San Franelseo, June 19.
The Standard Oil Ca. of California announced to-day that its subsidiary company, the Netherlands Pacific Petroleum Ca, had obtained an all exploration concession, of 1,482,000 acres on the east coast of central Sumatra, opposite Singapore and miaway between the prolific Atjeh and Palembang Djambi oilfields—United Press, probably ensure Kuangtung's neutral-in the event of hostilities between the Central Government and Kwangsi, It is expected that, unless political upsets intervene, complete the change over to the "big dolar" as lis currency unit, in conformity with the National menetary system, by September.
The Kuangtung provincial bank has already handed over its silver China's Debt to U.S.A.
Now $16,608,329
Washington, June 20. China's debt to the United States stood to-day at $16,008,329, according to information made available at the Treasury De-
The amount represents the balance due on loans which originally amounted to $26,318,211, including the cotton, wheat and flour loans. Previously held partly by the Reconstruction Finance Corporation and the Grain Stabilization Corporation, the amounts still due have been consolidated in the hands of the Export and Import Bank, it was announced.—United Press. stocks, amounting to $78,500,000 in subsidiary coins and $19,500.00 in silver dollars, to the Note Issue Supervisory Committee. Part of this silver, "it is understood, is utilized to buy 90,000,000 "big dollar" notes from the Central Government banks, Banking circles confirm the report that the Central Government has agreed to advance to Kuanglung a special appropriation of—10,000,000 "big dollar" notes to "cover various expenses incurred by the proposed change."
Kuangtung banks will gradually recall their local notes, and thereafter only "big dollar" notes will be legal tender. Subsidiary notes, however, will be issued by local Government banks.
Meanwhile, the Kwangsi government is taking further steps to check the. flight of capital from the firm in the interior maris owing to paucity of supplies. Local spinners Jand particularly Japanese have shown Great interest in absorbing the dom-ostic staple of all grades which are available at about $5 per picul [cheaper when compared with similar {grades of the Indian growth and over $10 per picul cheaper when compared with that of the American staple, While the bulls are not strong in their attitude as in the previous two months when they took up large quantities of cotton from the local "Exchange, the bears on the other hand appear to be less active their selling operations owing to the scarcity of tenderable cotton, AS 8 matter of fact some of the shorts, already undergoing very great anxiety in endeavouring to cover their short commitments, Taking a cond view of the situation in gen-the indications are that purchases of the old crop cotton, particularly the silky grades, or any recessions will prove to be eventually profitable, Yarn: Although the demand improved somewhat, prices have not Bdvanced commensurately with that of the raw material, Mills are cer-{tainly working under very dificult conditions. Speculators in general pay more attention to raw cotton than to yarn. However, more pro-sporous conditions may be expeded during the next two months provided no internecine warfare intervenes, Shanghai, spot excrnill Tungchow spot excralll Shen, spot ex-mill.
LLingpao, spot ex-mill "...338.00 to 'Tientsie' rough, spot ex-rally Tone of the market: Firm.
Text read from the printed page and cleaned; old type leaves the occasional error.