FO371-24687 — Page 83

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M.L

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SAFE HAND

-

No. 38E (313/36/1940).

Copied to:-

H.M.Ambassador, Shanghai,P/L 74,

D.O.T., P/L 4,

Tientsin, P/L 32,

Tokyo, P/L 23,

Commercial Counsellor, P/L 3,

Tsingtao, P/L 1.

My Lord,

BRITISH EMBASSY, 33

PEKING.

4th April, 1940.

38921

20

At an ordinary general meeting of the

shareholders of the Federal Reserve Bank held

on March 30th, the Governor, Wang Shih Ching,

is reported to have disclosed the following

information.

2.

At the end of 1939 the note issue of the

Bank had reached $458,000,000, an increase of

$194,000,000 as compared with the issue at the

end of June 1939, and an increase of

$296,000,000 as compared with the issue at the

end of 1938. The total loans issued during

1939 amounted to $162,000,000, an increase of

$128,000,000 as compared with the previous year.

Deposits had increased by $95,000,000, and

amounted to $180,000,000.

The net profit for

the year was estimated at $1,090,000. From the

enforcement of the Exchange Control System on

March 10, 1939, up to the end of 1939,

£2,058,000 and US$5,068,000 had been acquired.

It was stated that this foreign exchange roughly

10718

The Right Honourable,

the Viscount Halifax, K.G., P.C., G.C.S.I.,

etc.,

etc.,

etc.,

FOREIGN OFFICE,

S.W. 1.

/ corresponded

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