Referring to Japan's currency plan n North China, and to the British Government's protest against th plan, Capt. Wallace added that wha haps, was more comforting was that those best qualified to judge were clined to think, that the plan would.
practice. break down if an attempt were made to alte the dollar rate from 8%d. to Is, 2d he immediate result seemed likely the cessation of the export ade. and it seemed that China's legal nder currency would continue to relate. except in the towns, and long the railways, where Japa: control was effective.
Capt. Wallace said that the place of operation of the fund would be Hons kong, and that the £10,000,000 would e subscribed immediatel Interest on the fund would be available to help Chinese banks to the interest due to the British banks The interest had been agr ced at 2% per cent. for the present If the agreement were renewed after a year, a higher or lower rate interest might be appropriate: The reason why the upward rate interest had not been detailed in the Bill, Captain Wallace explained, wa (at the agreement might continue to run for a number of years, and "we not wa ut to keep coming back to e Hous for authority."—Reuter
Text read from the printed page and cleaned; old type leaves the occasional error.