CO129-523-12 Currency situation 17-2-1930 - 9-7-1930 — Page 46

Extract from TIMES

19.5.30

CHINESE EMBARGO ON

GOLD

(FROM OUR CORRESPONDENT)

SHANGHAI, MAY 16

A Government order was issued yester- day evening prohibiting the export of gold from and the import of foreign silver coins into China. A proposal to prohibit the' import of all silver was rejected.

This order has been prompted by the recent fresh decline in silver, which is attributed to dullness of trade in China, particularly of exports, which ought just now to be very active, and to the absence of support from other countries, further assisted by the manipulations of Chinese gold bar speculators. The opinion of leading Chinese bankers is that the decree is too late, for most of China's gold has been shipped to America in the past few months.

There were wild scenes to-day on the gold bar market ; the exchange fluctuated widely, but at the close of the day there was a steadier tone.

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