Tientsin, May 5.
While the Chinese authorities in North China are seeking means to remedy the situation arising out of the depreciation of Federal Reserve Bank notes, the authorities of the British Concession took action today to check the fall in the value of its own revenue caused by the slump of the Japanese-fostered currency, The authorities decided to mark all debit notes, from today, "Subject io a 30 per cent. surcharge." Similar action has been taken by the Telephone Administration.
The British authorities describe their action as "a temporary measure subject to periodical revision."
The Chinese authorities are very much concerned over the slump of F.R.B. notes. They are holding informal talks with Chinese and foreign bankers with a view to devising mcasures to curb speculation in F.R.B. notes, regarded as one of the main reasons for the slump. Among the measures suggested are:—1. Extension of the list of goods subject to export control.
9An increase in the F.R.B. foreign exchange fund, so as to make it available to wider circles.
3. Manipulation of F.R.B. notes in the exchange market.
4. Free remittance of F.R.B. notes to Shanghai through the Hua Hsing bank at par.
The French Concession is not taking any action on the lines adopted by the British authorities. The reason is that the French authorities have never recognized the F.R.B. dollar, and refuse to accept it for payments.
The F.R.B. currency remained steady today in the unofficial market, conversion of these notes into Chinese National dollars being at a discount of 30 per cent. One hundred Chinese ational dollars could therefore be bought tod R.B. dollars, the same price as ycsterday,—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.