the two northern provinces of Menchuria, Heilungkiang and Kirin, which have been selected a3 prospective battlefields, have for do-cades been existing on a purely Super currency styled "tino" There Totes ave irredeemable, but never theless they are universal medium dele) in Mate, eae circulation. It would appéac that, in order to Pay for war material and supplies ordered in Shangai, silver would have to be remitted here, thus swelling our already cessive stocks. The best solution of this complicated problem would be settlement of differences by peaceful means.
The Local Exchange Market The Chinese speculators had sourcely decided to" become overbought in gold currencies, when the' war clouds induced them to. turn. This they did quickly with the result that by the end of the week they were estimated to be "short" fat least £1,500,000, all currencies told, but chiefly yen, On Saturday morning interbank business for December delivery was high as 28/5 11/16, 604 ard 7 for yen. Then highest quotations for export, July 'delivery, were: 28/63, G$ 61, francs 15.55. Due to the absence of further war rumours the local market eased 90K—a considerably, "especially for near delivery, there being buyers for July at'2s./5. id. Importers set-tied a fair amount, while exporters Shipments of bar silver during the past two weeks from the Pacific coast aggregated four million taels la value, the metal being consigned to Hongkong, optional Shanghai. The bulk is meant for the Canton aint which is consuming about five million ounces per mensem.
The side-tracking of these silver supplies helps the Shanghai market inasmuch as local stocks are_not being augmented, but speaking' generally the activity of the Canton mint is a factor of but minor importance. A' point of more weight is to be found in the fact, mentioned repeatedly in these reviews, that new import business is very small indeed. Fresh orders: for imported goods are very small, while such bulk articles like raw cotton and rice are off the agenda for the time being.
Cash Supplies at Shanghai The following figures indicate the value of silver stocks held by local banks at the close of every tone of the first six months.
In sycee In minted Total 4 bare dollars value
Text read from the printed page and cleaned; old type leaves the occasional error.