1934-04-05 — Page 9

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WEAKNESS OF DOLLAR

AND FRANC

ATTRIBUTED TO BRITAIN'S

SOUND POSITION

Is The U.S. Dollar Under Valued?

London, April 4.

of Britain,

Further weakness of the dollar and frane in terms of sterling is now attributed to the inherent strength of sterling due to season- al demand and the satisfactory budgetary position compared with deficits in France and America and coupled with

of apprehensions prevailing possibility of inflationary socialistic legislation in America, while fears as to the future of the franc exist in Paris.

HONG KONG DAILY PRESS, THURSDAY, APRIL 5, 1934.

BELGIAN CONGO CANTON TO USE

DIFFICULTIES

Serious Financial Conditions

(Special to "Hong Kong Dally "Press")

(By Telegraph, Copyright," Tala 1891. Ordinance, graphic eager Received, April 4, 730. p.m.)

Brussels, April 4. The Belgian Colonial Minister, Tscsoffeh will leave in the near future for the Belgian Congo to study economic conditions on the spot. This decision is the out- revelations about the come of

“AXE"

POLITICS

CANTON

IN

Too Much, Money Being Wasted

No Change In Outlook

NEW FUNDING LOAN

£150,000,000 AT THREE

PER CENT

15

(Fram Our Special, Correspondent) (From Our Special Correspondent)

Canton. Aprii 4.

Canton, April 4.

London, April 3..

Government's desire to place the Government offices hete are Political conditions here have re- A large Government funding

account" on a permanent basis: their expenses i mained unchanged following the operation, is announced obliged to reduce

to-night.

Further marked decline bill rates owing to decreasing revenue, the decision of the the military and It takes the form of a three per

anticipated remittance from civilian leaders here to retain the cent funding loan from 1959 to -suspension of

although it is Nanking and the present bank South-west Political Council and 1969 with an issue of £130,000,000. pointed out a reduction in treasury note crisis.

the Kuomintang South-west Ex-

bills may only affect höldings in On April the Government are As a first step. leisure posts are ecutive Committee and not to es under contract to repay £105,000, Public departments leaving market to be abolished, because such om-tablish a branch office of the Mili000 of the four per cent. Treasury Bank, the leading supporter for a supplies unchanged. The Midland cials have no work to do and do not biary Affairs Commission:

bonds and the present time is regarded as suitable for issuing polley of cheap and plentiful out in to-day's credit, points the new loan.

monthly review that the "large To-morrow morning there will supply of bills is essential and be published in consequence, a pro-which only the Government can spectus of the new three per cent. provide. This renders it undesir- funding loan consisting of a Wable for any new attempt by the gue of £150,000,000 with a life of Treasury at permanent funding from "twenty-five to thirty- | further than the part of the float- five years.

ing debt."-Reuter

go to their office to draw their continue to function

until the

even attend ofice. Some do not The two South-west organs will FRENCH IMPORT financial difficulties in the Congo salaries but send a representative end of the year when they are like-

RESTRICTIONS

Germany To Retaliate

(Special to "Hong Kong.

Daily Press")

On the contrary the monthly

By Telegraph, Copyright, Tele review of the Midland Bank states

Ordinance, the dollar is probably undervalued

Marages at the present exchange quotations. Received, April 4, 7.3 p.m.)

and it may be thought necessary by American authorities to use a substantial part of the fund in order to hold down, the dollar.

graphic

1894.

་

Berlin, April 4. Owing to numerous decrees is- sued since January 1, 1934 by the French

colony, made in a very critical report submitted to the Senate in which a thorough reforma ΟΣ economic and financial policy in this Colony is demanded. The Minister's Journey is expected to lask more than three months. Transocean Kuo Min.

SUVICH TO VISIT

ENGLAND...

(Special to Hong Kong Daily Press")

ац

to collect the money. As the goy-ly to be abolished by the Fifth Na- ernment has embarked on the tional Congress to be convened in Three-Year Plan, such waste of Narking. The branch Military public funds has to be stopped... Affairs Commission, will not be ea- The First Groupy Army, the tablished, because this would mean South-west Political Council, and additional expenses to the Canton the Provincial Department -- of l-exchequer. Besides, muitary Finance have the largest number; affairs are in the hands of the

The price of the issue is ninety- of sinecure posts, which will be South-west Political Council which eight per cent, and the straight'). accordinglyl abolished. These of entrusts their enforcement to the yield of interest is 3 1/3 per cent. ficials are known as experts con- First Group Army. Thus all the A list of applications will be open- cillors,

or secretaries and each Nanking proposals turn out to beed on Thursday, April 5 and will draws $200 to $500 salary per impracticable.

be closed on or before the follow- morth. They are given such

ing day: An interesting feature position in order to give "face" to

of the prospectus is the provision the persons who made the re-

for the sinking. fund. Every half commendations.

year the Government has under- taken to set aside a sum equal to

However, the First Group Army Government restricting

(By Talegraph, Copyright, Tele- is obliged to keep a big staff of import quotas, thus making Ger- graphic Messages Ordinance, · 189)- | officers without commands, De- The article points out that the

man Imports into France increas- Received, April' 4. 7.30 p.m.)

cause these men may be useful in dollar devaluation has not increasing.y difficult, the German Gov-

Landan. April 4. the event of military expansion ed the supply of money, has not

ernment now feels compelled to

It is expected here that the ap- and have to be retained or else reduced the internal value of the

take" similar, steps respecting the

Italian they may join other armies in the proaching visit of the dollar and is not likely to have

import of French merchandise to

Besides, these sinecure vastly important direct corise-

Germany. For this purpose a de- Foreign Secretary, g Suvich, will North. quences .on Internal monetary

cree will be issued by the Minis- last three or four days when con- staff officers cannot return to civil affairs.

ters of Economic Affairs. Agricul-versations will take place with the life. being unfitted for anything ture and Food. requiring officials British Premier and Foreign Mini- except Soldiering. It is not known and Italy's whether the economy policy will to exercise the strictest supervi-ster on disarmament sion in granting permits for im- plans for economic reconstruction affect these officers. ports from France.-Transocean in Central Europe, but it will not

be limited to these subjects Kuo Min,

Transocean Kuo Min.

It concludes by pointing out that the real Authority on monetary affairs in U.S.A. is no longer the Federal Reserve Bank, by the Treasury, and it appears in future the Central Banking system will be, the organ of the treasury policy, including the regulation of monetary conditions as a whole, encompassing much more Government finance.-Reuter.

than

DISARMAMENT PROBLEM

Change Of Front In Holland

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The Hague, April 4. By abandoning its former stand- point sgainst militarism and armaments in Holland the Social Democratic Labour Party, the second largest in the country, has decided to work for disarma- ment only on international lines and participate in the Government ii so required.

Events in Austria and Germany are held responsible for this de- finite change in the policy of the party, which states it is prepared to fight for real" democracy." the Ideal for which it belleves France is maintaining such a large military organisaton-Reuter.

RESEARCH OF STRATOSPHERE

Russia Plans World Conference

(Special to "Hong Kong

Daily Press"}

(By Telegraph, Copyright, graphic Messages frdinance. Received, April 4, 7.30 p.m.),

Tela

1894.

Moscow. April 4.

The Soviet Government plans to hold a World conference this sum- mer to discuss the problems con- stratosphere. Soviet scientists are nected with the research of the

now busily engaged on the pre-, parations of a new stratosphere ascent in July or August, but they wish beforehand to hold a consul tation with international scientists for the purpose of classification of various matters of interest to ail. The balloon for the new as- cent will be much greater than the "U..S.S.R." which perished recent- ly, and will be equipped with safe-

.

POPES SUMMER

RESIDENCE.

(Special to "Hong Kong

Daily Preas") ". (By Telegraph, Copyright, graphic Messages" Ordinance, Received, April 4) 7:30 p.m.)

Tale.

All in all, the government offices and Kuomintang organs will save about $280,000 a month by elimina- ting unnecessary expenses. This retrenchment will help to balance the budget of each office or pro- vide a fund for necessary purposes.

“BACK TO THE CLASSICS"

189 Movement Backed By

General Chen

Rome, April 4.

The Pope will take up his home next month for the first time in 64 years at the former Papal sum-/ mer residence, Castle Gandolfo on the west coast of Lake Albaner. The Pope will be accompanied by the Cardinal State Secretary, Pac- elli. Transocean Ruo Min,

יד .

RUSSIAN AIRMEN

MISSING

(Special to "Hong Kong Daily Press")

(From Our Special Correspondent)

J

There is no possibility of trans- ferring the control of the Canton air force to Nanking. since the military authorities here are "in- creasing the strength and eff- clemcy of the air unit for the mili- two per cent. of the nominal tary defence of Kwangtung. The amount of loan originally creat- First Group Army holds the viewed.. Out of this, there will be paid that without military aviation the land forces will be fighting alm- lessly without knowing where the enemy troops are located.

an interest on Ioan for the half

year and the balance wiki rorm the sinking fund to be used for purchasing a loan for cancellation if it stands at or below par.

OCEANIC STEAM DÉBEN. TURE SCHEME

1

(Special Air-Mall Service)

London, March 17.

A communication is being issued by the Oceanic Steam Navigation Company, Limited, to the holders

If it stands above par, the sink- of the Four-and-a-Half per Cent. ing fund money will either be used First Mortgage Debentures setting in the same way or otherwise in-out proposed changes in their vested. Any addition of loan, no, security in view of the formation new company-Cunard previously redeemed, will be repaid of the

to

die

While the future "of the three cruisers at Whampoa is not cer- tain, naval officers declare that in the event of emergency the war- ships will be useful to safeguard the coast of Kwangtung particu- larly Swatow which is vulnerable to attack by military forces. For the time being, the three cruisers will remain where they are.

Mr. Hu Han Min is said to have a scheme for the solidarity of the En so far as the proceeds of the South-west at least Kwangtung | new loan are used for repaying and Kwangel and General L the four per cent bonds, the pre- Chung Jen, Commander-in-Chief sent operation will result in the two companies obtaining the con of the Fourth Group Army, went saving of interest to the Treasury and of such other parties as may sent of their debentureholders to Hongkong to consult Mr. Hu at a rate of just under £1,000,000 be necessary, and also on the le- on behalf of the South-west Poli- per annum. tical Council. Therefore

at par in 1969 but the Covertiment White Star, Limited-and giving reserve the right to redeem the the terms of a resolution loan in whole or in part at any submitted at a meeting on March 20. The agreement for the forms- time after 1959.

tion of the new company, as has been indicated in the House of on the Commons, is conditional

"

An additional £45;-

the 000,000, as between £105,000,000 and islation empowering the Treasury status quo of Canton is being £150,000,000, of new issue will be to provide the requisite finance. The available for any purpose of float-present proposals therefore, repre- sent a step in the direction of se-" ing debt or of reducing Treasury; curing the consents necessary to the bills.-British Wireless

maintained if not enlarged.

Canton, April. 4..... The "back to the classics"-move-]? ment, sponsored by General Chen Tsal Tong. Commander-in-Chief

SIR ROGER KEYES' MAIDEN SPEECH

(5peciai Air-Mail "Service:

LONDON, Mar. 17.

of the First Group Army, is given Although somewhat nervous in a further impetus by the General's his delivery, Sir Boger Heyes was proposal of further and better re-able in his first speech in the House searches of Chinese medicine and of Commons, to utilise his practical medical treatment. “

experience in naval affaira

At a meeting of Chinese doctors After Sir Bolton, Eyres-Monsell yesterday, General Chen Tsai Tong had announced that in future the was present, and delivered an in-Admiralty would rely on the Davis spiring speech on the necessity of escape apparata as the means of making researches of Chinese me reaque for sailors imprisoned (By Telegraph, Copyright, Teledicine. He said that Chinese doc-fathoms deep in a sunken sub- ty devices to prevent the recur- graphic Messages Ordinance, 1894. tors should preserve national met-marina, Sir Roger endorsed the rence of the disaster from similar Reccived, April 1. 2.30 p.m.)

hods of healing and make advance scheme. He added that it was the causes.---Transocean Kuö Min.

Reval, April 4.In this science instead of neglect kind of announcement which it Messages from Moscow state that ing it, contending that such treat- needed courage on the part of the great anxiety is being felt about ment should not be used only in Admiralty to make, the four Russian airmen who left China but offered to the world. Anadir. to bring help to the crew of the "CHelyuskin." Nothing has since been heard of them. If they had been obliged to descend on water, their position will be very difficult.---Transocean Kuo Min.

2

U.S. BUDGET SHOWS

HUGE DEFICIT

ADMINISTRATION CIRCLES

WORRIED

Revenue On Liquor May Be Reduced

་

Washington, April 4. 000,000,000 worth of Fourth Liberty The United States Treasury's Bonds maturing on April 15 and latest returns showing a deficit of the U.8.$244.000.000 worth of U.B.82,500,000,000 for the first nine Treasury notes maturing on May months of the current fiscal year, į 2. are causing concern, in administra- No cash subscriptions will be ac- tion circles,

The Treasury Secretary, Mr. Henry Morgenthau, has announced that he has been studying the

cepted-Reuter.

liquor revenue, which is below es- THE POPULATION

timates. The Treasury, he said, Was

considering whether" lower tarifs might bring increased liquor revenues. He indicated, that no decision had been reached, but re- commendations would be submit- ted to Congress in due course.

OF GERMANY

excluding the saar region, 248 65,189,000, against 62,411,000 in the census of 1825, V

SOVIET MINISTER TO VIENNA

(Special to "Hong Kong

Dally Press”).. (By Telegraph, Copyright, Tele graphic Messages Ordinance, 1894 Received, April 4, 7.30 p.m.)

Vienna, April 4. The Boylet Government has ap- pointed a Rusalan Minister to Vienna, Adolf, Petrowski who is to act simultaneously as Minister to Budapest. His headquarters will be in Viènna." Petroweki will, pro- ceed to Budapest shortly to hand over his credentials. Transocean Kuo ME.

LOCAL WEDDING

Morhaus-Baumann

"The trouble with Chinese doc-

tors is that they learn the art of healing in secrecy and do not teach others of a new treatment," Gen- erai Chen continued: "In the sclence of medicine, there should be no secrecy. If there is an im- proved method of treatment, st should be made public to members of the profession for further im provement."

FORTIFYING" THE

B.B.C.

(Special Air-Mail Service)

LONDON, Mar. 17. Broadcasting House's "fortifica tions" are nothing more than burglar-proof shutters.

To perpetuate Chinese medl- cine, it is necessary to have a na-

The B.B.Q. can, however, stand tional Institute for this purpose. a lengthy siese, as the Corporation Doctors are to be trained in has an artesian well and can gen- schools, and if instruction is given erate its own electricity supply.

At the same time, there is no in- in a secret manner, no progress

tention of making a Karl Marx- can be made".

General Chen made a motion to Hof of the building. form a medical school under the Two rumoura which were stremi=" auspices of the Chinese Medicalously denied yesterday were that Society. The motion was accord-members of the Talks Staff had ingly passed, and it contained a been allotted special positions in request that the Government time of emergency, and that Sir should appropriate certain funds John Keith now wears a bullet- as current expenses of the school. proof waistcoat.

GERMAN FINANCIAL

POSITION

REICHSBANK STATISTICS

REVEAL A LOSS

Depletion Of Coffers Only

Matter Of Time

Males Increase The deficit also affects the

In 1933 Treasury's plans. An important

A pretty wedding of particular announcement on the matter is

interest to local banking -circles expected to be made to-day.

took place al Berlin, April 4,

the Registry, Bu-} Market circles" generally expect The result of the national census preme Court yesterday afternoon, an issue of long term bonds or in June 1933, gives the population, married to Mr. J. M. Morhaus, when' Miss Zina Baumann : was notes in exchange for the fourth series of Liberty Bonds. It is con

the acting manager of the Nether sidered possible that there will be

lands Indische Commercial Bank, a limited cash offering as a safe

Males increased by 4.9. Females held at the Root Garden of the Subsequently a reception was guard in case only part of the

by 4.1. The female surplus, which Hongkong Hotel where a large ga-

Berlin, "April 4, year, Bank-note circulation has 381,500,000 to cities, while males are in a ma- the toast of the happy couple.

ing of German éreditors, latest |3,674,000,000:" jority in villages. The increase in Mr. and Mrs. Morhaus will leave statistics of the Reichsbank are The bank-note coverage is at CON the urban population, which began by the Emp, of Japan on April 6 for must interesting. They reveal present 6.7 per cent. in 1871, continues. 67 per cent. of Shanghai where the Church care-loss last week of over ten millionThe depletion of coffers is con- the population are now living in mony will take place, after which marks gold, and foreign currency aldered merely a matter of time communities of over two thousand. they will leave for Japan where at present totalling M. 245,200.000 unless drastic measures are taken

Reuter."--

the honeymoon will be spent." compared with M. 835,000,000 Inat" | to check the flow of gold-Reuter.

Liberty Bonds are returned for ex-is declining, reached a peak. Ifthering was present to drink to In view of the impending meet | increased by

change. Reuter.

HUGE BOND ISSUE,

Washington, April 4. The United States Treasury yes- terday announced the offer of 10 to 12-year 34 per cent. Treasury Bonds in exchange for the US.81,

GENERAL APPROVAL

completion of the scheme. Thè new company to be formed is to ac- quire the North Atlantic fileets and various other assets of the Oceanic Steam Navigation Company and of London, April 4, the Cunard Company,, and is also The Government's latest funding to acquire the ship known as No. operation is generally well received 534. These assets are to be acquir as further proof of the growing ed free from all encumbrances.. strength of

Anancial and as already announced, the new company. 1s to issue as fully position.

paid up 62 per cent. of the share The "Financial News" points out capital to the Cunard and 38 per the amount of the loan is identicalcent. to the Oceanic Steam, to the original exchange equalisa tion fund interpreting this as the (Further Cables on Faze 12.)

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