Vice-Admiral Shizue Tsuda. L.N-R, director of the Central China Liaison 'OMice of the Asia Development Board, called for public ce-operation in developing the new institution in address at the inaugural. meeting.
The Kuomintang. regime, he recalled, had restricted bank deposit withdrawals, at the same time prohibiting the transportation of Nation-at currency notes into Japanese occupied territory. The subsequent tightness of credit. Vice-Admiral Tsuda said, was causing serious hardship.
"Moreover, we are all aware that Nationalist Government currency depreciated by 40 per cent. of their Original value all at once last spring," he continued. "This inflicted a great loss to a large number of people. Although the tap! have managed to keep up to an exchange value of eight pence thanks to the support of foreign Powers, it is evident that their future is unstable. This Is best recognized by the Nationalist Government itself as well 9g those foreigners who are supporting the fapi.
is for this reason that the Nationalist Government has estal ished a Stabilization Fund by appealing to Groot Britain in an effort to halt a further depreciation of its To Forestalt Losses The Hua Hsing Commercial Bank, Vice-Admiral Tsuda said, was being established by means of Sino-Japanese collaboration to forestall. losses to the public, which it might incur possessing National Government currency "of unstable future.
sincerely hope that, fully apprecialing the purpose of the establishment of this bank, the public. foreign and Chinese, ill accord it their full support. In. particular, 1 am requesting Japanese residents. to extend their positive support to this dank by taking the initiative in using iis notes in every transaction, there-toy to play a part in the accomplish. ment of the glorious undertaking of our friendly "State, the Reformed Government."
'The Hua Hsing Bank will have its main offices at' 2. Darroch Road, Shanghai, with a branch in Nanking.
Text read from the printed page and cleaned; old type leaves the occasional error.