Peking, March 4.
The contract for the Shanghai mint loan, of $2,500,000 in Chinese currency, was signed yesterday by the Minister of Finance, the Direefor of the Currency Bureau and representatives of the Shanghai mint loan Chinese banking group. The contract makes the following stipulations (1) Treasury notes will be issued in accordance with regulations to be announced by the Ministry of Finance.
(2) The money derived from these notes is to be exclusively used for the purchase of land, the building of the mint and its equipment with machinery. Within one month of the signing of the contract the parties of the first part will instruct the officers of the Shanghai mint, and their engineers and contractors, to draw up a detailed plan for the approval of the parties of the second part. Upon the latter's approval, the building of the mint will proceed without delay, and an immediate order for the required machinery will be placed.
(3) In accordance with the Shanghai mint Treasury notes regulations, the parties of the first part will receive $93 for every $100 note, and the parties of the second part will sell for the actual amount received by the parties of the second part.
(4) The notes will bear nine per cent. interest.
(5) On the day of the signing of the contract, the parties of the second part will place to the credit of the Shanghai mint account the net sum of $2,325,000 upon the notes that have underwritten, as a deposit bearing for per cent. interest, all the interest on the notes being debited to the account of the Shanghai mint from the deposit above-mentioned.
(6) The parties of the second part will bear all the expenses involved in the sale of the notes, telegrams, posting, advertising, ete., the second parties receiving not more than one per cent. of the total value of the notes as commission, (7) A. monthly redemption of $70,000 will be effected from April, 1921, to May, 1924, for which the first parties will instruct the Salt Administration to make such payment to the Bank of China and the Bank of Communications in Shanghai, which will in turn hand over the money to the second parties for the redemption of the notes.
(8) Upon the completion of the Shanghai mint, the first parties will hand over the. documents in relation to the ownership of the
Text read from the printed page and cleaned; old type leaves the occasional error.