1931-06-22 — Page 2

THE

HONGKONG

PENINSULA HOTEL:

BONGKONG HOTEL: REPULSE BAY HOTLLI PEAK HOTEL

and

SHANGHAI

ASTOR HOUSE: PALACE HOTEL:

HOTELS

LIMITED.

In assoolation with the Grand Hotel Des Wagons Lits, Peking.

KOWLOON HOTEL

KOWLOON.

UNDER THE PERSONAL SUPERVISION

AND ATTENTION OF

H. J. WHITE.

Phone No. 58008.

PALACE

Tel, Kowloon No. 3;

Cable KowLOTEL Hongkong.

HOTEL

Tel. Address "Palace."

A First Class Residential, and Tourist Hotel with all the Con- Under Entirely European Management. Cony veniences of a lome. Lounge and Billiard Saloon. Three minutes from Ferry. Families specially catered for. Moderate term.

Music

Daily.

MRS. J. M. OXBERRY,

Proprietress.

PENANG

Dinner

Dance Twice weekly

RUNNYMEDE HOTEL.

The Fremier bath in å care.

With beautiful private lawns to the Sea.`

TWENTY ADDITIONAL ROOMS-COMPLETELY MODERNISED. AND RE-FURNISHED ABE NOW READY.

CABLE. "RUNNYMEDE.**

RUHNYMEDE HOTEL, LTD. George Goldruck. Manager.

EUROPE HOTEL

SINGAPORE.

· RENOWNED BY RECOMMENDATION "

DANCING: After Dinner every Tuesday, Thurs-

day and Saturday.

MUSIC:

On the VERANDAH-- Monday to Friday-7.45 p.m. to 8.30

p.m.

Saturdays-12.30 p.m. to 1.30 p.m.

and 8.00 p.m, to 9.30 p.m. Sunday Concerts-9.50 p.m. to 11 p.m.

Robert Drescher's Famousį Viennese Orchestra Plays During Tiffin and Dinner Every Day.

GRILL:

Telephone. 5341 (8 lines)

Cables "EUROPE " Singapore.

THE EUROPE HOTEL, Ltd.

Arthur E. Odell Managing Director.

THE STAR FURNITURE STORE

European

Hankow Road, Kowl500. (Opp Sfar Theatre)

High Class Secondland Furniture. Ouries, and Sandry Hourhold

*

Gonda, Bonglit, Sold or Exchanged.

BARGAINS

of avery description always on show.

THE HONGKONG

TELEGRAPH, MONDAY, JUNE 22, 1931.

MORATORIUM FOR ONE YEAR.

AMERICAN OFFER TO THE WORLD.

GERMAN WAR DEBTS:

Washington, June 20. President Hoover announces en offer to the world of a one year's Futapension of all Government debts,

The following official statement has been issued:

"Subject to confirmation by Congress, the American Gov ernment will postpone all pay- ments on debts of foreign Governments to the American Government payable during the fiscal year beginning July 1, conditional on a like post- ponement for one year of all payments of inter-govern- mental debts owing to im- portant creditor Powers,

Mr. Houver in making the an nouncement saget "The dssence of the proposition is to give time- to permit deitor Governments to recover their national prosperity, am suggesting to the American people that they be wise creditors in their own interests and for the

their neighbours." - good 11

The pastponement includes all Government debts. Reparations and relfer debts, but does not in- clude the obligations of Govern ments held by private parties,

The purpose of his action, the President says, is fu Kire The forthcoming year to the economie recovery of the world and to help to free the recuperating forces already in metlon in the United States, from retarding induene

from abroad,

-

considerable. length with Mr. H. L. Stimson, the Secretary of Stato.

On Saturday, the Preafdent con- ferred with leading Senators and others. Senator Smont, the chair- man of the Senate Finance Coin- mittee, was summoned to Wash- ington.

The Conversations.

Mr. Houver continued his con- versations with political lenders on Saturday and also saw the Bri- tish Ambassador, foregoing his usual trip into the country, Ilo conferred with leaders of both political parties, with n view to strengthening the situation in Germany, "and assisting economic recovery here and abroad." The conversations were particularly directed to the threatening situa- tion in Germany. The response of the party leaders was most gratifying.

Much speculation was aroused, and the news of the decision reached gradually lenked out. Au alternative to a moratorium is a loan to Germany.

Press Comment,

or

Washington, June 20. The New York Times states that Congress is unlikely to consent to any reduction of War debts even a postponement of payments for a year or two, as these pay- ments are now used to meet cur- rest expenses, and, failing them.

Joon would have to A new

be issued from which both partics would shrink on the eve of a election. But the presidential United States cannot maintain un attitude of rigid aloofness. Renter's American Service.

French Views,

Paris, June 21. President Hoover's proposal has had a mixed reception by the press

hore.

"A sign that America is dessert- the|ing the standpoint of “splendid isolation" exclaims the Excelsior.

The Matin concludes that Ger-i many will still have to pay the so- enlied unconditional reputations an nuities

Re declared: "1 de

not prove in any remote sense of the cancellation of the debts to Uited States The confidence of the world would not be enhanced ing such action, and no one debtor nation has ever suggested it: but as the basis of the settlement of these debts was the clarity on der normal conditions of the debtor to pay, we should be con sistent with our own policies anzi principles if we take into account The abnormal situation now exist- ing in the world."

Mr. Hoover further aid; "While this action bus nu bearing on the conference for the limit tom of land armaments which is the held next February, inas- much as the burden of armaments contributed to bring about the de pression. we trust that by thin Fevidence of our desire, in sist

we shall have contributed to the goodwill which is co necessary to the solution of this major ques tion.

Mr. Hoover in making the anle unement, gives the fist of 21 Senators who have approved at his action, including Senators Porth. Morrow, Mases. Davis and Reed,

The President suid that the plan was also approved by Gen- ral Dawes and Mr. Owen Young. authors of the two Reparations agreements.Renter's American

Service.

Feeling in Congress,

Washington, June 21. The next meeting of Congress at which approval of a moratorium will be sought is December.

The next war debt payment is due on December 15.

A message from Little Rock, Arkansas, алум the Democrat leader Mr. Robinson is of opinion that Congress is not inclined to consent to a modification of the debt settlement, unless a simul- Lineous arrangement is assured for readjustment of reparations and the reduction of armaments.-- Reuter's American Servisc.

Prelude to Action.

The imminence of important; developments in the Americo- European financial altuation

was

the fact

by indicated That following the conferences in London between Mr. Andrew Mel- lon and Mr. Runinay MacDonald, President Hoover, his return from a tour of the Middle West on Friday evening, conferred

at

under the terms of the| Young plan, as the proposal does i not apply to non-commercialised debt.

Both Lr Joe vat and the Beho de Paris consider the proposal has been made at an inopportune -

· Continues on Page 112

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