1938-12-14 — Page 11

HÙNG KONG DAILY PRESS

Finance and

Commerce

BRITAIN CANNOT TOLERATE

CLOSING OF OPEN DOOK

Drastic Economic

Reprisals Against

Japan Considered

London, December" 13

Asked what action the Government proposed to take to community at set at rest the widespread fears of the British

plan- Shanghai that the Japanese Government was deliberately ning to close the open door in China, Mr. R. A. Butler, Under- Secretary for Foreign Affairs. declared in the House of Commons yesterday that the Government had made it clear to Japan that its attitude was" governed by the Washington treaties and other international agreements to which it was a party and that it could not recognise any alteration in the position as defined by those

by unilateral action. treatles brought about

Economic reprisals against this reason that the most Japan, for her freezing out of staking study of the question is decision foreign trade interests from China being made before any is seriously being considered in will be reached, states the corres- London and Washington, says pondent. the diplomatic correspondent of. the "Dally Herald.".

Reports from both the British and American Ambassaders in

for scme China have indicated

deliberate- time that Japan was. ly destroying all foreign trade competition, and experts of the United States Department of Commerce and the British Board of Trade have been studying what retaliatory measures could be

taken.

FAR

ADVANCED

pain-

YANGTZE RIVER

MONOPOLY

New Japanese Project

Shanghai, Dec. 13. Reports of the formation of a new Japanese shipping com- pany, aiming at a monopoly of all river trade between Shanghai and Yangtze ports, have caused consternation in foreign shipping circles.

FINANCE

RAILWAY

MATERIALS

FOR

WEDNESDAY, DECEMBER 14, 1938. -PAGE 11

LAMMERTS AUCTIONS

KAIPING

COAL

CHINA

FOR ALL PURPOSES

PUBLIC AUCTION.

Huge Orders For British Firme

Considerable orders have al.. ready been placed with British engineering firms by the Chi- nese Government Purchasing Commission, and still larger. orders are expected in the not distant future, for the railway development of western China. according to a Reuter message from London.

The Chinese Government is said to have planned a 1,000-mile rail- way system for Western China. and work on part, of this line is reported to have already begun..

A firm in Leeds has received an order for 850 steel side-tip wagons. while another order is for 25 miles of rails for,, construction work. It is stated that the new con-

The Arst part of the new rall- cern will be known as the Yangtze way system. Reuter learns, will River Steamship Company, and link up Yunnanfu. Talifu and be- will have headquarters in Shang-yond.

hai. The first meeting is reported Interviewed by Reuter. a Chi- to have been held on Saturday. nese railway cfficial in London when about 50 directors and said that the ecuntry was difficult, Chinese compradore were appoint-but not worse than the territory ed.

traversed by the southern portion of the Canton-Hankow line.

A

The concern is to begin opera tions in January, and will main- tain regular services to all porta with a fleet of 16 vessels.

DAMAGE TO BRITISH SHIPPING INTEREST'S

MORE OPTIMISTIC A new tone of optimism is dis- tinctly perceptible in hinese cir-

cles in London. One lgh Chinese official said: "No one believed

OTHER COMPLAINTS

of Yesterday In the House Commons, replying to a quès- tion concerning mutilation of said that cables, Mr. Butler the Foreign Secretary had

The damage to British shipping not received алу report of

Interests at Shanghai will run into that we could keep going for more

months. We interference with British com-

millions of dollars as a result of than twelve mercial cables at Tientsin.

the loss of trade if the Japanese selves did not Asked whether the Government are allowed to control Yangtze thought that after one year. If no was aware that B British ship shipping business, an official of a help came from abroad, we would laden with cotton yarn had been leading British Arm Informed the be forced to capitulate to Japan,

"Now we are sure we can go on refused an unloading permit by "Horth China Daily News."

Szechuen at Tsingtao.

It is generally believed that the indefnitely if only we receive very the Japanese

Mr.

Te-

believe it.

our. and

Their investigations are now so Butler said that he had not new company is a subsidiary of Uttle help from others. tar advanced that Mr. Joseph celved a report of this particu- the Japanese central development alone has 50,000,000 people and Kennedy, American Ambassador lar case but further representa company, which aims at monopoils huge natural resources. We do in London, has gone to Washing-tions on the general question of ing all trade within the area nct fear dimculty in raising the

against. ton, and the American Ambassa- discrimination

British occupied by the Japanese forces, necessary money." North dor in China, Mr," Nelson John-riterests in

China ports and will proceed on the same lines

Decem- 35 the China" Inland son, has been recalled for con- were made in Tokyo on sultation.

ber 1.

It is also significant, says the Mr. I. C. Hannah asked whether correspondent, that Sir Ronald the Prime Minister had consider- Lindsay, British Ambassador ined the cable from the hat man Washington, has arrived in Lon-of the British Associated Commis don "on holiday.".

tee of Tientsin on November 16. was pressure exerted by directed to

One step envisaged la American circles is to deprive Japan of her benefits. under

the classe.

en, the

will

sult

most-favoured-nation

if such a step is tak- Government British almost certainly follow

President Roosevelt also

Steamvices in the Shanghal area to the Navigation Company, which secur-exclusion of foreign competitors.- ed a monopoly of all launch ser Reuter.

HOME, FACTORY

AND BUNKERS

POWER

HOUSE

'TUGS & LOCOS

THE KAILAN MINING ADMINISTRATION.

Head Ofoe-TIENTSIN.

DODWELL & CO., LTD., Agents, Bong Cons

WINTER CLOTHES

Women's, Men's & Children's

WANTED URGENTLY

HONGKONG BENEVOLENT SOCIETY Monday & Thursday

TWO PRINCIPAL FACTORS

2055

in which specific attention CAUSE SAG IN WOLFRAM

the Japanese to.

secure control

of Chinese silver reserves and whether the Government W35 re-

aware that part serves had been British banks

has

of these

deposited in

Mr. Butler replied in the amr-

power of discrimination against mative to the first question but the importation or sale of Ameri- so far as the Foreign Secretary can goods, if it is decided to was aware none of the silver was exclude "any or all articles" from deposited in British banka, the offending country.

AXIS FEELINGS

It is reported on good authorl-

It la doubtful whether such drastic steps are yet contem-ty that German business circles plated. But the question of in-are seriously alarmed by Jap- creasing duties on Japanese im- porta has been closely studied.

"SERIOUS BLOW

Colony Half Way House For Smugglers

(SPECIAL TO THE "HONG-

KONG DAILY PRESS") The local price of wolfram has steadily fallen during the year, and this may be attri- buted to two principal factors. foreign anese encroachments on

First, production of wolfram ore trade rights in China, and are has increased in Burma. Statis- doing their utmost to persuadetics show that in the past six

do the Government to nothing months, over 5,000 tons of wolfram calculated to aggravate their dif-were exported from that country

to Britain. culties in China,

has been

Ay action of this nature will be a 'serious blow to Japan, for the British Empire and the United States are her principal tomers, absorting "roughly 50 per any step in the Far East which marked increase of illegal exporta- |

cent. of her exports.

Retallation of this sort.

to ever, is calculated counter-reprisals, and it

DEFEAT FOR DEFEATISM

C125-

Italy also is reluctant to take

Secondly, there

UPWARD SWING

OF TRADE

Necessity Of Confidence

London, Dec. 13.

Signs of trade recovery were examined by the Chancellor of the Exchequer in a speech at the luncheon yesterday of the National Union of Manufac turers. Sir John said that with the international situation so tronbled and uncertain as at present, even limited indica- tions of improvements were STL- doubly significant and couraging.

of

non-

con-

might, by offending Britain, tion of the ore since the Japanese how spol her hopes of reaping the invasion of South China. It is re- lead to desired financial fruits of thellably estimated. that an average

He referred to the rise Ex

in for Anglo-Italian agreement-Reuter of 1,000 tons of wolfram, mostly

the from the East River district, have wholesale prices been illegally transported from ferrous metals class between Juns China since the fall of Canton. and October, and said m These have almost entirely gone siderable a change could not be attributed entirely, to the fall in Into Japanese hands.

Depots exist in Hongkong which sterling.

The steady rise in the index of act as half-way houses for the ore from China which is intended for industrial activity in the United Japan Transactions are based on States was more than a revival of the market price in London, but the stock and share markets. It considerable manipulation goes on, represented industrial quickening There are, it is estimated, about and was bound to have repercus- 1,000 tons of smuggled wolfram in sions on world trade, the Colony awaiting shipment to Japan.

Anglo-American Trade Treaty

New Orleans, Dec. 13 The Anglo-American trade agreement was a reply to the defeatism which had appear- ed in some quarters after the Munich agreement, declared Mr. Sayre, Assistant Becro- tary of State, addressing the cotton conference of the Farm Bureau Federation yesterday.

INTEREST IN DR. SCHACHT'S LONDON TRIP

Berlin, Dec. 13 Following the meeting which begins to-day at Basie of the Bank of International Settle- ments, Dr. Schacht, President of the Reichsbank, will pay a private visit this week to Mr. Montagu Norman, Governor of the Bank of England, it is an- nounced here.

MANGANESE PRICE

BENEFIT TO BRITAIN

én-

"Figures for our own industrial The price of manganese has. on activity, when due allowance. is the other hand,, gone up a great made for time lag, are also show- deal. In a month, the price has ing #gns that the United King- gone from about $45 per ton to dom is beginning to beneft, by The news is arousing the keenest the present price of about $60. the upward movement," he said. interest and a great deal of con- The chief source of supply is

Another gn from which Jecture in the City. It is consider-Kwangsi, which formerly exported couragement might be drawn was ed possible that Dr. Schacht may to Hongkong about 500 tons the fact that daily retail sales had "Because of recent interna-seek to bridge the gap in the monthly. Local consumption was increased by about 24 per cent. tional developments," he added. verging views of the two coun-about 300 tons, the rest, being re- this year, compared with 1937. "We don't have to fold up our tries in regard to the discussions exported to Slam, Kwangchquwan, There could be no comparison tents. Those who, with us, would which have been proceeding for Shanghal and other places,

between our ability to withstand follow more liberal and con- some time for the conclusion of an It is estimated that there are and tide over the trade setback structive, policies based on equall-Anglo-German trade agreement., only about 200 tons of manganese to-day and the defenceless post- ty of treatment. and freedom

Germany destres to limit the stored in Hongkong at the present on in the crisis of 1931, he said. In from political and

agreement to the trade relations of time, so that a further apprecia~ the interval, the Government had restraints will control by the two countries, but the British tion in price is probable.

taken effective steps to secure the far the larger part of the world's attitude is that it must include in

home market. It had maintain- trade.

Its scope also the respective Desi- GERMAN REICHSBANK ed the purchasing power of con- "If we adhere to our Hberal potions of Britain and Germany in

NOTE CIRCULATION sumers by a policy of cheap lictes and "avoid being drawn world markets.

Berlin, Dec. 12. into contrary practices for the. It is thought that Dr. Schacht

German of the The return

Everything depended on main- sake of temporary or partisan may also make some offer regard- gains, all the cards, are ouring anancial conditions of Jewish Reichsbank for the period ended taining a feeling of confidence, the the Chancellor," and side. We can win and hold and other refugees leaving ter- December gives the total note cir sald

as 7,629,000,000 Reichs- greatest contribution the Govern- strong foreign markets it only many, though it is possible that tulation we can keep true our principles." the talks will merely concern marks, showing a decrease of 115,- ment could make by conduct of Mr. Bayre urged free trade to routine matters arising between 000,000 Reichsmarks, as compared its policy was to build up that

1889. move US. cotton into foreign the central banks of the two coun- with the period ended November sense of condence-British Wire-

30.-Reuter: tried Reuter. markets.--Reuter

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ON SALE AT

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THE Undersigned have received

instructions

TO SELL BY

PUBLIC AUCTION

ON

THURSDAY, the 15th DECEMBER, 1938.

Commencing at 11.00 a.m.

At their Sales Room, No. 2 Connaught Road, Central

Room No. 205, 2nd Floor).

A QUANTITY OF NOVELTIES SUITABLE FOR XMAS

* PRESENTS

Comprising:--

Dressing Sets. Silver Ware, Bac- carat Crystals, Cut Glasses, Jade Ornamenta, Powder Boxes, Imita- tion Jewellery, etc., etc.

ì

A SELECTION OF HIGH CLASS FRENCH PERFUMES

and

"A FEW FUR CAPES AND FUR COATS

On VIEW from WEDNESDAY, the 14th DECEMBER, 1938.

Terms: Cash on Delivery. J

LAMMERT BROS..

AUCTIONEERS.

|PUBLIC AUCTION.

THE

HE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

נט

FRIDAY, the 16th DECEMBER, 1938

Commencing at 10.30 am.

At their Bales Room, No. 2 Connaught Road, Central, Ground Floor.

A Quantity of Carpets, Bags, Embroidered Table and Bed Covers, Laces, Bilk Embroidered Coats and Lingerie, "Handkerchiefs, Peking Glass

Ware, Ornaments, Linen Goods, etc., ete.

Terms: Cash on Delivery.

LAMMERT BROS..

AUCTIONEER8,

PUBLIC AUCTION.

THE. Undersigned have reenved

instructions

to sell by

PUBLIC AUCTION

FRIDAY, the 18th DECEMBER- 1938.

Commencing at 5.15 p.m.

At their Bules Room, No. 2 Connaught Road, Central (Room No. 205, 2nd Floor).

A COLLECTION OF POSTAGE STAMPS

On VIEW from THURSDAY, the 15th DECEMBER, 1038.

Terms: Cash on Delivery.

LAMMERT" BROS.

AUCTIONEERS.