One consoling factor was that most of the sellers possessed fewer bonds While the big buyers were those who possessed more showing that there was confidence in the Government.
Chinese press comments, as a whole, tried to impress the people with the necessity of the slop taken by the authorities in Chungking welcoming the only way out of the present difficulty and asserting that it should not cause anxiety which would in turn cause market confusion.
Despite prolonged efforts to induce ihe Japanese to permit the appli tion of such revenues to the service of all obligations outstanding prior to the hostilities, to which the revenues were pledged, no funds were forthcoming.
The Government, the, spokesman went on, in keeping with its general policy of doing everything possible to care for the interests of its bondholders, had advanced each month on the application of the Inspector-General Sir Frederick Maze, amounts required to fill the gap.
Though the Japanese declared that they might allow remittances in respect of foreign currency obligations, they refused any remittances respecting the equally valid Chinese currency debt outstanding prior to the hostilities, Long experience in connection with the Customs in North China, and elsewhere, as well as in other matters, indicated what reliance could be placed on the Japanese assurances, the spokesman continued.
Text read from the printed page and cleaned; old type leaves the occasional error.