"Big Dollar" Basis ta be Adopted in Currency Reform Canton, "Apr. 16. As the first definite step towards he. Canton issue of a series of "big dollar" Gilexican), bank-notes, to the, total [value of $10,000,000 in §1, $5 and $10 denominations, The issue will be effected by the Korangtong Provincial Bank, which has already been authorised by the provincial authorities to proceed with this plan; but as it wil ta considerable time to complete all the Inecessary arrangements and fee cure adequate reserve funds, the Inow notes are not likely to be put into circulation until some time next year.
Canton's present currency system, leased on subsidiary coins, is gen-Jerally held to be-unsounded both from' the. economic and. banking point of ud the measure resent. contemplated is expected to tead ultimately to he adoption of the national currency, which will facilitate inter-provincial as Well international' trade and" banking At present, with the Jack of a #tandard currency, all ba ing busi) ess fs done through Hongkong and foreign bank-notes are enjoying a Dig circulation in the province. The wide uctuations between the Cans ton money and the Hongkong. notes renders business most uncertain and fifieult.. "The authorities hope that with the issue of "big dollar" notes, the cirewiation of foreign bank: notes. within the province. will be treatly reduced.
In connection with the fluctuations between "the Canton money nding Hongkong note, it may ted that the present fate of ex: change fe g14s "(Canton coins) to $100" tongong' coven. fives notes a pre: {ium of 45 per cent, the highest fu record. Chinese bankers decease that this "Onprecedentediy high premium may be attributed to the jarge demand for foreign banknotes due to the fact that payments for all imports have to be made with drafts purchased with' Hongkong currency as basis of calcula ion. The bankers all attribute the premium on Hongkong notes to the Continued enforcement of the embargo on the export, of silver from Kwangtung, Canton, it may be recalled, only recently." experienced a currency crisis when the old bank-notes issued: lby the Central Bank—those of the 1$5 and $50 denomination—suffered sharp. depreciation following _the official announcement that the Pro-Hvineial Bank would not give silver jin exchange for them. The $5 notes are now at a discount of approximately 25 per cent., but it is interest to note that those of ti $50 denominations have sud gone Up and there is even a pre~ mium on them as high as, 70 per cent.
Banking circles aver that these $50 notes are greatly in demand, as the government tax bureaux in the various districts are buying them up for remittance to the provincial treasury.
Daring the crisis, when these notes suffered heavy deprecia tion, the provincial finance department ordered the tax. bureaux, to report to the department—the number of these notes—those of the notes might be purchased at a great discount in the market, the tax bureau is reported to' the finance dejartment that they had collected a large number of them. interesting situation arose when it was discovered that the Trumper of notes the tax bureaux claimed to be in possession of was many, times the number actually sued by the Bank, the actual amount in, circulation being only $200,000. The tax bureaux. wore consequently caught short and had fo go on purchasing the notes at leven a. high: premium—Reuter, surroundings is still. very "great, land there are many enquiries for this type of residence.
'Small houses preferably detached, but if "necessary semi-detached within the $150, class are snapped jup at once if they are not on the toad frontage of a busy thoroughfare a tiny garden is nearly always the. extra' attraction that lets the Recent Offerings
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