Nanking Formulates Plans to Help Yung Chung-ching Group: 400,000 Workers Affected Nanking, July 16, Definite plans heve been formular Jed by the Chinese Government for the taking over. refinancing and reorganization of the nine cotton Jand flour mills in Shanghai belong-Ing to Yung Chung-ching, generall Hknown as the "Cotton King of China. [Bonds amounting to $60,000,000 may Ihave to be floated to save probably the biggest industrial combine in [China from going into bankruptey.
'The Ministry of Industry, Ministry lof Finance, and National' Economic Council are holding conferences with the hope that steps can be taken the Government to reorganize the mills, The Government is taking a serious view of the situation not only [because the collapse of these factories will greatly affect the future lof China's cotton and flour industries, but also due to the fact that their closing down will throw nearly 400,000 workers out of employment. [thus creating a serious labour prob-tem in Shanghai According to the finding of a committee of investigation appointed by the Government, the value of both business and personal property of Yung Chung-ching totals $80,000,000 }His debt obligations amount to near-$90,000,000. It is further revealed that by sheer ability and business foresight "Yung Chung-ching has built up in a period of thirty years this powerful industrial combine. With the rapid growth of his business undertakings and his inability give them his personal attention, /mismanagement quickly resulted in a breakdown of his whole industrial system,
Text read from the printed page and cleaned; old type leaves the occasional error.