No.172 Nathan Road.
Top Floor.
COPY OF LETTER FOUND IN MAIN OFFICE.
55
Hong Kong, 24th July, 1939.
My dear Father,
On the 21st, T.M. HSI told me that you had wired
nim to investigate into the buying of foreign exchange
through Swan Culbertson & Fritz and Levy in Shanghai by
officials in Chungking. He considered it quite a delicate
matter. Since brokers, for the sake of their business, are
bound to keep their clients confidential, he thought it
would be difficult to obtain the information required from
these quarters. He said he might approach Grayburn, Manager
of the Hong Kong & Shanghai Banking Corporation, to furnish
him with the particulars, as such buying had been first
reported by that Bank; however, in view of the strained
relation now prevailing, he considered it inadvisable to
mention the subject to Grayburn so as not to renew further
unpleasantness. It is evident that Hsi is afraid to take
up the matter wholeheartedly for fear the investigation
would place him in a not very desirable position with
relation to officials of the Ministry involved in speculation.
Hsi's conversation with me creates the impression that he is
not prepared to go into it seriously.
2.
It is reported that the continued depreciation of
the China Dollar has resulted in a continuous rise in the
price of commodities in Shanghai and on the 20th after the
China Dollar had registered a further considerable decline
to between 4d. to 4., commodity prices fluctuated sharply.
According to various reports, currency depreciation has
doubled if not trebled prices in Shanghai in most cases. As
a result of the soaring of commodity prices, people in
Shanghai are now in dire conditions. With their confidence
No comments yet.
Private notes are available after approval.