A reception in honour of Sir Francis Aglen, K.c.m.c., under the auspices of the General Chamber of Commerce of Shanghai, the Shanghai Bankers' Association and the Native Bankers' Association, was held at the Chinese Chamber of Commerce Building last Friday afternoon at 2 o'clock. There was a large gathering of prominent merchants and bankers. Mr. L. A. Lyall, Commissioner of Customs of Shanghai, was the only foreign guest present.
Mr. Fong Chao-pah, Vice-Chairman of the General Chamber of Commerce of Shanghai, presided and in welcoming Sir Francis, he recalled the - interchange of correspondence between the Inspector-General of Customs and the Chambers on the subject of the internal loans secured on Customs surplus and the Consortium Powers' claims in respect of unsecured foreign loans.
Mr. Sheng Chu-shu, Chairman of the Shanghai Bankers' Association, also paid a warm tribute to Sir Francis for his valuable services in_ connexion with the Consolidated Loan Service, and for having strictly adhered to the principle of priority.
Sir Francis was asked to explain the situation' very clearly to the Ministers. by whom the Four Power Note was addressed to the Chinese Government for, said Mr. Sheng, "it is inconceivable that the Ministers concerned would want the priority system fundamentally undermined for that would be a disaster to foreign and Chinese bond-holders alike and would affect the interests of foreign creditors in a large way."
Mr. Sheng expressed the hope that Sir Francis would do what" lay in his power to effect two. drawings of the Currency which are in arrear, and to assist in the work of national fina reform. 5 Sir Francis Aglen, after thanking the three host organizations for the welcome extended to him both on the occasion of his departure for England and on the present occasion of his return to China, said that having been out: of touch with the situation in Peking for six months, and not being equipped with actual figures he was not chie to speak of the domestic loan situation in authoritative a manner as he had done last time. He assured his audience that he would do his very best to maintain the system of priority for it was the only. workable method of avoiding muddles.
With regard to the drawings, Sir Francis remarked that two drawings were due to have taken place at the end of March and September, 1923, respectively but because the requisite funds were insufficient, the drawings had been postponed. The pOstponement was principally due to the failure to receive from the Salt Administration the promised financial support.
Text read from the printed page and cleaned; old type leaves the occasional error.