HONGKONG DAILY PRESS
Finance and Commerce
National Production Importance Stressed By Generalissimo
CHUNGKING, May 15 (Central)—The importance of national production, during the war was emphasized by Generalissimo Chiang Kai-shek in an address before the National Production Conference to-day.
While the war is going on at the front, pari-passu development of productive enterprise, in the rear is of equally vital importance, said General Chlang. Mili- tarily, a new army is to be organized and built, while economically, productions must be developed and promoted.
CONFIDENCE
IN CHINESE CURRENCY POSITION
CHUNGKING, May 16 (Cen- tral)-Confidence that the Chinese currency structure in" Central China would not be undermined by the Japanese Fatention of issning notes through the so-called Heine Commercial Bank expressed by a Chinese car. rency expert.
Hua
Was
He pointed out that backed up by strong reserves, the Chinese legal tender had stood the test of war for the past 22 months and the people had strong confidence
in 12:
SOUND STRUCTURE Against this sound Chinese cur- rency structure, the Japanese at- tempt to issue notes without ade- quate reserves for the purpose of purchasing Chinese products and then selling them for Chinese legal
tender notes to be converted into foreign exchange was doomed to fallure.
He believed that despite com- pulsory measures for their circula- tion all Chinese and foreign mer- chants in Central China would re- Ject the bogus hotes, which would meet the same fate as the notes issued by the "Federal Reserve Bank" in north China,
U. S. Merchant Marine Development
ex-
The United States perienced Its greatest de- velopment during д period when its merchant marine was in a state of constant de- cline, Mr. Joseph R. Shee- han. President of the Ameri- can President Lines, told the Naval Officers' Reserve Pool meeting in San Fran circo
PROGRESS IN
SINKIANG
*EDUCATION
TIHWA, SINKJANG, May, 16 (Central) Sinklang,
far- flung province in China's "wild west," is now boasting remarkable progress In the spread of education among its 1.000.000 odd inhabitants
In less than eight months' time. ith number of students in the province has jumped from a mere 2.474 to 40,327, and that of schools increased to 2,166.
The provincial authorities, are laying special omphasis on MISS" Only an economically indepen-education, 1. movement which dent nation may claim itself to be is now in full swing in most of the modern nation, Generalissimo principal cities, including Thwa Chiang said. At a time when the Hami, Chensi, Chenghwa Turfan: enemy is resorting to all kinds of Chital, and Ining.
A
wanton
China's
schemes to undermine national strength, the
people should girdle themselves for
general mobilization
ទ
of the nation's entire physical resources
as a reply to the Japanese destruc- tive force...
Educational Atms. dramatic performances and other means are adopted to spread educa-" tion and to olevate the pro-.. vince's cultural' standard.
A unique feature in Sinklang's educational programme is the en-
ix
In
tul-
FINANCE
CHINA'S NEW INDUSTRIAL DEVELOPMENT
British Firms Will Co-operate
LONDON, May 16 (Reuter) --In the House of Commona yesterday, asked whether "at- tention had been drawn to the fact that despite the Japanese occupation of many Chinese towns, the Chinese Government had been able substantially to Increase Industrial potential in
the provinces and districts still under Chinese control. Mr.
its
H. R Cross, Parliamentary Secretary to the Board of Trade, replied in the affirma- tive
been taken to ensure that
Asked to state what steps had tish industry co-operated to
Bri- fullest extent with this new type of the
Chinese development. "Mr. Cross declared that all proper assistance Was given to United Kingdom firms desiring to co-operate with Chinese development.
WORLD CONSUMPTION
OF COTTON
The Generalissime pointed out forcement of free education. that to attain the highest degree addition to exemption from of production is to settle the question, most primary students enjoy tion of people's livelihood and
free board, uniforms, books, and therefore to achieve the aim and are also given a monthly subsidy purpose of the national revolu- by the Provincial Government. tion. He urged that the late
An increase in the world's cotton Party Leader's (Dr. Sun's) indus-
One of the great obstacles in mill consumption for the half-year Sin-ended Jan. 31, 1939, compared with klang is the existence of racial the corresponding period 12 months difference and the vastness 01 ago, is recorded by the Interna- the province. However, ways and tlonal Federation of Master Cotton the maximum productivity of the provincial authorities to surmount sociations.
General Chiang said to assure means are being devised by the Spinners and Manufactures' As- nation during the present time. these difficulties. six important points must be given careful consideration.
trial, development programme be popularizing education meticulously carried out
SIX POINTS
First, the nation's capital should be centralised and its production increased.
Second, during the war, all pro- ductive activities must be centred on national defence."
Third, the nation's native pro-
ducts must be fully developed and national economic self-sufficiency maintained,
11
quality of the products through scientific study of technique.
Fifth, thrifty and savings must be strictly enforced. so that the necessary nation-building capital
may be conserved...
Sixth, co-operation between capital and labour must be assur- Fourth, strenuous attention must ed. and the level of productive dis- be paid to the improvement of the cipline raised.
Egypt's Finances Regarded Sound
By Bank Chairman
Rumeurs of financial insecurity in Egypt are discounted by
the annual report of the National Bank of Egypt, considered in Cairo a reliable indication of Egypt's financial position, with
which the Bank is kntimately concerned.
The report for the last year's working, which has recently been published, "proves interesting reading.
1
"In the first place, the rumours of need of foreign capital and of a insecurity are discredited by the financial policy on the part of the fact that in spite of a very poor Government conducive to main- cotton crop, both as regards yield taining and even increasing the and price, realizing only E £18,-confidence of foreign investors, 000,000, or about one third less comparatively very little capital He declared that in 1650 the than the preceding season, the being available from purely Egyp- U.S. carried 72 per cent, of their finances of the country are sound. tian sources. commerce and the American flag and the bank made a profit of E dominated the seven seas so com- £474,641, or some E £25,000 more pletely that it. was scant than in 1937.
honour for another nation te
claim second place.
However, he
ADVERSE TRADE BALANCE
Much new capital is needed to cevelop Egypt's resources, especial- ly in reclaiming waste lands and financing industrial and com-" mercial activities, thus supplying
continued. by 1901 the merchant It is admitted, however, that for means of livelihood to the coup- marine had dwindled to a point the first time for many years thetry's fast-growing population. where they were carrying
curities."
only country has experienced an adverse
•
CENTRAL BANK LIKELY
An important development in
8.2 per cent of their commerce. trade balance to the extent of "The tremendous internal de-the E. £7,000,000, whereas dur- velopment that followed the Civing the previous five years it had War," Mr. Sheehan said, "was been a favourable one of about the bank's history is that tending the primary cause for the decay £3,000,000 per annum.
toward making it officially a Cen- that enveloped our shipping, as
tral Bank. Negotiations toward Expenditure for defence works this end have been proceeding American capital turned itsat- tention inland and was
(about E £4,000,000) has further between the Government and the invested in railroads, mines and the safer the chairman pointed out in his reached a point where a fipal raised disquieting rumours, but, as pank for some time and have now municipal, state and federal speech, there was no reason what agreement is within sight.
soever to believe that Egypt could nut meet all its engagements; in As a matter of fact, the bank, act, its position as z.gards public which was founded in 1898 with a debts is unique in being actually 50-years charter, has acted as a State Bank, holding the majority of the Government funds and issuing notes which since the disap
have become the legal tender of pearance of gold from currency
the country. The altuation has. however, to be regularized by modifications to the bank's charter.
A RUDE SHOCK
The World War, be explained brought America to her senses lower than before the World War. with a rude shock.
They learned that they had changed from pure- Thin stability ly internal
was fully development to a tested, he added, by the way nation producing huge surpluses the bank traversed without for export, and that they needed undus disturbance the "crisis” a strong merchant, tharine, not of last September only for the exigencies of national defence, but for the movement of Other interesting points brought their commerce when other na-out by the chairman were the
tions, on whose ships they had come to depend, were engaged in the business of wat.
After several unproductive attempts, he concluded, Ameri ca was now for the first time in her history, giving the pro- blem of merchant shipping sane, analytical and business- like consideration.
been erected in such manner.
In this connection the bank, while willing to meet the Govern- ment's wishes in most respects; is not disposed to lose its present as character as a nonpolitical and
to give us a merchant marine purely mancial institution, run on adequate for national defence as the strict principles of British well as for the needs of our banking. commerce. We shall not have
The total was 13,704,000 bales as xgainst 13,424,000 bales a year ago, and was
made up of 5,639.000 bales American cotton, 2,653,000 East Indian, 567.000 Egyptian, and 4,845,000 sundries.
ון
Stocks of American cotton were 2,318,000 bales against 2.472,000 bales; East Indian. 1,315,000 against 1,125,000; Egyptian, 227,000 against 242,000; sundries. 1,509,000- against 1.263.000
5,499,000 bales against 5.256,000 The total world mill stock were bales, while the world's spindles were 146,456,000 against 147,153,000 in July last.
merely a great multitude of ships, In view of its great services to bullt during the hysterical and the country in the last 40-odd natural atmosphere of war but years, it is probable that the mat "When our present aging ton-one put together during peace- [ter will be arranged to the satis nage has been replaced," he said, time, according to a well consider-faction of both parties and to the "the accomplishment will have ed plan,"
lasting benefit of Egypt.
WEDNESDAY, MAY 17, 1939. —PAGE 11
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