Shanghai, Aug. 3.
Chinese press reports reveal that Chinese bankers in Shanghai do not support the idea of issuing a Shang-hal dollar by the Shanghai Municipal Council, it being asserted that Chinese institutions here will find it hard' to ce-operate with the Council in carrying out the programme, It is pointed out that there is really no stich necessity in Shanghai for with the Chinese dollar enjoying "firm position" local people must have faith in it. Although recent Government regulations have res releted ils circulation, there are enough Chinese legal tender notes 10 round apart from the circulation fof Wel Wah notes, Quoting Chinese banking circles, the reports state that the Council will not issue the local dollar which 'WIN disturb the money market here, In order to issue the local dollar the Council must have the support a bank with a big capital which problem itself is difeult to solve, it stated, 'The new note, when issued, would constitute un Infringement of the hole-issuing right of the Chinese authorities, it Is stated, 'The reports admit that the suggestion has been made by' only a few foreigners but since some people believe that it will become a fact it has deemed wise for Chinese banking citoles to mak their stand clear.
Text read from the printed page and cleaned; old type leaves the occasional error.