1939-06-09 — Page 7

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AMERICA'S WARM

WELCOME FOR KING AND QUEEN

Their Majesties the King and Queen crossed from Canada Into American territory at Niagara Falls at 9.40 p.m. an Wednesday and were there greeted by Mr. Cordell Hull, Secretary of State, the British Ambassador and other officials.

Twenty minutes later the Royal party continued their train Journey to Washington where the greatest excitement and Interest prevalls over the much-publicised visit of British Roynity to the premier city of the New World.

Plans of Mrs. Roosevelt to invite experts on social problems of America to a ten party in the White House with the King and Queen Indicate that apart from the social aspect of the occasion, the contact with America will bring Their Majesties Into close relation with the life and problems of the country.

ATTACK ON DUCHESS

!

Niagara Falls, June 7.

As the Royal Train slowly crossed the International Bridge at: 9.40 p.m. a tremendous crowd säng "God Save the King."

After an exchange of greetings. Their Mujestles talked for a few minutes with Mr. and Mrs. Hull, officials of the British Embassy and

Lawlor is "Lonely-Like" others before they boarded their

Says His Pal

London, June 8.

frain at 10

p.in.

Greeting the King, Mr. Hull, in the Tennessee drawl which has been

Friday,

HONGKONG TELEGRAPH

June, 9, 1939,

NIGHT CHINESE DOLLAR:

OVERNIGHT

NEWS PAGE

War Risk

Down

Tokyo, June 8. With peace and order steadily returning to the Yangtae area, Japanese Insurance companies have decided to lower by about 00 per cent. the war risk rates on cargoes shipped to Yangise ports.

The new rates, efféetivë Im= mediately, are 12.5 sen per 100 yen on cargo aboard ships plying between Klukiang and below, 20 neu for ports between Taych [(inclusive) and Kiuklang (exclu- 'sivo) and 30 sen for parts be tween Hankow (inclusive) and Taych-Doniel,

COLONIAL POLICY

"I cannot understand what the fuss tile for many years in American Home Government

one."

the

Plan For Improvement

London, June B. "Great Britain achieved a trium-

phant success in her rule of the bu

'minlony," declared Mr. Malcolm Mac- donald, Secretary of State for the Colonies, in the House of Commons to-day when introducing the Coloniai Oftee estimates,

He added: "We guided their affairs until our government reached the glorious elimax of being able to ex- tinguish itself. The Dominiona have

Is all about," is a remark made by half of the Government and

polities, said: "Your Majesty, on be- Ledwedge Vincent Lawlor, who was people of the United States I have arrested in connection with a shot the honour and pleasure to extend to allegedly fred ot the Duchess, of you the warmest welcome. We are Kent,

according to his fellow delighted. My country in a generous lodger, Mike Cannon, who visited spirit of cordiality, hospitality and him this morning af Brixton Prison. friendship has every desire to make

Cannon told a correspondent, went to Brixton Prison with a couple our stay thoroughly enjoyable The King smllingly thanked Mr. of letters for Lawlor and asked him) what he wanted to be there with a iluti and then Mrs. Hull said: "It is a gun for, Lawlor said he had no great honour for me to meet and intention of shooting and it was greet you." quite an accident. He seemed to The ceremony lasted seven minutes think it was quite in order having with the distinguished porty spend- a gun as he said he had a licence, in a few moments chatting before When he was in Australia he always escaping from the food-lighted carried a gun.

platform. "I questioned Lawlor regarding a Mr. MacKenzie King, the Canadian

ench be familiar, but Lawlor replied that train as it arrived at the station and their peoples are the undisputed are Communist with whom he used to Premier, jumped off the moving their come a nation of their own, the he had nothing to do with Com-hurried back to be on hand when the peoples of India and Burma have munists.

King descended. The

a long way along the same "I mentioned that

two read. people were gentlemen in Waith's Eldon

Without doubt, falking of an Irish Republican Ariny and Earl Airlie, also jumped off the the evolution of the British Cont- connection, but Lawlor said he hnd train but were prevented from reach monwealth of free nations is one of nothing to do with it. In fact he ing the King's side by troops who the happiest and most beneficent hardly knew what the 1.R.A. meant, Ignored their explanations,

achievements of all time. Cannon confirmed that Lawlor Before teaving the Queen took a

"Are we going to be equally justi while working at Waterloo Bridge lost, long look at the Follo otin box containing six £1 notes Canadian side but she decided not to In the government of the Colonlat from his pecket, after which he wrote visit the Tunnel of the Winds below. Empire?" asked Mr. Macdonald, and the went on to say that in most Colonial to the Bank of England thinking it She was chiefly engrossed in

Falls as Canadian would make good the loss.

officials pointed territories the British were still to a "I just took him a letter from the out

scente points-United greater or lesser degree trustees and Bank of England and also one con-

guardians. The British, who had hud cerning his pension from the Austra-

Cordial Reception

thrust upon them so many great res- Han forces, sald Cannon. "If you

ponsibilities, Washington, June B.

had no responsibility have seen him as I saw him I think Two gigantic locomotives maintain-great than that of governing the

the Colonial Empire. throughout me that he is lonely-like."-United night and this morning in onton should be regular contact between It was highly desirable that there bring Their Majesties to Washington by 4 a.m. G.M.T., where President men on the and Mrs. Roosevelt and a crowd Colonial of and members of the

n

Press.

other

you will hold the same opinion used express speed

Press.

Another Tientsin Ultimatum

Tientsin, June 8,

the

Acd

and here Mr. Mac- estimated at 600,000 ure walling donald mentioned the journey of Lord them at the station. The Royal

and his colleagues, the com- Halley visitors will probably arrive in the pilation of the African survey and the Bledisloe commission which visited midst of a sweltering heat wave.

When the King and Queen arrived Rhodesia and Nyasaland. There was jan American soll, Mr. Cordell Hull also the visit of the Moyne Cominis-

greeted them with the following sion to the West Indies. words, "On behalf of the Govern- |ment and people of the United States,

AN

people of my country, in

Conscious Of Duty Mr. Macdonald

declared that we

I have the honour and pleasure in had got to be more conscious than [extending you our warmest wel-

ever before of our duty to the It is understood that as the results are delighted at your Colonies. We had to push forward

come. of yesterday morning's conference, mrst genuine spirit of cordiality, with the work of giving the Colonies the representatives of the Japanese hospitality

Govern and friendliness, we adequate social services.

have

**** authorities concerned agreed to pro- every desire to make your stay`n

ment's primary object in the Colonies ceed with their "original policy" in thoroughly enjoyable one."

was not the advancement of the sel- dealing with the focal situation in According to the New York Herald fish interests of people in the British disregard of the British counter-Tribune, the King and Mr. Hull

Isles, but the general advancement in communication regarding the dis bad a serious talle" before boarding the best interests of the peoples in posal of Chinese criminals allegedly the train for Washington.-Reuter.

the Colonies themselves. arrested in the British Concession.

The conspicuous

of the Cloyalty peoples of the Colonies was an elo- ticular comfort in their quent testimony to their own par

association with the United Kingdom.

Here is no room for com- achievements," out placency

continued. "We have

Police Mobilised

"But there

The Japanese authorities reported- ly understand that the British com-

New York, June 8. The biggest mobilisation of police munication on Tuesday was tanta- mount to virtual rejection of the United States history ordered for Japanese requests including the the visit of Their Majesties here transfer of the

affects some 13,000 assassing Cheng Hsi-keng, former Chinese stables and customs superintendent at Tientsin, nearly 11,000 are specials.

Weather permitting, Their Majes. got to be more

Mr. of

officers, con-

our

of detectives, whom Mr. Macdonald conscious than ever! and chief of the Tientsin branch ofties will enter New York aboard the before of nur duty to

Colonies." to the

with

broadcast Canada.

Is

the Federal Reserve Bank.

They point out that the criminals cruck destroyer Warrington which is Mr. Mucdonald gave some illustra-

way in

in which the Gov- whom the British authorities decid- capable of 37 knots.

ernment It is announced from Niagara Falls policy of improving the lot of the ed to extradite,

netively pursuing its were not directly connected

that the Queen will make a second Colonial peoples, He mentioned that the Japanese quests.

before finally leaving

the Every precaution has been taken Northernments of Trinklad and Rhodesia had given a good the way in which the old Royal visit. Minesweepers examp Colonial Governments could will drog the lower New York Bay before Their Majesties destroyer from Fort Hancock, New

As the British nuthorities have allegedly falled to effect co-operation with the Japanese in settling the local situation, the Japanese author

be contem measures

tles are understood to plating "Independent Domei.

Isolating Concession

Tokyo, June 9,

sures to be taken by the

by

Jersey

croas in a

take

part in

in this work. These Gov- ernments had got their legislatures to accept five-year plans for social and economie development.

Labour Conditions

STABILISATION FUND STRONGER

The strengthening of the Chinese National Currency Stabilisation Fund was indicated yesterday in an authoritative statement issued to the Press concerning the slump of the Yuan. The statement pointed out that there has been no pressure on the Fund and confidence in the currency remains unshaken.

It was also disclosed that arrangements have been completed so that the Government requirements of foreign exchange for munitions and other supplies will not come on the market.

According to a Shanghal report the exchanges were firm yesterday.

Japanese reports claim that with the tightening of the blockade of the China const nullifying the foreign trade the Stabilisation Fund has already been reduced by £4,000,000.

The Times in London ridicules rumours that the Fund has lost the greater part of its sterling resources.

"As is generally known, during the past weeks, there has been no pres- sure on the Stabilisation Fund, and confidence in the national e rrency remains unshaken. The Control, however, temporarily withdrew sup- port on Wednesday to

The following authoritative state-i the action of the Dollar Stabilisation ment was issued to the S. C. M. Post Fund yesterday, yesterday:

The main criticism appears to be between the allegedly casual manner in which the Control suddenly und without announcement withdrew its support and apparently abandoned, at least temporarily, its mission, which in the words of the Chancellor of the Exchequer was to preserve the

a view to rendering material assist- adjusted to a betler economic level, and thereby to bring the balance of once to British trade enterprise in

China trade into equilibrium. As will be Crities voice the opinion that the remembered, a similar step was Fund would have discharged its faken during June 1938, nnd when duties more satisfactorily the level of 8d was found it was initing the dollar to seek a lower by per- successfully maintained. for twelve level gradually, Ironing out violent Auctuations in the course of the de- fletitiously high level and then sud- cline Instead of maintaining denly allowing a complete collapse leading to total demoralisation of the

exchange value at the doll the stability of the Chinese dollar with

months.

will not be questioned.

"It is

market.

21

It is understood that Chinese bank- and brokers will hold a meeting this afternoon to discuss the situation. ---Reuter.

LOTUS "DORMEONE" SHOES are very old and tried favourites, They have two special features the LOW HEEL and the "DORME- ONE" STRAP.

The heel is only 3⁄4” high. This means that the weight of the body is thrown well back and a correct, stance is enforced. Almost as good as the ideal the barefoot stance.

"The "DORMEONE"-strap acts like a veritable extra ligament, bracing, the arch of the foot constantly and taking away the strain of tho low heel, It is adjustable both for position and tension. It permits a full day's golt without foot fatigue.

$39.50-Loss 10% Cashi Discount OTHER QUALITIES from $22.50

MACKINTOSH'S LTD.

"It is confidently believed that the new level has now been found and can be strongly held. Many good previously imported are now being made at home." The favourable harvest foreshadowed by all reports will also contribute towards reduced Imports. Arrangements have been completed so that Government re- quirements of foreign exchange for munitions and other supplies have

Shanghai Still Mystified been taken care of and will not come onto the exchange market. Finally,

Shanghai, June 0. es the Stabilisation Fund has been Stabilisation Fund us much a my- With the future policy of the strengthened and further

efforts to broaden the basis of this Fund have stery as ever, the exchange market been successful, the ability of the to-day remained disorganised, bust- authorities to maintain the exchange ness being transacted only in limited amounts at widely fluctuating rates. Sellers of sterling quoted at the despite the present adjustment in the fars 13%, but these levels were not

further emphasised that opening ut 7d. and United States doi-# exchange level, the national currency maintained for long and soon declin- will continue to retain the con-aintained

and fidence of the people because its free

1 respectively, tendency ap- convertibility is at all times assured." whereupon a harder

peared and the midday quotations Exchanges Firm

were 6% and 13%.

In the afternoon further casiness Shanghal, June B. was in the rates, which again plung- The exchanges were firm this ed to 0% and 12%, but the closing morning and an amount of business was somewhat steadier at 64 and was done at intermediate rates be- 13%. tween 7%d. and 814d. for sterling. The erratic behaviour of the dollar From the lower level of 64d. the was reflected in gold bars whicht market rose to @d.

on rumours opened at 2,245 and soared to 2,440 that the Control bunks were selling by mid-morning, establishing an alt and there was a certain amount of time record, after which the

trend profit-taking, appeared and sterling eased to 64 compares with 2,098 at the opening again reversed and the price fluctuated throughout, closing at 2,380. This

yesterday.-Reuter,

↳

Towards the close buyers

-Reuter,

Good Shares In Demand

Shanghal, June 8. Conditions even more hectic than those witnessed yesterday were ex- perienced on the stock market to- day. The turnover reached enor mous proportions and Monday's cash settlement will be the heaviest ever recorded since the abolition of for- ward business.

It is again dimcult to select special stocks for mention, but it is quite safe to say that the majority rose frorn

five to 10 per cent, though profit-taking finally resulted in most gains being reduced by half.

It is interesting to note how to- day's purchases of stocks and shares have become the favourite method adopted for protection of capital) and that the public shows less inclination for

purchase of foreign exchange. The impression is strong that $35 for one pound sterling or $0 for one United States dollar is not the best or cheapest form of capital profce- tion, and that purchases of rubber shures or leading industrial counters will provide both profit and insurance.

While a superficlul Impression in cates that some shares may have advanced too rapidly, a careful study shows that in the case of good rub- ber companies (large units with cheap costs) the rise in their values has by no means kept pace with the depreciation of currency and there is much leeway that should be made up.

Japanese Comment

Shanghal, June 8. The Hongkong and Shanghai Bank- ing Corporation announced at 10.30 o'clock this morning the selling rates of the Chinese, legal tender ns 020 and 12% U.S. dollars.

At the opening quotations to-day, the Yuan stood at 74d and 10% U.S. dollars. The Yen was sold at 102 per 100 yvan and bought at 10314.

Japanese exchange banks, pending elucidation of full circumstances feading up to the suspension of foreign currency dealings by the Hongkong and Shanghal Banking Corporation, understand that the present steps reflect a step backward taken by the legal tender backed by the sterling fund.

the

the

It is pointed out that the specie fund for the Chinese currency is steadily running short with the pro- gress of the Sino-Japanese confilet. About U.S.$30,000,000 which Chinese obtained by selling silver in London and New York have already been consumed almost completely.

With the tightening Japanese blockade of the China coast nullifying the foreign trade of the Chungking regime,

recently-established Anglo-Chinese Stabilisation fund amounting to £10,000,000

hus already been reduced by £4,000,000. In the event of the legal fender continuing to slump, the Hua Haing Commercial Bank will give up its policy of maintaining par with the legal tender and proceed with an movements 10- day were in Ewos, Intascos, Trams independent position regarding its

own notes.-Dornet. and Kalpings, while in rubber Anglo-Javas, Kroowock, Swan Shares and Rubber Trusts appreciat cd sharply.

The outstanding

to Manhattan on Saturday. To-morrow two large and three smaller coastguard cutters will be-

Mr. Macdonald outlined the mee gin patrolling the waters near Fort sures taken to improve health condi- In anticipation of possible men- Hancock and an anti-aircraft battery, tions in the Colonies and, dealing

Japanese complete

with searchlights and with the Government's polley with following the alleged rupture in the sound locaters, will be in position regard to labour, he referred to the negotiations with the British authori-there, while hundreds of troops will creation and extension of labour de tles, Japanese business men charter scorch the adjacent territory-Reu- partments and the regularising in In the piers and godowns

in theter,

somo Colonies of trade unions, British and French Concessions in

A Rostful Day Planned Tientsin have started removal of _about_60,000 tons of goods,

New York, June 8. He was certain that the extension The harbour facilities used

The visit of Their Majesties to of government activity in this field Japanese interests in the foreign yde Park on Sunday is likely to be would result in the avoidance of concessions will be transferred to the one of the most realful periods in the many Industrial clashes during this Special Administrative

North American tour, owing to the critical time in the development of. District

fact that there will be no crowds, downstream from the concessions,

the Colonies, and would be a great Whilo Japanese

concerns including ceremonies or banquets necessitating help in

in the subishi Trading Compeny,

rapidly changing social and the

Government were auxious also to schedule. Federal Reserve Bunk are prepared

develop the Intellectual capacity of Their Majesties will linger in a to remove their

from the

in the Colonies to take the people in rambling two-storey frame house part in the work and enjoyment of Brlish and French Concessions to

overlooking a 1.000-acre estate on the modern life. They wanted to develop other parts of Tientalnom Tientsin Hudson River, Mrs. Roosevelt plans

Another message from

sound educational system. The "Lorce Bays that the

of circums-Dream Cottage" on top of Duchess. the people to stand a litle more se-break in the Chinese dollar.

dog niente in the President's object of Government was to train tances" apparently means the Ja- panese authoritica will cut off the

Their

Majesties, President and they were encouraging native self- curely on their own feet. In Africa, British Concession from the outside world. The message adds that the Mrs. Roosevelt, and 89 others will entire Japanese colony in Tientsin is attend services at St. James Epis-overnment under the principles of solidly upholding the decision of the copal Church, Hyde Park, conducted

by the Rev. Frank R. Wilson, after "What we desire to teach men gra- In conclusion, Mr. Macdonald said: Japanese authorities.Domei,

which they will return to the estate.

The British Ambassador,

dually in the wise exercise and on-

· Sir | *** Ronald Lindsay, recently told the which we prize so highly ourselves joyment of freedom. That freedom It is authoritatively learned that Press that.Their Majesties have enten wh the Japanese have presented a fun hot tone before, "under her Majesty's subjects in whatever part we seek to spread among, His ther ultimatum to the authorities in cumstances and the British Concession in Tientsin name."-United Press.

of the Empire they live. So long ar And threaten to creat a barrier as

our-administration is conducted. In that spirit our work will be justified and will prosper throughout, the Coloniat Empire," (Cheers)-Reuter,

the Yokohama Specie Bank, the Mit burried-changes of clulling to main-| labour conditions about Improved tion of business at 2.30 p.m. instead |

offices

Further Ultimatum

Shanghai, Juno B.-

not

under that.

well as take other steps to com- in the assassination of Cheng Shi- pletely. Isolate the Concession unlesy kang, are handed over within two The four. Chinese allegedly involved dnys.-Reuter

indirect rule.

Tokyo Exchange Riso

0

Yen Cross Rate

Shanghai, June 0. The Yen this morning was bought As a result of the very heavy

at 92 National cents compared with business done for delivery on Mon- 04 a week ago. Later, however, day next, and in order to cope with the buyers rate advanced to 04 as the settlements, the Committee of the National dollar declined the Stock Exchange, as an excep-farthing in terms of sterling.— tional measure, decided to open the Reuter. market on Monday next for transac-

_of~0.30 p.m.-Retter:----

Tokyo, June B. The Stock Exchange was in an Shanghai Comment

excited state to-day and prices rose Shangbal, June 8. as a result of the decline of China "The attempt to stabilise the currency and also as the result of a -Chinese national currency at Bd. to rumour that Sir Archibald Clark 814d, has been abandoned," declares Kerr has advised Chiang Kai-shek the Financial News dealing with the to resign in order to terminate hos-

tililles. The decision to allow the exchange The Tokyo New Exchange con- to fall was taken in view of the de- siders that the barometer terioration of China's trade balance has risen 23 points-United Press. and the recent big capital efflux. This has caused heavy inroads into tho £5,000,000 reserves of the Stabilisation Fund, although there lo no truth in the suggestions that diese resources arc nearly exhausted.-- Reuter

Business Critical

of stock

TOLEDO GETS

MADONNA ART

Toledo, O. The aged relief, "San

Donato Madonna," which was kept for more

MEN'S W, E AR- SPECIALISTS-

Book the Date

SATURDAY, JUNE 17th, 1939

CHILDREN'S CHARITY FAIR

IN AID OF

THE NATIONAL

ASSOCIATION FOR THE CARE OF WAR ORPHANS

"All The Fun Of The Fair” From 2 p.m. till 7 p.m.

AT

1

SIR ROBERT HO TUNG'S RESIDENCE 254 Peak

NUMEROUS SIDE-SHOWS RAFFLES, ETC. Special Attraction

CHILDREN'S

DRESS PARADE

Come and enjoy yoursolves

THIS BIG BEAMING PICTURE · IS A STORY FOR US ALL-

...when Shirley in her innocence identifies the gruff old gentlemun upstairs as our national "Uncle Sam...and rushes to save him fruni the troubles she's heard he's inf

1

Shirley TEMPLE

JUST AROUND THE CORNER

with

CHARLES FARRELL JOAN DAVIS AMANDA DUFF BERT LAHR BILL ROBINSON@

FRANKLIN PANGBORN CORA WITHERSPOON BENNIE BARTLETT, CLAUDE OILLINGWATER Directed by Irving Comminge Asociale Profvers Band Hempstead Burn Fat by my sites and Dansk

Wak

A 20th Century-Fox Pictura ̧··

Darryl 't Zanuck Charge it to see them",

Shangbai, June. 8." than 400 years in the Dalls Robbla TO-morrow AT

TO-MORROW AT KING'S

Considerable indignation is ex- | family after, ils completion by Luten pressed by a number of foreign bank Della Robbia, has been acquired by ers, traders and brokers concerning the Toledo Museum of Art.