From among the revised regula. tions for the Bank already passed by the Government Council, the Kuo Min quotes the following:
The Central Bank of China will be controlled and operated by the National Government.
The authorized capital will be $20,000,000 which amount will appropriated from the Govern ment Treasury. The capital of the Bank may be ineressed and subscription of additional shares offered to merchants; but in any case private shares shall not exceed 49 per cent. of the total authorized capital.
3. The head office will be in Shanghai.
4. The charter -of the Bank will be for a period of 30 years. It may be extended upon its: expiration by application to the Government Council.
5. The Bank will be vested with the following special rights by the Government Counc!
(a). To issue notes according to the Fogulations governing auch mine and lave To tet' as. the Go takes, FO tala, collect o manage domestic or foreign doana.
The Central Bank will not be red to engage in business has any tinge of speculation.
The $30,000,000 Loan The regulations for the Currency Loan were approved by the Govern.
Council on Friday and their main features are as follows:—
1. Bonds to. the amount of $30,000,000, will be issued for public subscription in October, carrying 8 per cent. interest per anna. Price of issue 92.
2. Payment of both principal and interest will be made semi-annually at the end of March and September each year. The Loan will be fully redeemed in seven years; 7 per cent. of the principal to be redeemed annually for the first three years, 20 per cent, annually in the th, Sth and 6th years, and the remai ing 19 per cent. in the 7th year, (1935).
L. G. of Customs and Security 3. As security a part of the Customs revenue originally set aside to serve the German Boxer Indemnity will be earmarked for the purpose. The Inspector-General of Customs will be instructed to deposit this amount monthly at a specified bank a3 a sinking fund for the redemption nf both the principal and interest of the Loan as they fall due.
Text read from the printed page and cleaned; old type leaves the occasional error.