tional te the folie 'The Shanghai Bankers' Associa-
morandum from Sir Francis Aglen, owing tow his pre For the Consolidated oan Bervice ear ago of a dofcioncy of fands yer 1983 opened with all obligntlons to December 31, 1922, either mot or fully covered, way shown in the statement aniled to the Inspector-General's
handed to the Shangh Menorendum of January 14,1023, Association.
Is that Memorand-showed that in order fully to meet the "Loan Service for the 1083. a gum of $21,584,531 more" than 7$17)986/818, ~The actual surplus was Shanghai Tls. 11,708,083.02, equivalent at averlage "rate of exchange $16,293,363. OF the above sum $12,291/070.9 were devotal Yo [Consolidated Loan service for 1023, making with $5,496,348.08 carried over from the 1082 plas total of $17,738,324.40 from Customs Revenue evannable for meeting the: 1923. liability. The balance of the 1923 revenue ssurplas has, "in accordance. with Previous practice, been carried over portly to meet foreign loan obligations maturing early the year 10% and. partly to cover interest. coupons of the Consolidated Loans. maturing. in February. and March, 1024, a8 it ig impossible, without invading Priority: of foreign loan, and Indemnigy. obligations, to" draw fon current revenue for the sinking fund of: the Consolidated Loans during the first three of any year. awontizaTion $9,949,611 snonr.
Text read from the printed page and cleaned; old type leaves the occasional error.