Gold Bar Exchange Closes Later to Re-open on New Standard of Customs Gold Unit Coming out of a blue sky, the order of the Ministry of Finance limiting foreign exchange (ransactigns, caused bewilderment in Shanghai banking circles on Monday.
The immediate effect was to halt transactions in gold bars, the Gold Bar Exchange closing down and doing no business during the day, although unofflelal business was" reported After a day of conference with the authorities, it was decided that the Exchange would re-open on Tuesday but from October 15 the Customs gold unit will replace the present standard based on the American dollar in gold the Chinese Bankers': Association, after a meeting on Monday morning, Senta message to Nanking asking for further explanation, which they hoped to receive before Tuesday's business commenced, in order clarify the situation.
Nanking's order is apparently aimed against exchange speculation. Local Jexchange speculators, who are usually. jin an oversold position, estimated at present to be well over $10,000,000, tried to cover themselves on Monday morning. Sterling exchange opened Jweak, but in an hour or so had recovered. The situation steadied when banks became sellers.
Text read from the printed page and cleaned; old type leaves the occasional error.