Nanking Order to Local Institution Nanking, July 6.
Two months from date, the stocks jand bonds department of the Charfered Stocks and Produce Exchange of Shanghai must be amalgamated with the China Mercantile" Stock Exchange of Shanghai, according to a joint Order issued by the. Minisjes of Industry and Finance to 'Messrs, Chen Yin and Hsu Jo-bin, [Government supervisors of Exchanges at Shanghai, Article 2 of the Exchange Law, [the Order points out, provides that there shall be, in ome district, not more than. one' Exchange dealing in fany'one kind of commodity.
'While it is true that the Execu-'Yuan had granted some time ago a petition of the "Chartered Stock' and Produce Exchange for permission to extend its period of existence, which had hen already expired, such permission was how-fever given on. the express understanding that it would only hold [good pending the amalgamation of the various exchanges dealing in the same kind of commodities, It was thus purely a matter of temporary expediency that the said Exchange thad een allowed to continue its operations, Since June 1 of the current year, however, "the said Exchange "has Increased its number of brokers and considerably extened ite field of operations. There have often been wide "discrepancies between the [quotations of Government bonds on the Chartered Exchange and on the (Mercantile, Stock. Exchange, "That there should-have been such marked variations in the bond quotations at the same time and place has served not only to shake public confidence Hin the Government's credit: but has also enabled unscrupulous merchants to carry on reckless speculation and the rumour-mongers to fabricate disquieting rumours.
order to stabilize the bond market as well as to set the mind the public at rest, the Ministries Jconcerned now deem it imperatively necessary to order the amalgamation t lof the stocks and bonds department Jof the Chartered Stock and Produce Exchange with the China Mer-Jcantile Stock Exchange in accord-Jance with the Exchange Law. Pend ing the completion of such amal-}gamation, the petition of the Charactered Exchange for permission to increase the number of its lookers as well as for the renewal Jof brokers? licences will not be considered, the Order adds-—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.