Chinese Plan to Relieve Local Situation: Property Owners Discuss $500,000,000 Scheme interesting plan to relieve the monetary situation in Shanghai was discussed at a meeting of 50 leading Chinese property owners held at the residence of Mr. Chen Ling-sun, 1550 'Bubbling Well Road, on Sunday atter-noon' when a now. organization, known as the Commercial and Eeonomie Association, was formed. The plan involves the issue of $500,000,000 {in bonds and although the subject was thoroughly. discussed no action being taken for the time being.
was proposed that the Govern. ment should establish a title deeds depository where the new. bonds would be issued in exchange for: mortgages on property. In order make the bonds legal tender and generally negotiable, like banknotes, waa considered necessary to have 60 per cent, cash reserve, in other words, $200,000,000, in addition to 40 per cent, title deeds securities Main Obstacle The despatch of a petition to the Government, asking it to act on this scheme, was held up pending a solu-ton of the question as to the securing of the cash reserve, which forms the chiot obstacle to the originators {this plan. At the close of the meet-ang, 'a time mit. of four days was liven' to the members in which to think out ways and means of overcoming this obstacle, Although there was no opposition to the scheme, two members James Lee ard Mr. Shen Dien-sin, advised caution and careful deliber Yon of the matter before definite steps were taken. A more optimistic view was taken by another member, Who reported that the plan had been wwourably received by native bankfers. He further claimed thay certain members of foreign-style banks had declared it workable "The meeting opened at 30 o'clock. only responsible persons who could present admission cards previously mut out were allowed to attend. Even these had to register themselves fat the entrance.
Mr. Chew Lin-sun, who was nominated chairman, opened the proceedings with a brief outline of the stringent financial situation. He said although only real estate' owners represented, the question of re~ Heving "the present depression was of vital interest to the community at large.
Text read from the printed page and cleaned; old type leaves the occasional error.