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CHINA
OLDEST NEWSPAPER
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ESTABLISHED 1845.
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MAIL Brand
No. 29,900
MONDAY, MARCH 25, 1938
Price: 10 Cts.
AUSTRALIA'S CHOICEST
BUTTER
FOREIGN EXCHANGE CRASH IN SHANGHAI Breaking Of Currency Gentlemen's Agreement
NEW PUPPET
ESTABLISHED
Shanghai, To-day.
A new government, "The Reformed Government
of
the Republic of China,” was established at Nanking by the Japanese at noon to-day. -Reuter.
JAPAN'S
GLOOMY BROKERS UNITED STATES
PREDICT DROP TO EIGHTPENCE
Shanghai, To-day.
AND MEXICO
Washington,
The Secretary of Trea Henry Morgenthan, has issued the following statement:
To-day's foreign exchanges crash means the break-Government decal and com-
"In view of the United States to re examine
mercial relationships with Mexicr
ing of the gentlemen's agreement between the certain of its Shanghai foreign exchange banks and the Fin-the Treasury will defer continua ance Ministry, by which the former agreed to tion of the monthly silver pu support the Chinese currency by refusing to sell foreign exchange below 1/2-1/16 for ster ling and the equivalent rate for US. dollars.
with Mexice
LATEST PUPPET Following the Chinese Government's exchange the United States
GOVERNMENT
“”
Shanghai, To-day.
A representative of Gen. Hata, the Japanese commander-in-chief, officiated at the Nanking cere monies, at which the "Reformed Government" .was established,
the monthly
counter-measures, the foreign banks con- Reuter tinued to maintain exchange for merchants up to the end of last week, but in the meantime an outside market had spring up consequent upon
JAPANESE
the allotments of foreign exchange by the Cen MASS RAIDING
tral Bank of China being too small to meet the demand, with the result that rates quoted out- side continually dropped daily until Saturday, when sterling was as low as 1134d.
to yesterday said that the
Apparently the foreign bank- The inter-bank rate was quoted raids, when little or no activity of during which the five-barred flag ers, over the week-end, came to at 1/2-25/32, and later at 1/2- the Japanese air force took place, was hoisted while military and the conclusion that they could no 23/32, at which level there were had been devoted to "assemble ma naval planes roared overhead. longer support the exchange doubtful sellers. Only buyers ap-terial and try out new tactics of
aîr attack Trans Ocean. with such divergence between peared on the market their rates of 1/2-1/16 and the
All the heads of the new "Gov- ernment" have been appointed, cutside rate of 11gd. and the various departments are the
While the bankers are hoping OFFICE
Administrative Yuan, In-to maintain sterling around 1/-, terior, Legislative, Judical, Fin-many brokers are gloomy and are ance, Education, Communications predicting that the rate may go and Industry.
The new. "Government," seat of which will be Nanking, con- trols the three provinces of Kiangsu, Chekiang and Anhwei. -Our Own Correspondent.
as low as 8d. Reuter.
OUTSIDE MARKET BUNS AWAY
Shanghai, To-day, The exchange market opened this morning with merchant rates down to 1/- for sterling and 24-3/4 for U.S. dollars, the banks apparently hoping they might be able, by doing this, to draw mer-
CANTON MAYORAL chant rates and outside the mar
RUMOURS
ket rates somewhat closer.
However, as the result of the foregoing, the outside market!
The "China Mail" is officially ran away, with sterling going authorised to deny reports from low as 101ed at which some b Canton and Shanghai that Mr. Oness was done. The rate lafer K. Yui, former Mayor of Shanghai, improved to 104d at which there is destined to replace Mr. Tseng were sellers. Beuter. Yang-fu, Mayor of Canton, whe has been described as selected for
appointment as Minister of Rail- ways in Hankow
stated
Although the Hong Kong
market turned easy
rning the rates did no
de
EQUIPMENT
G. F. ALLSTEEL FILING CABINETS
KARDEX FILING CABINETS.
KEELOX RIBBONS & CARBONS.
SAPES
DESKS
CHAIRS
TYPEWRITERS
ROYAL PORTABLE
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ema in proportion to Shang THE OFFICE APPLIANCE CO-IM
rate opened
1/2-11/16 and was later lore
has never been
to 1/2-5/8