Indianapolis Times, Volume 39, Number 50, Indianapolis, Marion County, 8 July 1927 — Page 15

JULY 8, 1927

CLAIM EMBARGO ON SILVER HURT CHINESETRADE Bankers Consider Policy of Nationalist Regime Mistake. BY RANDALL GOULD United Press Staff Correspondent HANKOW, July B.—One sight of silver makes Hankow hens begin to lay. But since the silver embargo was laid down here by the Nationalist Government on April 18, neither hens nor tradesfolk have had many glimpses of this inspiring metal. Through the placing of this embargo described by a leading foreign banker as “the greatest single mistake of the Nationalist government in Hankow” and by a government official as “an unfortunate but wholly necessary emergency measure,” Hankow has been taking a pratical course on money and banking of such intensive nature that all concerned are frankly anxious to graduate. Egg Story Explained The reaction of the Hankow hen to this situation was described to the United Press by a foreigner who operates a wholesale supply business which is ordinarily flourishing but now decidedly in the doldrums. Said he: “An experinece of mine this morning gives the whole situation id an egg-shell, so to speak. I went around to a Chinese poultry merchant to lay in some household supplies. Pulling out one of the ‘legal tender’ banknotes, I asked for eggs. “Now you must understand that the Chinese merchants are forbidden by government mandate to refuse these notes, or to discount them. So the Chinese merchant very politely informed me that he was tfery sorry but his hens were not laying and he had no eggs on hand. Then I rang a silver dollar down on the counter. The hens must have heard or seen that dollar, for eggs were forthcoming a moment later.” Business is Rotten Business is bad in Hahkow today under the Nationalist regime. Everybody admits :t, including the Nationalists. Differences of opinion crop up at once ,of course, when the detailed discussion starts. Hankow notes of the three “legal tender” banks, notably of the Bank of China and Central Bank, are in circulation among the Chinese, but foreign banks and business houses refuse them and demand either foreign bank notes or silver. Opinions differ as to whether circulation of such notes among the Chinese is due primarily to compulsion or to a measure of confidence in the stability of the Nationalist Government, and foreign merchants cite such episodes as the incident of the eggs in proof of their contention that fear of decapitation is the only thing which keeps the Chinese using such money at all. The cause of the embargo lies in difficulties of the government, primarily the defection of Gen. Kaishek and his establishment of the Nanking Government, /which caused lack of confidence and threatened an exodus of all free silver from Hankow. Everyone seems agreed that there was such a danger, and that l once an embargo has been laid down; the raising of it is a real problem. Chen’s Defense Foreigners insist that the embargo is stifling trade and that free circulation of silver once more is the only thing which can restore trade. Eugene Chen, Foreign Minister, told the United Press that ''silver is only a token and we must win a success ih our military operations which will reopen lines of trade communication up the Yangtze and into. Honan province so that goods can move in once more. And, with the situation as it is at present, this seems to sum up the matter. Everyone is now muddling along as best he can and waiting to see how the government’s several military campaigns come out. Foreign traders are bitter and de-

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Travel Stories Increase In Popularity Every Summer. In these days nearly everyone spends part of the summer traveling around. But if one is forced to stay at home with the heat what does one do for diversion? The answer, is read about the places one can’t go see, according to Marcia M. Furnas, chief of the circulation department of Central library. “Travel books,” she said, “certainly, increase in popularity during the siimmer. Seems like everyone who can’t go places comes out to the library to get something tc read about the places he would like to go.” Miss Furnas said that the demand for travel books begins to increase about the first of March and reaches its height during the summer. “People begin to plan their trips about March,” she continued “and naturally they like to read about the places they plan to see. “They are interested in learning of the interesting places in the countries they plan to visit. Os course, sometimes the. vacation plans fall through. By that time they are really interested in what they have been reading about and consequently they read everything they can get dealing with the desired subject. According to Miss Furnas, Indianapolis persons are greatly interested in France and England and books dealing with those countries are always greatly in demand. “Summer reading is much heavier tjaan it was ten years ago,” she said. “There isn’t nearly so much of a let down now as there was ten years ago. Seems like folks think as much of reading in the summer time as they do in the winter.” pressed, Chinese merchants silent and conservative, the government at least outwardly full of hope for an early restoration of trade channels. Several measures of relief have been tried. The most apparently constructive was the proposal of a clearing house between Hankow and Shanghai, with the government willing to absorb the adverse trade balance; bankers did not support the plan, which they considered impractical, and the traders asked for restoration of general free silver circulation, causing the government to abandon the plan. Foreigners’ Plan Foreigners have brought forward a plan for restricted circulation of silver between Hankow banks only; the government turned “thumbs down” on that because it feared all silver would gravitate to the foreign banks. A government scheme for remitting money to Shanghai has largely failed because, it seems fairly clearly established, it was abused by. certain large foreign firms which tried to use it for liquidation rather than legitimate business transctions. An embargo of a sort has been in effect for years, but there has been no previous necessity for enforcement beacuse Hankow has had a large favorable trade balance. Silver imports from Shanghai for 1926, for 'example, were Mex $14,000,000, as against exports of only Mex sl,900,000. Now, confronted with a panic which seemed due to bring general liquidation, the government has made the embargo real, sealing all the silver stores in the various banks. Bayonets must tell the rest of the story.

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PAGE 15

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