Need for Its Services Now Realized Following a report and recommendations by the Treasurer and Controller the Shanghai Municipal Council has authorized the re-opening of the Municipal "Invesment Banke with effect from June 1
The operation of this bank was suspended In April, 1929, following the sole of the Muntelpal Electricity Department, when the large Instalment payments representing the purchase price were suM™elent to Anance all necessary capital projects. Prior 1929, the bank had served a very useful purpose both In regard to pro= viding facilities for small investors accumulating savings for perlodleal investment. in Municipal Deben-ures, and also. In providing the Couneit with a steady and well spread flow of investment moneys, On the resumption of public borrowing in 1934 consideration was given tothe question of re-opening the Tnvestment Bunk towards the end of that year but-no action was taken owing to the extreme tightness of money which obtained at that time and con-Uinued practically throughout the whole of 1035.
Experience gained from the recent Municipal Loan issue has given seasonably eleer indication that It would now be of advantage to the Council to resume the operations of Deposits are received at the Fin:
Depariment, S.M.C, from the st to the "fth' day, inclusive, of teach month and subject to the rules of the bank they will be converted into "Municipal Debentures on May. 5 and November 5. in' each' year Interest will be allowed on deposits At a rate to be announced from time to ume, Interest Rate 4% per ce UnUit further notice, monthly de sits will be limited 10 $5,000 and the rate of interest allowed on deposits will be 4% per cent, per annum, The rules of the bank are ay fle Deposits will be in 0 dollars, focal currency. The im amount my ime. to" tine atthe ration it the Council, Deposits will be received at the fount Sanking ofice of the Finance De= tothe th day Indus Each éepoulior will be provided with 4 fats Hok tin we wi be entered ook must accompany each depot inletest ata yale" to be announced tone. will be calculated the batanee n'a depositer's recount Sin the A day in each month, Interest credited 10 depositors" accounts reach year, snd November 8 debentures account Gri the fit day of i preceding the month of allot:
Text read from the printed page and cleaned; old type leaves the occasional error.