For the first time in China, long-term notes for the purchase of railway materials, which will be guaran-feed and discounted by a group of Chinese banks, will be issued by the Ministry of Railways, " Discounting operations will be handled by a onsortium composed of the Central Trust of China, the Shanghai Commercial and Savings Bank. the Kincheng Banking Corporation, the Naional Commercial Bank. and the China & South Sea Bank.
The notes will mature at the end of one year, and will bear interest at 7 per cent. for annum. They are to be tasued in twelve monthly instalments, and are transferable. The consortium is to be represented by the Central Trust, which will countersign the notes, and guarantee payment upon maturity. The notes are to be: redeemed and interest thereon paid by the Central Trust on behalf of the Ministry of Railways. Before the date of maturity, the holders may present them to the Central Trust for discounting—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.