FOREIGN BANKS IN CHINA

Evening Star, Issue 19615, 22 July 1927, Page 6

FOREIGN BANKS IN CHINA

THE BULLION EMBARGO EXPLANATION IN COMMONS. (British Official News.) Press Association —By Wireless—Copyright. RUGBY, July 21. (Received July 22, at 11 a.m.) The question was asked iu the House of Commons whether foreign banks in Shanghai had recently shipped bullion to Tientsin in British destroyers. Mr Locker Lampson (Under-Secretary for Foreign Affairs) replied that in the early part of this month the Nanking authorities issued instructions that no movement of treasure was to be effected without permit issued by .their Ministry of Finance. Two British hanks at Shanghai were, on the 11th and 12th respectively, refused permits ■to ship silver bullion to Tientsin on the ground of the embargo. The free importation and exportation of silver bullion is provided for iu tho treaties, and illegal importation ami exportation of silver bullion is provided for iu tho treaties. Illegal prohibition of exportation to Tientsin involved the danger of a, serious financial crisis at that port, with disastrous results to British interests. Tho British Minister accordingly consulted with tho British Commander-in-Chief, who isued instructions for the transport of silver by British ships. The British Minister reported that 3,00,000 taels were accordingly shipped from Shanghai for Weihaiwei in the destroyer flotilla for tho two hanks on July 20, and at the.same time, at the request of tho Japaneses Minister, 500.000 taels were shipped for tho Yokohama Specie Bank.