The usa in bond issues is due to belief fu the activity of the Chinese bankers with regard to Government ffmance. "The present prices must be regarded, however, as speculative because, until the bankers' programme has been ratified by the 'Government, it is little more than 12 citizens' proposal, The bonds will undoubtedly continue to rise as long as there are indications that: the bankers will have their way, but Marshal Feng's failure to go to) Peking must not be overlooked, in it any appraisal of the situation, Tt is understood that Mr. T. V. 6 Soong, Minister of Finance, may leave for Peking shortly to place programme before the: militer-}ists. in council there and that he
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