Report of the Board of Trustees in Charge of the Sinking Fund Covering Such Bonds The following report y the Board of Trustees jinking fund of the Shang-customs 24 per cent, Surtax riy Notesi—May, 1927, when the Chinese, National Government offered the first issue of the Shanghai Customs 24 per cent, Surtax Treasury Notes, the Board was organized in accordance with government reguation, with 15 trustees, of whom five were elected as' executive trustees. who in turn elected a chairman. An executive secretary fas' added later on.
The sinking fands for practically all bonds and treasury notes issued by the Chinese National Govert= ment have been entrusted to the custody of the Board ever since. Although it is known as the Board of Trustees for the Sinking Fund of the Shanghai Customs 25 per cent. Surtax Treasury Notes, in fact it Is nothing other than ' the Bole and independent organization taking care of the sinking funds for all the new internal loans of the Chinese National Government. Sinking Funds in Charge of Board Up to June 80 of this year the Board had in its custody sinking fended th Sling tu diferent 'First Issue, Shanghai' Customs per cent. Surtax Treasury Notes.
Second Issue, Shanghai Customs 2h per cent. Surtax Treasury, Note Tobacco Tax Treasury Notes.
Rehabilitation" Short - term Bonds.
Seventeenth Year Short-term
Text read from the printed page and cleaned; old type leaves the occasional error.