1935-05-24 — Page 1

HOT WATER SYSTEMS

INSTALLED

TO ANY

CAPACITY.

Systems designed to

save fuel Costs.

İCONSULT-

C. E. WARREN & CO., LTD.

China Building.

Tel. 20269.

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Low Water:

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Talagraph “Morning Post, Ladi, Birkál, Hangkung.

The

FINAL EDITION

oprem

Hongkong Telegraph.

FOUNDED 1381 五拜禮 號四廿月五英港香

No. 34038

SENATE SUSTAINS Interest

BONUS VETO

VETERANS STILL ARE OPTIMISTIC

NEW RELIEF MEASURES PUSHED TO FORE

Washington, May 23.

The Senate has sustained President Roosevelt's veto of the Patman Bonus Bill which, passed by both Houses, called for payment of over $2,000,000,000 to the American War veterans.

In Colony

Trade Fair QUESTIONS ASKED

IN COMMONS

WILL BRITAIN EXHIBIT?

London, May 20.

Replying to Mr. A. E, L., Chorl- ton's request in the House of Com. mans to-day that the Government reconsider its decision not to exhibit at the proposed British Empire Trade Fair in Hongkong,

FRIDAY, MAY 24,

1935.

Admiral of the Fleet Earl Jellicoe,

Mr. Ernest Brown. Secretary to the President of the Empire Day More Mines Department, for Lieut.ment, who, in a special message in Col. David J. Colville, Secretary connection with to-day's observance, of the Department of Overseas expresses the hope that the Empire Trade, said that if representative may continue to be an outstanding sections of British industries influence for peace and security.

interested in China trade were to

make concrete suggestions for the

exhibit,

Colville would

After six and a half hours of oratory, which flowed steadily, for and against the Bonus Bill, the Senate fulfilled expectations by supporting the veto with a minority veto. The division was 54 to 40, the majority required being 62, or two-thirds of the House, to over-gladly consider them. ride the veto.

The Senate vote was watched with intense interest since, yesterday, the House of Representatives over- rode the veto by a large margin. President Roosevelt did not comment when informed of the result of the vote, but gratification na expressed elsewhere in the White House.

Many famous Senators spoke in favour of over-riding the veto, including the Western element which so strongly supports high silver prices. Senator Borah, Senator McAdoo, and the Lousianu "Dictator," Senator Long, fought the veto. The pro-Palman Bill force may have lost some sympathy- because of Senator Long's presence in the "Opposition" camp.

Meanwhile, the House of Repre sentatives had introduced the Vinson Bill, with an amendment providing for payment of benefits to War Veterans' out of the great Work Relief Fund.

CHINA'S

FINANCE REFORMS

MORE EQUITABLE TAXATION

UNIFORM CURRENCY

Nanking, May 24, Immediately after the Senate Commenting upon China's 1936 vote was taken, Senator Clark Budget before a group of Chinese served notice that he would move newspapermen, Dr. II. HI, Kung, for the suspension of rules, with the Finance Minister, declared the a view to adding a bonus rider to Government would adhere to ità the pending Naval Appropriations policy of curtailing expenditure BOL.

and developing its sources of revenue,

In order to facilitate the passage of such a rider, Senator Clark auggests that the method of pay- ment would be optional with the President, and would give him a choice of issuing new mohey, borrowing or using. Work Relief

Funds.

VETERANS DESPONDENT

not

Dr. Kung announced that steps were being taken to introduce in- come and inheritance taxes, unly with a view to securing more revenue but with the object bringing about a more equitable distribution of taxation."

of

organisation of a United Kingdom

Colonel

It would be necessary for the in- exhibitors to pay the costs volved on proportion of their participation in the exhibition.

Nothing prevented British firms applying for space in the exhibi- tion individually, he went on, and

he invited Mr. Chorlton to submit the question whether the Depart- ment of Oversens Trade was pre- pared to contribute to the Trade fair.--Reuter,

More Strikes In U.S.

PLANNING DISTANCE FLIGHTS

日二十月四

Rain Spoils.

Baseball In

Both Leagues

SINGLE COPY 10 CENTE $30.00 PER ANNUM

TENNIS PLAYERS

ENJOY

Every Minute of Your Time on the Court By Playing with The DUNLOP "FORT"

The Most Durable & Controllable Ball Ever Made

STOCKS FROM FRIDAY

S'HAI FINANCIAL HOUSE CRISIS

FIRST NIGHT CAME AMERICAN-ORIENTAL

ABANDONED

GIANTS FALL ·

AGAIN

New York, May 23, The first of the night baseball matches arranged in the National Lengue. between Philadelphia Phillies and the Cincinnati Reds, had to be postponed to-day until to-morrow night.

The fixture had to be put of on

account of the rain and cold.

Other baseball matches were also postponed owing to the wea- ther conditions.

The New York Giants suffered anothern defeat but Brooklyn Dodgers were also beaten, leaving the top positions but Aittle changed.

NATIONAL LEAGUE

Boston

Pittsburgh

dec

IL. II. E

1

|

0

7 11 0

(Wally Berger scored a home run for the Braves and

homered

Vaughan

Pirates).

CAMPBELL BLACK'S New York

ENTERPRISE

NEW IMPROVED "COMET"

Chleago

Arky

for

the

.....

4 H 6 10

3

2

(Kiki Cuyler scored a home run for the Cubs),

Brooklyn

St. Louis

7 16 置

8 18 0

(Joo Medwick scored a home run for the Cardinals. The match went to ten innings).

The first night match between

and Cin-!

BANK CLOSES DOORS

FULL PROTECTION FOR DEPOSITORS

Shanghai, May 24. At a meeting of the Board of Directors of the American-Oriental Banking Corporation this morning. it was decided to suspend payments and to apply to the United States Court for the appointment of trustees to conserve the bank's assets for the benefit of depositors. It is reported that the bank's assets substantially exceed the liabilities and that the shortage of cash has been caused only by the continued acute financial situa- tion in Shanghai.

The total of the deposits is reported as being 5,600,000 yuan and the capital surplus as U.S.$1,000,000 and 3,000,000 yuan.

The American Oriental-Bank operates only in Shanghai and Tientsin.

FORD CO.

SURPLUS ADVANCE

The directors of the Asia Realty Company, the American Oriental Finance Corporation, the Raven Trust Company, and the afliated bunk, also

met this morning and decided to apply for the appointment of trustees under Section 77B, of the new Bank- ruptcy AclUnited Press.

Philadelphia Phillies

was postponed to UNEXPLAINED SPLIT Corporation is not opening to-day. cinnati'iteds to-morrow on account of the rain

London, May 23, Before the Northorn Summer ends in September, Campbell Black, co-pilot with C.W.A. Scott of the Comet twin-engined monoplane which won the Eng- and cold. land-Australin speed and handicap

LABOUR UNREST ON races Inst Octuber, will undertake

INCREASE

(Special to "Telograph")

[BuTelegraph. Copyright. Telegraphic Ordinance, 1881, Hrecived, Alay

Afenpre

a series of long-distance flights that may establish new records over some of the world's chief present and future air routes.

His machine will be a new and improved Comet now 'under nufacture.It is designed to cruise 10,000 feet above sea level at a speed of at least 220 miles With three major strikes already per hour. Its maximum attain.

be in progress, a

about fourth walk-outable level speed will

and four miles per minute, has forced the shutting down of the National Carbon Company, throwing 1.200 men into idleness.

21.ml

Cleveland, May 23.

Other plants closed by strikes include those of the White Motor Company, the Industrial Rayon Company, and the Addressograph ani Multigruph Company.

The total number of workers

The Central Bank's scope of Mr. Van Zandt, Commander of activity would be enlarged to the Veterans sponsoring the enable it to assume the lead in rendered idle in these strikes is Patman Bill, issued a statement stabilising China's economic condi- [ 5,500.-Router Special, characterising the Senate action

as " cruel blow."

He forecasts ultimate victory

tions.

Efforts would also be made to bring about a uniform currency

for the veterans, however, and for all China, the Fifiance Minister

during the present session.

"The Senate action has turned")

to heart-aches the high ' hopes. raised in thousands of needy

stated.-Reuter.

veterans," said Mr. Van Zandt. Officer

"This sustaining of the veto is a bitter disappointment which will not soon be forgotten."-Reuter.

NARROW MARGIN

Tried

In Secret

U.S. ARMY COLONEL

Washington, May 23. By nino votes the Government avoided forced inflation of the cur →géncy-by—$2,200,000,000-to-payl

Veterans' bonuses to-day.

Simultaneously the President

DISMISSED

Washington, May 23.

•

BANK OFFICIALS CHARGED

DEADLOCK AT GENEVA

I

Mussolini Refuses Mediation Plan

The

Geneva. May 23.

Italo- Abyssinian

situation has reached, a complete deadlock.

Signor Mussolini, Italian, Prime Minister, has rejected the mediatory proposals.- Reuter,

ita

Detroit Bosion

AMERICAN LEAGUE

IN STOCK

IL. II. E. 5. * -X

(Greenberg scared a home run for the Tigers).

Inclement weather caused the postponement of the other three fixlire affected matches. The were:St. Louis Browns v. New York Yankees; Cleveland Indians v. Philadelphia Athletics, Chicago White Sox y. Washington Sena-

Lore-Reuter.

Mr. Macdonald Must Quit

PHYSICIAN ADVISES

CHANGE

London, May 23.

INCREASED RESERVES

DOORS CLOSED

Shanghai, May 24. The American Oriental Bunking

Depositors are fully covered. CONSERVING ASSETS,

Shanghai, May 24.

At a meeting of the Board of Directors of the American Oriental Banking Corporation (which is a small American bank operating In Shanghai and Tien- tsin only) a decision was reached Telegraphe Copyright. Telegraphie this morning to suspend pay- Manger Ordinance. --1491.- - Hessivad. - Mayments and apply to the United-

stu

(Special to "Talagraph")

NG, M.,.)

It is understood that the unsets

States Court for China for the New York, May 21. appolutment of a Trustee, to conserve the assets of the Bank According to the balance sheet of in the interests of depositors. the Ford Motor Company, fled with the Commissioner of Corpora- are more than suficient to pay tions at Boston, the surplus of the all depositors in full through organisation at the end of its

orderly liquidation. financial year had increased from $3,759,000 to $580,277,000.

A moeting of the Board of Directors of the Asia Realty

At the same time the company's Company this morning decided to reserves rose from $6,990,000 to apply to the United States Court $10,097,000, bringing the total of for the appointment of a receiver for the purposes of reorganisa. indicated 1934 earnings to $6,860,-

tion. 000.

The figures, however, are ex-the management to conserve a

The Directors have instructed clusive of whatever dividends muy sets, pending the appointment of be paid to holders of stock.

The Indicated loss in operations In consequence of recent advice for 1933 was $3,480,000, and in given by Mr. Ramsay MacDonald's | 1932, $79,248,000.

receiver-Reuter.

Later. Shanghai, May 24. The Directors of the American doctor and oculist, it is now The balance sheet discloses a 20 virtually certain that Mr. Baldwin to 1 stock split-up, with shares the Ravon Trust Company say that Oriental Finance Corporation and will take over the Premiership outstanding at the end of the year they expect to apply to the United

within three weeks.

ARRESTED ON ORDERS IN

OF WANG CHING-WEI range on one fuel of load In still

air will be 2,000 to 3,000 miles. Nanking, May 23

Details of Campbell Black's Fu Lin, former Manager of the flights are not yat finally decided, Nanking Citizens' Bank, and Shik but it is known that he is particu Cheuk-hun, former vice-manager, larly interested in the route link- were arrested by the Metropolitan ing Latin America with Europe Police today on a chance of end Africa-British_Wirelcan, embezzling $400,000. The arresta were made by order of Mr. Wang the

Executive Yuan-Central News, has Ching-wei, President of

A Becret court-martial escaped the severest set-back his terminated the distinguished mili- Recovery programme was ever tary carcer of Colonel threatened with.

ander Williams, former assistant quartermaster-general.

The Senate votod 54-40 to over- ride the veto of the Patman Bill. The vote came aftor impassioned efforts of Infintionists to save the

measure.

Alex-

Ile was charged with soliciting and obtaining tion: with War Department con- tracts, and giving false testimony in the matter before the House Committee. The amount of the loan was only $2,000.

a loan in connee-

Senator Clark is prepared to sub stituto a Bill offoring the Presi- dent the choice between inflation and borrowing to pay the veterans' The court-martial ordered that bonuses, while the House of Colonel Williams be dismissed Representatives has already in from the service.-Reuter.

troduced the Vinson Bill, with an amendment, providing payment of bonuses from the work relief Fund.Reutor.

ECONOMIC MISSION

SUGAR CONTROL

MANY KILLED IN EXPLOSION

HASTINGS ATTACKS ROOSEVELT

BOILER BURSTS AND HOLDING COMPANY

SHIP SINKS

J

Changsha, May `24.

It is estimated that at least 230 passengers and crew were killed and injured as a result of an ex- plosion of the boiler of the passen. Nankug, May 24. Sugar merchants are much in-ger-carrying steamer Changle, at terested in the nature and fune: Changsha, on Wednesday.

a point about five miles from tiona Chungking, May 24..

of the Sugar Control Marshal Chang Kai-shek has Committee just set up by the Many passengera suffered arranged to receive the members Ministry of Finance. This Com-serious burns when rescued, while

BILL DANGER

CAUSES LOSS

IN VALUES

As the changing of the head of the Government involves the re- signation of the Cabinet, Mr. Baldwin will have a free hand in reconstruction, and there is every indication that he will use it com-

prehensively,

Me MacDonald will remain pro-, bably as Lord President of the -Council, and-the-reconstruction-of- The Cabinet will be based on the strongest possible combination. I on the present National basis, in view of the General Election which in most likely to take place in the coming autumn--Reuter.

BANK FAILURE

Tientsin, May 23, The Ming Hua Savings Bank, a Chinese-owned bank, was declared bankrupt to-day, ita branches in Pelping, Shanghai and Tsingtao having been closed simultaneous ly-Central Newn.

of tho. Chairman (Sonator Wheeler) in his handling of the hearings.

totalling 3,452,900 at $5 par value,

compared with a previous total of States Court for China for relief 172,046 shares of a par value of in a similar manner to the Aala

Realty Company.--Reuter. $100-Reuter Special.

FRENCH BANK RATE RISES

TO CHECK OUTFLOW OF GOLD

(Special to "Telograph")

.

LOCAL REACTION Interviewed this morning, Mr. W. G. Greene, Manager of the American-Oriental Finance Cor- poration, Hongkong Branch, said that the news of the bank's aus- pension in Shanghai had come as ncomplete surprise to hint, 317 though he knew that money was "tight."

He had just received Instruc- tions not to accept any new business or to make any further commitments. pending further orders.

Paris, May 23.

raised from two and a half to three per cent.

The French bank rate has been CANTON TO CALL

IN SILVER?

The increase in designed to pro-i tect the trane and to check the

{MAY TAKE COINS OUT, outflow of gold from France.

The reason for the increase is

OF CIRCULATION attributed to the lack of liquid funds owing to the heavy drain on

Canton, May 24. The local financial circles learn the gold reserves.

The weekly total up to to-day, of that the Canton financial authorl- scold reserves shows a loss of ties are proceeding with a plan Sonator Haatinga says:-"The 521,000,000 francs. This total, for the withdrawal from circula- (Special to "Telegraph"}

Bill undertakes the arbitrary con- however, does not include the cur- tion of all aliver coins, as an Telegraph. Copyright. Taligraphic scation of securities held by rent week's losses which are be effective means to stabilise the (ly Maraapia Orálummon; 1111. Reorived. Her millions. The President Insists lieved to total twice that amount. currency In Kwangtung, because

» am)

that it is definitely a recovery The French Premier, M. Flan- the embargo on the silver outdow; Washington, May 23. of the American Economic Mis-mittee will summon Chinese and many others went down with, the Company Bill has been opened by values, but records show that the that he has no intention of staking factory remedy,

The attack against the Holding measure and will not destroy din, is credited with having said is considered a not entirely satis alon this morning at his boad-foreign augur merchants to steamer, which almost instantane.

In view of the importance of thờ Senator Hastings in a minority Bill has resulted, so far, in the life of the French Government quarters, while other members meeting to-morrow, at which the ously sank. have flown to Chongtu, where they functions and nature of the Come

roport criticising President Roose losses in common stocks alone of on the demand for full powers to move, expert opinion will have to three billion take all nócessary. action be consulted before a detailed plan will stay for a few days before mittee will be explaided-Central·

Property loss is estimated at veit for endorsing such legislation, approximately

United Press.

can be worked out.-Central News, returning to Chungking-Central News.

'about $20,000.—Central News, and bitterly assailing the tactics dollars,"-Reuter Spacial,