The new Chungking order, which caused Chinese bankers here to hold emergency conference at yesterday, states that recently. there has been' a "race" for buying for eign exchange in order to make the capital "escape." This must. stopped, the order continues, and to this end, Shanghai banks are ordé- pay cash amounting to not n $800 to a depositor in a exceeding this sun big sums of money for the purpose of paying salaries or wages. This is fan exception, the order states. The order is to be carried out commenc-Juno 22.1 ly also explained in the order that transferences of posits to the interior will not be Affected by the order. Since another faun Is to prevent legal tender notes from flowing into occupied areas the Word interior here means territory under Chungking' jurisdiction, Three Meetings Meld 'Chinese banking circles reveated that on the morning of Jun ceived a private telegram by "prominent financial Hongkong, including Me. T. V. Soong, urining' them of the impending inye of the system of bank pay~ ments. The ministerial order arrived at midnight "on June 21 and. the bunkers hurriedly held a conference at 2 oan. at which they decided to carry out the order.
'Two previous orders issued by th Ministry previously (in August of 1037) restricting the "withdrawal cash deposits stilt hole good at present. 'The previous order provided that' money deposited with banks prior to the outbreak of hostilities could be taken out only in weekly instalments, of $150° eat Chinese bankers held two more meetings inthe morning at' 9 and 1180 o'clock, "Apart from. deciding to carry oni the ministerial order 1m full they resolved upon & number of questions mostly affecting Chinese Yusiness men. Tt" was decided. that cheques issued by Chinese banks ere before yesterday will be cashed according to the new order, but that those who deposited money yesterday would not be affected by it. A cable Was sent by the bunkers to the Mine istry explaining that although bankfers here would faithfully carry out the new order they cabled to Chung king expressing the hope that they would be adequately supplied with enough legal fender notes for eit~ culation.
The now order affects the rich Chinese more seriously while those who have smaller sums of money deposited Chinese banks felt Indifferent about the new order. The most seriously affected people are those who possess "Wel Wah" cheques which could hardly cashed yesterday as people were reluetant "to exchange them for the much valued legal tender notes.
Text read from the printed page and cleaned; old type leaves the occasional error.