London, Mar, 15.
Far Eastern circles are anxiously awaiting further information regard~ ing the "modus operandi" of the new Chinese Exchange Control, as business is already severely cramped.
It is generally recognized that China is forced to protect its Te-serves against operations of the Federated Reserve Bank of Peiping. On the other hand, the opinion is" held that it cannot pay China, and must play directly into Japanese hands, to cripple Shanghai's banking and commercial business, Some modifications in the scheme are deemed indispensable. The workability: of the Control, it is generally emphasized, largely depends on the distribution of exchange being impartially administered.
A declaration by the Chinese Government, assuring foreign holders of silver debentures of their cone tinued ability to draw interest in sterling, would be widely welcomed.
'News of the imposition of exchange regulations by' the Chinese Governe ment, "The Times" stated in a lead" ing article to-day, hardly comes as surprise in the circumstances with. which China is confronted.
At this stage, presumably, tha measures are partly precautionary, the journal adds, although, in the case of the somewhat similar exe change control by Japan, i have been increasingly restricted, Questions on the subject will be put to the Prime Minister, Mr. Neville Chamberlain, in the House of Commons to-morrow by Mr. A. C, Moreing, Conservative member for Preston.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.