1935-03-28 — Page 9

HONG KONG DAILY PRESS, THURSDAY, MARCH 28, 1935

STERLING CREDIT AND

AND "SHANGHAI

"SHANGHAI POUND" PLAN

FINANCIAL SITUATION

IN CHINA

Sir Victor Sassoon's

Proposals

Shanghai, March 27,

currency locally would, make ster- enabling A "palliative" plas designed to ting credits available, ease the stringent financial situa-expansion of the local credit tion in China, particularly Shang- structure without inflation.- hal. has been advanced by Sir Reuter.

Victor Sassoon, who suggests that China should obtain a sterling credit and make an issue against it in the form

Shanghai of pounds equivalent to sterling to circulate alongside the Shanghat dollar as a secondary or alterna- tive currency,

from the Special Committee upon

A COINCIDENCE

she issue

SPECULATION BOTH SIDES SATISFIED

IN SILVER

London Paper's Views

London, Mar. 27.

WITH RESULTS

Berlin Visit Over: Mission To Moscow

"The explanation for the specu- iative boom in silver is Mr. Thom- as's amendment proposing the 15- sue of silver certificates against

Berlin, March 28. silver bought by the American It is understood that the British authorities, says the "Financial Ministers are very satisfied with News," It is assumed that should the results of the conversations the amendment -be adopted, it It is emphasised that there was will lead to intensification of off- never any question of coming to cial buying, but the paper states

an agreement. that this is taking too much for granted.

London, Mar. 27.

to With reference Jir Victor Sassoon's suggestion that China

Firstly it is by no means cer- obtain a sterling credit

against

tain that the amendment will be "Shanghai which Pounds," thus forming a second-ent. Secondly, the adoption does not passed by the Congress and Presid- Such notes will be obtainable ary currency with notes obtain-

able from the special Committee necessarily mean that purchases either by payment in sterling in of silver will be increased. London or local dollars at the pre- valling rate of exchange. Reuter learns that this scheme coincides with the lines on which London dnanciers have been a tually thinking for some time past

payment in sterling at London or in local dollars at the prevailing rate of exchange för sterling.

If necessary a supply of certain amount of smaller token might be arranged currency through the Municipality.

Sir Victor Sassoon emphasises that it is essential for China to remain on the silver standard to which the people have

faithful for been

centuries He attributes the present crisis to America's silver purchasing pro- gramme which he describes as a Tallure and says that China, more particularly Shanghai, must at tempt to bridge the difficult times nhead until America abandons her present silver policy as he is certain she will eventually have to do.

INFLATION DISASTROUS He asserts that

ما

expand China's currency by inflationary methods is able to prove dis3s- trous, but if expansion is obtain- able by conservative means fintediate benefits will be considerable.

the very

The new sterling notes should be usable in a variety of ways such as payment of Customs duties and purchase and sale of imported goods, thus obviating the present exchange risks

It is conceivable, he adds, that the new notes might prove more attractive for hoarding than local currency, which would release for circulation

local more

dollars. The dual currency could 'be abolished, immediately America's sliver policy changed or 11 any other factors arose to assist China

to emerge from her. present troubles.

It is considered that the existence of a sterling equivalent

LINCOLNSHIRE DECIDED

Win For Flamenco

H

London, Mar. 27."

Flamenco, ridden by E. Smith. carrying betting odds of 8 to 1, won the Lincolnshire Handicap to-day in a field of 34 starters, winning by three lengths from Bow And Arrow (Nichol), while Heavyweight (Harry Wragg) was third, a length and half behind. The betting on Bow And ArrOW was 40 to 1 arid Heavyweight 33" to 1.

The following were the starters:-

The Blue Boy ...... G. Richards Commander Third...H. Beasley

Celadon

Pepino

Makila

Spirituele ...... Barre Dumber Galspas....

Dick

some

"They argue that it is impossible for China to go on gold altogether owing to lack of means and also

the to uncertainty as

future Gold Bloc. On position of the

useless to the other hand it is lend her money to

silver buy to ship it back to China which Would merely

additional mean America's further buying plus drive up of silver. thus aggravating the evils of the present position.

If, however, credits are opened

London, In

enabling China to adopt Sir Victor Sassoon's scheme, not only local sterling notes are usable in a wide variety of ways but if silver went up China could afford to sell sterling credits, thus paving the way to linking with sterling as Belgium and Switzerland appear to do, but it la not anticipated that China will have much difficulty in retaining sufficient silver for her internal needs.

and reinvest

in

Some observers object to put- ting a new currency on top of the old which would only mean chaos and added chaos andrelterate that the problem is insoluble until America' declares her final inten- tions in regard to silver.

On the other hand the paper

concludes it is conceivable that if President Roosevelt, yielding to in- nationary pressure, abstains from vetoing the ainendment, he will

do his best to limit its effect by suspending further silver pur chases. Beuter.

SILVER MARKET

(From Our Own Correspondent)

London, March 27. London Silver prices to-day were down 7/16 as follow:---

March 26 March 27 Spot............... 28-7/8 Forward......... 29 London on New York cross rate at 2.00 pm to-day was 4.80 com- pared with 4.7825 at closing yes- terday.

28-7/16 28-9/16

the Reich's presidential chancellery was present as Hitler's personal deputy. Count Basketwitz the chief protocol and almost all those high officials at the reception on Sunday were present, also Sir Eric Phipps and the British Embassy staff, who wished Sir John Simän good-bye, and boň, voyage, “

The leave-taking was exceeding- cordial. The machine left

As Sir John Simion stated in the House of Commons before leaving, it was purely a visit of explora tion and now it was safe to say y ernments were thoroughly con- that the British and German Gov-promptly at 10 o'clock. versant with each other's stand-

points.

Mr. Anthony Eden who left for Moscow at 11.35 p.in. on Tuesday.

was given an equally cordial it was bound to protest against the large number of high officials and While the British Government slightly less formal send ox, a recent unilateral announcement. It the entire Embassy staff being at was felt that as long as the topics the railway station... munique remained available for mentioned in the London com- Fransocean Kuo Min.

discussion it was still right for the British visit to take place. It is understood that the British Min- isters are now confirmed in this view.

A communique states that both the British and German Ministers are satis led in regard to the use. fulness of the direct conversations which have taken place.--- Reuter.

/ HITLER'S STANDPOINT

MOSCOW VISIT

Warsaw, March 27. Mr. Anthony Eden -arrived here en route to Moscow. He will be met at the Russian frontier-at 8.12 p.m. by a special committee of welcome which travelled from Moscow, including M. Weinberg, Soviet expert on British "affairs.

The Russian visit is likely to have almost greater implications than the Berlin one as ' Russia dominated the Berlin talks and Berlin, March 27. Mr. Eden probably will have many Information with regard to de-questions to ask M. Litvinoff as a talls of the Anglo-German disresult of the conversations especially on the British side, but Reuter. cussions has been very meagre, Herr Hitler.-

It appears that Herr Hitler's stand-Į"

that point throughout has been Germany will do whatever every other country will do to assist in the pacification of Europe; no

HONG KONG ON more, and no lesa.

AIR ROUTE

Singapore Project Via Borneo

Reuter.

PRESS VIEWS

with

London, March 27. Germany has clanged the door

Gordon's

SPECIAL

OLD TOM

NO COLOURING MATTER

NO INJURIOUS INGREDIENTS

WHITEST

PUREST

&BEST

The Largest Gin Distillers in the World

SINO - GERMAN

CIRCLE

Lecture In Chinese At Breslau

(Special to the "Hong Kong 'Dally_Press"}

CASUALTIES

AT SEA

Board Of Trade Attacked

London, March 27.

-There was a spirited debate ti

(B Telegraph, Copyright, Telethe Commons on British shipping 1894. casualties during the past winter." Messages Ordinance.

Several Received, March 97; 130p.m.]

Labourites complaining that the Board of Trade was in-. Breslau, March 27.

sumently active in inspecting The newly-founded" "Sino-Ger- vessels and allowing ships in bad man Academical Circle," an or-repair to go to sex, mentioned par-

of the Eastern Pact, leaving dis-aphic armament prospects, bleaker than ever, is the general tenor of the Lew Press comments on the Ber- lin talks so far available,

and

OFFICIAL COMMUNIQUE [Special to the “Hong Kong Dàity The "Daily Telegraph," on the

Press" (Copyright).]

strength of the correspondent'sganisation jointly sponsored by tlcularly the losses of La Crescenta, Beriin, Mar. 28.

long list of Hitler's stiff revisionist the Chinese Students Association Baxilby, Milpool, Usworth The following is the cautiously demands, says that the

and the Far East Association in Blairgowrie. British worded official communique

order to provide opportunity for con- Ministers encountered a more un-

Mr. Runciman replying a- 500 Chinese students in Germany nounced an investigation on the cerning the Anglo-German discus- | compromising attitude than ex-

facilities for co-operation, held recent shipping losses. The Court

Gernian comrades with sion, issued on Tuesday night ---

broadest possible lines into the "The conversations conductad antagonism to Communist Russia Singapore, Mar. 27.

their first public meeting here of Inquiry will be presided over by between Sir John Simon, Mr. An-‡ proving the greatest obstacle to new aerodromes

a lecture tn Chinese at Lord Merrivale. Reuter learns that negotiations have been selected in Borneo with thony Eden, Herr Hitler and Baron clearing of the European situation. Breslau University was delivered

INTERNATIONAL LOAN

with a view. to anancial help to China are going on in London. It is believed America is at pre- sent not participating, but France. is actively interested.- Reuter

HONG KONG TICKET IN IRISH SWEEPSTAKE

Dublin, March 27. In the Irish Sweepstake draw Noiseau was drawn core of G.P.O.. Hong Kong Reuter.

"ነ

AUSTRALIAN TURF ACCIDENT

Horses Piled In A Terrible Smash

Sydney, March, 27. The worst accident on the Aus- Caulfield trallar turf since the

Sites for six

von Neurath, in the presence of a view to a projected air route between Singapore, Borneo, the Phipps and the German commis the British Ambassador, Sir Eric Philippines and Hong Kong.

bal

23.

and

The aerodromes will be at "Ku-sioner von Ribbentrop, during the ching, Borneo, Bintulu and Miri last two days, were concluded to- In Sarawak, Jesselton and Kudat

night."

The subjects under discussion in British North Borneo.

The route may serve as a final were the matters set out in the link in the Pacifc air service London communique of February planned by America via Honolulu,

The conversations were car- Wake Island, Tokyo and Shang-red out in the frankest

friendliest spirit and resulted in Colonel Turner, Director or the complete clarification of the Works in the British Air Ministry, respective points of view. It was who has returned" to Singapore, established that the aim of the fully approves of the new sites-policy of both governments is to Reuter.

secure and strengthen peace in An article on this matter ap- Europe by promoting internation- pears on Page 1.

al co-operation. Both the German and British ministers were satis Bed as to the usefulness of the direct conversations which have been taking "place."

KOVNO COURT MARTIAL SENTENCES

and pected, Nazi apprehensions of or

SOVIET ACCUSATION

when

It is said that the Labourites, and had suggested that certain num- ber of vessels were badly designed, had bad accomodation for czewk how and were unsafe although the Board of Trade carried out nearly 12,000 inspections last year.

It is claimed that the standards - of inspection are higher in British ports than any other country owing to the spirit of the Mercan- tile Marine and Board of Trade

The "Morning, Post" diplomatic

a large mistic view of the talks has been correspondent reports that a pessi by Pung Fat Tao to

audience on the education taken to London and opines that training of Chinese youth. The speaker described the isolation of Germany with the creation of a strong anti-révision-China was gradually freeing her 1st blog headed

and by France

self from tradition of imparting highly developed education to a Russia seems likely shortly- Reuter

small class of learned men and endeavouring similarly by sending students to Germany to imbus the broad masses in the elementary, The accusation that Hitler is secondary and higher schools with playing the "Soviet Menace" as the uniform national spirit. The Reuter an excuse for Germany's rearma-energetic Nanking government in ment was made by M. Radek in particular is attempting, under the "Izvestia.” He says that despite leadership of General Chiang Kai all that separates the Soviet Union Shek and by means of "New Life" of Chinese in order to make China and Imperialist England; the form- movement which he founded, to a"real world: power.- er would welcome the latter's co-discipline the younger generation Transocean Auo Min operation in support of peace wherever it wis menaced.

Moscow, March 27.

He declares that the Soviet is ready to collaborate with Britain Sir John Simon will leave Ber-in this work. lin by airplane on Wednesday Reuter. while Mr. Anthony Eden will pro-

[Special to the "Hong Kong Dailyceed, as arranged, to Moscow, War-

Press" (Copyright).). saw, and Prague. »

LAVAL'S 'DECLARATION

Parla, March 27. The plea' that Germany should- Rssociate herself with other

The four chief subjects discussed i in Berlin were security, armamenta, the League of Nations and the air nations in organising peace was pact.

made by M. Laval in the "Senate No attempt was made to debate on Franco-Italian agree- reach any form of agreement be-

He said that

Berlin, Mar. 28. The verdict pronounced by the other Cup in 1885, when sixteen troses Kovno Court Martial on the Ger- fell and a jockey was killed, oc- man Memelanders who were charg, 'curred at "Ascot this afternoon, " ed with high treason, is arousing

of fourteen starters the greatest indignation through cause both sides started with the animously ratified.

menta which the Senate ***.- Ten out were plied up in a terrible smash out Germany and is generally in assumption that what was really Germany could not indefinitely at the two-furlong mark Three terpreted as fresh evidence of the wanted was general agreement. continue evading obligations. It horses were killed and eight Jockeys need for intervention by the sign-Britain was to see what the pro-was not a question of equality of

atory powers of the Memel statute blems really were, from the Ger right or returning in order to put an end to the exist-man point of view, and then dis ing policy in Memel territory.

cuss how they can best be solved.- "Lokalanzeiger" calls the verdict Transocean Kuo Min. disgraceful and the paper goes on to say that to carry out four death sentences imposed by the Court Martial on the basis of the sims- lest evidence, would be "clear mur-graphite Messages

... Merrymar! Freddy Fox M. Beary Wrickaby *Lane Stéve Donoghue Main Chance

Gethin Llanarmon ......Baminy WraKE Adriatic

Snooker

Nevatt

Grey Carey

Lowrey

Generous Gift

Evans

Circular Saw

Dines

Blackmail .............. Richardson

Bridge Field ....... F. Hunter

North Devon

Man's Pal

Siret Barber

Lost Soul

Gay Venture... Cliff Richards

Fleet Foot

Overcoat

Marathon

Weston Spares

sent to hospital!

The cause of the accident is not known, but the possibility is that one of leaders fell with a broken leg and brought down the others Reuter.

JAPAN COAL MINE TRAGEDY

Workers Entombed"

Nagasaki, March 27, Forty eight miners were entomb- ed in a coal mine at Hajima, Nagasaki Prefecture, Jast night as the result of an explosion in a

D. Smith .... Hawcroft ...Christie Patrimony............ Robertson' fre damp,

...Sharpe

Laquedor

Rydonfairy Bendez Goldenhow

Big Bad WOM Wrethali Reuter

H Fuster Holmes Ryan John Doyle

· Thirty-- four:' were' promptly, ex- tricated of which one died later, Ten are seriously injured,

The fate of the remaining fourteen is still uncertain. Bouter.

der."

The "Berliner Tageblatt," write. |ing in a similar vein, points out that the Lithuanian policy is evid ently aiming at gradually increas Ing the tension to breaking point Transocian Kuo Min.

DELANEIGE SCRATCHED

London, March 27.

It is officially announced that Delaneige is not running in the Grand National=" Reuter

MINISTERS DEPART (Special to the "Hong Kong Badan Daily Press"): (By Talegraph, Copyright,. Teis Ordinance, 100% Received, March 27. 7.30 p.m.).

to Geneva

under certain conditions, but it was a question whether or not Germany intended to associate herself with other nations organise peace. Beuter

YUGOSLAV MINISTER

RESIGNS

Instal a

organisation.

GAS GEYSER

and be sure of

HOT WATER at any time

to

{MONTHLY

Berlin, March 27. Bir John Simon's departure for London was marked by the same oficial ceremonial as on his ar rival At 9.20 on Wednesday

(Special to the "Hong Kong morning he took leave of Su Eric

Daily Prem"), Phipps at the British Embassy. At {{ByTelegraph, Copyright; 9.40 von Neurath called at Hotel | graphia; Messages

Ordinanes, 1894 "Adion" to accompany Sir John Reseleed, Marah 27, 190 p.m.)

Simon to Tempelhofer Field, Ber-

London, March lin's airport where "Della the The Yugoslav minister here, Dr. machine of the Imperiai Airways Dowitch as handed in his re was waiting. Herr Hitler's per signation. He wil soon leave sonal bodyguard was drawn up to England where he has been give the salute of honour, The without interruption since 1925. state secretary Dr. Meissner from Franzdezam Luo Min

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