Partial Recognition for the New Consortium Peking, Jan. 4.
A proposal has been that the Consortium should issue bonds to the value of Mex. $90,000,000,! secured on the salt surplus, for the purpose of consolidating loans secured on salt amounting to approximately $75,009,000, leaving the balance of some $15,000,000 presumably available to the Central Government. The Chinese Banking Group are being invited to participate in this issue.
The Chinese state semi-officially that, while the Central Government and the Chinese bankers never accepted the New Consortium, they felt themselves bound by the stipulations of the Reorganization Loan Agreement, providing—that the Government, if it desires to float further loans secured on salt, must first consult the Quintuple Group and also that the latter have the right to transfer its privileges. The Chinese Government, _there-/ fore, feel themselves responsible in this respect to the New Consortium as the successor of the Old Consortium.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.