FANTASTIC PRICES

Chronicle (Levin), 30 December 1947, Page 8

FANTASTIC PRICES

INFLATION RUNS RIOT IN CHINA Before the war 10,000 Chinese dollars woul dbuy two American sedan cars in Uliina and mere would still be enough left over „to runHhem for a year. Today, 10,000 Chinese dollars will noi buy a packet of 20 cigarettes. This exampie of inflation in China today was qvioted by Mr. Hayward in the course of a talk wiih the Otago Daily Times. "A fantastic position obtains in China today," Mr. Hayward said. "The exampie I shave quoted of inflation is probably out of date today, for just when I was leaving the price for a packet of 20 cigareties had risen to 11,000 dollars, and just pnor to that I had paid 105, OUO Chinese dollars for a carcon of 10 packets. A friend and I had a meal in a Russian resoaurani in Shanghai. We had a plate of stew each, two pieces of bread and a glass of water. The cost was equivalent to £2 17s in New Zeaiand money." Bhowing typical examples of Chinese currency, Mr. Hayward coM how their pay had 'been handed to them in pacxets of haifmillions. Every packet was tied wiih string and seaied and every pacxet was 20,000 dollars short — a private "racket" of the Banx oi vjhma. For £10 sterling Mr. Hayward received 1,617,000 Chinese doilars — tnree pacxets of half a miilion each from each of which 20,000 dollars had been removed. While the value of the Chinese cuirency was dimimshing all tne tim'e, the Chinese coolies were not receiving a proportionate increase m wages. Their plight was patheuic, he said, for tney were reduced to less than a meal a day, their daily fare being oniy half a howl of nce. To live tney had to steai, and consequently crime was increasmg and tne standard of living was falldig ail the time.