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Li
The
6
Hongkong Telegraph.
FOUNDED INT
NO
CHINA'S ECONOMIC FEARED MURDER
PLIGHT.
PRES. CHIANG. BLAMES FOREIGN BANKS!
A
THREAT TO CURTAIL THEIR ACTIVITIES.
GOLD BASIS PROJECT.
Nanking, Jan: 13.
OF CHINESE.
1936 FER-ANFEZAL'.
AG YAEXAF TUESDAY, JANUARY 14, 1930. BITAT * BINOLE DOFT 19 OAKTI
BODY FOUND ON FORESHORE AT TSUN WAN.
TWO MEN "WANTED.”
The report of what is believed to be a murder was recaived' by the local authorities, from, the Taun Wan district this morning, the information giving but brief details of the discovery of the fore- body of a Chinese on the shore,
The meagre details contained in In the course of a somewhat the preliminary report were to grandiloquent speech, delivered the effect that the body of at the Kuomintang Headquar- Chinese, aged about 40 years, was tera this morning. Marshal found this morning lying on the Chiang Kai-shek dealt at length foreshore near the Taun Wan It was suspected with the disastrous, effects on Ferry Wharf. China of the slump in silver, that the man had been murdered und attributed the situation to by some-one during the night, the activities of foreign banks in China and to reckless specula- tion in exchange by native bankers.
men
were
saven
DUNLO
TOP
DUNLOP CARRIES THE TRAFFIC
LOCAL" BRANCH ( Paddar Building,
:too;
C4554,
SCHACT SPRINGS FOURTH ROUND OF NAVY TRAGEDY IN EFFECT OF FALL IN
BOMBSHELL.
ATTEMPT TO WRECK CONFERENCE.
GERMAN DELEGATES SAVE THE SITUATION.
THE CUP
WEDNESDAY PAYING VISIT TO OLDHAM
ARSENAL'S GOOD LUCK.
London, Jan. 13. The draw for the Fourth Round Proper of the F. A Cup Competi- tion was made to-day, resulting as followa: ! Walrall
v. Aston Villa v. Fulham or
HAGUE SENSATIONS. Notts Forest
The Hague, Jan. 13. Dr. Schacht, the President of the Reichsbank, and the principal Ger- man representative on the Com- mittee of Experts responsible for the Young Plan, dropped a bomb- shell at the Reparations Confer- ence to-day when he informed the Chairman of the Organising Com- mittee of the International Bank that he "reserves his attitude" as']
regards the "co-operation of the Reichsbank in the International Bank.
Newcastle or
·York City Arsenal Swinder Blackburn Bury or
1. Bournemouth.
Clapton O. Birmingham, Tottenham or
Manch. City. Everton
Shefeld Un.
Donaster or
Stöke.
v.
Brighton or
Grimsby,
v. Blackpool
v. Bradford City.
V. Bradford.
Huddersfield v. Corinthians or
Millwall v.
Portsmouth Hull City Wrexham Derby C. Sunderland Oldham
*. Cardia
The German dolegates to the conference immediately proposed Chesterfield or
V. Wednesday. that another group of German
Middlesbro. v. Charlton or
Q.P.R banks should deposit with the In- Lernational Bank Reich Mks. 100,- West Ham v. Leeds Un, 900,000 interest free as the Beichs- Matches to be played
January 25th.-Router. bank had intended."
Previous Outbreak.
What Injuries, if any, suffered by the deceased were not stated except that a chopper has been found in the Hongkong Din- tillery, which is situated near the President Chiang intimated vicinity of the crime.
Two that the Government would
are suspected of having been concerned in the take measures both to check murder and are "wanted" by the the power of foreign banking police. One was seen to leave the interests and to prevent gold district by the ferry at
o'clock this morning and was speculation in Shanghai." stated to have been on his way to Marshal Chlank opened his the Kwong Wah Hospital. He has
not been seen since. A second orandum. speech by calling the attention of his compatriots to the fact that, a cook in the Tiu Ring Cheung Vermillion Factory, of China is at present facing a most Tun Way, is also being sought serious economic crisis. He as by the police. He was last seen serted that this unsatisfactory state of affairs had been partly yesterday... brought about by the ignorance of the Chinese masses of economic principles and the working of exchange.
Serious Plight..
The fact that banking power and banking facilities in China were mainly in the hands of foreign institutions, coupled with: heavy speculation by unscrupulous Chinese bankers, were, he said, some of the factors which had! brought the financial position of the country to such a Aorioua plight.
It will be recalled that Dr.
Dangerous Ambition.
BISCAY GALE.
TWENTY-THREE DEAD IN TUG SINKING.
ATLANTIC FLEET REMAINS AT PORTLAND.
GALE DELAYS SAILING.
London, Jan13: Three officers and twenty men of the Royal Navy lost their lives in a great galo yesterday evening when the naval tug St. Genny was sunk about 32 miles to the north-west of Uslant in the Bay of Biscay.
Tho three
word ve
missing officers
Lieutenant Charles Frederick
Paul,
Commissioned Gunner Philip
Lean,
Boatswain Charles Burren,
The lost tug belonged to Chat- | ham and with the tug St, Cyrus DE and the loop, II.M.S. Snapdragon, left Portland on Saturday for Gibraltar for service with the Atlantic Fleet during the forth- coming manoeuvres.
Luck of the Draw. The numerous replays render the Fourth Round draw rather dif. ficult to judge. Seven of the six teen matches are not settled
She was a vessel of only 425 tons, and was used for lowing when the fleet was at gunnery practice.
THE DOLLAR
DIVERSITY OF OPINION IN COLONY
SAYS EXCHANGE
BUSINESS MAN
RATE NOT LOW I
FUTURE TRADE OUTLOOK
Diversity of opinion on certain aspects of the influence of the low dollar on the trade of the Colony, is revented in further replies from leading importers and exporters to the Telegraph's recent questionnaire, Becking views on the following questions: (1) What is the effect of the low dollar on the Colony's imports?
(2) Assuming the Import trade to be adversely affected. would the disadvantage be offset by increased exports?
(3) Would the Colony's best interests be served by a stabilised dollar, and if so, how could stabilisation be effected 7.
(4) Do you consider the situation warrants the ap pointment by the Government of an expert to advise on this problem?
One prominent business man expresses the view that the dollar is not yet low enough in its relation to silver values, It is interesting to note that silver values are improv on the London Bullion Market. Spot prices were 6/16ths. better yesterday, and in consequence, the dollar on demand In Hongkong this morning was quoted at 1/8 15/16ths., a rise of a farthing since yesterday.
STABILISATION DESIRABLE.
Schacht recently released a mem: on reparations and Anancial questions which, was strongly criticised by the Govert-
The most attractive.: fixture... já ment on the ground that the con- likely to be the "Battle of the The Atlantic Fleet was to have tents form and time of publication Roses" at Oldham with Sheffield sailed from Portland to-day but were in patent contradiction with | Wednesday providing the oppost- Dr. Schacht's promise to deal with tion. Oldham and Sheffield owing to the bad weather its de Immediately on receipt of the these questions in pubile only in a Wednesday are the leader the hours. Several of the ships lost parturo has been delayed for 24 information, Chief Detective Inform which could do no harm.
Second and First Divisions respec their pinnacos and other boats in tively, spector Reynolds and the police photographer went to the scene of
Of the teams definitely settled the gale. the supposed erine and carried out
Dr. Schacht was severely to their fate, Wrexham Arsenal,
Frobisher Rushed to Spot, investigations. After the neces criticised by the German West Ham, Derby County, Walsall,
which sary, photographs were taken the Press
held that the pinckburn, Portsmouth and Old-
Later. body was removed to the Mortuary manner of publication was not ham have had the good fortune to for a post-mortem examination. "what the Englishman calls fate" be drawn at home twice running. &t. Genny and Snapdragon were A leading piece-goods expert | Hongkong and Shanghai,
and saw in the contents evidence Everton, Bradford and Cardiff forced to heave-to by the fierce replies as follows:
Working through" Hongkong. of the meglomania of an expert have been drawn away twice run-gale which was specially bad in I am in receipt of your letter another factor appeara, over
ning. RIOTING REPORTED IN and of a dangerous ambition in
Hull, Swindon, Notts Forest and the Bay of Biscay. They anchored and note you would-for publica-which the dealer has no control. become "Ananeal dictator.
Sunderland, who won on foreign some distance to the north-west of tion purposes-like my views on Cargo la bought at a dollar figure; oil last Saturday, are laying Ushent and appeared to be riding the present currency problem. In other words, exchange is settled before their own supporters in the it out very well, when without any have much pleasure in giving my just as was the case with Shang-
real warning,^,. the
St. Genny views and have no objection to hai. But although he has now foundered,
your quoting same provided my fixed on a definite value of his dollar as compared to sterling, he name is not mentioned.
AFRICA.
SEVERAL EUROPEANS AMONG
P
THE INJURED.
Capetown, Jan. 13.
The loss of millions of dollars. by the National Treasury and the chaotic state of the money market all over China to-day would
A message from Carnarvon, Cape certainly teach the National Gov-
Province, states that the Mayor ernment a big lesson and encour. age it to proceed immediately and several other Europeans, as well as a mimber of natives, were in- with the economic rehabilitation jured in rioting at the Municipal of China, the bringing about of offices to-day. unity, and the provision of a new monetary standary.
The affar was due to native dia. satisfaction over their holdings on
Municipal commonage, which was inflamed by extremist speeches at a mass meeting.
Limiting Foreign Influencé. Dealing with possible remedies, Marshal Chiang asserted that the The notorious native agitator, National Government would hence- "Professor" Thuele, was, arrested, forth take a firm stand to check the but he later managed to escape.- expansion of foreign banking - Reater. tivities and, if possible, endeavour her host to take away the powers. now in the hands of these institu tions.
Moreover, the Government would be on the alert to limit the invest- ments of big foreign firms in China, so that the Government and people would always be able to have a voice in regard to the spheres of in- fluence of banking and economic interests.
Referring to the coming financial reforms, Marshal Chiang said the change would be fundamental and sudden. He appealed to all Chin- ese people to pay their taxes and Customs dues in banknotes issued by Chinese banks, or in silver, but not in notas issued by foreign banks.
Foreign Note Issues, Meanwhile, the National Goyern-
:
“NO-TAX” CAMPAIGN
FAILING.
ALREADY REGARDED AS COLLAPSED.
Calcutta, Jan. 13.
Schacht is now directly charged with attempting to cause a break ] down at the Hague Conference.
Attempt Fallx.
Later.
The creditor Powers have ne copted" the new German proposal regarding the Intenational Bank. The German delegates have pro- mised to supply the names of the proposed bankers within thirty hours.
tor.
Dr. Schacht's attempt to
if necessary.
&
Later.
next round.
J
MR. BREWER'S TRIAL
NEXT WEEK.
ONLY TWO CASES FOR THE SESSIONS.
It is learned that the St. Cyrus,
Herne Bay Tragedy.
4
"
ong
A Petty Officer and four seamen were picked up by JLMS. Suap- (1) It is not clear what is meant has not, nor is he able to fix on..
If the value of his dollar. In May A dragon, but searches for other sur by the Colony's import trade.
hundred Hongkong vivors proved fruitless.
imports for consumption in the 1928, News of the disaster was wire Colony are referred to, it is obvious dollars were worth 74 5/8 taela, lessed to Portsmouth and the that residents will have to pay but in October 1929 86 1/2 tacls Admiral ordered H.M.S. Frobisher, more, if the dollar is lower in its had to be paid for one hundred the big cruiser which was on the value with other currencies, but Hongkong dollars.
It may be argued that the Hong- China Station two or thee years this is a risk that has to be taken
country with kong dollar on the ratio of the ago, to the scene, Frobisher rush. when living in a There are two canes down for ed to the spot to stand-by and currency on a silver basis, and cross rate (the cross rate is the to the Conference has, there-trial at this month's Criminal Ses- assist Snapdragon and St. Cyrus. where salaries are paid in dollar. 74 6/8, gure just mentioned) fore, fulled, the delegates severely slons, which open at the Supremo
Meanwhile the annual move of Within the last ten years, Hong- equale the Shanghai dollar, and rebuking him with "Interfering in Court on Monday next at 10 a.m.
the Atlantic Fleet from Portland kong exchange touched over 6/-, that therefore, if the sterling politics."
Mr. Noel Instone Brewer will to Gibraltar for Spring exercises and the dollar paid employee then exchange rate does not change and be before the Pulsno Judge (Mr.)
enjoyed an enormous advantage only the erass rate fluctuates, the fa still' held up. / It is noteworthy, having regard Justice Wood) on three. Indict
over the sterling paid man. To-position is exactly the same as to the extraordinary effort of Dr. ments, two being at making a
day the position is reversed, and would be the case with a sterling Schacht to cause a beakdown, that false statement without oath and
the advantage is gained by the fluctuation, but with such un- Later.
certain fuerations, that is, not" sterling paid man.. he refused to become Germany's ja third of publishing a fraudulent
Accidents on land due to the
knowing whether to-morrow the chief expert when the Government statement.
Not Low Enough!* cross rate will change or the allver declined strictly to adhere, to his
|movoment' will be: reflected in the There will be one case before severe storms have resulted in Memorandum, but agreed to assist the Chief Justice (Sir Henry Gol-are added to the death-roll by the Colony's imports which in turn dealing with the conversion of thirleen deaths, while two more
If you
are referring to the sterling exchange, native banks lan) when accused will be Hon Fuk-kau, alias Le Cha, who will news from Herne Bay to the effect are exported to Canton etc.. I can Chinese currency into Hongkong that two men left Herne Bay in a only say our exchange is not yet dollars and vice versa, have to be tried for robbery by two or motor-launch and disappeared.
low enough on present Silver take a very wide margin," and more.
The velocity of the gale in the values, and unless allvar apprecactusily auch margin is approx. Channel is unofficially estimated atca, we are bound to see lower Imately 1-1/2%, so unless we are at 120 miles an hour, a record for exchange rates, after the present definitely on a silver basis, and the Great Britain.
speculative over-bought positing nativo banks can be assured that has been liquidated. ``----
such is the basis, conversions' "'of. It must be remembered that we Chinese monies cannot be as keenly are at all times in competition out as in Shanghai. with the much more lively market. This is only one instance, But of Shanghai. If our dollar is not there are many other disadvant on the parity of Silver (the Shang-ages of the inflated. currency. hai dollar is worth about: 1/5 1/2 whereas there are absolutely no London, Jan. 13.
to-day) then South China trade advantages in such a system Covering the distance between London and Brussels in the actual in the Channel and lifeboats to which we are geographically excepting as regards the very flyiner time of only 90 minutes and were sent out to assist the dig entitled will continue to be divert-limited purchases of goods for
Block Cargo. at an average speed of 140 tressed Italian steamer, the sed to. Shanghai. There has been local consumption. Dr, Curtius, the German Foreign miles per hour;, a triple-screw Liana, which a stepm tug from a good deal of discussion about]
'statement re-
Ilner, Dover towed to safety-Reuter. Armstrong-Siddeley air garding the friction between the weighing nine tons, and piloted Reichsbank and the German Govby Captain Rovers, of the Imperial ernment ataling that it would be Airways, to-day sat up a record dealt with by the Government."
British Wireles for a machine of this size
Original Plan..
+1
His bombshell was contained in nletter to the chairman of the Bankers' Committee, in which he refused the Reichsbank's Co- the original
In consequence of the rigid choperation unless forcement of the Criminal Code Young Plan was accepted, unless inning all assemblies, the "No-Britain gave up sequestrated Ger- Tax" movement has collapsed.
man properly, unless France, re One quarter of the amount due nounced all military and political has already been obtained at sanctions. Bandabil, where the campaign Mr. Philly Snowden, said that
started.
Chandra Roy,, the leader of the movement, who was placed under arrest for refusing to pay taxes, has been further charged with the
Dr. Schacht could not veto the de- cisions of Governments,
..
German Statément.
ment would devise methods to check attempted murder of the collector. Minister, issued a
and
the issuing of unnecessary. excessive notes by foreign banks in China.
--Reuter.
The President concluded his long THE REV. F. C. YOUNG'S speech by voicing the sentiment of
curtain, section, of Chinese pub
lic opinion in Shanghai, Bay
ing that Aho state of
the
present money market was prin- cipally due to heavy speculation
ILLNESS.
TO-DAY'S REPORT NOT SO "ENCOURAGING.
The conference is proceeding a if Dr. Schacht does not exist.-- Reuter.
NAVAL CONFERENCE
PRELIMINARIES.
JAPANESE DELEGATES AGAIN MEET PREMIER.
BRITISH AVIATION RECORD.
NINE-TON AIR LINER'S ..FINE FEATI¿
FASTER ATLANTIC
LINERS.
AMERICAN P.M.G. OUTLINES NEW, PLAN,
The gale caused much damage throughout the country, telephone and telegraph wires being blown down, windows broken, and roofs and chimneys damaged.
Many roads were blocked by falling trees, which were respon sible for a number of casualties
Mountainous - seas
developed
Mishap to Train. The high winds were pre ceded by heavy rain and snow on Saturday, causing flooding in many districts. Road conditions became difficult owing to frost on Saturday night.
the advantages and disadvantages of the artificially inflated Hong-But one advantage we have in kong dollar, but no one seems to our Imports as compared with have explained why the inflated low dollar and that is the demand, Shanghai-thanks to the present dollar is a tremendous disadvant there is bound to be for stock age to Hongkong.
cargo. In Shanghai all sales are made on a sterling basis and the riak of settling, exchange is the;
Forward Trading.
The position is this. A dealer buyer's, Some railway dislocation was working through Shanghai, orders It is usual for dealers to settle caused by uprooted trees falling goods for forward delivery or about half and gamble on the in gold. Not only was the
across the metale, and a signal contracts to sell produce for for- häianca, National Government determined. The many friends of the Rev.
falling on a London and Northward delivery-the argument ap- I expect in due course we will to check such speculation and F. C. Young, minister. of the gambling but it proposed to close Union Church, Hongkong, who is
Eastern train caused some damage] plies to exporte as well as imports hear that owing to large uncovered the Gold Exchange.
lying ill with, pneumonia at the
to the engine and slight Injury to and settles his exchange. He exchange positions, dealers, are now knows his cost and whether unable to clear their commitments Washington, Jan, 13. three passengers.inda
he makes a profit or a loss depends Here oxchange is closed at time of Much attention has been centred Matilda Hospital, will be sorry to
that he learn
has spent 4
The Postmaster-General has Somo main and secondary, roads on the future movement of silver. negotiating the business, so all on this remark by President rather bad night, and that his Chiang, and according to reports condition this morning gave rise
London, Jan. 13.
outlined a "plan" for a new mail were blocked by fallenygreen If allver appreciates, exchange sales are made in dollár The Japaneso delegates to the
service across the North Atlantic, Several vessels were in distress will improve, and if he is an im- owing to the trade haring gone fo from Nanking banking circles, the to some anxiety.
forthcoming Naval Conference involving the construction of two in exceptionally heavy seas in the porter, bls goods will be dear, or Shanghal in recent year, s Finance Ministry frat intenda tak. On enquiring shortly before again visited Downing Street new liners capable of a five-day English Channel
if he is an exporter, his goods will stocks have accumulated. ing drastic measures to check tiffin, we were informed that there this afternoon and renewed their crossing from ow, York to Chir-In Scotland, many Toads rebe, cheap, but this risk he must Clearences of auch undue speculation. If these men was no change in the patient's conversations, with the Premier bourg, via Bouthampton-Reiter blocked by now drifts-British take if he is carrying on business bought and converted into scollata
Continued on Page 143 condition.
British Wireless:
Warolens.
in a silver baels country.
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