Kuangtung Tobacco and Wine Tax as Security: £2,000,000 at Seven Per Cent.
Canton, Oct. 9.
In spite of a denial by the Civil Governor, My. Chan Chih-yn, the Commissioner of Finance, Mr. Chung Hsiao-nan, to-day informed the Provincial Assembly that the Canton Government had tentatively accepted a British bankers' loan of £2,000,000 at 874, with interest at seven per cent., repayable in 10 years, with the tobacco and wine tax of Kuangtung as security.
The loan, of which one-fourth would be available within 30 days, another fourth after 60 days, and the balance within six months, was for purposes of currency reform, namely, providing a reserve for the existing depreciated Government notes, strengthening the condition of the Provincial Bank, and improv. ing the equipment of the Mint, thus enabling the Government to operate the Mint itself—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.