"On April 1, 1928, the Nationalist Government issued' $16,000,000 of Tobacco Tax Treasury Notes, with interest at 8 per cent. per mensem 16 per cent.), secured by the total revenue from the Tobacco Tax. At the end of every cond of the principal is to be deemed, and interest accrued on the total outstanding principal pai The total issue will be retired at the end of November, 1920. Its sinking fund is also in the charge of the aforesaid Committee. A" certain tobacco company has been directed to pay the tax direct? to the C: mittee in exchange for Chinese Government revenue stamps, while the tax collected from other tobuceo companies by the Tobacco Tax Bureau is to be deposited with the Committee. Besides, the Committee hus secured the permission of the Government to earmark the surplus from the Sinking Fund for the cond Series of the Shanghai Customs.
25 per cent. Surtax Treasury Notes 8 A secondary security for this Tissue. In fact, the revenue: from the Tobacco Tax approximates a million dollars per month. There should be rho anxiety ax to its adequacy. This, however, tends to show the Govern: ment's vigilance over national credit, and the Committee's thoughtfulness the interest of the noteholders,
Text read from the printed page and cleaned; old type leaves the occasional error.