C
THE CHINA MAIĻ, MARCH 16, 1989.
HONG KONG BANK LOAN CONDITIONS OUTLINED IN BILL BEFORE PARLIAMENT
London, To-day.
The Chancellor of the Exchequer, Sir John Simon, introduced the China (Currency Stabilisation) Bill in the House of Commons yesterday. The Bill provides for the establishment of a £10,000,000 Fund to check undue fluctuations in the Sterling value of the Chinese dollar. The Hong Kong and Shanghai↑ Bank will subscribe £3,000,000, the Chartered Bank £2,000,000 and the Bank of China and Bank of Com- { munications jointly £5,000,000.
Management of the Fund will be vested in a committee of five, two of which will be appointed jointly by the Chinese banks, and ОПА each by the Hong Kong and Shang- hai Bank and the Chartered Bank. BRITISH EXPERT
in agreement with the
FINAL SCHEME
FOR PALESTINE SUBMITTED
London, To-day.
The final Palestine proposals of
One will be a British expert ap- pointed by the Chinese Government the British Government were Treasury adopted by the Cabinet yesterday and with the approval of the Bri- morning, and were submitted to be to the Arab delegates by the British
tish banks.
Duty of the committee will determine the day-to-day policy (delegates at St. James's Palace in best suited to achieve the purpose the afternoon. of checking undue fluctuations in the Sterling value of the Chinese dollar
L
The leader of the Palestinian Arabs asked for time to consider the..proposals, and the meeting ad- journed until Friday afternoon.
It is understood the proposals largely follow the lines of the sug- gestions already submitted. to the delegations by the British Govern-
LOW INTEREST The Hong Kong and Shanghai Bank and the Chartered Bank will receive interest every six months in Sterling at the rate of 24 per cent. The Chinese banks undertake to pay interest insofar as it is not met
The British delegates met the from earnings of any investment
and held for Sterling account of the dewish delegates at 9p.m.
hour Fund in London, and the Treasury the meeting ended half an will guarantee payment of the in- terest.
The Treasury will also guarantee the British banks against any loss up to £5,000,000, when the Fund will be wound up.
|
ment.
later.-Reuter.
POLICE RECRUIT CANARD
NO EXCESS PROFITS If on winding up the British
London, To-day. banks receive in Sterling, apart Answering a Commons question from interest, more than the orion recruitment for, the Palestine ginal subscription, they will pay police service, which he said was the excess to the Treasury.
proceeding normally, the Colonial Arrangements remain in force Secretary emphatically repudiated for a year and can be renewed for suggestions which had been cir- further periods of six months. culated in some quarters that The British banks, with the icon- when prisoners convicted of vio- sent of the Treasury, or the Chin-lence were released from prisons ese banks with the consent of the in the United Kingdom, efforts Chinese Government, can determine were made to recruit them for ser- the arrangements at any time by vice in Palestine. British Wire- giving seven days' notice. Reuter. less.
ONE MONTH'S
GRACE
Peiping, To-day.
The new currency regulations appear to have had little effect, at any rate in Peiping.
.
LADY NORTHCOTE TO BROADCAST
A change has been made in the Reason is the authorities ZBW programme for this evening. granting of one month's grace in Lady Northcote has consented to the fulfilling of exchange con-broadcast from Government: House tracts made before last Friday, a talk on the work of the YW.C.A.
-Our Own Correspondent.
"NIKS =
„A“Gobranteed Cu
For Hond
Lady Northcote's talk will follow the time signal and weather fore- cast at 8:80p.m.
MR. MENZIES' RESIGNATION
Canberra, Toslay.
No new appointment has yet been announced to succeed Mr. Menzies, the Federal Attorney-General, who resigned owing to his opposition to the Government's repeal of the pen sion provisions of the National In surance Act.
J
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