1934-05-24 — Page 9

ROOSEVELT'S MESSAGE

TO CONGRESS

Recommendations On Silver

Problem

Washington, May 22.

President Roosevelt has

recom-

mended to Congress mandatory BANK MANAGER'S

legislation to make silver one- fourth of the metallic base of the United States currency.

The message stipulated that payments on silver purchases to build up the necessary reserve should be limited to fity cents an ounce so far, as domestic sil ver is concerned.

Д

Fointing to world-wide bl- metallic agreement as the ultimate solution of the silver problem. the President revealed that he had already begun negotiations with ne. hbouring countries with re- gard to the use of both silver and gold, preferably on a co-or- dinated basis, as a standard of monetary value.

The President asked for author- ity to take over "the present sur- pluses of silver in this country not required for industrial uses on a rayment of just compensation and to regulate Imports, exports and other dealings in monetary silver. The President has proposed. a tax of at least fifty per cent. of the profits accruing from dealing in silver.

The President sald "It is clear that we should not neglect the value of the Iricreased use of sil- ver in improving the monetary system. Some measures for mak- ing greater use of silver are ap- propriate for independent action by us, but for others International co-operation should be sought.”

STATEMENT

Attitude of

China

Shanghai, May 23, The statement that Mr. Tau Yee Pel, manager of the Bank of China welcomes President Roosevelt's silver message mainly on the ground of silver speculation will be greatly discouraged by the likelihood of practical stability.

The messages is particularly ac ceptable because it seems to be based on international as much as national considerations, and also because it appears to indicate that same form of bi-metallism is de- sired.

Whether bl-metallism is estab- ishable is uncertain, but any policy tending to stabilise silver and lift It from the speculative arena must be welcomed by China.-Reuter.

A CAUTIOUS VIEW

London, May 23.

and "de

The London "Daily Telegraph' adopts a cautions view clares that it is clear that Presid- ent Roosevelt has been persuaded to give the silver interests a great dent. It remains to be..seen, how- ever, what is the relative import- ance of the manditory and per- missive clauses of the new Silver BIL

The Fresident recommends le- gislation at the present session of Congress. declaring that it will be the policy of the United States, to increase the amount of sliver Upon that depends whether the monetary stocks, the ultimate ob- fective being the maintaining of one-fourth of the monetary value of the Country in silver to three- fourths in gold.

He added that the Executive Authority should be authorized and directed" to make the silver

messages epoch-making or not more than a minor concession to Infationist poiltical pressure and sentiment. the journal adds. Reuter.

LONDON "TIMES" COMMENT

London May 23. President Roosevelt's message

purchases necessary to attain this emphasises the necessity of reach, objective.

TREASURY ESTIMATE

Washington, May 23... The assumption that silver for „currency reserve purposes will be valued at $1.29 an ounce is made by Treasury officials in measuring the supply of the white metal which it will be necessary, to ag- quire in order to maintain the pro- posed.25:75 ratio with gold.

On this baxis, the Treasury will "need approximately 2,002,000.000 ounces against the current gold

stock of $7,757,000,000,

The Treasury now has approxi-

ing a world agrement to raise the price of silver and stabilise it at a higher level, states "The Times" in a leading article.

It is assumed that President Roosevelt will not rush to buy mil- ons of ounces at fancy prices. have a disturbing which would effect on the exchange value of silver currencies and on the trade

of all silver-using countries.

It is extremely doubtful how far prices can be affected by manipu- lating the metallic content

Currency unit.

of B

HONG KONG DAILY PRESS, THURSDAY, MAY 24, 1934.

MISS BATTEN HAPPY

Thrilled To Be Here

London, May 23. Misa Batten, interviewed by Reuter on her arrival in Darwin, said I had

a gruelling night across the Timor Sea. Head winds were blowing for miles south of the course.

"The crossing occupied seven and a half hours, but I had no difficulty in finding Darwin.

I am thrilled to be here after the third attempt. I am informed

that I had beaten Amy Mollison's record by four and a half days. As I have said, I am glad, but pleased to have made the trip whether I broke the record or not, "I had an adventurous trip in frightful weather throughout. The machine is four years old, but.. functioned perfectly. The worst part of the trip was crossing from Burmah.

"It is doubtful if I will "enter for a centenary flight as the speed of the machine is only eighty miles

an hour."

and

ויי

Miss Batten feels perfectly At. The Arst request on her arrival was where can I get a cup of tea?" Then she had a wash.

She had to be her own mechanic at Kupang where she spent the afternoon

early overhauling

morning the engine as no assistance was avaliable.

Miss Batten's mother waited all night long at the telephone hear ing the news and exclaimed:

splendid, it's wonderful; I feel the happiest of women in London and could hug you, Jean!"- Reuter.

"[Earlier Cables)

Darwin, May 23. The New Zealand aviatrix, Miss Jean Batten. arrived here at 2.59 p.m. to-day, breaking Amy-Mol- llson's record for the England to Australia flight by three days.... Reuter

Batavia, Earller. Jean Batten has left from Kupahg on the last stage of her fight to Port Darwin.-Reuter,

CHINESE AIR MISSION

Extensive Tour For Study

SALVADOR AND MANCHUKUO,

New Problemi For The League

ዳ

Geneva, May 22. The news that Salvador has`re- Manchukuo not only cognised

the marks the first breach in United front of the Powers to- wards Manchukuo, but raises the question of how far it affects the fundamentals of the League of Nations itself.

When the League" Special da sembly, on March 11, 1932, passed

a resolution in regard to the non- recognition of Manchakub, only one Power, Siam, abstained from voting.

Salvador, which attended all the meetings, did not vote, but did not announce her intention to abstain

The League jurists hold, tharë- fore, that Salvador must be deem- ed to have adhered to the resolu- tion. Consequently, the question arises. how far has Salvador violated the Covenant and expos- ed herself to censure under Article

XVI which would undoubtedly lead to her expulsion from the League

It is doubtful, however, whether the Council will take any action. especially as they have no ofielai intimation. of Salvador's decision.

The matter, however, may come before the China Advisory Com-

mittee.

SABOTAGE IN AUSTRIA

Large Number Arrested

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

LITVINOFF'S SECURITY PACT SCHEME

Collective Action Against An Aggressor

Geneva, May 23.

It is understood that M, Litvinof is submitting a scheme for a mutual security pact to the Gen- eral Commission on Tuesday:

The main lines of the scheme follow old Paill, Boncour "plan.

Vienna, May 22. Large numbers of National-So- cialists variously estimated from between 150 and 200 have been ar rested up till now on the charge of complicity with the widespread sabotage "campaign

against the railways, power supply and ether public services. Amongst those arrested is the National Socialist measures in the event of aggres- ex-regional leader for lower Anst- ria, retired army captain Josef Leo- pold who was apprehended at Krems on Monday.

Those arrested assert their cum- plete innocence, declaring, that it is more probable that the "attacks on the railways were carried o": by extreme Marxists or Commun- ists, such being the orthordox met- hods of the Left parties.

That the government continues to release prominent Marxists in- volved in the revolt on February 12, for instance, retired General Schneller, retired General Mayer," ex-Chief of the Fire Brigade of Vienna, Herr Wagner, before the real authors of the sabotage acts

have been discovered. causes con- siderable uneasiness, particulary A most complicated and serious as it is believed that only a minor situation is expected to develop, part of the whole plot was report- especially as the Salvodor decisioned in the Press. Under these str- might help to circumvent the em- bargo on opium import licences which were established, as far as the Manchukuo Government is

concerned.-Reuter.

4

SILVER MARKET-

(From Our Own Correspondent).

"London, May 23. London silver prices to-day were up id. as follow:-

May 22 May 23 19.9/16 19.11/13"] 191 19. The London on New York cross- rate at 2pm. fé-day was 5.09.11/16 'compared with 5.11 at closing yes- terday"

Spot Forward

cumstances a demand is being rais - sa for the formation of a voluntary self-defence corps to protectie and property from violent aut bursts of extreme political factions -Transocean Kuo Min. "

WAR TIME CRUISER. TO BE SCRAPPED

[Special to the "Hong Kong Dally Press" (Copyright.23

Paris, May 22.

The small cruiser. "Strassburg." 4723 tons. formerly belonging to the German navy under the name of "Regensburg," but allotted to France under the Treaty of Ver sailles, has been handed over to "the arsenal at Brest to be broken up. The "Strassburg" was launch- ed in 1914-Transocean Kuo Min

AERIAL MANOEUVRES

V

Press" (Copyright).}

Paris, May 22.

GOVERNOR OF MADRAS

Lord Erskine Appointed

London, May 22, - His Majesty the King has been (Special to the "Hong Kong Daily pleased to approve the appoint-

Press" (Copyright),)

ment of Lord Erskine to be Gov. ernor of the Presidency of Madras [Special to the "Hong Kong Daily Bremerhaven, May 22. in succession to "3 George The Chinese mission led by Frederick Stanley, whose term of The rise ini American internal | Lleut-General Huang Kuang Yueh office will expire in "November mately 690.000.000 ounces of silver/commodity prices in the past year arrived here on Tuesday by the next...

Bir George Staley is at present, not including any which may be more probably the result of Norddeutscher Lloyd steamer "Bre-

men." Among the party are also deputing as Viceroy during the the second half of June at Cha- held in the stabilisation fund. It lavish Government expenditure of will therefore be necessary for credit money during that period. the chief of the adjutant service, absence of Lord Willingdon, who lons, a number of civii airmen with Chlang. departmental chief Ting. | last week proceeded from India to their own machines will be invited director of the airplane park, Mei,

to take part, this being the first and Secretary Ching. The mission

time civilians are admitted. left China on March 24 by the ss.

The military authorities have al- "President Coolidge" to study pro-

Lord Erskine, who is Unionist so called on French owners of gress in alxplane building in, the member of Parliament for West- | civilian planes to first pass the United States with the intention on Supermare, Somerest, has been tests required for securing military of making further study in Eng-Assistant Whip to the National pllate certificate, after which... to land, France Italy and Germany. Government since 1932 British join the volunteer flying corps. Transocean Kuo Min.

Wireless Service.

Transocean Kuo Min.

the Government to acquire a fur- ther 1.300.000.000 in order to create 'fts stlyer, reserve-Reuter.

WALL STREET OPINION

New York, May 23.

-Reuter.

PARALLEL MEASURES

London, May 23.

President Roosevelt's aim is to Induce other nations to foin the United States in parallel measures, Wall Street interests see in Pre-declares the "Financial Times," in sidents, Roosevelt's silver 'message a leading article on the American confirmation that the Treasury diver plan.

The President has both raised a has been recently, buying all- ver through the Stabilisation wide issue of international co- Fund, The opinion is ex- operation and prepared a way of pressed that purchases amounted, retreat for himself.

to between thirty to forty million The preparatory commission of MORE DEATHS IN

ounces, and therefore not over exports twenty million dollars are engaged in the market.-Reuter.

DERBY CALL OVER

Colombo Still Favourite

London, May 22, The following was to-day's call over on the Derby to be run on June 6:--

Colombo-7 to 4

Windsor Lad-10 to 1. Umidwar-100 to 9 t, and o. Easton-100 to 8. Lozingaro-18 to 1 o. Admiral Drake-20 to 1 o. 22 to

1 t.

Tiberius-12 to 10. 25 to 1. t. Alishah-93 to 1 o. 40 to it. Valerius-33 to 1 o.. Achtenan-40 to 10. 50 to 1 Brestol-40 to 1 o. 50 to 1 t. Badruddin-40 to 10.

the

before the Monetary Economic Conference, pointed out that

standard. pimetallic which pre-supposes the fixed re- lation between the value of gold and silver must be regarded as Impracticable, the journal declares.

On that assumption, sliver is unsuitable for extensive inclusion in the metallic reserves of central hanks.

CHICAGO

Huge Watertank - Crashes

Chicago, May 23. Another disaster occurred here when a huge watertank with a capacity of 40,000 gallons crashed through a seven-storey building.

Finally, experts are of the opia- lon that from the point of view of commercial relations with China, trade interests would best be served not by a rise in the "price of silver as such, but by a rise in the general level of commodity under the wreckage-Reuter. prices,

These conclusions give little room for hope that any interna- tional plan, sponsored by Prest- dent Roosevelt, can succeed the newspaper states-Reuter,

[Special to the "Hong Kong Dally Press" (Capright.)}·

Moscow, May 22,

The national Commissioner for Agriculture, Muraloff, was trans ferred on Tuesday to the Vice Medieval Knight-60 to 1.0. 55 to commissionership for Posts, his

1 t.

place being taken by Nikitin -Reuter. Transocean. Kuo Min

Four were killed and 20 injured. It is believed that other bodies are

TURKISH DEFENCES

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

Europe by air and is now spending a acliday at Alx before coming to England.

At the manoeuvres to be held in

CHINESE ATHLETES. LEAVE MANILA

Important Statement By Dr. Wang

Manila, May 23. The Chinese Delegation, balled this afternoon amid cheers from thousands at a gala send off.

Dr. C. T. Wang made a state- ment that the case of the dissolu- tion of the Far Eastern Associa- tion would be referred to the World Olympic Committee, possibly resulting the future" barring of Japan and Philippines from world competition.

He declared that the plans for the next, games in Shanghai would proceed as usual.

GERMANY'S DAVIS CUP

PLAYERS

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

Berlin, May 22. Germany's only hope for the Davis Cup, young Gottfried ron Cramm, romped home an easy winner against in international opposition to win the annual Ber- lin Tennis championship, defeat- ing the Italian champion, Palmieri, in the final in three straight sets 6-0, 6-1 and 7-3-

Germany's ranking woman play-

Ankara, May 22. The Ministry for War intends this year, to order a number of The Filipino Delegates, who are submarines and airplanes, and responsible for concerted action also strengthen the garrison at with Japan are busly trying to Adrianople and other towne on save face, declaring everything is the Bulgarian frontier. These a misunderstanding, but the gener, Marieluise Horn, also scored an will also be equipped with modern eral centiment and expressions of easy win, defeating the dashing artillery and airplane squadrons. the Press are solidly supporting Californian, Elizabeth Ryan, in the China and asserting there is a women's final, the score being 6-2, Finally, Dardenelles will be for tified Tranzocean Kuo Min. raw deal in every angleRenter 16-2 Transocean Kuo Lin,

Firstly, all the Powers of the world to participate in consultative

son.

Secondly, all the League mem- 'bers to provide action in accor dance with the covenant of the League.

Thirdly, the Continental Powers to agree, mutually in a defensive pact, for collective action against an aggressor.

Britain 1s tbus excluded. Reuter.

NEW TELEVISION CO. FLOATED

London, May 22- A new television company was floated to-day. The Marconi Com- pany and Electric and Musical Ip- dustries. Eta, have combined, and will hold shares equally in the new

concern.

U.S. CONTROL OF TEXTILES Working Hours Curtailed

Washington, May 23. The National Recovery Adminis- trator, General Hugh Johnson, has announced that beginning on June. 4, the cotton and textile industry will limit the use of productive machinery to 75 per cent, of the present maximum hours in force: for an emergency period, of 12

weeks.

It is hoped thereby, to reduce. the maximum use of machinery from "80 to 60 hours a week.

Exceptions are made in the rayon Industry; which will not be put on the loom-hour" basis, while the synthetic industry. will have an eight-week programme of cur- talled output.—Reuter.

CODE'S STATISTICS

New York, May 23, In connection with the 25 për cent. Lord Inverforth is the Chairman

curtailment in, the cotton of the Board, which includes the and textile industry for twelve- Marchese Marconi, Mr. "Alfred weeks, Mr. Sloan chairman of the Clark, Chairman of Electric and Code Authority, states that unsold. Musical Industries, Ltd., and the stocks of cotton goods on April 30 Managing Directors of the two amounted to 33,000,000 yards, while weekly sales in April averaged The дете Company w be $80,000,000 weekly. The production known as the Marconi E.M.J. Tele-averaged 130,000,000 million yards vision Company, Ltd., The agree or 82 per cent. above..the current ment relates to a high definition demand.

television. British Wireless

concerns.

of

Service.

་་

SOVIET DIPLOMATIC

SERVICE

Series Of Moves

The decreased demand was particularly marked in the second half of April when sales were only 47 per cent, of the pro- auction-Reuter.

This change is reported to be the first of a series of moves in the Aussian diplomatic service -that- will ultimately, involve: London, ·

(Special to the "Hong Kong Bally Faris and Tokyo-Transocean Kuo

Prune" (Copyright),】

Min.

Berlin, May 22

Berlin, May 22. "Changes in the personnel of the

shadowed by the announcement that the Soviet Ambassador to Berlin. Mr. Leo Chinchuk, has. been recalled.

The present Soviet Russian Am- "Soviet Embassies in London and bassador to Turkey, Surita, has (Tokyo are believed to be fore-

Ambassador to been appointed Berlin, to take the place, filed with distinction for the last three- and-a-half years, by Lea Chints chuk, who is now recalled to his former dutleg in purely economic felds at home.

He will be succeeded shortly “by" M. 3uritz. Soviet Ambassador to Ankara-Reuter.

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