Most of the Chinese papers y&5- terday contained a report tha! Marshals Cheng Chung-chang ard, sun Chuan-fang propose to raise an of $10,000,000 for military expense.
According to these reports, the Marshals propose to float, certain bonds which will e circulated at par. Security will be the 24 per feet, Customs surtax and the boniis will be redeemed within ten months: "at the usual rate of interest."
Messrs, Chu Yo-chi (Superin. tendent of Customs and Special Collector of the Surtex) and Chu Chit-hsien (Peking's Special. Surtax Collector) have been appointed a se agents to administer ths which will be issued in the rong' near future.
"These reports are quoted under reserve as it will be remembered that the great objection raised by the Nationalist Government to the imposition of the surtax (which they bad themselves first imposed) was that it would provide the, [Northerners with war funds.
Text read from the printed page and cleaned; old type leaves the occasional error.