Two Series Secured on Surtax and Export and Luxury Imposts: One on Tobacco Revenue Mr. Li Ming, General Manager of the Chekiang Industrial Bank, and Chairman of the Sinking Fund Board of Trustees of the Nationalist Government Treasury Notes, has issued, through the Kuo Min News Agency, the following statement on Nation: alist loans:
The Nationali 8 May 1, 1927, issued the Shanghai Customs 2.5 per cent. Sartax Trensry Notes. According to the condi-tons of issue published, the issue totalled" $30,000,000 (Chinese cur rency), and was secured by all the revenue from the 2.5 per cent. Import Surtax collected at Shanghai interest to he 7 per cent. per men sent (BA per cent.). 'Two months' inter est was given to the purchaser of the! note at the time of subscription. Beginning from July, 1927, one-thirtieth of the total issue has been: retired every month, and the accrued interest on the total outstanding] principal has also been paid month. The total issue will be redeemed at the end of December, 1929.
Independent Si ing. Fund "A Sinking Fund Trustee Com-' mittee was organized to take charge of the Sinking Fund, the redemption of principal and the payment of interest. ws to the members constituting the Committee, some have been appointed by the Government, and the rest have been the representatives of the Shanghai Bank.
lation, the Native Banker's jon and the Shanghai Gen-amber of Commerce (all Chinese). The Committee has Chairman and five executive mem-various tions es of the
Shanghai, enjoy an excellent rebut: tion, and command public confidence. of its inauguration, its Mr, Li Ming, made a Public statement to the effect that} all the actions of the Committee] would be made known to the public; that thenceforth the daily cash receipt of the surtax, pledged would be deposited in the independent vault} of the Shanghai Bankers' Associa~ tion, and at the end of every month the amount of these receipts and of the disbursements of the Sinking Fund would be published in the lead-1g Chinese newspapers. The Committee has always been a perfectly independent organization, and its jrmembers have been very earnest and untiring in their efforts to protect the interests of the _noteholders.
Therefore, the Committee, as a result of its work, has more than Justified the implicit confidence pla ed in it by the Nationalist Govern." ment. Besides paying the Com. mittee's operating expenses, the' Government has not interfered with its affairs. Whenever the Committee] has recommended a measure to make the Sinking Fund more secure, it has been adopted by the Government.
Text read from the printed page and cleaned; old type leaves the occasional error.