A high oftciat of a local bank was next questioned on the subject and said that the idea would be excellent wore it not for the opposi tion which its putting into practice would encounter from Japanese and Chinese circles alike. He also. point= ed out that there are many hundreds fof millions of Chine dollars ireulation' "in Shanghai today. How," he asked, "do you think this huge "amount ould "be changed?"
also said that the Shang Municipal. C itself able to Firstly: any corporation acting Fe for the issue of bank-notes, Thave a special capital and secondly: a large equalization fund would be needed in foreign currencies order to go" ahead with this venture:
"We have seen that £ 10,000,000 were used up within a few months, Is it fait to. conclude. that an "equal {mount would be insulitent for the purpose?" Who is to supply. such Sums? And. whose will be' the risk lose it all? The Municipal Coun= cil certainly cannot undertake such Ventures. It lacks both the authority ind the. capacity" for such "a. Tisk¥ question and that this would have to be done by a large bank, '"P-am sure." he concluded, "that the Japanese and Chinese "Govern ments would voice no objections, one of the bigger foreign banks "here would be prepared to issue the currency against a small consi tion and 1 fect from such as the fore!
Another enthusiast said thatthe argument that the scheme could never be put Into operation, "did not have to stand on" because even though the majority of the Chinese popula tion here was dependent on the Chinese currency, they Would not very much affected except for the payment of rates, light. water, eud as and such minor imported articles Which they would require and for Which they would have to pay 3
Text read from the printed page and cleaned; old type leaves the occasional error.