CO129-590-22 Situation in enemy occupied Hong Kong 19-1-1943 - 20-11-1943 — Page 129

06.23

HONGKONG GOVERNMENT TO RELEASE WAREHOUSE STOCKS Hongkong: Commodities stored in warehouses here before the Greater East Asia War will be released shortly for industries and the general public. The commodities were placed in the custody of the Japanese authorities until the establishment of the Hongkong Government General.

6.

TOKIO 16.87 m IN ITALIAN FOR EUROPE 10.50

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10.5.43

126

HONGKONG CURRENCY STATEMENT Hongkong: The Governor's Administration of Hongkong has decided to enforce from 1st June onwards the ban on the circulation of Hongkong dollars. The Chief of the Financial Affairs Bureau made the following statement on 10th May: At the time of the occupation of Hongkong we had to withdraw Hongkong dollars from circulation. To avoid economic disorder resulting from a too rapid reform of the monetary system, we have hitherto recognised the use of enemy dollars. But the banknotes issued by the Imperial military authoritics have now established themselves and, in addition, the economy of Hongkong, from market prices to the wholesale purchase of all articles, is carried on by means of banknotes issued by the Japanese Army. On the other hand, in consequence of the British defeat, Hongkong dollars could not retain their value, day by day declined until they became valueless. Since 16th April, our authorities have authorised the exchange without charge of Hongkong dollars for banknotes issued by our military authorities. now decided to prohibit the use of Hongkong dollars from 1st June omwards.

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