Reports were current in banking Jcireles yesterday, that the new notes were obtainable at a discount of 160 For $100 Chinese currency and that, this were true a handsome profi Jeould be made by exchanging the Chungking Comments on Slump in Yen Chunaing, Moy 90, would not be surprised if the lrrédeemabte yen and the worthless Japanese-sponsored notes shoutd eon. linne further in their toboggan tides: fleclared a. spokesman of the" Mi istry of Pinaneo today in discus the' slump of Japanese currency. in Shanghat, This depreciation, he told, Chinese Govt, Tientsi Pukow Railway London.
The Hongkong & Shanghai Banking Corporation notify that Bonds for £68,800 of the British Issue of the Chinese Government Tientsin-Pukow Railway Supplementary Loan of 1910 were drawn on May 2, 1939, at their London Office, and that, in accordance with the terms of the Loan Agreement, they become due for re~ demption at par on November 1, 1939.
Redemption will, however, be subject to the provisions of the Chinese Government' offer, published In the "Times' on February 25, 1936; and interest will cease to accrue on the Bonds becoming payable, and on provision being made for their payment—Reuter, Hua Hsing notes for foreign currency fat any one of the six Japanese banks 'A detailed enquiry made yesterday, however, indicated that very few of the new notes—if any at all—are {in circulation for the time being.
Yen Rate tin Atter following an almost uninterrupted downward trend for 11 days, the value of the Japanese currency Ju terms of the Chinese national currency in the Shanghai market reg-Istered an increase yesterday. Local exchange shops were selling the yen yesterday afternoon at 945 or 95 Gents as compared with the previous day's quotation of 90 cents. Exchange circles predicted, however, that a downsrard trend is likely to "The yen followed the upward trend singe morning when the opening Quotation was 91.5 cents. It went up steadily in the afternoon to 9% 945 and 95 cents, Numerous foreigners buying yen for travelling purposes. were said {0 be responsible for the sudden increase of the rate '2s the demand went up. A Japan-Round boat would leave here today, was said, and so they "said that the upward trond might be a tom~ porary' phenomenon. The above Ayures were selling rates but- the buying rates only showed about one cent. difference, Taking the situation us a whole into consideration, it "was stated, Japanese currency was still follow: ing a downward trend, Tt was ex-
1. "The inflation of Japanese cur-
The sharp rise in commodity prices in Jupan, "The atop in ti." exchange' rate of "puppet notes" In" North China, 4.."The Japanese military. setbacks North China, andthe tension in Europe.
"The inability of the Japanese to carly out their plans regarding the Hina' Hsing Banke Regarding the creation of this bank, the spokesman stated that {twas an pening wedge of the Japanese. at:
force their control of the ancial system centred in. Shangha the. precipitate. fall of, this and other "Japanese eurvenctog:" he cone cluded, "a signideant in that It test fies to the' vielory of tha. Chinese dollar after almost two years of the Sino-Japanese "currency Reuter Banks Hold Half of Japanese Bonds Tokyo, May 2 Japanese Government bond. istles at the end of 1938 totalled ¥.16,222,- "728,000, or £054,250,000, according to jan announcement by the Ministry of OF this total financing organizations held ¥.6,701,921,000, or 53 per cent., governmental institutions ¥.4,00203, 000, or 27.7 per cent. and others private persons, temples '¥.8.028,219,000, oF 18.7 increase of '¥.4,329,775,000, or £254,700,000, com~ pared with the figure on December 31, 1087.—Reuter. plained that formerly one yon was worth $130. One Chinese report Stated that the exchange rate for the yen was the lowest in many decades, "Apart from many reasons mentioned store for the decrease of the ox. change rate, latest Chinese reports Indicate that some people have been selling the yen doing wholesale business. Wholesale purchases of the Chinese national currency are also reported, as a certain bank wants to use its reserves against note issue.
"The daily yen exchange business in exchange shops amounts to about $3,000,000 and, seeing that it is stood Dusiness, smalt exchange shops have sprung up like mushrooms. termed by Chinese circles asthe "golden ge" of exchange shops. Gradual resumption of communica tion between Shanghai and the occupied areas where the Japanese money is used has produced this result,
Text read from the printed page and cleaned; old type leaves the occasional error.