To the Editor of the "Norra-Cuixa Dairy News."
Sir,—You have no doubt come across a lot of writings in home papers of late in which people have been warned against purchasing French National Bonds, because of the huge deductions for income tax to which the prizes are subject and examples are given which go to show that the winner of the million frane prizes will only receive something like 603,920 francs and so on. The attention of certain people who handle stocks and bonds having been drawn to these articles, they wrote to the Credit National and asked them the straight question, "If one of our Bonds is drawn at Frs. 1,000,000 how much shall we receive?" and the reply received was "Lo Credit National pule integralement auc beneficiates lo moment des lots sorts aux tirades; an cas ow Vuge de vos obligations strait remboursable par un million ce strait done un million: que nous vous verser-tons."
Local holders of Bonds may, therefore, sleep well, with the assurance that prizes and interest accruing on same are free of all deductions in respect of French taxation, both present and future.
I am, ete., Woo 1s Hopine.
Shanghai, Jan, 29.
Text read from the printed page and cleaned; old type leaves the occasional error.