1938-12-23 — Page 11

HUNG KONG DAILY PRESS

Finance and Commerce

Reconstruction Savings Departments Plan

MONEY TO BE REFUNDED AFTER FIVE YEARS: GOOD INTEREST PAID

In order to increase funds for carrying out economic recon-- struction programmes, the Chinese Government has devised a new method of urging people to save their money during the hos-

Savings tilities by opening "National Reconstruction

Depart→ ments" in the Post Office Savings Bank and its branches through- out the country. These departments, which maintain indepen-

be established.

dent accounts.

will soon

INVESTMENTS AND TRADE IN CHINA Questions Asked:

*.

In Commons

London, Dec. 22. Replying to air. A. C. Moreig in the House of Commons yes- terday Mr. R. A. Butler, Under- Secretary for Foreign Affairs, sald that" in the note of December 18 addressed to Sir Robert Craigie, the British Am- bassador, the Japanese Foreign Minister, Mr. Arita, stated that no change whatever had occur- red in the past three months to render a Shanghai Nanking

line possible.

survey of the

Rallway

NEW ECONOMIC CONFERENCE SOUGHT

British Expert Sees Pres. Roosevelt

Sir George Palsh, British financial and economie expert, last week conferred with - Pre- sidoat Roosevelt on economic matters,

Sir George later told "pressmen that he had sought to interest the All those who depost: their President in the idea of a new money with the new departments world economic conference. will have their money returned

The British economist declared with interest higher than that of that the world faces a most serious ordinary deposits. -The Govern-situation as the result of the est!- ment will see to that the money mated U.S. $12,500,000,000 expend!- will be returned after. five years tures of a "pump-priming" nature and the money thus deposited by which are being made throughout.. the people will be used solely for the world. It would be impossible carrying out various economic, to continue such vast expenditures industrial and agricultural re-indefinitely, he said. construction programmes,

Many of these enterprises · are specifted in the regulations that will be enforced soon after the new departments have come into existence. Land reclamation, con-. servancy, · agricultural develop- ments, national defence recon- struction, mining enterprises. " and communication Improvements included in the list.

are

The new departments will main- in Independent accounts so that losses that might be sustained by other departments of the Post Office Savings Bank will afrect the deposits for #Japanese yen, and in Japanese out reconstruction projects.

military notes on this and the Shanghal-Hangchow railways.

Revenues

were

collected In

On the Peiping-Mukden Railway. Federal Reserve Bank currency was In general use, except on the Man- churian section, were Manchuriar currency is used.

Interest on the Pelping-Mukden Loan had been paid to date, and the Foreign Secretary was cam- municating with Sir Robert Craigie regarding other obligations secured on these railways.

. Mr. Moreing asked if the Goveri- ment was really satisfied with these continual excuses regarding a survey of the Shanghai-Nanking Tallway.

Mr. Butler said he appreciated Mr. Moreing's anxiety, which was now shared by the Government. The Japanese note declared that the same military reasons that made inspection difficult before made it difficult now,

WALLACE HARPER CASE The alleged violation by Jan- anese troops of British Con- sular scals and the breaking into the premises of Messrs. Wallace Harper and Co., Ltd. in Canton and seizure of cars and accessories there formed the subject of a further ques- tion by Mr. A. C. Crossley.

Mr. Butler sald the company was registered as British, but a sub- stantial block of shares was at present in foreign and non-Chinese hands.

Viscount Halifax had asked for detalls beyond those already re- ceived, with a view to deciding whether any further action was required beyond the repdesenta- tions already made by the British Consul-General in Canton.

NORTH CHINA SHIPPING Attention to the delays caused to British shipping at Chefoo owing to the Japanese authorities grant- ing a monopoly "to lighter-trans- port was drawn by Mr. J. F. E. Crowder, coupled with the inquiry. as to what action the Government was taking.

■

Mr. Butler replied that Viscount Halifax had received no recent re-i porta on this subject. Representa- tlons had been made, to ze gr ese Government on the general! question of discrimination againsti British shipping in North China ports, including Chefoo..

YUNNAN-BURMA BOAD Mr. W. Craven-Ellis asked whe- ther the bridges in Burms, from the railway head to the Chinese head on the Burma-Yunnan road, were to be strengthened to carry 10-ton loads.

Lient-Col. A. J. Muirhead, Under- Becretary, replied that the Mar- QUCES of Zetland, Becretary of State for India and Burma, had been informed that all bridges on the Burma side of the Burma- Yunnan highway. were able to carry loads up to the loaded weight|| of the lorries which he understood the Chinese authorities at the pre- sent proposed to use-Reuter.

LONDON GOLD ·

London, Dec. 21. Bar Gold, Fine per oz.. 149/3.. Dollar Parity, 1/2d, premium.

-Reuter.

1

1939

AUTOMATI

TUNING

MODEL"

economic

Asked whether he thought Italy and Germany" would join such a conference. Sir George replied, "T think the totalitarian nations are. at present in great distress. It seems obvious that the present persecutions of the Jews were undertaken to extract funds from them to aid the totall- tarian

nations in their present difficult situation.

Anandlal institutions may also be asked to receive such deposits. not One dollar or any sum more than carrying that may be sent to the new de-

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