1932-02-17 — Page 2

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and

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A

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Modern throughout and beautifully Situated

Kunnymede Hotel

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Food and Winos especially good

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THE

THE EUROPE HOTEL| SINGAPORE.

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ECONOMIC CRISIS IN U.S.A.

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FREE SPENDING.

TELEGRAPH. WEDNESDAY, FEBRUARY 17, 1932.

An explanation of some of the events which have resulted in the United States feeling the full force of the prezent 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 Mesars. Lance Crawford's restaurant, under the Chairman ship of the Hou. Mr. W. E. L Shenton.

The Chairman, who announced that as next Tuesday would be a race day there would be no meet ing of the Club, welconied the fol lowing visitors.-Rotarian H.M. Cavender, Manila, Rotarian Col. 11. Cohen, past President of the Melbourne Club, Melbourne, Ro- tarkan 1. H. Stevenson, Pek- ing. Mr. W. C. Costin, Fellow

f St.

John's College, Oxford, travelling under a Ithodes Scholars ship, and a member of the British Group to the conference of the In stitute of Pacific Relations held recently, Mr. A. McKirdy, Hong - kong, Dr. C. P. Emerson, Dean of Indiam University, and Rotarian A. A. Brown, President of Drew University, Madison New Jersey,

Mr. Sitdey sud that the renomic erials appeared to be particularly acute in the United States. He explained that he was a 100 per cent, believer in industrialisation of a country and in the increase of The machin profurtivity of a coun- try.

¦

|

about $600. They wore hoping realised that the patient was very【RECEIVER SENTENCED. that one day it would touch $1,000, sick. Since then, President Hoover During the boom a small 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, whon, ing of which were dealt with by the he looked in the to see what spenker."

papers their stock was quoted at, he found the amazing gure of $4,500. On that basis the stock was earning about one per cent. That was the

situation in the stock market and

it gave some idea of the ridiculous prices that were being pold.

The Crash.

!

America.

of

inter-

B.

C.

Spring Allments in Children.

To many children, Spring is in time of difficulty. The change in weather conditions and the flekle ness of the temperature effect

SEQUEL TO NEW YEAR

ROBBERY..

The postponement

Charged with receiving stolen national debts, said Mr. Sibley, was goods, Ma Chuen yesterday ap one of the proposals. The idler had peared before Mr. Justice Lindsell them; they get off colour, fall met with the approval of the busi and a jury at the Criminal Sos- victim to colds, and to stomach

men and the newspapers of sions, and pleaded not guilty to und bowel troubles,

the indictment.

At such times parents should Mr. T. S. Whyte Smith

pro remember to keep Baby's Own. Another remedy suggested by the secuted and the jury empanelled

Tablots always handy. Thla Government of the United States were Messrs. S. H. Hartridge. After the boom there cate the was to raise funds to nasist the Foreman)

splendid children's health-regula- F. F. Kennedy, crash in 1929, "If we went up various banks on which there was Herachend, S. H. Bux, C. Offen- tor has a gentle laxative action fast," said Mr, Sibley, "we come a run. The Government Recon-borg, G. Anderson

and W.

and tones ap the stomach and down a lot faster." It was amaz struction Finance Corporation was Ogley.

internal organs generally. At the ing the way things had dropped in formed, whereby the bigger banks Mr. Whyte Smith, in presenting Arst sign of Irregularity In the the United States. He diti not

were enabled to help the smaller the case for the Crown said the natural functions the child should think anyone who had not recently qnea. The Corporation was form-charge was the sequel to a robbery

two of these len there could realise how baded to underwrite the solvency of at 165, Portland Street on January be given one or

little. tablots things really were.

thousands of American banks, most 17, in which four robbers took part. pleasant-tasting of which held securities which it was not suggested that accused which all children take without Baby's Own were, at one time, standing quite was one of the robbers and there any poraustion.

was no evidence to that effect. IIe Tablets aro guaranteed harmless, high, but which could not meet the banks' abilities to-day.

was charged with receiving stolen and to contain in regard to these securities, it was gooda knowing them to be stolen. explained that in many cases the Government had stepped in and axed a rate where the banks could realiae n fixed value on such

the #nid In Great Britain.

moro speaker, the people were used to depression. In the United States the depression, following the boom, was like a person who being very well and vigorous, was suddenly stricken down. "We have

not

got used to it," uld

the

speaker, "and we are very much

upset about it."

securities.

the surance

Railroad Stock.

even

banka.

On January 21, Inspector Fallon, Chinese sergeant and a constable visited No. 231 Portland Street, second floor, where accused lived. The contable remained outside of the house while the Inspector and sergeant endeavoured to gain ad Giving figures to illustrate the drop in stocka since the crash, Mr. A third remedy suggested and mitiance. They experienced some Sibley said that during the last introduced by the American Gov difficulty in doing so, and the two years the twenty best railroad ernment was in connexion with door was finally opened by accused, stocks had dropped 60 per cent. railroad stocks. The best securi- who, it was discovered was the only The twenty best Industrials had tica in Amerlen, it had been re-occupant.

While the officers were trying to The 20 best cognised for years past, were dropped 65 per cent,

the constable outside public Utilities (power and light railroad stocks, and those securi- get in. companies) had dropped 70 per ties were held by the leading In-noticed a parcel thrown out of the second Boor window. He picked it AL that

rate, said

Companies and vent. speaker, If one's money was in-The railroads were State controlled up and it was found to contain three watches, a gold ring and a vested in the best stocks in the to the extent that their profits were jade bracelet. Two of the watches untry, one would lose not less kept at about five and a half per and the bracelet were identified as thun three quarters of one's capital, cent, each year. Since the crash.

however, business and fallen off being among those stulen on Janu- and ear earnings had gone downary 17. From the accused. In- about one-third. One great pestor Fallon secured a bunch of by

a cabinet and with one opened keys railway system, the Illinois Central, in the room in which was found a

a profit of fountain which had strown

pen ense with pencil, $9,000,000 for 1930, showed a loss which was also identified as being of $4,500,000 for 1981, represent among the articles stolen.

The accused was arrested ing a difference of $13,500,000 in a year. Not only were the railroad when charged replied "They were companies unable to pay, divi-given to me by Ah Ching. denda, but some of them were did not know they were stolen." rapidly heading for the hands of Evidence proving the robbery the receivers.

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.

and

Banks Insolvent, Out of a total of 25,000 bẩnks in some 2,000 the United States, banks had actually gone into the hands of the receivers, and their Describing the conditions in the abilities amounted to two billion United States, Mr. Sibley Bakkeld dollars. They were only able that there had been a trementions to pay eight cents on the dollar. * In the country which had

it was thought that the bottom been "Intoxicated" during the past

or three years,

"We have had been touched by the year 1931, 1143*

but in that year there were some now found the headinche which in-

#dditional drops. Inst apring i evitably must come along."

The Government Reconstruction appeared that the time was op One reason for the state of in-portane to buy stocks, nevertheless Finance Corporation had arranged on the railroad toxication was that Asterican bust proved to be anything but op to pay interest

ss manufacturers and salesmen portune. The speaker said that stacks to assist stock-holders to believed in the philosophy that pro- stocks of the New York Central tide over the present period and fits came from spending rather Railroad, which operated through to allay the fears of such steek-ed to twelve months' hard labour.

a great series of industrial cities, holders. dropped from $182 to 325 a share. Another very big stock. U. S. Steel Corporation, dropped from $152 to G. Another leading raitrond Hock droppe! from $104 to $15, and Union Pacific dropped from G$205 to G$71,

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: Koing round in a circle entil prosperity was reached.

יינניין

Artificial Buying Power.

bu?

Huge Sum Vanishes. Mr. Sibley said that the situation

¡A not willowl

humorona

Was

Mr. Sibley said that the Ameri- can people had not only gut into the habit of spending their in

through facilities

aspect. He instanced the use of credit Afforded to them by the

men worth about G830,000,000 stem, many of them had spent before the crash, who died on the the following your's salary as well.

the fall in stock prices. the Oat of his estate, he had to pay By spending in this manner population had created an artificial | death duties to the extent of buying power.

Another reason for the improved business in those days was that the United States had made tre

loans most of rendous Foreign

were to be spent in this which United States, which again en- larged the buying of the people. Through these various agencies business was stimulated beyond the normal incune and it was felt that

eve of

Accused was accordingly sentenc-

Steps had also been taken 10 FROZEN MEAT TRADE. permit the railroad companies to increase their rates to meet the emergency. and railroad em- NEW ZEALAND ENTERPRISE playees, rather than face ployment, had volunteered to ar cept a ten per cent. cut in their Wakes.

No Blume.

tinem-

PROSPERS.

was

Landon, Feb. 16. The jubilee of the New Zealand meat trade with Britain celebrated yesterday in London One feature of the depression; and in Wellington.

15, 1882, the On February which was very encouraging, said

from steamship Dunedin cleared r. Sibley, was that there was no

first Port Chalmers with the Jit- blame going round. Capital was not blaming labour, nor was

consignment of 5,000 carcasses of hour binming Capital, and no one

meat for Britain. This frozen blamed the Government, but the prove

proved to be the foundation of whale country was trying to work

regular shipments, that last year reached the record figure of over of it together, which hopeful sign.

10,000,000 carcasses.---British Wireless.

Why a

G$7,000,000. This payment was not due until about a year after th drath. By that time the valae of this stucks held by the untate had Mr. Sibley concluded by saying dropped "O low that the bene that he was a thorough believer in ficiaries

worth the industrial system for relieving estate ar. found $30,000,000

themselves pressure on the land. Population to meet the death grew daily but not the product of unable even

the land, and it was inevitable that duties: The family fortune was

In the rural areas the people "wiped out."

should find their way into fac- Investors in Americae stocks haud | tories. Properly

handled, this

Latest

business was on the up-grade and had to write off G550,000,000,000 was hat such a dificult problem BRUNSWICK

was going to keep staring inde- finitely. More money was made than in normal years, and one of the outcomes was that stocks went

up.

Stock Investments.

to control their leisure.

Mr. P. S. Cassidy thanked the

in two years! That simply "knek and he foresaw the day when the ed over the American people. The machine would do all the work and boml market went lower than it men would have more time for had ever done for the past 20 years. | leisure. He felt sure that when As was to be expected, when the that time came, men would learn crisis came, the people turned to The rise in stocks gave birth to

the Government for help, and Pre- a number of investment trusts. The investment trusts said they aldent Hoover held a conference speaker on behalf of the Club, could invest money far better than With some of the lending business men. The Government at Orst the average person, elaiming to

Haid there was no depression and know more than the average per-it was only a matter of a slump in son did. The result was that a

the

Six months great many people began to buy later they said that the depression was almost over. ix months Inter still they said that the worst

trust securities

investment

and they, in turn, went in for stocks, resulting in a tremendous incrense in the country's purchaning power in stocks.

The speaker gave an instance of the company in which he had an 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-

stock-market.

country

over and that the 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 YA

TO BET ON HEEZALL, TA PUT UP $500 AGAINST A THOUSAND, AND LOST!

FRENCH CRISIS.

GOVERNMENT RESIGNS FOLLOWING DEFEAT.

Paris, Feb. 16. The Government has resigned in consequence of its defeat in the Sonate on the Electoral Bill, which aimed at following the British vot- ing system, and Included woman suffrage.-Reuter.

Goodbye Forever!

YEAH, I BET, ALL RIGHT-) BUT NOT ON YOUR MA) NATURALLY I BACKED. MYSELF-SO I'M JUST $1000 AHEAD!.

WHAT? WELL, YOU WIN, ALL THE WAY AROUND! AND I'M THE NANNY! I BARELY MADE EXPENSES AND I STILL OWE YOU $800!

and

MELOTONE

RECORDS

I

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only those in- are known to gredients which prove beneficial for children's ailments generally. Baby's Own Tablets will ease croup and relieve colds, reduce simple fovora, check diarrhoea, expel worms and settle any abnormal conditions in stomach or bowels. During teeth. ing they are exceptionally uneful. bahy to enjoy health-giving sleep. easing pains and thus enabling

All chemists can supply you with Baby's Own Tablets.

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Tye Shing

WHEN AT HOME

The

-Obtainable hongkong Telegraph.

-from-

THE

BRUNSWICK HOUSE

Arcade, Gloucester Bldg.

MAY BE PURCHASED AT

SELFRIDGE'S

LONDON, W.I.

By Small

(CHEER UP, OL' PAL! TELL YA WHAT I'LL GO-GET RID OF HEEZALL AND COME BACK TO MY STORE

AND I'LL CALL THE DEBT SQUARE-

SAVVY

BY JINGO, THATS A

GO-GO!

TAKE ONE LAST SQUINT

AT HEEZALL!

HE'S GONNA

BE FIRED, “TOMORRA,

+