It was only on Tuesday that the Municipal Treasurer was quoted as saying that the municipal credit stood higher to-day than it ever stood before. That was in a statement. in connection with the S.M.C. Loan the lists far which were opened yesterday morning and closed in a very short space of time with applications totalling several times as much a was offered for subscription. That statement was completely justified. The result is a very definite tribute to the exceptionally able manner in which the financial affairs of the Council have been handled durin of no little dimeulty. What is Droponents of a silver issue who seem believed that only by such means was it possible for Shanghai to raise the money it so manifestly needs. Indeed this new issue opens the whole question of the form debenture issues ought to take in the future, not only from the point of view of the municipality, but in the cases of other issues which from time to time are offered on the local market. Currency loans, having the important quality of limiting the indobiedness of the debtor to definite terms, undoubtedly will commend themselves to those on the borrowing side of the transaction, though, naturally, those who desire to keep themselves whole in silver will be more readily attracted to issues. terms of that commodity. That is a question which will solve itself. time, but the immediate cause for congratulation is that the credit of this municipality stands so high was indicated by the quick response to the invitation to subscribe which was evidenced on Thursday.
Text read from the printed page and cleaned; old type leaves the occasional error.