The reaction to the nomination of five Japanese candidates, he said, included the fall of certain shares on the Stock Exchange and reports of the deterioration of those shares, and the exodus of wealthy Chinese from the Settlement to the French Concession, These rumours are based on fear that, upon election, the five Japanese councillors will act so that the administration of the S.M.C. will be totally destroyed, These fears are entirely groundless; there is no reason why the Japanese should destroy the prosperity of Shanghai or endanger the livelihood of residents. of the International Settlement.
Commenting on the "gentlemen's agreement," the "spokesman said that such an agreement never existed, In 1926 the Japanese nominated three candidates and a re-election was necessary because of certain irregularities in Hongkew Police Station, This shows that there was no "gentlemen's agreement" and there has been nothing like an agreement crystallizing the present ration of 5-2-2, Asked' what the attitude of the Japanese would be in the event that the five Japanese candidates were not all elected to the Council, the spokesman said that since it was the object of the Japanese to achieve reform they will abide by the decision of the election,
Text read from the printed page and cleaned; old type leaves the occasional error.