Interest' "Eeineipal Total £100,000 2.600.000 £2,906,000, 2,975,000 £4/585,000, £7'560;000 the amount to be set _saids out of salt revenue during the current fiscal year is approximately $16,500,000,. Notwith. standing the adverse conditions of ivil war, the withholding of loan quotas in disturbed districts, and the fall of.silver—the announced programme of the Government for the complete rehabilitation.of the salt secured loans has been fully' carried out. The December payment which has been ordered by Minister Soong is the largest during a single quarter viz:—S308,- 208—requiring at the current rate] of exchange' approximately $6,850,- 000, The effect on the national credit] can best be stated in terms of the market price of bonds. August 1929, before the, programme of the Government for payment of arrears was announced, Crisp bonds were quoted in London at 443. September 1929, after the programme was announced the market rose to above 48. The Decemder and March payments kept the market steady—quotations for April being approximately 48-4, The success of the northern forces in gaining control of salt revenue districts, and the omission of the June payment due to the withhold-Jing of loan quotas by. General Yen Hsi-shan, caused the market price of Crisp bonds to drop: to 28. After the September payment (including the amount scheduled for June) the market quotations rose sharply and have tended to improve, the quotation for December'17, being 53. The Anglo-French issues have been similarly affected, Thus the market value of these Chinese issues has shown increasing strength—while other securities have been falling. to successively lower levels.—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.