1934-08-11 — Page 9

NATIONALISATION OF SILVER

HOW THE PROCLAMATION WAS

RECEIVED

London Circles Jubilant: Some Quarters "Wait

And See

"

President Roosevelt's proclamation of the nationalisation of. silver in the United States has been received with mixed feel- ings in different parts of the world...

A message received through Reutër's last night was to the effect that official circles in Paris opine that the step taken will not hit the franc or assaff the monetary policy of gold si bloc countries. The message goes on to say that it was not

• anticipated in Paris that President Roosevelt intends to de- valuate the dollar.

Kud

A speelai message received through the Transocean Min service states that the nationalisation of silver in the United States brings the price of silver to about 5.01 cents an ounce. Stocks in America fell · from 200,000,000 ourices to 60,000,000' and all silver mine shares rose from 2 to 5 points some them attaining new high price records.

New York Times "Speak Out"

London, August 10.

"Will America buy here to-day”. Is the question that is being asked on all sides in London silver cir-

programme

of

11

RISE IN PRICES?

The proclamation prompted ac- tive selling of the metal.

Pinancial circles "regard - the proclamation as indicating a more vigorous pursult of the silver po- Ucy outlined in the Silver Act, 1934. and it is expected to result In a temporary acceleration of

cles this morning. Fixing revealed that. America has been a buyer and many silver broker became jubilant, pointing out that while estimates of the United States silver stock may vary between 100 silver buying by the US Treasury, and 300 million ounces. the ful-accompanied by a rise in the world flment of the silver

price of silver. requires à stock of about 1,300 million ounces and they, there- fore, are of the opinion that the United States will be obliged to purchase the metal from abroad, thereby raising the price. On the other hand, there are those who atate. that as silver is to be aur- rendered within 90 days, there is

Active buying in foreign markets Is generally expected.— Reuter, «

NEW ERA OF PROSPERITY

"Washington, Aug, 10. ́ ́ Mr. Morgenthau, the Secretary of the Treasury Department, told pressmen that the Government, in

HONG KONG DAILY PRESS, SATURDAY, AUGUST 11, 1934.

U.S. SILVER POLICY

British Press Comment

AMNESTY LAW IN

GERMANY

Thousands Of Prisoners Set Free

[Special

CABLE NEWS IN

BRIEF

"Endeavour" A Fine Boat

London, Aug, 10.

to the "Hong Kong Daily (Special to the "Hong Kong President Roosevelt's intentions with regard to the dollar are still

Press" (Copyright.)} **

Daily Prom”) ·

secret, but his silver polley un-

Berlin, Aug. 9. (By | Telegraph, · Copyright, "Tela- doubtedly makes for further cur- The amnesty-law-promulgated-staphic Massager Ordinance, 1894-- rency expansion states the in-by the Reich Government on the Received, July 31, 4:30 pm.) ancial Times' In a leading article occasion of the amalgamation of

Received, August 10, 7.30 p.m.) to-day.

Klagenfurt, Aug. 10, the offices of Reichspresident and

The director of public safety in Carinthia has announced that the state of siege will be raised on Friday,-

16

י

The journal declares that the Reichschancellor in the hands of "most important and immediate et-Adolf Hitler, was published in full fect of the "silver proclamation is in the oficial gazette høre on that foreign observers, who are Thursday. The law which will afraid of further inflationary free thousands of political prison- moves, are more than ever „ con- ¡era, stipulated a total remission of vinced of the correctness of their an prison sentences up to six views.

months as well as fines up to one thousand Reichsmarks, - provided the person was sentenced for minor offences and not previously convicted. The prison sentences up to three months and fines up to 500 marks are rescinded-un. conditionally.

The "Daily Mail" also states that the change means a certain degree of inflation, but not very exten- sive, or alarming.

The "News Chronicle" elts editor, "on the other, hand, declares that the interpretation of the edict as a signal for a fresh dose of infla- tion is not shared, by operators in London... Beuler,"

All proceedings pending against minor offenders will be quashed if the offence was committed before August 2-the day when Rinden-

burg died and his powers and prerogatives were transferred to

RESTRICTION ON the Chancellor.

EXCHANGE

Hinders Payment Of Debts

London, Aug. 9. The President of the Board of Trade, Mr. Runciman, was in con- ference in London to-day with officials of his Department regard Ing difficulties in connection with the liquidation of a considerable amount of commercial debta which are now due from Germany for goods actualy delivered, and which. it is understood, German debtors are unable to remit be- cause of the restriction on foreign exchange imposed by the German Government.-—... British Wireless.

Transocean Kuo Min.

'Rome, Aug. 10. Members of the Chinese Air Mission arrived here to-day and were accorded a cordial welcome. One of their first official “acts" was to visit the tomb of the Unknown Soldier on which they placed a wreath.-

Transocean Kuo Min.

•

Berlin. Aug. 10.

It is announced that the Rus-

sian-German negotiations arising

from the protocol of March 20 this year concerning import of Soviet Russian goods, have led to the signing of B fresh protoci on

M

HIGH TREASON NOT, INCLUDED | August 8.-

The following political dentes | Transocean Kuo Min. fall within the scope of the amnesty, 1. defamation of the

Newfoundland, Aug. 10. Fuehrer and Chancellor, 2, offences. Mr. Ramsay MacDonald, the Bri- committed by word or mouth or Ligh Prime Minister, and his in writing against the welfare of | daughter, Miss Ishbel MacDonald, the authority of the State provid-are. making a cruise to St. John, ed these offences were not. com- Newfoundland.- The population mitted out of sentiment inimical are "celebrating" the occasion in to the Government and nation, 3. fitting manner as this is the first offences due to excessive geal in time that a British Premier has the fight for National-Socialist visited St. John. ideal, and 4, other defamations of Transocean Kuo Min. character and bodily injuries In- flicted in heated conflict of politi cal opinions.

The amnesty on the other hand does not extend to high treason. betrayal of military secreta, at- tempts on life, bombing outrages which caused death or bodily in- jury, nor any "actions whose mo tives demonstrate a base minded ness of the perpetrator.

The Chancellor furthermore has

Cherbourg, Aug. 10.

BRIGHTON TRUNK MURDER TRIAL

CASE FOR THE CROWN FULLY

PRESENTED

Accused Denies Guilt In Statement

London, August`10. The case for thè Crown was

night, be was not able to get any answer to the bell. He got in

i-

BOUGHT A TRUNE":

fully presented when Jack Notyre, through the window and found who is charged with the murder | Miss Kaye lying in the bed, Shệ of Miss Violette Kaye, made his was dead and he became frighten- Afth appearance in the Brighton ed as he could not prove that he Police which was beselged with [had not done 16. great crowds seeking admittance.

The Crown revealed that Notyre lived with Miss Kaye in a fat in Park Crescent, Brighton, and on May 14, said his wife had depart- ed with her uncle. Notre then moved to Kemp Street after which Miss Kaye was not seen alive

again."

"

41

The statement goes on to say that Notyre bought a trunk in which he "placed the body and re- moved it with the maid to a friend's place in Kemp Street where it was found by the Police Renter.

:

“EXHIBIT 3"

CRIME RECALLED At this stage of the proceedings, It will be recalled that the the Police produced the head of mutilated body of Mas Kaye was shammer found in a cupboard in found in a large trunk in a the Park Cresent fat, which, ac-Brighton boarding house. cording to Bir Bernard Spilsbury, The accused, who is a walter, Atted the wounds in Miss Kaye's gave the name of Mancini Wheir head.

arrested, but the police later dis- A statement made by Notyre covered that his real name wás when he WEB arrested denied Jack Notyre, gulit and was to the effect that Notyre returned a plea of plead- when he returned to the flat one ed "Not Guilty

MANCHU MUTINY BANDITS AGAIN

The Canadian Pacific Liner, Em- Cavalrymen Run Off Wreck Freight Train

press of Britain, set a new record to-day when she arrived here from Vancouver, taking 4 days 6 hours and 58 minutes for the voyage.

officer on the ship

Harbin, August 10. A Manchu garrison in Tzilinghe, She averaged a speed of 25.08 knots per hour and when inter-hirty miles to the west of Fraran viewed, an

itchnaya mutineed to-day, and stated that it was the first time eighty fully equipped mounted that "he Brial wen over 25 knots cavalrymen have run off to the

Transocean Kuo Yin. ·

little likelihood of any heavy buy- nationalising sliver was exercis NO MORE GOODS given Instructions that all persons per hour.

ing until November.

"Inflationary Psychology" News of the nationalisation had little direct effect except by the Implication which caused the weakening of the dollar and buy ing of gold shares. There was a

rise in the commodities owing fears that the nationalisation will be followed by devaluation.

It seems generally agreed that the chief effect has been the stimulus given by inflationary psy- chology.- Beuter.

"STILL TOO EARLY"

New York, Aug, 10. The "New York Times" charac- terising the nationalisation of si- ver states that it is not in itself of any great importance..

"It is still too early to say what this action may indicate regarding our future monetary policy. Direct- ly, it means that whatever future purchases of silver are made by the Government will have to be made in foreign markets, and they ¦ would naturally tend to force up

the world price."

Referring to the domestic effects of nationalisation, coupled with the silver purchases under the re- cent legislation, the paper says that no one will be benefitted ex- cept silver producers and silver speculators and adds that the. United States silver production in 1831 was equal in value to one per cent. of the value of the wheat crup and half per cent of the value of the monkey nut crop..

ing its right in an "eminent domain."

"I am very relieved that it is all over," he added.

Some circles on the Stock Ex- change "regard the move as a indication that the Government will try to reply to the growing

Till Payment Is Made

in protective custody be released 17" arrested for minor reasonsbr if the duration of the detention and the character of the person detained affords a guarantee that he will in future "not to be inimi cally disposed towards the Na tional-Socialist State and its or-

London, August 10. Lancashire spinners have decid-gans"

agitation for inflation by more vigorous pursuit of the silver. pur-ed to continue the suspendon of Traniocean" Kuo Min."

yarn spinning for Germany, untli financial arrangements are clarifi-

chase plan.

ed.

WIDER USE OF SILVER Senator Thomas, of Oklahoma, one of the leaders in the drive for

Dissatisfaction was express at the so-called rehabilitation of the conclusion of the agreement silver, halled the announcement which did not provide for of nationalisation as "the over-payment of outstanding · debts. throw of the world-wide gold bloc Reuter.

and the beginning of a new world monetary system and a new era of prosperity."

He declared that the decision of the United States for the wider use of Silver as money would cause other nations to adopt a similar policy..

He also pointed out that the Government would still need to purchase # thousand million ounces to meet the ratio with gold as set by Congress, and added that the nationalisation order was tantamount to a 'declaration that there is not enough gold in the world to satisfy its demands for

money.

BRIGHT FUTURE

M. Doumergue Interviewed

(Special to "Hong Kong.

Dally Press"). " (By Telegraph, Copyright, Tele- graphic Messages Ordinance, Received, August 10, 7:30 p.m.),

1394.

Paris, August 10.“ M. Doumergue returned to the capital to-day after a short visit The world will return to allver, to Toulouse. He was met in the be sald. Reuter.

Station by a number of officials and a party of newspaper re- porters.

In a statement, M. Deumergue said that the nation's affairs re- quired to be "put into order." When he took over the reins of The nationalisation of silver office, M. Doumergue, said that have any immediate things were "rather bad" but he Hon dollars is equal to 3,000 mil-effect upon the Nevada silver was glad to note that there had lion ounces. at fifty cents per mining industry in the opinion of been in improvement. He com ounce, and oficials have not giv operators here, as the nationalis- cluded by saying that he en any indications that they in ation price has been fixed at a optimistic regarding the tend to go to these extreme point lower than that established Transocean Kuo Min. lengths...

for newly-mined silver under, the Reuter.

proclamation of December last,

I

Other commentators point out that the value of silver was requir- ed to attain the monetary ratio

NEVADA INDUSTRY

set by Congress, that is 1,950 ml- will not

ACTIVE FOREIGN

MARKETS

New York, Ang. 9. President Roosevelt's silver na- tionalization order. is: interpreted differently by various circles,

The silver group hold that it will Increase the purchasing power of the Far East while other monetary authorities argue that on the con- trary by increasing the purchase of silver currencies, it will have a deflationary influence in Eastern countries:

One of the effects will be the suspension of the open market for- silver in the United States,

Reno, Nevada, Aug. 9.

American silver producers ob- tain 64.5 cents an ounce fo their newly-mined metal

There are no stocks of suver bullion held in Nevada at the pre- sent time as far as known.

CHANGES IN CABINET?

"Rumours" In Berlin

Berlin Aug. 9.

to take

It is learned that changes in the Hitler. Cabinet are place shortly, as a result of Herr Hitler's elevated status and the appointment of Captain von Papen to Vienna.

hills-

Reuter.

PRISONERS TO PAY FOR BOARD

(Special to "Hong Kong Daily Press")

London, Augus §. News received here to-day re- garding the Endeavour's chances. In the race for the America Cup

•is decidedly encouraging: The boat on which all Britain's hopes are placed, has arrived at her destination and was seen by a number of leading yachtsmen in-graphic Message: Ordinance, 1805 cluding Mr. Harold Vanderbilt who Received, August 10, 4-30 p.m.) expressed the opinion that she is a very fine ship."- Transocean "Kun Min.

(By Telegraph, Copyright, Tela

Warsaw, August 10,

Bandits

Harbin, August 10. fusilladed and wrecked a freight destroyed the track, train going westwards 50 miles to the east of Imtenpo. Two locomo tives and five wagons were amean- ed and five.

members the train crew were kidnapped.-- Reuter

·SOVIET AVIATORS IN PARIS

(Special to "Hong Kong. Daily Press"}

of

(By Telegraph, Copyright, Tele sraphic Merages Ordinance. 1894. Received, August 10, 4-30. p.m.)

Paris, August : 10.

The visit of the Soviet-Russian All prisoners in the Polish gaol | aviators to Paris is stressed who are not completely penniless, speeches of welcome exchanged at will henceforth have to pay one a luncheon given by the French zloty daily towards their board and | Government in honour of the keep, as a result of a "decree. Russians. In reply to an address issued by the Minister of Justice, given by the French Air Minister, on Thursday. All expenses in the prisons have increased. In future each citizen convicted will have

London, Aug. 8. It is understood that Malcolm. Campbell, the dare devil racing motorist, has been invited to make an attempt on the present land speed record of 272 miles per hour.

He will do so in his famous Blue to Bird and it is thought that France and Italy will also send representa-

tivca.

Transocean Kuo Min.

Nierstein Aug. 10. One of the most famous wine It is not expected, however, that producing districts in Europe has any official announcement will be

been seriously damaged by a water made until after the "presidential" spout so that the much-appreciat plebiscite which is to be taken oned vintage from this part of the August 19.

Rhine will be rarities, It seems likely that the Vice- Presidency and the Vice-Chan sides with such violence that holes The water poured down the hill- cellorship will be united under ane

twelve to sixteen feet deep were man who will fit the role of De-washed out of the vineyards which puty. Reicheleader.

-་ཆེན་

THE CANDIDATES The candidates mentioned are General Goering, General von Blomberg and Dr. Alfred Hugen- burg, the newspaper king.

* General Goering is considered to was be the most likely nominee as the future-appoinment of General von Blom-

HUGE LOAN SOUGHT

The

For Railway Project.

Nanking, August. 10. Chinese evening papers INCEPTION OF WORK

state that the Ministry of Railways The Secretary of the Nevada

are seeking a loan of 30 million Mine Operators Association, in and dollars from Shanghal and Peiping. interview with Reuter, said that bankers for the Peiping-Hangkow the President's proclamation gave Railway sliver the executive recognition Reuter for which the silver mines have. been fighting, an

Nevada operators are hoping for

the stabilisation of the price of low-grade properties, the exploit the metal at a price of eightystion of which is now dormant, cents an ounce, or more, which and to warrant the inception of they declare to be necessary for development work, the profitable operation of large Reuter,

berg would associate the Reichs- wehr too closely with politics, while the return of Dr. Eugenburg to th Cabinet would be regarded by many. Hitlerites as an open triumph for the Right Wing Reuter.

HUNGER KNOWS NO

LAW

were turned into' a quagmire, most cellars being flooded and filled with mud: "Railway trafic had to be suspended for two hours because rails were buried beneath allt. The

people from the surrounding dis- tricts, fire brigades and members of the brown shirts and from the Jabour services are all hard at work doing their best to repair the damage. Transocean Kuo Min.

Stockholm, Aug. 10. The son of the Crown Prince of Sweden, Prince Bigvard, who mar- ried a German giri, Erika «Patzek in March last in London, has just resigned from the position of Lieutenant of the Reserve Body- guard of the Seventh and Eigth Infantry Regiment of Uppland. It will be remembered that at the nanking, August 10,

instigation of King Gustav V, the riot occurred in Prince had to renounce all right to a small village near Anking on the throne of Sweden' and take the Wednesday when a hungry mob of simple family name "Bigvard over a thousand stormed the Berodotte" "Taux It would seem village and carried away all food that the rumours that the Prince stunk The raiders departed be-and King had been reconciled fore the troops arrived- Reuter,

A serious

were devoid of foundation. Traniacean Kuo Min.

the Russian Charge d'Affaires re- ferred to the Franco-Soviet Rus- sian entente which had developed prove his inability to pay in the spirit of peace to which his daily zloty before the both countries were devoted and State will undertakes" to pay which was actuated by a desire the total imprisonment cost to safe-guard European security- Transocean Kuo Min.

Transocean Kuo Min

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THE greatest event ever staged in Australia

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CENTENARY

COMMENCING OCT. 1984, & EXTENDING INTO 1985.

DON'T MISS THE HOLIDAY OF A LIFE. Phone or write to the nearest -

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