Before Judge Ying Shih in the vision of the Shanghai Spe-ict Court on January 6, Chu Min, a merchant. from Hankow, now living at 177 Chengtu Road, Shanghai, "brought action against the Bank of China. for the recovery of $63,600, alleged to be the face value of notes issued by the Hankow branch of the Bank China which wore repudiated on April 18, 1927. In ordering a ten days' adjournment, Judge Ying suggested that the parties should meet} and try to effect a compromise.
Counsel appearing in the case were Mr. Wang Yi-lin, former Minister of Justice, for the plaintiff, and Mr. Li Ten-yi, former associate justice of the Supreme Court of Ghina, for the defence.
Plaintiff alleged that, in April 1927, when the Nationalist troops eceupicd Hankow, the Wuhan Govynment declared a moratorium and, a result, the notes issued by the Goveenment banks, the Bank of The tions, were repudiated, bonds. being issued by the National Government in 1928 for the redemption of such repudiated notes, Naturally, such repudiation led to great losses. on the part of note holders and civil tuted Paling of the Ministry of Financ, however, the suits. were dimi by the former. Shanghai Provisional, Court, it being declared. that the by an administrative: organ instead' off a judicial institution. ued by its Han kow branch, the face value of which was $20,000,000. As the National Government issued: $12,000,000 to redeem part of the notes, the balance should have been redeemed by the bank with its cash reserves. Plaintiff, therefore, asked for judgment for the amount claimed, with Interest and costs.
Defendants asked the Court to dismiss the petition on the ground that the issue should be decided upon by an administrative organ of the government and not by a judicial institution, The Ministry. of Finance had issued bonds to. the value of $19,268,240 (not $12,000, 000 as plaintiff claimed), these being to cover the repudiated: notes and representing loans. made to the Government. The bank had redeemed approximately $10,000,000 of the notes and a similar amount More still in the hands of holders.
The notes held by plainti®t wert covered by bonds which would' be handed to him upon presentation of the notes, As stated, Judge Ying ordered an adjournment and suggested a compromise,
Text read from the printed page and cleaned; old type leaves the occasional error.