Hongkong, Oct. 29.
The Canton Government has definitely decided to open a branch office of the Central Bank of China in Hongkong, the growing business of the bank making it desirable to extend its activities in the Colony. The assistant manager was here this week, making arrangements for the early opening lof s branch. He interviewed many. of the Chinese merchants and big financiers with regard to this pro-Ject, and local residents have promised their support and co-opera tion. Already a building has been rented, and some Jocal men will be employed on the staff.
The notes of the Central Bank have been raised to par, with the result that the volume' of trade has increased. The Branch Political Council recently issued a notify tion that all taxes paid to the gor ernment must be tendered in Central Bank notes. The notes belong to two classes, one bearing the special chofis of the bank and the other without them. The Branch Council has ordered that even those notes without the special chops must be accepted at their fa, value, No doubt credit on 1) paper currency will be restored, but at present the people still refuse to give full value of the Paper money without chops, in spite of government orders. Of) Jcourse, the provincial treasury ac-[copts all notes of the Central Bank, whether they are specially chopped or not and for this reason it is believed that before long all the notes will recover their former standing. Prior to this order, the: government required all payments to be made in silver coins for 80 per cent. and the rest in notes,
Text read from the printed page and cleaned; old type leaves the occasional error.