INANEES of the "Provisional on a stable basis as à result Government" have been placed of the operations of the Federal Reserve Bank and the revision of the tax-system, officials of the Peiping administration announced yesterday in a statement \yeviewing the activities of the new regime during the first year\ef its existence.
As evidence'of the financial security achieved by the government the statement declared that revenue from the Customs tariff, salt gabelle and consolidated tax, which are the three major sources of income, reached a pre-hostility level at the end of May.
The most noteworthy feature of the economic and financial reconstruction projects in North China undertaken by the new government was the establishment of the Federal Reserve Bank and the subsequent institution of a new currency system, the statement said.
Chinese banks of the Nationalist regime are displaying confidence in the Federal Reserve Bank,, the statement claimed.
British Concession authorities in Tientsin, who at first refused to accept the new bank notes, recently decided to take them in payment of taxes, the statement further declared.
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