Chinese Bankers' Telegram to Sir Frances Aglen The Shanghai Bankers' Assoviation (Chinese) informs us that, in response to the report circulated during the past few days that the Diplomatic Corps at Peking had requested the Government to apply the reserves for internal loans for the repayment of foreign loans overdue, the Shanghai General Chamber of Commerce, the Shanghai Bankers' Association and the Shanghai Native Bankers' Association have jointly despatched a telegram to Sir Francis Aglen, Inspector General of Customs, appealing to him for the preservation of these reserves. The following is the text of the telegram:—
"Sir Francis Aglen, Inspector General of Customs, Peking.—Late newspapers reported that Diplomatic Corps requested Government to apply internal loan reserves for payment of foreign loans overdue. Although unconfirmed the report has creatly disturbed market here. Government bonds unusually depressed. Native interest prohibitively rais-Crisis is impending. As foreign creditors are secured upon adequate securities in each case they should refer Government to the particular securities for satis faction of their claims if any defaulted. They are not justified in encroaching* upon the Surplus of Customs and Salt, Revenues which are not provided for them but publicly reserved for internal loans. Due to public confidence in you as custodian of reserves Government bonds have been circulating at a promising price. Should reserves be infringed mischief is done not only to bondholders but also to commercial and financial communities large with far-reaching bad effect even upon foreigners. Knowing that you are responsible for maintaining credit of internal loans and hoping not to tolerate any action interfering with the reserves, we feel obliged to appeal to you for their preservation as you have repeatedly announced.' Awaiting favourable reply.'', (Sd.) Shanghai General Chamber of Commerce, Shanghai Bankers' Association,
Text read from the printed page and cleaned; old type leaves the occasional error.