1939-05-10 — Page 20

CANADIAN

BAILWAY

8 DAYS

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QUANADELAN

Go EMPRESS to America, Europe

TO EUROPE CONNECTIONS

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THE CHINA MAIL, MAY 10, 1939.

CHINA TAKING STEPS TO DEAL WITH THE NEW ATTACK ON CURRENCY

Chungking, To-day.

A spokesman of the Ministry of Finance announces that the National Government is adopting ap- propriate measures against the Japanese at- tempt to undermine China's financial system in Shanghai.

The spokesman pointed

to the lar attempt in Central China by failure to undermine Chinese cur-forming the "Hua Hsing Commer- rency in North China, and said the cial Bank.” Japanese were now making a simi- This new attempt was apparent- ly intended as a preliminary step to the control of the financial centering on Shanghai.

GERMAN TRADE Pointing out the enormous impor-

FIGURES

Berlin, To-day.

tance of the stability of China's financial system,. he warned that if it should succeed, it would be a great blow to foreign interests in Central China.

German foreign trade figures capital of the new bank to be borne Though the Japanese declare the for the first quarter of 1939 pub-in equal portions by Japanese banks lished yesterday, indicate an im-and the puppet government in Cen- port surplus of 27 million marks tral China, the people would never as compared with 43.5 million accept notes issued by it except un- during the same period of 1938.

der coercion. They knew the facts German imports to the old Reich too well to be deceived. alone totalled 1,289,0 million marks, The spokesman scoffed at the 93.4 million marks less than the idea that foreign banks might ac- total for the first quarter of 1938. cept the notes or deposits of the The decrease resulted from reduc-new bogus bank, or have other ed prices since the volume showed transaction with it. He explained a slight increase over 1938.

that for their own, as well as public Exports from the old Reich totall-interest, foreign banks would con- ed 1262.4 million marks, `ą decrease tinue to support the Chinese cur- of 5.7 per cent, over the correspond-rency. He recalled that in Novem- ing period of 1938.

ber, 1933, the British Government Exchange of goods in Europe recognised Chinese currency as the maintained about the some level as only legal curency for British trade last year but overseas trade de-in, China. creased slightly.

Both import and export

The spokesman believes that for- trade eign circles concerned will take ap- with the Far East declined excep-propriate measures to protect their tionally, Chinese imports of ores, own interests.-Central News. fur and oil falling off as well as the German exports to China and Japan.

Particularly noticeable was the decrease in trade with the Ameri- can continent.

Imports from the United states which increased during 1938 fell off sharply. The exchange of goods with the overseas possessions of European Powers decreased in volume, imports declining while the exports remained at the same figures.-Trans-Ocean.

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