1936-02-04 — Page 12

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HONG KONG DAILY PRESS

TUESDAY, FEBRUARY 7, 1936:

FINANCIAL MEASURES IN GERMANY

(TRANSOCEAN NEWS SERVICE: SPECIAL)

AN EXPLANATION OF THE IMPORT-PROHIBI- TION OF REICHSMARK-NOTES INTO GERMANY.- By Leopold Scheffler, Financial Adviser to the Reichs- bank. "Since December 6, 1935, Reichsbank-notes are only allowed into Germany an a permit.”

its

NAVAL TALKS

Japan's Next Move

* London, Jan. 13,

It was announced that the next meeting of the Naval Conference had been postponed from 5.30 this evening until 11 o'clock to-morrow morning. The latter hour is prob- ably more convenient to all the delegations, but it is understood that the Japanesa delegatior: particularly desired it, as they were expecting amplified instruc clons as the result of yesterday's Cabinet meeting in Tokyo.

WES

MEMBRAN

S. E. Levy & Co.

7. ICH HOUSE STREET --INVESTMENT BANKËLS & BROEXIS

NEW YORK CUTTON EXCHANGE COMMODITY EXCHANGE, ING. N.T.

CHICAGO BOARD OF TRADE

CANADIAN COMMODITY EXCHANGE, INC.

CORRESPONDENTA TOY

WHITE, WELD & CO., NEW YORK

At first sight this measure would uphold. This would be rendered seem to involve an undue card-impracticable, however, if an ap- ship tot

the foreign business-preciable part of German exports

To were to be paid for in mark cur man dealing with Germany,

At the last meeting of the Con- algn.canceréncy available from exploitation appreciate

fuli

between the rerence, which was held on Wed- however, it should be reaused that of the discrepancy.

nofficial exchange rate and « that j ́nesday, it was arranged that the through it a formal oophole

clos-prevailing on the open market for next meeting should be on Friday. foreign exchange centre is

from Ger- That

postponed, however, to condition mark-notes exported

а ed, giving effect

with a view to altering the agenda which virtually has ex sted since many in violation of the law.

Nor does it in any way impair the in accordance with the wish of the the export prohibition of Reichs-

of German currency Japanese delegation to return to mark-notes in April 1934. Never-valuation

hesitated which remains unaffected at face their original proposal for a com- theless the

Quotations abroad for mon upper limit of total tonnage. to implement this measure (sup- parity.

proposal. which was dis- plementing the export prohibi-mark-notes refer to those credits This

the earts WINE CONTROL IN ITALY tion) because of its possible con- in Germany which are untouched cussed at length at

meetings of the Conference, was it by existing regulat.ons since sequences, the more 30

put forward by the Japanese de-

Special to the "Hong Kong Daily could be regarded as an essay in at all times be converted into for-

Press" (Copyright.)] repudiation. A review of develop eign exchange. Tae extreme cor-icgation as an alternative to the under the "ratios" of the Washington and

Milan, Feb. 2. ments in 1935, however, will show sideration extended

new ordinance to those percons London Treaties, to which Japan. the need for their action.

notes.

authorities

payment

"

made

and can

armaments"

in some perm:ssi-

"

arrange-

objection to

OFFENSIVE WEAPONS

NEW EQUIPMENTS

11

INVASION OF SUIYUAN

Pelping, Jan 21. Plans for the invasion of East- ern sulyuan by Manchukuo troops 10 under General L Shou-Hsin,

Mongols, co-operation with

are being set in motion, according to a telegram received from Suyuan this afternoni

Japanese military planes are circing daily over Fencheng, im- portant market town on the Pal- ping-Sulyuan Railway, north of Tatung. The people of the cities along the railway are highly in- dignant and are rallying to the support of the Bulyuan author.ties, who for some, weeks have been making preparations to resist auch an invasion.

All stocks of wine, which are As long Reichsmark-notes outside Germany desirous of mak- objects

It is held in Japan that the 40t intended for family or per- were only slightly below value out- ing payments in mark-notes in

1935, must be reported to the side Germany, it was of no ma-Ignorance of the import prohibi- ratios are derogatory to national sonal consumption, of the vintage

by relegating certain

дет terisi consequence to permit their tion, shows that injury shall be prestige,

avolded as far as possible. The Powers to a position of permanent authorities, according to a return to Germany

As deprecia- law provides for an import pro-inferiority. This view is shared law.

A further decree lays down what of goods exported. tion gradually became heavier as hibition, the payee being obliged by Italy; but their

to nctify receipt within three ratios is chiefly on the ground of proportion of wine from 1935 vin- a result of an excess of supply

-their-permanency. All the parti- tagé may be used for purposes of

alcohol distillation.- over demand her national eca-days.

The notes will be refused the cipants in the Conference agree sericus nomy was in danger o!

that the ideal to be aimed at in a "Transocean News Service. injury. Incidentally the current payee in Germany who must "ap-

new treaty is equality of security: supply of mark-notes abroad te-ply to his foreign debtor for re- Mark-notes im-

but they recognise that there are tified to a flight of capital or de-imbursement.

mil-ported in breach of the regula- between them varying degrees of iew cidedly more than the

the law are, therefore, vulnerability and needs, for naval

been No definite reports have The tions of lions ruznoured abroad.

invalid. particularly as regards defence, for which, it is held by than the

Lanchow, Jan, 25. received in Fengcheng or Pingt!- growing disagle was an added in-

as to the extent of the cannot centive for payments of German amortisations. However, in order the delegations other

provision

be The Lanchow Meteorological Sta- chua merchandise to be made in cheap- that foreign businessmen should Japanese,

unde- the "equality of tion is functioning again with the penetration of Gen. Ll's troops, not suffer a loss, they will be no-made

According to reports from senil- 1 acquired mark-notes.

tined officially of the existing Im-

which would result arrival here of nine powerful in- The same feature made its ap- port prohibition and offered the from acceptance of the Japanese struments supplied by the Central afficial Chinese sources, the Man-

German alternative of having the notes proposal.

Observatory in Nanking. The Sta-chukoo-Mongol objective is the pearance in regard to

operations last occupation of five halen in Easter tion suspended and returned or put to use service, shipping companies

be forwarders coming to

autumn on account of the destruc Suiyuan which formerly, belonged reim manner that is legally

It is

and understood that these ton of its equipment, as a result to Chahar-Hsingho, Pingtichuan, bursed more and more in mark-ble.

Llang- dissuade i

variations An attempt to

are also admitted by or the explosion of a powder maga Taolin, Fangcheng Germany has

cheng. German exporters from accepting ments with most European coun- the Japanese, who are prepared to zine in the neighbourhood.—

certain adjustments Kuo Min. this manner of payment was un- tries for all payments to be made arrange for

basis via availing, lacking all legal

accounts, 50 special

that of the common upper limit in or- for refusal. With the

expert financial transactions of the above der to provide for them. It is this feature of their proposal, which muggling of mark-notes, assumed

nature should in principle not oc- grotesque proportions and

cur. The steps taken by the was apparently not fully clarified supply of foreign exchange

Reich are indirectly in support of when it was last before the con- coming commensurately attenuat clearing and financial agreements ference, that the Japanese delega-

found

by foreign countries tion, now wishes to elaborate tur- ed the Reichsgovernment

concluded

ther. It would appear also fron it imperative to forbid the relm-with the Reich.

In so

al-the dispatch of our Tokyo Corres- portation of. mark-notes.

A further shrinkage in an doing they are traversing a path ready reduced flow of foreign ex-pondent that they also wish to would in- expound the qualitative part of along which numerous other counchange Into Germany

jure still further her balance of their proposals, which were out- tries have led the way and in

In Addi- lined in Admiral Nagano's speech Germany's case the measure foreign payments and,

at the opening meeting in Decem- particularly warranted since her tion, seriously, impair her pur-

a foreign ex-chasing power in foreign markets. ber but have not been set forth in economy needs

to meet its change obtainable

For this reason, no less, it is ulti- detail. These suggest the aboli- of for- tion of what are described as own foreign commitments.

mately to" the advantage The prohibition does not imply efgn business men to adopt an offensive weapons, which are de- Bred as capital ships, aircraft- which understanding attitude of the en- repadiation of the Mark

abusive tran-carriers, and "A-class" cruisers: which were not made clear at the the Reichsbank no less than the deavour to inhibit

or, if abolition is not acceptable, earlier meetings, it seems improb- determined to

sactions in Reichsbank notes. Government are

drastic reductions in size. ・・・

able that the Conference would The discussions on the common raise objections to his doing so. upper Umit were dropped when it If the proposal were put to a became clear that no other delevate there is no doubt that. It gation viewed them with favour. would be rejected, and in that and the Conference passed to dis case there would seem to be little

As a result of the agreement of cusalon of the British quantitative doubt that the Japanese delega-

views reached in the recent nega- proposals. Recognizing that raties tion would cease to take part in

at tlations Tungchow by Mr. have become distasteful to other the Conference. The Conference.

Chuichi Ohashi, the Foreign Vice- Powera and cannot therefore be however, would not come to an perpetuated, these proposals were end. It would be continued by Minister of Manchukuo, and the designed to prevent competition

meal bading through tank the other delegations, which, it is authorities of the East Hopel Anti-

38

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Shangai Dock S.

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Lands, Hotels, and

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YORK STOCK

COMMODITY QUOTATIONS

NEW

(Through Renter's Agency)

Cotton, May

Rubber, March

Chicago Wheat, May Corn, May

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Anaconda Copper, zimne EL Bond and Share General Motors mes Montgomery Ward N.Y. Central UB, Steel

AND

the .be-

19

Londou. Feb. 2. The death is announced of Bir editor Owen Seaman, the noted

$32.1 of Punch-Reuter.

Bir Owen, who was born in $13

1881, was educated at Shrewsbury 35 eta, Echool and Clare College. Cam

主

bridge, where he took a first class 1 the Classical Tripos In 1883. After a period as a schoolmaster and a professor of literature at 158 ata. the Durham College

39.90 34.95

$1

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of

Kipling's

THE AGA KHAN'S JUBILEE

Preparations In Bombay.

London, Jan. 14.

Interchange

SHIPPING CONFERENCE

ADJOURNS

Reports current in Pingtichuan this morning state that Taolin, a town some 40 miles northwest f Pingtichuan and only 120 miles northeast of "Kuelhun, has been occupied by the joint Manchukuo- Mongol forces. These reports could London, Feb, 1,.

not be officially confirmed. The

Atlantic Shipping.

Japanese reports published yes- Conference adjourned until to-

terday.

the effect however, to Meanwhile the Canard MOITOW.

that an "autonomy army' of 30,- White Star Line's resignation from 800 has concentrated in Feng- the conference has been held over. cheng under

The latter, owners of the liner

North

·

a "Gen Liu Wen- ke, proved to be entirely false. Queen Mary, object to the classi-His name has apparently not been fication of the vessel as a cabin heard of in Fengcheng. ship-

Heuter

The re-

port that pamphets advocating autonomy had been distributed in the streets of Fengcheng was Siso errcbeaus-

Union News,

TREATY OF AMITY

Peiping, Jan 21

would invite the Communist Autonomous Govern- understood, Attaborate preparations are being

of that made here for the celebration of

a representative of information of

Japanese to remain in the capa- ment,

body, Mr. Chi-Sung-mo, called on the jubilee of the Aga Khan. The

Mr. Ohesht here yesterday and Principal functions arranged in each Power's intentions regarding city of observers.

REASONS" POR STAYING clüda a special Durbar for the new construction. The Japanese

Messages from Tokyn indicaté exchanged copies of a draft treaty [antation of a Address to his delegation raised no objection at

that it is doubtful whether Ad-of amity. This is taken to mean Highness from his followers. At the time to the discussion of thes this Durbar the Aga Khan will be proposals, but, when on Wednes-miral Nagano is empowered to that the treaty is practically con-

it is day last the French, Italian, and weighed against gold, and

There are other matters upon it is being awaited.

The agreement is said to con- expected that 20,000 guests will at British detailed schemes for the push the matter to a decision. cluded, and the formal signing nt

exchange of information came up

which an agreement is desired by tend the function.

for discussion, Admiral Nagane in-

qualitative limitation, regulation. The Manchukizo. Government "The movement for celebrating the timated that he was not willing to the Japanese Government, such as tain the following points Bcience, jubilee of the accession of the Aga continue discussion of any other Newcastle, he was called to the Khan to the great dignities of his subject until his own proposal for submarine warfare, and prob- and the East Hopel Anti-Com- tions upon the fortification of recognize and respect each other's House has sprung up spontaneous the common upper limit was de ably prolongation of the restric-munist Autonomous Government

the Pacific laid | sovereignty......... possessions in Meanwhile he had begun hisly, and in Christmas week when, cided. The Tokyo Press has re-

2. The peoples under the two dia connection with Punch by contri-accompanied by the Begum his peatedly suggested that, if the down in the Washington Treaty.

Highness left for Indis he had buting a parody of

little or no information as to the proposal were rejected, the Japan-

cannot be heard if the delegation rights to reside and transact busi- "Rhyme of the Three Sealers." arrangements being made. Whilese would take no further part in Japanese views on these subjects governments shall enjoy common.

leave the Conference. It seems nees. While still a professor,

3. The peoples under the tw he also the main celebrations will be in

AMERICAN OPPOSITION

probable," therefore, that if the published a volume of parodies Bombay and the Bind Province,

further explanations that Admiral | governments shall enjoy freedom which is regarded as a classic of there will be rejoicings by the

The proposal to return to dis- commanity throughout

4. Each government shall allow Ite kind. He joined the staff of Moslem Punchin 1897. Shortly after- India. The Aga Khan's immediate cussion of the common upper limit Nagano intends to make are not of movement and trade. wards he was made assistant edi- followers, the Ismaliahs, or Ismai ands no favour with the American found to modify the opposition of tor and in 1908 he succeeded Sir lians, are to be found not only in delegation, who hold that it has the other delegations to the com- the banknotes issued by the other India and on its borders, but also already taken up enough of the mon upper limit he will raise no to circulate in the territory under 5. The two governments pre- FC. Burnand in the

through Central Asia, in the Middle me of the Conference and clear objection to the discussion being its jurisdiction...

mise to co-operate in maintaining chair.

East, and in North sad East ly commands no assent among the once, more dropped without regis-

and in defense Under his control Punch made Africa. They will regard the other delegations. They consider, tration of a definite rejection

There is no weakening of the general peace great strides in circulation. His occasion as of great spiritual signi mossover, that the agenda should conduct of the paper during the Sicance, as their Pontiff is descend-be altered only by the Conference British objection to adoption of against Communism ----- war and especially his spirited ed from Ali by his wife Fatima, itself, and not by Informal con- the common upper Umit ThisUnion News, verses were a great asset to the the daughter of the Prophet versations. It is probable, there country, with its peculiar depend- Ence upon maritime defence, could nation. In some of his verses he Mohamed,

not commit Itself to a limit to which all other Powerm were free

Last February 3 Close Open 10.30 11.00 10.87 10.89 15.16 15.15

100 601

10.83

16.08

1001

601

STOCKS

301 30 291

30%

18 18 18 18

591 691 59

371

371

331

501

491

501

គំនិតឥទី

editorial

is considered to have equalled and

even surpassed C. 8. Calverlay, the

the Conference,

fore, that at to-morrow's meeting Admiral Nagano will make a formal proposal that he be allow

He was showing a friend around

There are lots of points about

that the British and. most brillant parodist of the Vic prints of some of his many con-ed to return to the Japanese ori- to build. But it may be taken for his ultra-modern house, torian era.

tributions to Punch.

ginal proposals, and that he will granted

He was knighted in 1914 and be followed by an expression of Dominion delegations at the Con- it that I like," sald, the candid His books include "Horace at Cambridge," "Tillers of the Sand". made a Baronet in 1933. Among the American opinion that they ference will not, of their own friend, "and there are some that "In Cap and Bells," "A Harvest the distinctions conferred on him should be resumed only for the motion, adopt any procedure I do not understand why for in-

drawal from the Conference in- door?" of Chaff, "War-Time", "Made in were the hon, degrees of LED of purpose of taking a decision. I which will make Japan's with stance, the round hole in the front.

"Oh, that's for circular letters, England" and "From the Home Edinburgh and D, Litt. of Dur Admiral Nagano intimates that he

1s able to explain further detalls, evitable, Front These are largely re- ham."