We have received the following Through political changes, the evil elements of the Bank of Communications have been eliminated. Mr. Chang Chien and Mr. Y. M. Chien have been elected by shareholders' meeting as the president and vice-president of the bank, respectively, and the insfitution has been reformed and strengthened. On November 20 a meeting was held in the Peking Bankers' Association, at which there were present Mr. Y. M. Chien; Mr. Shia-ling, the—chief secretary; the managers of different branches and other officers. The first problem discussed was the reduction of the yearly expenditure, and it was decided to abolish more than 30 district offices out of 60, so that more than $1,300,000 can be saved from the budget for the coming year. The second problem was the issuing of bank-notes. Henceforth, no more Peking notes will be issued, but those Peking notes issued before will still be redeemable as usual, in place Peking notes, Tientsin notes may be cashed in either place. The first issuing district office will be located at Tientsin for controlling the issuing in north China. Regarding the reserve fund for issuing notes, an open policy was adopted. Following the system of the Bank of England, the whole banking organization is to be divided into two. separate portions, that is, a business portion and an issuing portion. Besides these two important problems, there were many resolutions concerning the
Text read from the printed page and cleaned; old type leaves the occasional error.