1932-11-15 — Page 7

.

SNOWDEN'S Its one purpose of balancing the

CAUSTIC GOOD-BYE

Budget, and then have a General Election on the Conservative pro- gramme of tariffa,

From that time on the Tory de- mand for a General Election 'be- came increasingly clamant. We could not eventually resist it. Wo had innumerable discussions to BITTER ATTACK ON Bubject of tariffs. Somebody dis

find an agreed formula ún the

TARIFFS

LETTER TO PRIME

»-MINISTER

Lord Snowden's letter of re- signation from the Cabinet was in the following terms:-

Dear Prime Mintaler, I wrote to you on August 29 after the Cabinet meeting of August 27th, i

covered that we had for the first time

"adverse balance of un trude," and this was seized upon as an excuse for making an ex-, amination of tariffs as a means {of dealing with it.

Rushed Into Tariffs,

But neither you nor Mr. Bald- win during the election went; farther than to commit yourselves and the Government to

and

and

at which the Ottawa Agreements al Government of the polley of "An examination by the Nation- were received and considered, in- tariffs with forming you of my decision to without hampering pledges, an open mind withdraw from the Government to put it into force if it was bound Your reply, and your subsequent to be the best means of restoring letters and our conversation, have a favourable balance of trade." not altered my decision, so I now nek you formally to submit to his Majcsty my resignation of the office I have had the honour to hold.

I need not say that I regret to be compelled to take this aetion, for it severa. our 40 years' close political association and co-opera- lion in work which has transform ed the party features of British politics.

But I enn no longer, without loss of all self-respect, remain a member of a Government which in pursuing a policy which I be lleve is disastrous to the welfare of the country, which will lead to the disruption of the Empire. and which is fraught with great danger to our international Intions.

"Your Assurance."

[12

No such impartial examination ever took place,

We were rushed into the im position of unrecedented tem. porary duties to deal with "h before the results sini mal" unjurlations: and then, mined, the Insatiable appetite of were deter- the Protectionists produced the permanent tariff scheme for gen- eral Protection.

They set up a Tariff Committee, which seens to regard its fune- tions to be to grunt fariffs to practically every selfish interest which asks for them without any adequate examination of the need or consequences. Effect of Tariffs,

We To

On this issue the Free Trade members of the Cabinet in Janu- ary offered their resignations. On I am well aware of

strong pressure from you and thei and have Conservative members given due consideration to, the luctantly accepted the compromise Teuson which are being urged of the "agreement to differ." against any action which might The circumstances then weaken the unity of the National different from what they are to- Government and leasen its

in day. The Budget bad been fluence and prestige in the world. batanced on paper, but it remain- I took my part in forming the ed to be seen what the actual, re- National Government when our sult would be at the end of the colleagues in the Labour Govern- the financial yese. The out-turn

were

Jast

ment ran away from a necessary proved the Houndness of the task which they feared would in- balancing. The position of ster volve a disagreeable unpopularityling was at that time uncertain. Like you. I snerified the as-Neither of these reasons for minin- sociations of a political lifetime taining the compromise of for what I still believe was an ammary any longer exists. imperative duty in a time of grave national crisis. I helped to the best of my powers to secure the unprecedented national victory al the polls last antur.

Moreover, six months' experi ence of the working of tariffs has disillusioned every unprejudiced Protectionfst. None of the bless. Jings which were to fall upon and I did this on your assurance, fructify the sterile industrial soil and that of Mr. Baldwin, that a have descended. National Government, reinforced

Our foreign trade has consider-

by a popular mandate, would work ahly declined; unemployment has only in the national Interests, and greatly increased; the policy has would not be used for party pur- led to more forrison reprisals and poses and policy. I arvepted the restriction. declaration in which you said:.

"So far as I am personally con- cerned, I am not going to be run by any party. It may be they (the Conservativos) might try to put something over us, their man."

I am no

Ottawa Acrimony.

The British Delegation went to Ottawa, with the declared inten- ton of increasing inter-Imperial trade, and securing a *general lowering of world tariffs. We had

I accepted these assurances in their assurance that nothing good faith. I am still prepared would be agreed to which ham- to support a National Government pered our freedom to negotiate which adheres to those conditions, with foreign countries for

lowering of tariffs.

"Tories Using You."

the

after

They have come back, But for some time now, indeed sordid struggles with vested in- weeks of acrimonious disputes and from the formation of the second terests, with agreements wrench- National Government, it has be ed from them in avert a collapse come increasingly clear that the of the Conference and an exposure Protectionist auction of the Gov- to the world of the hollowness of ernment and the House of Com- the talk of Imperial sentiment in mions were determined to carry eonomic affairs. through

'full Protectionist

This is not the occasion to dis- policy, using you, and using us, if cuss the Ottawa agreement in we remain in the Government, as detail. There will be plenty of instruments for carrying through opportunity to do that when the that Tory policy.

puhile of this country have been put in possession of the true of facts.

perience has been more disgrace t Nothing in political

my

ful and dishonest than the mia- representations of the results of the Conferencee which are being circulated through the Tory Press.

The conditions have changed? since August and November last year. The main purpose for, which the National Government was formed has been

achieved. In a statement issued by you on August 24 Inst year you said:

The speelfie purpose for which the new Government is being,

X-

The British delegates have come

formed is to deal with the national back with agreements to maintain

THE HONGKONG TELEGRAPH. TUESDAY, NOVEMBER 15, 1932.

SHARE PRICES

--_.com

TO-DAY'S QUOTATIONS

share quotations insued to-day:

The following is the list of local

Banks,

Honikong Banks, $1660 n. Hongkang Lon. Reg. £119. Chartered Banks £14 Mor! 10 Bank,

A. & £201⁄2 11. Mercantile Bank C., £9% n. East Asia, $100

Am: 0. Finanerp., $28. n. Chinn O. Fin. Ort. Tis. n. China A. Fin. Prof. Tis. 4.00 n.

Canton Ins., $1200 b. Union Ins. $512

n.

China Underwriters, $2.85 b China Fire. $620 n. II.K. Fire Ins., $1180 n. Internation Assce. Tls. 4.15 n. Shipping.

Douglases, $26 b. H.K. Steamboats, $23% n. Indo-Chins, (Pref.) 46 n. Indo-Chinas (Bol. 1, 832 n. Shell (Bear), 60/7% n. Union Waterboats, $21 b.

Alining. Benguets, $18 n.. Kailan, 25/- n. Langkats Single), Tis. n. S'hai Explorations, Tis.2.10. S'hal Loans, Tls.2.30 n. Venz: Goldfields, $4 b. Benguet Exp., 22 cts. b.

Po te

H.K. Wharves, $1-18 b. H.K. & Decks, $24 n. S. Chram Motors, A., $10 n. S. Ching Motor B.. SR n. Providents (old), $4.75 b. Pravidents (new). $2 b. Hongkews, Tls, 220 n. New Engineerings, Tls. 6.40 Shanghai Docks, Tis. 99 n.

Lands, Hatels, etc. Hotels (old), $11.45 b. Hotels (new), $11.25 . HI.K. Lands, $79% 12. S'haf Lands, Tia, 24 n. Metropolitan Lands, Tis. 10 . Humphreys, $16 m.

I.K. Realties, $9.40 h. Asia Realties "A". $140 1. Asia Renities "B" $28 n. Chinese Estates, $100 n. Chinn Realtion, Tla 11:40 China Debentures Tls, 99% n. Cettons.

B.

n.

Ewa Cottons, Tls. 14.80 b. S'hal Cottons, Tls. 71. Zoong Sings, Tls. 11.15 b. Wing On Textiles (S.) 145 n. Public Utilities. Tramway, $22 n. Peak Trams (old), $15.50) n. Stor Ferries, 395 sa. Yaumati Ferries (old), $35 n. Yaumati Furries (new) $34.25 n. China Lights (nek), $17.40 xa. II.K. Electrics $78 b. Macao Electrica $28 b. Sandakan Lights, $12 n. Telephones (old), $30 u. Telephones (new), $28 h. China Buses, Tls.10 n. Singapore Tracti pa, 2/- n. Singapore Pref. 14 n.

Industrinu

Malabon Sugars $27% n. Cald: Mac. (Ord.), TsJ4 #. Gold: Mary (Pref.), Ts.10% n Canton les, $6 n.

Cements (Com.), $13.30 sa. Comenta (old). $11.50 n. Cements (new), $2.25 h. H.K. Ropes, $12 b. Agriculturals, $10 s.

Stores ofe

Dairy Farms, $28.55 b. Watuors (ok), $12.75 n. Watsons (new), $11.40 n. Dor. A Win $1 n. Sinceres $15,50 n. Lane Crawfords. $5.60 n. Mackintoshs, $21 n. West. Pratelle $9.95 n Wing On (H.K.), $235 b.

Miscellaneous, Amusements $16.50 n. Entertainments, $12.50 . S. C. Enterprises. $34 h. United Theatres Tin. 5.25 b. Mucan Clangimised in " Construction (old), $86.20 b. Construction (now). $1.40 b. B. Ind. G& Bonds, 369% n. Wallace Harpers, $11 n. Ching Coast-113 H.K. Govt. Lonna, 2% prem.

THE ART OF FENCING.

Ladies' Fighting Ability

to Be Rewarded.

•

LOCAL

COMPETITIONS.

In order to promote further interest in the activities of the

Hangkong Fencing Club a special cup has been presented by Capt. R. 1. Burnett, .N., President of the Club, for com- petition among members, while the Hen. Mr. E. R. Halifax and Mrs. Halifax have presented a cup for Indy members,

RADIO BROADCAST

ANOTHER RECITAL FROM THE STUDIO

From Z.B.W. on wave-length of 355 motres (845_k/c).

5-7 p.m.

Chinese Programme. 7-10.30 p.m. European Programme. 7 pm. Stock Quotations, etc. 7.5-9 p.m. A programme of Colum.

7.5-7.45 p.m. A Concert. Octet-Putting the Clock Buck

(arr. Squire).

The little known art of fencing labis records. belag very much revived in England, apart from any other reason, for promoting rapid thought and physical action, while In Hongkong there are quite a few exponents who meet at the Royal Hongkong Yacht Club every week.

On Saturday last the club gave an exhibtion, at the Open Cruise of the Yacht Club and the guests and meta- bers showed extraordinary interest. The Fencing Club welcomes those who have a real desire to take an active luterest. There fath elementary standard of Instruction een by a honorary physical training instructor, and a more advanced standard of dealing with the more subtle experts of sword play is given by the Hon. Secretary, Mr. P. J. T. Locke,

Members have been circularised re- garding the two Cups which have been presented, as follows.

THE BURNETT CUP.

Rucers.

:

J. H. Squire Coleste Octet DX68. Vocal Duct-Love's Old Sweet Song

(Bingham and Molloy). Vocal Duct-Moon-Enchanted

(Dowdon and Besly).

Dorn Labbette and-Ilubert Elsdeli 9895.

Violin Solo-The Phantom Melody Violin Solo-Algerian Scene

(Ketelbey).

(Ketelbey),-

Song-Roll On, Theu Dark and Deep-

Albert Sandler 1863.

Blue Ocean (Dale and Petrie). Song--Simon the Cellarer (Bellamy

and Hatton).

Norman Allia (Bass) 607. Piano Solo-Echoes of Vienna Piane Solo-Voices of Spring,

(Sauer).

(Strauss).

Ania Dorfmaan DX328. 7.15-8 pm. Selections by Laylon

DBU20.

DB898..

The President of the Club, Captain R. L. Burnett, K.N., is generously presenting a Trophy in the form of a Cup to be fought for annually by all the Members. It ia bia desire in and Johnstone. making this very helpful gesture to The Clouds Will Soon Roll By. promote a more active interest In, Just Another Love Affair. Sword play whilst giving the he, Night Shall be Filled With Music. ginner n nound chance of Captain Burnett proposes therefore that the Cup shall be won by the Member making the most progress during the season. A small cup as a supporter will go with the Trophy the Intter being held by the winner! for twelve months. It is hoped to present thin Cup at the closing Cruise of the Yacht Club some time in April and Captain Burnett will present this Cup on

the advice of the hon, secretary.

Dream Sweetheart. Report.

8 p.m. Local Time and Weather

THE HALLIFAX CUP.

The Fencing Club is also extremely indebted to The lion. Mr. E. R. and Mrs. Hallifax for presenting a Cup to be won outright by the Lady men) ber exhibiting the more finished style in conjunction with lighting ability. The details of this award will be dls- cursed by the Committee.

NEW YORK STOCK

EXCHANGE.

A.O.F.C. QUOTATIONS - FOR YESTERDAY

Second Serenata (Taselli, arr. Gechly. 83-9 p.m. Orchestral & Band Music, Tarantelle for Flute and Clarinet

(Saint-Saens),

II. G. Amers and the Eastbourne The Jolly Robbers-Overture

Municipal Band 9750. (Suppe).

The B.B.C. Wireless Military Band DX298. Wedgwood Blue (Ketelbey). The Clock and the Dresden

Figures (Ketelbey).

T

Albert Ketelbey's Convert Orchestra. DX27.

Mill on the Rock-Overture (Retssiger, arr. Winterbottom). The B.B.C. Wireless Military Band. DX251.

The Merry Brothers (Gennin). Echoes of the Valley (Gennin),

Sir Dan Godfrey conducting the Bournemouth Municipal Orch 0821. Hyde Park Suite (Jalowicz).

Reg. Band of H. M. Grenadier Guards. DX221; The Bronze Horse-Overture

(Auber).

Sir Dan Godfrey conducting the Bournemouth Municipal Orch, DX09.

9.9.30 p.m. From the Studio.

1. Song(a) Vale (Kennedy

New York, 14. Dow Jones averages:

Nov. 12, Nov. 14. 30 Industrials

68.0.1 115.57 20 Rails

10,01 20 Utilities ....

29.31 20,00 29.03 Messrs E. A. Pierce & Co. Report: 3 A Mood quality of support was en- countered by the market on irregular wenkness to-day. We would say, from 21 trading standpoint, the policy would be to purchase on any additional irregularity to-morrow. Business done: 1,300,000 shares.

Nov. 12. Nov. 14.

$60 $57%

American CRM American Telegraph & Telephone.... American Tobacco

"B" Anaconda Copper

Mining Auburn Borden Company Canadian Pacific Chrysler Motors

Air Reduction Allied Chemical &

Dye

813 57

Tex 110

71% 68%

11

10% 4841 45%

7012

27

20

1414

13%

174

165%

Consoliluted Gas of

New York

Drugs, Inc.

38%

37%

Du Pont de Neniours 89% Eastman Kodak Electric Bend

Share

37%

6:114

153

&

General Electric

28% 18

2374

17

General Foods

27/

27

General Motors Gillette Safety International Har-

vester International Tel. &

Tel.

1544 14%

1914

251⁄4 23%

1114 10%

17

6234

60%

3014

201

11

131

11

40%

28

8% 22

32%

0

16% 7%

• 20%

82%

0%

28

25

76

724

38

91% 30 -Reuter.

3"

emergency which now exists. It existing tariffs, to increase exist- an Invidious position in the oves will not be a Coalition Govern- ing duties on food imports, to im- of the country, and given the Liggett & Myers ment in the usual sense of that

duty on wheat, and to raise world an erroneous impression of Loo's Inc." term, but a Government of

Co- the price of meat and bacon by national unity on tariff policy. Montgomery Ward. operation for this one purpose. some incomprehensible plan for The Tories have bran free to go National Biscuit.. When that purpose is achieved the restricting foreign imports. These ahead with their policy, while wo Pacific Gas & Elec- political parties will resume their agreements deprive us to a great have been in shackles." respective positions."

tric extent of the use of our tariff as

Pennsylvania Ra}; emergency, a bargaining weapon.

langer i

Radio Corporation Scars Roebuck.... Standard Oil Co. of

New Jersey Secony Vacuum

Corp. Union Carbide &

Carbond

The acute national

which then existed oxiats,

Tariff Excuse.

טון.

way

M.

Russell).

(b) Over the Mountains

(Roger Quilter). Mrs. J. S. Logan (Soprano) accompanied by Miss Laba Pecker. Piano Solo-Arabesque (Cinudo Song (n) The Songs my Mother

Debussy)-Miss Burbarn Balean.

Sang (Grimshaw), (b) An Eriskay Love Lilt

(Kennedy-Iraser). Mrs. J. S. Logan (Soprano) accompanied by Miss Lubn Pecker.

4. Piano Soles-

(a) La Fille Aux Chuyeux de Lin (Debussy). (b) La Plusque Lente (Debussy). Miss Barbara Balean. 9.30-10.30 p.m. Columbin Recurds.

10.30 p.m.

A programme of Variety.

Song-Spring is Here Again.. Song-Gettin' Sentimental.

Marion Harris (Comelienne) DB8S1. Descriptive Sketch-It Isn't Cricket.

Clapham and Dwyer DB845. Piano Solo Cabin fn the Cotton. Piano Solo-Qohi That Kina.

Carroll Gibhone and His Boy Friends DB899.

Song Know of Two Bright Eyes. Song-Eily Mavourneen.

Heddle Nash (Tenor) DB8:13. Orkan Solo-To Have and Hold You

in my Arms.

Organ Salo-For You, Just you

my Baby.

Terance Casey DB800. Song-Laughing Cavalier. Song-London Girl.

Raymond Newell (Baritono) DB002. Humorous Musical Influenza,

The "Atlahoo" Opern Co. DD882. Vocal Duct Rio Rita-If You're in

Love. You' Waltz

Edith Day and Geoffrey Gwyther Humornus Duat-I Got Her Off

DX55. my Handia. Humorous Duet-Levon Pounds of

Heaven.

Chick Endor and Charlie Farreli 10.30 p.m. Rugby Mid-day Presn DK001. Nows.

10.35 p.m. Close Down.

All records in the above. European programmes are kindly supplied by Messrs. Anderson Music Co.

FAST TO SUN AND WASH. The force of the "Atlas" brand of Shirts

tles in, the guarantee of thair dyes being absolutely fast.

The assortment of shades & designs aro more comprehensive.

than ever before and prices lower than for several seasons past,

You are invited to inspect our stock. ready-to-wear or made to measure.

They are to be soen

"ATLAS" SHIRTS

for Day. Evening or Sports Wear,

Day Shirts (with two collars) from $6.75

Evening Shirts

--Sports Shirts-

Less 10% Discount for Cash.

9.75

4.95

WM. POWELL, LTD.

Sole "Atlas" Agents.

9, Queen's Road Central-Ice House Stroot Comer.

ARTS

CRAFTS

TD

FOR ORNAMENTAL

CRESIVAL

BAYER

BAYER

IRONWORK

A cold draught

is sufficient to being on a serious attack of bronchial catarth. The resulting cough is à trouble in your social engagements. In addition, it robe you of sleep and makes you dull and unfit for work,

Don't waste time in trying this, that or the other remedy

bronchial catamis sasily becomes chronic -- but take CRESIVAL at once! It loosens the phlegm, allays the cough and gets rid of the catarrh certainly mid quickly,

-

CRESIVAL has a pleasant tasta, and is therefors readily taken even by children..

When buying, sen that you got the original package with the BAYER CROSS

CRESIVAL'

EXCHANGE RATES

My loyalty to you

the and National Government has been The Budget has been Lower Than a Dominion.

atrained to breaking point. The enforced; borrowing for the dole - The Dominions are to have a old appeal to subordinate personal has been stopped: a great Con- free market here while retaining views to national interests must veraton scheme has been success their protective, and often pro be addressed to the Tories. fully carried through; and the hibitive, duties against Britiah; threat to our national credit haa, trade. We have undertaken to the Tories who have broken the Union Paciae .....

It is not to Free Traders but been removed.

Wenounce some of our trade agree unity of the National Government. United States Steel 30% ments with foreign countries. The Dominions are to dictate toy forelay their own nolicy, for Westinghouse E. & It is worth while to remind you where we shall buy and where which they had no mandate. of A fact which is not generally "wo shall not buy.

The Tories expect us to do all appreciated. When the Conserva- The agreements have surrendor- the anerinning, while thou sacrifice tives first joined the National er our fincal autonomy, and hand- hut pan the maiority wo Tories are carrying through are Government the question of tariffs ed over to the Dominions the helped to give them to serve their more dangerous in their perman- was never raised. It was never controls of British trade polley, party policy.

ent effects than the crisis of last sonally to you and my Cabinet Deria... suggested, except by the leader reducing this country below the It of the Labour Party, that tariffs status of a Dominion.

unfortunate reaults year, which was temporary, and colleagues my very simétre ap might be necessary to deal with You cannot expect Free Traders should follow the break-up of the quickly yielded to drnatic treat-preciation of the kludness and the national emergency.

te acquiesce, ovan passively, In National Government, and its ment.

consideration I have always re- Yours sincerely, ceived from you all. Bolleve me,

Any

Lord Hailsham, who was not a such a polley of national humilla- transformation the Tories, and If I were to yield now. I should member of the first National Gov. tion and bondage. The "agres- arnmont, it is and be yielding not only on this issue ernment, was, I believe, the first mont to differ! cannot meet such those who support them, who must but all alone the line, and should to raise the tarliT question. Ta situation. That agreement has bear the responsibility.

bo Inesennably committed to the On Sept. 3, 1931, he called upon always been frksomo.

1 I am convinced that the Tarif support of the whole future policy the Government to hurry on with It has placed Free Traders in and Imperialist policies which the of this Government.

So I go now. I have no party allegianco; but I hope to be able te sorve, in an independent-politi- cal position, the causes in which I believe, and to help, according to my lights, to promote the Wol- fare of my country.

I have already expressed per

Paris.

Ganeyk

..13.8215

Nov. 14.

Madrid

| Bucharest..

Hongkong Brussels Copenhagen 8.1/83 Stockholm 17.32 Lisbon. 14,00% Rio 10 Bombay. 19.17/18 Yokohama G81 Montevideo

Nov. 10,

.83%

.17.10

Helsingfors

..200

(Blened) SNOWDEN. New York The Rt. Hon. J. Ramsay Mac-Amsterdam.....8.10%

Donald, M.P.:

Vienna. 10, Downing-street, S.W.1.

Osio. Athona Milan Buenos Aires Shanghai

TOM

GRO

.04% .Nom. ..1/0.0/16

8.28

**

.28

*PTAZKO

.110

118

65,1/10

Nom Montreal...

Belgrade..

War Loan 3,88% |:: Asserted

8.30 gilver (spot). 28

40.3/30 058 174%

40.25/32

.23.70% .19.20 .18.8074

1/4%%% 24.8/82

10.25

18.8114

108%%

10014 B

1/4.8/16

1/03/10 3.1/8.3/82 1/3.0/82

8.76%

24214

18.3/10.

(forward) 18.5/10--

.80 8.774

Brillah Wireless.

24214

·