PLAN TO HELP CHINA

Evening Star, Issue 20687, 9 January 1931, Page 9

PLAN TO HELP CHINA

r , , - -r AN INTERNATIONAL EFFORT BIG LOAN PROPOSED Press Association—By Telegraph—Copyright. NEW YORK, January 7. The Washington correspondent c-f the New York ‘Times’ states: “A plan having the double object of bringing peace to China and initiating an international effort to overcome the world economic depression will be advocated by a special sub-committce of the Senate’s Foreign Relations Committee. This body, after years of study, will in its report advocate heavy loans of silver to the Chinese National Government and the development of a comprehensive plan of public improvements in China under strict international supervision. The plan would involve co-operation with Canada and with the British, French, Japanese, and other interested Governments on the use and exchange value of silver with gold, and the suspension of the practice of melting up and selling silver money in India. It is reported that a plan for a 1,000,OOO.OOOdoI Chinese loan is being discussed in London and New York, and American bankers are closely interested. The value of Mr Bennett’s plan for the sale of wheat to China is questioned here, since it is known that the Chinese people are not partial to the use of this cereal. Some Senators, notably Senator Pittman, insist that under the agreement, by which the Chinese armies would bo disbanded and set to work on public improvements, there would be a market for American surplus wheat in China. Senator Pittman advocated tho advancing of 250,000,000d0l in silver, which is now in the United States Treasury, to China for recoinago into small Chinese currency.