ship companies yesterday, the Har-hour Office of the Tientsin Customs notified that vessels drawing over ten feet of water are prohibited from entering the upper harbour. This is due to the shallowness of the Hal Ho caused by heavy accumulation of silt—Kuo Min, the first step and had increased the ocal_ note issue from $240,000,000 to $330,000,000, with a cash reserve of 64 per cent.
Conditions had shown a continued improvement during the year, he declared, and the time was now ripe {for the second step in the programme, which began yesterday when the fin lance authorities called bankers and executives of the Chambers of Commerce to u meeting.
"The meeting agreed that the three Government banks would replace local currency immediately, other banks on August 1-and native banks Jon September 1.
Meanwhile, merchants were calling in their various qullds to discuss the time for the adoption of similar steps, Dut at present mie decision had been made, Briefly speaking, Mr. Koo continu: ed, provincial notes would be in circulation for the next six months, but Wwould no longer constitute standard value.
Hongkong currency, Mr. Koo added, had been most useful during the period of Canton's monetary instabilty. Being foreign, currency, "how-fever, it could only be considered as Such, and it was now natural for the people to shift from Hongkong dolters to National currency. This would eventually result in the disappearance of Hongkong dollars from Canton.
Chinese bankers had agreed to receive Hongkong currency and then deposit the notes In Hongkong. Thus contracts and prices would gradually move to National currency.
Mr. Koo gave much credit to Dr. LIH. Kung. the Minister of Finance, and Mr."T, V. Soong, Governor of the Bank of China, as well as the local authorities for the successful change Which, he said, he considered beneficial to" all" parties concerned.~
Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.