(Dee, 2) meeting of debenture holders of Central Properties Lid. expressed a feeling that is no doubt widely held when he said:
Opiniens may diter as to the precise 'Seryone living' in. china, hin ut heart lo endeavours in every hina at heart, fo endeavour. ponsible way, to asset the Government "carry oni and maintain. the policy Which has Been decided upon.
The only discordant note that has #0 far been sounded has clearly Been Inspired by political motives Japanese military officials have felt prices and a sounder basis for trad-fug will far outweigh the temporary profits Individuals er institutions might have secured if they had been permitted by law themselves to export and sell their' silver holding.
The Crucial Point The all-important question, of course, is whether the Government will In fact be able to maintain the Fate of exchange which, in clreumstances of peculiar dim culty, it has chosen for the purpose of stabilizalon. The level of exchange for the Chinese dollar has varied so much in Fecent years, and there is still s0 much uncertainty regarding the future of world currencies, that there can jas yet be no certainty that the rate which the Government has chosen will in the long run prove to be appropriate. It may, however. be consi-[dered low enough to give a reasonable prospect of successful stabilization provided the system of currency management is worked out ca scientific lines, is, of course, clear that, if the Government's object is to be Jachieved, the currency and credit polley of those financial institutions which have the responsibility for Jearrying out the Government's policy lust be directed towards making the Jehosen rate a. natural rate of ex-Jchange, that is to say, a rate to which exchange will tend to return of I
Text read from the printed page and cleaned; old type leaves the occasional error.