1932-10-26 — Page 1

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The

FIRST EDITION

S

Supreme

Hongkong Telegraph.

FOUNDED 1031

No. 13834

3M #X#+*#¶ WEDNESDAY, OCTOBER 26, 1932.

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七世月九

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PESISTANCE/

TORT

DUNLOP

The Tyre of Rugged Strength

"South China Morning Post Bitg." Tel 2455k

NOTED ECONOMIST BREAKS WITH GOVERNMENT Sees Little Hope of Success of World Economic Conference

THE MEANS TEST ANOMALIES

PREMIER HINTS AT SOME REFORM

LABOUR MOTION OF CENSURE

London, Oct. 28.

When a Labour Party motion of censure on the Government was moved in the House of Com-

mone to-night, the opposition

BRITAIN'S POLICY TOO NARROW

HANDS TIED BY OTTAWA AGREEMENTS

leader, Mr. George Lansbury, TRADE REVIVAL AND

criticised the economies effected

in the social services and the im- position of the Means Test on that section of the unemployed whose right to benfit under the Insurance Act had expired.

un-

The Premier, in replying, stated that the increase in the employed had been greatly de- celerated since the National Government took office and he re- called that the Means Test had heen instituted when the Labour Government, including the mem-

Opposition, ber of the

was in

power.

He said the Government had no intention of making a clean sweep of the Means Test administration. The Test had to be imposed, but there might be dirubility pensiona to be considered and the question as to how far thrift and savings had to be taken into account.

The unemployment problem, he said, was onc, not merely of sym pathy, but of business and finance, and of devising ways of providing

TARIFFS

London, Oct. 25.

OWING TO A DIFFERENCE of opinion with the Government, Sir Walter Layton, the noted econo- mist, has resigned from the Preparatory Committee for the World Economic Conference.

Sir Walter Layton is a Liberal Free Trader,

has never though he

seat in the secured a House of Commons. He appears to be of the opinion that the Govern- ment's hands have been too tightly tied by the Ottawa Agreements and that the restrictions will render difficult, if not impossible, a satisfactory LAYTON, result of the Conference.

Leith-Ro...

Sir WALTER

REPORT OF FURTHER

JAPAN

POSTPONEMENT LOOKING TO

"BASED UPON SOME FOUNDATION".

Ottawa, Oct. 25. Reports of the probable further postponement of the date of the World Economic Conference are "based upon some foundation," said Mr. R. B. Bennett, the Canadian Premier, replying to a question by Mr. Mackenzie King, the Liberal leader, in the House of Commona,

He added that discussions were stijl continuing in respect of the date of the conference.-kruter.

BRITAIN IN

THE

CRISIS

UNEMPLOYMENT GROWS: EXPORTS DOWN

GOVERNMENT'S DEFENCE

London, Oct. 25.

RUSSIA

SEEKING PACT ON

FAR EAST

SENSATIONAL REPORT

PURCHASE OF THE C.E.R.

(Telegraph Special.)

Tokyo, Oct, 26,

Developments of the

utmost

importance, fore- shadowing the probability of a Russo-Japanese under- standing on Far Eastern affairs, are indicated in the belief that the Japanese

|Government has agreed to open preliminary parleys on the proposed Russo-Japanese, The failure of the Nation-Non-Aggression Pact. al Government to contribute The negotiations are expected to anything of importance to commence about the middle of De cember, and M. Karakhan, the As- wards remedying the indus-sistant Commissar for Foreign trial crisis in Britain was Affairs, is expected to visit Japan

The agreement is expected to cover the following points:

Russin's grant of oil, fishery and forestry rights to Japan:

Japan's purchase of the Chinese Eastern Railway;

The Prime Minister denies the justice of points implied in a question sub-for the parley. work. To do that they bad to raised against the Government's policy in Sir Walter mitted to the Prime Minister straighten out such problema aj those left by the financial clauses Layton's letter of resignation. Sir Frederick Leith-Ross, in the House of Commons of the Versailles Treaty, to go on the other British member, is Chief Economic adviser to to-day.

applying the Lausanne agreement, the Government. and to get an International agree- ment at the World Economic Con- ference to go, in effect, to the

root of the unemployment problem.

LIBERAL ATTITUDE.

SIR WALTER LAYTON'S LETTER

his

decision,

of lower tariffs

Sir Herbert Samuel, speaking In a letter to the Prime Minister direction

Sir handicapped by certain features for the Free Trade Liberale, said explaining they were definitely of the opinion Walter Layton says that there is of the Government's policy. that the Means Test could not and common ground between the Cor- should not be abolished.-British ernment and himself on

polits, such as, for instance, the Wirelcaa.

necessity for the settlement

$30,000,000 HOAX

FREE GIFT BUBBLE

BURST

Hankow, Oct. 26.

many

RIGIDITY OF TARIFFS.

ข

M. Leo Karakhan, who ju ex. pected in Tokyo to negotiate a Treaty i preliminary talks in Moscow shortly bear fruit.

BETTING ON

STERLING'S SLUMP

SLIGHT RECOVERY AT CLOSE

M.P.8 FIRE QUESTIONS AT CHANCELLOR

LOWEST POINT IN A YEAR

London, Oct. 25. The sensational slump in the value of sterling is causing some anxiety in Britain, though the City attributes it to influences of a seasonal character.

Uneasiness about the situation was reflected in the number, of times the matter was mentioned In the course of to-day's sitting of the

BIG RACE . House of Commons,

CAMBRIDGESHIRE PROBABLES

FIELD OF THIRTY THREE

London, Oct. 25.

Mr. James Maxton, during a dis- cussion on Government polley in the, industrial crisis, drew atten- tion to the fact that the pound hind fallen to the lowest point since Britain's departure from the gold standard, in addition to which the depression appeared to be deepen- ing.

PREMIER'S REQUEST. The Prime Minister urged mem- A large field and a keen battle

days, but extended periods whon is almost assured at Newmarket hers of the House not to take odd to-morrow when the Cambridge-comparing the value of sterling. shire Stakes will be run. the

The

final call-over at Victoria Club revealed Dorigen and Totaig us warmly supported.

The latest betting figures, to-; gothor with the probable starters and jockeys as revised, follow:

11/2 Dorigen...Weston (L. and o.) The growing unemployment

100/14 Totaig.....Rosen (t. and o.) 13/1 Andren ....Beary (t. and o.) figures, loss of export trade and

100/3 Guldennis.Hunter (t and o.) the weakness of sterling wore

The definition of the Russo- 100/6 Picket, G. Richards (1. and o.) quoted as evidence of the weak Manchukuo territorial boundaries;

18/1 Double Arch

J. Childs (t. and o.) ness of the Government's policies.

Japan's supply of machinery 20/1 Glannarg....Sirett (t. and a Mr. Ramsay MacDonald, reply-

the ing, anid Government was and other goods to Russia to assist 22/1 Diamanto

W. Rickably to, 25/1 ) striving its utmost to improve the the Five-Year Plan.

29/1 Beneficial situation.

9.- Wragg (o. 25/1 t.) 2/ Diolite Fox (t. and o.) 25/1 Seatternsh

Smith (o. 28/1 Wyvern A. Wrogg (t, and o Supper Perryman (o. 40/1 t.) Ada Dear

MOSCOW INTERVIEW.

33/1

23/1

RG/1

5/1

5/1

40/1

Later the Opposition urged Mr. Neville Chamberlain to make a statement on the pay- ment of Britain's debt to America, an instalment of which is due shortly.

18 to

The Chancellor of the Ex- chequer did not reply. EQUALISATION ACCOUNT. Answering a question whether speculative attacks on sterling had been checked by the Exchange Equalisation Account, the Chancellor of Exchequer re plied he was unable say to what extent speculation Inoxchange. existed, but he had no doubt that the reserves of foreign currency de- in this account acted as a

activity terrent against the

of speculators.

Its policy would continue to be to provide in every way in their When Mr. Matsuoka, the special conditions requisite Japanese envoy to Geneva in con- power, the

Report, the for a national revival of trade and nexlon with the Lytton He mentions, apart from of tendency to introduce per-Industry, by balancing the bud reaches Bioscow en route to Geneva, war debts and the earliest possible manence and rigidity of tariffs, get, by converting the national he will have an important inter

S. Donoghue (t. and, o.)

The purpose of the, account was to prevent excessive fluctuation removal of the special exchange meat quotas, and the implied debt to a lower rate of interest view with M. Litvinoff, the Com- and other measures adopted by endorsements of the principle of as opportunity offered, and by raissar for Foreign Affairs, and Royal Athlone

James (t. and o.) in the value of the currency and it was never intended to keep ex- various countries,

a compensatory tariffs in the Ottawa facilitating a supply of cheap and M. Karakhan, on the subject of the Abbotsworthy. causing virtual blockade of International agreements with Australia and abundant money by stimulating Non-Aggression Pact and the re-

Johnstone (o. 40/1 t.) change at a fixed price or to keep Canada.

trade within the Empire and by cognition of Manchukuo by the Alluvial..Caralake (e. 45/1 t.) it within a fixed range of values trade.

coun- Soviet.

40/1 Blandearna negotiations with foreign

In opposition to seasonal or other E. Fox (o. 45/1 t.) tendencies. tries for the removal or reduction of the existing barriers to Inter-

49/1 St. Oswald

C. Ray (0, 60/1 t.). Inational trade.

40/1 Beet.Robertson (o. 60/1 ) 40/1 Apperley Lane (0.)

At the same time, there is a Iserious difference of view regard- Ing the further action which in Inecesanry to restore a reasonable

freedom of international trade.

GOVERNMENT'S POLICY.

He also critlelses the "un- helpful attitude" of Britain towards regional agreements in Europe such as the Dutch- Belgian Convention which was initialled at Lausanne in July last, the terms of which made it possible for wide ex- tension.

NEW YORK POSITION. After A further decline to 45/1 Seraph Boy Barber (o. 50/1 t.) G$3,28, sterling on New York re- 60/1 Great Scot..Collins (t. and o.) covered to-day to G$3.30. 50/1 Sea Ca.....Carr (o. 60/1)The low price is attributed in 60/1 Duodecagon

of a are which

06/1

Russia's present hesitation to recognise Manchukuo is reported! No country, he added, could to be based on a suspicion that the hope to escapo altogether from Japan-Mauchukue Protocol may the effects of such a state of de- contain an agreement inimical to pression as now existed through- Soviet interests, either politically out the world, but on two of the or economically. It is reported that General He says that the Government's

points mentioned in the question, DISPELLING SUSPICION.'

exports, Chiang Kal-sek has refused to view is that the result can be ob-

tained through individual negotia- He adds that ho does not anti- namely production and

Mr. Matsuoka is expected to grant an interview to the alleged tions with foreign countries with-cipate being at cross purposes Britain had remained relatively

effort to dispel this Shantung multi-millionaire, Liang in the limits set by the Ottawa with the government as regards unscathed since last December, make an

De auspicion and to stress the need ofį, e8/1 the United States, promoting Far Eastern peace 100/3 Tao-yu, who recently made an offer Agreements and subject to strict Anancial and monetary polley, but whilst great declines wore of $30,000,000 to the Government insistence on our most favoured he feels that the financial and curring la

problems

and in-Franco

Germany-British through Russo-Japanese co-opera-100/1 nation rights.

tion.

100/1 Wireless and Router.

The Japanese envoy will also 100/1 100/1 oxchange opinions with the Soviet Icadora. regarding the possibility of representatives of the Soviet atfonding the meetings of the Nations Council at League of which the Lytton Report will be discussed.Router.

as a gift.

economic

are'

CANNOT EXPECT SUCCESS.

Sir Walter Layton fears that extricably interwoven. Liang Tao-yu has been ordered by the method of bilateral negotia. the Chief of the Hankow Publiction will make very little impres-1

sion upon the world's protectionist Safety Burneau to leave the city system. immediately,

Britain should press for It is announced that investiga. much bolder and broader

plans. tions have proved Liang to bo do- finitely no more nor less than a Sir Walter Layton expresses penniless adventurer-Reuter. the opinion that progress in the

EUSTON MAILBAG ROBBERY

TWO MEN ARRESTED: POUND NOTES

FOUND IN CHIMNEY :

stolon.

In the absence of a radical change in the world's commercial policy, in which Britain's attitude Is almost the decisive factor, "I do not see the possibility of a really Batisfactory outcome of the world economic conference on the mone tary sido."

Mr. Ramany MacDonald, relying, expresses regret at Sir Walter Layton's decision, suggeste that the noted economist is wrong on one or two fimportant points, especial- ly the suggestion that all Britain proposes is com- mercial agreements with in- dividual countries and using only strict insistence on our most favoured nation rights.

BRITISH TARIFF

PARLEYS

MANY COUNTRIES INTERESTED

LATEST MAIL PLANE

BIPLANE NEARING

COMPLETION

Dines (u. 00/1 £) City circles to influences

character seasonal 66/1 Thaouks. Elliott (t. and 9.) naturally more marked since the

The Pen.

C. Richards (t. and o.) departure from the gold standard Venturer

.......Gethin (o.) and are accelerated by selling by Pal o' Mine Nivett (t. and o. foreign speculators, whose opera- Leicester Lane..P. Evans (o.)tions are considered to boat- Pharoah II Rowley (o.) tended by a considerable measure Pullover...Richardson (o. of risk to themselves. Read Admiral H. Beasley

Router.

LABOUR PARTY

LEADER

MR. GEO. LANSBURY APPOINTED

On the London Stock Exchange fo-day, the feature at the close was a sharp. recovery in the lend - ing British Government stocks. Assented especially War Loan which is quoted at one hundred and two,-Reuter and British Wire- Hose,

SILVER URGED AS CURRENCY

M. CAILLAUX JOINS ADVOCATES

London, Oct. 25. The Foreign Under-Secretary, Capt. Anthony Eden, stated in

London, Oct. 25. the House of Contmons that since

Mr. George Lansbury, the Leader the beginning of the year, many

of the Opposition in the House of countries had expressed a desire:

Commons, has been elected Leader to enter into tariff negotiations:

of the Labour Party in succession with Britain. In each case, it

to Mr. Arthur Henderson, had been explained that until the

Mr. Henderson recently resigned Ottawa Conference had ended,

London, Oct. 25.

Vlonna, Oct, 25. the Government was not in a post- The construction ta nearing the post in order to concentrate on

tho duties of Secretary and The restoration of silver as cur- tlon to enter such negotiations. complotion of a fast mail-carrying London, Oct. 26.

The countries included Argan- aeroplane ordered as an expert Treasurer of the Labour Party rency was urged by M. Caillaux. the former French Finance Minis- Police combed London thorough- Two men have been arrested in

tine, Belgium, Colombia, Costa ment by the Air Ministry from

tor, in the course of an address on connexion with the sensationally last week and it is stated that

Rica, Denmark, Esthonia, Finland, Mesars, Bolton and Paul,. Limited.

the world crisis before the Austrian TYPHOON RECURVES The machine will have a top mail-bag`` robbery Euston numerous pound notes, known to bo

The Premier says that "the main France, Germany, Iceland, Lithua-

League of Culture. from the bag, were found in the difference between us is our vary- nis, the Netherlands, Norway, spoed of 185 miles an hour, a crais-

The antleyclone has moved Millions of people in India and chimney of one of the men's ing estimates of the prospects of Poru, Poland, Santo Domingo, ing speed of 172 miles an hour, Chargod 'n the police court with houses.

The robbery was carried out in securing progress along the lines Swedon, Switzerland and Uruguay, an: a range of 1,000 miles. It is a eastward, and extends Trom N. China, he declared, who lacked gold, being concerned in the robbery,

you favour, which depends upon Since the Ottawa Conference, biplane with two Bristol Pegasus, China to S. Japan. The typhoon had been lost as buyers on the world. the prisoners pleaded not guilty the full view of dozens of people. the policies of other countries the Government had indicated its engines and will carry one thou has recurved; it is situated about markets, and it allver currencie 100 miles south-east of South Cape restored, they would against become and were remanded, in custody, The postman was knocked un- besides Britain."

readiness to enter into negotin-sand pounds weight of malls.

It will have apparatuk onabling (Formosa) moving north-east Gotential buyers, GARSON conscious, the bag snatched up,

Sir Walter Layton and Sir Fro- tions with Argentine, Denmark,

Calllaux also urged the drop The robbery involved the loss of and an escape effected in a wait derick Leith-Ross were selected Iceland, Norway and Sweden.-mails to be dropped and picked up Local weather forecast: N.

within

Mar de Custome-barriersj-Reuters, a few £6,000 contained in reglatered ing motor van

winds, fresh; fine. (Continued on Page 7.) British Wireless,

|In flight.---Bellish Wireless, packages in the bag which was minutos.-Router.

Station last week.

for a week

at

1 THE MAIN DIFFERENCE.

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