Council to Offer $500,000 for Public Subscription 'The Shanghai Municipal Counel} on Nov. 26 announced an issue Gebentures to the nominal value of {$250,000 "(local currency). Of this {eur $2,000,000 will be reserved for 'Trust' Fund purposes, leaving a Balance of $500,000 to be offered for Public subscription.
The now debentures will carry Interest at the rate of 8% per cent. per annum and will issued at a premium of 2 per cent. The period of the debentures will be ten years, and they will be subject to a prior charge in respect to the Municipal Toans of 1925, 1920 and 1927, in accordance with the provisions of the Trust Deed relating to those Toans, 'This issue of debentures forms part of the total borrowing authority amounting to $12,000,000 approved fat the last ratepayers' meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.