The volume of speculative transactions in Shanghai is not large. Forward transactions in £ or USS very often represent hedging against effective gold bar operations. However, "the Hongkong gang" cannot be freed from suspicion of speculative activities in our market. In July and August it was a heavy buyer of foreign monies here; since then Hongkong (and Singapore) became large sellers in Shanghai Whether all those activities represent outright speculation, or whether—and to what extent—they are connected with flight of capital from the southern hemisphere to the shores of the Whangpoo, is difficult to determine.
Rome, Oct. 25.
Japan. despite the war in China, has sown 7,900,000 acres of rice this year, representing a total production of 12,000,000 metric tons. according to the International Institute of Agriculture yesterday, The Institute estimated that; this year's rice production in Japan would equal last year's—United Presi Paris Bourse Paris, Oct. 24.
The Bourse opened irregular today owing to light profit taking following the rise of the past few days. During the session, stocks resumed their upward trend with internationals leading the way.
Closing rates were steady with rubbers strong and gold stocks weak.
Local Investments Huge amounts had been converted during the past three years from local money into foreign currencies, mainly by the Chinese population. Such funds yielded practically no interest. Now. when the Chinese capitalists feel that our dollar has found a new level, and one which is very favourable to his requirements, he begins to repatriate foreign funds. Undoubtedly large sums have recently been re-converted into local dollars, thereby lending support and strength to our market.
Text read from the printed page and cleaned; old type leaves the occasional error.