Peiping, Feb. 19. ESPITE the various complicated manipulations that have been tried during the last twelve months, in order to strengthen the new local currency introduced by the Japanese in North China, the notes of the Federal Reserve Bank have been steadily falling was. further stated that the Bank's specie reserve was far above the 40 per-cent, re bythe Bank's regulations. Though how this latter statement can be reconciled. with, the figures previously given was not explained. ' Such contradictory explanations scarcely- tend to increase the public's. confidence in the new currency. 'The more one tries to go into the. question, the more one gets the impression that even the Japanese financial' authorities themselves have no clear-cut ideas as to the real financial situation in North China.
Text read from the printed page and cleaned; old type leaves the occasional error.