Another Chinese bank, which has a note issue, was virtually' put. under Government supervision on. Friday, when Mr. Tu Yueh-sung, director. the Bank of China, and Mr, Koo Yiku, a Government' appointee on the recently established Native Banks Supervisory Committee, were appoint-chairman and general manager, spectively, of the Commercial Bank of China. Both Mr. Tu and Mr, Koo, who are understood to have been ce: commended by the Ministry Finance to take charge of the institu Aion, assumed their new posts next day. 'The appointment wag officially announced at a directors' meeting held at the offices of the bank, on the Bund, on Friday morning.
An official of the Commercial Bank north-China Herald," stated that the Bank' has always been and is in a sound condition, Me. Fu Siao-an, former chairman of the Chinese General Chamber of Commerce, who had been for many years chairman of the Board of Directors of the Commercial Bank of China, yesigned owing to illness, as in. the case of Mr. Liu Ti-chih, general manager of the Ningpo Commercial Bank, whose posts were taken over by Mr. T. D. Woo and Mr, Churtong Yih, respectively, An order was issued on Wednesday all banks. that HOH. Kung, Minister Finance, also, explained that these bonds will ibe advanced "to any: cash bank (commonly native banks) requiring asthe basis of 80 per cent. of the market value of commodities, or 10 per cent. of the assessed value land, as security. "Arrangements have also. been concluded with the! modern-style Chinese commerei banks, namely. China and, South Kincheng Banking Corporation, Continentat Bank, Yien Yieh Commer: lal Bank, Shanghai Commercial Savings Bank, National Commercial Bank, *Chekiing " Industrial Ban} Manufacturers 'Bank of Chino, and China State Bank, and Government banks, so that holders of the bonds, turn, will be able to secure loans to 60 per cent. of the face value fof the bonds in the ordinary course of business. Thus, under this' ar-Fangement, native banks will be able to obtain cash leant from banks up to 48 per cent. of the value of com= modities, and 4 per cent. of the present assessed value of land.
Mr. Zing Zung Ching, Chairman Jot the Native Bankers Guild, de-with the conclusion of the native banks' has been satisfac torily passed. 'The mere assurance: that assistance Is available has removed pressure on most of the banks, So that' the full sum offered by the Ministry hardly will be necessary.—Kuo' Min.
Text read from the printed page and cleaned; old type leaves the occasional error.