THE CHAOS IN CHINA
GREAT FINANCIAL CRISIS
By Telegranh-Press Associatfon-OosyrlcM
Peking, May 15. Three loyal Generals in \angtsze propose to hold a conference at Nanking to discuss the Presidency. The loyal provinces, will be represented. Four of the southern provinces have proclaimed General Li Tuan Hung President, though ha is now at Peking under the thumb of the Government. The delay in reaching a settlement resulted in financial trouble, culminating in tho Cabinet proclaiming the notes of the two Government banks as being ternporarily inconvertible. The three institutions at which the foreign debt is eeenred by the Customs, salt, and railway taxes must accept the notes, which are temporarily worthless for the purpose of foreign remittance.
BANK PANIC AVERTED. . Shanghai, May IS. _ Despite the moratorium, ; shareholders in the Bank of China have declared, to continiie business. This unquestionably prevented an unparalleled panic, as there had been a run on the bank since Thursday, crowds of natives besieging the promises, and converting notes into gold.
The foreign banks are assisting. The commercial- situation is good. It is recognised that the crisis is due to political causes. The moratorium is universally condemned as an act of criminal folly, which may lead to foreign intervention.
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Dominion, Volume 9, Issue 2773, 17 May 1916, Page 5
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202THE CHAOS IN CHINA Dominion, Volume 9, Issue 2773, 17 May 1916, Page 5
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