghai;

L: E. Wong, Modern and Co., : Hong Kong

E: D. Deperovich, Harbin; Trudbvoys, 14 Pan, c/o Jen- king Dodwell, and Co., Hong Kong;

Medi Pamori, Luard Road,

Hong Kong, WE W Atomsan, Minghong Road,

Shanghai, and Tar Hong Kong Club, Hong.

Honge This concludes the draw,

Ou London October 24 Probable iterations in the Cambridgeshire are as follows: Gúnn will ride Inverman, Mc- GuiganmClown Crier) Walsh. (Tarton) Qulek (Allas Craig);

Versicle/Chatelaine, Bow and Arrow, Galapas and Exaceable, have been scratched-Reuter.

CIRCLES CONFUSED

IN

REGARDING SUCCESS OF MANAGED DOLLAR

WHY DEBTOR FARMERS WANT

CHEAP MONEY

New York, October 14.

High circles are confused regarding the chances of the success of Mr. Roosevelt's managed dollar scheme. According to theNew York Times" foreign experts are quoted generally as believing that Mr. Roosevelt's experiment adds a further element of uncertainty to the situation which is already most baffling.

deprecates the The financial editor of the "New York Sun whole idea and predicts that if the plan is carried out it will isolate the United States economically. The fundamental trouble is not the low prices but the disparity in price levels" owing to unemployment and the dole system.

The

On the contrary Doctor Warren, a member of the Brain Trust and chief exponent of the "Commodity Dollar" theory maintains that the dollar must vary elther in.gold-weight or purchasing power. It was commodity prices which needed to be kept stable. not the weight of gold for which the dollar will exchange. main forces behind the demand for higher prices and cheap money is the great army of debtors of which farmers are the most vocal complaining that the real value of dollars with which they have to repay their loans is much higher to-day than when the money was borrowed.-Reuter.

BRITAIN PERPLEXED

London, October 24.

U.S. A.

MORE HOPEFUL ATMOSPHERE

At

Simla Cotton

Parley

New Delhi, October 23. For the first time since the be- ginning of the cotton negotiations between Japan and India, a spirit. of optimism has been aroused.

The more hopeful atmosphere. is the consequence of long talks which resulted in the Javanese Imports against the Japanese approving of the principle of a barter scheme.

The details have not yet beri worked out but the Indian Gov- ernment, it is understood, hag offered to permit a specified amount of Japanese piece-goods imports against the Japanese purchase of a specified. quantity of Indian raw cotton,

Counter-Proposals

India, it is reported, proposes hree hundred millon varas 01 cloth against thirteen hundred thousand bales of cotton.

Un her part, Japan - suggezta that India should take last yeary figure of Japanese piece-goods im- ports into India, namely; 578.000,-. 000 yards.

+7

As regards other industries, Inm dia has offered to place Japan on an equal footing with other countries by the adoption of a

be increased in the case of a fur- ther depreciation of the ven.— Reuter.

Most of the British A CHEAPER US. Specific duty which however would

experts admitted their inability to i DOLLAR

understand President Roosevelt's) money policy.、

It is the most difficult and most unintelligible of all the gold gadgets," declares the Financial News."

A

The Times"

the expresses opinion that "managed cur- rency" "cannot be reconciled with the restoration of the gold standard or with the sound currency or a revalued dollar.

The

"Morning Post" declares that even an apparently stable price level is no guarantee ct healthy underlying conditions.

"If America follows President Roosevelt's course this generation is not likely to see the restoration of a uniform international standard the paper adds."

states,

The Financial Times" to say that the United States is moving towards a managed cur- rency, that cuch a currency will be sound and that the dollar. will be revalned after the restoration of price levels, carries no conviction" --Reuter.

IRISH SWEEP ON

America's Monetary

Policy

Washington, October 23,

S'HAI MURDER SEQUEL

It is announced by trustworthy Petition to Commute

sources that the Government may be expected to begin the purchase of newly-mined gold through the Reconstruction Finance Corpora tion (as President Roosevelt fore- shadowed yesterday) almost im-. mediately.

There is also reason to believe will fixed that the price to be probably be above the London and Paris market prices.

ני

Cheaper Dollar

:

Death Sentence

Shanghai, Oct. 24. The Committee of the Foreign Women's Home, where Mrs. Kathe- rine Hadley stayed prior to her ze-

YUKENES turn to the late Capt. house, is preparing a petition för submission to Sir M Lampson to commute the death sentence. M

A large number of signatures are Time expected, meanwhile, the limit for Mrs. Hadley, to: lódge an appeal will, expire. at mid-night Oct, 25. So far there is no tr thedication that she intends to do so,

Officials believe that the effect

of fixing the price at a higher rate will be calculated to free the American dollar from European influence and will result,"

(1), in the cheapening of dollars as compared with sterling-Reuter. or franes:

(2) an increase in the world

CAMBRIDGESHIRE price of gold because twenty-five

Two Prizes For Hong Kong

London, October 23, Two consolation prizes of £100 come to Hongkong as a result of the Irish Hospitals Sweep on the Cambridgeshire.

A

The local ticket-holders are:-

Gutz Linbrum, -

King Street,

Tsihang, Hongkong.

T. C. Young,

Cables: "Outdoor"

Hongkong,

The luck of Far Eastern parti- cipators in the Sweep continues,

several more. have "drawn horses and consolation prizes.

The drawing of £100 prizes will continue to-morrow,

Those already drawn include: Billy, c/o NK.P.M. Boengei, Gerong. Palembang.

Black Cat, Palembang.

Naithieng Thita" Bhasapra. Su- mane Road, Banglampoo,"

Bon, Bangkok

Tjoeng, Tinioeng San, c/o Sea- jongmen, Pangkalpinany.

Banks TC. Liu, c/o St, Bhae P.NR. House, Tients

Slamat, Hofmaister K.P.M.Ba tavia

Mise JAV, Vilet. Pledang, "Bui» tenzorg. Jaya.

SCRATCHINGS

London October 24.

Bow and Arrow was scratched at 2.16 pm, and Galapas Lat 4.23. Both scratchings took place on Monday-Reuter

RESTRICTION OF RUBBER

French May Join

Talks

London, October 23,

A meeting of British and Dutch 'rubbers representatives to discuss

or thirty thousand ounces which have hitherto been shipped out would remain in the United States. ---Reuter.***

BRITISH CABINET

MEETING

London, October 23. A special meeting of the Ca. binet held this afternoon lasted for 1 hours.

restriction is confidently exptcted in the rubber market to be held

It is understood that foreign The growers representatives are affairs, with particular. reference: in London on Thursday, very reticent, but it is rumoured to the disarmament situation. pro that representatives of the grow-vided, the main subject for con-

Bideration-British Wireless. ers will also attend-Reuter."

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