Very Substantial Value Recei ved by the Country at Low Rates of Interest: Question of Secured and Unsecured Loans The following memorandum on British loans to China is issued by the Tientsin British Committee of Informatio China has raised on the London market in the course of the last 30 years by means of long-term loans approximately 60 millions of pounds sterling of which about 36 millions are still an outstanding debt. "These Joans were raised by the sale of Chinese Government bonds issued at or very near parity at rates of interest varying according to the state of the market but mainly between 44 per cent. and 6 per cent, and stanked for many years in the tion of the British public a essentially solid class of foreign Government investment, One of the consequences of the present disorder in China is that a considerable portion of these issue: has fallen into default. The toss of income to British bondholders is great and steadily increasing while, regarded from a national point of view, the defaults mean a reduction {in the national income from overseas investments with a corresponding adverse affect on the balance of trade fas well, of course, as a loss of income-tax revenue,
Text read from the printed page and cleaned; old type leaves the occasional error.