Presupposing the worst—\ssuming that insufficient funds were subscribed or that the Government proved recalcitrant and refused to meet the conditions of the People's Shantung Railway Corporation—it would not be a bad saving investment for either the small or the big depositor. The man who deposited 10 dollars and forgot about it, would be pleasantly surprised at the end of five years to find that he was credited at the bank with $14.69. On the other hand if subscriptions during these early months of.the year 1922 amounted to $10,000,000, the redemption fund, in the hands of a large group of reliable banks, would amount in 1827 to $14,693,280.77 and 20 millions subscribed during the first two years would pay the whole debt to Japan before} 1930.
The conditions governing the ap-
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