Nanking, Nov. 18.
Reasons why the Government are forced to adopt the new currency system were explained by a spokes-of the Ministry of Finance dur-Ing'a press interview to-day.
According to the spokesman, China fas a nation on the silver standard has been suffering from adverse con ditions in hey exchange with other countries. With the alarming exodus of the white metal during recent years, the economic foundation of the Country has been greatly endangered.
is with the intention of averting 8 crisis in this connection that the Ministry of Finance has adopted the new currency system.
The. spokesman then enumerated the defensive policies adopted by the various nations during the last fey years which had been. suffering {rom 'a metallic standard before they went omit, 1931, the spokesman recalled, Britain had abandoned her gold Standard. Quickly following, _'the United Siates also went off gold while at the same time launched upon an exchange control policy. Likewise Germany adopted an exchange control policy in 1031 and at the same ume forfeited the redemption of notes.
Japan in 1931 abandoned her god standard, which was followed " by the adoption of an exchange control policy in 1982, Italy embarked an exchange policy in 1994, while Austria took similar steps in '1931, She later dropped her gold standard 1935, Further examples, according to the spokesman, are many. Argentine went off gold as early as 1929. In 1031 she adopted an exchange control policy, Brazil, the spokesman recalled, took the same steps as the Argentine in the same year. In that year Canada went off gold, as did also Finland, Mexico, and. Norwa3 Siam, the spokesman pointed out, Groped the gold standard one year later, while Czechoslovakia enforced an exchange control policy in 1083, fo be followed by the abandonment Jof her gold standard in 1934. Turkey had also adopted an exchange control policy in' 1024—Central News.
Text read from the printed page and cleaned; old type leaves the occasional error.