1935-08-15 — Page 13

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·四拜禮 號五十月八英港香·

AUGUST THURSDAY,

15, 1935.

日七十月七

SINGLE COPY 18 CET

136.00 PER ANNUM

TAX-FREE

*** Hongkong Telegraph.

FAR EAST MOTORS

26 Nathan Road, Kowloon,

NOW PROCEEDING

GREATER AND FURTHER

BARGAINS

BEING OFFERED DURING.

AUGUST

Whiteaway-Laidlaw & Co., Ltd.

U.S. BUYS HUGE BULK OF SILVER ON DECLINE

"BULLS" UNLOAD

HOLDINGS

"TREASURY KNOWS WHAT IT'S DOING”

TAKES 25,000,000 OUNCES FROM SPECULATORS

London, Aug. 14.

Silver was again in the forefront of the news to- day consequent upon the enormous dealings of the immediately past session. It is estimated that America bought 25,000,000 ounces from tired "bull" operators

alone.

|

Japanese

Privileges

Challenged

RETAINS RIGHT AS LEAGUE MEMBER

PALESTINE PROTEST

(Special to "Telegraph”)

edly Telegraph. Copyright, Tetsuraphic Mram adem Ordonner, 71 Brenged, August $12.9

Geneva, Aug. 14.

The league of Nations challenged Japan's right to retain

the privileges of a League member, despite her withdrawal from the Geneva community.

The Mandated Territories Com-

071 1

equal

Former Indian and Chinese "bull" operators have mission has asked Great Britain been most disappointed in the American silver policy why she permita Jupanese products |

Palestine and have rushed to sell in order to close their commit-to enter ments. Meanwhile, America has bought heavily at a footing with those of League meni- price which showed a slight decline compared to previous levels.

To-day, the "bulls," frightened by yesterday's fall, inundated the market with selling orders. The price, after being fixed at three farthings lower later declined another farthing.

The heavy American purchases necessitated the buying of a large amount of foreign exchange which weakening of the explains the

lollar in terms of sterling.

1

TREASURY

Owing to the wave of selling BUYING TO

yesterday and to-day, the "ball"

position has

been

reduced con- siderably and the market therefore bears a healthier appearance,-~ Renter

DROP EXPLAINED

New York, Aug. 14. The further drop in Filver'n' price is seen on Wall Street as a reflection of the disappointment the lure of of speculators at

CONTINUE?

CONTRARY REPORT

DOUBTED

OFFICIAL RESPONSE

the United States Treasury to bir up the price of the metal, coupled ;

Washington, Aug. 14. with the fact that Congress is in

The New York Journal of Cham- an adjourning mood and further setion in favour of the Silver; merec report that the Treasury has,

its silver buying Bloc in the Senate is not looked, discontinued for at present. This might have abroad has elicited no comment induced the further unloading of from Treasury Department official, beyond the assertion that the Trea speculative long holdings,

sury would continue to fulfil the provisions of the Silver Purchase Act as long as it was on the statute books.

MORGENTHAU'S STATEMENT

Washington, Aug 14. Following the wild rumours respecting Treasury policy in silver purchases, Mr. Henry Morgenthau, Secretary of the Treasury issued a brief state. He said the ment to-day. Government had bought in the:

It

was pointed out that the

bor nations.

Britain has replied that the

The late Viscount Bridgeman, Anglo-Japanese commercial treaty of 1911 prevents the Palestine whose death occurred yesterday. Government acting, Although Japan's resignation frum the League theoretically entails the

loss of equal trade rights.

The Cominission has reported that despite the 1911 Anglo- Japanese Treaty Britain had ap |plied quotas against Japanese goods in British Colonies. A similar measure should be taken in Pales tine, it argues.--United Press.

Britain Names Commissioner

APPOINTED TO ACT AT CANBERRA

London, Aug. 11.

CHAIRMAN OF B.B.C. PASSES

Utilities

Executive

Charged

IGNORED SENATE'S

SUBPOENA

PROTECTED BY HOUSE

(Special to "Telegraph"),

Washington, Aug. 14. The Semate has ordered the arrest of Mr. Howard C. Hepson, the public utility executive," and his attorney, Mr. William A. Hill, Laf Boston, on charges of con- tempt of the Senate which are based on his having ignored thei Senate Lobby Committee's sub- pocan.

Resuming his testimony to-day before the House of Representa tives Committee, Mr. Hopson said: "I am still working against the Wheeler-Rayburn BiH. I opposed more than ever to Gov. ernment control in business and i am doing everything I can to hall;

1."

He said that he had spent $900,- | 000 in fighting the bill thus far and may spend much more.

"It is a small amount", he said, "considering the fact that the Wheeler-Rayburn Bi w ruinį the industry if passed."

The Senate succeeded in sub- poensing Mr. Hopson despite the fael that the House of Represen with him in ONCE FIRST LORD tatives co-operated

dodging the server, due to the OF ADMIRALTY

House's apparent desire to keep publicity exclusively to itself in this matter.--United Press.

LORD BRIDGEMAN OF LEIGH.

London, Aug. 14. The death occurred to-day of Viscount Bridgeman of Leigh. former First Lord of the Admiral- ty, and Chairman of the British. Broadcasting Corporation since The Dominions Offee has' nu-¦1933. noninced that the Government has The late Lord Bridgeman was decided to appoint a High Com-born in London in December, 1861. mingioner in the Commonwenith and was educated at Eton where; of Australia, with functions com- he was captain of the Oppidans parable to those discharged in the, United Kingdom by the High Commissioners. for Canada South Africa,

and

- Sir Geoffrey Granville Whis-

BOMBAY SILVER

Further Trade Expansion

LATEST BRITISH

FIGURES.

(Special to "Telegraph")

PEACE FORMULA

FOR AFRICA

EDEN AND LAVAL IN AGREEMENT

BLAME FOR WAR WILL BE ITALY'S

Paris, Aug. 14.

It is understood that Mr.. Anthony Eden, British delegate to the three-power conference at Paris in connection with the Italo-Abyssinian dispute, and M. Pierre Laval, Prime Minister of France, have reached agreement on important points with respect to the

are scheduled to conversations which officially on August 16.

Commenen

They have agreed, firstly, that they must treat the Italo-Abyssinian dispute strictly within the frame-work of the League Covenant. Secondly, there will be ques- tion of French mediation between Great Britain and Italy.

Both Mr. Eden and M. Laval expressed deep concern for the preservation of peace and the fulfilment of the League's obligations, agreeing that the tri-party conversation offered the last chance for peaceful settle- ment of the Afrien crisis before the League meets on September 4.

ANGLO- ITALIAN RIVALRY

MENACE TO ROUTE

TO INDIA

MEDITERRANEAN .

MASTERY

(Special to "Telegraph”)

Ila understood that the French Government have been informed of the British plan for the granting of economic concesalona by Abyssinia to Italy. Details of there euricosstons have heretofore not been disclosed, but it is understood that these are compatable first with the Treaty of 1908, guaranteeing Abyssinia a territorial integrity and tracing the three zones of foreign influence; secondly, with thò Italo-. Abyssinian Treaty of 1928 and thirdly, with the League Covenant.

POSSIBLE BASIS

The Anglo-Italian Holes changed in 1923, bartering exclu- sive. Italian influence in Western Abyssinia and the construction of an Italian railway linking Eritrea with Italian Somaliland against the protection of the British interests

believed.

(My Telegraph. Copyright. Telegraphic Mr. the Lake Tana area, offer a pos

Ordinance. 101. discolor. Augustible basis for negotiations, it is London, Aug. 14,

London, Aug, 14. If Signor Mussolini can be per- Further expansion of British

The tripartite conference at suaded to accept the concessions trade is revented in the preliParis is regarded here as another which Britain and France, taking minary figures for duty, which indication of the Anglo-Italian | dialy's need for colonial expansion show that exports

totalled struggle for mastery in the Medi- into full consideration, regard as £36,443,900, an increase of £3,529,terranean.

reasonable, Britain and France are. 090 compared with June, and

expected to use their influence to imports reached £61,825,000, n It is believed that, at this con- obtain Abyssinia's consent to the increase of £3,998,000 on the Juneference, Mr. Anthony Eden will arrangement.—Renter. #gures,

collective propose

economic

WIDE CONCESSIONS Bow High Commissioner:

mandate for Ethiopia, with an Renter Icarus from Bombay

Exports for the frst seven Italian Commissioner...

Paris, Aug. 14. has been Under-Secretary at the that "ready" silver advanced sub months of the yeur totalled

it is learned that Mr. Anthony Dominions Office since 1930 and stantially 48 compared with

£212,874,000, an increase of Observers belleve that the de- den, British delegate to the tri- Vice-Chairman of the Oversea yesterday's unofficial clom, al- £19,825,000 compared with the cline of the power of the British partite conference here, proposes to

› Secretary of the Treasury has been ¦ kard. Assistant Under-Secretary riven wide discretionary powers, for Dominion Affairs, has been as that empowering him to aequire, selected to be the first High Com- metal at prices reasonable and most missioner, and he will leave Bug- advantageous to time pubile interest, land for Canberra early next year

to take up his new post. but no limit has been set.

two

Private sources advance reasons for the price break:

First, that the Treasury is taper,

heavy

The

PRICE

Strong Recovery At Opening

11

world market to day 25.000-ul-after-st-comparative Settlement Committee stuce 1939, though it was still below the corresponding period, while im- Navy under the limitation offer to Italy wide economic and

000 ounces of silver, which is

domestic mines in the entire heavy stocks have become dis- { taries of State from 1915 to 1920.

couraged and are unloading.

He entered the Home Office in official closing leve at to-day's ports totalling 4420,605,000 have treation and Italy's creation of colonisation concessions in Upper more than was. produced in Second, that speculators with 1911, and was Principal Private opening.

Increased by only £633,000 a powerful bombing air force, Ethiopia, offering Emperor Selássic Secretary to successive Secre- To-day's Yesterday's Yesterday's-Reuter Special.

have encouraged the Italians to a seaport in return. nim at expansion of their colonies

If Italy rejects this compromiso He was from 1920 to 1922 Assist-

to seek a larger share of Medi-It is understood that Great Britain terranean control.

Intends to do her utmost to have blame upon Italy, the League Councit place the war

The feeling here is one pessimism.-United Press.

1934 production year.

He added that to-day's It is indicated that recent Gov-ant Secretary at the Chlef Secre- purchases were principally in eriment purchases have been of tary's Omice, Dublin Castle, nudi London and were the heaviest such a volume that a substantial reserved in the Colonial Office from since the Treasury began its duction over a few days would be 1922 to 1925 and in the Dominions purchasing policy, which would sulcient to break the market. be continued.--Reuter,

FOREST FIRE RAGING

Price

Ometal

Unofacial

66.03

Close

66.11

Close

65.00

QUANTITAT

S'HAI EXCHANGE MARKET

HEAVY SALES OF GOLD BARS

If Italy's attitudo. at Paris con- firms this view, it would be dis tinctly alarming, as it would con- stitute a menace to tho Britsh route to Inda and British aupremacy along the Nile.- United Prem.

Ka

CANADIAN ELECTION

BENNETT FÁCING

OPPOSITION

the

of

PRELIMINARY TALKS

London, Aug. 14. Preliminary talks on the Italo- Abyssinian dispute began in Paris to-day between

French Premier, M. Laval, who was ac companied by the Political Direc- tor of the Qual D'Orway, M. |Bargeton, and the British Minister for Longue Affairs, Mr. Anthony Eden and the Permanent Under Secretary for Foreign Affairs, Bir Robert Vansittart,

Office from 1925 to 1929. He ac- land at Trinity College, Cambridge, companied the Dominions Secre-where he took honours in classics. Treasury Department officials ad-tary" on the

became latter's visit

assistant private to He mit that little progress has been Chanda. Australia, New Zealand secretary to Lord Knutsford at the mude towards the accumulation of and South Africa

in 1927-28,-Colonial Oleo. and then to Sir Meanwhile, additional Treasury |the 11,000,000,000 ounces needed to Reuter,

Michael flicks Boach ut. the purchases are reported in the New bring the Treasury stock to one

Treasury. In 1895, he married! York market, but according to quarter of the value of gold stocks,

Shanghai, Aug. 15, Caroline, daughter of the Ion. silver traders the Treasury hos which have been increased by $800,-

Cecil Parker. He was elected Con- Exchange rates at 9.47 a.m. to- been very particular about de-000,000 this year.-Reuter.

servative M.P. for the Oswestry day wore: U.S. dollara 354- livery times, giving rise to the

NOT TAKEN SERIOUSLY

Division in 1906, and devoted his Sterling 1/54, Gold Bars $917.00. opinion that it is endeavouring

attention chießy to education-he The foreign exchange market. to make it as hard as possible

New York, Aug. 11′′

was for seven years on the London was steady with the Central Bank for speculators to get rid of their New York-silver traders refuse

School Board--and to agricultural solling exchange. Some apocula- holdings.

te take seriously the New York,

questions. A Junior Lord of the tors are inclined to buy. How- Official circles, as always, re- Journal of Commerce report that

Treasury in the first coalition ever, all interested ure still ex-

It is understood that Mr. Edon the the Treasury has ceased or will silent in respect of

with continued government during the war, ho tremely

rumoure showing

Ottawa, Aug. 14. not only outlined in some detail was later Assistant Director of unconfirmed

the views of the British Govern-- the War Trade Department.

effect.

Parlament dissolved to-day. The market was very firm at The General Election is slated forment upon features of the actual- IRISH TROUBLE RECALLED

dispute, but laid emphasis upon was not alarmed. He was con-jority. believe it would neither bei With thousands of deer, beara,

10.45 a.m. Inside operators are September 14. fident, ho said, that the Treasury politically nor economically feasible rabbits and other wild animals In 1016 he became Parliamen-selling gold bars heavily, the rea- Mr. R. B. Bennett, the Prime the wider issues in Europe and knew what it was doing-Reuter, at the present juncture to scrap the stampeding in terror before atary Secretary to the Ministry of son for which is not yet ascertain-Minister, leader of the Conservative elsewhere liable to arise in the Silver Purchase Act and the pro-wall of roaring flames, 1,000 Labour and in 1919 Secretary of ed by brokers. This is serving to. Party, is facing the most bitter event of an outbreak of hostilities gramme it Involves.

forest fire-fighters are battling the Board of Trade. From 1920 to accentuate the extreme nervous- campaign of his career, it is bo- in Africa. He referred also to the Washington, Aug, 14. At the same time, it is pointed28ainst a bluze which has already 1022 he was Secretary of the Mines ness in the foreign exchange mar leved. His high tariff pollicios and practical unanimity displayed by Mr. Henry Morgenthau to-day out that the Treasury again has demolished thousands of acres of Department and in 1923 was made ket. US. dollars 36.7/16, berling economic reforme he will ask the Britial public opinion in regard to announced that the Treasury had been a heavy purchaser in the Lon-timber in three states, Montana, an Ecclesiastical Commissioner. 1/5%, Gold Bars $906.30.

country to approve. He will be the questions at stake, saturiko yan Mr. Bonar Law appointed him|

The diacusalon which followed. The market was firm at the close opposed by strong Liberal opposi- purchased over twenty-five million don market while Treasury buying Idaho and Oregon. ounces of silver on Wednesday. in New York has been reported at 7er Feared that many animals Home Secretary in 1922 During of the morning session: Gold bars tlon and a growing number of more revealed the community of outlook

`(Continued ́on Page 4) were $893.00.-United Press,

radical reformers-Reuter.

{Continued, on Page 4.); (Continued on Page 4.). | sixty cents--Boutor

main

price drop. But Senator Pittman, cease to buy silver abroad.

:

the strong Silver Bloc Agure, com- The report is characterised by

monting on the situation, said he many as "ridiculous" and the ma-

U.S. PURCHASES

1,000 MEN FIGHT: ANIMALS PERISH

Spokane, Aug. 14.

resperishin" in the Are Reuter.

nervous