The fifth National Congress of the /Kuomintang opened in Nanking yesterday and its proceedings will arouse specially in view of the possibility of a representative attend.
ance from the South-West group. The efforts made to secure this Fepresentation have been partially successful. There can be little doubt that at this juncture it is exceedingly desirable for the Chinese Government to be fortified by a definite expression of opinion from the Congress on the various important questions which will come under review. The draft constitution has been so thoroughly examined in the course of its passage through the Kuomintang's delibera-ive machinery that there is ground for the Belief that it will receive favourable treatment at the hands of the Congress. Whether the Congress will be able' to take some steps for further consolidating relations between the Government and the Canton elements remains {o be seen. To the outsider It would seem that every inducement is offered for such an effort. The interests of China demand a unity of purpose and a common resolve to which purely sectional considerations should. be subordinated. The strong" individuality of Chinese leaders has perhaps militated against a facile reconciliation views. That has inspired the Government to proceed on the lines of a loosely defined tolerance, No special departure from this accepted attitude 4g to be expected, but that should not preclude some firm alignment there are_no provisions as regards the conversion of notes. the Central Bank is requested to hold as reserve, sum equivalent t0 30 per cent. oF more of the total amount of notes figured "in gold" and. aliver Dulllons, rellable foreign" currencies, and silver accounts. "The Bank maintains {the stability of currency through the control of note-issue and also Purchases "and sales of necessary liver bullion. At the same time, etains the international value of the Gurrency by transactions. in foreign currencies. "This charactertetle system may" be termed a silver' standard As was pointed out by Mr. R. T. Peyton-Griffin in the courte of a despatch on his recent visit to Manchoukuo although it was considered that a reform of Manchoukuo currency was next to impossible, where the people had been accustomed to cur-Feney subject to constant fluctuation, it has nonetheless made smooth pro: gress and may be termed a success.
Text read from the printed page and cleaned; old type leaves the occasional error.