BLOCKADE OF SHANGHAI HITS BRITISH FIRMS
Received Wednesday, 7 p.m. LONDON, August 17. The Hong Kong correspondent of the Daily Telegraph says many Britisn firms in Shanghai are facing banKruptcy as the result of the Nationalist blockade of the port, which is erippling industry. Somd of these firms are already existing only upon remittances from abroad and others are living upon their accumulated stock piles, which are rapidly d'windling. Despite the fact that the Nationalist blockade has cut off all supplies of raw ma.terials, the Communists will not allow foreign owned factories to close. They must continue to pay wages at new rates wrhich have been pegged to the price of rice. This means that a Chinese labourer's montlhy pay now averages between £25 and £30. The correspondent says it is impossible to ascertain what the Communist leaders think aboqt the situation as they are unapproachable. They are, however, maintaining a large number of troops. in the city in case the economie breakdown leads to anarchy.
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Chronicle (Levin), 18 August 1949, Page 5
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166BLOCKADE OF SHANGHAI HITS BRITISH FIRMS Chronicle (Levin), 18 August 1949, Page 5
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