"Next, a word on the subject jour economy and currency. The foundation of our national currency {sin fact, as firm as that of our military machine, fotencified man-Ipulations on the part of the enemy and their puppets have resulted in the dragging down of the exchange rate "by speculators. A. temporary sate of uncertainty has ensued, but T wish solemnly to assure everybody that the Government. will certainly. maintain the value of our national Jcarrency, supply foreign exchange for purposes' of legitimate transactions, Jind" take appropriate measures to meet the situation.
regard to foreign exchange, the Government has already devised a Sounder and more rational method of Jeontrol, by. the exercise of which it, intends to take advantage of the clrcumstances now prevailing to procure final and thorough solution of the problem, I shall make myself per~ Sonally responsible for carrying into effect this method,
concerned, "I have never' been lis far og the concessions are ie'Sfavour of "an sndscriminate ]supoly. of foreign exchange to those Soho ie business where, 207"
our wartime currency to the Tajurious manoeuvre of enemy-slanted and unprncioled spec "in the interior, ernment. will unreservedly maintain the stability of the national currency fand its exchange rate. Commercial transactions will undoubtedly go on usual under conditions preceribed.
Government decree. "Likewise; elreulation of the national currency the occupied areas will unquestionably be maintained.
"No bad effect. upon the livelihood. of the people will be tolerated. In Short, in regard to the maintenance
Supply of foreign currency, the Gov-the national currency and the ernment has definitely a policy it can pursue to the advantage of 1 the benefit of the peo-
"The method of managing foreign exchange in Shanghai in the past was not only of no advantage to Chinese merchants, but was also tantamount to. bolstering up the enemy and Puppet currency systems. If no Change were made in this matter, Wwe should be furnishing the Japat ese with an ever more convenient fastrument with which to work destruction of the economic found ion of our resistance.
"When such a new policy as 1 have conceived is put into practice, it will, fon the contrary, be reinforced. My fellow countrymen must realize that they must support the Government by aiding realization of the new policy by' all means in their power, "Tam in a position to reassure my comrades that the recent fall in the exchange value of the national cur Feney will not In any way impair our ability to continue resistance.
"we have long ago laid up, adequate stores of military material, and put aside foreign exchange to, meet the need of replenishment. There will Will be no necessity of convert our gold reserves to this use.
"there has this year been a good harvest in all provinces, with the result that exports can be increased, and -a supply of the necessities of life is assured.
"As for imports, the very fact of the fall in the exchange rate enables to exclude many unnecessary articles of luxury formerly coming filo -the country, thus putting fend to considerable wastage. This astral form of thrift will have hotlting but a favourable effect upon our wartime economy.
"Pyppet-Money" Denounced "I call on all my fellow citizens to bear in mind that love of their country involves their support of the national currency. Let none of them be led away by trailers or irresponsible talk into the trap laid for them by, the enemy.
"Let all realize the insufficiency of the reserves possessed by puppet nolo-issuing institutions such as. the Hua Hsing and the Federal Keserve banks, These so-called reserves are athing but our vatianal currency itself, together with pilferings from our foreign exchange: stabilization fund.
"Those in Shanghai and Nanking who have made use of the notes of
Text read from the printed page and cleaned; old type leaves the occasional error.