1932-02-17 — Page 14

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THE

HONGKONG

TELEGRAPH. WEDNESDAY, FEBRUARY 17, 1932.

ECONOMIC CRISIS IN U.S.A.

ROTARY CLUB SPEAKER ON THE REMEDIES.

FREE SPENDING.

An explanation of some of the events which have resulted in the United States feeling the full force of the present world depression was given by Mr. Harper Sibley, of Rochester, New York, who spoke at yesterday's meeting of the Hongkong Rotary Club, held

in

Crawford's Mesars. Lance restaurant, under the Chairman ship of the Hon. Mr. W. E L Shenton,

about ́ ́ $600. They were hoping realised that the patient was very | RECEIVER SENTENCED. that one day it would touch $1,000, siek. Since then, President Hoover During the boom a antall parcel had come forward with ten pro- of 20 shares were sold and re-sold, posals, some of the more interest- In the market and one day, when ing of which were dealt with by the be looked in the papers to sco what speaker. their stock was quoted at, he found the amazing figure of $4,500. On that bals the stock was carning about ono per cont. That was the situation in the stock market and it gave some idea of the ridiculousness men and the newspapers of

prices that were being pald.

The Crash.

Amerien,

...

of inter-

Spring Allments in Children.

To many children. Spring is n time of dieulty. The change in weather conditions and the fickle- nons of the temperature effect them; they get off colour, fall

SEQUEL TO NEW YEAR ROBBERY.

The postponement

Charged with receiving stolen national debis, sald Mir. Sibley, was goods, Ma Chuen yesterday ap- one of the proposals. The iden had peared before Mr. Justice Lindsell met with the approval of the busland a jury at the Criminal Ses victim to colds, and to stomach

slons, and pleaded not guilty to and bowel troubles. the indictment.

At such times parents should Mr. T. S. Whyte Smith pro- Another remedy suggested by the secuted and the jury empanelled remember to keep Baby's Own Government of the United States

Tablets always were Messrs. S. 1. Hartridge,

handy, This After the boom there came the was to raise funds to nasist the Foremna) F. P. Kennedy,__ B. | splendid children's health-regula- crash in 1929, "If we went up various banks on which there was Herschend, 9. H. Bux, C. Often for hann gentle laxative action funt," said Mr. Sibley, we enme arun. The Government Recon-berg, G. Anderson and W. C. and tones up the stomach and down a lot faster." It was amazstruction Finance Corporation was † Orley.

internal organs gonerally. At the ing the way things had dropped in formed, whereby the bigger banka Mir. Whyte Smith, in presenting first eign of irregularity in the the United States. He did not were enabled to help the smaller the case for the Crown sald the natural functions the child should think anyone who had not recently ones. The Corporation was form-charge was the sequel to a robbery be given one or been there could realise how baded to underwrite the solvency of at 166, Portland Street on January

two of these things really were.

thousands of American banka, most 17, in which four robbers took part. plonsant-tasting

little tablets of which held securities which It was not suggested that accused which all children take without were, at one time, standing quite was one of the robbers and there any persuasion. Baby's Own even was no evidence to that effect. Ile Tablets are guaranteed harmless, high, but which could not

only those In- meet the banks' liabilities to-day. was charged with receiving stolen and to contain In regard to these securities, it was goods knowing them to be stolen. gredients which are known to

On January 21, Inspector Fallon, explained that in many cases the

constable prova beneficial for children's. Government had stepped in and a Chinese sergeant and fixed a rate where the banks could visited No. 231 Portland Street, ailments generally. Baby's Own

fixed value

second on

where accused lived. | Tablets will ense croup and relieve floor realise a Breuritics.

The constable remained outside of colds, reduce aimple fevers. the house while the Inspector and check diarrhoen, expel worms and sergeant endeavoured to gain ad-

settle any abnormal conditions in stomach or bowels. During teeth-

In

the

moro

Great Britain, uid speaker, the people were used to depression. In the United States the depression, following the bou like a person who being yel wall and vigorous, was suddenly intricken down. "We have nat got used to it." vaidl the speaker, "and we are very much Upset about it,"

The Chairman, who announced that us next Tuesday would be a race day there would be no meet ing of the Club, welcomed the fol lowing visitors. Rotarian HIM. Cavender, Manila, Rotarian Col. J. Cohen, past President of the Melbourne Club. Melbourne, Hos tarian P. II. Stevenson. Pek! Ing. Mr. W. C. Costiu, Fellow Glving figures to illustrate the of St. John's College, Oxford, drop in stocks alnce the grash, Mr. travelling under a Rhodes Scholar Sibley said that during the last ship, and a member of the British two years the twenty best railroad Group to the conference of the in-

stocka had dropped 60 per cent. stitute of Parife Relations held The twenty beat Industrials had recently, Mr. A. McKirdy, Hong dropped, 65 per cent. The 20 best kong, Dr. C. P. Emerson, Dean of public Utilities (power and light Indiana, University, and Rotarian companies) had dropped 76 per A. A. Brown, President of Drew | cent. At that rate, said the University, Madison New Jersey. speaker, if one's money wan in- Mr. Sibley and that the economic vested in the best stocks in the crisis appeared to be particularly, country, one would lose not less

United States. aente in the

He than three quarters of one's capital, explained that he was a 100 per¦

Banks Insolvent. cent. believer in industrialisation of a country and in the increase of, the machine productivity of a coun-

try'.

Describing the conditions in the 'United States, Mr. Sibley said that there had been a tremendous **Jag" in

the country which had been "intoxicated" during the past two or three years. "We have now found the headache which In- evitably must come along."

One reason for the state of in- toxication was that Aracrican busi- ness manufacturers and salesmen bellewed in the philosophy that pro- fits came from spending rather than from saving That the way to lay up for the future was to spend freely because, if everybody spent, it created, business, and the creation of business led to more business: going round in a circle until prosperity was reachril.

¦

Railroad Stock.

Auch

A third remedy suggested andmittance. They experienced some introduced by the American Gov-difficulty in doing so, and the ernment was in connexion with door was finally opened by accused, railroad stocks. The best securi-who, it was discovered was the only ties in America, it had been re-occupant.

While the offers were trying to cognised for years past, were

Jn. the constable outside railroad stocks, and those securi- Ket

noticed a parcel thrown out of the ties were held by the leading In-

second floor window. He picked it surnace Companies and banks. The railroads were State controlled and It was found to contain three watches, a gold ring and a to the extent that their profits were

Two of the watches jade bracelet. kept at about five and a half per

And the bracelet were identified na cent, anch year. Since the crash, however, business bad fallen off being among those atolen on Janu-

ary 17. From the accused, and car earnings had gone down by about one-third. One great pector Fallon secured a bunch of keya and with one opened a cabinet railway system, the Illinois Central, in the room in which was found a which had shown

profit of fountain pen case with pencil. $9,000,000 for 1930, showed a loss

which was also identified as being of 34,600,000 for 1981, represent among the articles stolen.

The nceused was arrested and ing a difference of $13,500,000 in

Not only were the railroad when charged replied "They were a year.

pay divi-given to me by Ah Ching. companies unable to

them were did not know they were stolen.". dends, hat some of rapidly heading for the hands of

the receivers.

il

In-

1

Evidence proving the robbery and the identification of the watches, bracelet and fountain pen case was given for the Crown, and after a brief summing up, the jury returned a verdict of guilty.

Out of a total of 26,000, banks in the United States, some 2,000 banks had netually gone into the hands of the receivers, and their abilities amounted to two billion gold dollars. They were only able to pay eight cents on the dollar. It was thought that the bottom had been touched by the year 1931, but in that year there were some ndditional drops. Last spring it

The Government Reconstruction appeared that the time was ope portune to buy stocke, nevertheless Finance Corporation had arranged it proved to be anything but op- to pay interest on the railroad portune. The speaker said that stocks to assist stock-holders to stocks of the New York Central tide over the present period and Railroad, which sperated through to allay the fears of such stuck-ed to twelve months' hard labour.

grent series of industrial cities, holders, dropped from $152 to $25 a share.. Stops had also been taken to Another very big stock, L. S. Steel permit the railroad companies to FROZEN MEAT TRADE- Corporation, dropped from $152 to $36. Another

increase thele rates to meet the leading railrond emergency, and railroad um- stock dropped from $104 to $15.ployees, rather than face and Unlon Paeffe dropped from

jiloyiment, hal volunteered to ac- G$295 to G$71.

cept a ten per cent, cut in their

No Blame.

Huge Sum Vanishes.

Mr. Sibley said that the situation WIS

Wages.

unem-

Accused was accordingly sentenc

NEW ZEALAND ENTERPRISE

PROSPERS.

London, Feb, 16. The jubilee of the New Zealand meat trade with Britain was celebrated yesterday in London and in Wellington.

Artificial Buying Power, Mr. Sibley said that the Ameri- { can people had not only got into the habit of spending their in-

not without its humorouA One fenture of the depression, Cume. bur through facilitler afforded to them by the credit spot. He instanced the case of which was very encouraging, said a man worth about C$30,000,000 Mr. Sibley, was that there was no system, many of them had spent fore the crash, who died on the blame going round. Capital was steamship Dunedin cleared frons

ove of the fall in stock

WILS L

01

On February 15, 1882. the

the first the following your's satury as well.

not blaming labour, nor was in Port Chalmers with prices. By spending in this manner the

Out of his estate he had to pay blamed the Government, but the bour blaming Capital, and no one

consignment of 5,000 carcasses of pupulation had created an artificial death duties

frozen meat for Britain. This to the extent of buying power.

G$7,000,000. This payment

whole country was trying to work proved to be the foundation WA

regular shipments, that last year Another reason for the improved not due unt about a year after it together, which

reached the record figure of over business in those days was that the death. By that time the value hopeful sign.

-10,000,000..... carcasses,British the United States had made tro- | of the stocks held by the estate hud Mr. Sibley concluded by saying Wireless, mendous foreign loans most of dropped so low that the bene that he was a thorough believer in which were to be spent in the feiaries

catate worth the industrial system for relieving United Slates, which again en- $30,000,000 found themselves pressure on the land. Population larged the buying of the people. unable even

deathrew daily but not the product of to meet the Through these various agencies duties! The family fortune was the land, and it was inevitable that business was stimulated beyond the | "wiped out."

the people in the rural Areas should find their way into fac- normal inconic and it was felt that Investors in American stocks had tories. Properly handled.

this business was on the up-grade, and was going to keep soaring inded to write off G$50,000,000,000 was not such as difficult problem in two yours! That simply "nock and he foresaw the day when the finitely. More money was made the in normal years and one of over" the American people. The machine would do all the work and the outcomes was that stocks went

Jip.

Stock Investments.

The rise in stocks gave birth to

·

bond market went lower than it

had ever done for the past 20 years,

As was to be expected, when the crisis came, the people turned to the Government for help, and Pre- a number of investment trusts,sident Hoover held a conference The investment trusts said they with some of the leading business could inveal money far better than

men. The Lovernment at first the average person, claiming to know more than the average per- said there was no depression and it was only a matter of a slump in son did. The result was that a the great many people began to by later they said that the depression stock market. Six months investment trust securities and they, in turn, went in for stocks, resulting in a tremendous increase in the country's purchasing power

in stocks.

The speaker gave no instance of the company in which he had t interest, and said that for years the stock had been standing at

SALESMAN SAM

(WELL, I SURE SLIPPED

ONE OVER ON YA, SAM! YOU NEVER EVEN HAD AN IDEA TH MASKED MYSTERY WAS ME-

was almost awer. ix months Inter at they said that the worst Was over and that the country ought to be able to show brighter colours in the near future.

Government's Action. They kept on talking in that way until about six months ago they

THASS RIGHT, GU22 - BUT THE REAL LAUGH'S ON YOU! WHEN I URGED YAT

TO BET ON HEEZALLIA Put up $500 AGAINST A THOUSAND, AND LOST!

men would have more time for

leisure. He felt sure that when that time enmé, men would learn to control their leisure.

speaker on behalf of the Club,

Mr. P. S. Cassidy thanked the

FRENCH CRISIS.

GOVERNMENT RESIGNS FOLLOWING DEFEAT.

Paris, Feb. 16. The Government has resigned in consequence of its defeat in the Senate on the Electoral Bit, which nimed at following the British vot- my system, and Included woman suffrage.-Renter.

Goodbye Forever |

YEAH, 1 BET, ALL RIGHT— BUT NOT ON Your Man! NATURALLY | BACKED MYSELF - SO I'M JUST

$1000 PHEADĮ

WHAT? WELL, YOU WIN, ALL THE WAY AROUND! AND I'M THE NANNY BARELY MADE EXPENSES AND I STILL

OWE YOU 800!

D

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