1927-06-18 — Page 12

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THE HONGKONG TELEGRAPH

FORTUNES LOST IN A DAY.

PANIC ON THE BERLIN- BOURSE...

A slump on a scale unprecedent- ed in the annals of the Berlin Bourse caused a wild panic among speculators. Many great private fortunes have been lost, and a aumber of bankruptcles are ex- pected, says a Home paper in mall wock,

SATURDAY,

RUFFIANISM CAST OFF.

SERVICES WHICH SAVED "COUNTRY· FROM RIOTING.

The sense of right and wrong is more acute to-day than in any former perlod, declared Mr. J, G. Meggitt, the new chairman of the Congregational Union of England and Wales, of the annual assembly of the Union in London last month. Notwithstanding pessimism and Shares of all descriptions that apparently outward signs of a dis- for months past have been soaring couraging nature, the Church as a higher and higher, yesterday enmo whole is exerting as great an in- down with a rush, and the generalfluence in the life of the nation public, who, in spite of repented as at any previous period in its official warnings, have of late been history. indulging in an orgy of sharq buy- Ing. have suffered a rude but wholesome awakening.

So great had became the dispar- Hy between Bourse quotations and the actual value of shares in a number of branches of industry that the Government became alarmed.

Am I not right in saying, he con- tinued, that the public life of our country is cleaner and, taken as a whole, freer from reproach. Re- gard for the decencice of life in all classes is immensurably greater than in past years.

Man has never striven more no- bly or more successfully to help The Cabinet, at a special meet his fellow-man. Never was there ng, authorised Dr. Schacht, the so much love in the world as to-: director of the Reichbank, to take day. Even our strikes and lock- the extraordinary step of insisting outs, disastrous de, they are, are that the great German banks conducted in a more humane man- should forthwith reduce the sum ner.

*

placed at the disposal of specula- In short, the whole community tors as carrying over money. The is Imbued with a kinder and a banks saw that any opposition to gentler spirit,

Dr. Schacht's self-denying ordin- For much of this we are indebt- ance would be futile and yesterday led to the Press. The fierce light- reluctantly, enough capitulated.

Market Flooded. -

When the news of this action trickled through on Thursday it at once began to affect the Bourse in a sensational manner.

and the influence of the Preas is a deterrent to evil-doors.

Fewer Hardened Criminala. In a review of the past fifty years, it will be found there are. far fewer hardened criminals. The slump yesterday assumed Serious offences against the "per-] estravagant proportions. The son are less frequent, and crime public, panic-stricken, began to is less brutal. Crime may be throw shares on the market in more scientific, but it bas certain- heaps. Orders to cancel poured inly cast off the ruflanism of for- from the provinces,

mer days.

Some idea of the extent of the One factor that has helped to losses may be formed from the fact give us a more sober nation is the that such favourite shares as those heavy increase of taxation. that of the German Chomieal and Dye (drink now has to beer. Trust have fallen by 39 per cent. If the censumption of liquor is

Share in artificial silk concerns lessened by heavier taxation, is it have suffered mest, Vercinietenot reasonable to assume that a Glantstoff having fallen 150 per similar scale of taxation would cent. in the two days, while Schulessen the volume of belting, one then Breweries shrank 80 per of the greatest social evils of to-

day?

cent.

Brokers' boards at the Bourse

I recognise that in all classes yesterday were covered with the there is grave and serious discon- ominous double-minus sign, and tent. This discontent is a healthy round each brokers' aland were sign that the nation is ever setting seen groups of excited and gesticu- before itself higher standard lating speculators, shouting and and a higher ideal... Education screaming their indignant protests has opened to eyes of our people. at the action of the bank.

Referring to the vast sum (mora

by the State on social and amelio- rative services. Mr. Meggitt de- elared that the spending of this vast amount of money alleviates greatly the hardships of those who

There can be no doubt tsays" athan £100,000,000) spent annually Daily Express correspondent) that the Reichbank's action, though cruel in appearance, has tended to stave off an even worse disaster, by putting a stop to the extrava- gani waste and luxury of the speare less fortunate in the struggle culating class.

"Strike of Stockbrokers?”

of life. Without relief of this na ture, especially for unemployment, our land would unquestionably. This new "Black Friday" have been face to face with great superstitious speculators point out social upheaval, possibly such re- that it is also May 13-has been volutionary rioting as England as brought about by Dr. Schacht's re- never seen. It has been frequent- fusal to raise the German bankly asserted that some of this relief rate. Instead of this he péremptori- has been abused. That is pro- ly ordered all banks to ration the bably true. Yet I have no hesita suns dentanded by speculators and tion in saying that this money others who wanted money lent to given by the State has been less them.

missed than the money of idle squander Dr. Schacht's argument is that wealthy people who

too much foreign money is coming their riches in luxury and licenti- into Germany, which creates the ousness. impression of a false prosperity abroad. He has the Government on his side, which in view of te-1 paration payments has looked upon the enormous rise during the past year in the value of German

DYED KIPPERS.

shares often as much as 100 to IIERRINGS "TOUCHED UP" TO 200 per cent.--with much dis- favour.

IMPROVE APPEARANCE.

Dr. Schacht has already tried to In the House Commons in mail keep out foreign investors, eager week, Mr. T. Johnaton (Lab, Du to profit by this German boom, by dee), asked whether the attention a low bank rate, by prohibiting of the President of the Board of loans, and by a 10 per cent, tax Trade had been drawn to recent on coupons A strike of stock- brokers is under consideration with dye had been sold as kippers: instamees which herrings treated (says the Daily News.)

The fall in values is generally whether he was aware that in one attributed to the uncertainty of with dyestuffs, were supplied to a instance boxes of kippers.coloured the future credit market and the Colchester retailer at 2s. 4d. a box, uncertainty that exists regarding and retailed by bim at 12. 10d. an increase in the bank rate.

Shares went so far that there Per box; and what steps it was was even talk of closing the Berlin proposed to take to safeguard the

public in this regard, Exchange altogether.

Wasted Credits.

Col. Walter Guinness said he | was aware that it was the prac tice of some curers to use dye for The credits, which were being improving the appearance of her! wasted in speculative inflation, frings sold as kippers. He had no were held by the Relchsbank to be power to prevent this practico un- urgently needed by industry, and less the colouring material was in- it is hoped that the present move jurious to health.

will divert them in this direction. With regard to the last part of The step has nevertheless met with the question the whole subject of universe] condemnation. Thehe price of fish was being investi- credits involved, it is pointed out, gated by the Food Council. amount to not more than 200,000,- Mr. Johnston-Are we to under- 000 marks, by no means the whole stand that the Government is help-: of which was being improperly less in a case of this kind? diverted from industry to specula- Col. Guinness-This particular Lion. Even if it were the differ-ease seems very exceptional. The ence which it could make to the wholesale price quoted is about economic situation as a whole half the average wholesale price. would not justify so drastic a mea-and the retall price is very muchi sure as the present.

higher than the average. I have The Boraen Zeitung in a reason-scnt particulara of this case to the ed criticism points out that the Food Council for inquiry. step was needed, if at all, six Mr. Womersley-1s the right: weeks ago, when the tendency to hon. gentleman aware that this an undue Inflation of security dye le only a vegetable dye and is prices was already evident. not in any way injurious? In fact

The total losses of the investing it improves the appearance of the publle are estimated in some quar-¡dlah. (Laughter.) tors at £50,000,000.

No answer was returned.

JUNE 18" 1927.

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