1934-07-06 — Page 11

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HONG KONG DAILY

O FRIDAY, JULY 6, 1934.

GERMANY'S DEBT TO

BRITAIN

Full Interest On Loans

STOCK HOLDERS

IN DOMINIONS

Protection Bill In Britain

London, July 4.

on.

An important statement was made in the House of Commons London, July 4 ber. Only, the coupons can be re- by Mr. Neville Chamberlain The Chancellor of the Exchequer, | deemable, however, which proved the subject of the Colonial Stock Mr. Neville Chamberlain, announc- the property of the British bond Act (1900) Declaration Bill re- ed in the House of Commons that holders on June 15. The sattle-cently passed in the Parliamen: an agreement regarding the Ger- ment of all middle and long-terïn | of the Union of South Africa. man debt question was signed this debts is to remain governed by This, he said. was the result of afternoon. A White Paper con- taining its terms was published this evening.

The agreement covers a period of six months as from July 1, 1934; and it provides that during this period the German Government will provide sterling funds at the Bank of England for the purchase. at full nominal value of all coupons under the Dawes and Young loans. This applies to coupons in beneficial ownership of British owners on June 15, 1934

Equal Treatment

As regards other medium and long term debts, the agreement provides that the terms of the offer of the Refensbank embodied in the communique issued on May 29, 1934; shall apply to all interest, etc., due in respect of investments which on June 15, 1934, were in the beneficial ownership of British holders, provided that if the Ger- man Government should conclude

the arrangement reached in the Berlin transfer conference 紐 May.

The British Government does not propose at present to make use against Germany of the powers granted by Parliament in the new "debts Clearing bill." Tranocean Kuo Min.

GERMANY PLEASED

..4

an agreement between His Majesty's Governments in the United Kingdom and the Union. Last, autumn, the Union Govern- ment formed us that they pro- posed to repeal the section of the South Africa Act. 1909, which provides for the exercise of po- wers of disallowance in respect of Union legislation. The action was in accordance with the con.-

[Special to the "Borg Kong Daly stitutional developments of the

Prese" (Copyright). I

last few years. ·

Berlin, July 4. German official quarters welcome the Wednesday's "Anglo-German transter agreement. Special im- portance is attached here to the fact that England in the preamble to the agreement recognises that Germany can pay her debts only in commodities and that any transfer is conditional on the favourable

balance of German trade and the increase in German export. Eng- land, moreover, acknowledges the correctness of the Germán stand-

But one of the conditions pre- scribed by, the Treasury under the Colonial which every Dominion of Colonial Stock Act, 1900, with

Government must comply in order to obtate trustee status in the United Kingdom for their securi- cisallowance shall ties, stipulates that the right of recognised by the Borrowing Gov- expressly

ernment in respect of any legisla- tion which appears to the United Kingdom Government

to alter

be

any of the provisions affecting point in regard to the special the stock to the injury of the transfer agreements with various stockholder, or to involve depar- countries ke Switzerland and

ture from the original contract in Holland Germany had always held that the concessions granted in these special agreements could only be extended to other counties I the latter are willing to grant corresponding counter concessions,

regard to the stock

SAFEGUARDING HOLDERS

any agreement with any other creditor country under which more raydurable terms are accorded to residents in their "country in res- pect of non-Reich loans. it shall be open to British holders to claim corresponding treatment in respect

The Union Government, there- of investments held by them on

fore, realising that when the po- June 15, 1934, and should such

wer of disallowance ceased, these claim be put forward, the question

England accepted the German conditions would, in the absence of will be settled by agreement be- standpoint in article 3 of section.

an express stipulation become tween the two countries on a basis 2 Under these conditions Ger

many has decided to concede the tain in the fullest possible degree

nugatory, and, desiring to main of non-discrimination, taking ac- count of all circumstances. includ-transfer of interest payments on the rights of holders of their

ing any advantages which Germany receives from other creditors as compared with any advantages which Germany receives from the United Kingdom.

“WITHOUT PREJUDICE”' Finally, the agreement provides that the British Government will not, during the period of the agree ment, exercise in respect of Ger- many the powers vested in the Government by the Debts Clearing Offices and Imports Restrictions Act, 1934. The agreement is, of course, without prejudice to stand- stili terms in regard to short-term debta

Mr. Chamberlain added that in

the preamble to the agreement. both Governments affirm their earrest desire that the trade and financial relations between these countries will continue on a non- discriminatory and most friendly basis and that the volume of mutu- al trade shall he maintained and, as far as possible, increased. In pursuance of this principle, the German Government have inform- ed the British Government that they are prepared to negotiate au agreement for commercial pay- ments similar to those which are or may be in force between Ger- many afid other countries, This matter is dealt with in an exchange of letters contained in the White Paper.

"IN CONCLUSION"

to devising an alternative form, of safeguard.

the Dawes and Young Loans on October 15 and December 1n re-Kingdom Government with a view stocks, approached the United

turn for which England switholds the application of the recently passed Clearing Bill. The general and fundamental principles for the

As "the result of discussion, it treatment of all questions of trade was agreed that the Union Gov- bolles between England and Ger-ernment should enter into an un- many will be laid down in the ex- dertaking with the United King- change of letters and it is conti- dom Government, not confirmed dently hoped here that the fair by the Act referred to, and that and friendly attitude expressed in the new undertaking, which should ther commercial dealings between fect to approval of Parliament, as the preamble will govern all fur- be accepted by the Treasury, sub-

the. two Kuo Miri.

countries. Transoceanún

AMERICAN DEMAND

Washington, July 5." Authoritative administration cir- cles stated positively that the United States will demand Ameri- can holders of German bonds to be given as favourable treatment as accorded to British holders under the agreement signed in London yesterday-Reuter,

NEW BANK OF CANADA

To Be Shortly Established

alternative to the existing stipulation, should be as follows: "His Majesty's Government in the Dominion has undertaken that legislation which appears to the United Kingdom Government to amend atack to the injury of stockhold- the provisions affecting

ers. or to involve departure from the original contract in regard to the stock, shall not be submitted for Royal assent except after agreement with the United King- dom Government, and that if at- tention is drawn to any such legis- lation as aforesaid after the pass- ing thereof by the Dominion Par- liament the Government in the Dominion will take" the necessary steps to ensure such amendment as may be requested by the United Kingdom Government."

ALTERNATIVE SCHEME.

A Bill is being presented to the House of Commons authorising the Treasury to accept an under- Dominion Government which pre- taking. in agreed form, from any

Ottawa, Canada.... After a long debate in a committee. the bill creating a central bank for Canada will shortly become law and the new bank will come into existence probably about September. The new bank which will be known as Concluding, Mr. Chamberlain the Bank of Canada will be pri sald: It would have been more vately owned. The question whefers to adopt this as an alternative satisfactory if the German Govern-ther the government should not to the existing undertaking, or ment could have made an arrange-own the bank was the occasion of which prefers to borrow under the ment, with all its creditors on the bitter debate in the House of Com-existing Treasury conditions, as unes of this agreement, but as the mons, but the prime minister con- many of these Governments do, is German Government is engaged intended that the only sure way of at liberty to continue in the separate negotiations and with dif- keeping the bank administration existing practice. ferent creditors, we have been outside the sphere of political in- forced to take the same line, and fuence was the have the bank I hope the House will agree that. shares in the hands of private in-

Mr. Chamberlain said he was ent rely satisfied that the existing rights of stockholders would be

so far as this country is concerned, dividuals. The bank will have a this agreement is a satisfactory capitalization of $5,000,000, made safeguarded equally under either solution."British Wireless.

POWERS NOT TO BE USED [Special to the "Hong Kong Dally Press" (Copyright)

London, July 4.

up of 100,000 shares of 150 each, and the number of shares held by any one individual is limited to ten.

No director of any of the. chartered banks of Canada may hold stock in the Bank of Canada. The abject of this, of course, is

condition, British Wireless

TERRORISM IN AUSTRIA

(Special to the "Hong Kong Dalls· Press" (Copyright.)]"

Vienna, July, 4. Despite the Government's dras- tic and repressive measures there appears to be no let-up in the

In the transfer agreement rea- to keep the central bank entirely ched "between German and Great free of any possible dominatión by, Britain here on Wednesday, the the chartered banks. The new British Government recognises the bank will gradually take over 75. necessity of a temporary easing per cent, of the bote issue of the up of the foreign debt burden on country. At present the right of Germany for the strengthening of note issue is enjoyed by the char- the German reserves in the for-tered banks,

Terrorist's activities. An infernal zign exchange as well as the gen- One of the main objects of the machine exploded on Wednesday eral principle that the debtor na establishment of the Bank of in the capital's imposing palace on should fulfill her foreign Canada is to give Canadian cur- of Justice. doing considerable obligations only so far as permit-rency a more Independent existence material damage and causing the ted by her active trade balance. on world exchanges than it has Supreme Court which had just as- By the terms of the agreement. previously possessed. Hitherto the sembled for the session to be ad- German undertakes to pay fail in Canadian dollar has been directly cured hastily. Another bomb terest on the Dawes and Young influenced by any violent auctua-exploded last night in the "old bonds as various coupons fall, duetions either in British sterling or palace" in Salzburg causing much between July 1 and next Decem- the American dollar,

damage. Transocean Kuo Mín.

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