1939-07-04 — Page 6

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THE CHINA MAIL, JULY 4, 1989.

DR. KUNG'S STATEMENT ON FOREIGN

EXCHANGE REGULATIONS

Chungking, To-day.

In a statement regarding the new regulations for the allotment of foreign exchange for approv- ed imports issued last night, Dr. H. H. Kung, Minister of Finance, said that in spite of these new arrangements the Sino-British Stabilisa- tion Fund Committee will function as usual. The Committee formed jointly by the Chinese and British authorities has proved its efficacy in the stabilisation of the exchange market, Dr. Kung commented.

Dr. Kung explained that the re- strictions imposed on non-essential imports are aimed at stopping the drain on the Stabilisation Fund as a result of the manipulations for foreign exchange on the part of un- scrupulous merchants.

WINDING-UP

PETITION CORRECTION

Exchange obtained from exports, with the exception of wood oil, tea,

the The Hong Kong branch of and mineral products, bristles, transactions of which will be, based Ching Kee Steam Navigation Co. on the barter agreements and com- Ltd., was ordered to be wound up modity credit agreements, according by the Chief Justice, Sir Atholl- to Dr. Küng, will be delivered to MacGregor, at the Supreme Court the Bank of China and the Bank -yesterday.

of Communications. Exporters will The order followed a petition to Shiang Kee, receive a sum based upon the dif- this effect by the ference between the official ex- otherwise known as the China change rates and the rates, jointly Merchants Steam Navigation Co. announced from time to time by Ltd., one of the shareholders. the Bank of China and the Bank of. Communications.

ESSENTIAL IMPORTS

Itwas erroneously reported -în yesterday's edition that a petition for the winding-up of the China Merchants' S. N. Company · wàs presented.

Mr.

Exchange for essential, imports The petitioners were represented may be applied for from the Ex by Mr. Eldon Potter, -K.C., and change. Examination Committee. Mr. H. C: Macnamara, instructed · After approval, it will be granted by Mr. D. L. Strellett, of Geo. K. at the official rate of the Central Hall Brutton and Co., Mr, H. _G_ Bank, but applicants will be re- Sheldon, K,C., and the Hon. quired to pay a charge equal to Lea D'Almada, Jnr., instructed by the difference between the official Mr. H. J, Armstrong of Deacons, rates and the rates announced from opposed the petition on behalf of time to time by the Bank of China the following shareholders Heu and the Bank of Communications. Chin-tang. (4,894 shares), Hsu Teh- yen (8,754) Cheng Teh-chun Dr. Kung urged all Chinese (2,502),, Kao Yung-tongg - (2,044), citizens to practice strict economy Kao Cheng-chang (1,684), Yu Weh during this emergency time. They ting (1,420), Yu Wei-fan (1,000);'. should dispense with all luxuries Li Yu-hsiang (70), Cheng Pen- and non-essential articles and save ching (8,577), Cheng Chung-yu the money for national reconstruc (6,176), Chang Chí-yu -- (5,623); tion purposes. In the meantime Chang Pen-fah (8,429), Chang native products should be exported Hsin-teh (4,836), Chang Ming-teh as much as possible in order to (4,500) - and the Pairen Kishen. seek a favourable balance of trade: - Kaisha, who are creditors · -Central News,

amount of 847,157.82.

Husband Records Quarrels By "Mike"

MR. CHARLES BAFFAS WILL BRING COURTS ON JUNE 28 THE MICROPHONE DIVI

onstantly

the

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