According to this latest yarn, which there is no point in cone firming, since it has had its effect fon the' market irrespective of its worth, Feng Vu-hsiang's banker, and Intterly, Minister of Finans Dr. Chen Chin-tao, called on Si Francis Aglen'on an unknown date and suggested a new domestic loan secured on the Customs Surplus. To which suggestion, again according to the Chinese rumours move the market, Sir Francis replied that there was no surplus available at the moment for the security of anything; but that when certain domestic loans had been paid off and funds might or might not be available, the first Toan that would receive his consideration would be the "96-million."
Here again the writer wishes to emphasize that he has not attempted to confirm this report by refer-ving it to Sir Francis Aglen, since the truth of it has no bearing on the fact that the rumour has done the damage. The account of this conversation, true or otherwise, wont abroad and served to give the wobbly and wavering "96-million" such a boost on the market as it had never had before.
At this writing the ""96-million" stands at something like 70. Before this article is in print it may be either higher or lower, just suits the convenience of the various groups of Chinese banks. Its fluctuations will naturally have no bearing on its intrinsic market value. It is worth whatever an 8 per cent. Loan, without sec which may or may mot be given adequate security in the year 1928, is worth, What You Said He Said I Said Tu summing up this discourse the writer would like to call attention to the fact that he has neither: quoted exact dates nor consulted Sir Francis Aglen for his opinion upon the fluctuations of the: "96-million." This is because it is not his purpose to furnish prospective investors with a guide to the future of the "96-million" nor to purvey accurate information upon its intrinsic worth, but to illustrate Chinese banking methods as they are based upon purely Chinese reports. What Sir Francis Aglen ight have to say about the whole '96-million" affair is therefore of no interest to the writer nor, in this connexion, to the reader. What is of interest is what the Chinese bankers think that Sir Francis Aglen has had to say and what they think his reputed remarke
Text read from the printed page and cleaned; old type leaves the occasional error.