Word: soong
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Wasp-waisted Chinese Generalissimo Chiang Kai-shek agrees with President Roosevelt that the present is no time for old-fogyish, orthodox finance. Last week he accepted the resignation of orthodox. Harvard-graduated Finance Minister Dr. T. V. Soong, the only man who has ever balanced Republican China's budget...
Promptly Chinese bonds tobogganed and alarm grew so general that troops had to be thrown around the home of Generalissimo & Mrs. Chiang and the entire government quarter of Nanking. As Dr. Soong's successor Generalissimo Chiang picked the famed 75th lineal descendant of China's great sage Confucius, plump and placid Dr. H, H. Kung who smokes every day some 15 Havana cigars especially banded "Dr. H. H. Kung...
When Japan was bombarding Shanghai last year the Chinese Government promised to issue no more bonds for three years, if China's bankers would subscribe their uttermost then. Subscribe they did. Last week they looked to Dr. Soong to make the Government keep its promise. Abruptly the promise was knocked galley-east when Premier Wang Ching-wei announced that the Government will issue $100.000,000 of Treasury notes "repayable in 150 monthly payments''-i.e. long-term securities, virtually bonds which will not be fully paid off for twelve long years...
Quick to create a diversion was smart, Harvard-graduated Dr. Soong, fresh from representing China at the World Economic Conference, after which he called on President Roosevelt. With appropriate fanfare Dr. Soong published a Government decree creating an NEC (National Economic Council) declared to be "modeled...
...Soong will be China's General Johnson, assisted by his sister's stepson, potent Sun Fo (son of China's "George Washington," the late great Dr. Sun Yatsen) and Premier Wang Ching-wei. These three, according to the Chinese NEC law gazetted last week, will have "power to improve economic conditions, control and plan productive enterprises and protect the interests of workers." Just how they would do this Dr. Soong & colleagues were not quite sure last week, but they thought they might start by imposing some sort of code on China's cotton mills, predominantly owned...