0 far, 11 payments of principal and interest have been make. (The Joan is to be retired in 30 instalments). After making provision for the redemption of the principal and the payment of interest which fare handled by Bank of China and Bank of Communication, acting as paying agents, the balance of the! Sinking Fund in the vault totals over' two million taels. The Treasury Notes commanded a low price at the time of their issue. When the public learned how the Sinking Fund was provided and protected, these Notes Degan to command a much higher price, A Treasury Note having $100 face value, with eleven instalments! of principal totalling $36.70 redeemed, has now a market value of over $57. It, therefore, is quoted at a discount of about' six per cent. (which is over-93 per face value; $100).
The Second Loan "The Nationalist Government, seeing the success of the first issue of Treasury Notes, in October of 1927 and then in January of 1928)
the Second Series of Shanghai Customs 2.5 per cent. Surtax Treasury Notes totalling $40,000,000. (Ohinese currency) with interest 8 per cent. por miensum (9.6 _per cent.) The provision of the Sinking Fund, the redemption of principal and the payment of interest have] also been left in the hands of the above mentioned Committee. Within the twenty-four months since their issue, the monthly payment of inter-Jest has been secured by revenue from the Luxury Surtax and the Export! Surtax collected at Shanghai, and the Parcel Post Duty of Kisagsu Province, which must reach $320,000 every month as a Sinking Fund for interest payment. After January, 1930, when the principal of and, interest on the first issue of Treasury Notes will have been paid of, then all the revenue from the Shanghai Customs 25 per cent. Import Sortax, with an additional monthly appropriation of $110,000 from the Shanghai Customs 2.5 per cent. Export Surtax will be set aside as a sinking fund for the redemption of the principal and the payment of the interest on the Second Series. At the end of every month, @ fortieth Sod Gi ace Metecei ys Ge and the accrued interest on the total outstanding principal paid. This Second Series will all be retired at the end of April, 1933. Ever since the issue of this Second Series an appropriation of $320,000 has been made every month from the Parcel Post Duty of Kiangsu Province, the! Luxury Surtax and the Shanghai Customs Export Surtax to meet the} monthly payment of interest regularly. So far, five monthly interest payments have been made punctually when due.
"The Sinking Fand Committee has} arranged, with the consent of the [Shanghai Inland Tax Bureau Bureau), to take all
Text read from the printed page and cleaned; old type leaves the occasional error.