To the Ealtor of the "Norrn-Cuzxa Dany News"
Sm—A recent telegram from [Chungking officially "announces the note issue of the four Government banks as a little over $3,000. mil-ion, against which there is stated to be held over $1,800 in cash reserves, the rest of the cover being repre-ented by securities.
As the value of the dollar has been the subject of much speculation, both verbally and in the money market, it important that the above. star ment should be clarified Interests of everyone in China. These Jeash reserves. consist of gold, silver fand foreign exchange and in striving the gute of $1,500 million some ate of exchange must have been Tt clearly cannot be the om cial rate of US$0.29 for in that case the cash reserves alone would make the Jdollar worth 14% cents against the markets" valuation of 8 cents, an evident absurdity. 1¢it isan arblirary rate then it can be varied indefinitely to conceal the true position no matter how much the reserves dwindle.
An authoritative statement is cal-ted for, as without one, the Governments figures are valueless, and can Jonly mislead the public. If [denied, the inference must be that the Government is unable to frankly Jacknowledge the true state of affairs, Shanghai, Jan, 22
"absent" Chinese land-owners, while the "Defence Forces" ensure that the proper owners remain "absent."
The egg. rice, and coal scandals are too well-known to merit comment, but your correspondent of yesterday was Tight, our pariners in this community can serve out medicine but they cannot take It, Shanghai, Jan, 25, rice, the Salvation Army will be pleased to receive the same, or you may wish to open a fund which could" be received through "your paper.
Mons, Brigadier Oticer i/e The Salvation Army Shanghai, Jan. 24.
PS. In addition to distributing of
Text read from the printed page and cleaned; old type leaves the occasional error.