10:
35
Ref: 77/47
Orig on $6009/15/17
18
Date: 28th. August 1947.
WEEKLY SUM ARY OF HONG KONG PRESS REPORTS AND CO. ENTS.
August 17 23, 1947
1. CHINA.
The new Exchange Control Regulations received the greatest share of attention during the week under review. It was reported in the Sing Tao Jih Pao on August 18th that the official announcement of the new regulation was released from Shanghai two and a half hours earlier than in Naking, in order that Government could have the opportunity of studying Shanghai's reaction before releasing the news in Nanking. The reaction in Shanghai was said to be favourab le. The new regulations provided for two rates of exchange; one the official rate and the other what might be called an official Black Market rate. With the exception of the pro-Communist Hwa Shiang Pao which merely described them as useless, the new regulations were generally considered by the Hong Kong Chinese Press as necessary.
It was pointed out that the official sanction of an open market rate would assist China by diverting a large volume of overseas remittances from Hong Kong to Shanghai. There was a decided tendency to regard the new regulations as the outcome of the recently announced economic agreement between Hong Kong and China (e.g. the New Life Evening Post of August 19th.)
Comparisons between the respective economic crises of Great Britain and China were drawn. The National Times of August 18th commented favourably on British efforts whilst pointing out that in China, whose economic situation was many times worse than Britains', the wealthy and influential classes were living in luxury. The Kung Sheung Daily News pointed out that both China and Britain had had occasions to seek American loans and had found that such loans invariably had hard conditions attached to them.
HONG KONG
,
The
The strike of Dockyard Mechanics called by the Chinese Engineers Institute was the chief topic. Although there was much irresponsible reporting and scare headlines were frequent, comont was generally restrained and impartial, noticeably in the case of the pro-Communist Hwa Shiang Pao. statoment of the Chinese Engineers Institute that they had been kept waiting seven months for a reply to their request for an increase in wagos was accepted without question possibly because no other version had yet been made public.
3.
WORLD AFFAIRS
The Wah Kiu Yat Po of August 18th reported a high Nanking official as appealing to the United States to give immediate aid to tho Central Government to supress the Communiste, failing which America would lose her position in the Pacific.
/2........