A. biller controversy which has been raging for the past few months in the ranks of the local Japotiese community on the interest rate elt loans made by the Rehabilitation Fund of the Japanese Residents' Cor-oration was brought to a respite on 'August 13, when the executive Committee of the Council of the Japanese Residents' Corporaiioh agreed to reduce the rale from 6 to 4% per cent.
The reduction, according to the plan, which was first proposed by the Council's special investigation commission, would affect only the "gon-eral" rehabilitation funds, totalling $3,700,000, 'The rale will, however, romain at 6 per cent, on the "special" rehabllita tion funds, amounting to $500,000, 'The Rehabilitation Fund was established in 1932, immediately after the Sino-Japanese' hostilities here, t ald the merchants affected by the boy-colt of Japanese goods, Last winter the JRC, which was administering the fand for the Japanese Government, decided to raise the original rate of'3 per cent, to 6 per cent, effective last Apri This action caused a storm of protest from local Japanese traders, foreing the Council of the JRC. to decide on a partial reduction in'tho rate. The change, officials of the RE, said, would cost the Corpora tion "about $50,000 a year.
The J.RC. will now apply to the Gaimusho, through the local Consulate-General, for a permission 10 carry out the' projected change, 'The reduction failed to appease the borrowers, whose representative, Mr. Gonnojyo'Kazuno, called on Friday on Mr. Masusaburo Amano, head of the JRC, to demand that' the rate be reduced to the original three por cent.
Text read from the printed page and cleaned; old type leaves the occasional error.