Agreement for Settlement with H. & S, Bank Nanking, June 4.
The agreement for settlement of the debt of the China Merchants Steam Navigation Company to. the Hongkong -& Shanghai Banking Corporation, which was reached last spring after protracted negotiations, jas approved by the Executive Yuan at its 315th meeting on June 1.
Under this agreement, the capitad amount of the debt is Axed at {$10,000,000 as of August 31, 1996. This amount wilt bear interest from that date at the rate of four por cent. er annum, payments ju future to be made semi-annually on May 31 and November 30 of each year until the toan is completely liquidated. Principal is to be paid off as fol-ows: $1,500,000 on signature confirm-ug the agreement, and $800,000 each six months thereafter, "commencing May 31, 1097—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.