1934-04-19 — Page 9

HONG KONG DAILY PRESS, THURSDAY, APRIL 19, 1934.

BRITISH BUDGET. WELL RECEIVED

"A Tonic To The British" Community"

ANOTHER SURPLUS ANTICIPATED NEXT SPRING

London, April 18.

Few Budgets have been so enthusiastically welcomed as Mr. Neville Chamberlain's "tonic to the community.”

Apart from "the" Daily Herald and the News-Chronicle " which echo Major Attlee's description, "the meanest Budget on record" the "morning papers are unanimous in their praise. 'The Times," Daily Telegraph" and "Morning Post"

pay tribute to Mr. Chamberlain's Impeccable correctness and restraint from the spectacular, which is "ealculated, says the "Morning Post," to produce the maximum psychological stimulus to recovery. As an offset to the "Daily Hérald's" "thoroughly retrogres- sive," and the "News-Chronicle's" " cold comfort for the small taxpayer" the "Dally Mall". finds that there is something for everybody and good reason to anticipate another surplus next Spring.

The Daily Express also predicts another big surplus next year, which according to its political correspondent, will form a perfect background for a general election as it will enable another sixpence off the income-tax, full restoration of the salary cuts and income-tax family allowances-Renter.

REMARKABLE SCENES

London, April 18. Remarkable scenes were witness. ed outside the London Stock Ex- change when the Chancellor's Budget proposals were announced. Hundreds of stock brokers and clients assembled in the street and cheered the Chancellor and drank his bealth Business, continued in the street until late in the even- ing.

Major C. R. Atlee, acting Labour leader, on behalf of the Labour "Party, described the Budget as "the meanest on record." He said that Mr. Chamberlain had been wonderfully 'generous at the ex- Dense of others..

Sir Herbert Samuel, the Liberal leader, thought that all pay cuts should have been fully restored...

Mr. James Maxton, leader of the Independent Labour Party, declar- ed that he was able to congratu- late Mr. Chamberlain unreserved- 1. since. "I came here expecting ing nothing from the National Government or the capitalist system."

The Conservative member for Argyllshire, MacQulsten, K.C.. complained that nothing had been done for the Highland distilling Industry, which had shrunk to one-third of the pre-War level. "Reuter.

The Chancellor concluded his Budget speech amid cheers from all parts of the House.

The speech was marked with a strictly businesslike tone, while the remissions in taxation were flcely calculated to grant a mea- sure of satisfaction to all who were hardly hit in 1931.

The Budget announcement of the restoration of all unemploy- ment cuts was greeted with rous- ing cheers-Reuter,

1.

port, iron and steel production and house building, in every case slowed a revival of activity.

All this, combined with the sub- stantial surplus with which the financial year had ended, bad established' in the men's minds a new spirit of hope and confidence.

Certain unpleasant facts, how- ever, still had to be reckoned with before their troubles were ended. Improvement in position was due almost entirely to the expansion of the home market,

Mr. Neville Chamberlain, Britain's Popular Exchequer

360,000 tons per annum This schedule would be over a period of three years..

NO CREDIT FOR SHAI MUNICIPAL

RUSSIA

American Decision Creates Surprise

(Special to ""Hong Kong

Daily Press") [By Telegraph. Copyright, Tele Ordinance; 189.

graphic Messages Received, April 18, 7.30 p.m.).

Moscow, April 18.

ORCHESTRA

Ratepayers Oppose Abolition

Bhanghai, April 18

voted

FRENCH OUTLOOK ON DISARMAMENT

CANNOT CONSENT TO GERMAN

RE-ARMAMENT

Urdinance.: 1808-

The retention of Shanghai'a internationally famous orchestra at least for another year was assured when one of the largest attended annual meeting of rate.

London, April 18," payers - överwhelmingly-

The French Disarmament 'Note, against a resolution for its aboli-which reached London on Tuesday tion.

was almost entirely negative, ne- cording to Press reports : which state, that the French Government declared in the Note that under no circumstances can it consent to any "defensive re-armament”

(Special to "Hong Kong Dally Press") 18y7 »egraph peright, Telegraphic Messager Received, April 13, 7:30 pm.)

The credit-boycott against Rus- sia decreed by America came as a surprise in Russian official circles

The annual, cost of the orches-" who, however, are contemplating tra is three hundred thousand the situation with philosophical dollars and the move for its dis- calm. It is pointed out that bandment was solely due to rapid- Russia is in a position to purchase is dwindling Municipal reserves machines required by her, alther

and a possible Budget deficit in in Great Britain or Germany.

1935, Reuter, The American boycott, came in consequence of a Bill passed by Congress which prohibits credits

CANTON DAY BY DAY

of Germany. The French Govern (From Our Special Correspondent) ment is further reported to have given it to be understood that. It' regards the continuation of ex- change of views with the British

the entire problem should be brought before. the Disarmament Conference.

alled their obligations wants the CANTON-HANKOW Government to be useless, but that Seamen's Union is ordered by the

towards

of

N"

United States. In the case Russia these obligations were re- fused owing to their having been contracted by the Kerensky Gov- ernment in 1917-Transocean Kuo Min.

SILVER MARKET.

Regarding the reduction in the tax on horsepower, the Chancellor said that the motor-car industry. had th recent years increased its. production phenomenally, but that British manufacturers were Anding some difficulty in meeting with the competition overseas, because foreign horsepower, with (From Our Special Correspondent) relation to size and weight of cars, was less than those in Britain.-- British Wireless Servce.

EARTHQUAKE IN CALIFORNIA

the country's Inhabitants Flee from

Santa Ana

and export trade, al- though better, was still far behind the figures reached only a few years ago,

Great Britain had now regained her place as. the first exporting country, but the channels through which trade formerly owed so freely were still diminished.

CHEAPNESS "OF INTEREST The Chancellor said that twelve months ago he had to report a de- feit of £32,000,000. This year he estimated that the real surplus was about £39,000,000.

་

In analysing the year's accounts Mr. Chamberlain drew attention to the extraordinary cheapness of interest on Treasury bills, which, he said, worked out on an average

to-

ver the whole year of only 12 shillings and sixpence per cent. The whole amount of Treasury bills in savings certificate, gether at their lowest point, was over £1,200,000,000, but the in- terest amounted to little more than £15,000,000 of 12 për cent:

During the year £40,000,000 of 4 per cent. Treasury bonds and £24,000,000 of 5 per cent." United Kingdom dollar bonds were con- verted into 21 per cent. conver- sion loan or conversion bonds. The het reduction in the nominal total of deadweight debt on the year was £21,500,000.

:

BURDENS LIGHTENED

London, April 17. The annual Budget, which the

WAR DEBT «POLICY Chancellor of the Exchequer, Mr. Neville Chamberlain, presented to Turning to the prospects for the the House of Commons, was the future, Mr. Chamberlain`said that arat for some years to lighten the either last year nor the year be burden of the British tax-payer. ore had he made provision either In the bellef that the country or the payment of the war debt hau "passed the worst" and could to America or for the receipt of "look forward with confidence to war "debts or reparations by Bri- further progress in the new nan-tain, and in the absence of any cial year," the Chancellor feit able further development he proposed to use, his substantial surplus for | to follow 'the same line this year.

He said reducing the standard rate of

that the Axed" debt

800.

Santa Ana, California, Apr. 18. " The most severe earthquake shock since the disaster which oc- curred on March 10, last year, yes- terday sent the inhabitants of Santa Ana rushing from their homes and office buildings.

No damage was reported. Reu- | ter.

ATLANTIC AIR- SHIP LINE

$12,000,000 Scheme Before Congress

Washington, April 17.

London, April, 18. London silver prices to-day, were as follows:-

April 17 April 18

20.3/16

Spot Forward

19 191 201 The London on New York cross- rate at 2. p.m. to-day was 5.13 11/18, compared with 5.15 13716 at 2 p.m. yesterday.

FURTHER WHEAT RESTRICTIONS

Recommended By Rome Conference

RAILWAY

Loan To Help Completion

The French Note is further re- ported to contain only a brief re- ference to the question of guaran-

tees.

Canton, April 18. The local branch of the Chinese

Kuomintang authorities not to cause any international complica- tions in its dispute with the Hong-". kong, Canton and Macao Steam- boat Company, Ltd with respect Matthews, former master of the to the dismissal of Captain E-W.

steamer Kinshan,

The Daily Herald" is the only

It was learned to-day that the paper to assert that the French Government

matter will be amicably adjusted had suggested Franco-British military pact, between the "Company and the under the terms of which. Great Union on behalf of Captain Mat- Nanking, April 18,

Britain would agree to join France thews. The Union "informed the The Central Political Council in taking military action against provincial and city Kuomintang to-day approved the issue of six Germany in the event of the lat- that the matter la under informal per cent bodds to an amount of ter violating the Disarmament negotiations and may be settled £1,500,000 for the completion of convention-Transocean Kuo Min. soon. Regarding the dismissed the Canton-Hankow Radawy. The

captain as one of its members, portion of future British Indem-

the Union is asking the shipping nity Funds available by the Minis-

company for compensation. try of Railways will be used as a sinking fund-Reuter.

ENGLAND AND JAPAN

Labour Member's Query

London, April 18. The Labour member for Wal- tharistow; Mr. V. McEntee, in the House of Commons. yesterday, ask- ed the extent to which political relations would now be involved in the Anglo-Japanese, commercial negotiations.

Rome, April 18. The conference of the Wheat Advisory Committee ended yester day evening and will meet again. He further asked for assurance in London on May 7,

that the House be informed at the The report of the Committee, earliest "Before we enter intc which is being posted to all Gov- further political commitments of ernments represented at the con- any sort in the Far East." ference reviews the world wheat The Foreign Secretary, Sir John

methods of reducing production was no intention of introducing are necessary to avoid an increase political questions into any discus- in world surplus at the end of the stons on commercial matters and therefore, no question of further political commitments arose.- Reuter.

situation and shows that further Simon, replying, said that there

year.

It státes that the quotas for the year 1934-35 are already too big in relation to the estimated de mand, and recommends that Gov- ernments adopt methods to reduce the surplus in the next two years."

Governments which can do so without disturbing economic con- ditions, should adopt measures for reduction in milling extraction and for denaturing, but the report points out that in cerain countries these measures are impossible..

DANISH CROWN PRINCE

(Special to "Hong Kong Daily "Press")

A Democrat member, Mr. Con- don, has introduced in the House of Representatives, a B direct- ing the Reconstruction Finance Corporation to lend twelve, million dollars to the Respess Aeronaut cal Engineering Corporation of Cranton, for the purpose of es- tablishing a Trans-Atlantic alz- ship line.

By Telegraph, Copyright, ↑ Tela graphic Messages Ordinance, 1804. The company would use the money to construct two airshipa

For example, the United States Received, April 18, 7.30 p.m.) with a gas capacity of 70,000,000 cannot reduce milling extraction

Berlin, April 18. because she is unable to dispose of cubic feet. They would also con-

The Danish Crown Prince Pre- but in struct a terminus in the United | additional offals,

Great deric, coming from Paris, arrived States. The loan would be repay- Britain, where cheap bread is in here this morning en route for able in ten amual instalments, the good demand, offals measures Copenhagen-He leaves this even- first of which would fall due in would be-possible-Reuter.

ing-Transocean Kuo Min. /. 1937--Reuter.

Income-tax by sixpence, to 4/66. charge would stand at £224,000,- US. AIR MAIL

in the pound, for restoring in full, from July 1 next, the cuts made in 1931 in the allowances to un- employed," and in restoring from the same date, half of the pay cuts also made in 1931.

Among the items of expenditure he mentioned, that the continued decline in unemployed enabled a saring, compared with last year, of £10,688,000., Provision had to be made for such measures' as a slum clearance. campaign, better marketing for agriculture products, and improvements in a rural wa-

The Chancelor also proposed a reduction in tax on private cars from 1 to 15/- per horse-power Izom January 1 next, with a cor- responding reduction for motor-ter supplies. cycles."

But, taking a reasonable op-

He announced the re-adjust-timistic view of the course of ment of the preference on Colonial trade, he was justified in: expect-.

This was the third successive year in which Mr. Chamberlain had presented the Budget

venue.

DISPUTE

Companies Suing The P.M.G.

INTRIGUING POSITION

دو

FOR ROOSEVELT

STRONG CRITICISM BY N.R.A. ADVISORY BOARD

New York, April 17. Four United States air lines, the sugar and new duties on patent ing a large yield from all the Boeing Air Transport Company,

New York, April 8. leather, and "hydro-carbon oll

most important sources of re- the Pacific A. T. Company and the

An intriguing position has alreen Varney air Lines, announce that after Mr. Roosevelt's announcement they have filled complaints in of his plans regarding enactment Washington against the Fostmas-of legislation during the present ter-Ceneral seeking to prevent him! session. from enforcing the order cancelling- their air mail contracts. They are claiming damages.-Reuter."

COLONIAL: SUGAR PREFERENCE

He recalled. that in 1932, many dark clouds stili hiing around the Dealing with the preference on colonial sugar he said that in horizon. Last year, although the outlook TELS distinctly brighter.

Sir agreement with

Philip "there was no settled feeling that.Cunliffe-Lister, the Colonial Sec- they had reached fine weather. | retary," he had proposed a new To-day, however, the atmosphere scheme which would benent to was completely brighter.

the Colonies of about the same During the last year, evidence of value as those they had been re- Improvement had continued to acceiving, but which would permit cumulate. There was a small but the traffic in sugar to flow freely, distinct rise in wholesale prices, either to Canada or Britain, in rates of short-term interest had accordance with the normal de- achieved new low records, and the mands of trade,

BANKHEAD BILL

Congress Action Completed

feel the time has arrived to openly oppose further development of the "new" deal" and are anxious to take advantage of recovery in trade without the restraints which Mr. Roosevelt would impose.

Emasculating the amendment of is made by the advisory board posed shelving of the Wagner Bill

The latest criticism of the N.R.A.

the Stock Exchange Bill, the pro- created by Mr. Roosevelt to review deaning relations between employ the operation of the recovery aders and organised labour, coupled

ministration.

with recent developments in the The board is headed by Clarence N.R.A. policy are taken to indicate Darrow, who declares the Codes | as a swing to the Right which has under Gen. Johnson so far, examin-'created uneasiness among-; Mr. ed have been found to be of a Roosevelt's most ardent supporters. monoplistic trend. causing injury to small industrialists.

Mr. Roosevelt now appears to be confronted with a hard fight on two fronts.N

Friends of the President are, of the opinion that the best way to restore confidence in his leader- ship is to face boldly the challenge to "The New Deal" implied by the amendment to the Stock Exchange. Regulation Bill.

position of long-term loans had⠀⠀ This they expected to accom- improved to such an extent that plish by the reduction of the stocks, such as the old 21 Consola, general preference on all colonial

Washington, Apr. 17. actually stood higher, to-day than sugar to the old rate of 3 shillings

Progressive elements outside Con- before the War,

and nine pence per hundred-

The House of Representatives to greas express discontent with what Industrial production had very weight, and by replacing the day approved the Senate's amend is described as weakness of the It is believed the night with Wall much improved and equilibrium quota. & preference, which was ments to the Bankhead BUI for the Administration, towards big bual Street in this issue would arouse had been restored in the country's given on a limited but varied compulsory control of cotton pro- néss financall interests, and urge popular enthusiasm to restore Mr.

Statistics amount, by the new quota pre-

duction and marketing, and the | every kind of advanced inflation Roosevelt's prestige in Congress, balance of payments. of such things as retail trade, ference of a shillings per hundred- measure now goes to Presidentary legislation On the contrary whose elements are showing a dis-

these interests are beginning to | position to mutiny-Reuter. consumption of electricity trans- weight upon a fixed amount of Roosevelt for signature-Renter

RAILWAY STAFF ON STRIKE

(Special to "Hong Kong

Daily Press") " (By Telegraph, Copyright, Tele

· 1894 graphic Messages Ordinance, Received, April 18, 7.30 p.m.) ··

Athens, April 18. The entire stan of the Greek Railways suddenly went on twenty four hours general strike as a protest against the Govern- ment's non-complicance of their social demands. The situation la considered by the Government as critical-Transocean Kuo Miri.

THE

**FRENCH SOLDIER

>

$

Fruit Inspection Cancelled At the petition of fruit exporters, the S.-W. Political Cound has de cided that the export of fruits to Indo-China shall be freed from ex- amination by the Bureau of Test- ing of, Commercial Commodities her and its branch offices bi

Swatow and Kongmoon.

The Inspection", Was imposed about two months ago following the complaint of the French an thorities in Indo-Chind that fruits - from Kwangtung were of disagres- able quality and that, they - should be banned, Fruit exporters now undertake to send fruits of the best quality to Indo-China and elsewhere, and exemption from in- spection means a saving of testing fees charged by the Bureau

WUCHOW CUSTOMS REGULA–

*TIONS

* Shippers in Canton and Hong- kong are notified that goods en- tering Wuchow must be declared and must clear the customs there, Goods which are not declared are subject to confiscation.

(Special to "Hong Kong Daily Frew') (By Talegraph, Copyright, Tele- 1894. graphic Messages Ordinance, Received, April 18, 7.30 p.m.)

Paris, April 18.`. A new weekly periodical entitled

Goods carried by passengers in- contributions by cluding their personal effects are Marshal, Petain and other French also required to be declared in or- officers. The periodical is edited der to prevent smuggling. by General Madedon-Transocean Kuo Min.

Further Cables op Page 12

French Soldier appeared for the

first time

with

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