Shanghai, Oct. 7.
That retrenchment measures axe to be further enforced by. the Government to. balance the budget was announced by Mr.
Soong, Minister of Finance, in an interview with press "repripentay tives yesterday, He frankly admitted" that the Government is passing, through financial dificult ties, but steps are doing taken to avoid a financial recurrence of stringency.
During' the five months' hostilities inthe north, the Finance Minister pointed "out, all the Tevenues to the north of the Yellow River, had_ been practically brought to nil. To tide over the financial crisis at the time of emergency, the "Chinese "banks have advanced money. to the Government to an amount of $60,000,- 000, The. issue of the Customs Treasury "Bonds, he announced, was to clear elf this debt. He denied that the Government. was seeking "a new loan out of the '$100,000,000. Bonds, expenses, Government has In an attempt to cut down the
Toduced the military" expenses in the north from more than. $7,000,- 000 to $4,500,000 a month," the Finance "Minister, pointed out. As the anti-Communist campaign has reached a stage whence funds are badly needed, no further reduction military "expenses in Central China can be made, Mz. Soong said he would spend of his, time in. Shanghai the organisation of the ional Economic Commission sion, a. national cotton committee Will' be established. to geek "means ind ways to improve China's cot fon. products, "Other committees to" be established under the Ca mission will, be a national silk Commitee' ands ational cereal The Finance Minister expressed the ope that. with the. establish
operation among the. merchetts these committee, coz the same trade" and ernment. will be facilitated, and better results are expected. While well-known "bankers" and' ation merchants have been invited to Serve on. the cotton committee, 'Mr, Soong said, to ensure the suc cess of the silk and cereal. comittes, silk and rice. merchants With éxpetienee and. reputation will be invited to work with these committees by the' Government.
Text read from the printed page and cleaned; old type leaves the occasional error.