1935-05-24 — Page 13

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The

FINAL EDITION

Library, Supreme

Co

2

Hongkong Telegraph.

FOUNDED 1861

No. 14506

五拜籍 號四廿月五英香 FRIDAY,

MAY 24, 1935,

SENATE SUSTAINS Interest

BONUS VETO

VETERANS STILL ARE OPTIMISTIC

NEW RELIEF MEASURES PUSHED TO FORE

י

In Colony

Trade Fair

QUESTIONS ASKED

IN COMMONS

WILL BRITAIN

EXHIBIT?

London, May 21.

Replying to Mr. A. E. L. Chorl- ton's roquest in the House of Com. mona to-day that the Government its decision not to exhibit at the proposed British Empire Trade Fair in Hongkong. Admiral of the Fleet Earl Jailicon, Mr. Ernest Brown, Secretary to the President of the Empire Day Move. Mines Department, for Lleut-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 continua to be an outstanding sections of British industries. Influence for peace and security.

reconsider 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.

After six and a half hours of oratory, which flowed steadily, for and against the Bonus Bill, the Sénate 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- 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 was expressed elsewhere in the White House.

Many famous Senators spoke in favour of over-riding the veto, including the Western clement which so strongly supports high silvor, prices, Senator Borah, Senator McAdoo, and the Lousiana "Dictator," Senator Long, fought the volo. The pro-Patman 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 B, with an amendment providing for payment of benefits to War Veterans out of the great. Work Relief Fund.

Immediately after the Senate

CHINA'S

FINANCE REFORMS

MORE EQUITABLE TAXATION

UNIFORM CURRENCY

Nanking, May 24.

Commenting upón China's 1935

vote was taken, Senator Clark Budget before a group of Chinese served notice that he would move newspapermen,

to Ita

Interested in China trade were to

¡make concrete suggestions for the organisation of a United Kingdom Colonel Colville would

exhibit,"

gladly consider them.

It would be necessary for the exhibitors to pay the costs in- 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 Overseas Trade was pre- pared to contribute to the trade fair.-Reuter.

More Strikes In U.S.

PLANNING DISTANCE FLIGHTS

日二廿月四

Rain Spoils

Baseball In

Both Leagues

FIRST NIGHT GAME,

ABANDONED

GIANTS FALL AGAIN

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

The fixture had to be put off on account of the rain and cold..

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

The New York Giants suffered anothern defent but Brooklyn Dodgers were also boaten, leaving the top positione but Mittle changed.

NATIONAL LEAGUE

R. H. E. 1 D 0

Boston

Pittsburgh..

7 11 0

(Wally Berger scored

a home

Vaughan

Pirates).

run for the Braves and Arky homered for the

CAMPBELL BLACK'S New York

ENTERPRISE

NEW IMPROVED "COMET"

Chicago

8 3

6 10 2 (Kiki Cuyler scored a home run for the Cubs).

Brooklyn

St. Louis....

7 15 1

8 18 0

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

WOR

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STOCKS FROM FRIDAY

S'HAI FINANCIAL HOUSE CRISIS

AMERICAN-ORIENTAL |BANK CLOSES DOORS

London, May 23. Before the Northern Summer The first night "match between ends in September,

and Cin- Campbell Philadelphia Phillies

postponed to Black, co-pilot with C.W.A. Scott cinnati Reds of the Comet

twin-engined to-morrow on account of the rain

and cold. monoplane which won the Eng- land-Australia speed and handicap

LABOUR UNREST ON races last October, will undertake

INCREASE

(Special to "Telegraph")',

Messages Ordinance,

1.-

(ny Telegraph. Dr. H. H. Kang, for the suspension of rules, with the Finance Minister, declared the a view to adding a bonus ridor to Government would adhere the pending Naval Appropriations policy of curtailing expenditure Bill.

and developing its sources of revenue.

In order to facilitate the passage of such a rider, Senator Clark auggests that the method of pay-¦

Dr. Kung announced that steps ment would be optional with the were being taken to introduce in- - President, and would give him come and inheritance taxes,

money,

choice of issuing now borrowing or using Work Relief Funds.

VETERANS DESPONDENT

not

only with a view to securing more with the object of revenue but bringing about a more equitable distribution of taxation.

•

Copyright Telegraphia 1824. Received, May Cleveland, May 2 With three major strikes already in progress, a fourth walk-out has forced the shutting down of the National Carbon Company, throwing 1,200 men into idleness.

Other plants closed by strikes include those of the White Motor Company, the Industrial Rayon Company, and the Addressograph and Multigraph 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 B, issued a statement stabilising China's economic condi- | 5,600.--Renter Special, characterising the Senate action as "a cruel blow."

He forecanta (ultimate victory for the veterans, however, and during the present session.

"The Senate action has turned to heart-aches the high hopes raised in thousands of needy veterans," said Mr. Van Zandt. "This sustaining of the veto Is bitter disappointment which will not soon be forgotten.”—Reuter.

NARROW MARGIN

tions.

Efforts would also be made to bring about a uniform currency for all China, the Finance Minister stated.-Reuter.

Officer Tried In Secret

Washington, May 23.U.S. ARMY COLONEL

By nine votes the Government avoided forced inflation of the cur rency by $2,200,000,000 to pay Veterans' bonuses to-day

Simultaneously the President escaped the severest set-back his

Recovery programme was threatened with.

measure.

A

DISMISSED

Washington May 23. secret court-martial

BANK OFFICIALS CHARGED

ARRESTED ON ORDERS

Detroit Boston

AMERICAN LEAGUE

I.

It. E.

४ 22 3 ! ↓ (Greenberg scored a home run for the Tigera).

Inclement weather caused the

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

Hia machine will be a new and

Comet HOW improved

under manufacture. It is designed to postponement of the other three cruise 10,000 feet above sea level were:-St. Louis Browns y. New at a speed of at least 220 miles York Yankees, Cleveland Indians per hour. Its maximum attain- v. Philadelphia Athletics, Chicago able level speed will be

about White Sox v. Washington Sena four miles per minute, and its tors-Reuter.

MAYPALOVUNUTRACHEABOAR

DEADLOCK AT GENEVA

Mussolini Refuses Médiation Plan

Geneva, May 23. The Italo Abyssinian

reached situation has complete deadlock,

а

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

REGERUN

matches, Tha-

fixture......affected

Mr. Macdonald Must Quit

PHYSICIAN ADVISES

CHANGE

London, May 23. In consequence of recent advice given by Mr. Ramsay MacDonald's doctor and oculist, it is now virtually certain that Mr. Baldwin will take over the Premiership within three weeks.

the

As the changing of the head of OF WANG CHING-WEI | range on one fuel of lead in still the Government, involves the re-

signation of alf will be 2,000 to 3,000 miles.

Cabinet, Mr. Nanking, May 23.

Detalis of Campbell Black's Baldwin will have a free hand in Fu Lin, former Manager of the

flights are not yet finally decided, reconstruction, and there is every Nanking Citizens Bank, and Shih but it is known that he is particu- indication that he will use It com- Cheuk-hun, former vice-manager, larly interested in the route link prehensively. were arrested by the Metropolitan ing Latin America with Europe Police to-day on 11 charge of rn Africa.-British Wireless, embezzling $400,000, The Arrauto- were made by order of Mr. Wang of the

has Ching-wel, President

terminated the distinguished mill-Executive Yuan.-Central New8.

ever tary

career of Colonel Alex- The Senate voted 54-40 to over quartermaster-general.

ander Williams, former assistant ride the voto of the Patman Bill.

He was charged with salielting The vote came after impassioned and obtaining efforts of ingatlonists to save the tion with War Department con- a loan in connec- tracts, and giving false testimony Senator Clark is prepared to sub-in the matter before the House stituto a Bill offering the Presi- Committee. The amount of the dent the choice between inflation loan was only $2,000. and borrowing to pay the veterans' The court-martial ordered that bonuses, while the House of Colonel Williants be dismissed Representatives has already In-from the service.-Reuter, troduced the Vinson Bill, with an amendment, providing payment of bonuses from the work rellef Fund-Router.

ECONOMIC MISSION

SUGAR CONTROL

MANY KILLED IN

· EXPLOSION.

BOILER BURSTS AND SHIP SINKS

-Changsha, May 24.

HASTINGS ATTACKS ROOSEVELT

HOLDING COMPANY BILL DANGER

CAUSES LOSS IN VALUES

(Special to "Telegraph")

Mr. 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, on the present National basis, in view of the General Election which is most likely to take place in the coming autumn-Reuter,

++

BANK FAILURE

Tientsin, May 23. The Ming Hun Savings Bank, Chewed bank, was declared bankrupt to-day, its branches in Peiping, Shanghai and Tsingtao having been closed simultaneous- ly-Central News.

FULL PROTECTION FOR DEPOSITORS

Shanghai, May 24. At a meeting of the Board of Directors of the Américan-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

UNEXPLAINED SPLIT IN STOCK

INCREASED RESERVES

(Special to "Telegraph"

The directors of the Asin Realty Company, the American Oriental Finance Corporation, the Raven Trust Company, and the affiliated bank, also. met this morning and decided to apply for the appointment of trustees under Section 778. of the new. Bank- ruptcy Act-United Press,

DOORS CLOSED

Shanghai, May 24. Corporation is not opening to-day, The American Oriental Banking

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 Shanghal and Tien- 1sin only) a decision was reached (DV Tiroraph. Copyright. Telegraphie this morning to suspend pay- Ordinance, 1895, Recrived. Movments and apply to the United- States Court for China for the appointment 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, filed

Messages

"

,7%.)

New York, May 23.

It is understood that the assets with the Commissioner of Corpora-are more than sufficient to pay tions at Buston, 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 meeting 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 indicated 1934 earnings to $6,860,- for the purposes of reorganisa~

tion. 000.

The Directors, have instructed sets, pending the appointment of the management to conserve

a receiver.Reuter.

The figures, however, are ex- clusive of whatever dividends may be paid to holders of stock.

The indicated loss in operations for 1933 was $3,480,000, and in 1932, $79,248,000.

♫

Later. Shanghai, May 24. The balance sheet discloses a 20 Oriental Finance Corporation and The Directors of the American to 1 stock split-up, with ahares the Raven Trust Company say that outstanding at the end of the year they expect to apply to the United totalling 3,452,900 at $5 par välue, compared with a previous total of States Court for China for rellef 172,646 shares of a par value of in a similar manner to the Asia $100.-Reuter Special.

FRENCH BANK RATE RISES

TO CHECK OUTFLOW OF GOLD

(Special to "Telegraph")

Paris, May 29,

Realty Company-Reator.

LOCAL REACTION Interviewed this morning, Mr. W. G. Greenc, Manager of the | American-Oriental Finance Cor- poration, Hongkong Branch, sald that the news of the bank's 'sua- pensjon in Shanghai had come 48 fa complete aurprise-to-him, al- though he knew that money was "ght"

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

The French bank rate has been CANTON TO CALL

ralaed from two and a half to three per cent.

The increase is designed to pro- tect the franc nod to check the outflow of gold from Franco.

The reason for the increase is attributed to the lack of liquid funds owing to the heavy drain on the gold reserves.

·

IN SILVER?

MAY TAKE COINS OUT. OF CIRCULATION It is estimated that at least 230

Canton, May 24. passengers and crew were killed

of the Chairman (Senator

The local financial circles learn and injured as a result of an ex-

Wheelor) in his handling of the The weekly total up to to-day, of that tho Canton financial authori- Nanking, May 24.

plosion of the boller of the passen

hoarings.

gold reserves shows a loss of ties are proceeding with a plan Sugar merchants are much in-ger-carrying steamer Changle, at

Senator Hastings says:-"The 521,000,000 francs. This total, for the withdrawal from circula toreated in the nature and fune polat about five miles from

Bill undertakes the arbitrary con- however, does not include the cur-tion of all silver coins, as an Chungking, May 24.. tiona of the Sugar Control

Changsha, on Wednesday,

(B Telegraph, Copyright. Telegraphic fiscation of securities held by rent week's losses which are be- effective means to stabilise the Marahal Chang Kai-shek has Committee just set up by the

Menmayan Ordinance, 1191. Haosited, May millions. The President insists loved to total twice that amount. currency in Kwangtung, because arranged to receive the membora Ministry of Finance. This Com serious-burns when rescued, while

Many passengers suffered. 9 ami of the American Economic Mia- mittee will summon Chinese and many others went down with the

Washington, May 29 that it is definitely a recovery The French Premier, M. Flan- the embargo on the silver outflow sion this morning at his head- foreign sugar merchants to

The attack against the Holding measure and will not destroy din, is credited with having said is considered a not entirely satis quarters, while other members meeting to-morrow, at which the ously Bank,

steamer, which almost instantanee Company Bill has been opened by values, but records show that the that he has no intention of staking factory remedy.

Senator Hastings In à minority Bill has resulted, so far, in the life of the French Government In view of the importance of the have flown to Changta, where they functions and nature of the Com-

report criticising President Rooss losses in common stocks alone of returning to Chungking-Central News.

take all necessary action. be consulted before a detailed plan United Press.

can be worked out-Central News,"

will stay for a few days before mitten will-be-explained-Central Property loss is estimated at volt for endorsing such legislation, approximately three billion on the demand for full powers to move, expert opinion will have to

about $20,000,--Central Neics.

and bitterly amailing the tactics dollars."-Reuter Special.