CHANGING CHINA'S
CURRENCY.
THE QUESTION OF FOREIGN BANKS' NOTES.
[THROUGH REUTER'S AGENCY.]
NANKING, March 5.
The authorities state that there is no intention of imposing an im- port duty on silver.
The Minister of Industry, report- ing on the financial situation, re- commends, inter alia, a reorganisa- tion of the monetary system, in- cluding a change from the tael to the dollar, and the prohibition of foreign banks in China to issue notes.
30
T
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Other matters dealt with during the year include improved facilities for 'bus-passengers, abolition of brothels in residential areas, polic- ing arrangements, bathing-beaches, band-concerts, water supply, Castle Peak Road, and the problems of traffic and parking at the Star Ferry. The Committee of the K.R.A. are of opinion that the parking of private cars in the area now reserved will not be practicable in the near future/ owing to the increasing number of motor-buses, taxis, and cars plying for public hire. They realise, too, that a com- plete reorganization of the present system of traffic control is impera- tive, and have submitted to the Colonial Secretary a plan on which are shown the various alterations suggested. The scheme is too elabo- rate to be dealt with here in detail, but the point of greatest interest to motorists is the proposed parking accommodation for private cars. Briefly the plan is to convert the land now occupied by a garage and the fire-brigade drill- ground into a car-park,-only two the wharf. minute walk from "In most cities in the world such parking space would be considered a real boon," say the Committee, anticipating protests from owner- drivers at not being allowed to park as close to the ferry as formerly. We heartily agree; in few cities are free public parking-places found so close to a bus terminal, and if this plan is a practical one, and is adopted, motorists will have cause for complaint. This, then, in brief is the work done by the Kow- loon Residents' Association during the year, and is a highly creditable record. Even though all the sug- gestions made have not been acted upon, the authorities have had the advantage of knowing what Kow- loon residents consider to be the most useful and urgent needs of that progressive community.
motor-
no
[March 7, 1930
ting reality that the cost is rapidly increasing while of the dollar is dwindling.
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THE SLUMP IN SILVER.
(Daily Press, March 3, 1930). ON March 1 the Hong Kong dollar was quoted at 1s. 5 13-16d., the lowest figure ever recorded-and, in the opinion of many, the worst is yet to come. Exactly a week earlier the Chairman of the Hong Kong and Shanghai Banking Corpora- tion, addressing the annual meeting of shareholders, had warned them that there was no likelihood of any appreciable recovery in the price of silver as a result of any increased consumptive demand. Since Mr. BELL spoke at that meeting the Indian Government has announced its intention of imposing a duty of 4d. per ounce on silver, to be re- funded on being exported from the country. The price of bar silver in London dropped on Friday to 19 1-8d., the lowest quotation on record, and the effect upon the Hong Kong dollar was immediate. On February 4 the price of silver in London was 19 15-16d., which was then a new low record, coinciding with the resumption of Chinese dealings on the termination of the old-style New Year holidays, but the slump in London was not ascrib- ed to this cause, for China both bought and sold, and India was a small buyer. The weakness in