SHOWING
TO-DAY
At 2.30, 5.10. 7.15 & 9.30 P.M. FOR ONE DAY ONLY TWO ACADEMY AWARD WINNERS TOGETHER FOR THE FIRST TIME
A SPECIAL RE-ISSUE
PAUL
MUNI
and
BETTE
DAVIS
In
"BORDER- TOWN
Warner Bros.' terrific drama f
the Suburb of Mull!
TO-MORROW
"FOUR DAUGHTERS"
With PRISCILLA LANE-ROSEMARY LANE-LOLA LANE ·
GALE PAGE-CLAUDE RAINS-JOHN GARFIELD
JEFFREY LYNN-DICK FORAN Presented by Warner Bros
4 SHOWS
DAILY 2.30-X.15 1.15-8.80
TAKE ANY TRAM OR HAPPY VALLEY BUS
ORIENTALE
FLEMING
ROAD WANGHAI
TEL. 28473
THE CHINA MAÏL, JUNE 1, 1939.
BATTLE OF CHINESE LEGAL TENDER AND THE YEN
Chungking, To-day.
Chinese legal tender has won the war. with the Jap- anese yen, declared a spokesman of the Minis- try of Finance yesterday in a press interview. The spokesman pointed out that though the official exchange rate of the yen in Tokyo was suppos- ed to be 1s. 2d., in Shanghai it had dropped to 7.11/32d., and 100 yen could be exchanged for only $89 Chinese currency.
The Japanese policy of substi- tuting bogus notes issued by the "Federal Reserve Bank” which had no adequate reserves, for Chinese legal tender notes in North China had also failed.
In Shanghai, the notes issued by the so-called Hua Hsing Com- mercial Bank, had slumped even heavily, in spite of the Japanese declaration that they were of the same value as Chin- ese legal tender and convertible
more
Return Engagement! To-day Only! By Request! into any kind of foreign currency.
“THE SINGING SWEETHEARTS”
IN THE MOST GLORIOUS PICTURE OF THEIR CAREER !
Francette FACDONALD
Nelson EDDY
THE GIRL of the
GOLDEN WEST
WALTIE
MUDDY
PIDGEON CARRILLO · EBSEN
+
2 DAYS ONLY! TO-MORROW & SATURDAY. THE MAD-CAP FAMILY IN A GREAT LAUGH SHOW! The best and funniest of all the Hardy family pictures.
Another
Story of Judge Hardy's Family with
Lewis Stone Mickey Rooney Cecilla Parker Fay Holden
JUDGE HARDYS Children
Directed by George B. Seitz Metro-Goldwyn Mayer
MATINEES: 20c.-30c EVENINGS ★ 20c.-30c.-50c.-70c.
TO-NIGHT'S DINNER
Soup a la Soubise
2. Boiled Fish & Hollandaise Sauce.
3. Pork Cutlet.^.
4.
Lobster Pattie.
6. Roast Sirloin of Beer
6. Cocoanut Tart.
7. Cheese & Biscuit.:
[8..Tea or Coffee.
Price 90 cts.
ST. FRANCIS HOTEL
QUEEN'S ROAD CENTRAL..
Approximately $160 of these bogus notes are now exchanged for $100 Chinese legal tender.
INFLATION
To meet Japan's military ex- pense, the Japanese government, the spokesman stated, had issued an enormous amount of bonds. As they had exceeded the sub- scribing power of the people, the Japanese government had re- sorted to the policy of unlimited issue of yen notes. A large amount of these inflationary notes, as well as military notes, had been put into circulation in the "occupied" areas.
Since Japan's reserves in for- eign exchange are practically ex- hausted, the excess notes issued have no backing. There is a danger that they may be dis- counted or even abolished after the conclusion of Sino-Japanese hostilities, for such was the fate of the Japanese military notes circulated in Manchuria during the Russo-Japanese War, the spokesman warned.
DISCREPANCIES
The explanation given in arti- cles recently published in Shang-] hai by Mr. Yoshida, well-known banker, regarding the Hua Hsing banknotes was refuted by the spokesman.
NAVAL MAN IN
WHOLESALE
MOOD
"He was cursing everyone in the Navy, from the Admiral to the lowest naval rank, and also the Commissioner of Police and all the sergeants in the Police Force," said Police Sergeant P. J. Cullinan in the Central Police Court this morning when he prosecuted a Fourth Class Engine Room Artificer, Duncan Grahame, of H.M.S. Thracian for disorderly conduct and using abusive lan- guage on the ferry "Meridian Star" last night.
"I would rather jot them down on paper," remarked Sergeant Cul-- linan when asked by the Magistrate,. Mr. Edwards, what actual words ‹ were used by defendant.
Sergeant Cullinan said that about 11.59 p.m. yesterday he boarded the "Meridian Star" on the Kowloon side, and sat on a seat out- side the smoking compartment.
When the ferry started, he heard a noise inside the compartment, but paid no attention: Later owing to the strong wind, he went inside the compartment. He saw defen- dant and heard him address some Chinese in an abusive manner.
He
went up to defendant and after explaining that he was a police officer, he requested defendant to another keep quiet. There was. artificer in the compartment.
WOMEN LEAVE
A few minutes later defendant, accompanied by the other artificer, went outside. Sergeant Cullinan followed and with the assistance of the other man made defendant sit on one of the benches outside. De- fendant got up again and entered the non-smoking compartment.
As a result of his behaviour there, four women left the com- partment.
He pointed out the discrepancy between Mr. Yoshida's allegation that a new currency in Central China was necessary in view of On arriving on Hong Kong side the imminent collapse of the defendant was escorted by the two Chinese legal tender and his claim men to a taxi. He was again in-· that the $50,000,000 notes of the formed who Sergeant Cullinan was Hua Hsing. Commercial Bank and that he was going to be taken were backed by the same amount to the Central Police Station. of Chinese legal tender.
At first defendant refused to The Hua Hsing notes had been enter the taxi and struck_Sergeant issued apparently to defray Jap-Cullinan on the chest. In the taxi an's huge military expenses and he created a row. nobody would believe that the At the Central Charge Room he new bogus bank would place was warned several times to be $50,000,000 in Chinese legal ten- have himself.. der in its safe for the issue of the same amount of bogus notes.
GOOD CHARACTER · Defendant alleged that Sergeant Mr. Yoshida's declaration that Cullinan failed to disclose, who he Hua Hsing notes will circulate was and that Sergeant Cullinan side by side with Chinese legal struck him while the other arti- tender and have the same ex-ficer. held him. change rate was ridiculed by the A representative from H.M.S... spokesman, who asked why the Thracian stated that defendant Japanese sought to link the new had a clean record and a good bogus notes with Chinese legal character during his two years' tender instead of with the yen service in the navy. and Federal Reserve Bank notes. The Magistrate fined defendant