1939-07-20 — Page 31

Will Britain Aid China's Dollar A Second Time?

LONDON, July 19. BRITAIN'S ministers are considering whether to replenish their depleted £5,000,000 contribution to the £10,000,000 Chinese Stabilisation Fund, while the Chinesc dollar fell to a new low level yesterday.

currency

The

essential

goods from abroad and increase Chi- nese productivity to meet the present demand but also to stimulate the pro-

encourage export trade.

duction of Chinese export articles and

Britain is in an awkward exchange to meet the demand for the

import of essential articles, position during the Tokyo measures announced by the Chinese negotiations because a re-Government regarding import and import and export exchange early fusal to continue supporting this month are calculated not only to China's

would facilitate the parchase of substantially improve Japan's prospects of an economic monopoly of North China and the Yangtse Valley.-United Press.

Vital To British Interests

London, July 20. In a leader dealing with the fresh

"Puppet" Statement break in the Chinese dollar, the

Shanghai July '20. "Financial News," referring to the

Discontinuation of connections be- question whether Britain should support the dollar, further says that tween the Hun Hsing Commercial the stability of the Chinese dolier is currenty and the old Chinese legal tender and maintenance of in- undoubtedly to the Interest of British dependent exchange value of the new trade, and Sir John Simon confirmed currency at dd, in terms of pound only a few days ago that this was sterling, effective to-day, July 20, has sibl the object of British polley.

On the other hand, there could be formally been, announced by the Re- formed Government and the Tun

ilie These measures, according to spokesman, are now enforced smooth- ly, and wii Increase China's economic strength and power of resistance.- Central News.

no paint in subscribing additional resources, if to do so, were to throwsing Commercial Bank.

them into a bottomless pit.

A statement Issued by the Using Commercial Bank says that t The rupidity with which original £10,000,000 were swallowed will comply with applications for sci- up, suggests that this might prove tong of foreign currency at the fixed be the case under present conditions. level, while exchange of the old cur- As exchange proceeds from exporis rency for the new notes will be made were falling into the hands of Japan, the city rates of the local tender.

a large part of the original fund in effect, had been handed over to Japan, while another large portion had been handed over to facilitate Exchange speculation and capital export. Although the latter loopho- les were now closed, it would still be necessary to institute a more rigi control of imports to ensure that they

CURRENCY POSITION

were not paid for simply with Japan Chungking Unworried

eve currency.

A

At Developments

Provided that was done, further assistance might possibly achieve its end for currency conditions in China

CHUNGKING, July 19. were by no means chaotic. It was

SPOKESMAN of the sincerely to be hoped that + way would be found round the dimeulty. Ministry of Finance to-day issued for the tone of the Japanese com- a statement saying: "The fall ments leaves little doubt that with of the Chinese dollar need not Tokyo negotiations, might be inter-seriously affect the country's preted as a sign of British weakness. economy as a whole."

Neuter.

drawal at the very moment of the

China's Policy Unchanged

Chungking, July 20.

Chinese

The

w

The statement added

that the policy of the Chinese Government in maintaining eurrency adapted to

Thursday,

DESIRES PEACE

WITH FRANCE

Pope's New Overtures To France

HONGKONG TELEGRAPH › July 20, 1939.

Germany Willing To Assist

Jewish Refugees

LONDON, July 19.

THE Ministerial Director of the Reich Ministry of Economy, Doctor Helmut Wohltat, to-day told the "United Press" that "Germany is prepared to allow a quarter of the Jewish wealth in Germany to be put in a central trust to assist the emigration of Jews."

FIGHTING CHINA'S EPIDEMICS

of

"The establishment such a Trust is under close consideration by the Ger- man Government and the matter is developing satis-

factorily," he said.

Doctor Wohllat in. In London nstensibly to attend the International Conference. He is main-

Questions In Thetaining contact with the Lengue High

Commons

LONDON, July 19. ASKED by Mr. G. le M. Man- der regarding the League grant for anti-epidemie work in China, Mr. R. À. Butler said in the House of Commons to-day that 1,500,000 francs were voted by the Assembly last December for the current year.

The Government fully recognised the value of the Lengue's unt!- epidemic work, but it must awalt dis- cussion of the matter at the Assembly meeting next September.

An alterant was made to pin down the Government to advocate con tinuance of this support, but Mr. ROME, July 19.

Butler repeated that the value of this work was RUMOURS that the Pope

ques appreciated, nnd endeavouring

bring about

tioners must draw their own conclu- rapprochement between the Vatican sions. I was not customary to an- and France became stronger to-day, nounce an attitude before partiel- when it was reported that an interdict pation in discussions.

to

*

Is

а

Smuggling Abounds

Commissioner for Refugees and the Director of the Evian Committee, Sir Herbert Emerson, but he will not attend the meetings of the Evian Committee, the first meeting of which since February will be held to-day. at 4 p.m. In the Locarno Room of the Foreign Office.

How Trust Would Operate

The Central Trust would co-operate in conjunction with the co-ordinating foundation to accelerate the emigra- tion of refugees by Bnancing the supply of farming and other equip ment and by supplying pasanges on German bonis agalsist money held in the Central Trust.

It is expected that the establish- ment such a foundation will be discussed at this afternoon's meeting of the full committee which will also have before it reports on the suit- ability of British Gulana, Rhodesia and Mindannu In the Philippines for the settlement of refugees.

It is understood that the main difficulty as regards Rhodesia is the

cost. Santa Domingo has offered to take 100,000 refugees, but the United

against the Royalist paper "Action Francaise" had been lifted, the rea- Mr. Butler later stated that the States Commitice of Investigation san allegedly being that the Pope most recent reports received by has revealed that the settlement desires to indicate big special Viscount Halifax indicated that would be unable to absorb such a affection for French catholics.

smuggling in North China' had been large number. reduced by negligible proportions. No reply had been received from the Japanese Government with regard to

It is generally admitted that! relations between France and the Holy See are in need of improve ment, but that dimculties will be encountered because French political circles believe that the peace over tures of the Pope are also in the interests of the Totalitarian States.

The Pope is now endeavouring, it the national economy and capable of Government continue to maintain the legal tender serving freely as a basis for legitimate is declared, to convince Govern- in accordance with its established transaction remained unchanged.ment circles in France that his efforts are not political in nature, but currency policy which is compatible United Press. with national economy and can free-

are motivated purely by a desire to ly provide exchange for legitimate

strengthen peace in the world, Puppets Peg To Pound trade, declared a spokesman, of the

Confirmation of this report was Ministry of Finance in ✡ statement It is authoritatively revealed that not forthcoming at the Vaticon to issued last night in regard to the the Hua Ising Commercial Bank, day, Trans-Ocean. slump of the exchange value of the only issue bank of the "Reformed Chinese doliur in the Shanghai Government, has decided to discon- market.

tinue its connections with the Chung- The spokesman anys that thic Holley has been repeatedly reiterated king currency and will maintain an

Independent exchange level

TOKYO, July 19.

terms

-by-the-Ministry-of-Finance and thereof pound sterling nt 6d.

is no change whalsover.

The authorities of the China Affairs

Sluce the start of the war, the Board on Tuesday consulted Mr. spokesman the Chinese Govern-Takeshi Woshio, Vice-President f

says, ment has tried its best to provide the Hua Hsing Commercial Bonk, every Tuelilty for exchange. Prior to March, 1938, exchange could be regarding the continuous depreciation freely bought and sold at official of the Chinese dollar.

The decisions to suspend linking up the Japanese with the "Fapt" and establish an sponsored Hua Hsing Commerical independent exchange standard were -Bank, the Chinese Government has cabled to the authorities of the Cen- been compelled to impose restrictions tral China Liaison Office of the Chinn on exchange but allotments have been Affairs Board and the Hue sing duly made for all legitimate require- Bank authorities in

raies. Since then, as a result of the! establishment

of

ments.

Japan's Interference

Dank,

Hua Hsing Commerical Bank. This has caused a sudden increase of noles in circulation and greally complicated the Chinese currency, the spokesman states.

Shanghai this

GERMAN TRADE FIGURES

Surprising June Statistics

*

LONDON, JULY 19. morning.

GERMANY'S FOREIGN TRADE Necessary measures to stabilize the new currency value are understood RETURNS FOR JUNE SHOW EX-

Domei.

the latest representations.

Mr. Butler stated that Sir Robert Craigie continued to press the matter with regard to action by the so-called Nanking Reformed Government in endeavouring to insist that certif- cates from the Japanese authorities before clearance to inland poris be granted British ships.

Sir John Wardlaw-Milne asked if

with the we nequiesced

Japanese demand would it not amount to re- cognition of the Reformed Govern ment, and niso amount to agreeing that the Japanese might manipulate the customs as they liked.

Only a preliminary has been made of the Island of Mindanao, the Arst impressions of which will be made to the Committee this afternoon.

Treasury Meeting

The Chairman, Earl Winterton, the Vice-Chairman, Mr. Myron Taylor and other representatives met at the Treasury this morning.

Sir Herbert Emerson, Director of the Evian Committee, in his report covered the results of Investigations in British Guiana, Northern Rhodesia, Santa Domingo and Mindanao.

The Santa Domingo Commission expressed the opinion that there will ultimately be room for 29,000 families and recommended the dispatch of ploncering parties of 200 in cumps Mr. Butler replied that these were similar to the Civilian Conservation important considerations in the mind Corps in the United States, The re- of Viscount Halifax, and that was port said a start could be made as to Sir finance is forthcoming while the why instructions were Robert Craigle to press the matter. Dominican Government has given its

Reuter.

sent

England And

New Cruisers

Ignoring German Gesture

"consent.

A repliminary report on Mindanao Indicates the possibility of settling 10,000 refugees there,

The Northern Rhodesla Commission has

reported that it will cost between one thousand and ficen hundred pounds sterling to emigrate each tomily which should be able to sup- port itself with assistance and have a margin of £120 to pay for unfor- seen expenses-Unlied Press.

Roosevelt's Invitation

London, July 10. President Roosevelt hos invited Vice-Chairman's members of the LONDON, July 19. In the meantime, Japan has resort-te under contemplation. It is CESS OF EXPORTS OVER IM-

NO new ships had been pro- Committee of the Inter-Government MARKS. OF $1,000,000 ed to other measures to undermine understood that besides being a trade ORTS

Committee of Refugees, to visit two-day conference the legal tender. In addition to currency, the 1fua Hsing Commercial WHICH IS THE BIGGEST THRS jected as a direct reply to the America for

AN IN-launching of German cruisers, at the White House at the beginning Japanese army' notes and notes DI

notes will hercutter be steadily YEAR, REPRESENTING the bogus Federal Reserve

MARKS stated Mr. Geoffrey Shakespeare of September, to discuss the Central notes have also been issued by the advanced in ordinary circulation CREASE OF 48.000.000

OVER MAY.

in the House of Commons to-day, European refugee problem.

Sir Herbert Emerson; director of The report admits, however, when he reminded qucationers the committee, is also invited,

that the British Commonwealth Lord Winterton informed the com- that prices obtained in June were already possessed 15 eight-inch mitted that the British Government much below those for May.

Germany appears to be selling gun cruisers and that the Com-1 was examining the manner and ex- The Japanese

material margin tent to which private subscriptions have also been

goods at rock-bottom prices at the monwealth's

to the International fund to assist purchasing foreign exchange with

expense of the taxpayer, who is sup- was therefore considerable.

defraying the expenses of overscon legal tender notes confiscated from the Chinese

Mr. Shakespeare also pointed out emigration might be encouraged by The radio service between Hong-porting the export Industry by sub- people, obtained in

sidies.

that in ships of the same classes, even Government participation, and Customs receipts and squeezed out by kong and Shomeen, which has been various methods in the "occupled" in operation almost continually since

Trade with the African countries though of different ages, superiority it would take the initiative of pro- areas, Consequently, there has been the Japanese occupation of Canton hardly changed, but Germany cut in battle depended on the training posing such a scheme.

Representatives of the, Unlied a reduction in the amount of foreign Just October, has been suspended.

down purchases in India, the Dutch and emelency of the personnel as exchange which would have been Hongkong and Canton and Shamcen exports to the United States consider--Reuter Special.

As from to-day, all traille between Eust Indies, Chile and Brazil and her well as on the more material factors. States, France, Brazil and the Son Dominican Republle recalled that the sumlelent to meet legitimate require

departure suggestion constituted ments ordinarily.

from the policy agreed upon at Evian, LONDON, July 10-Mr. W. S. but they undertook to refer the mat- Cable charges from Canton or

It was estimated that between 120,- Shameen to Hongkong are being LONDON, July 19-The King to- Morrison revealed in the House offer to their respective governments. to the "occupied" areas. In spite of quoted in Japanese currency, the rate day received Dr. Ingram at Buck Commons to-day that considerable

Germany in 1938. A considerable wheat reserves,-Reuter proportion went to countries of a their suppression, the inport hos beta 24 sen per word in plain Englishingham Palace. Dr. Ingrain is re-additions were recently made to the 000 and 140,000 refugees had left been continued. It is understood that and 12 sen per word for Chinese four-ring from his office as Bishop of country's

Large quantities of non-essential articles have been Imported: Great portions of them have been shipped

the Chinese Government's orders for

same of the consignments are for Japanese military ́use,

No Serious Efféct While expressing regret at the pre- sent fall of the exchange value of the Chinese dollar-as a result of the Jap-| anese aggression and the manipula- tions of speculators, the spokesman declares that this temporary slump and the difficulties involved in the purchase of Imports will not cortouse general Chinesa

economic situation. He points out that China's domestic trade far ex- ceeds har foreign trade in volume.

The spokesman recalls that twenty years ago the American dollar was once lower than the Chinese dollar in value and one pound sterling was worth only four Chinese dollars, and yet neither the American Govern- ment nor the British Government showed any anxiety.

Continuing the spokesman-declares; that the Chinese: Government will continue to allot large amountà of!

Shameen Radio Service Ends

L

TREA

ably declined-Reuter Speelai

will be routed through the Japanese military-controlled station In Canton.

Jetter words.

London-Router.

Special.

Britain's Oldest Peer Celebrates

His Ninety-First

Birthday

LONDON, July 19.

THE, EARL OF LEICESTER, who celebrated his 91st birthday to-day, is not only the oldest peer of the realm, but also probably the only living man who can boost that his grand- father danced with Queen Marie Antoinette of France.

The present Earl, whose family name is Coke, is the third to hold the title, which was created in 1837.

The family boasts an exceptional record of longevity, since the first Earl-the present Earl's grandfather-lived until he was 88, the second Earl died at the age of 87.

The second Earl was born when his father was 70. He was twice married and had 16 children, of whom the present Earl was the oldest, being 49 years senior to the youngest.

The 'Earl of Leicester continues to enjoy the best of health. His 'soh and heir is now 59 years of age.Trans-Ocean,

that

temporary asylum, or places like Shanghol or South Amerien, wilere they could not be regarded as per- memently settled--Reuter Sptelal.

$1,000 Left In Suit

PERRYSÐUNG, O. Harold Stanford, a driver for a dry cleaning shop here, found $1,000 in a sult which a client had sent to the shop. He returned the money to its owner.

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