1935-03-30 — Page 1

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Library, Supreme

Hongkong Telegraph.

TONNIER LK92 .... Tel:-20269.

No. 14550

六拜禮 姚十三月三英港香 SATURDAY, MARCH .30, 1935.

SOVIET PROPOSES

ASIAN PACT

SEEKING GUARANTEE AGAINST ATTACK

AMERICA HOLDS COLDLY

ALOOF FROM PLAN

(By Telegraph. Copyright, Telegraphic Messages Ordinance, 1893. Received, March 30, 10 d.m.)

Moscow, March 29.

It is understood from official sources that the Soviet Union has proposed a Far Eastern Security Pact, whereby Russia would balance an alliance, or understanding,, with Great Britain with a promise of assistance to a possible European coalition formed to resist German aggression.

Such a coalition, it is believed, would · assure European assistance for Russia in the event of Japanese aggression, according to the Russian plan.

It is stated that the scheme includes inviting Japan, Britain, the United States and the Soviet to embrace membership in such a paet, if Japan refuses to consider some other form of tri-partite agreement. -United Press.

A Washington despatch from the United Press states:

Cold aloofness greeted the Soviet suggestions, received yes terday, that the United States should enterținlo a Far Eastern security act, together with Great Britain, Risk rd possibly, Japun..

Officials declined to comment, but their attitude emphasised that such a propound must be declined.

Mr. Cordell Hull, Secretary of States, speaking to the press, indicated that the United States would continue to adhere, to the position that the Brinud-Kellogg Pact is sufficient security if all signatory-nations-enrry-it-out-to-

The letter,

MOSCOW CHEERS "THE KING”.

WARM WELCOME TO MR. EDEN

There

HOPEFUL AUGURY

Was an

Moscow. March 29,—— enthusiastic The Briand-Kellogg Pact, signed pro-British demonstration here by almost every nation in the 10-night when 2,000 spectators world, outlaws war as a means of of Tschaikowsky's "Swan Lake" settling International disputes. at the Ballet Theatre warmly applauded Mr. Anthony Eden, the British Lord Privy Seal and and his party, as they stepped

4

ITALO-

ABYSSINIA

DANGER

NEGOTIATIONS BROKEN OFF

RUSH ORDERS

FOR ARMS

Rome, Mar, 29.

It is officially announced here that the Abyssinian Government has decided to break of direct negotiations with the Halian Gov-¦ chment in connection with the settlement of the frontier dispute.

It I understood that the Abyssialan Government is demanti ing arbitration. The Italian Gov- enient will agree to this form of procedure only as a last resort to

avoid war.

#

Unofficial quartors consider that Commission `of'. Arbitration would have to be established un- der the auspices of the League of Nations, but it may be dimeult to constitute a Commission whose Judgment either party to the dis pute will be ready to accept na binding.

Meanwhile, it is generally be lieved that the Abyssinian situ. ation is growing more and More Aerious. Reuter.

H.R.H. the Duke of Gloucester, who has received a warm popular welcome on returning Home from his Empire

. Jour.

Heart Balm

Suits Ruled

Outside Law

HARD BLOW FOR "GOLD DIGGER"

BLACKMAILER CONFOUNDED

Albany, N.Y., March 29. Governor Lehman to-day algn. ed the Bill abolishing "heart (By Telegraph, Consright. Telephi balm" or breach of promise Mgamagra Ordinoner. 1935. Received, March suits, in the State of New York.

ITALY'S MIGHT

(Special to "Telegraph")

30, 10 mm.)

Rome, Mar. 20.

The Bill was 4ssed on, the "War material is being nina-round that the w had been ufactured as quickly as possible, made the instrument of blackmail. bombs, hand grenades, cannon and maximi guns are being turned out, and by the Spring will have been distributed to the troops.

The Bill abolishes the right to bring suits to recover damages for breach of promise; alienation of affection and seduction, and makes "Artillery material Is being any attempt to do Ho a felony, manufactured mare in keeping punishable by a fine of from $1,000 with the need for rapid move-

to $5,000 or imprisonment, rang- ment."

ing from one to ten years.

This is the dramatic announce. ment made by General Bistrocchi, of $10,000,000 paid annually by The law is aimed at the tribute. Under-Secretary for War, in a New York men to gold diggers stirring speech In the Senate to and blackmallers," says Senator day, regarding Italy's prepared-McNabe, apcnaer of the Bill. ness for war.

· near

Back into the former Imperial box.

He hinted that IL new Army Commlesion would be formed in the

future, called thu Sabauda. -

General Baistroch said that no- one could tell when wor might The whole house broke into expectedly, within

'break out. It might happen un-1

# few days spontaneous hand-clapping which following a period of political lasted for saveral minutes.

Welcome Back To London

PRINCE RETURNS FROM AUSTRALIA

HELPS TO BIND EMPIRE

.Mr. Eden and his party smiling ly bowed around and the orchestra, as soon as the applause subsided, played "God Save the King." The last notes had no sooner rang out than the theatre resounded to the cheers of the audience,

The Communist "Internationale" kept the theatre standing and pro- longed the applause until the over- ture was struck up.

London, March 29.

The warmth of feeling displayed IR.H. the Duke of Gloucester towards Britain and the visiting was to-day welcomed home by the British Minister la looked upon City of London after his sevenna"a good augury for the stabili months' Empire tour. Large Ing of the European position, in- crowds greeted the Duko ne he gamuch as a friendly understand- drove in an open carriage with an ing between Russla and escort of Life Guards.

will go far towards removing any menace to the pence of either. Reuter

At the Guildhall luncheon in his bonour, the distinguished guests Included the Archbishop of Canterbury, the Prime Minister and members of the Cabinet.

TALKS PROCEED

Britain

tension.

would have about 600,000 men By next Spring, he said, Italy perfectly armed and organised, besides the whole of the 1912 class of soldiers in reserve, which means another 300,000 men the field.Reuter Special,

LOCAL DOLLAR UNCHANGED

for

Reuter.

S'hai Pound Opposed

FIRST ADVANTAGE TO BRITAIN

SASSOON PLAN CRITICISED

Shanghai, March 30. Commenting on Sir Victor Sassoon's "palliative plan" for China the Minpas, one of the loading vernacular newspapers in Shanghal, states to-day that it appears that the real motive be- MARKET RATHER hind this scheme is to give benefita to British trade in China rather STEADIER.

than to relieve China's financial crisia, because the issue of Despite a fall of halfpenny Shanghai pound notes"

09 . spot and 7/16ths forward in silver supplement to the silver standard prices in London, the Hongkong would virtually link China's cur- dollar opened unchanged this rency with the pound. In other morning.

words, such a union would bring

to a great extent.

about 25. 0.1/8d, and 28. 0%d. The making her dependent on Britain The business rate locally 1 China Into the Sterling. Bloc, market is steadier than yesterday. but still rather uncertain.

Shanghai opened at 18. 6.11/18d.

London, March 29. Mr. Anthony Eden, Lord Privy The City's Address of Welcome Seal, accompanied by the Brit- referred to the service done by tish Ambassador, Lord Chilston, the tour in strengthoning the ties had further conversations thle which bind together the peoplea of the Empire in their loyalty and morning in Moscow with the Commissar for Foreign Affairs, devotion to the Throne and to the M. Litvinoff, and this afternoon and has since steadied up slight person of the King.

visited Monsiour" Stalln

In his reply, the Duke said that Kremlin. in every part of the Empire he

ly.

In the

In the London silver market, To-morrow Mr. Edon will be China spéculators sold and after- visited he was recolved with the the guest of Mr. Litvinoff at his wards bought at the fall of prices. aame enthusiastic demonstration country home and conversations the market closing uncertain. of loyalty as greeted the the King will bo continued on the whole snd Queen, his brother and the range of subjects dealt with in Duchess of York on almilar tours. the Anglo-French declaration of

Proposing the Duke's toast at February 3.

the luncheon, the Prime Minister

Mir.. Eden will leave Moscow

said the sincero intorost which His for Warsaw Sunday night.-British Highness. took in the daily Hot Wireless,

and interests of all he met showed

the royal quality of Instinctive

ASSASSINATION.

PLOT FORGIVEN

In that case, the paper adds, dominate the Chinese market, British goods would aventually with the advantage of enjoying far less of a fluctuating exchange than other countries.

porarily relieve China, in the long While the measure, might tem-

run China's currency might be plunged into an even more serious state of confusion.

In the same sermingly, inspired article, the

paper declares that China is now in a position to help beraalf through the laue of $100,-

日六廿月二

SERIOUS

BLOW TO

GERMANY,

LOSING STEEL

MARKETS

BELGIUM BLAMED

(Special to "Tolmgraph")

(lis Telegraph, Copyright Telegraphis Mingra Orestianes, 1894, livesland, March

20 mm

Berlin, March 29.

"This serious blow to Germany's export trade in a further aggrava-

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$24.00 PER ANNUM

BEAR OPERATORS

CAUSE HAVOC

STRINGENT CONTROL

NECESSARY

STOCK EXCHANGE PLAN WARMLY ENDORSED!

Strong support for the action of the Hongkong tion of her already difficult post-Stock Exchange insisting that contract, forms in res

tion in the world markets," de-

clored a leading member of the pect of forward dealings should bear the actual numbers Longue of Germun

Iron and

Se industries when interviewed of the shares bought or sold was expressed by a well- known resident of the Colony, who is closely acquainted He had been asked what might with share market conditions, in the course of

by Reuter to-day.

be the possible effect of the

Belgian Government's announce nicnt that the Belga would bu devaluated by over 25 per cent cont.

view with the Telegraph.

an inter-

1

Citing the fact that in times of emergency Govern- ments had sanctioned moratoriums and had applied Some sort of solution, however, artificial restrictions to tin and rubber, our informant was expected from the meeting of the International Raw Steel Asso- asserted that action was necessary in Hongkong to deal ciation opening at Paris to-morrow. with the grave threat to the welfare of the Colony Belgium was one of the member caused by the persistence of smashing tactics in local

nations and it was hoped that

way out might be found, said the shares. German industrialist, when the

question of prolonging present Local companies in most cases, he asserted, were doing quite well; it was the atmosphere of fear and panic Enquirica at the Reichsbank fanned by "bear" operators that had caused such grievous

agreements was discussed.

ellcited the remark that Germany

had no intention of following loss to bona fide holders of local stocks. Belgium's example.

It is also learned that the Government is not likely to enter tain the idea of state subsidies for the iron and steel export trade.-- Renter Special.

BELGIAN DECISION

Brussels; March 28.

In the Upper Chamber to-day, 31. Van Zcend announced that the present gold parity of the belga will be modified.-Ünited Prena.

DUTCH ACTION

The Hague Mar. 29. The Government does not intend ; _to_change_its_policy_as_a_result_in the fall of the Belgn, but there will be further drastic cuts In the budget in order to defend the dorin-Reuter.

China Bank Reforms

CLOSE CO-OPERATION PLANNED

CURRENCY POLICY NOT AFFECTED

COLONY'S SOUND FINANCES

DEFICIT LOWER THAN EXPECTED

BIG CREDIT BALANCE

was

་

Hongkong's complete financial, returns for year 1984 have now been issued, and these show that the total revenue $29,574,285 and the expenditure. $31,149,155, repersenting a de-) ficit of $1,574,870. The original estimate was for a defleit of

$1,711,070,

The credit balance at the end

When asked for his views on the. subject, the gentleman Interviewed expressed his opinion in the follow. Ing words:

1

"Quite apart from the power of the Stock Exchange Committed to reintroduce the Keswick Act as a matter of domestic discipline (as to which the legal advisers of the Committee, can give an oplalon), I iam. in favour of the Insistence on share numbers being given in all forward transactions, от дото

equally potent remedy for existing. downward gambling. This rule

Mr. W. J. Carroll, Chair- man of the Hongkong Sharebrokers' Association, stated this morning that the members of the Association feel that some measures should be taken to deal with

the present situation, and in the meantime are deliberat- ing as to the best course to be adopted.

of the year was $12,248,755, which will have the effect of curtailing

is slightly below expectations business, it is true, but it will curb when the Budget was introduced, the orgy of gambling that has The revenue of $29,574,285 beset the Hongkong share market compares with an estimate of for two years past." $31,731,626 and with $32,099,277.

"It is just as great a gamble to.

in 1933. Compared with 1933, the Bell shares forward that are not net decrease is $2,524,992,

in existence, with all the skill and

Shanghal, March 30, The shareholders of the Bank of China will hold an extraordin- ary meeting to-day for the purpose Of conuirming series of resolut tions adopted by the full meeting of the Board of Directors of the Expenditure of 331,149,165 com- 10" "bull" operators, and even more Bank, held yesterday, concerning paros with a Budget estimate of dangerous. Very few people object some important changes in the $88,442,695 and with $31,122,714 to see their possessions Increase statutes, including the increase of for 1933. There are decreases in value, but to see them depro- Government shares from $6,000,000 under nineteen heads and in clated beyond an economic lovel to $30,000,000, as against $20,000, crosses under eighteen, the net spells ruin, misery and diabetor. 000 private shares, thus placing increase compared the Government share-holders in being $26,440.

The biggest decrease in income energy needed to depress markets is one of over two million dollars to allow the 'shorts" to cover at a in respect of licences and inter-profit-just as great a gamble as nal revenue nut otherwise speci-the reverse side of the picture fled, whilst there is a decline of where shares are pushed up to un- justifiable heights to bring profits $414,388 in land safes...

a controlling position.

The private shareholders of the

with

1989

INORDINATE GREED

"Bull' and 'bears' are both necessary to a successful Stock Exchange-but both views must be

Bank had held a preliminary Strike Threatably temperate, and in the

mesting, yesterday to consider the resolutions to be submitted by the Government share-holders to-day. That Mr. T. V. Soong will be elected as Chairman of the Board of Directors and concurrently the

Governor of the Bank of China, as a result of the increase in the Government shares, is hinted în d statement made by him when ́he' said if he was offered those two

In America

LEGISLATION RUSHED TO END TENSION

Washington, March 29. A secretly drafted Administra-i

event of intemperance on either aldo it is the duty of those re ponsible to see to it that, if nectatury, even an artificial curb be put upon inordinate greed display bd by ofther ball' or hear. Heavy

margins can be used, to curb tha bull, and restriction of forward. shares to curb the bear."

"Personally, I think, in view of

posts he would not try to evudo hiation Bill for the extension of the the intense barm now being created NARA., with some modifications, by the greed of bears in the responsibilities,

was hastily Introduced in the Hongkong share market, that, tho In a further statement, Dr. H.

Senate to-day, after Mr. Richberg, time has come when restrictions on H. Kung, Finance Minister, de N.R.A. chief, had warned the forward shares should be imposed clared that the original position of Government that strikes were by some means or other, and pos the Contral Bank of China, the

steel, coal, albly the request for numbers is as 000,000 In loan: bonds for the Bank of China and the Bank of threatening the

a method as can be strengthening of the reserve Communications would not be automobile and textile industries reasonable human understanding and sym-and noble type of World' Empire.

The draft-Bi-provide for found capital of the Contral Bank of affected in any degree except In partial restoration of the anti- "It does not prevent the bona The Assize Court has acquitted China, the Bank of China and the pathy which generates the truest The Duke, in reply, said he re- all those accused of participating Bank of Communications, instead:tween the three leading banks tion by the Inter-State Commerce thinks his stock is too high but it securing close collaboration betruat Inws and Code administra-fida holder from selling it be really loyalty among the King's subjecte. xarded it great good furtuns in the attempt on the life of M. of seeking foreign financial help. This personal touch, by its im- that he had been given the oppor Venizelos in June, 1933, Includ

through the increase of Govern Commission.

does prevent the outsider selling ment shares in them. mediate effect and the memories tunity of seeing so much of the ing the former chief of the Athons that Chinesa financial, industrial Finally, It expresses the hope

Mr. William Groen, President stock he does not own and then of it left behind and borne away, Empire and its people. He urged polteo, M. Polychronopoulos, the and trade circles will give loyal

Dr. Kung alae made it clear that of the American Federation of employing every tactie: known to collaboration between these banks Labbur, had previously strongly Beardom in order to smash the exorted a powerful grip on the, his fellow-countrymen to travel brigand, chief Karathanassia, and support to the Government-in had no-connection whatever with urged the extension of the market, create dismay and fear, and heart of the Commonwealth, and, themselves and see the Empire- Afteen others, polleo and civilians, working out, the country's" solva- enabled it to develop as a new British Wireless.

the Government's currency policy. NR.A., and the provision of a 30-so reap a profit from a stock In tion Central News.

Central News, v

bour week-Router.

(Continued on Page 9).

-Reuter

Athens, March 20.