San Francisco, Dec. 16.
'A Washington dispatch said today. that Mr, K. P. Chen, head of the Chi-hose Financial Mission which has stecessfully obtained credits amounting to U.S-$25,000,000, declared that most of the American loan would be eyoted to the purchase of trucks and He said a substantial portion of the contracts for trucks will be placed with the General Motors Corpora-lion. He indicated the initial contracts will be placed within the immediate future, Mr. Chen also emphasized that the {trucks will be operated on highways for purposes of transportation and that the credits will not be used for military purposes.
The purchases will be made by the Universal Trading Corporation, which incorporated in New York, he said, The Universal Trading Corporation is composed of Chinese stockholders headed by Mr. T. M. Hsi, a member lof the Chinese Financial Mission.
The Export-Import Bank will extend the credits to the Universal Trading Corporation under a guarantee from {he Bank of China, The ere dis will future over a period of five years.—ture over & De years.
Text read from the printed page and cleaned; old type leaves the occasional error.