A high official of a local bank was next questioned on the subject and said that the idea would be excellent were it not for the opposition which its putting into practice would encounter from Japanese and Chinese circles alike. He also pointed out that there are many hundreds of millions of Chinese dollars in circulation in Shanghai today. "How," he asked, "do you think that this huge amount could be exchanged?"
He also said that the Shanghai Municipal Council would never find itself able to issue the currency in question and that this would have to be done by a large bank.
"I am sure," he concluded, "that it the Japanese and Chinese Governments would voice no objections, one of the bigger foreign banks here would be prepared to issue the new currency against a small consideration and I feel that, whilst a number of inconveniences would be encountered, the advantages derived from such a currency—at least as far as the foreign community is concerned—would be tremendous."
Another enthusiast said that the argument that the scheme could never be put into operation, did not have a leg to stand on' because even though the majority of the Chinese population here was dependent on the Chinese currency, they would not be very much affected except for the payment of rates, light, water and gas and such minor imported articles which they would require and for which they would have to pay a proportionately higher price any way with the continuous drop in the exchange. He advocated the immediate formation of a committee of experts and expressed the hope that the new currency would be issued with the least possible delay.
One of the leading businessmen in Shanghai said that he did not think much of the idea, but, asked for a better solution to the present critical financial problem here, he said that not being an expert in financial matters, he could not oblige.
Text read from the printed page and cleaned; old type leaves the occasional error.