-Contrivances for Meeting the Dragon Festival Peking, June 1.
The Cabinet discussed the financial situation yesterday when Mr. Chang Ying-hua, the Minister of Finance, indicated a likelihood of dropping the twelfth year loan; proposal, but that, in order to tide over the Government in the coming Dragon Festival, special Treasury notes secured on the salt surplus would be issued.
It is believed that the latter proposal wil] be carried out without difficulty.
Over half of the old $14,000,000 Treasury notes remain to be redeemed and it is proposed to issue another $7,000,000 worth, thus again bringing the amount to $14,000,000.
is understood that from July 1, the sum of $350,000 will be set aside from the salt surplus monthly for the redemption of the new issue, thus completing the amortization in 20 months.
The money derivable will be utilized for the payment of the Peking police and gendarmerie, the salaries of the various Ministries, the expenses of the delegates at Lincheng, the expenses of the delegates at Shanhaikwan and the military expenses of Paotingfu and Loyang.—Reuter.
The Hope to Get Money by Revenue Stamps Peking, June 2.
Bankers held a meeting yesterday: and declared that there was not sufficient security for the twelfth year loan proposal. If the Government gave a better security they would support the proposals.
The bankers decided to offer the Government every assistance in connexion with the $7,000,000 worth of new (Treasury notes.
May 30 The Cabinet has approved of Mr. Chang Ying-hua's proposals to issue $7,000,000 worth of Revenue Stamps, for "the commemoration of the restoration of Constitutional Government.'* They will be of two denominations, brown ones of one cent value and green ones of two cents. They will be issued on June_12.
The Finance Minister apparently hopes to use them as security to raise about $5,000,000.
June 3.
The Chinese Bankers' Association has. received through the Director of Customs a copy of a telegram from Sir Francis Aglen in which the latter declares that he.will not consent to any scheme invalidating the priority of the consolidated loan service as long as the loan service remains in his hands. If the Government decides on the scheme proposed it must formally and publicly relieve him of the trust.
The Chinese Bankers' Association has telegraphed to the provinces
Text read from the printed page and cleaned; old type leaves the occasional error.