It will be remembered' that some months ago articles.were published in these columns urging the consideration by the Shanghai Municipal Council of an issue of premium bonds. The arguments then advanced were met by the usual counter-arguments, and whether the matter received the consideration asked for or not, the proposal to issue a gol loan eventually carried the day. A strong point made in the articles was that such a scheme was predestined to success by reason of its very nature. It is from Singapore that we find the most striking evidence in support of the contention, for through the local. branch of the Banque Industrielle de Chine over 3,500 bonds of the Premium Bonds of the Credit Nationale were taken ap, representing over Fr. 1,500,000, while after the local issue had closed premia were being offered to those who had already secured their bonds. It is not our intention again to pick over the finely divided hairs of the argument on the subject, but rather to remark that, after all, results do tell.
Text read from the printed page and cleaned; old type leaves the occasional error.