To the Editor of the Normu-Cuina Dairy News."
Sir,—In the issue of the 22nd stant the "Shunpuo " and other jntpors in Shanghai published a ind other delegates from Shang-report which was sent by Mr, Lung hai for the investigation of the $96,000,000 loan, case to Mr. Tung Kang, chairman of the Short Term Loan Refunding Commission. In article 10 of a letter dated the 12th instant in the above-mentioned report Mr, Lung made a statement that by the contract signed on August 1, 1921, between the North China Bank, the Sino-French Bank at Tientsin and the Ministry of Finance, treasury, bonds to the face value of $1,000,000 were mortgaged for a loan of an equal amount in cash, that these bonds were worth only 15 per cent. of their face value and that the remaining $850,000 of the loan were unsecured, ete, In this connexion, we beg to point out that there is not' the least truth in the report as far as this article is concerned, because we have never signed such a contract as alleged in the above statement nor had any treasury bonds been mortgaged.
We may add that if any report of similar nature that will prove
Text read from the printed page and cleaned; old type leaves the occasional error.