$2,581,000 from Urga Bank: Peking Again May Benefit Fro Oce Owx Consssronpeyr Fnom Ove Ows Consesrowpent Harbin, Apr. 5.
Harbin, Apr. 5.
The annual meeting of the Dalbank, whose head office is in Harbin, was held at the end of last month, a great number of Russian and Chin ese business men being present and the proceedings were carried through without, @ hitch, Mr, Kabalkin, a residing. Dalbank, began its operations se territory five years ago and from the annual report it can be seen that its work has grown broader and broader. Though its capital is only five and a half millions, the profits for the past year amounted to nearly Y, 600,000.
'Though a Sovigt institution the: Dalbank leaves "politics severely' alone as far as Harbin is concerned, a fact realized by local merchants, who are patroni nice and' more every scope of operations during the year have considerably surpassed those] of last year, notwithstanding that the C.E.R. withdrew part of its accounts current during the latter half the year, and the forced interruption of the work of the bank's: Shanghai branch. The most. important branch of the work of the: bank is its credit operations, covering the trade between Manchuria and China on the one hand and the US.S.R. on the other, and the finance ing of the exports from Manchuria of beans, bean-oil and bean-cake, a other grain products for Europe, and Central China, The import. of coal, timber, fish, tobacco products, naphtha. products, fish, dry-goods, ete,, from the.
.R. is carried on by the bank, well as the exporting to Russia of China tea and other products.
Another important business which is financed by the bank is the exporting from Mongolia and Inner Mongolia of wool, hides, skins, and furs to Europe, America, ete." The bank is also paying serious atten. Yon now to the financing of local Manchurian industries and giving' credit to local Chinese clients. This. demonstrated by the figures which were made known at the recent. meeting, which amounted to some fifteen million dollars, amo Much excitement was created on the arrival of three ears of silver dollars at the Harbin Railway Station, from Vladivostock, a few days ago, for there is very little silver in the town. The actual amount was 2,581,000 and it had come froma the Mongol Bank in' Urga, which As the former barite now has its reserves in gold—sent, of course, from Moscow—these aver inka, which tu teem dae the Mongols' insisted on rec become superfluous. to. the. ban which sold a the rate of 040 Amer. tean dollars.
"The Dalbank has handed over the' total sum to the Bank of the Thres Eastern Provinees, on behalf of the C.ER., whose directorate recently decided that the Chinese Govern ment should receive five and a half million yen of the estimated profits of the railway for the first quarter of this year, the Soviet Government getting a similar sum. Whether this silver will be kept in Harbin sent to Peking, where it is 80 badly needed, is a matter of conjuncture, even though the official "Kung Pao! asserts that it is to be used to Dolater ap the local Ta-yang. 'This ame organ states that, at a recent financial conference at' Mukden, it was decided that banks in Harbin must withdraw from circulation three-tenths of the bank notex naw in elreulation, and deposit them with the Civil Administrator, who is now Controller of Banks. The remai Ing, even-tenths must be replaced notes, bearing the Control-Teer stamp: nad the words asta Tientsin," for which seven periods of time will be giver These bank notes, consequently, will be for uso in Marbin and in Tientsin on an equal basis, and may be carried or remitted from one city to the other and exchange for silver. Remittances from abroad will be made through a special institution and" all limita tions for such are withdrawa. The Jocal banks have already begun carrying out these measures, and fan improvement is already notice-fable in the focal dollar, which has risen from 72 to 76, Pevivi0Ns have been addressed to THE COLLISION ON yo "National Goverment any
Text read from the printed page and cleaned; old type leaves the occasional error.