Interest Rate to Be Reduced in 1937-38
Nanking, Apr. 6.
The Ministers of Finance and Railways announce the following, offer concerning the service of the Joutstanding bonds of the Hukuang Interest is to be paid at the rate of 2% per cent, per annum in 1937-38 pers give prominence to-day to the Hukuang Railway bond settle. ment, which no. sur prise' as the terms had been anti-Cipated for some time They draw attention to the fact that all China's outstanding indebtedness has now been settled, in contrast with the continued default of some countries in better clreumstances—Reuter, from revenues under control of the latinistry of Finance. 'The Govern ment upon reasonable notice and without premium may increase the 129 amount of principal retired on any' Dayment. date. Bonds drawn but Rot yet retired are to be pald accord-Ing to the order of drawing.
Arrears of Interest Interest in arrears is to be calculated at one per cent, per annum interer instead. of Ave er is issued for arrears of interest 20 calculated, and also for, one-with Jot the short fall of interest during 1997.96." This scrip is to be paid (beginning 1942 over approximately. twenty years, the yearly instalments to. be substantially equal except that the Government reserves right of transferring to the last three of the aforementioned approximately twenty years not over Aity per cent. of payments due in the Arst three years.
Sullable instructions are to be given to the Chinese Maritime Customs, the Chief Inspectorate of Galt Revenue, the Central Banic of China, and the Railway Administration to give effect to the understanding Teached, 7 Announcement also was made that the railway authorities are taking steps to improve the condition of the railway and its administration on the general lines contemplated in. the Joan agreements with a view to benefiting both the interest of the Government and of the bondholders, =Kuo Bin.
Text read from the printed page and cleaned; old type leaves the occasional error.