1935-02-23 — Page 22

ITALY'S ARMY EMBARKING

WAR FERVOUR GRIPS WHOLE NATION.

CROWDED TRANSPORTS HEAD FOR AFRICA

(By Telegraph. Copyright, Telegraphic Messages Ordinance, 189 Raceived, February 23. 8.23 a.m.):

Naples, Feb. 22.

Italy's vast mobilisation mechanism is turning out an army for a possible East African campaign," now more than ever threatening. From Genoa, Naples and Rome transports are taking men to the "jumping off" point at Messina, and are heading away again across the Mediteranncan.

THE HONGKONG TELEGRAPH. SATURDAY,

MANIPULATION OF

FEBRUARY 23, 1935.

SILVER INJURES a weighty and much-quoted speech TRADE IN FAR EAST ·

ม

estato tramanetleris

JAPANESE FOREIGN TRADE

Tho

ernment because little is in fact known, constructional developments. made in London last November | and no up-to-date or reliablo Agures. Mission sent out by the Federation of General Smuts referred to the cloud

are published except in respect of British Industrlos last October rightly In the East "which might have the the Customs revenue. The slight drop drow attention to the heavy drain on most far-reaching erecte on the for- of a million dollara hers shown has the financial resources of the tunes of peace and indeed of our civi- been compensated, for by an increano now State which this rapid de lisation." He appealed to Japan to In the Salt Revenue. Last year the velopment entalis, but persum- (Continued from Page 1.)

shall Roo A the disparity between the give the most serious selection uctors. Customs loans only cost 76 millionably · TE 11934

slowing Shanghai Exchange on London and wenkening any further that collec- dollars as against 168 million in 1991. up before long. The agreement for conditions of trade throughout the New York and the price of stiver live system built up by the Washing

the purchase of the Chinese Eastorn ton Treaties In the East Just as by

The annual deficit of the Govern Railway from Soviet Russia appears world. I think, however, you will should have widened, making it pro- the Geneva League in the West. it

ment probably remains about 160 mill- agree that the progress made, has on Stablo to export allver from China.

unwise to ciono one's eyes to

ton dollars a year. This is raised by to have satisfied both parties, but this the whole been disappointing. Ali Large allver exports were inevitable would

various ways and means and thad also implies farther financial aid from that can be said, is that there has not and it was really only the very const-the potential dangers of the complex

Customs is usually called upon toed. The port of Dairen has benoilled

Japan to enable payment to be effect been a serious retrograde step any derable speculative oversold position problems which the whole world—

provide security. What China would where, while those countries most in Shangha! which had delayed, the not only the Far East-faces to-day.

kavo done without this elastic-like considerably by the increased foreign closely connected with Great Britain day of reckoning and acted as a

ON BETTER TERMS

source of revenue it is indeed difficult trade and its progress is worth watch. through currency, alllance, have made check on the normal adjustment of

to imagine.

Ing. moderate progress. It would appear the adverso balance,

There is much infamnable material For over 20 years the Customs Ad- that there are still dificult time Right up to the end of May lying about everywhere and caution ministration

has

undertaken the nhend. It is in particular the un- the silver stocks, in Shanghai had í allied with wise statesmanship is custodianship of the Chinesn Govern- stabilised condition of currencies increased rather than diminished, and needed, particularly in the capitals of moni lonna without over failing in its

In Japan foreign trade continues. to expand in a remarkable way, and which causes the prevalling feeling of about then they reached the maximum the counten surrounding the Pacific duty to bondholders, and its integrity although last year imports exeseded insecurity,

figure of closa on 000 million dollars. Ocean the name of which we trust

is so unquestioned that it has placed exports by 110 million yen, shipping This included We must, I fear, faco the prospect balances belonging to foreign holders

fair amount of will long remain a good omen,

the Customa loans on the London and the tourist trade both flourishes.. It is a hopeful sign that generally Market in a position comparable to the and it is thought that there invisible of a long uphill struggle before the of--which- a good portion had speaking China and Japan are on world-wide clouds of depresssion are

Government loans of any country.Wo exports have enabled the balance of finally dissipate. Periods of optimundoubtedly been used to finance real better terms now than this time inst

all hope that this fine secord will be payment to remain favourable, t on the rising year, though there have been anxious I maintained at all costs. It is good to Ism are likely to be followed by

is a striking reflection of the pro- Industrialisation of the periods of pessimism for some time to prices of property in Shanghal moments. Considerable progress can know that Sir Frederick Maze, the ECKAÍVE come, and the best that we can hope my say that a similar position be recorded towards a formal settle Inspector-General of Customs, who country that the increase in exports

existed in Hongkong, but it was not ment of the outstanding questions in for Is that the latter periods will get no pronounced, and by keeping our the North. Through railway traffic after a long unbroken spell of duty, is articles while the incrense in Imports has just returned from home leave is almost wholly in manufactured shorter and shorter as time goes on.fands, in a liquid position we were from Tientsins to Manchuria is an If this view is correct a policy of cau able to meet largo withdrawals and accomplished fact, and through posta!

still in full vigour, and that he enjoys ¦ is mainly in raw materials and semi- tious conservatism would seem wiser yet avoid any dislocation in exchange, services

the entire confidence of the Chinese manufactured goods. vin Siberia have recently than one of a more spectacular nature.

Government In his responsible posi It is also to bo noted that Japan is been re-established. The Chinese tion. What we noed is a form of recovery

Increasing hor export trade" very Government are to be commended on which will give increased purchasing

largely by their son and realialle policy in a

the exploitation of now power and a more rapid.turnover of

markets. Internal conditions are not It was not until August that stocks rather than artificial' rises incumulative effect of all these causes,

the situation full of dangers and com-

altogether healthy owing to the do- plexitica.

pressed condition of the silk inditstry rome unavoidable but some nvoldable,

During the year we have seen the and poor rice crops. Fears of in- jbegan to make themselves seriously

of tho Chinese fintion have not materialised and the felt. In that month 79 million dollars

Government per cent. Sterling finances of the country appear to be million dollars in September and 67

completion of the Caxton-Hankow growth of expenditura en unproduc- of silver left the country, followed by.

Indemnity Loan of £1,500,000 for the safe enough at the moment, but the million dollars in October.

tallway. In view of the loan being tive objects should be checked if this Issued in Shanghai and as the rale of satisfactory position is to be main British materials for the railway in tained. question was dependent on funds for the construction work being minde immediately available to the Ministry of Hallways, I.M. Treasury raised no objection to our supporting the flota tion. The security was a portion of the British Boxer Indemnity—a Cus- toms security ranking only after the Anglo-German Loan of 1808. The loan was floated by our Shanghai Office in conjunction with the Central

General Graziani, Chief of Staff of the Expedi-price. tionary Forces, with 800 men of the Engineering and Medical Corps, sailed from here for East Africa aboard the Vulcania to-day. The troops were reviewed by the Crown Prince aboard the transport.

The Vulcania will call, like the other transports, at Messina early in the morning to pick up the first units of the combat divisions, under the command of General Pavone.

1,300

unskilled

Meanwhile, Inbourera, recruited in Northi ftrily, have sallid for Genoa to prepare encampments for the rapidly mobiltslag expedition-- Tinited Press.

Rome, Feb, 22.

On the eve of the departure of the main body of Italian troops for East Africa, the regime of silence, imposed during mobilen. tion, was ended to-day.

Newspapera wire filed with roports of the departure of the. troops, wirking up an atmosphere| of war and heroism.

WAR SONGS

In Naples, amid the cheers of thousands, lean, bronzed

man

marched slaging war songs to the place of embarkation, played along

RELIEF SCHEME "DEAD"

ROOSEVELT TO VETO BILL

THREAT TO SENATE

Washington, Feb. 22, President Roosevelt's $4,880,

the route by military bands. Thre000,000 Rellef Programme is were 2,000 men lu this column.

Specialists, including doctors „į“dend,” according to Senator and akilled workers from

Byrnes, spokesman for the Ad- corner of Italy, embarked this ministration, when interviewed evening aboard the liner Vulcanin to-day.

every

for Measina, where they will plek | Senator Byrnes' stalement caused up 2,000 more troops for East a sensation in Senate circles. Many Africa.

|

THE SILVER POSITION

You will expect me to state the views of the Bank with regard to the silver position which has once again been such a preponderating factor in China's economy during the past year. This time last year the silver party in

FLIGHT FROM DOLLAR

It became in fact a flight from the dollar, and the Chinese Government seeing no hope of practical, help from

CANTON-HANKOW

LOAN

is successful flotation

The League of Nations playing a useful part in providing their arrival are attached to the Pectinical experts who on No m canamic Counett, which co-ordinates their work. These ex- perts are mainly concentrating on various branches of rural reconstruc tion, which it is rightly felt in of

on

A

noun.l

RECORD COTTON CROP The subjects being

Intensively

RAILWAY

MALAYAN IMPROVEMENT

In Malaya the Improvement of trade has continued throughout 1934. The outstanding ovent of the year was the introduction of the Rubber Restriction Scheme which has put new life inte the rubber industry. It is obvious that the future of the two main products of Malaya, rubber and tin, on which the prosperity of the country is no dependent, rests, for the time being at any rate, on the continuation of nrtificial

the United States Congress were America thereupon threw discretion paramount importance in the recon- vigorously agitating with a view to the wind, and, as you all know, onstruction of China raising the price of silver, so much so October 15th Imposed a 10 per cent. eesnomic basis. that in the spring China became export duty en silver plus an equali- seriously alarmed and there was talkation charge to bring the total levy In Shanghai of devaluing the Chinese un to the exchange purity diferener, dollar na a counter-measure. The We are unable to subscribe to the danger of this step was realised in opinion expressed commonly in studied are land tenure, the improve time and at the end of March the the lowe papers that these restrictivement of crops-particularly of cotton, rico, slik and tea--the building of London Silver Agreement was rotifed measures were either necessary, ronds, public health, rural co-opera-Bank, Bank of China and Bank by China with an provine to the effect visable or successful. In fact, the

tiven, conservancy and flood preven Communications. best informed upinion in China that Ching did #7 on the understanding almost unanimutis in #greekur that tion; the last two are of course of that she reserved the right to take this action was a serious mistake and will observe that all of these head

vital Importance to the farmer. You such measures as appeared to be increased the lack of contieners while advisable should her economic position conduring to smuggling of silver out iings are closely Inter-connected and respect of local and internal Anancial measures for the restriction of thes he endangered by a rise in the price of of the country.

Milver.

for it has

At

THE FUTURE

SALT TAX

of

In

conimodities.

· In Indin trade also continues on the mend. The enforcement of the new constitution may possibly neces eltate additional taxation to meet its cost unless trade improves rapidly. The forthcoming institution of the Reserve Bank for India la regarded

with

mixed feelings by exchange bankers. It is, however, expected to be in full operation by July 1 next, and in preparation for this event the Government have been strengthening the currency position by increasing their holdings of gold bullion and by the purchase of sterling securities.

We have long had close relations with the lending Chinese Banks

that any improvement will be of

Arrangements and we have been look- great benefli to the end

China's internal Ing forward to the opportunity of co- of the Year the economy Bul In April, Professor J. 11. Rogers outflow of ailver by legitimate or balance of international

more then this, the operating with them in the flotation was sent to China by President Roose illegitimate means was to n certain will also be favourably affected.

payments of a foreign loan.

While this loan does not properly velt to investigate the effects on extent nutamatically checked in con-

belong

Intter to the China of the London Silver Agreement equence of the shortage of currency

Already considerable progress has speaking and if possible further silver leginia in Shanghai and the excessive high

bees mule in the growing, picking category, it is nevertheless a first tion. This seemed to promise well rates of Interest which ensued. The

and marketing of cotton, and the step in this direction and we trust but before his investigationa

that it will prove to be the forerunner went deletionary effect on the country was

regerd eron of the year is partly due very for the Silver Purchase Bill was and

to the activities of the Cotton Com- of further joint ventures of a more of cours perious, and the 121 May accepted by President banks in Slaghat

mission of the National Economic ambitious nature. are forced Roosevelt and it was signed on June concentrate on the preservation

Council in Shensi province. There In this connection I should mention If

seems to be little doubt that in this 10. Many hard things have been said, their coal to the detriment of trud.

the formal inauguration last June of about this Bill at Hume and out East. AI will any is that no

particular commodity China

the China Development Finance Cor: may, with the expenditure of no grent

poration, which is a combination of benefited an insigniileent number of

effort. In a few years be practically Chinese Banks formed to finance com Reports from the Philippine Islands persons to an unconvincing extent, As to the future of the currency self-supporting and there is no gooil mercial and industrial enterprises and while it has caused serious dislocation, position in Chin. I hesitate to malte reson why the output of rice and to collaborate with foreign interests are inclined to be pessimistle and it which may yet prove disastrous, in any forecast. It is essential that the whent should not also be very greatly on purely business lines. Recently is feared that the Independence Law country which contains one-quarter of greatest caution should he observed expanded. As regards silk the prob this new Corporation has joinet with which was accepted by the Philippine the world's population.

and that no sten should be taken with-lem is not so straightforward, but a the British and Chinese Corporation Legislature on May 1st last will only out the most careful ennsideration and

Serlculture Improvement Committee in signing an agreement with the have harmful effects on the economic. welfare of tho Islande, The Senators, and observers outside Con

AN UNEASY FEELING In consultation with those most unli- has drawn on a three-year plan and Ministry of Railways for the notation General Graziani, Chlef of gress, too, believe Senator Byrnes'

Bled to advise I should have thought little co-ordination of effori should of a loan to provide funds for the com-ar industry has been ailversely As was to be expected, on the adop-it obvious that the Government would effect great improvements,

piction of the Shanghai-Hangchaw-affected by the Sugar Control Act Staff of the Expeditionary Forces, atutement was a threat to force tion of this Bill, the uneasy feeling in close co-operation with the

which limits the entry of P.I. sugar. Ningpo Railway, Here again we is alrendy aboard the transport. the deletion of the

Into the United States and the in- McCarran which had existed earlier in the year forejen exchange bankers in Shan SILK INDUSTRY DEPLORABLE shall be co-operating with the Chinese amendment, which forced into the became prevalent

dustry seems to Ince ง somewhat again. Moreover, haj whree long exerience extries. Unfortunately the present condi- Banks and we hope that market con- FURTHER EMBARKATIONS

anxious period. reilef measure a clause requiring on August President Roosevelt rent, weight in regard to such pro-tions in this industry are deplorable. I ditions in Shanghai will before long The trans-Atlantic liner Conte payment of the prevailing wage suddenly issued an order nationalising blems.

Raw silk exports in 1931 dropped enable the flotation there of the lean

HONGKONG'S POSITION Biancomano is leaving Naples for scale by the Government in all relief all stocks of silver in the United States Unfortunately in the earlier stages | new 50 per cent. compared with envisaged in the agreement, Messina to-morrow and will em-contracts,

at 60,01 cents an ounce, This ance of the crisis their advice, was not 1941, and are less than one-tenth of

Finally as regards Hongkong. In bark another 3,000 troops.

the fleures for 1990. This drop great- Chinese Govern. asked and it is mast unjust to criticise

spite of the continued depressed statu The Administration had planned more alarmed the From Genoa, It is learned that to pay $50 a month as a maximum ment and negotiations were opened them for what ensued. However, they affects the position of China's ex-

The Salt Administration continues to face any serious loss of revenue. of trade the Government has not hai 1,300 labourers from North Italy relief wage.

with the U.S. Government with ansition has anently barome much ports in which has long held an

Through

to function smoothly and by increased Jun 10, the Hongkong Dollar My. A. S. outstanding position... have been taken aboard the trans-

view to consideration being given to improved. Senator Byrnes autise: "The

Henchman, our Manarer at Shenabal,

to maintain Increased ro Ordinance the effect of a raphi rise of silver on there is constant consultation with the of Chien in 1921 dronned some 132 port Mazario Sauro this evening. President will veto the Relief Bill if China.

Taken as a whole, the export trade taxation

was approved granting However, the production of authority for the issue of a loan up They are bound for Eritres. A it containa the 'prevailing_wage At the same

Authorities,

sait by illegal measures is becoming to a total amount of 25 million dollars, tine, rumours that Chinese

Chief as compared with 1933 and 72 per huge crowd saw the men shoard amendment' and

a serious problem. The Ministry of and shortly afterwards, as you know, the, Senate Ching would

Manager has himself visited Shang-cent, compared with 1971. It is int tho transport, cheering fervently has been warned of his determina-embargo on

devalue or place anhal, and needless to say we are ex-in ebrerfal picture. Agricultural and Finance is to be congratulated on the export of silver

having at length released funds to was successfully placed. Trade son

the first Issue of 14 million dollara overything of a nationalist nature, tion. Nevertheless, the Senate in- became widespread. The minister of ploring the remedies and are anxious wholesale prices in general have can- from "Long Life to Pascism," to sisted on putting this clause into Finance at once denied that any such to o-operate in any measures which tinned to fall, though elsewhere they meet the defaulted amortisation payditions here are unfortunately merely plain "Il Duce."-Router.

have been rising. The effect on the tent overdue on the Axio-rent reflection of the conditions existing the Bill. The works programme is steps were contemplated, but three will have a beneficial effect.

Loan of 1908 and part of the default in China. therefore dend."

purchasing power of the people in had the ostensible object prevent- The Administration fought the ing speculative exchange transactions,

The Economic Commission will obvious. Efforts are, however, being due on the Crisp Loan of 1912. We

the conditions un-

look forward hopefully to the day The silver policy of the United made to better amendment when the vote was taken but which effected no more than an States Government is of course of soundry In relation to taxation and when the record of the Customa Ad- shortly be issuing its report which yesterday, and only lost by one vote. increase in the tension in Shanghai, vital importance. The price of allversion of the export tariff last June Chinese Government.

ministration will extend to all loan suggestions, but we cannot do a very what no doubt contain some useful interferepro with trade. The revi This was the turning point, and in in terms of sterling and U.S. dolla helned cortain commodities, but it in

Issue under the auspices of the

great deal to hasten recovery if China August heavy shipments of silver has already been pushed up consider-

lags behind. commenced.

There has been a steady improve- New York, Feb. 22.

ably higher than other commodities most desirable that the free list

Considering the vast possibilities of ment during the last two years in that country, I cannot be really pessi Administration circles preut the silver policy of the United States in a further rapid rise while world;

But it must not be thought that and there is great danger for China should be considerable extended.

the London Stock Exchange quota místic about the future. The that President Roosevelt will put Government had up to to this time commodity prices Ing behind.

RESTRICTIVE INTENT

tions of prices of the vari- deplorable situation now existing in his publie works programme be- been the only disturbing factor. A Nevertheless, there is much

Government As regards Imports, the Customs Chinese that

Railway nanghai is of course serving as an foro the nation either directly or great deal had been due to the failure Chino can do to help herself. Most figures have drapped about 54 per loans, and good profits have been made additional drag on trade. However, 1 Tanking Fob through the mediam of state of China to recognise and take mea important of all the balance of for- cent, compared with 1831 and about by those who bought at low prices, feel that Bone way out will states that the Chinese military Overnors and mayors, following sures to meet the situation. The facts cien payments can be righted without 23 per cent. compared with 1933. In but in some cases the market is very found and I think you will agree that Investigation mission, headed by the return of the Bill to com- were clear, and only last May Sir due difficulty as may be seen from view of the adverse balance of pay obviously a speculative one and in we owe a great debt of thanks to view of the losses suffered by bond our Chief Manager for the successful General Hau Yao-ting, is sailing

Arthur Solter mittee by the Senate.-Reuter.

them forth in black the 1934 figures when the excess of ments this is a tendency which can for home, after completing, an ex-

406 milion hardly be avoided, and until the time holders in the past, future fotations way in which he has managed to keep CURTAILING EXPENDITURE

and white in his report to he National norts amounted to Economic Council, issued under the dollars. Exports of treasure, taken when the mensures now being taken will have to be made very attractive Hongkong from being involved in tensive tour of military systems in

Washington, Feb. 22.

from the Cristoma returns and there to bring about proner equilibrium to meet with success. At the samakimliar currency difficulties. various countries in Europe and Financial observers to-day ex-

title of "China and the Depression" fore excluding angeline, amounted succeed in their nim, it is to be feared time conditions on the railways have

There Wis the serious advers to 311 million dollars, leaving the thai imports

In conclusion I wish to convey to tigation mission headed by Mr.nouncement made yesterday by 1032 and 1933 Imports more than which is a commoratively small gun deed, continue to dwindle. Hitherto

passenger revenues have on many members of the Staff our great ap- lines shown good increases. Ya Fei-pong is also expected to the Secretary of the Treasury, Mr. doubled exports; there were also the under normal conditions, that in to the Customs Import duty has been

It is, however, a regrettable fact they have rendered to the Bank, over

preciation of the excellent return home by the President Henry Morgenthau, in reply to the Treasure figures, covering gold and say when there is confidence in the increased mainly with an eye to in- that in many cases the bondholder a most difficult period.—(Applause), Wilson late this month.

criticism of Mr. Herbert Hoover, silver movements, showing that im currency and in those institutions crensing revenue and protecting cer has failed to benefit to the extent In a preliminary report cabled Indicated that a sharp curtail-ports of treasure dropped from 152 which have control over it.

A

INVESTIGATING

MISSIONS

CHINESE EXPERTS

RETURNING *

messago

Feb. 23.

-Reuter.

PUBLIC WORK'S

weeks later he issued

order which

nur

THE U.S. POLICY

venue.

sava be

America, while the transport faves-pressed the opinion that the an- balance of trade which showed that invisible adverse hainnen at 134 millions, present low level if they do not, in-

will remain at their of course improved and freight and our Principal Executive Officers and

million dollars in 1929 to, 21 million

to the Chinese Government Mr. Yument of Federal spending was in-dollars in 1931, and turned into an Fol-pang said that his mission har tended-United, Press,

gathered plenty of useful material

In England and the United States whereby the means of transporta- tion and communication in Chinn

Bould be improved-Central News.

TREASURY BILLS

WAS

STRATOSPHERE TRAVEL

WILEY POST'S BAD LUCK AT START

Los Angeles, Feb. 23.

·crack—– American flyer,

The

MR. SHIELDS' SPEECH

service

payments, after being favourable for gerous factor, but it is sutisfactory Chinn on a more self-supporting basis of

of Communist menace renialna a dan- the attempts being made to put Government. Moreover, the Ministry while regrettable, is partly due, ne

A considerable

amount

tain hame Industries. In the near that he should. It is true that vari THE POLITICAL SITUATION

future we may see the imposition of us Railway Administratiana have duling with a restrictive intent, expended considerable sums to put export of 120 million dollars in 1932,

Mr. A. L. Shields, seconding, snid: - mainly due large gold shipments,

Let us now turn to the political,

There havo been substantial do their rolling stock and roadways into Ladies and Gentlemen: I have much while in 1933 in addition to gokin situation in China.

creases in the importations of cer better condition after years of steady pleasure in acconding the proposal The Fukien rebellion was on its last tain foodstuffs such

but It is doubtful from the chair that the report and net export of silver was recorded for legs when the year started.

rice. wheat, depreciation, the first time since 1917.

Since flour and sugar during the past wisdom to pay so littlo regard to the accounts now before this diceting be then the Government has not had to

would, year. This

on the face. Just claims of bondholders and to the adopted. It was further known that the face any serious revolt, though the of it

seem to show that formal guarantee given by their The reduction in profits for 1934 country's International balanco

Rathways has been abfo the Chairman had told us, to difference many years, had in 1032 turned un-that Kangal and Fukien have been are already having some effect, but t find Lunda to put under in exchange, but otherwise it merely favourable; it was also known that cleared of at any rate the main red ather causes have to

taken into way Chinese remittances

of roflects the condition of trade as shown from abroad armies. Unfortunately these armies consideration, and it would be ambitious new work in extending by satistics which are available for London, Feb. 22.

wore down, that stocks The total amount applled for in

gold were have not been property defeated owing dangerous to be too optimistic, though existing systems and commencing now the period. amall, and that silver exports to to lack of co-operation amongst the no doubt we shall see this movement lines.

Bricks cannot be

made

without tondora for £20,000,000 Treasury

balanco payments would almost cer provincial forces, and the result is to reduce imports of foodstuffs be-

COMMUNICATIONS

straw nor can profits be made unlesD bills

tainly be large during 1934, £40,980,000.

sound business is obtainable, and wo that the Reds have made good pro- come porn.anent in time. maximum amount was allotted in

The Wiley Post, took up his famous

greas towards their objective" of

Rond-building

· The tendency to build factories and

continues apnea; should congratulate ourselves that the bills at three months. The average record-breaking plane, the Winnie

Szechuan and by way of parenthesis mills in many parts of China to avoid China Is also becoming more and rate of dividend can be maintained in I may remind you rato por cent. was 8/4.15d., as Mac, in an attempt to fly from Los

The actual figures relating to these fortunate persons, a British subject foreign firms are afraid of committing growth in afr

that two un- the heavy import duties continues, but more air-minded and there is a steady these most dificult times. We appear compared with 4/11.80d. per cont. Angeles to New York by a atrato- movements must be regarded with and a Swiss eltkien, have been in themselves varv far owing to recent torics pro under way in different parts established.

passenger and mail to be getting a fair share of profite- traffe. At least a week ago.-British Wireless, sphere

two aleplano fac- ble busincas in places whore we are caution, as on the one hand there their handa over since early October: legislation discriminating peninet for- He was forced to

were considerable invisible imports of In Northern Szechuan, the Communist elem factories. Moreover, another un- of China, and two others are co with us and, like colds and other in- however,

descend,

The depression, however, is still silver counterbalancing the increased situation in serious. wever, when he had climbed to circulation of Hongkong bank-notes in

desirable features in the keenness now templated, but I foor that the oll pipe forced him down

of 25,000 feet, A loaking South China, and on the other hand masquerading under the flag of Com-Government departments to establish and on munitions generally is out of its course and cannot be cured over Moreover, scattered banditry often being shown by Central and Prosisela Government expenditure on aircraft fletions, it looks as if it must run 125 there was - London, Feb. 22.

miles from Los Anroles.

the smuggling of gold muntem is still far too prevalent on their own factories and to monopolive Proportion to their financial Te night by legislation caused by the imposition In May 1930 in the provinces

and political of the four-engined. De He had hoped to fly at a speed of the embargo on gold exports other capital, and it is to be feared until conditions the investment of forelen conditions in other parts of the East have been largely controlled by Gov-

Burrounding the partlular Industries, Under Havilland machines ordered by of 350 miles an hour

Let me now shortly review trade Since the war, trade and financo once he than by the Central Bank of China. this sort of trouble will continuo until Quantas Empire Airways for the reached the stratosphero level on Nevertheless, this is undoubtedly the condition of the farmors Improves capital in Chlon, which she an badly Australian

where we have branches.

ernments trying only to solve thele Croydon for Brisbane-British will make another attempt in a

services has left which he would sat a course. He true picture of the general trend of and their standard of living in higher, needs, will only be discouraged.

In Manchuria, that is Manchukuo, own immediato problems and with- It is not for me to say much about

CUSTOMS REVENUE Wireless

It can hardly be regarded

Japan naturally continues to dominate oat much consideration to the dificul- fow days, ho says-Reuter,

as International relations In the Far surprizing then that gradusily in East, but I will just remind you that financial position of the Chinese doy country, especially for railway and

There is 1tle to be all about the trade and to invest large sums in the ties of the other follow. This has

(Continued on Page 7.).

PLANE FOR 'AUSTRALIA

Oño

迄

route to-day.

REGARDED WITH CAUTION

events.

Much

sourcen

expedienta.