Bolshevik Theft of Bonds: China Puts Matters Right 'A. somewhat lengthy advertisement appearing in the "North-China Daily News". with the authority of the National Government of the Republic China, in connection with the Five Per Cent, Reorganization Gold Loan of 1913 (Russian Issue), reveals an story. Incidentally, hhow much {rouble has been caused by the high-handed actions of the Russian Bolsheviks and how long it takes to lean tp after they have' passed by; and. it demonstrates, too, the almost stern honesty of certain iicials' whose services the Nanking, Government has had the good fo! tune to enlist.
'The 1913 Loan was for an amount of £25,000,000, equally divided: Amongst the Five-Power Group. Russia, however, was unable to finance her share of £5,000,000, so half of it was taken over' by Belgivm, and with that half there has not been any trouble. The money for the whole of the loan was Feadily forthcoming, but the bonds in receipt therefore were delayed in production. The paper and pri ing were of such a nature that, though the work was undertaken tone of the best firms. in London, considerable time had to elapse de-{ore they were ready. In the meantime, the banks associated with the! international group issued their own certificates to subscribers and these Were counted for the time being as perfect security.
Eventually, the bonds were ready and Russia's share (printed on yel-Tow paper) was sent to Petrograd. However, before they could be: issued, there came the revolution. and the collapse of the Imperial Government, leaving the Bolshevik element in control. It is a matter history how the Bolsheviks foveibly broke into every place where there was anything of value and confiscated anything they could find, Amongst other places, they raided the bank where the Re-Organization Loan bonds were stored, filched all these and, it is understood, a considerable amount! of the original certificates, Many Of these bonds eventually found {heir way into the markets of the world, the Bolsheviks being intent on realizing whatever they could on them, despite the fact that in them selves they were worthless, never having been issued.
'To put a stop to such dealings, the whole of the issue was declared void, in addition to which recogni. tion' of any transfers of certificates prior to a certain date was refused. Meanwhile, the Chinese Government prepared a new issue of bonds {printed on green paper), and announced in duc course that these! 'Would be exchanged for the pr-Vislonal certificates and that these alone would be recognized. 'The exchange proceeded for a while, but had to be suspended when' the! RussosAsiatic Bank went into) liquidation, It is understood that one of the points on which Mr. Li Ming, the present general manager of the Chekiang Industrial Bank in Shanghai, was most insistent was] that the exchange should be recom menced at the earliest possible date: and that all holders of the provision al certificates must be given a Yeasonable chance to exchange them for the bonds. He pressed his point with the Ministry of Finance until it was conceded and, as stated in the advertisement, the operations were resumed on February 1 this year by the Judicial Liquidator of the Russo-Asiatic Bank in Paris, and his general agents, with a representative of the Chinese Government at 9 Rue Boudreau, Paris.
Obviously, the process cannot go! on indefinitely, so it has been announced that the exchange will de finitely cease on April 30 this year. 'The general agents of the Judicial Liguidator are the Banque Franco~ 'Asiatique, 9 Rue Boudreau, Paris, Tt is not' anticipated that the final suspension of the exchange of April 30 will cause any hardship to the: rightful owners of certificates, for, of the original issue of £2,500,000,
Text read from the printed page and cleaned; old type leaves the occasional error.