1934-08-11 — Page 5

THE HONGKONG TELEGRAPH.

YOU BUY A CAR---BUT YOU

INVEST IN AN AUSTIN

BRITAIN'S DEPENDABLE CAR.

DEMONSTRATIONS AND FULL PARTICULARS OF ALL MODELS CAN BE ARRANGED AT ANY TIME TO SUIT YOUR CONVENIENCE.

.Agents & Distributors

For HONGKONG & SOUTH CHINA:-

Messrs Alex Ross & Co. (China) Ltd.

Head Office:

TA CHATER ROAD.

HONGKONG

SATURDAY AUGUST 11, 1984.

THE SILVER

OUTLOOK

RISE IN PRICES: EXPECTED

New York, Aug. '10. The New York Times, in charac torising the nationalisation of sil- vor is not in itself of great im- portance, says that "It is still too early to state what this action indicate regarding our may future monetary polley.

"Directly, it means, whatever futuro purchases of silver aro made by the Government they will have to be made in foreign markets, and would naturally tend to force up the world price," the journal declares.

Referring to the domestic #f- fects of nationalisation coupled, with the silver purchases. undor rocent legislation, the paper saya that no-one na benefited oxcopt silver producers and silver apoču- Intora,

The journal adds that the Unit- ed States sliver production in 1931 was equal in value to one per cent. of the wheat crop or one half the value of the monkey nut crop.

Other commentators point out that the value of silver required to attain the monetary ratio sot by Congress is $1,950,000,000, which la equal to 3,000,000,000 ouncea at 50 cents an ounce, and officials have given no indications that they intend to go to these ex- treme lengths.-Reuter.

British Oplalon

London, Aug. 10. President Roosevelt's intentions regarding tho futuro of the dollar are still secret but his silver nationalisation policy undoubted- ly makes for further cur- rency expansion, says the Financial i Times.

The most important immediate effect of the allyer proclamation, Bays this journal, fa that foreign observers, who are afraid of fur- ther Inflationary movea, are moro than over convinced of the correct- ness of their views.

The Daily Mail also says that the change means a certain degree of Inflation, though it does not think It will be very extensive or very alarming.

The City Editor of the Newa Chronicle, however, holds different views. He says that the Interpro- 26730❘tation of the edict as the signal for Phones: 20027a fresh dose of inflation is not

shared by operators in London. -22487 Reuter.

TRUST A THORNYCROFT WITH Your Transport

THORNYCROFT

DIESEL ENGINES

for

VEHICLE & LIGHT MARINE WORK

ARE NOW AVAILABLE

Marine Engines-Models from 9 B.H.P. upwards. Vehicle Engines-Models of 36.1. H.P. 4 cylinders.

(R:A:C, Ratings)

..54.2 H.P.-6 cylinders.

For Prices and Further Particulars

Please Apply to :-

John I. Thornycroft & Co., Limited.

SOUTH CHINA OFFICE

Pioneer Building, 'Nathan Road, Kowloon,

Telephona" 56752.

TRUST A THORnycroft With Your TraNSPORT

j.

America Must Buy:

London, Aug. 10, Will Americh buy here to-day 1 This was the question asked on all sides in London silver circles this morning..

Fixing has revealed that America hoa boon a buyer, and many silverites became jubilant, painting out that, while estimates of Ameri can silver stocks vary between 100,- 000,000 and 300,000,000 ounces, fulfilment of the silver programme requires a stock of about 1.300,000,- 000 ounces.

The silvorites therefore, are of the opinion that the United States will be obliged to purchase metal abroad, thereby raising the price.

On the other hand, others state that, as silver has to be surrendered within 90 days, there is little likell- hood of heavy buying till November News of silver's nationalisation had little direct effect, except by implication, which caused a weaken- ing of the dollar, the buying of gold shares and a rise in commodities, owing to fears that nationalisation will be followed by devaluation.

It seems generally agreed that the chlof effect of America's action has | been to give a stimulus to inflation-

ary psychology-Router,

French View

Paris, Aug. 10. Oficial circles here are of the opinion that the United States ne tion in nationalising allver will not bit the franc or assail the monetary policy of the Gold Blọc countries...

It is not anticipated hero that.. President Roosevelt intends to devaluate the dollar.-Reuters |

GUARD YOUR HEALTH

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