ECONOMIC CRISIS

Greymouth Evening Star, 13 February 1947, Page 7

ECONOMIC CRISIS

CHINESE DOLLAR RECOVERS SLIGHTLY MARSHAL CHIANG CONFIDENT (Rec. 1.30 p.m.) NEW YORK, Feb. 12. The Chinese dollar, after falling to 19000 to one United States dollar, recovered to-day to 13,000 and is now holding at that rate, says the Associated Press Shanghai correspondent. No one can explain the reason for the recovery. The official exchange rate is 3350 Chinese to one American dollar. Meanwhile Marshal Chiang Kai--shek told the Kuomintang central executive that he was confident that the Government could cope adequately with the financial crisis. The Premier (Dr. T. V. Soong) conferred with the Finance Minister (Mr. Ok Yiu) and the Govenor of the Central Bank (Mr. Pei Tsu Yee), after which the Minister of information (Mr. Pent Hsueh Pei) announced jthat adequate measures were taken to meet the crisis. He told pressmen that China’s economic trouble was a deep-rooted disease resulting from 10 years of war with the Japanese and Communists. He predicted this year would be the most difficult on the road to economic convalescence. The New York Times Nanking correspondent, Tillman Durbin says, the crumbling economic situation confronts the Chinese Government with the gravest crisis it has experienced since the low ebb oLits fortunes in the autumn of .1934, in the first war with- Japan.