China has for a number of years "been faced with a critical economic situation. Continued deterioration of rural conditions, wide-spread in-Sustrial and commercial depression, and constant' political disturbances wore a considerable handicap during have not been active in market eirculation, Inasmuch as the old notes Were payable at sight, and their Value in round amounts, they were ton, and in May, 1983 the Regula-altogether, suitable for cireularelating of Joint Reserve Notes were amended, and the form of the notes modified, with the Te-salt that their inelasticity has been Temédied while their conservatively sound features have been retained. loans has been considerably inereas= The total reserve against call ed, and the issue of Joint Reserve negotiable instruments confined to notes and certificates on an equal basis. Other amendments came into force on July 4, 1933, and by the end of the year member-banks were making use of the notes in. their the year under review. In adverse breve advan revised form, They will certainly difealercumstanceyunember- Boo", gaepamansgus 2
Giacontinued transactions in taels, and on the same day the Board sus:
Text read from the printed page and cleaned; old type leaves the occasional error.