To the Editor of the "Norru-CuiNa Dary News."
Sim—As an old Shanghailander, have been interested in a report which some friends have received from Shanghai, to the effect that the Bank of Philanthropy is to be established in your port. I understand that the object of this bank is to grant overdrafts to those charitable retail firms which exist on overdrafts and chits, and that the bank will grant this financial assistance without interest, or, at the most, three per cent. It is said that such philanthropical financial assistance will result in such an enormous importation of British goods into Shanghai that unemployment will altogether disappear in England. I understand, therefore, that the scheme has the' support of the Labour Government at. home, Thomas. ed that the Bank of Phil will not issue any notes of its own, but that paper currency will consist of the chits now held by the abovementioned charitable institutions, and that these chita are to be issued a premium. This seems a great idea, and we azo all looking forward to seeing a fall account of the scheme in your paper some time in the fature. In the meantime, should be glad if you or some' your readers could give me some T have read such publication' as "The Functions of a' Bank, be a-complete ignoramus as regards finance, as T also run up overdrat's when I want to do alittle "flutter" on the London stock exchange, and my hard-hearted bank charges me such.loans interest at one half one per cent. above bank rate. So, when the Bank of England recently raised its rate to 63 per cent, T would have to pay 7 per cent. on any overdraft Thad at the tim T understand that such a rate now considered scandalous in Shang-
Text read from the printed page and cleaned; old type leaves the occasional error.