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Notice To Contributors,
ja tactical error.
has not been adopted. When thi allotment was made last week, fell short of the requests but it All communications intended for remained substantial. There were pubi ution should be addressed to it is true, complaints of discri the Editor, and be accompanied by mination, but to a certain extent the Writer's Name and Address, this, too, can be understood. Some not necessarily for insertion but observers doubtless wondered that the Finance Ministry agreed as a guarantee of good faith.
to release foreign exchange hold- ings to Japanese banks even to the extent of five per cent. The main point is that, howeVER grettable it may be, and put all sympatimes aside,
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ance Ministry might what reason they sho late to a Shanghai
butes littleOr
present condition ity of China's
Hong Kong, Tuesday, March 29, 1938 at the risk of Jeopardiồng
CHINA'S EXCHANGE
ability to meet foreign exchange commitments for war
particularly at a moment.
the tide of battle has Disapproval manifested on the temporarily or otherwise, Shanghai money market when tinctly in China's favour.
is spart altogether from China's foreign exchange restric wider issue that if, in a tions were first announced lends market, China's currency credence to the suspicion in some sufficiently trustworthy to 1 quarters that the startling crash tain its normal parity
sterling and the dollar funda of China National Currency has mentally it is not weakened by not been wholly in obedience to the decision to adopt - normal economic causes.
The for the conservation of res heavily bearish activity has In this connection, it has to
remembered that the main ene borne little apparent relation to ancement was not the drate upon Hlegitimate merchant require those reserves, but a natural
ments: and no surprise would be sure to furnish protection against occasioned were it to be demon- the notes of the so-called Feder- strated that the "bears" wore aated Reserve Bank of North distinctly Japanese complexion. China. No more than an elemen- tary knowledge of money func
The circumstances have been tions is demanded for recognition such, indeed, that the Finance of the principle that a had Ministry would be guilty of a money will always drive out a The France Ministry's grave error were the situation good in Shanghai to lead to an over-decision to place a check upon hasty revision of the exchange Japan's power of pressure regulations, a step which would inevitable, and must be support surrender the national
ed, in principle, by any Currency more than ever to the mercy of banking or business. institution. the speculators, and at the same, time subject the foreign ex-
change and silver reserves of St. John Ambulance
the National Government to
such a strain as would test the Warm tributes which His B stability of the dollar more sev-cellency the Governor paid last erely and legitimately than pre-evening to the work of the sent-day Shanghai operations are John. Ambulance Brigade f likely to do. Exchange restric- Hong Kong to the Director tions are never popular. The of Ambulance,
Alfred Morris, handicaps they place upon the were more than well merited. normal course of international The contribution which trade are well known and under-gade makes to the health stood. No government, how the well-being of the con ever, will introduce control mea is of incalenlable impor sures without good and sufficient largely because the reason, or for any other purpose and energy of its principal: than protect the currency ganisers have led to such an from outside pressure. China's tension of the range and scope of regulations are mid in compari-lits activities that their mai son with those in force in ma
has become indisper
to
other countries. Japan herself both to Government and has a system of control. much unity. - Official more rigid, and onerous than anything get contemplated by the Finance Ministry of the
National Government – £
panic (or politically pressure) rather than a sound analysis of the pros and cons the situation which has provok ed the disturbing crash in Shang- hai
Were
bluntly two
ow to
would be em.
on have, of com
on more
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