CO129-523-12 Currency situation 17-2-1930 - 9-7-1930 — Page 37

R

M. Posk

Fone 24

193

URREN

HONG KONG'S CURRENCY

PLIGHT

SILVER SLUMP CAUSES 30 PER CENT. DROP IN EXCHANGE

HONG KONG, May 31.

The continued slump in the price of silver is causing anxiety here owing to the decline in sterling value of Hong Kong currency.

Colonists are badly hit, for they have suffered a loss of over 30 per cent. in the value of their savings and investments during the past seven months. The cost of living is also rising

There is a strong feeling in favour of appealing to the Imperial Government to place the currency on a gold basis. The advocates of this change assert that there is danger of Hong Kong being submerged along with China if the silver standard is maintained.-Central News.

In little more than six months the Hong Kong silver dollar has fallen from two shillings to one shilling and fourpence.

کنات

MM.

Mothe

Thell

ED. pr.756

216.

23

37

CR

to attach

b

HK amencypp

Seen: thanks. The position is serious; but

I still think that the initiative in the dir-

ection of any change must come from the Govt:

of Hong Kong, or from the local Banks.

The 4th: June 1930.

5/6/30

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