1934-08-07 — Page 17

Beauty! Service! Reliability!

All of the

We have just received a Large Selection

of Accurate Time-Keepers.

Latest Approved Styles.

Prices Extremely Moderate

Inspection Invited.

CLOCK DEPT.

Second Floor

CHINA EMPORIUM, LTD.

The Most Modern Department Store in H.K.

EXSHAW

No. I XXX BRANDY

THE BEST OBTAINABLE

Sole Agents:

CALDBECK MACGREGOR & Co., Ltd.

Prince's Building.

Ice House Street.

Telephone 20075.

THE

THE HONGKONG

TELEGRAPH.

TUESDAY, AUGUST 7, 1934.

SILVER PLATING THE upon undisguised "dumping," one of the most unsavoury practices of AMERICAN - TREASURY unfair competition in International trade, which could not have failed to arouse bitter resentment and bring

About sharp retaliation in other countries, thus curtailing, States, but again entirely at his rather than promoting, Interna- discretion. Similarly, discretional tional trado, "

(Continued from Page 0.).

COTTON, WHEAT AND SILVER

LATEST AMERICAN

QUOTATIONS

Messrs. Swan, Culbertson and Fritz

authority in given the President to Purchases of silver by the

or prohibit domestle Treasury have been further advo-have received the following quota regulato snics, as well as export and im-cated for the purpose of increasing tions on the Now York cotton and port, of silver, and to sell, at home our monetary metallle base. It is wheat and eliver exchanges for yea- or abroad, Treasury, stocks when- dimicult to imagine that anyone tonday. ever they exceed the prescribed with a glimmer of understanding

Colton. proportion to gold or whenever the of our monetary organization can market price of silver rises above Borlously belleve that this country $1.29 an ounce.

suffers from a shortage of basic October

Aug. 4.

Aug. 6.

Столе

Closing

13.60

13.18

Ranma 13.08-13.08

13.20.13.21

13,21

13.2-13.24

13.35 -

13.37-13.37

13.37

13.43-13.43

13.42

13.48-13.48

13.15 13.20

·

Chicago Whest.

Aug. 4. Close

104

100%

1087

Aug. 1.

Closing Range 107-108 110%-110% 11214-113

antes: 34,348,000 |

Winnipeg Wheat..

The act further provides that monetary metal Thanks to the December the price paid by the Treasury devaluation of the dollar and the January should at no time exceed $1.29 au recent inilow of gold, we posscas March ounce, and that stocks of allver to-day a stock of gold representing May situated in the United States on almost twice as many dollars 08 July May should not be purchased at in the balmy days of top-notch Spot a higher price than 50 cents an Prosperity. Without adding ono sunce. Moreover, a tax of per ounce of silver to our stocks of cont la imposed on all profits monotary motal we now hava aceruing from silver transactions currency and credit foundation for effected after May 15, 1934.

a boom eo frenzied that even the September The Secretary of the Treasury

mad days of 1928-29 would

appear December te atill directed to issue currency

merc child's play by comparison. May...... certifientes against the silver the most naive, argument advanced bushels.

The most spurious, as well as Saturday's acquired under the act. However, the face value of these issues docs in connection with silver pur- not have to be the equivalent of chases has been that, by means of $1.20 for each ounce. The act auch purchases and the consequent merely prescribes that it should advancement of the price of the not be less than the cost of the index can be raised to the 1920 May

metal, the general domestic price December metal purchased. This is another level and then maintained at that restriction upon the amount of in-level by alternate turning on and lation that the purchases of silver off of the silver purchase tap. are likely to cause.

Those who still continue to urge less than nothing from the dismal October this argument have clearly learned September failure of the recent experiment in December raising, commodity prices by a January manipulation of the price of gold. March The whole idea is so fantastic that May it ought to tax even the most un- discriminating eredulity. Unfor tanately, it is still reflected in the new bill, though greatly toned. down and much reduced in scope.

October

Whiteaways

SPECIAL

SALE BARGAINS

Aug. 4, Aug, 0.

Glogo

Closing

Rongo

00%

Market closed

91

Market closed

96%

Market closed

New York Silver.)

Aug. 4.

Aug. u.

Close

250 PAIRS

Range

47,30

47.40-47.40

47.26

47.40.47.50

47,51

47.80-47.85

47.60

48,00-48.00

47.80 48.30

48.40-48.40) 48.80-48,80

Total sales:-31 lots

Closing

WATER LEVELS.

1. While much less comprehensive than the Dles-Thomas bill, the new measure nevertheless repre- sents a substantial gain for the eliveritos in their march toward their, one and only real objective an artificial rise in the price of silver. The Dies-Thomas bill was framed in such a way as to make it almost certain that the price of silver would, sooner or later, be driven up to $1.29 an ounce, or about 200 per cent above the cur The Dica-Thomas bill would rent market pries. The silver pur- chase act may or may not achiere have been a major disaster for the this precise result, but it is con-would have been to milk the coun- process of recovery. Its effect. fidently expected to carry the price try for the advantage of the silver

The of silver substantially above the producers and, at the same time, notifies that the height of water in River Conservancy Com- present level. To the extent that to give us an unworkable and, English feet in the West, North and mission for Kwangtung Province it does this, it will afford the silver consequently, economically des- East Rivers is as follows: producers return in excess of truetive-monetary organization.

due enrichment of a small group

FOR WEST, NORTH AND EAST RIVERS

Fuen

600

PAIRS

STANSWEAR

Art Silk and Cotton Socks."

Wonderful wearing quality.

In Black, White, Grey, Brown:

or Camel, Sizes 9 to 112.

Usual Price $1.50 Pair.

SALE

PRICE 75 CTS. P.

MEN'S RIBBED COTTON KHAKI HOSE With Plain Turnover tops.

50

White

Cloth.

Usual Price $1.75 Pair.

SALE PRICE $1.25 Pair.

PAIRS ONLY

Gabardine Trousers, Fine. Well cut and finished. All

British. Usual Sizes.

Aug. 5. Aug. 6.

26.2

8.4

7:

SPECIAL

SALE!

17.2

what the market for that metal The silver act is, by comparison, West River at Shiubing 27.0 would normally yield them.

The advocates of silver have al-uch less dangerous in this re- North River at Tsing

spect. Nevertheless, it still rep North River at Samskul 16.7 ways clothed their special interest resents triumph of special plea in a cloak of general wel-interests over general welfare. East River at Sheklung 4.3 fare. Thele principal arguments since it opens the way for an un- deserve a brief examination.

The acceptance of allver by the United States Government in ex- change for agricultural exports has been urged on the ground that it would help the farmer by open- tion is fundamentally far

This second aspect of the ques-pensable condition of real econ- ing up new foreign markets for important than the first, A. sub-as ever. What happened at the more omic recovery-remain ́ na`slight his products, especially in the sidy to the silvon producers is bad London conference last summer Orient. But the proponents of enough, but it is much less acrious showed clearly that there is not a this argument have never explain-then a further.unsettlement of single nation in the world prepared that by receiving silver at a business confidence resulting from to follow our lead in embarking premium, The United Government would have embarked manipulation. So long AB.

Statusa policy of continued monetary upon, a permanent system of price this control by currency management.

at public expense, although on a policy is maintained, the chances much leaser scale than that group for an international agreement on would have wished.

monetary stabilization-an indis-

PRICE

$15.00

Pair

Whiteaway, Laidlaw & Co., Ltd.

MEN'S OUTFITTING DEPT.

Jimmy's Kitchen

Ic, D'Aguilar Street.

SPECIAL SUMMER SNACKS $1:00.

CREAM OF ASPARAGUS SOUP

PRAWN SALAD A'LA MAYONNAISE RUSSIAN SALAD

ICE CREAM COFFEE

JIMMY'S COCKTAIL -

COD FISH CAKES FRENCH FRIED POTATO GREEN PEAS FRUIT SALAD COFFEE

Tel. 30126,

RED CAVIAR ON TOAST DANISH HAM STEAK CHIP POTATOES VEGETABLES

ICE CREAM COFFEE

CHICKEN NOODLE SOUP

SPACHETTI

MILONAESE FRUIT SA AD COFFEE

GLOUCESTER

LOUNGE

AIR-COOLED

THE MOST POPULAR RENDEZ-VOUS

IN HONG KONG.

TEAS COFFEE

AND

SPECIALLY SELECTED

SANDWICHES.

Thoy change so fast, there should be

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THE MING YUEN STUDIO 17, Queen's Road Central (First Floor) (Between the H.K. Hotel and Dairy

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