1934-10-15 — Page 13

THE FIXTURES AND

THE TILING

WILL NOT COST. ANY MORE FROM WARRENS'-BUT YOU WILL BE SATISFIED.

C. E. WARREN & CO., LTD.

China Building,

Tel. 20269.

Dollar on Dessi

for

graph". Bindust, Ltd., Treet, Hanah n

The

FINAL EDITION

Court

Hongkong Telegraph.

Formen 1501

No. 1442#

MONDAY, OCTOBER 15,

1934.

日八初月九

SINGLE COFY 2 CENTS

£16.00 PER ANNUM

DUNLOP

Fort

is unequalled by any other Tyre

in the world:

CHINA COMMITTING "MONETARY SUICIDE!"

TRANS-PACIFIC AIRWAY PLAN

SINO-U.S.

PROJECT

PROCEEDS

TO LINK WITH LATIN-AMERICA

HUGE NET-WORK OF SERVICES

(Special to "Telegraph")

(fly Telrotaph. Copyright. Telegraphic Mes

Ordinance, aį. Recolood, October 45, 1.8 m.)

JPa

Washington, Oct. 14.

Mr. J. T. Trippe has writ- ten a letter to the Post- master-General, Mr. Farley, to the effect that the Pan- American Airways was pre- paring experimental trans-Pacific air transport' system.

an

He explains that the big Ameri- can company plans the linking of} the Latin-American route with a Ryalem to be operated jointly by the Company and

Government.

HOLLYWOOD TO MOVE HOUSE ?

at

Florida Offering Tax Advantages

¡Special to "Telegraph")

(By Telegraph, Copyright, Telegraphic Mes

October More Ordinaner. 1781. Hectived, At, A. G..

Miami, Oct. 14. The City Commission is present investigating whether it can constitu- tionally grant taxation exemption for a period of years in order to lure Cali. fornia's motion picture in- dustry into the state of Florida.

a

If Mr. Upton Sinclair is elected to the Governor's office in California, he will endeavour to tax heavily the picture industry, and taking advantage of the uneasiness of the companies, Florida is now holding out a tempting balt. The saving from examption in state taxation would soon pay the cost of the Industrty's removal, it

is believed.United PreKR.

the Chinese NATUURIKEN ZENÉSENTE 241 ENGATIANE DAKILANGEETAKORNIZAMANGULA

Technical experts, he added, wrre} studying the Pacific coast weather!

in preparation for the selection of j

terminal for the trans-beean ker-j

vice.

Colonel Charles Lindbergh is

EUCHARISTIC CONFERENCE

the chief of the body employed STIRRING SCENES

at the moment in exploration

work and the setting up of IN BUENOS AIRES statistical records which will

enable a rapid development of the

project once it is possible to get

down to construction of airports POPE'S BLESSING FOR

and aircraft for

making

cnterprise.

this epoch-

Giant air cURISERS.

Mr. Trippe, in his letter, states:

MULTITUDE

Buenos Aires, Out, F4. Stirring scenes, almost

1333-

that the operators will use "Brazi- paraleled in South Americų, mark- As Clipper four-engined dyinged the elusing of the Eucharistic boats, with a maxium seed of 191 Conference attended by hundreds miles per hour, for the Pacific) of thousands of Catholies from all service. They

capable of parts of the world. are mantaining schedule service over

The Congress ended with

NEA

Under the watchful eyes of soldiers, secret service men and police, an initial instalment of $2,250,000,000 shipment of gold

is seen leaving San Francisco for the Denver mint. A searchlight unit from the fire department brightened the scene as a portion of the 1,500 tons was loaded into special care.

PILOTS

GATHER

AT MILDENHALL

ENTRANTS FOR GREAT AIR RACE

FAMOUS AIRMEN

WELCOMED

TWENTY-THREE TO START

(Special to "Telegraph")

My Tahmad, Copuright. Telegrapher Men

Vefaler np. pred

Deduzmery

the longest open stretch of the Pontifical High Mass sung in:

London, Oct. 14. through route between California Palermo Park, under the enormous Huge crowds assembled at and the Far East." he anys,

cross and a high after.

Mildenhall Acrodrome, Suffolk, "An experimental service, "he

Parelli, the Papst to-day and watched eagerly for Cordinad added, "when instituted over the Legate, was the celebrant, and the the first arrivals among the con-

KOTIVAKARUČJA NEROZAČ 17348346712139525 25E 12945145

INDEPENDENT ADVISER

General Johnson In New Role

(Special to "Telegraph")

15,1

( Yergraph, Copyright, Telegraphis Mes pape Ordinture, 1. Received, Otober

Washington. Oct. 14. Ceneral Hugh Juhnson, administrator of the N.R.A.,

is rapidly recovering from a sinus infection.

He has been in poor health for some weeks past.

SILVER EXPORTS H. K. Banker

TAXED BY CHINA Nanking

NO ALTERATION OF DOLLAR CONTENT

Warns

“NO SENSE IN RESTRICTION"

LOCAL DOLLAR

AMERICA TO CONTINUE IN NO DANGER

HER PURCHASES

SILVER EXPECTED TO

China is committing monetary suicide, according to the statement of a leading bank official in Hongkong, who this morning deprecat- ed the action of the Chinese.

ADVANCE IN LONDON Government in taxing silver

NANKING, OCT. 14. THE CHINESE NATIONAL GOVERNMENT HAS ISSUED AN ORDER REGARDING THE IMPOSITION OF A NEW DUTY ON SILVER EXPORTS.

!

"IN VIEW OF THE UNDUE RISE IN THE PRICE OF SILVER IN RELATION TO THE LEVEL OF GENERAL COMMODITY PRICES, THE NATIONAL GOVERNMENT, IN ORDER TO SAFEGUARD CHINESE ECONOMIC INTERESTS AND TO PROTECT CHINA'S CURRENCY, HAS FIXED A CUSTOMS DUTY ON THE EXPORT OF SILVER, EFFECTIVE AS

OCTOBER 15. FROM

DETAILS ARE AS FOLLOWS:

On silver dollars and mint silver bars 10 per cent.. duty, less 21 per cent, minting charges already paid, that is 734 per cent. net.

On all other forms of silver 10 per cent. duty, in lieu of the above 2 per cent not paid.

|

exports but spoke confident- ly of the continued security of the Hongkong dollar.

"The action of China is bound to redound to her own disadvan-.

tage, but when this will become ap- parent I cannot say. One cannot prophesy these days-things are. Just done in Amerien or Shanghai or somewhere else. It is un- fortunate that the American Government forced up the price of of Shanghai being silver, there can be no sense in putting on restric

silver artificially, but the currency

tions.

"As to the Hongkong dollar it is in no danger at all. What danger could there be? Silver coins are only used in small trans- actions and there is no reason why there should begin now a drain of silver from this Colony,

The metal has been leaving Shanghal because the Shanghai

rate was at a discount as against the parity of silver.. That position

will not arise here, because the

Hongkong rate'ls up to parity. Of course, wo are affected here as re-

cross transactions with Canton and so on, but the Hongkong cur- reney is not likely to be affected

gards the cross-rate on Shanghai,

In addition, an equalisation charge will be imposed on the export of silver equal to the deficiency, if any, existing between the theoretical parity with London silver and a rate of exchange officially fixed by the Cen-in the slightest by the Nanking tral Bank of China, after making due allowance for the payment of the export duty."

of content

the Chinese

Forder.

WOULD NOT PAY. "It wuld not pay people to change their notes into silver and

export it, though they could do so if they wished.

DAILY RATE.

teonsider the reduction of the Simultaneously with the promul. Aftver gation of the National Govern dollar, which proposal, he stated.

"It is really pity that China ment's order regarding the in-was never mentioned at the, con las taken this action. The fact position of a new export duty onferences.-Renter.

of silver coming out of Shanghai silver, the Central Bank of China! U. S. POLICIES. UNCHANGED.

as it has been doing, shows that has made the following announce-

Washington, Oct. 14. there is too much silver there, and ment:- He said he hopes to take

President Roosevelt declares the only way that position can be. a month's vacaton and there- "Notice is hereby given that the that it is the Government's in-corrected is by shipping it away after may establish his own Central Bank of China will notifp tention to raise commodity prices and selling it for other currencies. business

the Customs authorities at 11.30 further and adjust the relationship industrial

"Now they have stopped it and counsel.-United Press,

am, daily on all business days, hetween the difference of groups all they have done la to depreciata boglaning as from October 15, of and prices. Eventual but not the

of value

their Silver.

as

Pacific, would permit the securinK sacred words were relayed to testing planes and pilots for the GEANVSUGERENNENEINSUNNTINNAINA official rate for determining the inmediate devaluation is expected still further.

of

data relating to the up-

congregation of 750,000 persons by England-Australia air marathon per atr. wind and weather condi- means of amplifiers all over the who are after the Gold Cup and tions and the fixing of west-

prize money totalling many thou

sonal conditions."

const terminal at once.

Park.

bound and east-bound flight routes Cardinal Pacelli bestowed the sands. best adapted to the varying se Papal Blessing on the congrega- Some of the most distinguished

He said that technicians, hended tion, after which the various

day for the London-to-Melbourne' by Colonel Lindbergh, were mak-sections, according to their aliers in the world checked in to the race, which starts on October 20. ing an effort to find their west tionality, paraded through

principal streets of the city carry-They were cheered by the crowd. ing their brilliant banners-Reu-

When the time for machines to report to the starters' committee had expired, twelve aeroplanes had arrived. There were seven English and two New Zealand planes on the aerodrome, one Danish, one Ameri- ean and one Australian.

GOVERNMENT SUPPORT. Mr. Fartey has replied, pledgingj the Government's support to the undertaking and predleting that not only trade benefits would re- sult from such a service to the Far East, but relations would be much improved.-United Press-

INTERPORT GOLF

ter..

EMISSARY BACK IN NORTH

Tribute To Canton Development

GIANTS COMPETE.

•

Four other machines were check- ed in at Martlesham, owing to their size. They were the giant passenger-carrying ships entered by American and Dutch Interests, two of each nation being represent-

REBELS NOT TO DIE

SENOR ZAMORA'S CLEMENCY

DEATH SENTENCES

UNSIGNED

(Special to "Telegraph") Thy Telegraph, Cepuriski. Telegrapher

Ordinaner,

15.4.1 and

28. Received, October

A

lot

had

deficiency between the theoretical as Government policies are India-already been shipped away means sufficient when parity of London silver and the tionary. A slow price rise in combat by no exchange rate on London In Shang-modities is expected.

the tax was imposed, and the mere lai, in accordance with the terms The U. S. Dollar in terms of fear that China was going to take of the Chinese National Govern foreign exchange la expected to this action has stopped the rate mont's order fixing the export stabilise at around four dollars from appreciating up to the price duty on silver and Imposing an and eighty-six cents to the pound of silver. equalisation charge on the export sterling. Silver imports are be "There is no question of our of silver."

ing used to stabiline exchange. needing

here. The protection PROTECTION MEASURE.. It is expected that in reply to local currency is based on local Commenting on

and these are always the National their Silver Note the Chinese banknotes. Government order regarding the Government will be told that "sil- backed by silver." new duties on silver exports, Dryer buying is, our own domestic] On the opening of the Hong- H. II. Kung, Finance Minister to

kong exchange

this affair."

market the Government, stated that there Preponderous official opinion is morning, there was considerable had been no reason to expect "that that any widespread conflict as a excitement at the news of China's the forces which had been recently result of the Yugo-Slavian affair decision, although it was not un- stimulating the price of silver will be avoided.

expected. The dollar, however, abroad would Ho011 cense to Less than seasonal general busi- remained unchanged at 1. 7.7/8d., operate, therefore the Chinese noss improvement is expected although for a time there was no Government, out of regard for the during October with a slightly inter-bank business transacted, economic welfare of the people higher volume in November and rates being nominal. living in China, has taken this December. Farmer business will | Late in the morning, business measure as necessary step to ho bigger during the next few was done at 18. 8.1/8d. eash and is. Madrid, Oct. 14 safeguard China's currency from months, partly for seasonal rea-8.3/16d, for November, the mar Largo Caballero, the Socialist the potentially dangerous drain on sons and partly because of the ket being steady. Shanghai, Oct. 16. ed.

leader and former Minister of La-the country's monetary reserves unusually generous Governmont Extensions of time allowed for bour in the Spanish Cabinet, was and in order to place a check upon disbursement. Business sentiment General Chiang Po-chen has ar

to nine arrested to-day, as one of the rebel the operation of harsh deflationary is better.-Swan, Culbertson and rived from Hongkong aboard the reporting were granted

other entrants, including one Irish chieftains in the recent revolt. forces, which had been reflected in Fritz. The Shanghai Interport golf President Grant.

Ho has been in hiding since the falling commodity prices, team to oppose Hongkong on Interviewed, he paid a high tri-and one American contestant.

general strike was called and dyr- Dr. Kung anid that the measure October 17 and 18, was, an-bute to the Improvements in Can- DAMAGED IN LANDING.

ing the disturbances which follow-had been decided upon aftor most nounced this morning, following ton, economically and politically.

Jcareful consideration of various He is leaving for the north soon' A Southampton and Lockheed-ed it. the recent trials.

to see General Chiang Kai-shek, to Voga machine were damaged land- The Government order of sen- proposals for meeting with the Messrs. A, R. Blinko, C. 0. whom he will submit a report on the ing at Heston, but not seriously, tence of death for anyone convicted emergency and after full consulta- of rebel netivities, however, now tion with leaders of business and; J. W. Harrison, results of his Canton mission-and their pilots were unhurt.

It

appears

that seems to have been no more than a finance. probable W. H. C. Huggett, J. B. Logan,

twenty-three will start. The pro-threat. It is reported that Pre- and T. S. M, Terrace.

bable starters include, Captain sident Zanjora refused to sign any Hongkong's team, which is al

James Mollison and his wife, Amy, death sentences, ovan those of ready in Shanghal is:-T. A.

Noville Stack, Roscoo Turner, rabels caught red-handed-Router. Pearce, E, J. R. Mitchell, A. T

CW. A. Scott and Campbell Black, Spacial. Lay, A. E. Lisaaman,. P. H.

all British; and Clyde Pangborn; Scoonca and D. S. Edwards...

famous world flier, John Wright Tho, match will consist

John Polando and the Irish airman, singles and two-ball, foursomes, chow this evening, where ho pald a famed for his cast-to-west crossing

The Manila Observatory, report- each of 30 holes. The last match, brief visit after completing his of the Atlantic, Colonel James Fitzing at 9.10 a.m. to-day, states played in Hongkong, was won by official mission at Nanking-Con- maurice. These are only a few of that the typhoon is in about 120 the Colony in 1988.

|tral News.

[the entrants-Router Special." Long, 13 Lat moving north-west,

SHANGHAI TEAM CHOSEN

TH

Shanghai, Oct. 15.

will be:~~

of

Reuters

BACK IN SHANGHAI

Shanghai, Oct, 14. Mr. Ariyoshi, Japanese Minister to China, returned here from Soo

TYPHOON WARNING

The Chinese Government considered that it should not impose an embargo on the export of silver and pro- Ferred the imposition of a Bexible export duty that would restrain exports of ailver within the limits actu-: ally required by balance pay- ments.

The Finance Minister stated in tonelusion that he would not oven

GOVERNMENT WATCHING · The Hon. Colonial Trea-. surer (Mr. Edwin Taylor). when asked by the Tele- graph this morning whether the Government intended to take any action to protect the Colony's currancy, stated that he could com- municate nothing to the Press on the subject.

Asked if the Government were considering the gues tion of action. Mr. Taylor. replied: "You can state

that the Government is watching the situation,"

REPLY FROM US.

Nanking, Oct. 15. The Nanking .Government has published the text of the American reply to the Chinese protests against the U.S. silver purchasing polley.

The reply emphasised that the. American Government must comply with the resolution adopted by Con--. gress for the boosting of the sliver price.

In

exercising discretionary power, the American Government nssured the Chinese.Government of its friendly co-operation with the Chinese authorities in any miamire calculated to avoid unaeiting_tno · Chinese currency situation.-Con-

\tral News.