Expected Flood of Paper Money Following Establishment of Central Bank Canton, Aug. 12.
Canton will son be again flooded with unsecured paper money. The Central Bank of China, authorized by the General Headquarters of Dr. Sun Yat-sen in Canton, will com-mone business on August 15 with {$10,000,000 capital. This capital has been raised through the issu of Government bonds, which been fully subscribed, according to Press reports from Canton. As the financial agent of the Government in Canton, the Central Bank will have the sole privilege of floating foreign and domestic bonds for in dustrial purposes, issuing banknotes, and acting as the treasury of the Government in all receipts and disbursements. The managing.
actor, two assistant managing-directors, the chairman and eight. members of the board of directors, and a supervision will all be appointed by the General Headquarters of Dr. Sun Yet-son. It understood "that many million dollars"
worth of banknotes have:
Leen printed, and Dr. Sun's pletur> on the centre of each. The de-jons of the notes are $5, $10, $100, and $500. Mr.
brother of Mrs. Sun Whether or not the public will honour the proposed bank notes of the Central Bank is not known. Tt. appears that the Cantonese "are tired of the paper money which is feared, the Government itself be the first to repudiate Inter on. It is remembered that when (r. T. T. Cheng, managing-director, and Mr. Yung Hin-lun, accountant. of the Provincial Bank of Kus tung, issued several hundred mil dollars' worth of notes and circu. luted them with the full consent of Dr. Sun, the Government recognized 1em at first but repudiated them il later on—Reuter's Pacific Ser-View.
Text read from the printed page and cleaned; old type leaves the occasional error.