1935-05-01 — Page 11

HONG KONG DAILY PRESS, WEDNESDAY, MAY 1, 1935.

THE COLONY'S CURRENCY TALK ON JAMES THE "DOLLAR" FILM CONGRESS

"Economically Part Of China"

Below we give another chapter from the report of the Çom- mission, appointed by Us Excellency the Governor, Sir William Feel. K.Q.M.G., K.B.E, to enquire "into the causes and effects of the present trade depression in Hong Kong and make recom- mendations for the amelioration of the existing position and for the improvement of the trade of the Colony."

The chapter which deals with “Financial Mattera” says:——

The whole question of the is a disability by no means pe- Colony's currency and banking culiar to Hong Kong. It la univer economy was adequately dealt with sal, and presents one of the great- In the Report of the Currency est obstacles to world recovery. Commission issued in May, 1931, and there is very little, that your Commissioners, can usefully add to that comprehensive document.

The conclusion given in Para-. graph 81 of the Hong Kong Cur- rency Commission Report ".

that Hong Kong is economically part of China and must remain on a silver standard so long as China does" appeared to be understood and tacitly approved and, in the absence of any criticism to the contrary, the steps taken during the past few years to control the premium on Hong Kong currency would seem to have met with general approval in that the results were satisfactory to trade 198 whole.

The question of the Colony's - currency was hardly ever raised by the large number of witnesses examined by the Commission and then only in an indirect way when comparing labour and handling costs with those obtaining in Shanghal and elsewhere in China,

On 15th October, 1934, the Nan- king Government promulgated re- gulations raising the duty on silver exports from China from 31 to 10 per cent, with a further equaliza- tion tax, based on a sterling ex- change rate related to the ruling price of forward silver in London, fixed daily by the Central Bank of China. As a consequence, Chinese Currency became subject to a measure of "control" and depre- clated in terms of World currencies, resulting in an immediate rise in the Hong Kong and Shanghal inter-port cross rate of some 12 per

cent.

The Commission being in gession considered the effects of this action by the Chinese. "Authorities aa regards the Colony and after due consideration of the facts came to the unanimous conclusion that the interests of trade would best be served, for the time being at any Fate, by retaining the Colony's Currency on the present silver basis.

In the event of further measures by the Chinese Goverment, the Colony may find it necessary to review the whole question in the light of conditions then prevall- ing.

YEN

(Continued From Page 7) James Yen by his engaging personality" completely won the sympathy of the Americans who supported him most generously | with funds. He chose Ting Hsten as his experimental area, where there was a population of 400,000 in 400. villages. With his volun- tary young graduate assistants he launched his campaign and began his contest with literacy..

"I CANNOT READ". His plan was simple. A meeting of the village people was called and the objects of the movement were explained. School accom

LINERS

Six More Pass Test

IN BERLIN

Fuehrer Replies To Greetings

Six more Dollar Line ship cap- tains have been" formally advised by Secretary of Commerce Daniel Roper that their, respective "Pre- | iSpecial to the Hong Kour Dail sident commands have passed

Press" (Copyright).\ the most rigid tests of depart- ment inspectors and found to be. 100 per cent, safe and in "Ex- cellent condition" as regards operation and discipline.,

Karl

Lincoln,

Berlin, Apr. 2.

The practical work of which the International Film : Congress of Berlin, 1935 was" convened made excellent

progress

has up to

the present, an agreement having been reached on many matters concerning which concerted inter-

CROSSWORD PUZZLE

11

2

*

national action has been long de- NOTE-Flares in parentheses indicate number of letters in the words

the

required.

ACROSS

1-National dance (8),

In an individual letter to each commander, Secretary Roper said in part: "I take this opportunity to express to you and your officers Silver. the basis of the Colony's modation was provided, a voluntary my gratification in regard to the and of China's Currency, has be- teacher was generally forthcoming discipline maintained come a veritable gambling coun-

and the sired. for usually one person in the as-general operation of your ship."

On the opening day, the Presi ter for speculators the world over,

sembly could read and write and and in consequence lacks that all he had to do was to acquire their vessels follow:

The captains so commended and dent,, Dr. Scheuermann was au- measure of stability necessary for the readers and the technique of

thorised to. telegraph to sound trading. Undersirable. how the system.

A. Ahlin, President Fuehrer that "the International The first lesson for

B-A hall starts to scrape' (8). ever, as its fluctuation on this ac example is a picture of a blind

Film Congress, comprising of de- 10-Bare gum gives offence (7). - Coolidge, count may be, ary artificial mea man asking his friend a peasant

George W. Yardley. President legations from 23 countries, sends 11-Not the instrument we expect sures aiming at "pegging" it or farmer to read for him a letter

its greetings and respects to the

to hear in public (6), severing its relationship with other he has received.

Fuehrer and Relchschancellor on The peasant world commodities would be even farmer

commencing its labours in Ger- 12-Carry things too far (8). says "I cannot read." more disastrous. Silver's rise and Then you are no better off than

many's capital city, and is convin-13-Harried in the middle to fix fall in the past has inexorably fol- I am, you are blind too.

Orel A. Pierson, President Hayes, ced of the cultural mission the things up (7); lowed, the rise and fall of other characters for blind, man,

HL S. Bauer, Presidenti Adams. film congress is called upon to dis- | 16-Fold Into a flower leaf (5); commodities, and has therefore read are then shown and explain-ter of the President Hoover, had that bind nation to nation."

Captain Fred E. Anderson, mas- charge in strengthening the dies 17-This weapon might be clean greatly facilitated the world's ed, and so the

för a change (5). " lesson.. proceeds. already received his letter, being trade with the silver-using coun- It is proved that a peasant can the frst Pacific Coast commander

19-Peninsula of Asia (5). 18-A tree is nearly all ablaze (5) tries. The belief which appears learn to read and write ten to obtain in America that under characters in an hour, so that at

of a major passenger liner to ree

22-Game and writing. in short, any circumstances a high ex the end of four or five montiis he

ceive this flattering commenda- change must.increase China's pur-

tic. has a good vocabulary. Now it is chasing power is a fallacy. To at- obvious that reading and writing complish that admittedly desirable are not enough. You must provide

"object, high exchange must be ac- companied by an equivalent high world commodity price level. otherwise China's products are too

The and

material « to read within that vocabulary. A thousand booklets are in course of preparation three hundred and fifty of which had

Henry Nelson, President Pierce Hugh L Jones, President Wu-

son.

The decision to check the opera- tion and discipline on all Amert can passenger carrying merchant Vessels, came as a result of the Castle disaster. It is a source of extreme satisfaction to

their vessels checked by the De-

Morro

i

combine to make these ma- chines (5).

25 There's a low fellow in the case, hence the heavy fall (7), 29-Bribe (6).

30-Develop, but not that which comes from 11 Across (6).

DOWN 1-Lancashire town which sug-

gests, a learned vessel (5). 2-There is proverbially one to

everything. (5). · 3—Bumpkinish? `(5),

O spoll the poet (4). 5-A song in variations (4). 6-Very much on the "qui vive"

'(4)..

7-This works on the start (5). 8-Its strings indicate a close

attachment (5).

Call out, but not shout (5). 14-Nickname of a King of Eng-

land (5).

내

15-She's not quite normal. nor

mother in short (5). 19-Boxed in (5).

20-There's black magic in this

bird (5),

21-So bitter as to be more tha

acid (5), 23--Bank assembly, (5),

dear for the rest of the world to already been published last year / Dollar Line executives that all of ing a closer acquaintance of the 31-Very severe in grammatica! †23~~A diminutive fly-by-night (5),

buy; she cannot export, and if abs cannot export she cannot import however high the purchasing po- wer of her currency. Therefore, whild" violent fluctuation due to speculation is the overseas mer- chant's bugbear, moderate fluctua- tion in accordance with legitimate trade requirements is desirable. The time may not be ripe for in- ternational action in regard to the world's exchanges, but when it is, we can only hope that the problem of silver will be disposed of with wisdom and foresight. So much depends upon this in the Far East that one cannot but" view with misgiving the many factors of mminor importance operating in America to-day tending to confuse the issue,

folk lore,

on such subjects as drama, hygiene, agriculture, pre-partment of Commerce inspectors have passed master with the vention of common diseases, his- tory and so on.

highest ratings.

University

It is interesting in this connec- tion to learn from Mr. Parnwell here of the Oxford Press that they have taken over this idea, and published books for foreigners involving à vocabulary of 1,200 words and final- ly of 2.000. That is to say that mature thought is now being ex- pressed in simple language and the adult will no longer be called apon to read the stories that were meant for infants.

the

ASSAULT ON WAITRESS

Girl In Critical

Condition

while Chan

sumed on Monday, the President When the proceedings were re-

read aloud Hitler's reply: "For. the friendly greetings conveyed in the name of those taking part in the Internatioal Film Congress please accept my cordial thanks. I extend a cordial welcome to Ger- many to all foreign delegates to the Congress and hope that they will take this opportunity of mak-

German country and of its people. Many of the high cultural mission of films will be furthered by the work of the congress so that the mutual relationships between the nations will be thereby deepened and the goal so ardently desired by all may be reached, namely; through friendly rivalry and more initznate collaboration for the pro- motion of intellectual and artistic achievement. In this sense I wish the congress every success, Adolf Hitler"

A telegram was also received from Louis Lumiere, one of the As the result of a stabbing affair earliest pioneers of the film indus- BETTER CONDITIONS

which occurred shortly after 2 try wishing the work of the Cón- Now this primary education is a.m. yesterday, Chau Wai-hing gress every success. The Com- meant to awaken, enliven and en- (20), a waitress, is lying at the mittee for the Film Press and film lighten the peasantry, and

Government Civil Hospital in a criticism passed a resolution con- frining the mission of film in pro- So far from being unwilling to effect will be found in improved critical condition. finance trade and industry, certain health and in improved "agricul- Chang (23) her assulant, succumb moting sympathy and frendship ed to the self inflicted injuries. among nations and calling on the of the local native Banks lend ture. It is fundamental to such money too freely on property on improvement. Feeling that one

The girl was employed at the Press of all countries to support Insufficient margin allbelt at high must live up to the English tradi-Hong So Restaurant, next to the the work of the film by giving

of rates interest. This prac-

promin- tion as "discovered by Grundtvig Central Theatre th Queen's Road the greatest possible tice tends to make credit the question is what can we do

Central. After work, she was re-ence to all discussion of Inter-

too

obtainable. readily

The here. Well there is a settled dis- turning to her home at 38 Upper national fim problems and in often trict in the New Territory, which

Lascar Row, when she was met recogniton of the part played by capital thus acquired is mortgaged again to the full and offers wide scope for such volun- by Chau with whom she is said film in moulding the thought, feel- an unstable structure of credit re-tary work. Remember Yer's work to have been on intimate terms. tng and judgement of nations, suits, which is susceptible to any is entirely tree from Government

The few people who were in Upper The Congress also advocated the set-back however small, and which though it is naturally very sym- Lascar Row at the hour say they creation of an international tech- witnessed a violent quarrel be-nical film press bureau with a cen- renders a "Anancial collapse in- pathetic and has military move-

tween the two before the man tral archive and the necessary or evitabe when a major depressionments of a similar character else- occurs. It may not be practicable where. In Shantung for instance drew out a meat-knit and stab-ganisation for supply of interna

She sank to tional film intelligence to all news- to legislate against this danger, Liang Shu-mien a aistinguished bed his companion.

the ground dangerously injured papers i diferent countries in the but any step tending to the adop scholar has opened a school at tion of sounder banking methods Tsueping where 600 teachers have from a number of thrusts in the form of news, articles, pictures in

been given the requisite knowledge would increase the Colony's stabil-

all languages and also to arrange to deal with this rural problem of education. The cost of such work is not high and this club might very well sponsor some experi- mental work in one or two of the villages in the New Territory, the injuries, have not acquired the art of read-prompted the attack. where the young men 18 to 25 who Jealousy is believed to have

ing might be taught according to education would do much to ad- this plan, such an elementary

Its position as the centre of the entrepot trade for South China makes Hong Kong a very important banking centre. Trade conditions, in the first place, demand a highly organised system of exchange banking. The banks established are, therefore, pre-eminently Ex- change Banks which also perform the ordinary functions of domesticity. banking. In addition, three of the British Banks provide the Note Issue by means of which the trade of the Colony is financed. This combined Note Issue, which amounted on 31st January, 1935, to $158,601,900, also plays a very im- portant part in the trade of the neighbouring Provinces of South

China.

Kong

Another matter of Finance we view th some misgiving is the re- cent establishment of "Savings. Banks." This class of institution should always be kept in a fairly liquid state so as to be in a posi tion readily to meet withdrawals of depositors who, though small in wealth, are great in numbers. It

seems to

that Government

The Hong

Exchange should pass some regulations gov Brokers Association is a duly con- erning the class of investments stituted and recognized body whose | in which "Savings Banks members provide the link between banker and merchant in the matter of exchange rates.

Association and of the St. John's vance the work of the Agricultural

Ambulance for a very effective may means would be found for distri- bating the knowledge upon which poor health and food agriculture depend.

man

abdomen.

After the incident the

weapon on himself, turned the Having cut his throat, only super- Ecially, he also stabbed himself fa the abdomen. He died later from

NEW OMNIBUS SERVICE

To Operate Soon

an exchange of press matter be tween various countries.-" 7ransocean Kuo Min.

MEMEL QUESTION

British-French-Italian Note To Lithuania

[Special to the "Hong Kong Dallı "Press" (Copyright).]

London, Apr. 29. The Erst

ofacial declaration about the new British-French-

time (7). 32-Strip (6). »

24 Turnip (5).

26 She's partly unmannerly (4).

33 This sea-captain of fiction 27--The ship's company boasted

should be able to get up steam

·(6)..

(4).

28 Much used by writers (4).

The following is the solution of yesterday's puzzle: Across-1. H-o-ard. 6. Hutch, 9. Algebra, 10. Covet, 11. Verge, 12 Epicure, 14. Sands, 15, Nut, 18. Roams 17. Stuff, 19. Sip, 23, A- miss, 23. Exposed, 24. Rhoda, 25.

Down-1. Hocus, . Adventurous. 3. Dates, 4 A-gain, 5 A-bout, 8. Haver, 7. Tarradiddle, 8. Feeds, 13.

Olden, 26. 3-ampler, 27. Beset, 28. Needy.

MISSION WORK AIRPLANES

Consecrated By Cardinal

[Special to the "Hong Kong Daily

"Press" (Copyright),)

Munich, April 29

Curio, 17. Shrub, 18. F-st. 19. Spune, 20. Psalm, 21. Ado-rn, 22. Baridy,

IN KWEICHOW

Heavy Fighting Reported

[Special to the "Bong Kong Dally Press" (Copyright):).

Nanking, Apr. 13.

By far the most sanguinary bat- tle ever waged between the Com- An impressive ceremony of an munists and Government forces unique character took place at the under General Chiang Kai-sher, aerodrome here on Sunday after since the launching of the anti- noon when Cardinal · Eşulhaber | Red, drive in west China occurred consecrated two airplanes and ten at Huangnihsiao, less than 15 miles automobiles including one motor from Kwekyang,, capitar city of Forry for missionary service in "Kweichow, on April 9. according Africa, chiefly in the territory of to military reports received here the former German colonies,

yesterday from General Lung Yun, Thousands of spectators assem- | Chairman of the Yunnan Provin- bled and among the guests of hon- | cla1 Government. bur were the famous transoceanic Swooping down towards Kwel airman, Captain. Koehl, the organ yang from the north, the messages iser of the Catholic Missionary Air | states the main force of Communfet Service in Africa, numerous church I bandits on April 9, reached a post- dignitaries a large number of off- tion near Kwelyang and came into eers of the Reichswehr and the clash with Government troops at aviation force, and finally repré-Huangnihalso: Due to prepared- sentatives of the city of Munich. ness on the part of the Govern=” On all flagstaffs the colours of ment forces and their superiority the Relch and the yellow and in weapons, the Reds suffered the white pennant of the church were severest reverse in many weeks. fying and the Reichswehr band In this one engagement, accord- provided the music.

ing to General Lung's dispatches, In his consecration the sermon

the Reds lost 3,000 men... Unable to. Italian note to Lithuania about preached from the field of the al- make an orderly retreat after the the Memel question was made by tar Cardinal Faulhaber said that heavy setback, the remainder of Sian, Apr. 13. Sir John Simon in the House of

the Red force fled in confusion: fix the church opens its arms to An omnibus service on the new Commons such as the St. John's Ambulance inter-provincial highway connect-when he said: "it was agreed in recognises their significance for Chingyen, hotly pursued by the on Monday afternoon achievements of technology and a south-westerly direction towards Brigade and the Rotary Club, ing Slan with Larichow will be Stress among the British, French the freedom of God on earth...... Government forces. This was the something could be done for the operated on May 1. The station and Italian Governments that Illiterates of Hong Kong and the master left here yesterday for the the three Powers should make

Missionaires then made the air-Arst real defeat the Communists New Territories, etc.

planes ready for the start. The have experienced since they left. various stations to make prepara- joiré communication to "In proposing a vote of thanks to tions for 'inauguration of the ser- Lithuanian

the Archbishop wished the German Klangst province. Government. the speaker, Hon. Mr. W. H. Bell vice.

This airmen and gallant missionaries statement" which had meanwhile godspeed. The cardinal complet-

ANOTHER SET-BACK said Professor Forster had reveal- Pursuant to an order from Gen-been sent off recognises that the ed the act of consecration and Another serious revarse sustained League of Nations, who arrived movement which was at present the Military affairs Commission, to ready removed certain dikenliles of the type which had been exiled / curred at Hwanyirishani on April 15, ed to them a very wonderful erai Chiang-Kal-Shek, President of Lithuanian Government has al-ave his blessing. The airplane is by the Red forces in Rweichow oc- The Commission came to the conclusion that these questions is now touring Kiangsi, was inter taking place in North China. Here provide transportation facilities for but declared that the present The Flying Cross" and is the new hardly came within their terms of viewed by our representative in

in Hong Kong, he wondered whe- bandit-suppression, the three Pro-tuation in Memel is irreconcilest model from the Dernier Works reference and were matters for the the Houg Kong Hotel yesterday ther it would be possible to do vincial Governments of Shened, able with the conditions of the The pilot is the father of Paul

when she said that apart from two Exchanges concerned to ar finding Ilong Kong an extremely wards helping the people in the construction work on

something along these lines to- Kansu and Szechuan have started Memel Statute which the exis Schulte who during the world war range among themselves. ›

charming place, she had nothing New Territories.

the Sze-tence and smooth operation of the to say because she was merely

It had oc-chuan-Ehensf and Szechuan-Kana Diet and the directorium com

was an airman on the Palestine accompanying her husband on his curred to him, whether some-highways,

front Engineering work is manding the connderee of ́, the tour and was not at all connected thing might be

Transocean Kua done through now in progress on the Hanchung Diet is the basis with his work.

our broadcasting system. He had Nanking section (Benst) and the "The Lithuanian Government

There are two recognized Stock Exchange in Hong Kong known as the Hong Kong Stock Exchange and the Hong Kong Shareholders'

Association.

Suggestions were received that 'conditions did not warrant two Exchange and that the two bodies might be amalgamated with ad- vantage. It was further suggested that an effort should be made to

place spare funds and make a per- centage mit, which may not be exceeded, for axed loans or mort- gages. Bavings Bank depositors are usually people of small means and if there shoud be a fallure of one or these institutions the logs and misery caused would be wide- spread.

MRS. ROBERT HAAS INTERVIEWED

curb speculation and the "hammer Mr. Robert Haas, wife of Mr. ing down" or local shares by in-Robert Hass, liason officer of the terested parties.

from the North Iaat week and who

THANKS EXPRESSED

The President said that be

hoped very much that through the co-operation

of

various bodies

[Special to the "Hong Kong Dally Press" (Copyright).]

+

into the question and Tlenchul section (Kansu). Work a, therefore called upon to put

reports from Lieut-General Helier Xueb received here reveal After

a hot engagement, the Red forese operating in that region were com No criticism can be levelled at

pletely disarmed. During the night the banks of the Colony on the

ing more than 4,000 outlaws Werb killed while 1,600 were taken score of unwillingness to finance

prisoner. More than 3,300 rifies trade and industry. Indeed few

Mrs. Haas said that she and her gone

were seized In addition to 34 light places in "the world have suffered less from Exchange and Finance Tassday by the sa

husband would be leaving

guns and 8 machine-guns. ̈ ̈ ̈ on had found that receiving sets has also been started by the Sze an end to the present situation Government, he would propose these two battles were regarden restrictions. At the same time, Genera via Singapore where they ritories so that the people there Chungking, the centre of the high-assembly of such directarium and missioner to represent the League rest victory for the Governm

Porthos for might be installed in the New Ter- chuan Provincial Government from promptly and to provide for the the appointment of a high com in military circles to be the big the Colony's trade has been ser-

would change over to the Dutch lously hampered by fluctuations

boat. She concluded by saying music but to listen to talks deal with

would not only be able to hear way network, northwards to line up for an early session of the Diet" of Nations on the spot, Sir John forces since the commencement both in the local currency and in that her impression of Hong Kong

the two inter-provincial Answering a question as to said that that was a proposal | the major enstre against the currency of South China, but, was that it was a "very charming ing with child welfare, maternity routes -

By whether, in view of the unfriend- for the League of Nations at pas, Reds in Kwel uncertainty in regard to exchange place."

welfare, etc.

China United Preni (by mail). ly behaviour of the Lituanian Tranroceni

China United Prat (by mail)