To the Editor of the "Nonrn-Cuixa Datty News."
Sin—As a holder of Hankow BING. 6 per cent. debentures si 4914 when the issue was made, th interest on which has been met with unfailing regularity, and_Hankow taels at a premium on Shanghai, which was also the case when the bonds were purchased, I am now informed that the interest will only be paid in Central Bank dollar notes, standing at a heavy dis count, which have to be sold practi cally for what they will fetch.
This is the result of three and a half months? Chinese administration and handing over of the Concession by the British Government as a conciliatory gesture, and it, should serve as a warning as to what will happen elsewhere if control handed over to Chinese administra tion.
Tt is doubtful whether the British Government, as represented by the Taw, would allow any commercial ebneern to hand over its assets to others and leave the debenture holders to do the best they can for them.
The bonds are still in force as a Uiability of the British" Municipal Council. They shoud have redeemed before the Cone handed over and the credit of the new administration tested by a Sresh issue.
Tam, ete, Owe oF THe Desentune Horoens, China, July 23, 1927,
Text read from the printed page and cleaned; old type leaves the occasional error.