1934-01-05 — Page 9

HONG KONG DAILY PRESS, FRIDAY, JANUARY 5, 1934.

PRESIDENT ROOSEVELT'S SPEECH

TO CONGRESS

Wall Street and Newspapers Dissatisfied

FINEST REPEAL OF CONSTITUTION I HAVE EVER HEARD

New York, January 4. Newspapers here generally welcome President Roose velt's speech as a message of hope, the New York Times pointing out the speech as being intended to be general in character, leaving any specific recommendations for the future.

A sweeping reform in the social and economic struc. ture of the country is prominent in the President's mind, states Mr. Woodlock, the financial editor of a Wall. Street journal, while the President himself is confident that with recovery underway reform in industry, agricul. ture and finance is necessary to make all three contribute to the general welfare of the country.

The speech, points to a scheme planned for cconomy and President Roosevelt's evident hostility towards stock, commodity and speculators, and foreshadows con- siderable restrictions in exchanges, while coupling. the ways of high finance with crimes and violence.

It indicates an early legislative action and the Presi dent's preference for tariff trade agreements in order to large debit and credit balances between' prevent nations and foreshadows a policy for "direct bargaining under Governmental direction.-Reuter. NO CONCRETE EVIDENCE

Washington, January 4.

President Roosevelt is assured of "an harmonious session at Congress judging from the applause from all parts of the House during his speech, particularly at his allusions to gold stabili- sation and the assertion that prosperity depends on the farmers' well-being.

The pithlest.comment was made by the Republican leader, Mr. McNary, who said "It is the finest repeal of the Constitu- tion that I have ever heard."

Wall Street" is disappointed by the omissions rather than by the contents of the speech, which induced a brief selling flurry:

The newspapers are similarly dissatisfied.

The Evening Sun" typically asserts that the speech did not contain a single piece of concrete evidence "of the progress or otherwise of the recovery programme.-Reuter.

DETAILS OF ADDRESS

Washington, January 4.

by one

neighbours the avoidance of ter- "We asked many citizens to surritorial expansion and the inter- nation in the render their licences to do as they ference pleased in business, but the State has given, in exchange, protection against exploitation by their fel- combinations. Mr. lowmen and Roosevelt said.

"The Government's credit has been fortified by drastic reductions and economies.

The overwhelming majority of the banks which re-opened last Spring are in a sound condition. A total of U.S. $600,000,000 of frozen deposits is being restored to depositors in the banks which are not permitted to re-open."

affairs of another.

"We are all seeking the restora- tion of commerce in ways which preclude the building up of large favourable trade balances by one nation at the expense of others.

"Fears of aggression, and the expenditure of vast sums on armas ments has continued the building up of trade barriers to prevent any great progress in peace or trade agreements.

**The United States cannot par- ticipate in the political arrange- ments of Europe but we are ready reto co-operate at any time in prac the ticable measures on a world basis

immediate, deduction

of

armaments and the lowering of

trade barriers."

President Roosevelt thea called the achievements" of National Recovery Administration) for an which included the re-employment of several millions and the re- organisation of Industry together with the assurance of reasonable profits and together, also, with pay, proper conditions to labour and the abolition of child labour.

"We have created a permanent

HUGE DEFICIT ENVISAGED

In The United States Budget

JAPAN DONE

WELL

REICHSBANK REPORT

FRENCH RAIL DISASTER

WAR

MINISTER ILL

Opinion of Lancashire Gold Cover Declines Six Officials Charged

Cotton Circles

London, Jaruary · 4. The opinion of Lancashire cotton circles is that Japan has done very well from the agreement but it must be recognised that four hun- Washington, January 4, dred millon yards is considerably A defolt of $9,000,000,000 for the below the total of 1932, leaving `a next two years on the National difference of two hundred million Industrial Recovery Association is yards as the subject for discussion envisaged In President Roosevelt's between Lancashire and Indian message to Congress. The esti-textile representatives. Moreover, mated expenditures chargeable the Indian delegates are obliged to entirely to the NIRA. reached bear in mind the position of | $7,500,000,000 for the year ending Indian cotton growers · and

June 30. The President now asked Japanese threat of a boycott, as for a fund of $2,000,000,000, to con- Indian cotton was undoubtedly in tinue the recovery scheme for the Quenced by the negotiations. following year...

The Whole scheme involves the Government borrowing $10,000, 000,000 for the next six months, including $6,000,000,000 new money. $4,000,000,000 of which is to meet maturities.

The expenditure for the current year excluding $188,000,000 debt re tirement totals $9,403,000,000 as compared with $3,260,000,000 re- venue, bat owing to extra expendi- tures amounting to $1,166,000,000 which did not include the Budget estimates, the defcit which now reach $7,309,000,000 is to be alightly increased by interest on borrowings Public debts will thus reach a re- cord of $32,834,000,000 not taking into account "the new taxes - on liquor and plugging income tax loopholes. Against this increase, various Government agencies had loans outstanding with a book value of $3,559,000,000 against which collateral and assets are pledged.

In his Budget for the fiscal year 1934/35, President Roosevelt esti- mates an expenditure, excluding debt retirement, of $320,000,000 and such sumi as may be necessary for hew extraordinary recovery

purposes. This amounts to $3,961,- 000,000 of which ̈$3,238,000,000 is ordinary and · $723,000,000 emer- gency.

Receipts, excluding foreign debt

the

The Lancashire opinion" espe- cially approves of the fact that the new 50 per cent, duty may be

varied in order to correct exchange It pointed out that Buctuations. had the agreement not been reach- ed Japan Imports would probably. have increased while the limit im- posed cannot be regarded as the extreme.-Reuter..

SILVER MARKET

(From Our Special Correspondent)

day:---

[Special to the “Hong Kong Dally Press (Copyright.)]

With Negligence

Paris, Jan. i.

Six officials of the Eastern Rall. way have been charged in eva"et- i tion with the Lagny express dis- aster on December 23, in which ́over 200 holiday-makers

killed.

were

The charges levelled are inate. tention, imprudence, iemciency, negligence and non-observance of regulations-Reuter.

Berlin, January 4. Reichsbank report for the last week in December shows that the gold cover declined to 10.9 per cent, as against 11.5 per cent.. on December 23 Cold stocks were reduced by 5.4 millions and stand at 386.8 millions, while foreign currency reserves have beer in- creased to 9.4 millions, making a net decline in cover of one million to a present total of 395.6 millions marka. Owing to the end of the. month demand, note circulation FRANÇË TO TAKÉ FART increased from 209.9 millions to 403 million marks, and to meet credit

In International Riding Issued by bill and cheques, ad- vances in investment show an ex-

Tournament pansion making a total of 3,813 millions.Transocean Kuo Min.

NO SATISFACTORY REPLY?

Berlin, January 4. The British Note on the transfer question is at present being ex- amined by competent authorities. A satisfactory reply is regarded as most unlikely as the Reichsbank holds that a revision, of the de- vision

to reduce the transfer quota from afty to thirty per cent. is impossible as the maintenance London, January 4. of the former quota will reduce Following are the Silver Quota- the Reichsbank's gold foreign bur- tions on the London market to-rency, deposits by nineteen million marks monthly, thus meaning, the Jan. 4 Jan. 2.

ruin of German currency. 191 19.5/16 The Reichsbank further points 191 191

out that Germany is now satis The London on New York crossfying seventy-seven per cent. of £US. the claims of foreign countries de- rate to-day closed at

spite Germany's very dificult ex-. 5.083.

port position.-Reuter.

Spot

Forward

FRENCH QUOTA SYSTEM

payments, liquor taxes and in-fundred And Thirty

creased revenue amount to $3,975,- 000,000. Appropriations for 1935

include A.A.A. benefit. payments Four New Categories

refunds and processing taxes, and include all appropriations for debu interest and debt retirement, and an amount of $2,930,000,000 which 18 2885,000,000 under 1934.

RESTORATION OF OLD' PAY President Roosevelt does not not any new taxes but urges the restoration of one-third of the fifteen per cent cut in the pay of Federal employees on January 7.

recommend

The 81,186,000,000 mentioned in the first section is intended to con- Works Administration and finane- tinue until the summer for Civil ing the Home Loan Bank system.

President Roosevelt seeks a Re- covery Fund of $2,000,000,000 in. a

lumpsum, but if Congress prefers to vote for it in separate items,

he desires authority to switch the'

funds from one item to another. He estimated that $500,000,000 will De required to supplement the Re- construction Finance Corporation

and

The needs of the country pro-

continue" the Afforestation Corps and $300,000,000 to $800,- 000,000 for unemployment reller. hibit an abrupt termination of the Recovery Programme. "No, one WAR DEBTS LATER.

| can predict the total required, but a recovery fund of $2,000,000,000 Regarding war debts, President with expenditures still to be made Roosevelt declared that he expects next year out of the existing ap to report on the matter later.propriations should be sufficient. Several nations, acknowledging

The RF.C, which called on the

of the

FURTHER CONVERSATIONS

UNFEASIBLE

[Special to the "Hong Kong Daily

·Press" (Copyright.)]

*re

the

[Special to the "Hong Kong Dally

Press" (Copyright.)]"..

Berlin, January, 4. The International Riding Tourn ment to be held here at the end of January "will be attended by a number of French competitors, * communication according to made to the German Embassy Go*- in Paris by the French ernment in reply to an invitation extended to the latter by the or- ganisers 01 the tournament Transocean Kno Mir

Symptoms Of Pneumonia

Tokyo, January of General Araki, the War Minist and one of the most"outstandi figures in Japan since the Mai churian outbreak, has been fined to bed since January, There are symptoms of pneumot with high fever, according to War Office announcement.--Rai ter.

THE LITTLE ENTENTE

[Special to the "Hong Kong Da

Press” (Copyright.)】

Bucharest Jan.

The postponement of the Litt Entente conference original scheduled for January 8, to a late date was proposed by Buchares La consideration of the гесед political turmoil. Nevertheless the Little Entente, economic meetin will be held at Prague on Januar

-Transocean Kuo Min.

ANGLO-LATVIAN TRADE

Plans For A New Treaty

London, Jan

A Latvian delegation will arriv in London to-morrow to oper for. negotiations

an Angio Latvian Commercial Treaty, - sm will meet Major Colville, Partie

believed that the British and i mentary Secretary of the Depart ment of Overseas Trade at the Italian viewpoints are very close.

The delegatloz Italian attention generally is Beard of Trade. concentrated on the artificial will be led by the Latvian Minister regularities of the Peace Treaty in London, M. Charles Zarine

The goods in which Latvia rather than on technical Disarma,

particularly interested are timber ment.

butter and bacon, and Britain export interests to Latvia concer coal and Herrings-British Wire less Service.

As regards the League reform, Lavora Fascista, the Fascist news paper, in a significant. article, de- mands reconstruction on the prin-

ciples regulating the British Com- monwealth of nations and de- clares that proposals on those Lines HOME FOOTBALI

were presented at Paris in 1919 by British statesmen.

The newspaper reports that the Italian naval estimates, tabled in the Chamber af. Deputies, recom- mends a European agreement to apply the spirit of the Four Power Fact to naval · Disarmament.

Sir John Simon and Signor Mus- solini will meet again to-day. Reuter.

Accrington Beat Doncaster

This followed their home wi against Darlington on Monday an places them on level terms wit the Rovers, eighth in the table

Reuter

London, January 4. British political circles of the opinion that further direct conversations are unfeasible for

London, Jani It. utters a warning that the the time being between Paris and

Accrington Stanley, recorded Paris, Jan. 3, Berlin, according to the diploma- | world has already started a race Importers of British goods are tic correspondent of the Dally for naval armaments arising from home win in the northern sectie dumbfounded-by the action of the Telegraph who adds that although the Japanese penetration of Man- of the Third Division of the French Government in reducing the gulf seperating the French churia which stirred American ap-lish League yesterday when the beat Doncaster Rovers by 4 gos the existing quota by seventy-five and German viewpoints is sensi-prehensions and caused her to in-

crease her Navy and which is lead-1. per cent. and subjecting 134 new bly diminished, thanks to categories of goods to the quota brief exchange of opinion, yet it ing Great Britain to lay down

is impossible to hope for an early more ships. system as from January 1.

The surprise

without the co- is greater as it understanding follows so closely upon the "aboli-operation of other Powers. tion of the exchange surtax at the The correspont says that the request of the British Government. British Government recommended Council The new list of quotas includes that when the League machinery. steel cutlery, motor-meets-without Germany—on Jan- cars, motor-cycles, tin-plate, -rub- uary 15, the British, French, and ber goods woollen cloth hosiery American representatives should and sporting implements.

examine the disarmament problem It is understood that the quota in the light of Franco-Gerinan changes are designed primarily to negotiations as well as the results give France a bargaining weapon of the conversations between Sig. In the trade negotiations to be Mussolini and Sir John Simon. An undertaken with different coun- effort would then be made tries notably, Britain and Ger réach a general understanding, taking account of the German A secondary consideration is the viewpoint in order to induce Ger- protection of French Industry, par- many to return to the Disarma- ticularly against German comperiment Conference. Transocean tion.-Reuter.

Kuo Min.

Mazy.

BRITAIN SURPRISED [Special to the "Hong Kong Dally Press" (Copyright.)]

feature of our modernised indus-their debts, had paid tokens, while Anance of so much of the business/Prised by the introduction of the

trial structure, which will continue others had defaulted. "under the supervision, but not they had paid fully.

arbitrary dictation, of the Gov- ernment," he declared.

London, January 4. Britain has been painfully sur-

Finland and banking structure

new French quota, according to The British reliable Sources. nation will be charged with almost

deficit. The money is in loans.

declare that the effect will be chaotic, while the Daily Telegraph credit of $480,000,000 in repay also says it is a heavy blow to ments are counted on for the next British trade. Transocean

Kuo

Min.

to

A RECONCILIATION?

[Special to the "Hong Kong Dally Press" (Copyright.}]||

41

London, Jan: 4. Disarmament and League reform are the subjects tackled by Signor Mussolini and Sir John Simon, conversations

Returning to the domestic prob- | $4,000,000,000 out of a $7,000,000,000 Chamber of Commerce in Paris The latter reports that at the first

lems, President Roosevelt fore- shadowed stringent measures against persons and groups who had been living off their neigh-year.

bours

A

of

BIGGER REVENUE. President Roosevelt looked for- ward to the not distant future

.by.. unethical criminal Public Works acćounts when the annual appropriations. would be wholly covered by cur- methods, and also that the strong $1,877,000,000 for emergency ex- rent revenue, enabling work to pro- arm of the Government would be penditure this year, a further required against the crimes of or-$1,090,000,000 out of the $3,300,- ceed with the national plan,

Such a national plan in a genera-ganised banditry, lynchings and 000,000 Public Works Administra- tion or two, he said, would return kidnappings.

tion Fund expected, will be spent next year. many times the money spent thereon, conserving natural re- sources and enabling millions of people to take better advantage of the opportunities of the country.

Turning to international affairs, Fresident Roosevelt said, I can not present a picture of complete

optimism

with We seek

NEWFOUNDLAND PREMIER

On Visit To London

The repeal of Prohibition, he sald, should materially aid the elimination of crimes arising from illegal traffe liquor.

The Government would continue to supplement State and other agencies for relief of unemploy ment. by several means, including

our Public Works schemes..

London, Jan. 3..

Mr. F. C. Alerdice, Prime Minis

MANY SILVER BILLS

To Be Introduced Into Congress

Washington, January 3. Many sliver Bijls are being in- ter of Newfoundland, arrived introduced into Congress and num- erous old ones have been reintro- London to-day on a month's visit,

duced with minor changes, includ- being met by a representative of

the Prime Minister, Sir Edwarding a proposition for a sixteen to Harding, Permanent.

Under- one ratio with gold, together with Secretary for Dominion Affairs, free coinage of the white metal and Ceremonial Secretary of the Dominions Office.

Civilian

Conservation Work, Federal Deposit Insurance, Cor- poration and AA, A, 'account, will be the remainder of the emergency outlay this year. If the RF.C. loaning authority is extended be- yond June 30, any additional loans by it will come from an additional recovery fund. Public debt should

AMERICAN PROTEST [Special to the "Hong Kong Daily Press." (Copyright.)1 ·

Paris, January 4..

considerable pro- gress was made although no de- Anise conclusions have been reached. In well-informed circles the belief is that the combined efforts of Mussolini and Sir John will bring about a reconciliation of the French and German point of view...Transocean Kuo Min

CONVERSATIONS BEGIN

Rome, January 4. Conversations between Musso- Hai and Sir John Simon began on The American ambassador has | Wednesday afternoon at 2.30 p.m. been instructed, according to "le and lasted over an hour, Previous Matin to protest to the French to this meeting with Il Duce, the Government against the new British Foreign Minister had sent French quota which is being apvire to his Government com- plied to one hundred and thirty menting on the Paris-Berlin nego- four commodities and which cametiations, paying special attention into force on January 1. The to the contents of the memoran- be held within - #32,000,000 and United States authorities are ap dum handed to Berlin on Monday parently taking the standpoint and discussing the problems of the that the quotas are inflicting League of Nations reform in order heavy damage on American trade to facilitate matters. Further dis- with France. Transocean Kuo cussions will take place on Thurs- Min.

day noon with Mussolini-Trans- ocean Kno Min.

Its 1938 expenditures should be brought within the revenue ex- pected during 1936.

The budget should definitely be

balanced in the third year of re- covery, thereafter, continuing and reduction should be sought." The AAA is the Agricultural Adjust- ment Administration. Reuter.

U.S. LIQUOR TAX

To Yield $500,000,000

INDUSTRY AND ART

London, Jan. 3

A CORDIAL MEETING

Rome, Jan 4 The meeting was cordial," states The President of the Board of an official communiqué lagued here Trade has appointed a representa-yesterday at the conclusion of the. tive Council to deal with questions | two-hour meeting between the Bri- affecting the relations between art tih Foreign Secretary, Bir John and industry.

Simon, and the Italian Fremler, Washington, January

The Council, comprises twenty- Signor Mussolini, at which the One of the first measures to be seven members, under the chair- ground was explored. Introduced into the House of Remanship of Mr. Frank Pick Vice-It is understood that Signor. pointment of three Commissioners presentatives will propose a liquor President of the London Passenger Mussolini explained the line on be tax estimated to yield US$500. Transport Board and President of which he wants the League of Na- questions arising out of the for tlu Dominion will also.

the Design and Industries Asso- tions revised. W ciation British Wireless.

As regards Disarmament, it is

Mr Alderdice will discuss with the Dominion Secretary, Mr. J. H. Thomas, to-morrow. various

The prime mover in this pro- 'posal is Representative White Reuters

present positions of his Govern considered British Wireless Ber-1000,000 exclusive of tarta rates

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