1934-10-20 — Page 11

SILVER EQUALISATION

ATTEMPT

Shanghai Foreign Banks Raise Opposition

Shanghai, Oct. 19.

The decision to establish a Sliver Equalisation Committee, it is" re- ported, was reached "at a. con- ference

bankers of leading local called yesterday by Dr. H. H. Kung, the Minister of Finance.

Local foreign banks are report- ed to be opposed to the formation of a Silver Equalisation Committee.

According to the China Press," the Inliative in opposing the Com- mittee's formation has been taken by leading Japanese banks and financial interests in Shanghai.

AN EXPLANATION

In an endeavour to clear up cer- tain misconceptions and explain the recent action of the Minister of Finance, Dr. H. H. Kung, in re- lation to silver, a statement was issued to-day in which it was pointed out that China was not going off the silver standard.

The introduction of a silver ex-

port duty and an equalisation charge, merely broke the link be- tween sliver in China and silver abroad. The link had been severly strained, in any event, on account of the recent rise, through spécula tion, of silver prices in London and,

New York

The "present measures with re- gard to silver had been adopted by the Government because the un healthy market conditions had culminated in a drain of silver from China which, if unchecked, would have led to the loss of an essential part of the metallic base of China's currency, the statement wald.-- Reuter,

LONDON COMMENT

London, Oct. 18. Commeriting on the Chinese ex- change confusion, the "Times" business City Editor notes that

men

in London are at present divided in their views with regard to the practical wisdom of the Chinese Government's action. Critics doubt whether it is possible by artifelal means to fix effective- ly the exchange rates, regardless of the price of silver,

Apparently the Government's action was taken mainly out of consideration for the export trade which was undoubtedly feeling the

adverse effects of the rising price of silver. This, on the other hand, would stimulate the import trade, owing to the higher purchasing power of China's currency.-- Reuter.

OUTCOME UNCERTAIN

was

London, Oct. 19. ward tendency of the Chinese ex- Financiers regard to-day's up- change to be a natural reaction after the recent fall which probably overdone, but so many factors are involved that exchange rates are likely to continue, un- certain. In the long run China's balance of trade will be the de- termining factor in the value of the dollar.

It is generally believed that all ver prices will be artificially de- pressed by nervous speculators and selling must arise again, but everyone is chary of expressing an opinion regarding the outcome of the so-called Sino-American silver war Reuter,

HONG KONG DAILY PRESS, SATURADY, OCTOBER 20, 1934.

(South

General Smuts

Africa), although he sees much round for anxiety In the events of the times, does not agree with the view that the world is the verge of another great war

"

on

THE SPANISH REVOLT

More Arrests Effected

(Special to "Hong Kong

Daily Press")

(B) Telegraph, Copyright, Tria. graphic Messages Ordinance, 1894.

Beceived, October 19, 7:30 pm.)

ex-

Madrid, Oct. 19. Numerous arrests were made at Catalonia on Thursday, among the most prominent of which were the private secretary to the President of the Generalidad. Companys, the leader of the Ra- dical left deputy, "Dot, the chief of the citizens' defence force, sev- eral members of the Socialist Left, ex-Captain Rebolledo who played an active part in the insurrection and who fell into the hands of the police as he wanted to fec across the French frontier.

STOCK MARKET FUTURE FRENCH the last remnants

"WAR"

Amazing Story At Insull Trial

Chicago, October 18.

An amazing story of a stock market "war" between Mr. Samuel Insull and Mr. Cyrus Eaton, a rival capitalist. was told at the hearing of the fraud charges against Insull," his brother, and their associates.

The prosecution alleged

that

Eaton acquired such large holdings the key companies controlled

In

by Insul! as to endanger Insull's control, and Insuli was obliged to. buy back a number of shares from Eaton at an exorbitant price. Eaton's terms including $48.000.000

in cash and $8,000,000 in stock.

The Corporation Securities Com- pany, one of the Insull companies, was drained dry by Eaton, and Insull floated a $40,000,000 loan to provide more cash.

The prosecution allege that this emergency financing was conceal- ed "from investors who were simul-

POLICY

No Change Under New Minister

(Special to "Hong Kong

Dally Press")/

It is reported from Oviedo, that of the rebel forces have been, overpowered by government. troops. The arms factory at Trubla has also been taken. Several hostages have been freed including ex-Minister Pede- gral.

Miltary operations were imped- ed by rain and snow but the Ma- drid Government declares that the restoration of normal state of affairs is only a matter of a few hours more Transocean Kun Min.

B Telegraph, Copyright,

Tele graphic Messages Ordinance, 1893.

CABINET MEETING Received October 19. 4.30 p.m.)

Madrid, Oct. 13. A cabinet meeting was held on Paris, Oct. 19. That the French Foreign Policy Thursday night under the chair- as ushered in by the late M. Bar-manship of Alcala Zamora, Pre- thou will undergo no change un-

sident of the Spanish Republic. der the new Foreign Minister M.

Once again the records of those Laval, was once more stressed with rebels sentenced to death by court particular emphasis in well-in-

martials in Barcelona and Astur-

lav rapprochment..

tormed political circles, which addias were carefully examined. De- has not abandoned the In this connection, that M. Laval pite lengthy deliberations no de- idea to cision has yet been reached as to proceed to Rome to negotiate a

whether the sentences should be Franco-Italian and Italian-Yogos-carried

out. President Zamora advocates reprieve while the ma- jority of the, Ministers advise the execution of the sentences de. manded by the military authori ties. Finally Lerroux declared that the Cabinet will make its de- cision on the pronouncement of!

M. Laval however, as already stated will not be able to carry out this projected visit before the end of November since he is de- sirous personally to proceed to Geneva to take part in the League deliberations on the Saar.

Well Informed French circles taneously urged to buy stock from point out in this connection that the new French Foreign Minister is taking particular Interest in this subject which he studied closely in the past few days.- Transocean Kuo Min.

the Company-Reuter.

¿

U.S. MONETARY

SCHEME

Move To Augment Conference

P

REFORMS IN FRENCH CONSTITUTION

(Special to "Hong Kong Daily Press").

very

(By Telegraph, Copyright, Ter graphic Messages Ordinance, 1871.

Received, Delober 10, 7-30 p.m.)

Washington. Oct. 18. What is generally regarded as a

Paris, Octower 19. further move to augment сод-

The Doumergue Government has Adence in the monetary pro determined to revise the constitu~` as to acquire greater declared the Radical-

deputy, Paul

gramme of the United States, was tion 80 made to-day by the Treasury when power," it took the major part of its Socialist

Bastid,

the Supreme Court. At the same cabinet session, ex-Minister Sala Zar Alonzo was appointed Mayor of Madrid. passed as extraordinary credit of 47 million pesetas for the streng- thening of police and atorm de- tachments. Transocean Kuo Min."

The Government also

DAVIS REGAINS THE LEAD

World's Billiards Championship

Melbourne, Oct. 18.

At the close of to-day play in the World's Billiard championship, Davis had regained the lead with 9.904 2,2gainst. Lindrum's 9,115, At the interval Davis was leading

seigniorage, profits out of general chairman of the chamber's foreign receipts ond placed them in the affairs committee, speaking on general fund column. The selg-Thursday before the general coun- niorage profits are those accruing allors at Aurillac. Nevertheless, by 9,180 to 7,947. from the Government's charge for continued Bastid, France is too old

-" coinage of metals.

Davis made breaks of 535, 504. a country to submit to political 388. 324 and 307. Lindrum's

PRESENT REGIME IN THE SAAR

Reasons Adduced For Its Termination

(Special to “Hong Kont

Dally Press

(B Telegraph. Copyright, Tela. graphic

1893 Messages Ordinaner, Received, October 19, 4-3 pan.)

Berlin. Oct. 19. "The continuation of the pre- sent regime in the Saar Territory will not only constitute a serious obstacle 11 the path of Franco-German reconciliation but will be a permanent centre for in- trigue calculated to endanger even the national unity of France her- self," stated the District Leader and Reich Commissary for the Saar Region, Buerckel, in a speech delivered at a Mass meeting at

held at some future date in ense the forthcoming vote. should re- sult in the retention of the pre- sent status, Buerckel pointed out that the Treaty of Versailles ald not provide for a second plebiscite and that it had never been the intention of the Versailles conter- ence to make the fate of the the

Saar Region contingent on the

constellations incidental political of Germany France. The speaker pointed out that the ma- Jarity of those propagating the continuation of the status quo were Marxista and Communist emigrants, striving to establish in the heart of Europe a safe asy- lum for themselves and to centre their activities in order to infect the neighbouring countries with their international. Marxist and Communistic ideas.

Kaiserslautern in the course of which he sharply criticised the recent French Saar memorandum. maintaining that the memoran- dum by interfering with internal German Affairs, attempted to in- fluence the "Saar voters.”

The continuation of the status quo, so Buerckle concluded, would not be a French victory over Ger- many, but a victory of bolshevism over Europe.-.

In deprecating the argument advanced by those favouring the continuation of the status quo that a second plebiscite might be Transocean Kuo Min.

SILVER MARKET

From Our Own Correspondent London, October 19, "London Silver prices to-day were up 3/16, as follow:-

11

Oct. 18 Oct. 19 Spot

23-3/4 23-15/16 Forward....... 23-7/8 24-1/16 London on New York cross rate at 2.00 pm to-day was 4.95-3/8 compared with 4.94-3/4 at closing yesterday,

QUOTAS TO BE ABOLISHED

Higher Duties In France

[Special to the "Hong Kong Daily Press" (Copyright.)}

Paris, Oct. 18.

GOERING AND PETAIN

Short Conference In Belgrade

Tale- 1891-

HE man plays HE MAN'S

game--AND DRINKS

SCOTCH WHISKY "BLACK & WHITE"

PENCE OLD SCOTCH #d

BLACK & WHITE"

VIGILANCE IN

SPAIN

Arms and Dynamite Unearthed

(Special to "Hong Kong Daily Press")

(By Telegraph, Copyright, Tula graphic Massager Or.finance. 1801. Received, Uctober 19, 4-30 p.m.)

Madrid, Oct. 19.

TERRORIST

LEADER

Extradition Demand By France

(Special to "Hong Kong Daily Press")

(ByTelegraph,⠀⠀⠀⠀Copyright,

Ordinance,

Zela

188j-

graphic Murages Received, October 19, 790 p.m.).

Paris, Oct. 19.

The French authorities are de

(Special to "Hong Kong Dally Press"} (By Telegraph, Copyright,

Ordinance, graphie Messages Beceived, October 19, 4.30 p.m.)

Belgrade, Oct. 19. "General

Ocering met Marshal

can comply with the French re- Petain on coming out of the In a cheese-merchant's store in quest it will be necessary to decide Church at Topola on the conclu- Valencia in the first instance.

whether the part' played by the sion of the funeral ceremony for 1,260 hand grenades and numer-

two arrested) can be technically the late King Alexander and the ous sacks filed with explosives regarded as political crime or not. tan" soldiers had a cordial talk were found, while in

The

usual practice hitherto " lasting a quarter of an hour and monger's store in Bilbas 50 bombs, that those guilty of political offen- arousing much interest among the 300 rounds of cartridges, and seven, are not extraditable. Excep- other guests General Goering eral cases ot

tions, however, are usually made dynamite "were will fly back to Berlin on Friday. brought to light.

in the case of murders especially The first to leave Belgrade on

of prominent statesmen or chieft In the trial resulting from the of state. The Marselles polica Thursday was President Lebrun discovery of an extensive who was obliged to return to Paris of weapons in the Socialist Head-itch crossed the

store, have since discovered that Pave

frontier into

manding the extradition of the leader of the Croatian terrorists, A large quantity of arms and Pavelitch who ammunition has been discovered Turin on on Thursday, and also

was arrested in

in various Spanish towns on his assistant. Eugene Kvateralk. Thursday as a result of renewed Before the Italian Government searches made by the Police.

3n

Iron-

་་

rear

i to attend the funeral of M Poin- quarters at Madrid some time ago. France on September 30 to pre-

care. Before leaving. President six of the accused received seri- Lebrun had a conversation lasting tences of three years' imprison when he stayed with his wife in a pare the King's assassination several hours with M. Titulescu ment and a fine of 1,000 pesetas hotel and. Dr. Benes, which was ob-

each, while ten others were ac- The Minister for trade announ-viously devoted to a discussion en quitted. ced on Thursday that owing to questions connected with the ex- the unsatisfactory experience with traordinary conference of the Lalt- the quota system regulating import the Entente powers which is being and the sharp criticisms from busi- | held on Friday afternoon.

ness circles, most quotas will now President Lebrun Left in be abolished and higher customs special train in

duties

B

of

the company of

Arsen imposed instead. The the Yugoslav Prince

and change will take place gradually the Roumanian Prince Nicolas, and wherever import duties alone

who win represent their respec- seem to protect the home market

tive countries at the funeral M. Poincare.— sufficiently. One of the chief ob-,

Transocean Kuo Min. jections to the quota system was the bureaucrate obstacles it raised. This step indicates clearly that the return to free form of internation- al trade is decided. The extent to which the French market will be

accessible to good and various sup-

the

plying countries depends on height of the new customs barriers which were at first expected to be conalderable/

GERMAN CRUISER ́IN SCOTTISH WATERS

German

[Special to the "Hong Kong Daily Press" ("Copyright.}]

London, Oct. 18. The

Battle cruiser "Deutschland" arrived at Firth-of- German export to France is not Forth on Thursday and was greet- affected greatly because the dim-ed by the customary salute. of culties existing in the clearing house system outweigh for the moment those of the quota in Ger-

many's case.--... Transocean Kuo Min..

FOREIGN

cannons from Edinburgh Castle.

This visit is the first paid by a German warship to Scotland since

the end of the war Transocean Kuo Min.

EXCHANGE

MARKET

London Divided Into Two Camps

}

the recent

The profits from the issuance of serfdom. Above all it is necessary breaks were 388, 258, 237 and 216 zinental bear covering responsible certifiliates under the Silver Pur-to beware of authoritative govern-unanished--Ienter. chase Act against either bought or mental methods which the 'advo-

for the reversal in trend of sterling?

Marseilles railway." station registering under his real name but spelt in the Roumanian Forty-five Workers' organise way "Pavelarešcu."-- tions which were the joint pro-Transocean Kuo Man. prietars of the building wh'ch housed the Socialist Headquarters have been dissolved by an order | of the Attorney Genern- Transocean Kuo Min.

"MASTER MINDS”

BURIAL OF THE that two

KING

The Last Scenes

[Special to the "Hong Kong Datty Press (Copyright)}

Home, Oct, 18. Two alleged "master minds" who are believed to have instigated | and`organised the Marseilles out- rage have been arrested in Turin on Thursday, according to an official announcement which states Yugoslav nationala, Eugene Kvaternik and Dr. Anton Parelitch bave been taken into custody by the Italian authorities in Turin at the re- quest of the. French. police. Pave- litch is said to be the head of the Croatian revolutionary group which is believed to have enginee- red the crime, while Kvaternik ls supposed to have been Påve- litch's right hand man and to have supervised the carrying "out of the dastardly deed. "

Both men have been subjected to a rigorous examination but so

Belgrade, Oct. 18. The mortal remains of King Alexander were finally laid to rest on Thursday afternoon in the far they deny complicity in the out- Mausoleum of the Karageorgyitch dynasty which forms part of the Tranmccan Kuo Hin magnificent memorial church of Oplenata bulit by the late King's father, Peter, at Topola in the heart of Serbia

rage

A special train THE AIR RACE

bearing the dead sovereign as well

nas members of the Royal family and other distinguished guests had

arrived at 2 pm at Landenovac Getting Ready For

from where the cartege proceeded by motor car to Topola. After an impressive

comin

ceremony, the

The Dawn

Mildenhall, Oct. 19. Twenty thousand are expected

was deposited in the family vault.

For every Yugoslav, Topola is a most sacred spot since it was here to watch the start of the air race, that the Berbian struggle for liberat London, Oct, 19.

speculators

Are covering former ty began. Here cracked out the facilities have been arranged for dawn to-morrow. Parking Has the seasonal weakness of sales of sterling for safely.

first shots against the Turkish op 6,000 cara Motor bus services are rectly that the sentiment towards it was here that the first aghters hall from a radius of Bfty miles. eterling ended or is the heavy con-

The other camp point out cor-pression a hundred years ago, and running all night long to Milden- sterling is now much more favour for Serbia's freedom rallied round Air liners are bringing visitors able, emphasizing that New York Karageorg "the Great," founder of from the continent. Cottages in yesterday was on balance more. a The foreign exchange. market is celler than a buyer of dollars

the dynasty.

the vicinity of the aerodrome are divided into two camps. Bome which they argue. shows the

Never-ending rows of peasants charging West End Hotel prices. point to comparative steadiness sonal pressure on sterling is now and their wives in multi-coloured for accomodation. in the dollar in terms of gold over.

costumes were lined up along the Mr. Catheart-Jones is confident currencies as indicating that the The Financial News states whole forty-mile distance from and ready for a test flight to- franc is the weakest link in the that even if stering resumes in Belgrade to Ladenova as the train day as one of the dollar this year.. The profit wased against the 62,000,000 aurices of

Jackson, the Australian dirt collar-sterling-franc triangle. Alsutumn, depreciation, it is unlike bearing the dead King's body roll which was damaged propellors placed in the general fund, silver variously acquired and held track rider, who is making a solo though excitement has been caurly to lose more than two per cent, ed past All held burning candles straightened cur

To-day's figures showed that before the beginning of the silver fight, to Australia, left. Croydoned by the Marseilles tragedy, it On the other hand once the tide in their hands as ghết souchin

while a spare propellor was the only one in the selgniorage pronts up to October programme, brought an excess of Aerodrome this afternoon for Beenus to be calming down and the hai- turned, a ten per cent, an greeting from the Yugo

world available at the De Havil 16 amounted to 0.8. 83,171,200, US. $50,000,000 to the Treasury Lyon in his Avión aeroplane futare of the French Government preciation is conceivable.

antry to their departed sovereign. fand Works at Hetfeld-Reuter güver certificates previously print Bester.

British Wireless.

is arousing apprehensions "and | Reuter.

Transocean Kuo, Miner

(Earlier Cables on Page 10),

nationalised allver, will henceforth

cates claimed to be new but which

be

in reality have long since been

SOLO FLIGHT TO AUSTRALIA

treated just as is the US, #812,000,000 gold devaluation in convicted by the facts of French crement. This amount the Trea-history--

sury took from profit of about U.S.Tranención Kuo Min. $2,812,000,000 resulting from the

40 per cent, devaluation of the

London, Oct.