As a result of a bold step that has been taken by the faancial autho: les, the rather obnoxious premium system has been finally driven out of the local money market, and the value of the local currency has bees placed on the same level as the tonal, currency.
Under the supervision of the Special Deputy of Finance of Szechuon, all" the so-called "House Clearing Certifeates" have been withdrawn from elreulation by those concerned, and banks issuing more transfer orders that they had ceived were forced to meet their ficits in cash, All the banks have now redeemed their uneashable monetary docu ments, but the provincial authorities are still short by some $1,500,000 with which to complete the redemption of their "House Clearing Certificates." A. wire has now been sent to the Ministry of Finance to instruct the Bank of China, Chungking, to laun this amount to the Szechuen Government for this purpose.
It is said that should this be done, the slight difference existing between the national and the local currencies will disappear. The Szechuen Gov-lornment, however, is confident that even if the request were turned down by the Ministry of Finance, it would be able to procure sufcient funds to meet the deficit by the end of the month.
'Meanwhile, however, the combination of the existing deficit together with the urgent need for national currency here has resulted in the collection of a premium of from one fo two dollars' whenever $1,000 in local currency is exchanged' for similar amount in national currency.
Text read from the printed page and cleaned; old type leaves the occasional error.