1933-06-15 — Page 26

ICHING CRACKS

SCALY DRY SKIN

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THE HONGKONG TELEGRAPH. THURSDAY,

THE AMERICAN PROPOSALS

(Continued from Page 11.)

socondly, the ultimate restoration of gold was demanded.

CHINESE INDUSTRY,

AIR. TSENG FLIES IN "HOME-MADE" PLANE.

Shanghal, June 14. A now page. in the history of Conditions necessary to Gront Chinese acronautical development Britain's return to gold were: was recorded yesterday afternoon firstly, a rise in the level of prices when Mr. Tsong Yi-ching, Hoad so as to restore the equilibrium be- of the aeronautical establishment tween prices and costs; secondly, of the Naval Ministry went up in the removal of the conditions which the soa-plano, Kiang Fong," built caused its breakdown; thirdly, the by himself in preparation for a greatest possible prevention of the trip through aoven provinces, fluctuation of the purchasing power. The plane circled the city for more than two hours, distributing of gold.

handbilja encouraging the Chinese people to build their planes Router.

own Boro-

Dealing with exchange restric tions, Mr. Chamberlain urged the Conference to deal" with these questions through, among other things, the resumption of normal which were not contemplated and international londing and advised reduction of excessive customs unreasonable; adjustment of exces tarlifs. The protective element of sive competitive imports or mono- any tariff should not exceed what polistle price advantages at home. was necessary to put the domestic A preliminary step towards co- producers on an equal footing with operation would be an immediate the foreignor. Great Britain was general adherence to a tariff truce. ready to co-operate in multilateral The Conference must also faco But the problem of a permanent Inter action for tariff reduction.

was best national monetary standard and reduction of tarifs achievable by a series of bilateral lay down the proper function of metal, gold and silver, in operation on such a standard. Coincidental- agreements:

Such reductions could be given ly, measures should be taken the fullest effect by the application remove restrictions on foreign ex- of most favoured nation clauses, change. The American delegation but such clauses could not be apwas prepared to offer concrete sug- plied unless the nations receiving gestions on all these questions, their advantages themselves wore a reasonable prepared to adopt attitude towards lowering tariffe.

The Soviet Speaks.

to

JUNE 15, 1933.

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It was obvious that both the man QUEEN'S on SUNDAY and his speech attracted curious interest. when Mr. Litvinoff, Soviet Commissar of Foreign Affairs, took the floor.

Attacks Subsidy Plan. There should be a clear distinc-

wage cuts and unemployment were tion between the arbitrarily im-

conspleuous by their absence, yet. posed and protective quota (which

he the world crisis was not without Speaking in fluent English, should be progressively abolished)

large portion of his some effect on the development of and quotas imposed by inter devoted a national agreement, he declared. statement to a comparison of the Soviet foreign trade. He urged of discrimination Governmental subsidies, particular-chaotic conditions of the rest of the cessation ly to shipping, should be reduced the world with conditions in Russia,ngainst exports and imports, and all of official boycott. The and eventually abolished by Inter-which, he declared, were practically forms

no objection to the free of all symptoms from which Soviet had national agreement, he concluded.

When the British minister had others suffered. Such things as economic truce proposal.-Router. ended, he was loudly applauded.

Anxious for Reduction.

M.: Hymans said that Belgium considered monetary stabilisation essential to the re-establishment of the international gold standard, the normal functioning of which

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colla- Belgium was ready to borate towards a gradual aboli- tion of all quantitativo restric tions on imports. It was neces sary, that the small powers should have commercial freedom to live and it was logical and legitimate that the most favoured nation clause should be abandoned,

Mr.

Cordell Hull, American delegate, and M. Litvinoff, of Soviet Russia, are speaking at the afternoon session..

The Hermit Policy

Mr. Cordell Hull, United States hla Secretary of State, delivered postponed speech this afternoon. He was listened to with the same keen--Interest nawas Mr.

Beginning with a reference to Chamberlain earlier in the day. the "panic ridden world" seeking leadership from the Conference, he proceeded

the to comment on attitude of all nations who, ignor- ing all roalities, strenuously pursu ed a policy of economic isplation, each futilely and foolishly striving to lead a hermit's life.

Drawing a gloomy picture of the world's chaotic experiences in re- cent years, he declared that its peoples were worse, off and more insccure than twelve years ago. The Conference should proclaim that economic nationalism, ns im- posed upon various nations, was a discredited policy. It must turn aside from those who insist that the world continue this discredited policy.

While each nation, to a moderate extent, could restore conditions by sultabie steps, there was an equal necessity for an international economic programme.

. A Readjustment. Mr. Hull récommonded a policy. of gradual and careful readjust- ment of excessive tariffs and other trade barriers to a moderate level,

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