1931-10-23 — Page 1

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FOUNDED IN 2001 14,433

1# #=++*#* FRIDAY, OCTOBER 23, 1931.

036 # ANNUM

BETANGLE COPE 10 OLMES

LOCAL BRANCH.

TO

QUIT.

LEAGUE COUNCIL GIVES

The Indian Round Table Conference appears to be drawing to a fairly satisfactory conclusion. Gandhi, one of the outstan ding personalities, is shown abors at one of the gatherings kuld

in his honour.

"DAILY HERALD" Sleight of

CANARD. Hand in ROUND TABLE'S Pawnshop.

FUTURE.

GOOD PROGRESS

EVIDENT.

TWO FOREIGNERS ACCUSED.

a

Sleight of hand is said to have entered into a trick by which two foreigners are alleged to have! London, Oct. 22.

[defrauded

}Vanchai p2 33 77 Categorical denial is given to a Daily Herald report that the broker.

According to the pawnbroker, a National Government, if return- ed, to power, would end the foreigner of fair complexion a

peared at his shop on October 17. Round Table Conference. The

and pawned a ring mounted with a Secretary for India, Sir Samuel precious stone worth $1,000 for Hoare, to-day said that the Con- $600. The same night he returned ference will continue so long as with another ring value at $100, there is work it can usefully do. which he pawned for $60.

In the Federal Structure Com-j The next day, the pawnbroker! mittee of the Round Table Con- says, he came back with another ference, Lord Peel, the Chairman foreigner of dark complexion, whom of the finance sub-committee, in or- he introduced as a prospective pur der to dispose of minor differences chasers for the $50 ring. Some regarding the scope of the proposed time was spent by the second expert committee on finance, sug-foreigner in examining the ring. zested a modification which, after after which he redeemed the arti

Je. a brief discussion, vas accepted.

Accordingly the generai prin- ciples laid down it the Sub-Com- 215 the mittees report will be taken

The following night, the basis for drafting the appropriate two foreigners again visited the clauses of the Bill and the two shop.

The transaction on this oc- committees will be set up. The cnsion concerned the $1,000 ring If on the previous first will investigate questions con- still on pawn.

Miaute Inspection.

same

nerted Stater, and the mute, it in this occasion

with the States' contribu- occasion the inspection had been

L101

second will be a fact-finding com- even more careful.

took out

WI

JAPAN NOTICE

CALLED UPON TO British Gesture of Financial Strength.

WITHDRAW

BY NOVEMBER 16.

DIRECT NEGOTIATIONS

AFTERWARDS.

U.S. CREDIT Professor Robertson's Paper

REPAID.

NO GRACE ASKED OR REQUIRED.

KEEN INTEREST IN LAVAL TALKS.

WORLD ECONOMY.

London, Oct. 22.

on Gold Standard.

Suggests That Britain will be in No Hurry to Return.

HASTE MAY DAMAGE INDUSTRY.

meant that the unit of account

What it means to be on the gold standard; what it means to be off that standard, and what caused Britain to depart from it, were issues dealt with by Professor K. Robertson, Professor TOKYO SHOCKED.

of Economics at the Hongkong University, when he read a paper on "The Pound Sterling" at the Y.M.C.A. last night. Professor Robertson first ex As another creditor country. THE COMMITTEE OF FIVE at Geneva have

Despite preoccupation with the

the Neither had used its advantages

the ba-in the interents of

amooth drafted a resolution, virtually giving Japan election campaign, Britain is tak-plained how Britain kept ing the keenest interest in the pound sterling on its best notice to quit in Manchuria. The resolution Laval-Hoover conversations, the havlour while on the gold stand-working of the gold standard.

Hoot of the Trouble. was read to a full session of the Council by M. extreme importance of which is ard. To be on the gold standard

fully realized.

The Macmillan Report remarked Briand, but at the request of the Japanese While recognising that definite (in the present case, the pound)

have arison decisions are not immediately to always stood for a certain weightThe difficulties and Chinese delegates, who desire to obtain be expected from discussions last- of gold, that metal having re- through the partial failure of commended itself in the past as the two recipients (i.e. France instructions from their governments, discusing only four days, the newspapon the most desirable basis for ex- and the US.A.) during the last

here have expressed satisfaction

employ sion was adjourned until to-morrow.

at the assurances from both Paris pressing relative values of things. two or three years, to

How was the relationship be the receipts in the way which and Washington that The resolution recalls the efforts of the League and changes are to be full and frank twoan the pound and gold mala- Great Britain had always employ- the signatories of the Paris Pact to prevent aggrava- and that no issues are to be ex-tained? Gold was far too scarce ed hers, namely, either in

to allow all payment to be made purchase of additional imports, tion of the Manchurian dispute and the assurancescluded from them,

Consequently, it is assumed that in that metal, and in any case it or in making additional long-term

All that foreign loans. given by both the Japanese and Chinese Governments, reparations, war debts, disarma was quite unnecessary.

On the contrary, they have re- as well as the statement of the Japanese Governmentment, the implications of the Paris was required was that the mone-

Pact, and French sentiments re-tary media by means of which they quired payment of a large part that it has no territorial designs in Manchuria.

bo exchanged goods and services of their annual surplus either in garding security, will all

should, in measuring values, actual gold or In short-term relate them to a definite weight of liquid claims. This is a con- gold. British Activity.

the

ex-

The resolution then calls upon the Japanese Govern- among the subjects reviewed. ment to proceed with the evacuation of its tro ps into the railway zone, setting November 16 as the definite Lord Reading's visit to Paris a date for completion, and charges the Chinese Govern-fortnight ago and his mossage to M. Laval on the latter's departure ment with the duty of making arrangements to ensure

for America, and the early return the safety of Japanese in Manchuria, requesting China to associate foreign representatives with the Chinese authorities designated for that purpose.

International System.

the

tingency which the normal work- ing of the international gold standard does not contemplate The speaker referred in detail and for which it does not pro-

the methods employed of vide.

But why was it that Great Bri. of the British Ambassador to making payment; through bank- Washington, are cited as indicating notes, cheques, or book entry; and tain, the first of all European suld that for the effective func- the extreme interest which the tioning of the gold standard the countries to re-adopt the gold standard, had to go off that stan- British Government take In the

existence of a central institution dard? of the Bank of England type was event.

Britain's readiness to cooperate necessary. The right to fasue evolved to secure the stabilisation bank should have the monopoly. of Europe and disperse the pre regulated, of course, by legisla valling depression is unquestioned. tion.

On the completion of the withdrawal of Japancae troops, the League recommends the appointment of an any measures which may be notes should be concentrated: our joint conciliation committee to examine the questions outstanding between them and in particular those arising from the present incidents. The resolution provides for a meeting of the Council on November 16, or earlier if necessary, to receive a report of the pro- gress made in carrying out the League's recommenda-

tions.

A message from Tokyo this afternoon states that surprise and perplexity is expressed in official circles at the League's "unexpected action" in presenting its resolution, the terms of which are authoritatively declared to be "largely impossible for Japan to accept."

THE RIDDLE. OF THE FIVE POINTS.

The Times considers that it is

England's monetary system was

of profound importance to the not an isolated one: it was part rest of the world that decisions and parcel of an international should be taken in principle as early as possible so that some sort monetary system based on gold. of calculations may be made for The working of the international gold standard, as a result, implied the future and a measure of inter- free movement of gold. Only in national confidence be restored that way could they be assured flow of capital that sterling would not move more and the normal

without which the than a certain amount above encouraged world's economic life is perishing below the par of exchange. of inanition.

International Balances.

Great Britain did not really owe more than was owed her. What was wrong was that im mediate claims against her. were greater than her Imr mediafely realisable clafou Her against other countries. position was not sufficient- ly liquid.

The domand of foreign, coun- tries for the realisation of short- term deposits in London, Eng (Continued on Pago 4-)

GOVT. HOUSE

BURNED DOWN.

GRAVE CYPRUS OUTBREAK.

BRITAIN REPAYS.

A temporary disturbance of our 3fcanwhile, keen satisfaction is international balance of payments expressed in London at the nows in our dlafavour would be met by. that the Bank of England has re- an export of gold. But what paid twenty million pounds of the guarantee, he asked, was there that ninety-day credit for twenty Ave the unfavourable balance would be million pounds obtained from the remedied by such export of

of gold representatives of other Powers, Federal Reserve Banks in August so that the drain who will follow the execution of last.

would be stopped, and at Home arrangements for ensuring the

with The period of the credit docs ont be converted into an influx? safety of the lives and property

Here they were dealing of Japanese subjects in Man- not expire. till next week, but matters which would help them to MOBS FIRED ON.

it is believed that New York answer one of the churia.

the questiona he pat banking circles had expected the at the start, namely, what Caused credit would have to be renewed us to go off gold. For it was a accordingly gratification continued and intensive drain of there is considerable.

gold from London which led the

Geneva, Oct. 22. mittee, to provide the material on The gentleman with the dark The League Council has re- which the final decisions as to complexion the pawnbroker stated, solved to call upon the Japanese taxation and other financial dotails took a magnifying glass and Government immediately to be- will be taken.

subjected the ring to a searching gin progressively with the with. Before the end of the con- scrutiny. He found nothing wrong drawal of Japanese troops into forence, to British Governmunt but apparently the transaction nt

There is no mention in the draft hitch the Railway Zone, which move- will advance recommendations as this stage oncountered a

The ment should be completed by resolution of the recognition of to the best method of consulting through insufficient money.

was November 16 when the Council the rights of either of the Powers the parties concerned on points pawnbroker whose attention

under existing treaties, though both the Chinese and Japanese left over after these committens diverted by another customer, was will meet again. have reported.-British Wireless. informed that they would return

the following day to $1,000 ring.

THE DOLLAR

HANGS FIRE

and

A Paradox.

London, Oct. 22. The grave demonstrations at Nicosia, the captial of Cy- prus, on Wednesday night, culminated in the burning down of Government House! Tho disturbance originated in a procession of Greek Nationalists, Professor Robertson went on headed by three elected members

of the Législative Council. national gold standard,

mob in the parade having got out they

itak were familiar with before the war, worked in such of their leaders' control,

trouble Docurred in front of a way as they might expect an

City commont is highly favour-British authorities to suspend the As compared with the resolutio Governments are to begin direct able and it is suggested that this gold standard. redcem the adopted by the Council in Sop:omnegotiations on all outstanding indication of the strength of the

ber, to-day's draft resolution very interesting both by reason of questions as soon as evacuation British financial position will have

has been

a steadying influence and promoto completed. what it includes and by what it

Such questions will include the a revival of general confidence.to omits,

recent incidents as well as the British Wireless. existing difßcultica in connexion

Pact of Peace.

with the railways in Manchuria.

tho illustrate how

inter-

The

serious

A Clever Imitation. Not until they had left the shop was it discovered that the ring left behind was only a clever Imitation. The genuine ring allegedly had

In the frat place, mention is Thero is, however, no allusion to 44ALLENGER” FOR outflow of gold to produce its Government House lasting for three* SILVER DOWN, BUT been taken away by the foreigners made of the Parts Pact for the the alleged Japanese demands, as who had effected a substitullon. Renunciation of War and also of reported from Tokyo, of any in MARKET STEADY.

Yesterday, the Police were called the Nine-Power Treaty, neither of demaity payable on account of with Japanoso to investigate the case concerning which mentioned in the railways bullt

was

This tande capital. Despite the fact that silver is another pawnshop at West Point, earlier resolution.

down 3/16ths in London and 1/4th where, two foreigners had been do both to strengthen the present Instructions Awaited ̧ in New York the Hongkong dollar tained upon an accusation of at-resolution and to place it on a remained unchanged at 1s. 2. tempting to palm off a fake ring. wider basis.

Two Men Charged.

this

The

qulot,

market in London opened

A Pole.

Neither

Chinese the

No Default.

FAR EAST.

TO RELIEVE H.M.S. IROQUOIS.

nor

own cure, and asked why did that hours.

The premises were attacked and not afford a solution to our inter national monetary position this fred.

year.

Breakdown of System.

Large police reinforcements were quickly on the scene, but the crowd. refused to disperse, ignored l warnings and finally the police. opened fire on the crowds,

sinca

A wider question might indeed H.M.S. Challenger is to rellove be asked. Why has the gold

A few civilians and some meni- It is also noteworthy that the Japanese delegates were prepared

the China atandard, in the days since the date for the total withdrawal of to comment upon the text of the H.M.S. Iroquola on

It Station.

war, not worked as it used to be-bers of the constabulary were in- with Chinn selling and Before Mr. Williams at the Con-

Japanese troops is very definite Council's resolution to-night.

is belleved that they are awaiting speculators alone buying. It bo-tral Magistracy this morning, two

The Challenger was built for foret No single causa could be jured in the course of the rioting. ly fixed for November 16.

Cyprus has been administered by assigned: it was a complex of instructions from their respective nahery, research, but plans had to CAMO

steadler later, with an ab foreigners, namely loan Toiflio- sance of American selling.

vich Nowachinsky, (42),

It la recommended that direct governments before they will be in be altered on account of the factors that had been at work, the British Colonial Office

Firstly the requirement for free 1878 by agreement with Turkey. The London-New York cross-and Abdul Hodan (33), a native of negotiations between China and a position to express an opinion. financial crisis.

movement of gold had not been The administration is carried out rate recoded somewhat to 3.98.1/8. Persia, were charged with larceny Japan should begin as soon as

fulfiled.

Some countries are by a High Commissioner, assisted The local market . A rather stond by a

a trick of

ring from the Tung evacuation has been completed

and Executive creditor countries, and others by Legislative ler than yesterday, with a nominal Hing Pawnshop of 49 Jardino's and not concurrently therewith, a British circles at Geneva are of

of tho no business Bazaar,

debtor countries. In this respect Councils. The members which

valued it provision which gives satisfaction the opinion that the Councily sug-

the war changed the conditions formar body are reported to have reported.

also at $800, and with conspiring, com- to one of the Chinese demands.

gestion for the settlement of the

Americs resigned. OVAT rather steadier at is. 714

bining or confederating together to

The Royal Observatory reports of many countries.

The Colonial Office, announder aro no bring about such larceny. The No foreign supervision of the Matchurian crisis will not be cllow-

that the position of the Yap emerged from it's creditor coun- special features in the Hongkong Pole was described as a merchant,

withdrawal of Japanese troops od to go by default.

It is understood that the repro- typhoon is uncertain. The anti-try instead of a debtor as before, to-night that the city la'at prosent market, the unchanged dollar be- and the Persian as a music-hall ar-

and France has built herself up quiet, British Wireless, (Continued of Page:7;) ——————— "[cyclone is central over Korea. the decline of the past two days.

but no

cate of in. Saghanghaf is

At the moment, there

Inga not unexpeted reaction of (Continued on Page 7.)-

is suggested, but China.is asked

to consent to the presetice of

TYPHOON "LOST.”