Many small commercial Chinese banks, including the Shanghai branch of an institution in Chungking, have closed their doors in Shanghai. Inquiries reveal that their closure will not affect the financial situation, as most of them failed because they speculated. None of them belonged to the Shanghai Bankers Association or Shanghai Native Bankers Association. Excepting one, all others were small native and exchange banks suffering staggering losses. Many cotton weaving factories have also closed, having been affected by cotton speculators.
Customers of the Nanking Commercial and Savings Bank (Shanghai branch) at the corner of Kiukiang and Szechuen Roads were worried yesterday because they could not withdraw deposits. Officials of the bank did not show up and the door was closed. A notice saying that business was suspended owing to non-appearance of managers and department heads of the bank was posted outside the bank, explaining that a chartered accountant had been invited to clear up liquidation accounts, Informed Chinese circles stated that the bank which originally had its head office in Nanking (now moved to Chungking) had not closed because of any big financial trouble, Dr, Schacht, former chief of the German Reichsbank, was in New York recently trying to raise the wind for the Nazis. He probably hates the job, as he has several times tried to retire into obscurity, only to be jerked back into the limelight by Hitler. Why he hates it may perhaps be gathered from the following true story, A few months before the war he was sent on a similar mission to another country, Before he left Berlin he addressed a personal letter to Himmler, head of the Secret Police, which must have caused that gentleman some surprise, In it Dr. Schacht explained his mission, gave the time of his departure, the length of his stay, and the time of his departure, the length of his stay, and the time of his return. "I he concluded in so many "that this will set your mind at rest, and that you will not now think it necessary to have me
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