Fifty years ago

PUBLISHED : Sunday, 01 August, 1999, 12:00am
UPDATED : Sunday, 01 August, 1999, 12:00am

CANTON (August 7): THE silver yuan certificates are holding their own despite military reverses and attempts of certain suspected Communists to push down their value.

To-day they were still quoted at about HK$3.70, very close to the rate of the silver yuan in coin.

On Government orders, most shops fix their prices on the basis of the silver yuan certificate instead of Hongkong dollars.

In this way, shop-keepers are raising the prices by a few per cent against loss of profits by possible depreciation.

This means commodity prices are up by three to five per cent.

Most merchants are still using Hongkong dollars in big deals.

The authorities have made no effort to ban foreign currencies as they did 12 months ago when the gold yuan bills were first circulated.

However, business establishments are carrying on in the face of losses, and many cannot continue longer than another two months. They anticipate worst time should the Communists occupy Canton