Worthiéss Papers in Payment of Debenture Interest The following appeared in the "Financial News" of February 2:—"To THB Error, "Sin—For the second time since the rendition of the British Conces sion at Hankow, the unfortunate debenture-holders of the ex-British Municipal Council have had to suffer default, "In my own case I invested Tis, 20,000 in a new issue of debentures made in the middle of 1914. Bane kow was a prosperous British Concession, and the investment was gilt-edged one till the first payment of interest fell due, Juno 80, 1027, three months after the concession came under Chinese control, Payment was made by cheque in Central Bank notes, then heavily depre-elated, which I refused to accept, requesting payment in full value in silver currency.
"Finding it was hopeless, 1 structed my bank to cash the cheque 3 what it was worth, but later was informed by the bank' that payment, of the warrant would only be made in Treasury notes, and that these were now worthless. For the half= year ended December 31, 1927, no Payment at all has been made, nor any reply given to my request to the Council at Hankow as to whether I can expect payment or not, "Sir Austen Chamberlain parently does not. realize how it grates on people's feelings in the East when he alludes in his speeches the British "Government's onerosity in its policy with the Chinese. It is so easy to be generous with other people's money and_property, "The 'North-China Daily News' pertinently asha in an article in its issue of January 10, 1928:—"Ip it anyone's business, if 0, whose, to fee that debenture-howlers are pro tected and that the Chen-O'Mall agreement - is observed?" doubtedy it is the business of the British Government, who, by a stroke of the have apparently wiped out our reacts and given ready-made concession, which been kept up by the ise holders' money, to the Chinese, of their own initiative could develop or find the money to create prosperous and well-ordered municipality of the type that the British Concession at Hankow used to b of Locarno soothing syrup form an excellent sedative for the Chinese, but unfortunately they require, and will continue to do 80, a little' more after ench dose, The principle is that of the dole—Yours, ete,
Text read from the printed page and cleaned; old type leaves the occasional error.