1933-10-30 — Page 13

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The

FINAL

FINAL EDITION

Hongkong Telegraph.

FOUNDED 18W1

20, 14100

AD +A+AWT MONDAY, OCTOBER 30, 1933. 日二十月九

SINGLE UUPY 16 CENTO 199.00 PER ANNUM

DUNLOP

is the

SAFEST TYRE

INTERNATIONAL CURRENCY RACE FORESEEN

United States to Extend Gold

Gold Plan to

Plan to Foreign Markets

REHABILITATION OF SILVER

Congress Leaders

Demand Action

Washington, Oct. 29.

The "Silver Congressmen” an- nounce that they will moot. In the middle of November to formulate a united programme for action to rehabilitate silver unless Presl-

dent Roosevelt makes a move to stabilise the metàl.

In the meantime a group com. posed of Senators Thomas, Klog, Wheeler and Pittman intends to press for congressional action im- mediately when Congress meela: in Janunty with an emergency programme and

permanent

plan to be advocated concurrent- Ír-Router.

COMMODITY DOLLAR

GOLD STANDARD ASSAILED

THEORISTS IN CONTROL

STERLING-DOLLAR WAR LIKELY

London, Oct. 30. In an apparently inspired speech in Chicago last night, Pro- fessor Tugwell, a leading mem- ber of the Brains Trust", assail- ed the concept of the gold stand- ard as "sound money”.

He described its proponents as "mean Shylocks who wished to make a collection from their debtors which could be stored

vicia- and made safe from the situdes besetting the less cautious and the less lucky."

SUDDEN CHANGE

OF PLAN

SECRECY ENJOINED AFTER LONG CONFERENCE

WASHINGTON "NERVES”

NEW YORK, OCT. 29.

A CRISIS IS THREATENING IN ADMINISTRA- TIVE CIRCLES. THE GOLD PLAN HAS. FAILED MISERABLY IN ITS FIRST OBJECTIVES. PURCHASE OF GOLD ABROAD HAS NOW BEEN ORDERED.

The White House correspondent of the New York Herald-Tribune reports that the attitude in NIR.A. circles is compounded of "confusion and watchful wait- ing" regarding the first week's results of the gold plan.

There are rumours of resignations and of a general shake-up at the Treasury and the Federal Reserve Board,

It is learned that Mr. Acheson, the Under-Secre- tary of the Treasury Department, offered legal opinion.. which President Roosevelt ignored in announcing the gold plan

The Washington Post declares that President Roosevelt is even prepared to declare an outright cut in the gold content of the dollar is the experiment con- tinues to be inconclusive.-Reuter.

PRESIDENT GETTING DESPERATE?

Washington, Oct. 29. pected to be made through the President Roosevelt has tion,

Reconstruction. Finance Corpora-

Professor Tugwell said that authorised the purchase-of-There are hints that the Kra President Roosevelt's election: was a mandate for the repudia- gold abroad, thus reversing asident la considerably disappoint- ed by the fallure of his gold policy tion of orthodox governmental decision reached only four to appreciably affect the price of pronouncements prior to last days ago to delay this phase commodities,

March.

of his gold plan.

GOLD PRICES.

They were now trying to show

The object of such purchases The Washington Post, the pro- that heaped up corporate surpluses can only be to influence foreign prietor of which is Mr. Eugene and the over-concentration of

Meyer, the former Governor of the currencies. wealth, were, not the life but the

Federal Reserve Board, lag 10- death of trade.

in-ports that President Roosevelt's

It is also understood that He declared that incomes must President plans to gradually be transformed into larger wages crease the price of gold in and higher prices for farmers and that retail prices must be modo

ed."

CURRENCY RACE. Meanwhile, there is a real peril} of an international currency race. That auch A race, already foreseen in Washington, will result' from the policy of gold purchases abroad is also the opinion in Lon don, where it is pointed out that the war will be chielly between the dollar and sterling,

The financial editor of the) Daily Herald attributes the new move to the fact that other countries have been deliberately! operating to prevent President Roosevelt's gold plan from succeeding.

BANK METHODS. There are good reasons for bg- lieving, says this commentator, that the Bank of England and the Bank of France, cooperating, actually bought dollars on each occasion that President Roosevelt rafsed the internal gold price..

It will now be practically Impossible for such counter- action to succeed unless tho banks are prepared to speculate very heavily In dollars which gooner or later will inevitably decline in value.

The alternative is breaking the link with the franc and indirectly with the gold standard.

The Financial Times ROCA threat to the industrial and monetary stability of other countries.Rontor.

The Somali left Singapore for this Port on the 28th, instant at 0 p.m. and is due here on Wednonday at about 4p.m.

WHAT DOES IT MEAN?

Washington, Oct. 30. Président Roosevelt's Conference with his advisers lasted for three hours.

All attending are under a strict injunction to say nothing.

the

the

advisers are also disappointed by

The White House state- ment is very vague, merely giving the announcement of the gold purchase abroad.. with the names of those attending the conference.

Observers

are of the opinion that the extension of the gold campaign to foreign markets is

a step forward to managed cur- rency and to virtual Ameri- con control of the world's gold.

Others envisage an inter- national currency deprecia- tion race.

Undoubtedly the decision will increase the difficulties of the gold standard coun: tries: Router.

DEFINIEKI PREJETJEMALES FERMING

United States until a figure has been reached indicating a reduc- tion of the gold content of the dollar by one half,

DISAPPOINTMENT,

The announcement authorising | the purchase of gold abroad was made following a meeting balween President Roosevelt and hin finans cial advisors...

fired.

With another orisis threatening, only a faw American warships are stationed in Cuban waters Photo shows a destroyer lying in Havana Harbour, with the Dome of the Capitol in the background, cantre, and the President's Palace at left,

Dr. Carlos Caspedes, whose return to power in Cuba in foro- sitadowed.

ARAB PROTESTS

ARRESTED LEADERS TO BE KEPT IN GAOL

Jerusalem, Oct. 29. Palestine was quieter to-day

CRISIS

NEW CUBAN

THREATENING

SAN MARTIN REGIME COLLAPSING: STRIKE MENACE

CRITICAL SITUATION

́Havana, Oct. 29. Another crisis is threatening in Cuba and the collapse of the San Martin Government may occur at any moment.

MR. T. V. SOONG'S RESIGNATION

ANXIETY IN SHANGHAI

RETURN URGED

Shanghai, Oct. 30.

The resignation of Mr. T. V. Soong has caused some feeling of alarm in Shanghai commercial and banking circles.

The Shanghai Chamber of Com- merce and other public organisa-. tions have sent a telegram to the Central Government urging that to effort be spared to induce Mr. Soong to remain as China's Fin- ance Minister.

They state that at this time of inational crisis it is not wise to permit Mr. T. V. Soong to quiti

The Shanghai market has been seriously affected by Soong's move and it is urged that "no effort be spared to induce Boong to change his mind.

They have also appealed directly to Mr. Soeng, urging him to withdraw his resigna- tion.

MR. SOONG'S REASONS.

The 'reason given for Mr. Soong's resignation is his dia- agreement with the Government's declared policy towards Japan, although other observers express the view that his inability to im- press on Gen. Chiang Kai-shok the significance of the financial position in relation to military expenditure had its place, in the decision. For a long time, the two lenders have been at variance were acutely out of accord at the on several points of polley. They

time of the resignation of Marshal It has been crumbling for days. The grow Soong's much-discuased visit to Chang Hsueh-liang and after Mr. ing labour unrest, which has culminated in a from coming to a head and bettor Janol. Mattors were prevented three-day nationwide strike of the transport, relations were restored, but, since light, power and water services, may complete Mr. Soong's return from Europe, disagreement constantly has rear- the wreckage.

od ita hend.

A powerful section of the ABC revolutionary society threatens to withdraw its support, in which case the Cespedes Party may return to power.

KIANGSI TROUBLE. Gen. Chiang Kai-shck's_rocent

stirred in him resentment at the Ireluctance of Mr. Soong to disburse

money for military operations. ·

disappointments in Klangel havo

the manner in which prior calcula-though there were occasional Meanwhile, with labourors strik.]

ions regarding the effect of the incidents and an atmosphere ing, the oil. companies have de situation and try to reconcile The situation !s, of course, render- gold policy announcement has mis- exists which suggests the possi-clared a lock-out owing to the differences among the political ed more difficult by the unfavour-

bility of further auorders.

employers' refusal of some of the parties,

able reports from Szechuan and It adds that they now mean to All Arab prisoners were remundo (seventy demands made by the The Chief of Police has reported the evident revival of the fortunes raise the gold price slowly from in custody for fifteen days by employees,

to the Government that 160 work of Gen H. Lung, who, with Gen. $1.36 an ounce to $41.34 a fine the British magistrate at Acre The Government seems to bears have been arrested for crenting Hou, operating in Szechuan, in

disorders, ounce, which would be equivalent today,

a formidable aspirant to to a fifty per cent. cut in the gold

In the meantime, the mood of quite helpless and is unable to

Railway tracks removed at power in the Yangtze Valley. content of the dollar-Renter,

re- secure control of the situation.. the Arabs is rovented by a

Jovellanos of a distance of one Gen. Chu Toh in Klangai is an- solution passed at a meeting of

other Red loader whose pro- (Continued on Page 4.) the Arab Executive,

minence is again noted, in the protesting against the al.

light of his recent explofts. Down

There is every Indication that the US. Administration is tending. to become more radical and capital is likely to be controlled in addi- tion to trages, prices and produc-| [tion.

· MALARIA SCOURGE.

There is a further complication

ΠΟΥ

leged illegal firing by the in the alarming increase in in- THE CHEER O CLUB south, Gen. Chan Chal-tang is sald

to be developing an independent polley and altogether the Govern-

police at Jaffa, demanding the immediate re-testinal malaria, fostered by the lease of the Arab leaders, and slackening off of sanitary mea- declaring their intention of Buros. This is. Increasing the $27,000 ALREADY IN ment's troubles seem to be ac nonding a protest to the Arab Government's difficulties and Its

DONATIONS Kings and the League of collapse seems certain. Nations:

T

Ltd.

The criticisms of busfuess men that capital cannot be employed owing to uncertainty and new legislation controlling fresh issues

The Cabinot, in fact, hunded in The China Light and It fa reported from Damascus their joint rosignations to the Power Co... (1918) are countered by the statement that the free use of money is no that as a result of the develop President, Dr. Grau San Martin, longer, permitted.

ments in Palestine, all Araba few days ago, but the President T. E. Pearce This encourages the belief that newspapers have been suspended. decided to hold the matter in Mrs. E. Penros..... financial houses, the stock ex--Reuter,

aboyance pending a now attempt Hongkong. Cricket

Club at reconciling the warring fac- [change and produce exchanges will

tions by offering a seml-Parlia- Previously

ledged mentary government.

be subjected to drastic regula- ition,

STATISTICS

M. PAINLEVE'S SPIRIT

Youth Will Achieve

Paris, Oct. 29. "I havo had no time to finish my

CESPEDES TO RETURN.

There are no signs that this will prove accopatble and with a strong wing of the ABC threatening to

$ 300.00

100.00

100.00

50.00

neknow-

$26,939.83

$27,480.89

withdraw, support, the present "WISE OLD LADY"

cumulating--Router.

NO CHANGE IN POLICY:

STATEMENT BY MR. H. H. KUNG

Shanghal, Oct. 80. Interviewed to-day, Mr. H. H. Kung stated, that he will follow." the same financial policy as Mr. T. V. Soong after his assumption of the post of Finance Minister.

He added that the corsonnel of

he does not intend

Meanwhile figures gathered by the conference of statisticians show that the increase in distribu- tion and manufactures during | September was less than the

regime seems doomed.

"A wise old lady," was the com- the Ministry, although he could not stormal seasonal increase. The

There are many who are con- ment made by Mr. Wynne-Jones at help It if any insist upon quitting. total volume of sales declined by work. I shall never have time fident that the Cespedes Party will the Kowloon Magistracy this morn- Mr. Kung is now. busy taking ton per cent, compared with 1932. now, but it doesn't matter. When shortly be reinstated, possibly ing when a man was charged with over the afairs of the Finance .Tho energetic "Buy Now" one is about to die, one likes to with some assistance and protec- the attempted larceny of 52 conto Ministry and will assume his new.

think that one leaves, something

from a cigarette stail-holder in appointment on November 1- campalga now proceeding to that youth will finally achtove." tlon from the United States. combat this declino has shown These words were uttered by M.

Mongkok.

Reutor, good results, but the aim has not Painleve; the famous French

Inspector Ellis told the Court. been achieved. It le thought statesman, in the laat interview The ABC organisation and tho that defendant, on the protext of that the check to business is given by him before he died.

Students Association make charges borrowing a light; attempted to reaction from the artificial boom

M. Painlevo had suffered from against the Minister of Finance steal a tin containing the money. The Royal Observatory reporte early in the summer,

heart disease for years. His three and other ministers who are lie failed in his first attempt, and that the anticyclone romains over. doctors decided yesterday that he accused of being incompetent to tried again a few minutes later, China and a dopression la situated Bertie Guost, the popular skipper of needed n long rest, but were hop hold ministerial posts. The minis meeting with the same result, the to the south of Tokyo, the St. Andrew's Club hockey olavon, Ing for a complete recover. The tors concerned have offered to reason being that the tin was is now out of hospital but will net fernter Premier, however, collapsed tender their resignations, but screwed down with nail

ABC CHARGES.

be seen in action for some time yet and died in the early hours of this President Grau San Martin de- Sentence of six wooks Immediate purchases are ex- Ena he is taking a rost.

clared that he would study the passed.

morning.Router

FAIR GENERALLY

The typhoon de crossing N Palawan on a. W.N.W, track, jazd

Local forecast:- North-cast: {nt winds,, frosh; fair generally,

Waa