Twenty-five Chinese and foreign ceremony at Siccawei Cathedral on June 7, the priests representing even nat economic level, and thereby bring tite alanee of trade into equilibriuts.
"As will be remembered, a similar step was taken In June, 1938, auc, when the level of &d. was found, it was successfully maintained for' 9 period of twelve months. is confidently believed that 2 level has now been found, aad can be strongly maintained.
"Many goods previously imported fare now being made at home! A favourable harvest. is foreshadowed by reports which will also contribute fo reduced imports.
"Arrangements have been completed so that Government requirements of foreign exchange for munitions and other supplies can be taken care of and wil not come on tothe exchange market.
"Binally, as the stabilization fund is strengthened, and further efforts to broaden the basis of this fund have been successful, the ability of the authorities to maintain exchange will of be questioned.
"It is further emphasized that, espite the present adjustment of the exchange level, the national currency Will continue of retain the confidence of the people because its free conferuiinty at of times is exsured."—
"the Times" Comment London, June 1.
Commenting on the" Chinese sisbiization "Fund's withdrawal of support of the Chinese daller at the Tale of Gvidy Tne Times under City Notes ridicules the rumours thst the fund has ost the greater part of sterling resources However, "The Times" goes on, it has clearly been found that the Gemand for foreign exchange again dollar at the recent rate faz been Yeo large to. be met Indesniely, and it seems thatthe fund, rather than lower the rate by 8 {remount lis dolaed to withdraw rosa the hare temporally 90d rate fo find Lis own Level In due cours, the Journal adds. the tuna doubtless will ep in and 3 peg ata lower rate and, in the mena, operate as may be neces Sry im order to prevent any excess. Siva "alen tuctuaton Tiowever, in the coe of a country like' China, "The. Times" concludes the value of a defaitely rixed rates tually considerable, and iti Hil that the pen wil be rentceduced Soon s possible. oral Level "The attempt to stabilize the ese National currency at Hes" been "sbandones™ declares the "Financia News" nam aril today fling wi te beak ithe Chinese The Stabilization Fund, it. says sce idea yesterday to allow exchange tosan te natural Tevet" No ott will be made, H contin, (0 peg the Techange again wu there 1 good facto eley has cathad defended.
evel at which ican be eas
The decision to allow exchange to fall was taken in view of the deter-
UC.DN." Photos, priests were ordained ut a rare alities. These pictures show aspects of the ceremony, Hongkong Suspect
Text read from the printed page and cleaned; old type leaves the occasional error.