"Because tupi is and probably remain for an undetermined peri 2 currency convertible into foreign exchange, 0 Jong as Shanghai con K&-] tinues {0 operate us an open money market, these notes will hold first plage in popular favour, In the last Analysis currency is nol a matier of patriotism, or loyally, or acknow-Tedgment Of any governing authority, a matter of straight value and business: what can be done with the notes is what the public must consider. Knowing this, the Finance Minister makes no attempt to repeat the orders of North China, which pros hibited all notes but the Federal Reserve issue, January three currencies will circulate, topi, or the Issue ut the fold National. Government of the Te= public of China, Japanese military holes and the new crisp paper of the Central Reserve Bank. Hwa Hsing notes issued by an official bank will be withdrawn, Outside the settle~ ment areas of Shanghai and other extraterritorial zones the new notes must be accepted ax legal tender and complicated question will arise of how a small merchant who Feceives these not pass. fon {0a wholesaler in the Intern Imports Fortunately the Ministry's liberal titude toward fapl gives it equal Tegal status with the new notes of the governing power, That may mean" that fapi notes will be paid out by the Central Reserve Bank equally with its own notes, Against this expectation is to be set the alm of the Government which, in the lon Fun, must be to replace the old notex with the new, While the Chungking Government continues to, function it ix diMieult to see how this can be done, for its Central Bank continue fo put out notes which are carried through the country and eventually find their way Into Shanghai circula tion. Unfortunately the new notes wil not be acceptable in the territory over which Nanking's writ doesn't
Text read from the printed page and cleaned; old type leaves the occasional error.