CHINA.

Taranaki Daily News, 17 May 1916, Page 2

CHINA.

A PRESIDENT (PROCLAIMED. " FINANCIAL TROUBLES. By Cable—Press Association—Copyright. Peking, May 15. Three loyal Yangtse generals (have proposed a conference at Nanking to discuss the Presidency, at which the loyal provinces will be represented. The four southern provinces have proclaimed General Li Yuan Hung as President, though he is now at Peking under the thumb of the Government. The delay in reaching a settlement is resulting in financial trouble, culminating in the Cabinet proclaiming the notes of the two Government banks temporarily inconvertible. Three institutions upon which the foreign debt is secured—the Customs, salt department, and railways—must accept the notes, which are temporarily worthless for the purpose of foreign remittances. A RUN ON THE BANKS. Shanghai, May 15. Despite trie moratorium, the shareholders of the Bank of China have declined that they will continue business. This unquestionably has prevented an unparalleled panic, as ther* te3 fcjsri ft run on the bank since Thursu„7. "WiiJl of natives besieging the bank and converting notes into gold. Foreign banks are assisting. The commercial Situation is good, and 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.'