Federated Reserve Bank to Call in Present Notes Peiping, Jan. 8.
Definite plans for creating a Federated Reserve Bank of China were announced yesterday by the "Provisional Government of the Republic of China."
The "Government" declared that China's currency, "which the National Government attempted to reform in 1935, has been mortally impaired by the recent disorders" but the "new Government" had confidence in the ability of the projected bank to stabilize China's financial and monetary conditions, The organizing committee includes Mr. Pien Shou-sun, manager of the local branch of the Bank of China; Mr. Hsu Po-ywan, manager of the Bank of Communications' branch here; Mr. Hsia Yun-sheng, manager of the Bank of East Hopei, and five other bankers, The new organ will be capitalized at $50,000,000. Credits will also be sought in Japan. He will have the sole right to issue banknotes, while notes already issued by member-banks will be withdrawn from circulation, within a designated period of time.
Starting business, late next month, the new institution will have eight member banks, including those of East Hopei, Communications, Hopei Province and China.—Domei
Text read from the printed page and cleaned; old type leaves the occasional error.