Beneficial Effect Stressed by Bank President: Hongkong Dollars Now to Disappear Canton, June 22.
Yesterday's change in the local rate was inevitable since the arrival of Central Government officials in Can-fon last summer, declared Mr.
Koo, president of the Kuangtung Provincial Bank, in an interview with Reuter this afternoon, Conditions existing then, he plained, hed resulted in the local price [structure being very unsteady, neces-Sitating the formulation of a two-point programme:—To stabilize local currency in terms of National dollars, thus bringing the price structure into Line with that of the rest of China.
2—To replace local bar notes with National currency.
'The' Provincial Bank, Mr. Koo pointed out, had been entrusted with
Text read from the printed page and cleaned; old type leaves the occasional error.