1939-08-02 — Page 2

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THE CHINA MAIL, AUGUST 2, 1989.

EXPORTS CREDITS WILL

GIVEN TO CHINA

BE

British Attitude "Not Substantially Changed"

London, To-day.

It is taken for granted in informed circles that ex- ports credits will eventually be ceded to China, writes the "Financial News" political corres- pondent referring to the House of Commons statement on the subject by Mr. Oliver Stanley, President of the Board of Trade.

-NINE MILLION-

JOBLESS IN AMERICA

New York, To-day. The number of unemployed in the United States in June was 9,552,000, compared with 9,976,- 000 in May and 10,959,000 in June, 1938.

This is revealed in figures just issued.Renter.

It is realised that Japan's con- trol of exports and Customs re-

This is taken as clear evidence that the British at-ceipts, together with the flight of capital from China, is likely to ren- titude towards the trade and currency situa-der stabilisation of the dollar

costly process. tion in China is not substantially changed.

In some ways it is believed that a stronger test of future British policy in China will be afforded by our attitude to the Japanese attempt to force the abandonment of British support of the Chinese dollar as the price for settlement of the Tientsin dispute.

France has now let it be known the Government is still awaiting that she would associate herself Washington's views. with any action Britain might take

There is a strong feeling in poli-

if the question came to a head, and [tical circles that if Britain accedes

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to the Japanese currency demands, Tokyo will have gained a diploma- tic triumph of immense importance, while British prestige in the East will be severely damaged.

CITY ATTITUDE A

The question of whether Britain should support the Chinese dollar has been receiving the closest con- sideration of the City circles most directly affected, and representa- tive opinion among British trad- ing and financial interests is strongly in favour of giving fur- ther support, notwithstanding the difficulties involved.

OFF THE RECORD

ED REED

a

At the same time, it is felt that it should not be beyond the pow- ers of the Chinese Government te devise some means of stopping the

principal loopholes.

LIMITED PERIOD

It is emphasised that in any case the only question is of supporting Chinese currency for a limited per-

iod, since there is every indication that Japan is nearing economic ex- haustion.

Informed circles point out that even if the Stabilisation Fund is replenished and these additional resources lost, this loss would be negligible compared with Britain's total stake in China, which would be irretrievably lost if China was allowed to become absorbed in the yen bloc.

Once Japan is allowed to extend to other parts of China the ex- change control at present imposed in North China there would be little hope of ever restoring Bri- tain's trade with China, which ex- ceeded £15,000,000 even under the last year's war conditions, or of preserving our capital, estimated at some £250,000,000.

CONCERTED ACTION" While such considerations

are

held fully to justify continued sup- port for Chinese exchange by Bri-

tain alone, the need is stressed for concerted action with the other signatories of the Nine-Power Pact to preserve the Open Door in China, -Reuter.

New Nazi Tactics

In

Danzig

Danzig, To-day.

With the first part of the Nazi plan for the return of Danzig to the Reich completed by the raising and training of an army in the Free City, the Germans are now trying to gain economic con- trol of the territory.

The removal of Polish customs inspectors from the Danzig-East Prussia frontier, which will per- mit the free entry of German goods, is thought to be their first objective.

“You spend money faster than I căn

Here's Luck

By ED REED.

EWO BEER

The Nazi-controlled Danzig press is voicing this demand..

Danzig's first concentration camp for Jews has been opened in the frontier zone:

Some. 100 Jewish occupants are employed in construction of har- racks. They are given small wages, are well-fed and apparently well-treated. Reuter.

POLISH BAN

Danzig, To-day. Informed quarters attribute great importance to the correspondence now going on between the Danzig Senate and the Polish diplomatic representative concerning the Po- |lish ban on Imports of products of

the Free City,

Nast quarters may the wetion is liable to bring up for discussion the whole legal aspect of the Dan- zig-Polish trade agreement.

NO ALTERNATIVE

The "Danziger Vorposten," semi- official Nazi organ, sa that

Poland wish

toms and commercial

the Free City, the la

I have

no other alternative but that of concluding a siren

with her other

clear and

which must duction of customs City"

agreement