Osaka, Oct. 19.
'The American silver' programme} will continue to affect China's silver policy, it was contended by the Osaka Mainichi," in an editor it to, lay.
Present activities by the Chinese} Government, the "Mainichi" said, are tending to increase the silver price and will result in increasing the purchasing power of the Chinese people, although Japan's exchange will be adversely affected, The "Mainichi" advises Japanese business and financial circles to pay the closest attention to every move in the American silver programme.—United Press, Nanking Blamed Yen Drop Tokyo, Oct, 20.
The sudden fall in the exchange value of the yen was attributed today by Mr, Kenji Kodama, president of the Yokohama Specie Bank, to the Nanking Government's silver policy, The tax on silver exports, the announcement of a. silver parity Aifferential and the establishment an equalization fund forced the value fof the yen down in Shanghai, and this had immediate depressing effects upon the Japanese markets, said Kodama, Export bills are awaiting further developments, while importers are] rushing their exchange contracts, said Mr. Kodama. "He predicted, however, that, when the excitement in the Shanghai market dies, export bills will begin to move again and the value of the yen will return 10 normal, 'The yen declined sharply here to-day, "Local banks quoted the Tokyo'London rate at 1/1%, the lowest. this year, while the 'Tokyo-New York' rate stood at 28%, Shortly before the close of the' market, the Yokohama Specie Bank began " selling foreign exchange in order to prevent further decline of the yen.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.