HONGKONG DAILY PRESS
Finance and Commerce.
China Wins Currency War Over Japanese Yen
JAPAN'S RESERVES IN FOREIGN
EXCHANGE EXHAUSTED
CHUNGKING, June 1 (Central)-The Chinese legal tender bas won a war over the Japanese yen, declared a spokesman of the Ministry of Finance yesterday in a press interview.
The spokesman said that though the official exchange rate of the yen in Tokyo is supposed to be Is. 2d, actually in Shang-" hat it hase dropped to 7 11/32d, and 300 yen are exchanged for approximately only $89 "Chinese currency.
RESERVE BANK OF INDIA STATEMENT Calcutta, May 31, (Reuter).
May 19 May 26
Notes in circulation (including Notes
held in the Bank-
ing Department)... 20,689 20,743 Rupee Coin and Bul-
4,154 4.154
llon in India ...... 6.567 6.618 Gold Coin and Bul-
Iton in India Securities. (Indian
Clovernment) Securities (British
Government)
3,730 3.733
5,950 5,850
The Japanese policy of substitut-government has new resorted to flegation that a new currency in ing bogus notes Issued by the the policy of unlimited issue of Central
China is necessary in "Federal Reserve Bank" which yen notes. A large amount of these view of the imminent collapse of have no adequate reserves for the yer notes as well as military notes the Chinese legal tender and his Chinese legal tender notes in have been put in circulation in the claim that the $50,000,000 notes by
north China has also failed, the spokesman pointed out. 1AS
matter of fact, the bogus notes can- not be used to purchase foreign exchange unless they are first 'con- verted into Chinese legal tender notes. Since their issue, the bogus notes have dropped continuously in the market until now approx- Lately $133 of such notes are ex- changed for $100 Chinese legal tender.
In Shanghal, the spokesman added, the new bogus notes issued by the so-called Hua Hsing Com- "mercial Bank, has slumped even more heavily, in spite of the Jap- anese declaration that they are of
"occupied" preas.
L
Hardly Any Backing Since Japan's reserves in for. eign exchange have been prec- tically exhausted, the excess amount of notes issued have hardly any backing. There is the danger that they may be discounted or even abolised after the conclusion of the Sino-Japanese hostilities, for such was the fate of the Jap- anese milltary notes circulated in Manchuria during Russo-Japanese War, spokesman wamed.
The explanation given
the
the
|
the Hua Hsing Commercial Bank |are backed up by the same amount
of Chinese "legal tender.
Military Expanses
The Hua Hsing notes have been |issued apparently to defray Japan's huge military expenses and pobody would believe that the new bogus bank would so honestly place $50,- 000,000 Chinese legal tender in its sate for the issue of the same amount of bogus notes, the spokes. man stated.
Mr. Yoshida's declaration that the Hua Haing notes will be cir- culated side by alde with the Chi- annese legal tender and will 'have
the same value as "the Chinese article recently published in the same exchange rate was ridi- legal tender and are convertible Shanghai by Mr. Yoshida, well- cyled by the spokesman who asked into any kind of foreign currency. known Japanese banker, regarding why the Japanese try to link the Approximately $160 of these bogus the issue of the Hua Hsing bank-new bogus notes with the Chinese notes, according to the spokesman. notes was refuted by the spokes-legal tender instead of with yen are now exchanged for $100 Chi- man. He pointed out the discre-notes and the Federal Reserve nese legal tender..
pancy between Mr. Yoshida's al-Baric notes.
↓
Flat Rejection
Meanwhile, foreign banks
in Shanghai have Batly reject- ed these new bogus notes in spite of all the propaganda and Inductment on the part of the Japanese.
HONGKONG ROYAL
OBSERVATORY
WEATHER REPORT
HONG KONG TIDE TABLI
From 2 June to 8-1930
HIGH WATER.
LOW WATKI
29.84
Hong
Hong Kong
Am.. June 1
The spokesman, recalled that the Barometer, (at Mes level), Japanese gave the following ins.
reasons for the slump of the yen: Temperature. 77 F. 11) inbation of currency in Japan, Humidity, 80 per cent. (2) the sharp rise of commodity Wind Direction. E.N. prices in Japan, (3) the prosecu- Wind Force (Beaufort), “s,
178 F.
Days of
Week.
Date of
Month
tion of the Sino-Japanese war and Temperature: maximum yesterday. Fri, the tension prevailing in Europe, and (4) failure of Japan to enforce the original plan of the Hua Hsing Commerical Bank. In short, the slump is due, largely to the gradual collapse of the whole Japanese Total rainfall since January 1st. currency system brought about by 41.58 in.
Temperature; minimum last night. | Sat.
71 F.
Rainfall for 24 hrs. ending 10th San.
to-day 0.33 Ins.
the Japanese themselves, he com-Against an average of, 22.90 ins. mented.
Sunset to-night, 7.03 p.m.
To meet Japan's military ex-Sunrise, to-morrow, 5.38 a.m. - penses. In the war of aggression in
4 pm., June 1.
China the Japanese government, Barometer fat sea level), 29.78 ins. the spokesman stated, has issued Temperature, 76 F.
an enormous amount of bonds. As Humidity, 82 per cent. they have exceeded the subscribing Wind Direction, E. power of the people, the Japanese Wind Force (Beaufort), '4.
Kong
Standard
Height.
Standard Time
Time.
b. m.
in
him.
Ft, in.
9
09:4
17 21
02 92
3 1
23.03
44!
16 03
08
1
09 37
7.3
02 57
32
"3 47
(4·4
IB 44
07
10 08
72
03:34
33
1799
10 7
Мод
5
0132 |44||
0408
13
10 37 17 0)
16 01
0 8
Tues,
OL 16
43
04 44
13 3
11 08 68
1841
10
Wed 7
Thur. 8
02.01
4 3
05 20 18 7
11"30
18 4.
19 22
1 3
62 50
43
0801
3 »
1202 16 0
2007 1
Maximum temperature, 78 F. Minimum temperature, 71 F Rainfall, nl).
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FRIDAY, JUNE 2, 1939. —PAGE 11
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1939
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