Certain banks in Shanghai had Jadvanced as much as $50,000,000 to Yung Chung-ching during the past few years to put his factories their feet. and just before the big jerash an additional $5,000,000 was loaned to him. From the $5,000,000 oan, $2,800,000 was paid out' immediately to meet urgent debt obliga-ions without anything being done to reorganize these factories. 'The feanks, therefore, withheld the -payment' of the balance ($2,200,000) believing that it would be @ sheer waste of money. Facing an almost hopeless situation, Yung Chung-ching Jmnnounced his retirement and handed over his business affairs to one of his subordinates, Wang Vu-ching, land Li Shen-peh and Lu Fu-jen were asked to take charge -of his cotton fand flour mills respectively.
Text read from the printed page and cleaned; old type leaves the occasional error.