1935-04-29 — Page 1

STANDARD DISINFECTANT

för

GENERAL DISINFECTING,

DEODORISING

and

CLEANSING

In

ONE GALLON TINS

$2.75

C. E. WARREN & CO., LTD.

China Building, Hongkong.

Low

The

FIRST EDITION

Cour

Hongkong Telegraphi

FOUNDED ### WATEEF MONDAY, APRIL 29, 1985.

MAY PEG PRICE

OF SILVER

DECISION EXPECTED

IMMEDIATELY

U.S. TREASURY LAYING PLANS FOR ACTION

Washington, April 28.

Senator Patrick McCarran was in conference with Mr. Henry Morgenthau, the United States Secretary of the Treasury to-day.

After the conference Senator McCarran an- nounced that the Treasury was favourably inclined to- wards the remonetisation of silver at a price of $1.29 per ounce.

Mr. Roberto Lopez. of the Mexican Treasury De- partment arrived here by plane and was accorded a warm welcome by members of the U.S. Treasury. He

will have a conference with Mr. Morgenthau early this

week.

At present the US. Tr asury is studying four

plans for dealing with silver:

(1) Immediato pegging of the

silver price at $1.29;

(2) The continuation of a small

bonus over the world price for the

nowly domestic silver;

(3) The purchase at all silver at the world pries;

4

(4) Paying $1.00 per ounce for newly-mined allver, which price

The official rate of the Hongkong dollar on opening this morning was 2s. 54d.. a decline of three-farthings. on Saturday's quotation.

Some surprise was ex- pressed in exchange circles that the official rate should be so high, in view of the fact that the Hongkong Shanghai cross-rate was 141 and the Shanghai dollar quotation 1s. 84d. No business is being done locally, in view of the puzzling state of the mar-" ket.

would not be reached immediately Sonator McCarran Intends to suggest the elimination of the GO per. cent. profits tax and the pegging of the silver price at $1.29. An announcement regarding the silver price is expected Monday- United Press.

MEXICAN ACTION

Moxico City, April 28. The Mexican Government has called in all sliver money, and has

COMPLETE EMBARGO ON SILVER?

RUMOURS RUNNING IN SHANGHAI

MOVEMENT OF METALS

89

Wilhelm Kiesst

日七廿月三

A mock air raid was recently held in Burlis, the city being darkened for the occasion, when 150 planes soared over the capital and dropped "cang on cracker" bombs. Picture shows a crater caused

by the bombing.

Lord Gladstone Of Hawarden

DEATH AFTER LONG SERVICE

SON OF NOTED STATESMAN

London, April 28.

The death of Lord Gladstone of Hawarden, first Baron, and third

CHURCH DEFIES ENEMIES

NO COMPROMISE WITH GODLESS

CARDINAL'S WARNING

Lourdes, April 28.

New York Market

WIDE FLUCTUATION

IN COTTON

SILVER BREAK

EFFECTS

(Special to "Telegraph")

New York, Apr. 28.

within a

SINGLE DOPE 18 CORSETI

#ILM PER ANNUM

RELIABILITY. LONG MILEAGE... SAFETY...

DUNLOP

The Worlds Bast Tyn

COTTON MARKETS THREATENED

AMERICAN INDUSTRY FACES CRISIS

BRAZIL GROWER ALERT TO ADVANTAGES

(By Telegraph. Copyright, Telegraphic Messages Ordinance, 1894. Received, April 29, 10a.m.)

Washington, April 28. Just as President Roosevelt's special Cabinet Com- mittee was ready to begin its conférence on the cotton textile situation and the manufacturers' claim that the Agriculture Adjustment Administration's programme was ruining their business, two warnings of increasing production of cotton abroad were issued.

The Bureau of Agricultural Economics, which is part of the Agricultural Department, issued a state- ment, saying:

"Cotton production in foreign countries has been increasing more rapidly than in the United States."

DETROIT FINALLY RALLIES

BEATS CLEVELAND FIVE-THREE

YANKEES WIN AGAIN

son of the famous statesman, Rt.

The three days of continuous Hon. W. E. Gladstone, was an- masses, day and night, in the cause

On the New York Cotton Ex- nounced to-day.

Born in 1862 and educated at of peace, attended by thousands of change prices reacted Eton and King's College, London, pilgrims from all parts of the fifteen point range from the pre- he ultimately became senior part-world, culminated to-day in an Im-vious close due mostly to profit-tak. her of Ogilvy, Gillanders, and Co., Pusing procession to the grotto of ing and the weakness of silver.

The market steadied later due to London and Liverpool, and of miraculous healings. Gillanders, Arbuthnot and Co., Cardinal Pacelli, the Papal rumours

that the Government Excitement has been caused by Calcutta, in which he remained for Legale, with boys and girls carry might make, some bullish annou- a rumour that the Chinese w thorities are going to place anthirty years, and he was for many ing a vine, a whoat sheal and announcement during the week-end.

Mr. Benjamin Alder, the noter | margin. years & Director of the P. and O. olive tree, headed the nturch, The embargo on silver exports.

warned, the Steam Navigation Company. His olive tree was sent by the Pope as cotton expert, has It is also alleged that the Shang-public service was rewarded with a symbol of peace and hope.

Government that ita cotton pro- a title in 1932,

gramme is stimulating production in Brazil. He entered the East India House

Shanghai, April 29.

first three

Cardinal Proelli, la his closing

of Liverpool, and of his grand-Jected the idea of resumption. of his uncle, Robertson Gladstone, sermon, denounced those who re-

New York, Apr. 28.

The Foreign Policy Association, simultaneously, stated that the cotton areas abroad "can and will be considerably extended provided the world price of cotton remains favourable, relative to that of other commodities."

Joining in the textile manufac- turers' drive against the cotton processing tax, the

Policy Association states:

The riso In the price of raw cotton and the addition of the processing tax of 4.2 cents per pound, as well as the increased cost of labour, have all contribut ed, to reduction of the sales of cotton goods and have brought dia- tress to the cotton textile in- dustry."--Router Special.

COTTON CONVENTION Detroit Tigers, favoured by sports writers to win the American League

Augusta, Apr. 28. pennant, have not been very success-

The Cotton Convention here has ful during the opening stages of the adopted championship but they managed to wards the cotton processing tax conciliatory attitude to- beat Cleveland_to-day_by_a. Darrow and-has-deolded-to-not-join-the- Now England convention's fight Bal Johnson of Athletics, hit two home runs for is the tax.

the Philadelphia for the outright abandonment of side against the New York Yankees, It has passed а resolution but was unable to give his side vie asking the Government to study tory.

five-point programme which cabled by Reuter has drawn up.

Kesulta

א

AMERICAN, LEAGUE

R. H.

New York Philadelphia

10 0 10. 0

bai Customs Administration hus, since Saturday, shown reluctance; to issue silver exportation certi- ficates or has actually refused to

He said, "If the growth of pro- issue them.

duction in Brazil during the next Meanwhile, a report issued by in Calcutta, with intervals injection under some form of social the past, Brazil may produce sum.

father, Sir John, in 1871. He was "Whether they disguise their re-five years is commensurate with follow; the Chinese Customis authorities shows that for the

England, from 1874-89, and acted revolution, ar whether they are in-cient cotton to destroy America's months of this your silver exports for some time as private secretary spired by a false conception of life, foreign markets," from Chim only amounted to to his father, who was then at being possessed by superstition of $10,000, while silver imparts for the height of his power.

On Wall Street yesterday stock race or blood, their philosophy rests the same period amounted to One of his most outstanding ser-upon principles fundamentally op prices were downward due to heavy

(Combs and Crosetti scored, home | $4,246,368, of which $4,048.981vices to his country was achieved posed to the Christian faith, over profit-taking on the silver break.

while he was a member of the which the Church refuses to bar-

runs for the Yankees whlie Bob John- came from Hongkong.

Bear tradora covered railroad son hit two homers for the Athletics). on The samo report says that the Royal Commission

Indian gain with them at any price," he commitments in anticipation that Washington outlaw of gold from China for Finance and Currency, 1918. challenged-Reuter thia period was

He was Lord Lieutenant of up to 13,969,110 Customs Gold Units, all of which Flintshire and President of the was exported to Britain, while Territorial Army Association in gold imports were 76,666 Customs 1915, amongst other official posts. Gold Units, which

Lord Gladstone was Treasurer Japan-Central News,

of the National Library of Wales and President of University |College, North Wales.-Reuter.

cume

from

announced that it will be sub-would be effected within'a year. stituted by small denomination |—United Press. paper money.

A member of the Mexican Treasury is on his way by plane to Washington to confer with Mr. Hoary Morgenthau,

MONTREAL 'MARKET

+

Montreal, April 28. Silver futures declined as much as 350 points during one of the most active and exciting sousione be in history on the Motal Exchange

here yesterday.

Sales amounted to 1,300.000 ounces.-United Press,

All Mexican Banks will closed on Saturday.

President Cardenas has in-i diented that the Mexican banking laws will be reformed, and that the peso will bo pegged at Pesos 3.60 with the United States dollar.

NEW YORK SILVER

U.S. FOREIGN TRADE

MARCH GAINS OVER FEBRUARY

Washington, Apr. 28.

The Department of Commerce, reports that foreign trade figures

Still Loyal To Faith

RUSSIAN CHRISTIANS

UNMOLESTED

EASTER PARADES

the Supreme Court will give a rul-Boston ing in favour of the railroads in the question of employees' pen- St. Louts Alone.

Chicago

to

3

12

4 0

7 0

(Bonura scared a home Traders expect a favourable radio the White Sox). broadcast by President Roosevelt on Sunday night.

Bonds were strong and issues on the Curb Exchange were Irregularly lower.

Favourable, factors in the Stock Market: (1) Steel production re- mains steady; (2) Retall trade is Increasing: (3) The easy absorp tion of profit-taking.

Unfavourable factors are: (1) Losses by the railroad companies in March; (2) More realising sales are likely; (3) The uncertainty of the commodity markets and the of the foreign ex- Telegraphe nervousnes

(Special to "Tolagraph")

{By Belagraph,

Copyright

Now York, April 28. Improved during the month of fosa Ordinance, 1181. Excelved, Aprajchango markets.--United Prest.

A decree will be published later Mesars, Handy and Harmon, March. which will includo the creation of bullion merchants, quoted silver at

Exports amounted to $185,001;-

a national monetary reserve, thus 764 cents per ounce here yester-000 compared with $162,990,000 for replacing the Bank of Mexico as day-United Press,

П reserve bank. The Bank of Moxico now becomes a re-discount Institution.

U. S.-MEXICAN PARLEY

Washington, April 28-

to

altuation

17, 10,5 mm.)

:

Moscow, Apr. 28.

It naka the Government to con- sider the adoption of some form of substitute for the tax which will entail the minimum of altera- tion and at the same time lift the burden from the cotton ex- porters,

for more

Further it

stringent restrictions on importą of Japanese textiles.

The continuation of the cotton loan plan on a basis of at least 12 centa ia urged, together, with a suggestion for a permanent curtallment programme and the run for negotiating for similar program→

mea with other nationa.- United Press. 0

Detroit

Cleveland

(Greenberg Tigers)."

5

12

[

homered for the

NATIONAL LEAGUE.

-16.

1

II. E. 0 ?

Philadelphia New York

(Hal, Schumacher pitched and blanked out the Phillies while Joc Moore homered for the Giants). Boston

11 0 Brooklyn

.1 (Lopez scored a home run for the Dodgers). Chicago

0

MORE DOG-BITE

CASES

TWO DURING THE

WEEK-END.

Two cases of dog-bites were reported to the police over the week-end.

Mr. J. J. Richards reported that on Friday last his five-year- old daughter Josephine,

whulle

visiting Mrs. D'Asalà, of No. 16 (Sammy Byrd scored a home run black and white Pekinese dog be

Haven Street was bitten by

Cincinnati

for the Reds).

S'HAI MARKET UNCERTAIN

Pittsburgh

St. Loul

February and $190,800,000 for This city of few remaining March last year.

churches was nevertheless Imports amounted to $177,279,- crowded by thousands of worship- 000 as compared with $152,478,000 pers for the Russian Easter hor Under the new monetary plau,

for February and $158,005,000 for vices, which met with no inter- The Mexican Ambassador the exports of all silver coin and Washington and Senor Robert

March last year.

ference from the authorities which bullion destined for the melting Lopez, Assistant Secretary of the

Manufactured goods featured evidently consider that religion is pot will be prohibited, but nowy Mexican Treasury, conferred for Agricultural exports showed a de-was a complete absence of anti- mainly in the export gaine. Į dying but in any event, Thero mined silver will still be export an hour on the silver ablo.

with Secretary Morgenthau, Mr. | froase.—United Press.

religious servicos. All banks hare will re-open on Herman Oliphant and Monday, April 29-United Press Feia, Economic Advisor, to the Mr. Herbert United States State Department..

All the officials that were pre- Los Angeles, April 28 joont at the conference refused to In a speech hare, to-day. Mr. discuss the meeting beyond say Suffering from competition of while a priest, from the church The Hongkong & Shanghai William J. Bryan said that the Ing that there would be further cheap-priced, foreign cotton yarns, door, led the crowd. In a chunt: rise in sliver prices was of no conferences,

Christ ds risen | big Chinose-owned cotton mill, particular monetary importance. Secretary Morgenthau reiterated the Min Shang, bar been compelled The crowds at this church, as Ha also ridiculed the prediction that there will be no change in to announce its decision to wind at others, were mostly composed that the remonetisation of silver the Treasury's price of 77.67 an up busloss, throwing 800 workers of poorly dressed, elderly people,

“U à sixteen-to-one ratio with gold ounce before to-morrow-Reuter-out of employment-Central Nawa. --Rextor Special

REMONETISATION RIDICULED

COTTON MILL FAILS-

Shanghai, April 28.

11 R

3

1

longing to the hostess. The dog was sent to Matankok bile the

(Yaughan homered for the Pirates). little girl was treated at the Gov-

SOUTHWARD-ROUND

Shanghal, April 20.

ernment Civil Hospital.

A black dog belonging to Mr. L. H. C. Calthrop, A.S.P.. but which was kept by Mrs. Parkes, of No. 4 Albion Terrace, was sont to Mataukok after having bitten Mrs. J. G. R. Humble, of No. 3 Tantallon Terrace, Kowloon Docks, on Saturday at Tai Wan Beach,

HONGKONG BANK IS SELLING EXCHANGE

Shangkal, Apr. 29, A torchlight procession, of the same sort as used to parade in The Foreign Exchange. Market A section of the American former. years, marched to one of a very uncertain this morning Economic Mission, led by Mr. W. the churches and several hundred owing to the uncertainty surround Cameron Forbes, la proceeding to Conton this morning on board' a persons stood in the courtyard ing the United States policy.

Chinese National Aviation plane.

Chicago, Apr. 20, Banking Corporation is among This section of the mission con- sists of six members, including the few sellers of exchage

Wheat prices were downward Openingsrates on the Foreign Mr. Forbes, and will return to due to heavier foreign pricom and Exchange Market ware U.S. dollars Shanghal after staying in Canton the lower price. In addition there 40% Sterling 1/8% Gold Bars for four or five days-Central) were reports of beneficial #raitis. 3776.00-United Press:

News.

in the grain bals-United Press

WHEAT DOWN