To the Editor of the "Nonri-Cunwa Darcy News Sin-—The front page of recent issues of your esteemed journal must have been read by British subjects in Shanghat with a feeling of ardent desire to do their utmost to support the cause we all have at heart.
A great many are contributing to the utmost extent of their resources, and many more to a lesser degree owing {0 the straightened cireumstances in which they find themselves placed' by the general collapse of financial markets, In the" latter category is the, _much-to-be-pitied investor in Chinese External. Bonds the Chinese Republic. Vast sums have been invested in the diferent foreign issues of these bonds, and the distress. caused, both here. in China and in Britain and America, by the default in interest payments and redemption of the Bonds, is Inealettabl rge on the entire revenue of the country, the Chunglsing Government has taken upon itself the right to shelve these legitimate liabilities, but, In order apparently to protect their own nationals, and banking institutions, they are regularly paying Interest upon Chinese Domestic Bonds, these issues having only. secondary claims upon the country's Your esteemed paper took up the above point in a leader inserted in tone of your earlier issues, but 60 far, the "gross Injustice suffered by the foreign bondholders has not been rectified, despite the fact that the Government concerned must be well aware of the true facts of the case, 'During the annual meeting of the Hongkong & Shanghai Banking Corporation. held some time ago, it was intimated that' more than' a pounds sterling was lying in certain "Banks, this sum having. been set aside by the Chinese Govern= ment against eventual payments of dues upon the Bonds. Furthermore, was. stated that monthly sums representing a certain proportion fof seventies collected, were. being ald into the holding Banks, also for the above purpose, Tt' must therefore be supposed that a considerable stm of money is lying. somewhere, earmarked for eventual It would therefore appear that, irrespective of revenues collected occupied areas of China, some Immediate solution should be' sought to distribute the sums accumulated by the Chinese Government. Such notion would be appreciated by the numerous investors "concerned, alle Viate considerable distress caused by the Government's default, and help restore a little confidence in those who, when called upon to subscribe to the various issues in order to support China in her previous Industrial expansion efforts, did s0 ood faith.
One reads a lot of the projected flotation of further loans in America, andi the continual requests for help from other countries for the prosecution of the war, but no effort is made "to relmbutse those who, by Investing in China's foreign external Joans, gave her their full support her past endeavours.
indeed a fact that sums of money' are lying in certain Banks for protection of payments to foreign bondholders, there would appear earthly "reason why such sums should "not be distributed—im= mediately, T would respectfully draw the attention of those in. high places responsible for the collection of War Fund contributions, to the possibility of the Wemendous support which may be forthcoming, should bond-hollers be accorded a little fair treatment by the distribution of part of the abovementioned sequestered Shanghai, Aug. 5
Text read from the printed page and cleaned; old type leaves the occasional error.