Mr, T. V. Soong on Success of China's Money Reforms Shanghai, Apr. 7.
Unless an abnormal change occurs: in the status of international exchange, Chinese currency will remain fas It is and no attempt will be made pes it to the pound or American dollar, Mr, 'r, V, Soong, chairman of the Bank of China, told'a represent tive of the *North-Cina Daily News yesterday, The Introduction of the Zurreney reforms last November has proved successful and public confdnee In the Government has been The preference for commercial rather than Government institutions previously prevailing In some quar-Yers no longer exists, Mr. Soong con tinued, Striking, proof of this "has been shown In the Bank of China's record Increase of deposits since the change of the administration, Amount of $760,000,000 deposited fast year represents a gain of $219,000,000 Over the previous year.
With the enforcement of the new! currency polley, the power of the: Government a been. strengthened, fnd_on the ollier hand its responsibility. is much heavier, Mr. Soong said, Hitherto the country's financial Hlructure has. been little affected by any political change. Such is not the faze now since banking, commercial fand Government interests are all pooled together as In other countries, "The proceeds of the sale of 50,000, 000 ounces of silver at 65 cents US; Gold per ounce have been changed no. gold and are now deposited in America, The note-issues of the Government banks ave been Increased by $200,000,000, This was due to three reasons: commercial banks have less fiotes. in elreulation; a large quantity of silver has been exchanged for notes, and more notes are wanted by foreign banks. A large quantity of tilyer. in Hopel, Mr, Soong said, has Regarding foreign loans to Chin Mr. Soong said Ching previously would rave welcomed any financial tssistanee to back her currency forms. The now policy, he said, has, however, vindicated itself Mr. Soong is planning to suspect various branches of the Banke of China the near future,
Text read from the printed page and cleaned; old type leaves the occasional error.