1935-11-07 — Page 13

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"Henrizong Telegraph";

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The

FINAL EDITION

Library, Supreme Court

Hongkong Telegraph.

FOUNDED 1881

No. 14730

四拜禮二辦七月一十央港查 THURSDAY, NOVEMBER 7, 1935.

日二十月十

BINGLE COPY to 'CENTE $34.00 PER ANNUM

ETHIOPIANS HOLDING

ITALIAN FORCE

RETIRES

BATTLE FOR TOWN ANTICIPATED

SHARP FIGHTING NEAR HAUSIEN

Asmara, Nov. 7.

Italian airmen report that Makale has apparently been re-occupied by Ethiopian troops, whose re-entry after the abandonment of the town by Italian patrols may mean that the defending forces intend to put up 'some resistance.

Meanwhile, two Italian officers have been wounded} and two Askaris have been killed and ten wounded in a sharp encounter to the south-west of Hausien, which the Italians are holding.

Group taken at the garden party given by Sir Robert and Lady Ho Tung to the Ameri- can Compressionat party on The Peak yesterday, Left to right:--Ãfra. Byrus, Mr. Joseph Byrna (Spraker of the House of Representatives), Lady Ho Tung, Mr. Charles Hoover (U. S. Consul-General), Mrs. Garner, Sir Robert Ho Tung, Mr. John N. Garner (U. S. Vice-Presidenti, and Lady Clara Ho Tinig. (Photo:. Mec Cheung),

GOOD-WILL

This engagement culminated in a bayonet charge WON TRADE

and fierce hand-to-hand fighting. The Ethiopians even- tually fled leaving a number of dead.

These are the first casualties in the latest advance. -Reuter.'

EARLY REPORTS

With the Italian Army

at the Front, Nov, 6. The Italian army will probably Its advance to-morrow, restime moving towards Mukale and to the south by two routes.

Meanwhile, the Asuaris with the Italian advance forces, report a Targo Ethiopian army gathering inder Ras Kussa" preparing to join battle with the advancing Italians the north front.-- United Press,

on

ORDERS CONFIRMED

Asmatu, Nov. 6.

It has been confirmed that the Italian army is under orders to restart its advance all along the Lipa at dawn. to-morrow. T

REFORMS COMMAND SUPPORT

NO REASON FOR JAPAN ALARM

LONDON "TIMES"

COMMENT

WITH CHINA

HOW AMERICA TOOK

. FIRST PLACE

DIPLOMAT'S ASSERTION

WHO GETS EXCHANGE PROFITS?

BANKS ALLEGEDLY BENEFITING

TO PUBLIC'S DETRIMENT

We have received the following |

Boston, Nov. 6. Mr. Alfred Sze. the

Sin-Here is a plaln question Chinese

requiring a plain auswer from the diplomatist. to-day told the Government: What is the legal Friends of China Society of United States that the good-will kong?

the currency of the Colony of Hong- of China was a big business asset, | contributing to the United States premium over silver, The Govern In 1929, banknotes were at a predominant position in China's ment issued silver dollars and the wversens trade since 1931.

public hnd to accept these at par He raid the United States had with notes:

were officially London, Nov. 7.

wrested the leadership from Japan The Chinese Government's finan- and Britain that year by providing objective of the attack will becial and currency reforms should over 22 per cent. of China's for Makale, and the road beyond command the general support of eign trade. America had attain- Addigat.

all countries interested in the led 26 per cent in 1934 compared It is expected that Ras Guiza's welfare of China, declares the with Japan's 12.5 per Followers will be given the honour London Times in an editorial to Britain's 12. of leading the entry of troops inte|day. Makale.Reuter.

PLANES SHOT DOWN

Addis Ababa, Nov, 6. The Ethiopians claim to have brought down two Italian uero planes in the Webbe Shibeli region,

-Reuter.

.1

was-en-

It is unfortunate that the first reports to reach Tokyo gave the

China inspression that deavouring to steal a march on Japan with the connivance, if not at the instigation of Britain. This misunderstanding has now been dispelled, at any rate in marl.",

Japan. the Times belleven, has been assured that there has been no promise of a loan and no plot to ignore the claims and interests of Japan in China,

cent and

"It is a source of geatification to my people that Americans never sought to make the Chinese peo- ple's needs and distresses a source of profit to themselves.

We

KINGSFORD-SMITH .

ON HIS WAY

After Record For Australia Flight

London, Nov. 6. Sir Charles Kingsford- Smith, who left Lympne at 6.28 this morning on what he hopes will be a record- breaking flight to Australia, landed at Athens at 2.37 this afternoon, and left

• almost immediately for

"In the United States your mer- hauts and manufacturers have learned the value of good-will as business asset," said Mr. Sze. "You have spent ALREADY IN MAKALE

every year Rome. Nov. fi,

thousands of dollars in China for have Italian reports from Asmara

whool and hospitals and

rented a psycholovical element state that native troops, actually a

Bagdad. The Japanese, the paper points Called good-will. This was done small patrolling foren drawn from

can hardly fail to realise with only philanthropic motives. Ras Gufsn'a warriors, entered out,

nevertheless that it will benefits them as well ut it remains true Makale at 11 o'clock last night.

That Anerican trade and inter- They were given a friendly re-au everybody else if China can

urse has been ception by the inhabitants and met succeed in putting her currency in

promoted by god-will

towards! the order. by her own exertions. There Chinee with no opposition Ethiopian troops.

will be many difficulties La ba Amerieni.”

from

ex- overcome and China will need alli He said the new, trans-Pacific The Ha'an regulars are pected to enter the town to-morrow the support she can obtain in giv-virway would promote important when, according to Lavoro Fascista, Ing effect to the reforms she has ond beneficial Sino-American com-

mercial relations.--United Press, solemn religious ceremonies are planned.-Reuter. being prepared by the churches.— Renter.

IN MAKALE

Rome, Nov. 6.

MONETARY PROBLEMS

Washington, Nav. 6. Japan's apparent reluctance to collaborato in or approve of a foreign loan to Chian has caused high authorities here to express

A message from Asmara saya tha Italian regiment of Gavignana division has entered

n

Makale.-United Press.

NEW RECORD AT BROOKLANDS

Flying Officer Llewellyn and Mrs. Jill Wyndham, who are attempting to lower the record for a flight from the Cape to England, arrived at Broken Hill early to-day and left soon after for Aberco. -British Wireless,

SWING TO RIGHT IN AMERICA

THREAT TO SILVER PURCHASE PLAN?

MONEY AGAINST DEMOCRATS

Special to "Telegraph")

Washington, Nov. 6. New evidence of the Conger- vative irend in the national undermine the prevalent monetary sentiment, which may eventually liberalism, including the silver poley appeared in Tuesday's elec lions, according to many political

experts.

THE LATEST

AND·

MOST UP-TO-DATE in WOODEN

BUTTONS & BUCKLES JUST ARRIVED

AT.

MOST, MODERATE --PRICES

AT

WHITEAWAY'S

MAKALE

H.K. SILVER AT PREMIUM

BIG PROFIT FROM DOLLAR SALES

HAS COLONY QUITTED METALLIC BASE?

Out of the financial turmoil that exists in Hongkong to-day several paradoxical situations have developed.. There is very real danger of Hongkong being largely denuded of silver now in circulation as a consequence. Although Hongkong has, not yet followed China's lead by officially nationalising silver, the Colony, to all intents and purposes, is no longer on a metal curren- cy base.

Silver coins have not been called in by the Govern ment, but, as far as the man-in-the-street is concerned, they are no longer procurable. Those that have not been gathered in by the banks are in the hands of speculators and hoarders, and the ordinary citizen must be content with one-dollar notes.

CANTON DOLLAR SLUMPS

BIG DEMAND FOR

H.K. CURRENCY ·

MODIFICATION URGED

.

Canton, Nov. 7. min on Hongkong dollars has Brooking all records, the pre-

The Itepublican successes, par of the Government's currency an

risen over 70 per cent. as a result; ticularly in New York which is

nouncement. the national financial centre, is

At noon to-diny, a thousand regarded as possibly signifying Hongkong dollars could that powerful money interests changed for $1.730 in Canton I have registered their opposition notes, with every prospect of a

Eo the Democrats' monetary further sharp rise. Lendencies, due to the Grand Old

be ex

Meanwhile, the banks are Party being more conservative in suspending business temporarily monetary matters,

be

Hongkong, officially, may stiff on utsliver currency.... But so long as the Honging dollar fis quoted on the foreign exchunge market at any price below 28. 020, the indisputable fact emerges that devaluation exists.

Hongkong's currency, in fact, this morning stood devalued by 20 ! por rent, of its real worth in terms

of silver.

The silver content of a Hongkong $1 còin is .88 of an aunce which, at the eurrent quotation for silver, mukes its intrinsic value 28. 0%d.,

The Hongkong dollar was flown to is. Gd. on official quatalion to-dny, a drop of a afternoon halfpenny. This the business rate was 18. 5d... the market being un- certain.

-KO

The foreign banks in Hongkong this morning de- elded to place restrictions on forward gambling In change, but it is emphasised that merchant, business for forward delivery, is being transacted as usual.

(because the Government measures' pamtioncanovacciANDESCENDITSIINIENCEÁNIgaza

Silver has not figured in the providing for 3 20 per cent. elections except indirectly as one premium on silver against bank no matter what exchange rate is exchange aspect of the many recent mone- notes is liable to lend to consider.quated in the foreign Lary innovations under eriticism, ale trouble between banks and markets.

but experts have expressed the depositors, the latter being likely Although Government has for- opinion that the silver programme, to demand payment either in silver bidden the export of Chinese coins which is likely to be administered or 20 per cent, extra in notes. and bar silver, there. is at present far more conservatively, will per- A meeting of the Canton Bankno prohibition against the exporta- haps ultimately be abandoned, irers' Association to-day decided to tion of Hongkong coinage. national political sentiment shirts suggest conclusively to the right.

The next clear cut test of the silver programmes strength pected when Congress reconvenes in January.

Experts are of the option that the silver bloe will be very strong) and active than but have regardest the possible reduction of the Tringe of their support by the de-j

D

that the Government

AMAZING POSITION Eshould_modify_the_measures, re-

Thus the amazing position has Axing the ratio between notes and

of farisen that the fortunate possessor silver at par. A deferation bankers is calling on the Finance of any considerable quantity of Commissioner this afternoon con- Hongkong $1 coins could make n veying a suggestion to the effect. substantial profit by exporting

--Reuter,

them. For instance 1,000 auch FOLLOWING NANKING epins are worth (at 1s. 6d) only.

£77, 18. 8d., in Hongkong. But Canton, Nov. 7.

thely true value, in terms of silver, The Canton Government is

Is F100 108. Gd. told that silver dollars were legal fection of some Senators and Con. adopting the Nanking Govern

It is stated that several banks currency and their acceptance was | gressmen to the Conservatives. . ment's currency, control measures compulsory. Who collared the A very early and very strong and the nationalisation of silver made ccnsiderable amounts

Conservative premium?. One can only assumo) sign of the

trend as from to-day. The Government that has arisen to export large por- by utlilsing the absurd position that the banks took the profit,' occurred in the recent

business is taking over all silver and itions of their supplica of coins. To-day, the reverse situation improvement.

paying $1.20 in Canton notes for OVER 82 MILES AŊ obtains. The silver dollar is at

A tour of the money-landing It is considered axiomatic that overy dollar in subsidiary coins HOUR

a considerable premium over bank-popularity of radical and social and $1.44 in Canton notes for each establishments this morning dis notes. But the silver dollar bas measures Aubsidies in provortiza | "big" silver dollar.

closed that $1 coins are already disappeared-largely Into the in the revival of prosperity, vaults of the banks, and the banks Tiited Press.

are refusing to exchange banknotes

the opinion that China should first obtain large foreign funds for buttressing a managed currency

London, Nov. 6.

The Government is prohibiting at a premium, Ono such establisli- NEW BRITISH CAPITAL

by selling silver in London and the Mr. R.O. Shuttleworth, driving

the use of silver as a currency ment offered seven per cent. above United States.

an Alfa Romeo ear, to-day broke

and the metal will henceforth be the exchange value, while other London, Nov. 6. Huge amounts of silver will be the mountain lap record at Brook for silver dollars. If in 1929 the For the first ten months of this available to the Chinese Govern-lands, His time was 51.33 seconds, dollar was legally at par with bank-originally

regarded as a commodity, which offers ranged from 31% to one por for every year, now capital issues totalled ment as a result of the nationnitsn-which is equivalent to an average notes, then surely to-day the issued),

banknote will be purchasable by the Gov-cent, "Chopped," or defaced, coins then I am entitled to ernment at the above rates.

are just as cagerly sought as legal £159,000,000; compared with tion of the metal. The disposal of speed of 82.05 miles an hour. same legal position obtains, in "walne roccived" by the bank ori

tender. £124,000.000,

Ilencoforward, only notes issued i £113,000,000

The record was recently raised the absence of any Government ginally, ie, five silver dollars. by the Kwangtung Provincial Australla, there are prohibitions and substantial amounts abroad would

-In some countries, notably £38,000,000 respectively in the provide a sterling dollar exchango by Mr. Raymond Mays in an confistatory legislation to the presume that "the equivalent in Bank and the Canton Municipal against the importation without corresponding periods of 1984, for stabilisation measures, experts | E.R.A. cur to 81.28 miles an hour,

contrary.

the currency of the Colony" can Bank will be regarded as legal permit of coinage of foreign 1933 and 1932 British Wireless unsert.

—DrillAN WirelessTMTM

I maintain that the action of the only ̈ ̈ ̈moan sahsidiary coinago tender. A possible alternative to such

banks {s entingly unjustified. Issund by the Government,

countries. This step was taken by Meanwhile, the Provincial mensures would be foreign lonn

| Australia as the result of an agree- ACTRESS FREED

Banknoten for, ahy, $6, bear the another banknote, for to exchange Treasury announces that it is susment primarily made with. Now with a bond issue as collateral or

words that the bank in question! one promise to pay for another is pending all payments for one week | Zealand,

· New-York, Nov. 6. a loan supported by Chinese Rail-

Carson City, Nov. 6, "promises to pay five dollars, or valueless.

owing to a shortage of funds. Professor Henry Fairfield On-way stock, it is suggested bore.

Nancy Carroll, the film star, the equivalent In the currency, of 1 1929, the banks took the born, the famous scientist, often | It is understood that Great has been granted a divorce from the Colony, valuè received." If profit. Are they once nee'n kà bá called the successor to Darwin and Britain has been..studying the F. Bolton Mallory on the grounds | rov in five silver dollars and re- allowed to do so to the detriment Huxley, died at the age of seventy- question of a loan but it is general of crucity and non-support.ceive a banknote for $5 in ex of the public? eight-Reuter Special, e

(Continued on Page 12.)

|change (and this is what happened

SCIENTIST PASSES

United Proge,

PRO BONO PUBLICO.

not

CHAOS IN CANTON

Canton, Nov. 7. Following to-day's currency con-

(Continued on Page 18.)

|"CHOPPED" DOLLAR'S PREMIUM But the embargo, applied only to legal tender. Thus, as far na,

(Continued on Pag