The Shanghai Munici 1 Council is to be congratulated on its refusal 10 [be overawed by the present disiurbled state of the markets and its consequent decision to full its declared intention of affording holders of the $5,000,000 loan of 1924, redeemable Jon December 31 next, the opportunity to convert their holdings. The iMerms offered attractive. They not involve new money and they }do not come into conflict with pres-lent market conditions. The Coun. cil, in fact, is showing leadership in the emphasis which Its offer lays on Shanghat's stability. Prudent invest. lors who have been perturbed by the erratic course of events. of the advantages which accrue tothe holders of the 1924 loan. They will be able to obtain a satisfactory rate of interest in the simplest possible jway without having to look far afield.
Text read from the printed page and cleaned; old type leaves the occasional error.