As for the Salt loans, Is neither so large, ed. Ruling out the issue of 5 per cent. gold bonds Inst May, and also the yen obligations which' have resolved no payment since 1925, total payments due in the current year amount to approximately £690,000, which almost £300,000 represents interest and the balance sinking, funds. Of this balance as much as £250,000 is represented by the Anglo-French loan, while the remainder is attributable to the "Crisp" Joan. 1912, on which sinking fund instalmenis have been outstanding (though the bonds have been drawn for" re-
Payment) since September," 1935. Tnterest on the Latter would involve £179,800, but, as we have seen, the March instalment "has gone unpaid. dimieult to attempt any estimate of the actual level of Salt revenues in China today. In 1937, collections amounted to 213 million dollars. Doubtless, there is some opportunity: for collecting Salt revenues in the western areas, where a new political and economic order is by the Chinese Government.
obscure towns in the int enjoy banking facilities, and in the lunoceupied area, at least, China's domestic trade is relatively active.
better illustration of the natural resilience of the Chinese people could be found. 'But, unfortunately, China's own budgetary need remains great and her ability to transfer even great-reduced debt' payments has been acutely affected by the damming of her commercial outlets. One thing. however, is certain. Provided that the service on Chinese loans is equity adjusted, bondholders will assent with willingness toa temporary measure of relief to China, for her past behaviour merits a display of Accommodation which would rightly be denied to several more afuent, but less honourable, debtors
Text read from the printed page and cleaned; old type leaves the occasional error.