It has been rumoured for some time that the present Municipal Counil would be faced with a shortage of funds at the close of 1927, and if those rumours had any semblance of truth surely arrangements might have been made to meet obli on December 81 or the executive—one of the many—might have found time to make some public announcement stating what was being done under the circumstances, Up to yesterday afternoon, January 9, we were unable to trace any holder of these debentures who had received his warrant for interest now overdue, and, naturally, many holders are very anxious 10 know what is going to happen, Interest due at June 30 last, it will be remembered, was paid' by cheques on the Central Bank of China at Hankow. These cheques had to be returned to Haskow for col-ection, Some recipients actually did cash in their cheques to receive about 50 per cent. of what they legally were entitled to. Others protested and retained their eh ques, hoping for better days. What these cheques are worth to-day it! would be interesting to know.
If interest now overdue is not forthcoming in full the unfortunate investors who are so dependent on this payment will be in a sorry. plight. The bonis are unsaleable
ments cannot be depended on. on the open, market, interest pay-it any one's business, if 80 whi to see that debenture holders are protected and that the Chen-O'Bfal ley agreement is observed?
Text read from the printed page and cleaned; old type leaves the occasional error.