Undoubtedly one of the most, im= portant speeches made during these discussions was that of Dr. Chang, the Governor of the Bank of China, who said he was speaking on bebait }of the Chinese National Association of Chambers of Commerce and the general outlook 8 of the Chinese people, merchants and Government towards the economic relations with foreign countries, He said that, since the national revolution, the economic thought of the Chinese people and of the Government had fundamentally changed. Financially, the Government was now keenly aware of the fact that reckless borrowing without due planning and consideration able as security detrimental to the national credit. For this reason the National Government of China had refrained, jand would continue tore train, from making new foreign loans' for adm 3 legitimate unsecured lonns contract-former Governments, the National Government was willing to readjust them out of the balance of the national budget as soon a8 con ditions warranted. The delegates would be interested to know that Special Commission had already been appointed to study this problem a preliminary step towards their final readjustment. "In this cone nection he stated that the new domestic bonds issued by the National Government were well secured and enjoyed public confidence, Dr, Chang stated that technical experts had-been engaged to make a thorough study into vital industrial problems. A detailed plan would be farawn up beforehand for a series lof years, with a view to developing China industrially and systematical-1y. Unless ample means could be provided in advance for repayments, neither Chinese nor foreign copie talists would be approached to invest their money in China for any dustrial enterprise. China had just Jentered an era of reconstruction. There would be a time in the near future when she would be in great need of material assistance as well as assistance in knowledge and skill from foreign nations. In decking [such assistance from foreign nations, she reserved the right of {freedom of choice and was opposed to any scheme of international com-[bination towards China however well-intentioned it might be.
Text read from the printed page and cleaned; old type leaves the occasional error.