CO537-(1262-1649) — Page 330

cme

Ref.:

CO 537/1374

THE NATIONAL ARCHIVEŠ

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restrictions. Further information is given in the enclosed Terms and Conditions of supply of National Archives' leaflet. Please note that this copy is supplied subject to the National Archives' terms and conditions and that your use of it may be subject to copyright

00115

2

cms

Ref.:

THE NATIONAL ARCHIVES

CO 537/1374

restrictions. Further information is given in the enclosed Terms and Conditions of supply of National Archives' leaflet.

Please note that this copy is supplied subject to the National Archives' terms and conditions and that your use of it may be subject to copyright

MR. MORSE SURVEYS

FAR EAST CONFIDENCE IN THE

CURRENCIES

From OUR OWN CORRESPONDENT

HONG KONG, 12th July. Speaking to-day at the first post-war meeting of the Hongkong and Shanghai Bank, Mr. Arthur Morse, chief mana- ger and chairman, in a comprehensive survey of the Far Eastern situation, emphasised that the public could have complete confidence in Hong Kong and Malayan currencies. He strongly urged the Government to remove the mora- tarium between debtors and creditors to enable trade to recover more rapidly.

Pending the removal of this mora- torium the Hong Kong share register

will remain closed.

Touching on China's economic posi- tion, Mr. Morse said that the infla- tionary situation remained serious, the note issue being unknown while no re- turns had been given for the Govern- ment's revenue and expenditure.

Mr. Morse said that holders of Chinese foreign bonds were anxiously awaiting for the day when they could get some return on investments. Sterling loans stand at a little over £60 millions, while the obligations of various other currencies might bring the total figure to £75 millions. When China's finances become straightened bondholders are entitled to expect a renewal of payments on account of this comparatively small foreign debt, all of which was formally guaranteed by the Chinese Government."-Reuter.

113

Ceaner Limes

13 JUL

1948

MR J. B. Welleains

J.B.

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