1933-06-15 — Page 21

WORLD ECONOMIC CONFERENCE.

CROSS-PURPOSES REVEALED

FRANCE AND AMERICA

AT LOGGERHEADS

FIGHT FOR FINANCIAL LEADERSHIP

(SPECIAL TO “TELEGRAPH")

(By Telegraph, Copyright, Telegraphic Messages Ordinance, 1894. Received, June 15, 9.11 ̧u.m.)

LONDON, JUNE 15. BEHIND THE SCENES OF THE WORLD ECONOMIC CONFERENCE A FIERCE CONFLICT IS BEING CARRIED ON BETWEEN FRANCE AND THE UNITED STATES, REUTER'S DIPLOMATIC CORRESPONDENT LEARNS,

The dispute is over the chairmanship of the Monetary Commission, the differences which argse yesterday still remaining unsolved.

It is now learned that both desire the chairmanship for themselves, France advancing the contention that the conferment of the chairmanship upon the United States would entail a danger of a lead being given to an inflationist policy.

--

Unless a settlement can be reached in discussion, presumably the question will have to be put to the vote, although both parties are desirous of avoiding such a step.

DEBT SOLUTION CLEARS THE AIR

of

Mr. Cordell Hull's speech to prevent wide fluctuations awakened considerable interest currencies, but, he added, the as report has it that the contents stabilisation of currencies would be were modified just before its dedoomed to failure if it was not livery on instructions from Wa-tion of goods.

[accompanied by the free circula- shington.

Particular attention was paid to He joined Mr. Neville Chamber- the fact that it followed very lain in advocating the abolition of closely the programme outlined in Jshipping subsidies. Mr. Neville Chamberlain's speech

and the delegates are seeing in The adjournment followed after the situation a united Anglo-Ame-a short statement by Dr. Imredi, rican front, the result of the tom-the Hungarian Foreign Minister. porary disposal of the war debt-Reuter. question.

SOME DISAPPOINTMENT. At the same time, the speech of the American delegate caused *somo disappointment. He was ex- pected to be spectacular, to pro- duce proposals for drastic men- sures to find a way out of the economic chaos, but he contented himself with generalities and the advocation of adherence to the tariff truce.

CONSIDERED BRITISH

POLICY

MR. CHAMBERLAIN'S

SURVEY.

THE · HONGKONG TELEGRAPH. THURSDAY, JUNE 15, 1933.

IMPORTANCE OF

JUBILEE ST.

DUE TO VEHICULAR FERRY

n

"Jubilee Street has become very Important thoroughfare owing to the vehicular forry" stated Mr. Wynne-Jones In Court this morning, while dealing with the weekly batch of obstruction summonses brought against Chi- nese shop keepera, Tho magistrate remarked they were trying to al Joviato the obstruction and in this connexion he had given fair warn ing by raising the fine slowly. Police were also trying to clear the thoroughfare of hawkers.

Mr. F. H. Loscby and Mr. Horace Lo appeared on behalf of ten and three shopkeepers, spectively.

ro-

Sergeant Gulid said the goods projected In some cages

three inches, In others two, and in one or two instances six Inches..

Mr. Losoby I understand you obtained your evidence by riding along on a motor cycle.

Sergeant Guild-Oh no, I stop- ped. (Laughter).

Hearing was fixed for Thursday next at 2.30 p.m.

used their resources to counteract fluctuations in the value of their currency caused by temporary movements of capital rather than by fundamental economic factors. The first stage should be dealt with immediately.

GOLD STANDARD.

As regards the second stage, the United Kingdom delegation en dorse the view that the ultimate aim of monetary polley should be

the restoration of à satisfactory international standard and there is no doubt that the gold standard seems to be generally acceptable.

The time when exchanges are at parity and at which a return to gold could could safely be made, must fall to be determined by the proper authorities in each country separately.

After stating the conditions un- der which the United Kingdom would feel justified in' returning to the 'gold standard he dealt with the abolition of oxchange restric- tions and expressed the hope that the conference,would take positive action to overcome the exchange difficulties which have given rise to those restrictions,

PRICE LEVEL INFLUENCE.

YANKEES AGAIN THRASHED

DOUBLE FIGURES FOR RED SOX

DETROIT SCORE

13 RUNS

New York, Juno 14. Boston Red Sox administered another acusational defeat to the New York Yankees to-day, when they hit up 13 runs against the Yankees' fivo,

This followed on their success, over the American League leaders on Tuesday,

The Giants were more success- ful clinching the issue against Cincinnati, Root blanking out Cin- Boston, while Chicago aasily. beat cinnati.

Scores as supplied by Reuter

ware:

7

NATIONAL LEAGUE. Now York Boston

8

5 3

(Ott homered for New York) Philadelphia

3 8 Brooklyn........... G. 11

(Klein and Hurat homered for Philadelphia) Cincinnati Chiengo...

8

0

1

0 2 7 11

(Root pitched and blanked out

Cincinnati)

St. Louis Pittsbur

3 7 2 10

0

0

(Watkins homered for St. Louis) AMERICAN LEAGUE.

Detroit Cleveland

13 14 1 2 8 2

and Stone for Detroit) (Averill homered for Cleveland

Boston

New York

13 16 2 5 12 4

(Ferrell and Alexander hom-

ered for Boston)

Chicago

+

I 4 6 St. Louía

14 16 0. (Gullic homered for St. Louis)

THOUGHT BANISHMENT

·SAME AS GAOL

Rises in the wholesale prices of Calculated He Had Two

foodstuffs and raw materials and an increase of world trade would contribute powerfully to reduce these difficulties and would assist

Months' Remission

Charged before Mr. Butters at The British Government's con- standstill arrangements in respet ning with returning from banish- in bringing to an end both the the Kowloon Magistracy this mor- sidered policy towards the whole of short term debt and the transfer ment before the expiration of his range of the problems before the difficulties as regards external in-term, a man named Wong Ying conference was stated by the debtedness as a whole.

said he was under the impression Chancellor of Exchequer, whoso These exchange an 1-transfer that his-time-was-up, speech is to be issued as a Gov- difficulties would also be greatly Mr. Hull also insisted that world eramont Paper.

diminished by a resumption of currencies must, as far as possible,

normal international lending. bo stabilised and he hinted at an of equilibrium between commodity Indeed a revival of world trude international currency standard prices and costs, he said: "In dopended largely upon the renewa] along the lines suggested before the view of the British delegation, of the international flow of capi. the Conference opened, namely, an the solution must be found by tal and every effort should be entirely now international stan-means of a recovery in prices. made to restore the stability and dard, of any weight of gold which Action in various sphorca would confidence required to render this the Conference chose to confer be necessary.

upon it.

FICTITIOUS UNIT.

-

Dealing with the present lack

The fundamental monetary condition of a recovery of prices is that credit should be. made available by a policy of It would be ↑ fictitious

chenp money and that sach credit unit in actuality, something on should be actively employed. This, the lines of the Gold Unit system together with the revival of bust adopted by the Chinese Maritimes ness confidence, must form an in- Customs.

In view of the rumours of like-dispensable background of trade ly advocation of bimetalliam by recovery. the United States delegate, it is interesting to note his declaration that the functions of gold and silver should be regulated within the framework of the proposed in ternational currency standard.

LITVINOFF AND BRITISH BOYCOTT.

BANK ACTION.

possible.

TARIFF WALLS,

Sergeant Basting, who prose- cuted, said defendant was banish- ed in 1929 for five years and was still 10 months short of his term. His Worship (to defendant).— How did you calculate that your period of banishment was over? Defendant-Well, I thought 10 months represented a year in banishment as in gaol.

Sentence

Referring to the growing ob-paased. stacles to international trade, he expressed willingness to examine the proposal for attaining a re- duction of excessive tariffs by multilateral action.

EL

of six months, was

TAX ON COTTON AND WHEAT

U.S. PLAN TO CUT DOWN ACREAGE

Washington, June 16. It is authoritatively disclosed

E RADIO BROADCAST

CHINESE CONCERT FROM

THE STUDIO

From Z. B. W., on wave length of 365 metres (84.5 k/c.)..

6-8 p.m.

European programme of Victor and Brunswick records.

6-6.18 p.m. Orchestral Volces. of Spring (Strauss).

Boston Symphony Orchestra.

6903.

'6903.

High Water (Brennan-McCurdy). Paul Whiteman and His Vienna Blood (Strauss).

Concert Orch. 36092. Boston Symphony Orchestra. Midnight Reflections (Malneck.

Signorelli).

Paul Whiteman and His

Concert Orchestra, 95092. 6.18-7.15 p.m. Variety. 7 p.m. (Closing, Local Stock Quotation, etc.). Organ Solo-Why Can't You? Organ Solo-Little Pal.

Jesse Crawford. 21051. Song-In a Shanty in Old Shanty

Town. Song As Long as Love Lives On.

Belle Baker (Comedienne).

6300. Vocal Duet I Wonder How it

Feels, Vocal Duct I Don't Mind Walkin'

in the Rain.

Cotton and Morpheus. 4875. Orchestral--Deep Sea Low Down. Bernie Cummins and His

Orchestra.

Orchestral Play That Hot Guitar.

Ted Weems and His

Orchestra. 24063. Song I Can't Bellove That - It's You.

Song- Cried for You.

Connie Boswell. 0267. Orchestral If You Were Only

Mine.

Orchestral-The Night When Love

was Born.

Leo Reisman and His

Orchestra. 24047. | Orchestral-Bohemian Romanco.

Orchestral-My Memories.

TAK A Concert.

A. and P. Gypales. 4008.

Violin Solo-Liebesfreud (Love's

Joy) (Kreisler). Violin Solo-Liebesleid (Love's

Sorrow) (Kreisler).

Fritz Kreisler. 0008. Song-Fiddle and I (Weatherly-

Goodeve).

Song-Angel's Serenado (Millard-

Braga).

Hulda Lashanska (Soprano),

1548.

'Cello Selo Serenata Napoletana

(Sgambati). 'Cello Solo Intermezzo (Vivaldi),

. Pablo Casals. 1542. Song Chanson Indous (Kimsky-

Korsakow). Bong Marta (Gllbort-Simons).

Beniamino Gigli (Tenor). (1570. Piano Solo Under the Palms

(Albeniz).

Piano Solo Cradle Song

(Brahms).

Alfred Cortot. 1271.

7.43-8 p.m. Daphnis et Chloe-Suite No. 2

(Ravel).

Boston Symphony Orchestra under the direction of Serge

Koussovitzky. 7143/4. Local Time and Weather Report.

Chinese p.mt.

Studio

8 p.m.

8.3-10.30

Concert,

10.30 p.m.

Nows

Rugby Mid-day Press

10.35 p.m. Close Destr All records in the above European

programmes are kindly supplied by Mosars. Tsang Fook Piano Co. BANISHEES RETURN YOUTH WHO FLED FROM FIGHTING -

A Chinese youth, aged 15, who was banished from the Colony only for ten years, twelve days ago, was sentenced to six months' hard labour by Mr. Wynne-Jones In Court this morning for a breach of the deportation 'order,

Defondant said he came back because there was fighting in the country. He plended he had no fare for Canton. Inspector

Any such proposal must be effec- tive in securing really tangible reductions of excessive tariffs, must commend sufficiently general measure of support and Central banks should, therefore, cover a wide enough area not to undertake to co-operate with a impose upon the low tarla con that the Roosevelt Administration Vincent pointed out that the view to securing the monetary con- tries disproportionate sacrifices has decided to levy maximum pro- Government had paid his fare. ditions required for a riso in and must not have injurious regressing taxes around four cents a to Canton when he was deported. pricos.

percussions or lead to tarif wars pound on cotton and from 28 to 30

In order that their action may have the desired effect, the policy of cheap money should be clearly announced and vigorously pur- sued.

can

or other economic hostilities.

BILATERAL PACTS.`

Another man was also sent to cents a bushel on wheat in order prison for six months for return- to bring closer acreages, of those ing from banishment. Ho Was

sent away in 1926 for ton years.. crops.-Reuter,

A workman at the Talkoo Docks yesterday was injured through falling from a wooden stage while at work on the s.. Tascal.

London, June 14. In the closing stages of to-day's

In the United Kingdom's view. plenary session of the Conference,

the reduction of customs tariffs can M. Litvinoff said the Soviet would Experience in recent months best be achieved by n series of

DAY BY DAY NEWS IN BRIEF propose a resolution to supple has shown that cheap money, in bilateral agreements, which the mont the economic truco by'an] Itself, may not be enough to conference should do all in ita power

REPROVE-THY FRIEND PRIVATELY; undertaking for the simultaneous achieve the desired end rapidly to promote. These agreements auspension in all countries of all unless means are taken to ensure should be valid for at least some COMMEND HIM PUBLICLY-Solon. logislative or administrative that the credit made available is years to come. With this aim in measures of economic warfare,

Pie. Watkins, of the R.A.M.C. was inctively employed. The question not be terminated before the tariff to Mr. Simmons, of the Bowen Road view commercial treaties, should yesterday bitten by a dog belonging M. Litvinoff was clearly re of whether governments

Surprised by the Inmates, a cat, ferring to the British boycott of actively assist in this matter by then only after every effort has Military Hospital for treatment.

negotiations are undertaken and Pumping Station. He went to the burglar fall from the first floor of. Russian goods.

No. 72, Yu Fook St., Samshulpo oarly schemes of governmental capital been made to reach agreements by Ho hinted that Russia would expenditure will also require con- negotiation.

this morning, and was conveyed to shortly be placing largo orders

Mr. Thomas O'Neil), 27, of Scotland, Hospital suffering from severe in- sideration. The United Kingdom abroad, provided long-term credit delegation will be very ready to Kingdom degelation are strongly before Mr.

Proceeding, he said the United was charged under the Vagrancy Act | furies. could be obtained,

Wynne-Jones in the examine, with other delegations, in favour of the progressive aboli- Central Police Court this morning, Mr. D. W. Paul will speak on "The how far employment can be stimu- tion of all arbitrarily imposed Detention. It was stated that he had pubile lecture of the Hongkong Lodge, and was committed to the House of Unseen World" at the usual weekly quotas,

been in the House before and on June The Theosophical Society, 17, Queen e QUOTA SYSTEMS.

2, he came into some funds and was Road Contral, to-day at 6 p.m. This discharged. The funds were` now will be the list publie lecture of the exhausted.

season. All Interested ·will· be welcome.

Inted by such action.

EXCHANGE STABILITY.

DEBT SETTLEMENT,

Dr. Eduard Benon, the leader of the Czecho-Slovakian delegation,

In view of the disastrous slump speaking on behalf of the Little Entente Powern, said they rogard-

Referring to the great impor. in prices, the British Government ed the settlement of Intergovern-tance to international trade of the are themselves engaged in pro- foremost consideration. He was said that that must necessarily They would be prepared to co- montal debts as a matter of the stability of exchange rates, he moting the regulation of the aup

piles of several food products, also in favour of the earliest pos- attempted in two stages.

oporate in the regulation of wheat (sible restoration of the gold slan- The Immediate objective should supplies and the supplies of other

dard.

be to secure approximato stability foodstuffs on the part of the prin- Dr. Colijn (Holland) doubted between the currencies of the principal food exporting countries with whether the return to the gold cipal countries of the world which view to restoring and maintaining n standard was an Idon! which was would be schloved In no reasonable level of prices-British possible. Ho strongly urged stops far as the principal countries Wireoicas.

1

It's a very unsatisfactory story, re- who was charged with the unlawful in charging the Chinese keeper of a marked Mr. Schofield, at the Contenl "The place reeks with oplum," ro- Magistracy this morning, to Lau Pul, marked Revenue Officer Grimmitt possession of a bronze, figure of Con- divan at 21. Tal Wong Street East statue was given, to him by Li Tak, morning. A fine of 1125 or seven fucius. The accused said that the befire Mr. Wynne-Jones in Court this who paid him $1 to carry 1 De weeks was imposed, while the fondant was arrested in Whitfield. principal tenant, who was charged Mr. Schofield imposed a fined of #25 with assisting in the running of the ́or one month's hard labour.

divan, was fined $40 or three week

ANNOUNCING

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at $19.50 Per Pair. We have just unpacked a further consignment of the. "W" Shoo.

Clients who purchased before have testified as to thair remarkable wearing qualitios besides retaining their Shape.

A large stock of Brown and Black Leathers in all sizes and fittings are now on show. Price $19.50, 10% Discount for Cash.,

Loss

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THE GENTLEMEN'S HOUSE.

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C.E.R. DISPUTE

SOVIET COMMITTEE TO NEGOTIATE

bassador to Tokyo) M..Koslovaky (chlof of the Far Eastern Depart ment of the Foreign Commissäriat) - and Mi Kuzenetsov (acting chief of the board of directors of the GEI) to carry on negotiations Moscow, June 14: The Boviot Government hastap-In the campaign for the ale of pointed M. Yurenov (Soviet Am- the C.B.RReuter Spesialany: