.
THE CHINA MAIL, FEBRUARY 7, 1989.
NO MONEY
CHANGE IN POLICY
Sir John Simon Moves The Currency Bill
JAPANESE REVERSE ON
WEST RIVER
MACAO, TO-DAY.
THE JAPANESE TROOPS AD- VANCING ALONG THE WEST RIVER FROM SHAMSHUI HAVE BEEN DRIVEN BACK TO THEIR FORMER POSITIONS · · BY COUNT E R-OFFENSIVE LAUNCHED -BY KWANGSI TROOPS:
A
The old Samshui City is now in
Japanese have also withdrawn their
troops from the bank opposite Sam- shui.
CHANCELLOR'S
JUSTIFICATION OF MEASURE
London, To-day.
STOLE FLOWER WREATHS
A 60-year-old unemployed nam- ed Li Fuk was charged before Mr. R. Edwards at the Central Magis- tracy this morning, with stealing
Sunday.
No question of any change in monetary policy is in-two flower wreaths at Bonham Road volved in the Currency Bill, declared the Chan-outside the Nethersole Hospital on cellor of the Exchequer, Sir John Simon, mov- ing the second reading in the House of Com-personal bond of $20 for good be- mons yesterday.
the hands of the Chinese and the Sir John added that the Bill concerned certain de- tails of the monetary mechanism, and recalled how the Exchange Equalisation Fund had been increased from £150,000,000 to £550,000,000 in order to check undue fluctuations in exchanges. tung soldiers along the West River. Recent events had made it opportune to introduce
4
\
It is learned that the Kwangsi
troops co-operating with the Kwang-
are well equipped with modern armaments and light field pieces,
CHINESE PLANES AT SAMSHUT
the Bill.
ated.
Over a long period ending last more accurate statement of facts. Spring, gold stocks had continually There was no trace of inflation increased, and amounted on January or deflation in the proposals. 31, to £885,000,000.
A- CAPITAL RESERVE One effect of revaluation would be the liberation, of approximately £5,000,000.
Sir John declared he did not pro- pose to treat the sum as revenue but as unrealised capital apprecia- tion, which would be passed to the Exchange Equalisation account, where it would constitute a capital reserve.
Sharp fighting occurred yesterday near Samshui, the Japanese leaving over 50 killed on the battlefield be- In the following six months there fore retreating to Samshui.
was a considerable exodus of gold, Chinese planes appeared · over which represented refugee capital, Samshui yesterday but did not gold stocks falling to £689,000,000, drop any bombs. The machines also of which £151,000,000 was in the visited Kaukong but left after cruia- Exchange Equalisation account, the ing overhead for about 20 minutes. rest being in the issue department
According to messages from Can- of the Bank of England. ton, the Japanese have made no pro-
ENTIRELY JUSTIFIED gress in the North River · ‘region. That tendency continued during Constant attacks launched by gueril- the rest of the year. Some of the La bands have frustrated all plans gold loss was due to repatriation of to proceed further northwards along French funds, and some was due The Bill made certain changes the Canton-Hankow Line. ·
to undesirable speculation against in machinery (says British Wire- Several Japanese gunboats arriv- the Pound.
less) and it provided for more ac- ed yesterday and are at present The Bill was entirely justified. It curate presentation of facts by anchored at Bocca Tigris-Our made no difference to the funda- showing the true value of gold Own Correspondent.
mentals of the currency but was a cover for the note issue.
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The Bill was read a second time without a division. Reuter.
The proposals had no bearing whatever upon the question of time, or manner in which Britain might effect stabilisation of its currency [on gold
NOT REGRETTED That matter of high policy, Sir John Simon reminded the" House, was dealt with in the monetary de- claration of the British Common- wealth of Nations at Ottawa, which was reaffirmed at the World Econo- mic Conference in 1933. Those de- clarations stood.
The loss of gold for the most part need not be regretted, for it meant the removal of volatile ele- ments which were a nuisance rather than a source of strength, and also the return of confidence in the French financial situation which they welcomed.
TRAFFIC CASES
Mr. D. W... Wagstaff, of. No. 6 Kent Road, was summoned before Mr. R. A. D. Forrest at the Central Magistracy this morning, for leav- ing his motor car unattended at Queen's Road. Central on January 11. A fine of $6 was imposed. "
Mr. H. B. Joseph, of the H. K. V. D. C., was fined $2 for parking over time in Pedder Street.
A fine of $4 was imposed on Mr. R: A. Harding, of No. 11 Duddell Street, for leaving his car unattend ed outside Holland House on Jan- uary 28.
Defendant was ordered to sign a
haviour in one year, and a sum of
was given out from the poor box for passage and expenses to Kwong Chow Wan.
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