Tsingtao, Feb. 7.
As a result of the excessive issue of military banknotes by the provineial authorities, the Tsingtao financial market has been flooded with these notes to the- face value of more than $300,000. Paper money of this kind had been used for the Payment of the local navy by the militarists who were desirous securing their support.
The -worst aspect in connexion with the circulation of these notes, however, lies in the fact that the holder of such notes is lable to suffer heavy losses as they are being rejected by the post office, well as the foreign banks, Ordinary merchants' shops are con: pelled to accept the notes in busi ness transactions and any one found rejecting them is arrested and sent to the military headquarters—for punishment. The result is- that, with the end of the Chinese year, jthe Tsingtao merchants are faced with heavy losses owing to the huge accumulation of notes in hand.
Although several meetings have been held under the auspices of the local "Chamber of Commerce consider the matter, no one has az yet dared to make an open protest against the issue and circulation of! the notes. It is believed that nian shops will not open after the Cain ese New Year in order to avon more losses—Kuo Wen News Agency.
Text read from the printed page and cleaned; old type leaves the occasional error.