1934-08-07 — Page 3

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Beauty! Service! Reliability!

We have just received a Large Selection

of Accurate Time-Keepers. All of the Latest Approved Styles.

Prices Extremely Modorato

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

CALDBECK MACGREGOR & Co., Ltd.

Sole Agents:

Prince's Building

Ice House Street,

Telephone 20075.

LOUNGE

THE HONGKONG TELEGRAPH TUESDAY, AUGUST

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 (Continued from Paga 6.)

bring about sharp retaliation in; other countries, thus curtailing, States, but again entirely at his rather than promoting, Interna- discretion. Similarly, discretional tional trade. nuthority is given the President to Purchases of silver by the

1934.

COTTON, WHEAT AND SILVER

LATEST AMERICAN QUOTATIONS

Meaars. Swan, Culbertson and Fritz regulate or

prohibit domestic Treasury have been further adve-hava received the following quota uales, as well as export and im-cated for the purpose of increasing lonx on the New York cotton and port, of silver, and to sell, at home our monotary metallic base. It is whent and silver exchanges for yes. or abroad, Treasury stocks when- dileult to imagine that anyono

terday.

Colton. ever they exceed the prescribed with a glimmer of understanding proportion to gold or whenever the of our monetary organization, can market price of silver rises above seriously believe that this country

antera from a shortage of basic October $1.29 an ounce.

pur-

of

Aug. 4.

Close

Aug. 6. Closing

10.60.

Range 13.08-13.08

13,18

- 13.20.13.21.

13.21

13.24-13.24

18.35

13,37

11.40

Spot

13.15

Chicago Wheat.

Aug. 4.

Clone

104

100%

18.37-13.37 13.43-1343) 13.48-13.48 1.1.20

Aug. 0.

Closing. Range .107-108

1104:110%

108% 112-113

Bites: -- 34,348,000

Winnipeg Wheat.

Aug. 4. Αυκ. 6.

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 an recent inflow of gold, we possess March ounce, and that stocks of silvor today a stock of gold representing May situated in the United States on almost twice as many dollars, as July May I should not be purchased, at in the balmy days of top-notch a higher price than 60 cents an prosperity. Without adding one ounce. Moreover, a tax of 50 per ounce of silver to our stocks of cent is imposed on all profits monetary metal, we now have n accruing from silver transactions Currency and credit foundation for effected after May 15, 1934.

a boom so frenzied that even the September The Secretary of the Treasury ad days of 1928-29 would appear December

mere child's play by comparison. May is still directed to issue currency

Saturday's The most spurious, as well g certificates against the allver acquired under the net. However, in connection with silver

the most naive, argument advanced bushelsemien a the face value of these lusuon does choses has been that, by means not have to be the equivalent of $1.20 for cach ounce. The act such purchases and the consequent

advancement of the price of the October merely prescribes that it should metal, the general domestic price December not be less than the cost of the intex enn be raised to the 1920 May metal purchased. This is another level and then maintained at that restriction upon the amount of in-level by alternate surning on and flation that the purchases of silver off of the silver purchase tap. are likely to cause.

Those who still continue to urge While much less comprehensive this argument have clearly learned September

the Dies-Thomas bill, the less than nothing from the dismal October new measure nevertheless repre failure of the recent experiment in December .. sents a substantial gain for the raising commodity prices by a January ... sliverites in their march toward manipulation of the price of gold, March their one and only real objective The whole idea is a fantastic that May

an artificial rise in the price of it ought to tax even the most un- silver. The Dies-Thomas bill was discriminating credulity. Unfor- framed in such a way as to make tunately, it is still reflected in the It almost certain that the price of new bill, though greatly toned silver would, sooner or later, be down and much reduced in scope. driven up to $1.20 an ounce, or

than

*

Closing

Claso

Runge

90%

01

Market closed Market closed

95%

New York Silver.

Aug. 4.

Aug, 0.

Close

Closing Range

47,30

47.40-47.40

47.26

47.51

47.60

47.80 48.30

47.40-47.50 47.80-47.85 48.00-48:00 48.40-48.40) 18.80-48.80

Total sales:-01 lots

Whiteaway's

LAIDLAW & CO LTD,

SPECIAL

SALE BARGAINS

IM

600

PAIRS

STANSWEAR

Art Silk and Cotton Socks,

Wonderful wearing quality.

In Black, White, Grey, Brown

or Camel. Sizes 9 to 111⁄2

Usual Price $1.50 Pair.

SALE

PRICE 75 CTS.

Market closed

250 PAIRS

MEN'S RIBBED COTTON KHAKI HOSE With Plain Turnover tops. Usual Price $1.75. Pair.

SALE PRICE $1.25 Pair.

WATER LEVELS,

FOR WEST, NORTH AND EAST RIVERS

about 200 per cent above the cur The Dica-Thomas bill would rent market price. The silver pur- have been a major disaster for the chase act may or may not achieve process of recovery. Its effect this preciso result, but it is con-would have been to milk the coun-i ndently expected to carry the price try for the advantage.

The the silver

River Conservancy, Com- of silver substantially above the producers and, at the same time; notifies that the height of water in mission for Kwangtung Province present level. To the extent that to give us an unworkable and, English feet in the West, North and it does this, it will afford the silver consequently, economically des- East Rivers is as follows: producers a return in excess of tructive-monetary organization: what the market for that metal The silver act le, by comparison, West River at Shigbing 27.6

Aug. 5. Aug. 6. would normally yield them.

The advocates of silver have al- spect. Nevertheless, It still rep-

much less dangerous in this re-North River at Tsing. ways clothed their special interest resents a triumph of special North River at Samahul 16.7 plea in a cloak of general wel interests over general welfare, East River at Sheklung 43 fare. Their principal arguments since it opens the way for an un- deserve a brief examination. due enrichment of a small group:

The acceptance of silver by the at public expense, although on a polloy is maintained, the chances United States Government in ex- much lesser scale than that group for an international agreement on change for agricultural exports would have wished.

monetary stabilization-an indis- has been urged on the ground that

yuca

28.2

8.4

7.7

-17.2

it would help the farmer by open- tion is fundamentally far more omic recovery remain a slight This second aspect of the ques-pensable condition of real econ- ing up new foreign markets for important than the first. A nuba ever. What happened at the his products, especially in the sldy to the silver producers is bad London conference last summer Orient. But the proponents of enough, but it is much less serious showed clearly that there not a this argument have never explain than a further unsettlement of single nation in the world prepared d that by receiving silver at a business condence resulting from to follow our lead in embarking premium, the United Government would have embarked manipulation. So long an

States a policy o continued monetary upon a permanent system of price this control by currency management.

50

PAIRS ONLY

White Gabardine Trousers, Fino Cloth." Well cut and finished. British. Usual Sizes.

SPECIAL SALE

PRICE

$15.00

All

Pair

Whiteaway, Laidlaw & Co., Ltd.

MEN'S OUTFITTING DEPT.

Jimmy's Kitchen

Ic, D'Agullar 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

SPAGHETTI

MILONAESE

FRUIT SALAD COFFEE

THE

GLOUCESTER

AIR-COOLED

THE MOST POPULAR

RENDEZ-VOUS

IN HONG KONG.

TEAS COFFEE

AND

SPECIALLY SELECTED

SANDWICHES.

They change so fast, there should be

a new picture at least once a year, for photographs of the children never grow up.

Make an appointment to-day, THE MING YUEN STUDIO '17, Queen's Road Central (First Floor)

(Between the H.K. Hotel and Dairy.

Farm Store, Queen's Road C.)

The cigarette that made smoking popular

Wills's

GOLD FLAKE

AS

VIRGINIA CIGARETTES

GOOD AS GOLD

WHAT IS

YOURS?

The sallors in the wooden walls of old England, the soldiers fighting In the deserts, the athletes training for the track,

chase

The basis of all thirst quenchers LIME JUICE

ROSE'S

for its purity and health-giving pro perties, its strength: Grelative cheapness. and for its tasto

ROSE'S

--

-ULUIST DET OG VRETENTION (Otopartes last?TERİNER WETS VAN MEālājerukkarakattare bakteret i 15 křečka a mes vestkaartoemaakten sterkere om kan het te vate hattar á landi kumsar á vatder. Dan, Chat, DE, AND