1934-10-26 — Page 9

HONG KONG DAILY PRESS, FRIDAY, OCTOBER 26, 1934,

PRESIDENT ROOSEVELT'S CHALLENGE

TO THE BANKERS

THE GOVERNMENT MUST BE THE LEADER

Co-operation For Business Recovery Invited

"Washington, Oct. 24. President Roosevelt, laying down a definite challenge to the Bank- ers of the Nation here to-night called upon them to have con- Adence in the American people and to "resume their responsibl Ity" to the public.

The President said: To-night, I ask the Bankers of this country to renew their confidence in the people of the country and I hope that you will take me at my word."

Contrary to general expectations, he gave no inkling as to the future. plans of the Administration, monetary or otherwise.

He asserted that he had found "An

**zreement" between the Bankers that the Government's emergency credit agencies should continue to lend until the Banks were "able and ready to take over these lending functions.”

Many of his listeners regarded the following words in the nature of a challenge:-"When that time comes" (Le, when the Banks could take over the lending functions) "I should be only tog glad to curtail the activities of these public agencies in proportion to the taking up of slack by private- ¡y-owned agencies”.

ALLIANCE OF FORCES

The President ended his speech with request for co-operation and "an alliance of all forces in- tent upon business recovery."

As regards the monetary uncer- tainty, which the Bankers hat urged should be cleared up, he sald: "In respect of International relationships, I have been glad to note the growing appreciation of other nations of the destrability of arriving quickly at a possible point of steadiness in prices and values. This objective of greater steadi- ness we have constantly kept be fore us as a national policy."

Some regarded the foregoing as an indication

the coming stabilisation currency on an Internationgi basis and quickly contrasted it to the President's statement of two weeks ago to the effect that such stabilisation could not be undertaken until the prices of certain unnamed American com- modities were at a more dstrable level.

of

of

|

the growth of true wealth and it is in the spirit of American institu- tions that wealth should come na a reward of hard labour of mind and hand. That is what we call the profit system" and its real, ful- Alment comes in the general re- cognition of the rights of each tactor in the community. It is not in the spirit of partisanship but of partnership that. America has pro- gressed in the past."..

PRESIDENT ROOSEVELT

AIR RACE TO MELBOURNE

Fourth Machine Arrives

Holding out hope for the um- mediate future, the President sald: "The present steady and unmis taken revival of public demand for goods and services should provide the assurance necessary to the

Melbourne. Oct. 25. financing of industrial life. The

The fourth machine in the Eng- Government is 'bending every el- fort through the Treasury, the land Melbourne air race has ar- Federal Reserve System, the Re-rived. Catheart Jones and KF.H. construction Finance Corporation, Waller landed at 4.59 a.m. G.M,T. the Securities Exchange Commis- They piloted a British Comet, two sion and the Federal Housing Ad- of which have now completed the'

long journey. ministration to facilitate and en-

Reuter. courage the revival of private in- vestment."

Replying to criticisms of his re- ilef expenditures, he asserted that there was need for the continua- tion of these outlays, "but the revival of business will steadily re- duce this burden."

CLOSE" CONTACT Terming it an important deve- "lopment that American business- men were devoting greater indivi- dual attention to the wider pro- blems of the nation and of inter- affairs, the President. national said: "Let me make it clear to you all that the United States, Gov- ernment has dilly, and even hour- with sources of in- ly. contact

THE OTHERS

OIL MONOPOLY IN

MANCHUKUO

Report Causes Surprise In London-

London, Oct. 25.

The reports from Mukden that Munchukuo proposes to establish an old monopoly, virtually putting the foreign Oll Companies from doing business in Manchuria, has been received with surprise in the city.

ports from Mukden must contain some misunderstanding, especially. in view of the cordină reception accorded to the Federation of Eri- tish Industries mission both in Manchukuo and Tokyo..

The foreign Of Companies, act- ing together. have appealed to their respective Governments for assistance. Reuter.

A

PROTEST URGED

It is recognised that the Japan ése naval authorities are "thost an- xious regarding all supplies as evidenced by the recent legislation in Japan requiring oil companies } to maintain a permanent supply

Mukden. Oct. 25. of all for a half year which the Detalis concerning the ofl mono- Government is empowered to take poly which the so-called Manchu- over at its own price in any emer- kuo proposes to establish, havA gency, but it is pointed out that | been received by representatives Manchukuo, following the declara of British-and American compan- tion of independence, has twice lies in the three Eastern Provinces. proclaimed, its intention to observe Detalls have also been communi- all international convention trea-cated to the Governments con- tles affecting her while a cerned, with a request to register an part of China, and in April 1932 emphatic protest at Tokyo on the notified the forty nine Powers: ground that the arrangement is that she would faithfully maintain contrary to the spirit of Article III the principle of the "Open Door."ot the Nine-Power Treaty. Hence it is believed that the re- Reuter,

BRITISH CREDITS FOR MANCHUKULO

Allegations By London Newspaper

(Special to "Hong Kong Dally Presi").

On the progress." reports from

(By Telegraph, Copyright, Tele Reuter, the next riach'ne closest

graphic Messager Ordinance, 1894- to the destination is the Manawa-Received, October 25, 4:30 p.m.) tu Aero Club entry, a Miles Hawk,

London, October 25.

Squadron "Leader Malcolin Mac-

"F.B.I. MISSION TO MANCHUKUO

Not Connected With Politics

advisers of

London, Oct. 25, Political utterances by members of the FBI. mission to Manchu- kuo are categorically disavowed in. piloted by the New Zealanders, That the British Government official quarters. It is emphasised Gregor and Henry Walker. They circles are considering the grant of that the party has no political

credits on a large scale to Man-mission or political left Rambang for Port Darwin at

chukue as the result of the first any sort.--- 3.31 am. GMT. yesterday.

Departures from Calcutta were upshot in the establishment of an | Reuter.

Anglo-Japanese economic commit- Leader Stodart and Squadron

tee in Tokyo, Is: alleged by the Stodart at 9.15 p.m. GM.T. and

"Daily Herald" this morning. The Hansen at 9.30 p.m. Lleut. M.

paper further maintains that this economic rapprochement is con- They have reached Rangoon. C. J. Melrose arrived at Calcutta at 239

sidered in Tokyo as a forerunner to a political rapprochement or, to

1.

J. D. Hewett and C. E. Kay

formation covering not only every reached Singapore and have left put it plainly, as a revival of an

every for Alor Star.

State in the country, but

other portion of the habitable UNPLEASANT EXPERIENCE globe. This information is more complete, more informative and more accurate than that of any private agency."

(Special to the "Hong Kong Daily Press"),

By Telegraph, Copyright, Tel- Ordinance, 1993. Referring to the bank closings #raphic Mesrages

Received, October 25, 7.80 p.m.} of 1933. President Roosevelt stated

London, Oct. 25. that "the present security of the Banks bears witness to the wise A rather unpleasant adventure course we then pursued. It is sur- was encountered by the Americans mised that, when the history of "London-Melbourne" fyers, Wright these years has been written, the and Poland who, losing their bear- 1933 bank situation will occupy a ings between Baghdad and Kara- prominent place, but even greater chi, were forced down at Moham- Interest will be centred in that merah, Persia and were landed Denning his conception of the fact that in a few months not only straightaway in the Persian gaol. duties of the Chief Executive of the banking structure was streng-On seeing the plane coming down the nation, the Fresident said that thened, but the great Government in a nearby feld, the police of "the old fallacious notion of the lending agencies had pushed on- Bankers on one side and the Gov-ward, saving a vast portion of ernment on the other had passed

farms, homes, railroads and cor- porations from disastrous defiation away. The Government, of neces- sity, must be the leader and must and liquidation. be the judge of the conflicting in- terests of all groups in the com- munity, including the Bankers." He added that "the Government is the outward-expression of the coming.-agriculture, industry, labour enforced two-day stay In Moham-

mon life of all citizens."

"THE PROFIT SYSTEM"

"

"The time is now ripe for the alliance of all forces intent upon business recovery. Such an alliance will be found in business, Bank-

Mohammeraḥ who have never heard of the London to Melbourne air race immediately swooped down on the flyers, put them under ar- rest and led them triumphantly to the town prison which they were, however, released the next day thanks to the intervention of some English residents. Through their

Anglo-Japanese alliance. Japanese diplomacy, so the paper alleges, is concentrating all her efforts to accomplish this alm Transocean Kuo 'Min.

!

SILVER MARKET

(From Our Own Correspondent)

London, Oct. 25. London Sliver prices to-day were up 1/16, as follow:-

ANOTHER THOUSAND

BREAK

Lindrum Overtakes

GORDONS DRY GINF

if it's

Gordon's

GINS

you know what you're drinking

NO COLOURING MATTER

NO INJURIOUS INGREDIENTS

WHITEST

PUREST

&BEST

The Largest Gin Distillers in the World

FRANCO-ITALIAN

DISCUSSIONS

Joint Efforts For Peace

180.

(Special to the "Hong Kong Daily Press"> (By Telegraph, Copyright, · Tele graphie Marzagar Ordinance, Received, October 25, 1.30 p.m.)

Paris, Oct. 25. That important discussions are now under way between Italy and France is confirmed by "Le Journ- al" which, commenting on yester- day's interview between M. Laval points at the close of to-day's and the Italian Ambassador says play In the World's Billards that the French Ambassador in champion, his score being 19,740 Rome two days ago transmitted to

Davis

Melbourne, Oct. 25. Lindrum held $ lead of 704

as against 19,031 complied Davis.

1

Was

BATAVIA AND TOKYO

LINKED

Wireless Telephone In Use

Tokyo. Oct, 25) Wireless telephone service be- tween Tokyo and Batavia. "was formally opened this morning with exchange of official congratulatory messages.

A similar service between Japan and the United States opens December 1.4.

Reuter.

special questions affecting Italian- Franco relations, have for their object the establishment of gen-

and

by the French Government proposals eral conditions for a common po- from Signor Mussolini which the icy which would permit France,

Czehoslovakia, French Government is now ex-Yugoslavia, amining. The French Government Italy to lend their joint efforts in without awaiting the return to the maintenance of peace in Cen- Rome of the French Ambassador tral and Eastern Europe. M. Laval informed the representative of the 's methodically urging forward the Italian Government here on the realisation of the tark. the success nature of the French reply.

of which has long been desired by "Le Journal" further. reports friends of France that the discussions, apart from Francen Kuo Men

Lindrum's highest break 1,474 and he had no difficulty in making many corner to corner nurseries. His other breaks were 598 and 405.

Davis made breaks of 411 and Oct. 24 Oct. 215233. He led at the interval by Spot

-23-3/4 23-13/16 18.538 points to 18,303. Lindrum's Forward....... 23-7/8 23-15/16 1,474 break was made at the even- London on New York Cross rate ing session.-

at 2 pm: to-day was 4.98-1/4 com-Reuter," pared with 4.98-1/4 at closing yesterday.

MAY BE WORTH £30,000 -

Picture Claimed To Be Real Vandyck

(Special Air Mail Service).

* London, Oct. 6.

JAPANESE CABINET

Overseas Minister Appointed

Tokyo, Oct. 25. Count Hideo Kodama has been appointed Minister of Overseas! Affairs, which portfolio has hither- to been held concurrently by the Birmingham, has discovered" a Premier, Admiral Qkada.............. Vandyck, entitled "A Portrait of a Reuter. Gentleman in Arthour."

and capital, The possibilities of merah, the American, flyers have such a team kindle our imagina-lost all prospects of winning the tion and encourage determina-prize in the handicap race butt A Birmingham art dealer, Mr, Again appealing for unity of tion to facilitate the tasks of those they nevertheless decided to con-Ernest Nuttall, Stephenson Street action, he said that "true national In the Government who are lead-tinue the night. wealth is not a static thing. Iting the nation. The nation nőt grows when men co-operate and merely trusts and hopes that they stagnates in an atmosphere of will do their duty-The nation is misunderstanding and misinter-justified in expecting that they will pretation, Here in America, the do their duty." material means are at hand for-Reuter

SUPER-BATTLE CRUISERS

France May Also Build

LONG DISTANCE FLIGHT

Lisbon To Timor Island

Lisbon, Oct. 25.

Or the other competitors still in the race, the Britishers Jones and

It has been pronounced by ex- Waller were reported to have tak- en off from Charleville for the last perts to be a genuine specimen, stage of the fight, while Hewett and has been sold to a Birmingham and Kay have landed in Singapore business man for several thousand and MicGregor and Walker have pounds. left Batavia for Koepang. Mel- rose has started from Karachi for Calcutta-

| Tranincean - Kuo

Ident. Humberto Cruz left at 5.40 ANOTHER STRIKE

a.m. for 42,000, kilometres flight to- Dilltown, Timor Island, using a Leopard Moth with Gypsy engine of 130 horse power. Oran will be "the first stop

fleuter.

CALLED

And Still More Theatened

New Jersey, Oct., 25.

The value has been put by some experts as high as £30,000.

It was bought by Mr. Nuttall for a few shillings."

THE CAMBRIDGESHIRE

Probable Starters And

Jockeys

London, Oct. 25 Mary Tudor II The following are the probable | Bondsman starters and jockeys for the Cam-Highlander bridgeshire Stakes to be run at Spirituelle Newmarket on October 31 ---

"Almond Hill Denbigh

Nevett Lilium H Mate

Fox Galapas

(Special to "Hong Kong

Daily Press”), ** (By Telegraph, Copyright, Tale graphie Mariages Ordinance,„, 189♪ Received, October 25, 7.30 pm),

other nations; notably, Great Bri- Paris, Oct., 25.

tain. had repeatedly, expressed the That Italy's decision to build desire to keep the tonnage of first-

A strike of twenty-thousand silk | Caymanas two super-battle cruisers of 35,000-ne ships at a lower level.

and rayon dyere was called at Mossor tons each may force France to Pietre stated in conclusion that aldnight A conference of em-Light Sussex build three Arst line ships whose the French Government is paying ployers and workers met in Flamenco construction she had hoped to close attention to the naval fails a last minute efort to avert it but Stategnan avold by the Naval Agreement, was now going on in London, as Gorman proke it up four minutes Homily.

the Minister intimated by

of France is not to be caught un-| after assembling. Gorman threa- Renten Mark Marine, M. Pietri in an interview awares once again as thirteen tened a fresh outbreak of textile | Solatera.... pubished in the "Figaro" on Thurs- years ago the Naval Confer- strikes owing, to alleged discrimina-Celadon k day. The Minister stressed that ence. in Washington adopted two tion by employers against unionista Wychwood Abbot Italy is absolutely entitled, under far-reaching decisions in the ab- who participated in the recent | Commander III

strike.

Young Native the existing treatles, to build two sence of the French delegate

Buckland battle cruisers but he added that | Tràniheran. Kao Min

Reuter...

| Ray || Akela

Nicoll Spend A Penny Pat Beasley Eleda 4... Harry Wrazy | British Quota ...................... C. Bmirke | Adriatic

Steve Donoghue | Poker

* Jones

Bridgland Beary Weston Sibbritt Sam Wragg Lane Caldwell Diñes

E. Smith Birett

Barber

Richardson

Lynch

Paves

Johnstone Tobasco. IV

Gordon Richards rides Blus Boy ... Graves or Celestial City: No, Jockeys have ... Ferryman been alloted yet for Badruddin, ...................... H. Beasley Grindleton, Mistar: Bolitude. Latol,

Cuf Richards Hot Bụn and Grand Rounds.

A. W. Wragg · Router.

LONDON - MELBOURNE

IN 71 HOURS!

Mr. C. W. A. Scott the winner of the London- Melbourne Air Race in the amazing time of hours, pays a glowing tribute to 'Ovaltine' in the following cable to Mesars. A. Wander Ltd., the manufacturers of this famous tonic food beverage:

Thanks for your supplies of Ovaltine which proved most useful as beverage during flight, especially when feeling effects of prolonged strain-fcott"

A further proof of the oustanding qualities of

Ovaltine.

OVALTINE

TONIC FOOD BEVERAGE