1939-04-17 — Page 31

Menday,

HONGKONG TELEGRAPH

April 17, 1939.

BREAKDOWN IN WORLD TRADE Hongkong AND CREDIT FORESHADOWED Gets Rain

Noted Economist On Board The Carthage

Warning

Utters

"THE NATIONS of the world are this year spending collectively £2,500,000,000 of borrowed money and unless a solution to the world's various problems can be found,

there is likely to be a complete breakdown in world trade

and world credit in the not far distant future," declares Sir George Paish, noted economist who is managing-director of the "Statist," a leading London journal devoted to finance and economics.

Sir George passed through Hongkong on Friday by

the P. and O. liner Carthage.

He is on his way to Japan to inquire into the economic and financial condition of the country on behalf of the "Statist."

of The Formerly Joint editor "Stat1" for 10 years, Sir George was adviser to the Chancellor of the Ex- chequer and the British Treasury on Arancial and economic questions from 1914 to 1910 and in November, 1914, went on an official mission to the United States Government.

He is author of several publications, the most recent of which is "The Way Out."

He is making his first visit to the always followed Far East but has

affairs in this part of the world with great interest.

GOVERNMENT CREDIT

Japanese Extend

Hainan Operation

HOIHOW, Apr. 17. THE Japanese occupation of "Japan is one of the countries which will suffer most from a break-Hainan Island was extended-to down in world trade and credit," add-the western coast when a com-

be

U.S. Cruiser Bearing Remains Of Ambassador Reaches Japan

TOKYO, April 17. CARRYING the ashes of the late Mr. Hiroshi Saito, formerly Japanese Ambassador to Washington, the USS. Astoria arrived in harbour at Yokohama at 0 o'clock this morning.

As the American cruiser upproached the harbour, it was met by the warship, Kiso, and a fotilla of three destroyers including the Hibiki, Akagiri and Sapiri. A salute of 21 guna was exchanged between the US.S. and the flagship of the Japanese convoy-Domci.

Former Hongkong Boy Packs Up His Troubles

At Last

FOR the first time since Janu- ary 27, the total rainfall for 1939 has been greater than the averago for the same period.

This is a result of the week- end storms, which yielded a rainfall of nearly three inches, and brought the total since January 1 to 8.94 inches, a bare' .82 of an inch above the normal.

hus

Nevertheless, a considerable quan- tity of rain is still needed to bring the reservoirs up to their proper holding, as the rainfall last year was so very much short of the normal.

Light rain

been failing most of the morning, and this is pro

predicted for the next 24 hours. The local forecast also Indicates

skies, overcast with moderate to fresh east

winds. The rain has not brought any

changes

temperature.

Yesterday's maximum

IN a dormitory of one of London's Rowton Houses, a young drastic ex-Irish Guardsman who once lived and was educated in Hongkong, A month ago he was "a boy without a friend"; he tried to put looks at life differently to-day. an end to his existence.

A kindly magistrate urged him to smile, gave him fresh hope for "a wonderful future."

The would-be suicide listened and learned. He smiles again; he hopes; he has visions of a job.

Leonard Patrick Lane was the former Hongkong boy who tried iwice, to take his life.

He recalled the words of Alder- man Sir Samuel Joseph of the Guildhall: "Smilo man, For good- ness sake smile.

"You are not done yet. Life is just beginning for you. You have a wonderful future, so smile." Leonard Patrick Lone

*m/led, Then he went to Wormwood Scrubs

for three days,

"I am a son of an ex-superinten- dent of police," sald the former young Guardsman. "I was educat- ed in Hongkong. but actually born In South Kensington. "Father and mother parted in

ed Sir George, "and it is important bined Japanese Army and Navy } cuina, our home was sinashed, and to discover how far Japan would prepared to act in co-operation with force occupied Sunying, the other nations in order to restore and most important port on the maintain peace and thus enable eco-western side of the island about nomle and financial problems to be 80 miles west of Hoihow yester-

day afternoon,

dealt with.

"It is obvious that nations connot continue their present policies of Government credit expenditure in- definitely.

"Already they have plunged them selves into a sea of debt and it is clear that the period remaining in which to find a solution of political as well as financial and economic pro- blems is limited.

"The United States is spending the £5,000,000,000 in maintaining buying power of the American pro- ple.

GERMAN POLICY

"Since Hitler came to power, Ger- mun has spent £2,000,000,000 of bor- rowed money and this year is spend- ing £800,000,000 more.

|

"I was then fifteen. A year later someone sent me back to England. I joined the Irish Guards.

"It was casy. I was six feet tall, keun on soldiering, und bent on an Army career.

"They were wonderful days till my health broke down. That was the finish.

No resistance was encountered in naval the Japanese occupation. A landing party landed on the north shore of the Yangpochlong harbour.

"For two years I have been sture- the outer port of Sunying, at 10.30 a.m. on Sunday, while an Army unit man and barman, and always held a landed on the south shore of the first-class character.

"I never did a serious wrong in Pakmaching harbour opposite Yong-my life until the Arst night I drank

ઘ 12.30 p.m. pochlung

polson. The military and

naval forces jointly entered the city of Sunying immediately. Sunying is the first open port on Hainan island.

Meanwhile, the Japanese forces which occupied Kachek and Lokwei in the eastern part of the island, con- tinued their operations, and took several new towns along the eastern. const.

A naval landing party landed on are the shore of Pakño, strategic port an about six miles east of Lakwel, and on Sunday. completely coupled it Supported by artillery, the raiding unit late crossed the creek skirting

side of the city and the western advanced farther west-Domei,

France and Britain too. spending borrowed money on Immense scale. "In the past six or seven years the nations of the world have spent £10,000,000,000 of borrowed money. Just think what ten thousand million pounds means."

British opinion was favourable to- ward helping

and credits: granted or likely to be granted would have the approval of all British peo- plc, Sir George added.

China

Britain's defence policy had the whole Empire behind it. The recent decision to assist nations menced by aggression was forced on the Govern- ment by the opinion of the mass of the people.

The bulk of the people wanted to help Abyssinia. Spain and Czecho- Slovakia and now

the Government was acting in accordance with public

opinion.

"Had the Government continued policy of standing aloof and isolation

Sons At Eton

& Harrow

Lady Homi Mody Through Hongkong

Lady Hom Mody heads a party of prominent Bombay Parsees who passed through Hongkong in the P. and O. Carthage on a tour of the

it probably would have been swept | 20of the Employers' Federn-

from office at the next general elec- tion, to be held probably in the au- | tion tum," Sir George said.

of

oľ the

do

"In Hongkong I was brought up in a Chinese college, and speak the language like a native. Father had a fine job, and the three of us every comfort.

Then things went wrong at home. "Dad, I belleve, is somewhere in France, living on a pension. My mother? I don't know where my mother is.

"It was because of all this that I joined the Guards.

1

"I think I was a good soldier: certainly

was a keen one. FROM BARRACKS TO, RIVER |~~"Old comrades would have helped me out of trouble, but a silly bit of pride kept me from them,

"I walked past the barracks, where I spent so many happy days, listened to the bugle's 'cookhouse' call, and envied the lads trooping off to the mess-rooms.

"I envied them their uniforms and when spruceness, and nearly cried

I looked down at my own shabbby raincoat.

"Backwards and forwards be- tween the barrack rails and the

1 Embankment wondered, day after day, looking for a job and finding nothing.

"The river began to fascinate me.

At nights I curled up on a seat and dazed for a few hours; then walked across to look down on the water.

"But in playing with the iden ofi

sulelde, poison was always upper- most in my mind.

"Poison meant a quick destli, reasoned, knowing nothing then of the agony of disinfectants, "Yet the pain I suffered in my

long past

world.

Lady Mody's husband is the indus

Sir Hormasj! Peroshaw Mody,

India, Member Legislative Assembly, a Member of British people believe that only the Round Table Conference and one

found torics to the Inde by standing firm can wat be pre-

of the two

first attempt did not keep me from a vented. To ensure a strong Bri-Lancashire Trade Agreement of 1933.

end to tain, the people will submit to al-

"I have never been this far. Eastcond effort to put an misery and hunger sacrifice. most my

before."

Lady Mody said. "We fell endurance. "All

the

aggressor nations are in

in love with Penang and with Singa- distress.

pore, too, at first sight." "The question is: what is the way

Members of the party, who are all out of their distress-conquest and

related,

also Mr. and Mrs. comprise war or peaceful co-operation with J, H. Vakeel, Miss P. J. Vakcel, Mr. view to restoring the entire world to and Mrs. K. A. Dubash, Miss Dubash economic prosperity for the good and advantage of all countries, including and Master Dubash.

When they arrive in England Lady Germany, Italy and Japan.

Mody will visit her two sons, one of

Harrow.

"To those of us whose duly it is to whom is at Eton and the other at follow and to understand the econo- mic affairs of all nations, it seems that the present course of Power poli- ties must bring, financial disaster to all countries and especially to those which imagine they can overcome their dimeultier by maiting war on their neighbours.".

Lecture By Dr. Hsu

Poles Liquidate Organisations

Another

nine

no

Warsaw, Apr. 10.

Polish-Ukrainian as well sporting organisations, cultural and economic bodies, were dissolved by the Polish authorities In the district of Stonislau.

Twenty-three Ukrainians were ar- rested and sentenced from one to three years penal servitute for re- demonstrations.----Trans- volutionary

Under the auspices of the Univer- sity Chinese Society. Dr. Hsu Shu- hsi, Ph. D., Professor of International Ocean. Law of Yen-ching University, Pei- ping, will give a lecture on "Aerial Bombings"in the Fung Ping 'Shan Library to-morrow at 8.30 p.m.

Dr. Bau la nri eminent, authority on International Law and is the author

"I had gone two days without n crust in Use severe weather of carly

Brstruary when I made thel

absolutely without a penny, I was "Frozen with cold, hungry, and tempted to steal from the food shops, but reslated the urge.

POISON INSTEAD OF BREAD "In the middle of February 1 mef a young fellow who pitied me and gave me a few coppers for food.

"For a long time I looked at the pennies, trying to make up my mind what to do..

"I was desperately hungry, What- ever I bought would soon be gone.

"Then I had anoller look at the river, and decided to Onish every- thing

"I bought a battle of disinfectant instead of a meal.

"In a minute or two, I thought, I shall be dead, and swallowed the! burning liquid.

"I had it in mind to throw my~! self Into the Thames to make doubly nure, but had not the strength to drag myself over the parapot of Westminster Bridge. "As I slid in semi-consciousness to the ground I could hear, as if at a

Spelling Bee great distance, Big Ben striking.

TOW many of these words are

of the books, The North China Pro- correct and what is wrong tolth

blem", "How the For Eastern War | others? Began The War Conduct of the Japanese" and "Three Weeks of

Canton Bombings".

He will deal with his subject from

Judicatory. en raport

Judiciary ennoul jubillant

vénrollment Englais Oxford Dictionary spell page 9.

a legal point of view. The lecture ings of these words will be found on

will be in Chinese,

"A policeman found me, and took me lo hospital. In two days I was discharged.

"With a member of the Salvation! Army I went to a hostel; got a shill- ing and a bed,

"But I was still convinced life was not worth while.

"In the morning I went to a bar-

bor's shop and had a shave. The old

tradition of the Guards still held.

"I wanted to be shaved, and all correct for the last parade," "With the rest of the shilling I bought more poison,

to

"

"Don't forget I had spent night after night on the Embankment, and, remember, I knew no one in London. was a useless piece of wreckage, unwanted by the Army, of no service

world. the "But now, thanks the City magistrate, who taught me to smile again, to the people at Wormwood Scrubs, and the hospital after the second attempt to kill myself, life seems better and the world not so bad."

to

"I'm Anished with the Idea of suleide. I belleve that somewhere in the kingdom there's Job for

mc.

was 75 de-

grees, with a minimum of 09. At 10 o'clock this morning the thermometer

read 69, but humidity was as high as

00

per cent.

According to the Royal Obser- vatory, # moderate anti-cyclone covers North China, Manchuria, and Japan, and is extending southward over East China. The depression appears to be filling up to the cast of the Loochoos. A shallow depres- alon remains over Tongklog.

New Danzig Financial Decree

Demand For Foreign Exchange Holdings

DANZIG, Apr. 16.

"I don't want the earth, but just A financial decree Issued by the enough to live on. I'll show the êm-Danzle Senate provides that all in- ployer who'll give me a chance that land concerns, Danzig branches of I'm no work-sky.

foreign companies, and inland indus- "The magistrate said: If you've tries or business houses owned by been a soldier you've got arit. Une foreigners. by April 17, must' offer that grit, my lad; use and their holdings of foreign exchange in

it smile, "Well, I'm smiling. "Now what about a job?" -

H.K. Stock Market

The

following quotations were issued on the Hongkong Stock Mar- ket this morning:

BANKS

HK. Banks, $. H.K. Banks Lon, E. Chartered £.

Mercantile, A. & B. £. Mercantile, C. £..

East Asia S..

·Canton- $

INSURANCES

Unions $. China Underwriter §. 1.K. Fire $.

Douglas $.

SHIPPING

Steamboats $..

Indo-Chinas, P. $..

Indo-Chinos, D$.

Shell Bearers s/

.13 n.

Danzig and abroad, to the Danzig Bank for exchange into Danzig Gulden.

All accounts in foreign currencies held

by Danzig banks will be auto- mutically changed into Danzig gulden, exception being made only in a respect to reichsmarks and Polish zlotys.

The decrce provides only for a single exchange, and will not apply to future holdings and deposits made in foreign currencies to the accounts of Danzig firms and private persons after April 17.

.1,350 b. The decree differs in this respect .00 mt from the same law in the Reich, .7% n. which requires that all foreign ex- 27 n change be offered to the Reichsbank. In explanation of this decree, it is .80 n. stated that Danzig frins and indivi- duals have hoarded foreign exchange 2224 n for years, and the present measure 485 n. is designed to bring about an equal

thus 11⁄2distribution of risk, and 180 n. strengthen the Danzig gulden. Trade commerce will not be and transit 75 affected-Trans-Ocean,

13 n.

.60 n.

.24 n.

NEW

BATHING -TRUNKS

-and. TOPS

7

All wool, in a variety of plain colours and fancy designs.

$7.50, $9.50, $11.50, $16.50 Less 10% cash discount

White tops $8.50

MACKINTOSH'S LTD.

MEN'S WEAR

SPECIALISTS

ECONOMICAL COOKING

THE MODERN WAY

more

All in all, there is no economical method of cooking than by gas.

Think what this means when the other advantages of gas cooking, are considered.

The gas cooker saves work,

It is smoke-free and soot-free, and is easily cleaned in a few moments after use.

Cas cooking is healthy cooking. The greatest hospitals and hotels and world-famous cooks use gas. By the mere turn of a tap the cook can get exactly the heat she needs, And finally Gas never fails.

GAS

THE CHEAPEST HEAT ON TAP CHINA GAS CO., LTD.

to

THE HONG KONG &

CENTRAL SHOWROOM:

KOWLOON SHOWROOM:

70/41% FEW TOLEDO HOUSES

Waterbouts $.......(x.d.)..8.40 n.

DOCES ETC.

Wharves $

Docks $.

Providents $ New Eng. Sh. $.. Sha. Docks, Sh. $.

MINING

Kallan /- Raubs $. Venz: Goldfield $. Hongkong Mines cts. Antamoks Ps. Aloks Ps.

Baguio Gold Ps. Benguet Cons. Pa. Coco Grove Ps. Demonstrations Ps. I.X.L PS. Itogons Ps.

VACANT

.100 n.

Toledo, O. .1574 R.

A survey of this city of 300,000 has ...4 n. 6.70 n. shown less than 3 per cent vacancy .1011⁄2 n. of homes. The survey indicated a decrease in the vacancy per cent .18/0 n. since 1933. The vacancy ratio was

8 b. 1 per cent that year.

..3 1. ..4 n.

.32 $0. The theft of his car, No. 481, from 30 sn. outside No. 2. Pratt Building. Kow- loon, yesterday, has been reported to 11.00 sa, the pailee by Cdr. H. V. King, R.N.,

.33 sa, of HM.S. Olympus. 121⁄2 sa. .50 8. .24% 53. 60 s.

GLOUCESTER BUILDING Phone 24704 245, NATHAN ROAD Phone 57341

BRITAIN'S ENORMOUS CREDITS IN AMERICA

of

war

WASHINGTON, Apr. 15. A "UNITED PRESS" survey indicates that in the event.

utilise Britain and

immediately France would $2,350,000,000 now invested in the United States, as compared. with $150,000,000 available to Germany and Italy, ・・

This total includes dollar $16,000,000,000, which is sufficient to balances and security holdings, but inst for 2 years hostilities after which the United does not include gold stocks, the time purchases from

for Wing On Textiles, Sh. $.....40 statistics

which Are not States would be dependent on the MISC.

United States willingness to extend avaliable.

credit and float loans.

Camarines Ps. San Maruitio ra. Suyoc Consola P9, Paracles Pa.

II.K. Entertainment $.

1.72 £3.

Constructions, $.

.18 Ba

Vibro Pilng 5.

.7 b.

58 6.

Ch. Govt. 5% 1925

LANDS

G.3 Bonds

.03% n.

5.30 n.

324 30. .104 m.

,8.00 D.

8.65 n.

,4.10 n. 102 n.

Hotels $. Lands $. Lands 4% deb: $. S'hal Lands Sh. Humphreys $.. H.K. Realties $. Chinese Estates $.

UTILITIES

Frams $.... Peak Trams (old) $. Peak Trams (new) Star Ferries $. Y. Ferries (old) $. Y. Ferries (new) $. China Light (old) $.. Chinn Lights (new)

HK. Electrics $.. Macao Electrics $ (x.d.) Sandakan Lights Telephones (old. $.

(new) $.. Telephones Tructions /- Tractions (Pret.) s/-

INDUSTRIAL

S.

.10 n.

J

This problem will be the subject.

conferences among of two Federal Reserve, the Security

the Ex-

.1.40 b. It is believed that the European several million .134. democracies hold

dollars worth of gold, while that held by the Fascists is negligable.

The dollar balances form only change Commission, the Treasury and ILK. Govt. 4% Loan 4% prm. n.small portion of the European the Department of Agriculture this H.K. Govt. Loun 34% par democracies reserve in the event of week. Marsmans (Lond.) / ....13/3 n.

the cash and carry amendment to

Meanwhile the enormous indux of Marsmans (H.K.) ......5/ 8.

the Neutrality Law being invoked.

European gold into the United States MANILA SHARES

Can Last Two Years

continues. The Department of Com- Closing quotations through Reuters:

Bid Prices

British and French holdings in all merco to-day announced that receipty

totalled Afternoon Morning foreign countries are believed to total for the weekend April 7

Cloking Closing

Apr. 13. Apr. 17.

304

.8 a. Antamok ..4 1. Atok.. .67% n. Bagulo Gold

Batong Buhay .25 n. Benguet Coni, ..24 n. Big Wedge 7,90 b. Coco Grove .5.15 Demonstration

Cons. Bines b. .54 n. I.XL

17 n. Jpo Gold

12

n.

Ilogon Mining

Mambuino Cons. 2212. Masbate Cons. 471⁄4 n. ming Operations 22/- n. North Camarines Parocale GumTLASES .22/t.san, Mauricio

Burigao Cons. Buyoo Cons.

Syndicate Invest.

.013 0.15 11.00 11.00

Ung.

Ung.

.2436

Ung.

.12

Ung.

.11%

.50

.14

1.72

170

Ung.

15

ABS

Una.

.03

路

.00

$130,704,000 ng compared with $182,500,000 for the previous week.

Removing Chinese-United Press,

Govt. Offices

Chungking, Apr. 10. Informed quarters stated that all with Chinese Government officers, the exception of the Ministers for War, Foreign Affairs and Finance, have completed preparations for es tabllahing new oflces within a radius of 70 miles from Chungking, in order to escape possible damage in future Japanese air raids.

.1 b. The following is Swan, Culbertson the elly's population by about 20,000, This move will probably decrease .134. & Fritz' report on this morning' which is only a small part of the re

3,80 n.

market:

At

Cald: Macg. (ord.), Sh. $....14 n. Cald: Mace. (Pre.), Sh. $....153 The United Paracalo... Canton Ices, $. Cements $. II.K. Ropes

STORES, &0.

ported population, which is placed at The Manila Stock Exchange closed 100,000, Dairy Farms (ex. rts.) $..2014 atendier after a slightly easter ses- Dairy Farms (rin) $.

It is recalled that already some ,15% .

the close only two stocks Government offices have been estab 734.sion. Watcons $...

..8 n. showed losses, those being Coco Lane Crawfords Sincerca $. Wing On (HK,) Powell, Ltd. cts.

COTTON MILLS Ewo Sh. $................. S'hal Cotton Sh. 4. Zoong Sings, Sh.

1.80 n. Grove and Mambulao Consolidated, lished in many cities in western

which loat: 4 centavo cach, Galna Szechwan United Press.

from

.42 n.

ranged

to 4 centavos, San ,00.p.

Mauricio showing the greatest gain BALTIMORE, Apr. 10-The Yan- and 1.XL. und United Paracale kee Clipper arrived here to-day on .20'n.

centavos its return fight from Southampton.- 100 m. following with gains of 2

each.

.30 .

Reuter.

CONTINENTAL

The

Sturdy

Portable

VARKOWITZ & CO..

4, Queen's Rd. Tel. 31225.