1937-06-30 — Page 6

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HONG KONG DAILY PRESS, WEDNESDAY, JUNE 30, 1937.

NAVAL PATROL

SCHEME

Mr. Eden Defers Statement

EXCHANGE EQUALISATION

ACCOUNT INCREASE

SIR JOHN SIMON. EXPLAINS - SITUATION

TO HOUSE OF COMMONS

London, June: 28. Although the Foreign Secretary, Mr. Anthony Eden in Commons deferred

`to-morrow... the until statement regarding the proposals for 'Alling the gap in the naval patrol scheme, caused by the with- drawal from the work of observa- tion by Germany and Italy, it is generally expected that one of the proposals, which it is contem plated will come before the meet ing of the Non-Intervention Comed by the United States. France, mittee to-morrow morning will Holland, Switzerland and cther rica. assign the task hitherto carried by countries. The account was set up these powers to the British and | to check undue fluctuations in the French navics.

London, June 28. quent wide futuations in exchange In moving the resolution relat" | rates when new gold was coming Ing to the proposal to increase the in, and also later on when foreign amount which may be issued to owners call for the return of cer- the Exchange Equalisation Account tain quantities of it. from £350 to £550 millions, the For this purpose the Government Chancellor of the Exchequer. Bir had come to the conclusion that John Simon, recalled that the it was prudent and timely to add account was established after Bri- two hundred millions to the exist tain had left the gold standard. ing borrowing powers, and the line Her example in establishing such of policy the Government was an account had since been follow-pursuing was in accordance with that of the United States of Ame-

TOO MUCH SECRECY The Chancellor, in discussing the exchange value of the sterling and | question of secrecy regarding thus enabling traders to count operations of the Account, refer- with confidence on prices holding | red to the desire for more dis- and permitting them to venture

closure and said he bad come to freely on extensions of enterprise. the conclusion that there would RESTRAINING INFLUENCE be no harm in indicating to the

Mr. Eden indicated that the problem of filling "this gap had been the subject of the closest consultation between the British and French and other govern- merits. In well-informed quarters, As long as currencies were link-Committee, at a date after the in London,, the possibility of the ed with gold there "was obviously event, of the amount of gold held desirability expressed by the re- in constant operatiori a restraining by the Account over alt months, presentatives of the Powers at to- and limiting Induence which con- | the ́införmation being made to the morrow's meeting to refer the pro- | fined the oscillation in foreign-ex- public three months in arrear. posals submitted to the Non-change to narrow limits. When Accordingly it being now the" enc Intervention Committee to their the measuring rod of the gold of June, be informed the House of governments is discussed.

standard was removed, oscillations | the following facts on March 30, This course of action would be of currency exchange might be last. Gold held in the Account! thoroughly understood but at the come more pronounced, more fre- was 28,874,000 fine ounces. On the same time it is hoped that the quent and more serions, and the same date there was also gold question of filling the gap in the opportunity for speculators was held in the Issue Department of “Control Scheme, which is regarded | very greatly Increased. Hence the Bank of England amounting

as one of some urgency, will not be long left open and that the expressions of views of these Gov- ernments will be available to the committes in London before the end of the week.

ments towards the principle of the scheme for the withdrawal

of

foreign nationals" now serving Spain which is also on the agenda for to-morrow's Non-Intervention Committee meeting.

after we left the gold standard, we to 73,842,000 fine ounces. That decided to set up this account made the total of 100,516,000 ne There could be no doubt that the ounces and at a price of £7 per existence and operation of this ounce that represented little more account has been instrumental in than £700,000,000. promoting. and maintaining our The Exchange Equalisation Ac- OTHER QUESTIONS

steady recovery. Under the cxist-count at that date did not hold Several other questions addressing conditions, such an account more than a trifling amount of ed to the Foreign Secretary had was an essential element in the foreign currency. That was the reference to the Spanish conflict anantial machinery of any coun- sort of statement that would be He said he was not in a position try in our position.

made every six months and he left to make any statement regarding

DELIBERATE SHIFTING that it would have very great the attitude of the various govern-

Contemporary, operation of the interest for those who followed account must be conducted in the these matters.

When all con- most complete secrecy, for ahy- |siderations were weighed, we thing like contemporary disclosure should not consider the present of what it was doing would be a gold holding as excessive and the heaven seat opportunity for tur- action now proposed and terms of rency, speculators and this would the resolution that would carry it amplify every undulations which out did not indicate any change the lund was engaged in reducing. in our present policy. There was a second sort of pheno-

NO PERMANANCY menom which had-greatly develop- There was no reason why the- ed of late and was calculated to presént disturbed conditions of produce the same fluctuations in unsettlement in connection with exchange, and which needed to be the International movements of counteracted by similar methods, capital should be permanent and It was the deliberate shifting-or" | should persist but the present might adopt. When asked whe-large quantities of gold capital situation compelled the Gavern- ther any plans were before the from one centre to another.

ment, for the purpose of maintain- SETTLING BALANCES

ing its General financial policy. Committee for preventing passage of foreign military air-

Under the gold standard regling, and in support of their under- craft to Spain. Mr. Eden replied old movements took place mostly takings and objectives under the that this extremely complex pro- for the purpose of settling Inter-Tripartite Monetary Agreement, to blem had been under constant national trading balances, but now make this further provision as an examination. No solution had yet they had large masses of capital insurance against additional move- been found but the Government moving from one, country, to an- ments in sterling" were fully alive to its importance other for a quite different reason, and would do everything in their and unless the bad effects of this, power to secure a solution.— British Wireless.

He understood that only four governments had so far com- municated their observations on the matter to the Non-Interven- tion committee,

The British Government had m-

formed the Committee that they were willing to agree in principle to accept the plan with any modi-

nications

which the Committee

the

SUPPORT FOR PRES. ROOSEVELT

Washington, June 28. Although those participating in President F. D. Roosevelt's three- day conclave on Jefferson Island describe the meetings divergently.

It is understood on the best party authority that President Roosevelt won considerable., support for his legislative programme.

The Democrat rebe's suggested that Congress should adjourn as

but

He was further ready to agree that the state of the Account an- in causing violent fluctuations in" nually, as at March 31, should not currericy exchanges, as far as may only be available to the Comp- be were neutralised, the result troller and Auditor General, would be exactly the same obstrue whose duty it was to report to the tion to trade and the same loss of House,

should also con- business confidence as those dan-fidentially be communicated to gers against which the Account the Public Accounts Committee by was directed. Thus the Exchange January 31 of the following year. Account in

There would be: no such account the present circums- tances must be prepared to add indication as to whether the re- to the holding of gold for that was sult was a profit or loss- 'what was necessary to avoid fre-

SPANISH CONTROL

SCHEME

"soon as possible to prevent an open Anglo-French Proposals May

Raise Difficulties

break-up of the party and permit warm feelings to. cool.

British Wireless.

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K. M. A.

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THE JAPAN HOTEL ASSOCIATION, MEMBER HOTELS

TAMI:-

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IN MANOHUKUO --

London, June 28. The King' will send a letter to the Governor-General of "South Prealdent Roosevelt, however, ia

Africa by to-morrow's 'air'' mail believed to have convinced the ma-

Berlin, June 28. Herr von Ribbentrop returned which will inaugurate the first IN jority that the programme must be

to London this afternoon and it is part of the Empire Air Mail passed. It is understood that the Supreme Court reform bill wil

anderstood he has definite in Scheme by which first class mali structions in regard to Germany's will be sent by. air to all parts of come before the Senate within a fortnight and

if the Administra attitude in the Non-Intervention the Empire for three-and-half- tion, by accepting a two-judge ap- Committee on the Anglo-French pence per half ounce, and one pointment compromise, can get a proposal to all the gap in Spanish penny for ordinary. The Secre- vote without prolonged nllbuster-control with Anglo-French ships.tary for Air. Postmaster-General and Empire representatives will Well-informed quarters envisage ing, then it is felt the worst of the situation will be over-

dimculties in the Committee as attend to-morrow's inauguration Beuter.

Germany and Italy are expected ceremony at Southampton Airport. to voice their doubts and appre- British Wireless Service, hensions. If a unanimous deci

ANTI-BRITISH

ston is not reached by the Com-

PROPAGANDA mittee, nothing will remain but to

af

resort to the agreements, formerly concluded

providing individual powers to abstain from interven tion Reuters Bulletin Serince

PURELY ROUTINE

MOVEMENTS

London, June 23. Information was sought question time in Commons regard- ing the anti-British Italian pro- paganda in Palestine and Arabia and the Forefen Secretary was asked if he proposed to protest, to the Italian Government against its continuance. He replied that" ["

London, June 28. ► the British Government took The German cruiser Leipzig. strong objection' to this anti-Bri- attended by four destroyers, pass- tish propaganda and the Ambas ed Dover in the homeward direc- sador in Rome had on his In- tion, evidently in accordance with structions, more than once made the recent German explanation: representations to the Italian that the meet move Government on the subject, the Spanish Coast were last occasion being about six celleve the warships weeks ago..

Fa long time in Spamata waters.

Reuser's Bulletin Bervsce.”.

British Wireless Service.

the

fgned

med-for

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