1934-03-21 — Page 9

HONG KONG DAILY PRESS, WEDNESDAY, MARCH 21, 1934.

NEW U.S. CREDIT GOERING OFFERS RAIL MATERIAL GRAND NATIONAL BREAKDOWN IN FRENCH BUDGET CRISIS

BANKS

· Long Term Credit

For Industry

The proposal is the next impor- tant step in the programme for establishing permanent recovery.

Immediately after the Presiden- tal Message, identical Bills were Introduced in both Houses provid- for the establishment of credit banks in each of the twelve Federal Reserve districts,

OLIVE BRANCH

Hope Of Agreement With France

Washington, Mar, 19.

Paris, March 20.. The creation of intermediate Goering offered on Ollive branch credit banks to provide long-term to France; in an interview with the credit for Industry was recom- newspaper Le Jour, and hopes for mended by President. Roosevelt the future good of Franco-German in a speelal Message to Congress relations and peace ip Europe to-day.

us a whole, I once believed Franco- German reconciliation to beim- possible but now I have changed may mind and proclaim there will be no durable peace in Eur, pe, os the world, unless Franco-German relations are settled. There are no insurmountable obstacles, mere- ly psychological misunderstand- ings; but are they worth a wart Let two of the most representa- tive men in the respective coun- trics meet to seek a solution to- gether. Personally I ask to receive your experts to let them tell me whether by building mul- ti-engined aeroplanes or anti-· aircraft shelters I am preparing

They are to be capitalised by the Government with $140,000,000 and are to be empowered to borrow up to five times that amount.

LENDING POWERS

.re-

The bank's lending powers in- clude discounting for or purchas- Ing from any bank, trust company, mortgage company. industrial aviation which can be described credit corporation or other finan- as aggressive.-Reuter. cing institutions in their respec-

tive districts, obligations with a

maturity not exceeding Ave years

and entered for the purpose of STRIKE DANGER

obtaining working capital" for any established industrial or commer- cial business.

They will also be authorised to make direct loans if it appeared' that an established industrial or -commercial business was unable

IN U.S.

to obtain the requisite financial Motor Manufacturers

assistance on a reasonable basis

from the usual sources.

When loans

are made through

bank or other financing institu-

tion, the Intermediate

Credit

Bank will have to make itself re-

Confer

Detroit, Mar. 20:

The National Automobile Cham- sponsible for twenty per cent. of ber of Commerce, in a statement any loss.

#

to the workers, has declared that FEDERAL RESERVE CONTROL

It is up to them to say whether The Credit Banks will be char- they wanted to surrender to the tered by the Federal Reserve professional labour leaders and Janks and operated subject to that it is their own right, to deal the regulations of the Federal with the mariagement of their Reserve Beard.

companies, and calls attention to the recent reduction in hours and the increases in wages.

They will continue to exist for a period to be determined by the Federal Reserve Board and will be A representative of the Ameri- permitted to establish branches. can Federation of Labour, in res. The Treasury will provide the ply. said that if after an election original capital far the banks by held outside" the plants and under buying from the Federal Reserve the supervision of the National Banks and from the gold devalua- Recovery Administration, the work- tion profits stock subscribed by ers voted in favour of company the Federal Reserve Banks in the unidhs. "the other programme of Federal Deposit Insurance Cor-representation by the American Federation of Labour, will bow its

poration.

The Credit Banks will be per- way out of the picture-Reuter. nitterd to augment their capital

by the sale of stock and the issue

of debentures up to five times their capital and surplus:

Message

FOR CHINA"

Large Orders Placed In Britain

London, Mar. 19. The Chinese Government pur- chasing Commission have ordered ten thousand tons of rails for the Canton-Hankow Railway and

seven

thousand tons to be de livered at Hankow before July.

The orders are" divided between

SWEEPSTAKE

Over £3,000,000 Subscribed

Altogether £9:104.000 was sub-

Dorman. Long's and the Cargoscribed. Fleet Iron Company,

Tenders for £20,000 worth of machine-tools for the Canton- Hankow Rallway are being con- sidered.

Four passenger tralp locomo tives are shortly being ordered for the Hang-kiang Railway-Reuter,

CHINA'S TRADE TREATIES

Present Provisions Out Of Date

London, Mar. 19.

NEGOTIATIONS

Increases Distress

In Lancashire

London, March 20.

London, March 20. £1,870,133 is in the prize In view of the breakdown in the fund of the Irish Sweep on the Anglo-Japanese negotiations and Grand Natonal. the drawing of the increasing distress in Lan- which began in Dublin

this cashire, most prompt and energe- morning and will continue until c measures are urgently neces Thursday.

sary to preserve and extend the cotón trade in these markets of the "world and so secure the re- employment of thousands of Lan- cashire workers and the restoration of Great Britain's largest export Industry, declares & resolution bent to the President of the Board of Trade, Mr. Walter: Runciman," by the Executive Committee of the Cotton Trade League at Manches ter-Reuter.

"The prize fundis divided into eighteen unlts of £100,000 each namely, £30,000 for first prizes. £15,000 second and £10,000 third.

Fifty-four horses figure in the draw of which twenty are already scratched; fifty-one of these, if not running or unplaced will receive £686-5-6. There will be eighteen hundred £100 consolation prizes Apart from the horse draw, there are ten residual prizes of $7,018 each.

TICKET DRAWN IN HUAHIN London, Mar, 20. Quite Calm ticket no M. J. 04273 has been drawn by Nil Desperan- dum, Huahin . Hotel Huach Slam-Reuter.

STRATCHING.

London, Mar. 20. Coolanolach has been scratched from the Grand National Steep-

ÐÐÅÅRE

In the House of Commons, Mr.lechase.--Reuter. Nunn asked for information re- garding the Chinese Government's Note requesting the revision of certain commercial agreements,

Sir John Simon, in a written reply, said that the Note referred to the Treaty of Tientsin of 1858 and the Commercial Treaty of 1902

He stated that these Treaties contain important provisions which are now out of date and in order to secure conformity with actual conditions. new and equal reciprocal treaties should be con- cluded-Reuter.

NANKING ROAD. IN DARKNESS

܂

Police. Stop All Traffic

Shanghai, Mar. 20. Nanking Road, Shanghal's Great White way is dark and trafficless to-night.

Owing probably to strong wind several tons of roofing coping from several Chinese stores in

GRAVE SITUATION.

New York. Mar, 20. The heads of the American President Roosevelt's

automobile Industry, without Mr. estimates

that over 8700,000,000 Henry Ford conferred privately in in working capital will be required New York yesterday on the threat Nanking Road fell on to the street for the smaller "Industries which of the strike on Wednesday." "may continue to employ some 346.000 employees and furnish new employment for some 378,000 men and women."-Reuter.

ROGER'S TRIP TO CHINA

Vigorously Assailed By Wheeler

Washington, Mar. 20. Prof. Rozes mission to China has been vigorously assailed by the silver advocates. Senator Wheeler termed it "the height of asininity."

SILVER MARKET

(From Our Special Correspondent)

London, March 20. London sliver prices to-day were as follows:-

Mar. 20 Mar. 19

20.3/16 19 201

Spot Forward

19.15/18 Spot.....20.3/16 197 #22 The London on New York cross- rate at the closing to-day was $5.10'3/16,

"JAPAN AWAITING REFLY

London, March 19.

Deficit Of Four Milliard Francs Expected

th:

DRASTIC. MEASURES FOR ITS EQUILIBRIUM NECESSARY

(Special to "Hong Kong Dally Press") (By- Telegraph, Copyright, Telegraphic Messages "Urilinance, ' 1891- Received, March 20. 7.30 p.m.)

All

Paris, March 20. members of the French Cabinet that have ever held the portfolio of finance, namely, Tar- dieu, Cheron, Pletry, Flandin and Monday, by the present Finance Louis Marin were convened, on

12

HITLER ON THE GERMANS

States Must Disappear

Minister, Germain Martin, to a

Munich, March 20. special conference with the object The hand of the Almighty is of discussing measures that must pipinly revealed In His marvell- be taken to bring the State Budgeton's recognition of our Nation us of, 1934 into equilibrium.

soon as it realised itself, declared

A Question was asked in the House of Commons regarding the interview between the President Though the Budget is balanced Herr Hiler, at the anniversary, of Board of Trade Mr. Runciman on paper, nobody holds illusions of the celebration of the Revolu and the Japanese Ambassador about the fact that there is still ton.

German,race and tribes, not the States, and that therefore the States must disappear" and the

map become unt-coloured.-Reu-"

tor.

| which took place following the in reality a deficit of about 4 He said that God had made the

breakdown of conversations last miliard francs. Germain Martin week between representatives of

reminded his colleagues that ad- Lancashire and Japanese textile by economies and retrenchments, justments had to be made solely industries.

Colonel Colville replying. said French nation would appreciate. and expressed the hope that the the Japanese Ambassador had the necessity for drastic measures intimated he would communicate if a collapse of the state's finances with his Government?

was is to be avoided. Another con- unable at present to say anything ference of the same ministers. will further. British Wireless.

take place on Wednesday, when all possiblities for effecting essential economies will be considered.--- Transocean Kuo`Min.

He

THREE PARTY PROTOCOLS

Austria's Signature Questioned

London, March 19, The signature on Saturday

An

"BERLIN SHARE Rome of political and economie

MARKET

Buoyant Tone Reported

оп

FRENCH NOTE DISAPPOINTS

British Official Circles

MYSTERY SURROUNDS INSULL'S BOAT

Athers, March 10. The exact whereabouts of the Malotis remains a mystery. At least six countries are reported to be Insull's destination.

The Malotis was last reported zig-zaging in the Mediterranean. in very "heavy weather,

Wireless messages have Been. pinked up offering insull refuge- both in Rumania and in Russia

Mrs. Insull received a radiogram. to-day merely stating that her husband is well-Reuter.

the opinion is held that the Ger- (Special to "Hong Kong Daily Press")'

man Note offers France numerous

protocols between Italy, Austria

(By Telegraph. Copyright, Tele-opportunities for compromise, se and Hungary was referred to iReceive, March 20, 7:30 pm.).

graphic Messager Ordinance, 1891. that Franco-German

agreement would be easily arrangeable if the House of Commons, this after-

more London, March 20 France would only adopt A question was asked re-

Keen disappointment is felt in conciliatory attitude. But since garding their bearing the official circles about the negative France shows no inclination to do undertaking given by Austria character of the French answer to so the British Government is com- the 1922 protocol not to alfenise the British Disarmament Memoran-pelled to review the whole situation its independence and to äbstain | düm, which has been much inten- again to see whether anything at from any negotiations and from sified, according to the diplomatic all might not be rescued from the (Special to the "Hong Kong Dally any engagement calculated directly correspondent of the Dally Tele-collapse. In this reconsideration,

Press" (Copyright.)

or indirectly. to compromise its graph, by publication of the thought will be given to the pro- Independence..

German" Memorandum to France posal to treat the question of land Sir John Simon. In reply, couched in terms of moderation and air forces separately.-Trans-

ocean Kuo Min. he bas not yet received and common sense. the full text but so far as he was

(Further cables on page 12). at present aware, it did not con- flict with the undertaking given by Austria in 1922 protocol- British Wireless,

a8

Berlin, March 19. The sharemarket was again very buoyant, particularly as far companies, engaged in

the pro- without warning this evening duction of raw materials are con- The presence of the National | seriously injuring two Recovery Administrator, General pedestrians. Hugh Johnson, in New York, with- in hall of the conference members,

Indicates the gravity with which

the Administration regards the situation. Reuter.

· RAILWAY PROBLEM

Washington, Mar: 19. The Railway Managers' Confer- ence decided to "demand a fifteen per cent. reduction in wages to become effective on July 1. but left the 'door open to further nego- tiation cn the proposal for a con- tinued ten per cent. reduction.-. Reuter.

- LIKE A CHARGE OF

DYNAMITE

Washington, March 20,

Like a charge of dynamite with a fuss already spluttering is the

He is being sent to the Orient, description of the strike situation and he is starting with a pre-1 by officials of the Federation of judice against doing anything for Labour. silver, he declared.

It is regarded Senator King described the mis- tain that Mr. Roosevelt is

practically cer- alon as a red herring and urged paring to act in event of negotia- that the issue must not be put to tions in the motor industry sleep.

Tallways breaking down."

pre-

and

It is understood Gen. Johnson at the motor industry meeting

truce.

Chinese cerned,

that is ignite, tor, synthetic motor fuel and potash.

The market for fixed interest securities continued to weaken

After examination by the fire brigade. and police, traffic

suspended for the night in

of avoiding, further casualties:

A

WCL3

view

TRADE SAFEGUARDING

BILL PASSED

Tokyo, Mar. 20. The Lower House has passed the Trade Safeguarding Bill-Reuter.

CHINA'S OLD CLASSICS

To Be Studied In Canton

15

(From Our Special Correspondent)

Canton, March 20. Discarded and forgotten during the Republic, old "classical sages and heroes are given a "lucky,

though price differences were not

great.

The continuous droop in this class of Investments is thought,to. be probably due to the fact that at the moment the Reichbank is less "free than usual to intervene and to apply correction where the market is disposed to flag.

1/8 firmer at 94-Transocean Kuo Call Money 44 to 41; Young Loan

Min.

REICHSBANK QUOTA- TIONS [Special to the "Hong Kong 'Daily Press" (Copyright).]

Berlin, March 19. Reichsbank quotations (without guarantee);- New York Paris

Amsterdam Paris Sterling Dollar

39.49 500

58.63 77.4 15.2. ~~Transocean Kuo Min.

MARYSE HILSZ LEAVES TOKYO

Senator Borah urged Congress to present definite legislation. "We must not postpone the deci- yesterday proposed a three point break by General Cher Tsai slon indefinitely to secure formation we already have."

Tong, Commander-in-Chief of the Senators

Meanwhile, Mr. Green denies First Group Army, who firmly be- Borah, King and Wheel ejoined in

the Federation of Labour is seek-leves that to revive the former taking Mr. Morgenthau to tas for his remarking to inpose itself on the work- glory of the country the old vir- that silver advocates were not ers in the motor industry. Mr. tues of Kwan Man Cheong, Yo entirely disinterested.-Reuter. Green declared the situation 15 Fei and Confucius should be re-pleted a flight from Paris to Tok-

NEW BRITISH MINISTER AT BRUSSELS

London, March 13: H.M. the Knig has approved of the appointment of Sir Ecmond Over, lately His Majesty's Ambas- sador Extra-Ordinary and Pleni- potentiary at Moscow, to be Am- bassador Extra-Ordinary and Pien!- potentiary at Brussels and Min- ister at Luxembourg.-British Wireless.

· Londou, March 19..

most serious and manufacturers stored... are to blame if the strike mater-. falised. He added that labour trou bles are spreading like wildfire in north-eastern Oblo.

Hundreds are demanding higher wages in Cleveland, while thou- sands are preparing to do likewise in other places. Reuter,

BRITISH PLANES FOR DENMARK

Tokyo, Mar. 20:" The French aviatrix, Mlle. Maryse Hilsz, who recently com- yo. left here for Seoul, en route to The latest move is to restore Paris at 7.12 a.m. this morning ported that the general will short- Chinese national music. It is re- Reuter..

FORCED TO LAND ly introduce a motion before the South-west Political Couned re- Maryse Hilsz who was due at 2.30

Seoul, March 20. commending the establishment of p.m., made a forced landing at 5:10 an institute to promote Chinese p.m. sixty miles to the east- national music as played during Reuter, the classical period. Such ́ music is Hitle known to the general public in their heetle adherence } to jazz, and the radio,

The hero Yo Fel was a famous

FANLING POINT-TO-POINT

general, who" gave his life, for his The Fanling Hunt point-to-point king and country, while Kwan Min will be held on Saturday, March London, March 19,- Cheong was a saint. Confucius +25, near Lok Ma Chou. The course A Fleet of one De Havilland was an outstandig scholar, whose will be flagged from Thursday on- Dragon -twin engined machine, classies and writings are now wards for races Nos. 1; 2, 4 and 5. for use as light transport aero- studied in schools side by side It is a left-handed course with plane and occasionally for serial with Dr. Bun Yat-Sen's. Three white flags on the riders' left. The The French attitude towarde"|"survey work, and soven Tiger Principles of the People. Though finish is between a red flag and the British memorandum on dis Moths to serve as training aircraft, profound and philosophical, these a white one. armament is discussed in a note will be flown this week to Copen-works will improve the mind ofThe best way to reach the course -which was handed this afternoon hagen by officers of Danish Royal the people by removing the de- is up the road to the chicken farm to Foreign Secretary Sir John | Afr. Force to whose order they sire for lucre and helping them to beyond Lok Ma. Chou, cross-roads, Simon by the French Ambassador, have been built in Britain-Bri- walk on the path of righteousness The fag for No. 3 race will be M. Corbin-British Wireless,

tish Wireless

and patriotism.

put up at 3 pm, on Sunday.

sald

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HOUSE PASS DIES BILL

Fate Uncertain In Senate

Washington, Mar. 20. The Dies Bill yesterday passed the House of Representatives by 257 votes to 112.

It now goes to the Senate where its fate is uncertain, because of Mr Henry Morgenthau's opposition action. At present, sponsors of the Bill however, predict no difficulty in the Senate-Reuter.

RAINEY ALTERS HIS PLANS Washington, Mar. 20. Speaker Rainey yesterday altered his, plans and decided to permit only the Dies Bill to be brought up for voting in the House of Repre- sentatives-Reuter.

FIESINGER BILL HELD UP BY ROOSEVELT

In British authoritative quarters.

CWhen

Washington, Mar. 20:

A two-thirds majority vote will be required for the passage of the Dies Bil

Action on the Fleanger Bill has President Roosevelt, who, accord- been postponed at the request of ing to Speaker Rainey, will make sn announcment on the situation, to-day--Reuter.

silver.

JOHORE ROYALTY IN SHANGHAI

Shanghai, Mar. 20. Their Highnesses the Sultan and Sultana of Johore arrived here this morning from Hong Kong-Reu- ter.

گرمی

PRESIDENT SON OPERATEL ON

New York, Mar. 20.,

sident Franklin D. Roosevelt, yes- Mr. John, Roosevelt, son of Pre- terday underwent a successful operation for appendicitis.-Reu-

ter

every Second

seems a

Century

THROUGH weary hours, your wait for the sleep that will not come, and rise in the morning more tired than when you went to bed.

Your nerves are frayed and worn Nourishment alone can soothe. and restore them. From no other source can such a wealth of nerve soothing and restoring nourishment be obtained as from "Ovaltine."

This delicious beverage contains in a concentrated form the rich nourishment extracted from malt, milk and eggs. It is so easily digested that the soothing and restorative nutritive elements pass at once to the brain and nerves and induce restful sleep. You wake in the morning re- freshed and invigorated.

OVALTINE

TONIC FOOD BEVERAGE.

Ensures Sound, Refreshing Sleep

AP.B. &