1932-01-19 — Page 2

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A

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THE

HONGKONG

FINANCIAL CRISIS EVIDENT.

NO MONEY FOR NEEDS OF EDUCATION.

Nanking, Jan. 18.

TELEGRAPH. TUESDAY, JANUARY 19,-:1932.0-

An official announcement that the National Government does not contemplate declaring 菲 mora-

torlum io contained in an urgent telegram nent to-day to Shanghai bankers-Reuter.

Educational Needs.

very serious, said Mr. Sun in the

Intorview, lo described it n hopeless. The national revenue collected by the agencies of the Central Government under the Ministry of Finance amounts to from $400,000,000 to $500,000,000 year. Less than one-fth of this sum is available for adminis- the other four-fths is earmarked trative and military expenses, and for meeting domestle and foreign loan services, It was said.

STOP SUFFERING AFTER EATING.

If you suffer from indigestion, gastritis, or dyspepsia after menta, you can prevent it instantly by Magnesia in water immediately taking 52 little Blaurated' after cating. This remarkable preparation not only, aquiralises Thus the average monthly col- the acid, and thus so removes the lections, Mr. Sun said, were $30,- cause of the trouble, but it also 000,000 to $10,000,000. What is soothes, heals and protects available for the Government to inflamed stomach

the Nanking, Jan. 18. spend for military and administrarepairing damage already done Ining, thus The surions financial straits in Live purposes amounts to only which the Government is finding $6,000,000 a month. The present and promoting healthy. normal itself are bloquently illustrated budget adopted by the National digestion, Blaurated Magnesia la by an advertisement inserted in Finance Communion under the obtainable

of chemists every- the Central Daily Neier, the

previous ofll-

Government provided where, in either powder or tablet cial organ of the Government, by $18,000,000 for military expenses, | form. One dose will convince you representatives of Anhui educa- and $4,000,000 for educational and there is no quicker way to end tional Institution who claim that administrative expenses, a total of indigestion, so get a package to- a monthly grant which the Minis-$22,000,000 a month which was a day, and stop suffering after try of Finance promised when it ready considered a great reduction eating.

took over control of the provincial over the previous monthly ex- revenuea has not been forth-penses of the government which coming for some time.

used to amount to $15,000,000.

If the funds in arrears are not paid, they threaten to reopen the special cigarette tax bureaux in Anhui closed down by the Minia- try and themselves collect revenue for educational purposes,

Reuter "Telegraph" Speeint,

They declare that they have The minimam budget therefore been compelled publicly to voice must require $22,000,000 a month. their grievance, as they have been said Mr. Sun. Only $0.000,000 in unable to obtain an interview at present avaliable and is only with the responsible officials of sufficient for one third of the mili the Ministry of Finance.

lary expenses, and this leaves not administrative expensen. a single cent for educational and

$180,000,000 For Hands Needed.

During the Inst four years, short-term and high yield dones- more than $1,100,000,000 worth of

tic bonds and treasury notes have been issued, according to the pre- silent of the Executive Yuan. Or this amount $800,000,000 has stil An army of Peking professors is to be redeemed, and this will re planning to "invade" Nauking quire an annual amount of $180,- shortly in order to demand pay-900,000 for amortization an in- ment of arrears of salaries, also terest payment. appropriationa for educational

"Invasion" Threat.

Poking, Jan. 18.

the

purposes in North China, Reuteranid 31r, Sun, I though that there "Before I took over my office," "Telegraph" Special.

Pay Months in Arrents.

Peking, Jan, 9. Educational authorities here are facing a serious crisis as a re- Ault of financial dieulties. Tea- ebers of the various schools in the Municipality are threatening to strike en blur if their salaries arroars for five months are not pahi. Total obligations in this respect unwant to about $1,850, 000.

Finance

must be something left in the treasury with which I might be uble to tide over the stringent financial situation, Loen bankers held the same view. But to our great surprise we found that all of the $80,000,006 currency luan which bad not yet been issued hud been mortgaged. To the Central Bank $16,000,000 in bonds wan assigned for an overdraft, and the rest of the $80,000,000 uniqued loan was mortgaged to other banks.

In view of the gloomy situation, a delegation of teachers from seven schools has decided to pro- ceed to the Capital to solicit aid from the Ministries of and Education.

Meanwhile, all municipal prin-educational purposes. ary schools are suspending classes. A similar predicament faces the middle schools should the teachers fail to obtain a mntisfactory reply to their demanda from the local Bureau of Education-Kuo Min.

Russian Fund Mortgaged. "The Russian Boxer indemnity fund likewise had been mortgag wi to the Central Bank and other Lunks for the next three yours to come although it was intended for Until the

China Finance.

end of 1934 not a cent from this fund will be available for eduen- ilon,

"Then there is the annual sum of $5,000,000 set asido as a sink- ing fund for the rehabilitation of the domestic and foreign loans, For the last two or three years it) inspector-general of customs was regularly turned over by the the Ministry of upon looking into the accounts we Finance. But bave found not a single trace of the fund.

to

The immediate creation special emergency committee of the Central Political Council of 12 of 14. vested with supreme power for the direction of govern- mental affairs, similar to the war Cabinet of England under Lloyd George, was decided at an impor- tant conference of the

"In view of this critical finna- Govern- cial situation, bankruptcy is star- ment officials who went to Shang-ing the nation in the face. There hai from Nanking inat week.

Unless this is done and done quickly, China will ecane to have n government, declared Mr. Sun Fo, president of the Executive Yuan, in an interview with a re- presentative of the China Press.

is no found available whatsoever for carrying on the government. Unicas some drastic financial mea- sures are adopted, I do not see any way out of this impasse. If the country continues to have a government, the people, I am afraid, must make great sacriflees at this moment of national crisis. Otherwise not only there will be no government, but China as an organized state must collapse."

Must Have Co-operation.

"I have been left a legacy," ex- plained Mr. Sun, "which is unpre- cedented. Not only is there not a Ringle cent in the treasury of the government, but my predecessors have mortgaged whatever little available income there is for the next four or five years in advance. Sun said: "We are given

In concluding his interview, Mr. At present the monthly receipts a choice of the alternatives of chaos the best are $6,000,000 but the mili- tary expenses alone amount

and sacrifice to prevent the dis- to $18,000,000 monthly. The grave mentous questions in regard to integration of the state. The mo domestic altuation calia for the formulation of some drastic mea-the first attention of the special finance and diplomacy will claim sures, and for groat sacrifice on the part of the people."

- י

emergency committee of the Cen- tral Political Council Immediate- The financini altuation with ly after its formation in a day or which the special emergency com- two. I hope that General Chiang mittee would be first to deat is and Mr. Hu will be patriotic

SALESMAN SAM

(GOOD NEWS, HES2Y! I GOT

A REPLY TO THAT CHALLENGE WE SENT JIM LONDOS/

YAH? OPEN HER UND JEE. VOT

IT SAY!

enough to forget considerations and come forward their personal to share the state responsibility. I have secured a definite assur- ance from Mr. Wang Ching-wel that he will help the government out as soon as he has sufficiently re- covered, but I have not yet recely- ed such assurance from the other two members of the Standing Committee of the Central Political Council."

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