'The third column of the following. table probably needs a short, explanation. Towards the close of the Northern Expedition the Canton Army along the Tientsin-Pukow Railway issued about nine million small coin dollars' worth of banknotes. Upon the establishment of the Central Bank of China in Shanghai the Minister of saw to it immediately that these notes. which at one time appeared to be nobody's concern, should be honoured in full. The Government} assumed liability, and the Central Bank has persistently been redeeming these notes at full value. resent only about 24 million dollars worth are still in circulation.
While on the subject it ought to] be mentioned that the replacement of subsidiary coin dollars at Canton by National dollar notes, issued by the Central Bank of China, Shanghai, was initiated on July 15. Old subsidiary Canton fiat money is to be exchanged for "big" dollar notes, to the extent of $2,000,000 to! start with; this sum is fully covered by adequate reserves, The following table ought to form a document of real value to students of Chinese finance, not merely owing to its explicitness, but also because it—supplies authentic information from the very beginning.
Text read from the printed page and cleaned; old type leaves the occasional error.