Rumour Busy over the Supposed Methods of Payment: Rhein Jand Captain's Bad Luck, "From Ovir Own Correspondent, Chefoo, Feb. 25.
The business of Chefoo has eon suffering from the unavoidable relapse which comes with. tha Chinese 'New Year. holidays. Practically no business has been dono by foreign houses for two or three weeks past and even now the holidays are over the various markets are only' opening very slowly. There is no noticeable demand for any particular commodity ab the time of writing Since my'last letter the Weihaiwei Agricultural Savings Bank has closed its doors to business, causing no little trouble in the town. The closure took place just prior to the holidays which is of course the most serious time of the year for all Chinese ax debis and accounts have then to settled. Crowds assembled round the bank premises and for a time things did not look at all promising. After pressure, how over, the directors of the bank advised the public that they would, as a commencement, pay 40 per cent, on all notes presented to them, Paymoct to this extent was eventually made. This se failure has has of course affected rear numbers, some seriously.
Rumour has' it that, the police and soldi were paid in full and, if this is the case, very serious trouble lies in the path of the Girectors, Apart from the payment of the 40 per cent. mention.
ent effort to meet their obligations the bank have made no appar. and, strange to say, the Chinese authorities appear fo have token no action. were have of course been involved and have suffered losses as a result of the failure and the Chiambers of Commerce and Consular Body have, result of the apparent i activity of the officials, taken up the: mattor with a view' to obtaining a true statement of affairs. Tt would certainly seem to be the thing, it the insolvent, to wind up ite affairs and, if "the failure la found to be the result of corruption; as is in some circles tuspocted, to. bri doubt, be further developments in il lo to
time but up to the present there in nothing else to report,
Text read from the printed page and cleaned; old type leaves the occasional error.