Until Kuangtung is uniformly on a big note basis, itis to retain exclusive control of its finances, Mr. Lim Man-koi, chairman, yesterday cabling that Dr. H. H. Kung has made this con-[cession—meaning that the supervisory [committee which the Central Government was about to constitute to look efter all the public funds in this orovince will not come into being im-
Tastead a committee will be formed by the Provincial Government, Every [chamber of comnterco throughout the province is to submit a list of four or five nominees, but the final selections will be left to the Government, Fourteen committee-men will be chosen by the commercial bodies. The lists families, Their limit wilt be $5, Individuals thus may have a little fractional currency for buying food.
Government Polley:
A large number of Cantoh Govern ment officials and representatives of public bodies attended the joint weokly memorial service on Monday when Mr, Chuo Feng-pu, the Finance Commissioner, spoke on Canton's managed Mr. Chuo expressed great satisfaction at the close ce-operation of the people. Since the enforcement of the ancial "measures, silver has" been continually pouring into the Govern ment's vaults in exchange for Tegal tender.
He said that the Government is not aiming at inflation. The Government banks would not be allowed to issue bank notes without metal backing. Note issues were to be supervised by {specially appointed committee of presentatives chosen from the people, '"Kuangtung is different from other provinces in the matter of purchase of silver," Mr. Chuo declared, "It is the people rather than the banks that hold most of the silver, and the twenty per cent. premium given by Canton authorities is intended to encourage the sale of silver."
Mr. Chuo said that the Intention of the Government was somewhat misunderstood, and the public thought it meant a devaluation of the legal tender, However, such misunderstanding uraduidly has disappeared and fnancial conditions in Kuangtung have again returned to normal, 'According to Mr. Chuo, the Government tanks. are doing all in' their power to ease the diMoulties arising from the shortage of subsidiary notes. Jand he believed the difficulties vould be overcome before long. The flotation of the third term Treasury bonds was also intended to absorb part of the silver, and a house-to-house campaign had been started to supply the business firms with subsidiary notes.
Concluding Mr. Chuo mentioned that formation of the General Reserves Supervisory Committee shortly. would be announced as soon. as" representatives from various parties were
Text read from the printed page and cleaned; old type leaves the occasional error.