1939-12-15 — Page 4

THE CHINA MAIL, DECEMBER 15, 1939

ON THE ECONOMIC FRONT

YANGTSE MAY BE OPENED

Tokyo, To-day.

As a concrete measure to help break the Japan-Ameri- deadlock can diplomatic there is every possibility of the Yangtse being reopened to third power shipping in the near future, says the "Koku- min Shimbun.”

The newspaper understands that Ad- miral Nomura, the Foreign Minister,

tal necessity.

DIRECT PRICE CONTROL IN FRANCE

(SPECIAL TO "CHINA MAIL")

OFFENSIVE AGAINST NANCHANG

Chungking, To-day. Chinese units have reached of the immediate outskirts Nanchang and have engag- ed the Japanese in sharp fighting.

Fires were started inside and out-

PARIS, TO-DAY. "ALTHOUGH MILITARY OPERATIONS HAVE HARDLY BEGUN THE FINANCIAL AND ECONOMIC WAR IS IN FULL SWING, AND THE ALLIES HAVE MADE A VERY FAVOURABLE START," THE FINANCE MIN-side the city. Japanese barracks and supply depots are said to have been ISTER, M. PAUL REYNAUD, DECLARED IN THE burned. CHAMBER OF DEPUTIES DURING THE BUDGET DISCUSSION.

regards this measure as a fundamen- "We are waging a decisive war," M. Reynaud said, "and we must have the necessary will to produce more and con- sume less.

other

His opponente, on the hand, argue that the re-opening of the Yangtse to third power shipping would violate China's ad- ministrative rights and

enable

the powers concerned not only to enjoy economic benefits but also to exercise political and military pressure on China.

power water-

Therefore, they say, third navigation rights on Chinese ways should be abolished.-Reuter.

The

The Chinese, who crossed the Fu River, to make their assault, met with only feeble resistance. They recap-

tured Suhsikung, Wuhsishih and other points along the outer defence lines of

Nanchang.

Another Chinese column has cut the Anglo-Nanchang-Kiukiang Railway, between Lohua and Changkungtu, and is push- ing toward Tehan.

"Our policy is to avoid a price rise M. Reynaud eulogised the and to maintain the exchange rate." French economic agreement, and con- Minister explained that pricecluded: "Our duty is to be ready for Increase and speculation will be prolonged military activity. fought by the establishment of direct price control.

GRAVE HOURS

"Hitler is hoping that discontent and The economic situation will be con-disorder will occur in France. It is solidated by a reduction of those in- up to us to prove he is wrong. comes which are above the vital mini-

"France has known pathetic mum, establishment of a salaries scale,

hours but none as grave as these. exchange control and encouragement

The Democracies will win but at the price of great sacrifices. "We shall win, but for victory we must first win a victory over selves.”—Havas.

QUIET ON THE KWANGSI for exports, which constitute a means

FRONT

Kweilin, To-day. There was only patrol activity in Kwangsi yesterday.

The bulk of the Japanese force on the Nanning-Pinyang highway is con- centrated at Paltong, 30 miles north- east of Nanning.-Central News.

of obtaining foreign currency.

CUTTING IMPORTS

M. Reynaud asserted that purchases abroad must be drastically curtailed. All these measures are extremely mild compared with the restrictions suffered by Germans.

M. Reynaud pointed out that the

our-

RICE RATION

French exchange stabilisation fund IN PEIPING

is in a better position now than at the beginning of the war, des- pite heavy purchases abroad. Reason is the repatriation of 26,-

Dr. C. T. Wang, former Ambassador to America, left for Manila yesterday to resume his post as the Director of the Manila branch of the Bank of; 000,000,000 francs of French gold held China.

abroad.

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Peiping, To-day.

The Chinese and Japanese au- thorities in Peiping are consider- ing detailed measures for putting into effect a rationing system for rice, states the "Hsin Min Po."

It is planned that each Chinese household will receive a fixed amount of rice for a certain per- iod.

Details of the scheme are not yet available.-Reuter.

The Japanese at Taingan, 30 miles northwest of Nanchang, are besieged

Central News.

MR. SUN FO ON THE OUTLOOK

Kunming, To-day.

Mr. Sun Fo, President of the Legis- lative Yuan, who has arrived from Rangoon by plane following an ex- tensive tour of Europe, said there is the fullest British, French and Soviet sympathy with China.

Soviet material assistance to China will be continued, and Soviet policy. towards China will remain unchang- ed, he said,

In his opinion, a Japanese rap- prochement with the Soviet Union is not likely to materialize.

Observers in Europe think it un- States will likely that the United conclude a new trade pact with Ja- pan-Central News.

CHINESE ADVANCE IN NEW OFFENSIVE CONTINUES

Fancheng, Hupch, To-day.

CHINESE FORCES IN CENTRAL and north Hupeh are con- tinuing the advance initiated in the major offensive launched on Tuesday.

Units which crossed the Siang River have recaptured im- portant points on the Hankow-Ichang highway. includ- ing Nanchanglu and Hsuchiachang, west of Tienmen. Japanese reinforcements were in- tercepted at Hungli and suffered over 800 casualties, Several Japanese tanks and armoured cars and a considerable quantity

ammunition of arms and were captured.

Fighting is raging in the vicinity of Yunglungho, Stentaochen, nearby, is besieged.

The Japanese suffered heavy casual- tics in an engagement near Tslenklang, 05 miles above Hankow.

The

The Hwayuan-Kwangsul section of the Pelping-Hankow Railway has been damaged at three points. rails near Sinyang, in south Honan, have been torn up.--Central News.

VICEROY ARRIVES IN CALCUTTA

New Delhi, To-day. The Viceroy of India has arrived in Calcutta, where he will spend Christ- mas-Reuter,

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