1938-04-21 — Page 5

THE CHINA MAIL, APRIL 21, 1938.

NEW SOVIET

JAPAN RELAXING

MAGINOT LINE FOREIGN EXCHANGE

RIGA, TO-DAY.

SWIFT PROGRESS WITH A SOVIET MAGINOT LINE. THIRTY MILES DEEP AND STRETCHING FROM THE BAL- TIC TO THE BLACK SEA. IS REPORTED FROM MOSCOW.

The whole area is stated to be completely mined, and military engineers are completing electri- fication of the Esthonian and Ru- manian sectors.

The zone is served by electric stations and in case of invasion, thousands of square miles could be blown up by depression of a dozen electric buttons.

DEMORALISING THE

INVADER

The scheme is co-ordinated with large military aerodromes behind the mined zone designed to complete. the demoralisation of an invader after the frontier explosion.

Marshal Voroshiloff. Defence Commissar, is reported to havel recently returned to Moscow from the Crimea to attend de-

liberations of the Military Coun- cil to accelerate completion of the plan.

Reuter.

BRITISH

BUDGET FORECAST

London, To-day.

With the approach of the budget debate in the House of Commons, interested circles are discussing the possibility of tax increases.

It is generally believed that the Chancellor of the Exchequer, Sir John Simon, who will present the budget on April 26, will not pro- pose an increase of direct taxation to meet the financial requirements of the British Government.

"

RESTRICTIONS

Tokyo, To-day. ·

Japan's two leading finan- ciers, Mr. Kaya, head of the Treasury, and Mr. Yuki, Gov- ernor of the Bank of Japan, last night defined the objec- tives of the Government eco- nomic policy, stabilisation of economic conditions and pro- vision of1 an adequate supply of munitions.

Both disclosed the Trea- sury's intention to relax the restrictions on purchase of foreign exchange, and stimu- late the nation's lagging foreign trade.

were inter-

Both financiers viewed in the train en route to the industrial heart of Japan, the Kwansai district.

the

Mr. Kaya is spending next ten days in conferences with leading Osaka and Kobe industrialists and bankers in

an effort to secure whole-heart-

ed support of the Government's financial policy.

Mr. Yuki is attending a con- ference of representatives of clearing houses in Osaka.

Mr. Kaya said the Govern- ment is considering offering shares in the projected North China and Central China de- velopments to the nation.- Reuter.

ITALIAN

NEWSMAN

RELEASED

Peiping, To-day.

The increase is not expected to Luigi Marzini, correspondent be very high. ́.

of the Italian newspaper "Cor- According to financial circles theriere della Sera," has been re- increase is likely to affect mainly leased and is returning to Pei- luxuries, like beer, tobacco, fuel ping. and automobiles. The increase of taxation of cosmetic goods is considered.

It is also expected that legislation for the prevention tax evasion will be enacted. The budget requirements 1938-39 are about £862,000,000. Trans-Ocean.

DAILY AT

also

new

of

Marzini, who was visiting Jehol over Easter with a party of for- eigners, was arrested by Japan-i ese frontier-guards at Kupeikow.

It now appears that he was ar for rested for photographing military barracks and other forbidden ob- jects. Reuter.

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