Nanking Anxious at Reported Move of Gen. Chen Nanking, July 11 A seathing attack upon'the alleged action of Gen, Chen Chi-tang, Kwanglung military commander, in selling the silver reserves of all provincial notes to foreign merchants was" Issued by a spokesman for the Ministry of Finance at midnight last hight, "The silver reserve of the Southwest is understood to" total Kwangtung province, It is under stood here, 1s now facing a hopeless monetary crisis. General Chen Chiang himself is reported by the Continental "News Agency to have not only moved all his private property to "Hongkong but to be winding up the activities of hotels and shipping companies under his private manage> ment. It is believed in many qu {ers that Gen, Chen Is ready to retire and that the' political and" military authorities "here advocate organization of the military and administrative system of the provinee—United Press.
Disparity of $30,000,000
Nanking, July 11 Local oMeial circles are consid bly concerned over reports that Kwangtung is contemplating the sales of the silver reserve of its small money currency to foreign merchants, the Central" News learned to-day, Nanking's anxiety is further me creased by the lack.
Information from Mr. H. O.. Tong. Shanghat Customs Superintendent, who 1 cently accompanied Mr. Feng Jul to Canton with the mission of persuading the Kwangtung authorities adopt the legal tender system.
Interviewed regarding this. tion a spokesman of the Ministry of Finance pointed out that altogether Kwangtung hay only about $90 million worth of silver in backing §200 million of banknotes.
According to the legal tender requirements. of a min num of 60 per: ent, wash reserve, the spokesman stated, there is disparity of $30 million in the Kwanglung currency system.
It the report of the contemplated sales of the Kwangtung silver reserve "were true, the spokes: explained, the time may soon come when the Kwangtung notes will be entirely worth 0, Tong's Mission Continuing the spokesman em. phasized that despite the selfish ambitions of a few military teader ju the Southwest the Central authorities have stuck to its Uderal policy in dealing with the Kwangtung euro And it was in accordance with such a policy ang with a view. to alleviating the sufferings "of the Kwangtung people, the spokesman contended, that the Central author ties sent Mr. H. ©, Tong to Canton to seek ways and means of unifying the southern currency under the lovat tender system.
Though the news reports of the: contemplated sales of silver reserve was discouraging, aveording to the spokesman, the Central authorities wre still "hoping that Kwangtung beer Would dotiberate carefully over such an important matter.
"the spokesman further pointed out that inthe past. Kwanylung. has always played a selfish wame in dealing with national reforms form ulated by the *Contral Govern inent—Central News.
Text read from the printed page and cleaned; old type leaves the occasional error.