Speculation in Gold Market Held Chiefly to Blame Nanking, Jan, 14.
The present silver situation is a question which concerns the very, economic structure of the nation and it deserves the carefull attention and consideration of all Party and Government officials, according to President Chiang Kai-shek in a speech delivered at the weekly momorial service at the State Council President Chiang pointed out that only with economic stability and independence, could the country expect to attain its goal of reconstruc tion. The present silver situation is seriously threatening the liveli hood and well-being of the entire People, he said.
Continuing, ho declared that while the fundamental cause of the: ssituaticn was to be traced to the chaotic conditions of the country's currency and the maintenance of the silver standard, reckless speculation Jand unscrupulous manipulation on the part of the speculators must. also be held responsible for bringing about the present crisis. Aparb therefore, from the carrying out of monetary' reforms and the adoption of the gold standard, speculation must algo be checked' in order to Stabilize the market.
Jin conclusion, the President @mphasized the necessity of enforcing the proposed National Customs Tariff and the practice of economy by Government and people as an effective means to improve the general financial situation—Kuo. Min, Certain local piecogoods firm: representatives have for some past considered the advisability forming an association, with the principal object of mutual protection against dealers who refuse to take up their commitments. As there is little redress against' men of th type all local importers can do is to refuse to deal with them, and with duly formed association it will [be possible for importers to mako use of pooled information regarding the commitments and assets of dealers, The scheme was primarily sent to the British Chamber of Commerce for its information and reeommendation, and was handed by the.
ish Chamber to the—Ganeral Chamber of Commence, ar sub-Jeommittee consisting of two repre sentatives from, each national Chamber of Commerce has been at work for some time in making draft constitution and preparations wre now in a final stage. The next a meeting of the trade, which, it is hoped, wit held in the next two or three weeks. At this meeting members the Association will be enrolled and the constitution adopted, either jas it stands or with amendments, Jand a committee elected.
Messrs, Beck & Swann, Secretaries to the General Chamber Commerce, have been acting as secretaries to the preparatory com mittee. There are several other associations in Shanghai, for me stance those formed by the metals, paper, and recently the knitting wool,' trades. respectively, while there are associations for' various branches of insurance business. all shops, stores, mills, factories, ete. must register before the end of this month, failing which recalcitrants -will be fined not less than $5 each, Apropos of the proposal of the Greater Shanghai Reconstruction Committee to extend the sphere the Customs so as to include: the upper Whangpoo and Woosung, the Ministry of Finance is reported ta have instructed the Commissioner of Customs to make an investiga. on and aso report.
Text read from the printed page and cleaned; old type leaves the occasional error.