These measures had the effect of the export of silver and stability in exchange, but with the increasing disparity between the domestic and foreign price of silver, smuggling of silver resulted to an extent that jeopardized the currency reserve of the country. reserve of the country and to effect lasting measure of currency and banking reform." the National Government decreed measures with effect from November 4, 1935, making the bank note issued by the Central expressed in terms of silver shall be discharged by payment of Tegal ender notes in the nominal amount due and further providing that the exchange value of the dollar will be kept stable at its present value.
On. the day that the foregoing measures became effective the British Government issued a King's Regula~ tion, No, 2 of 1985, prohibiting the payment in silver by British subjects any debt or other obligation, The effect of the foregoing measures was to stabilize the exchange value of the standard dollar at about 1/2% ft about which value it has remained ever since, As slated by Mr.
Soong "Except in Kwanglung and Kwangs! legal tender has circulated freely everywhere."
Text read from the printed page and cleaned; old type leaves the occasional error.