Peiping, Jan. 17
Meeting last night to arrange the capital of the new "Federated Reserve Bank of China," the organizing committee decided that $25,000,000 capital will be equally subscribed by. the "Provisional Government of China" and eight member banks.
The Bank of China will subscribe $4.500,000, the Bank of Communications, $8,500,000, the Bank of East Hopei, $500,000, while five other member banks each will contribute $800,000.
It was understood that the "Provisional Government" will ask the Yokohama Specie Bank and the Bank of Korea to advance $12,500,000.
The organizing committee is seeking credit of Y.100,000,000 for the exchange fund from Japanese bankers, Headquarters of the bank will be in Peiping and branches will be maintained in Tientsin and other important cities.
Inauguration ceremonies for the new bank will be on February 1 and business will be started on March 1.
—Domei,
Text read from the printed page and cleaned; old type leaves the occasional error.