Shanghai, Jan. 23, ce-operation with Chinese bankers, the Chinese Government is embarking upon a gigantic economic development scheme in the southwest.
'A Chinese banker in Shanghai stated yesterday that many Chinese banks here have established branches in the southwest with a view to investing money having all made profits during the past year.
A multi-millionaire overseas Chinese medicine merchant, Mr. Hu Wen-hu and other merchants, have contributed $50,000,000 for developing Yunnan alone.
'A Chinese report which states that Chinese banks in Shanghai have made profits ranging from several lakhs to {$10,000,000 during the past year has been denied by the banker who explained that while foreign and Chinese Government banks made biggest profits, Chinese commercial banks only made profs ranging between several lakhs and $1,000,600 the most.
He confirmed the report that many coal Chinese banks have established. branches. in the southwest in order to help the Government in developing natural resources in the interior bhut denied that the Government had ever intended to levy the "Wartime Proft Tax" on the banks here as one Chinese report has stated. He said that the banks considered proftmaking as a matter of course at any time, and the tox did not apply. ordinary" business transactions during the war time.
'Apart from Shanghai bankers' help in establishing branch offices, the Chinese Government has secured help from other sources including bankers. in the interior for developing the natural resources in Szechwan. Yun-han, Kweichow and Sikong where a Hold mine has just attracted official attention, Bankers have ce-operated with Szechwan merchants in _est~ abolishing the Chwen Kong Wool, weaving Factory to be located Chengtu. The factory is to be capita Bined with $300,000,
Text read from the printed page and cleaned; old type leaves the occasional error.