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one which my Committee begs to suggest, is to advertise “drawings" in one or more of the foreign newspapers in Kobe and Yokohama,
But to place the matter beyond doubt my Committee would suggest for your consideration a further step.
In 1912 the Austrian Government, which up to that time had followed the same method as Japan in treating coupons of Drawn Bonds, inaugurated a new system which has proved successful.
Every holder of Austrian Government Bonds is invited to write his name and address on the back of every Coupon when presenting it for payment, such Coupons even if relating to Bonds already drawn for redemption are paid in the usual way, but the National Debt Commissioners undertake to advise the owner of the Bond of the fact that his Bond has been drawn and therefore that Coupons so far as they relate to proceeds after the date of redemption are really paid out of Principal.
My Committee venture to commend this solution in the hope that it will be of benefit to all concerned.
Monsieur Kengo Mori,
Financial Commissioner for Japan.
I am, &c.,
(Signed) H. C. WILCOX,
Secretary.
Japanese Financial Commissioner to China Association.
The Financial Commission,
DEAR SIR,
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China Association, London, to China Association, Kobe.
China Association,
159, Cannon Street, E.C.,
8th April, 1914.
I have before me your letter of the 19th February enclosing correspondence between Siz Conyngham Greene and Baron Takahashi with reference to the irregular method of redeeming Bonds practiced by the Japanese Government. With a view to checking an undoubted hardship on Bondholders you ask that as much publicity as possible should be given to the above correspondence. It is being published in our Annual Report, and it was circulated to the Committee who considered it at a meeting held recently. In addition to certain amount of alleviation to be anticipated from publicity of the corres- pondence, my Committee were anxious to suggest some other means, which should be acceptable to the Japanese Government, to replace the present unsatisfactory methods,
This was found in a suggestion, made by Mr. C. V. Sale, that there was some reason to believe that the Japanese Government might adopt the procedure now in vogue in Austria, if it were made to them by the Association. A letter has accordingly since been addressed to Mr. Kengo Mori, Financial Commissioner, in London, a copy of which is enclosed.
It only remains to add that we understand "drawings" are already being advertised in the foreign press in Kobe and Yokohama, but we thought it well to include the suggestion while we were dealing with the subject.
I received this morning a reply from Mr. Kengo Mori, a copy of which I send you herewith. You will note that our proposals are to be laid before the Financial Depart. ment in Tokio. It is to be hoped they will bear fruit in due course.
DEAR SIR,
Imperial Japanese Government,
7, Bishopsgate, E.C.,
7th April, 1914.
I beg to acknowledge the receipt of your letter dated 2nd instant enclosing a copy of correspondence on the subject of Japanese Drawn Bonds.
Having followed the matter with great interest I take due note of the suggestions which your Committee made in the hope that it will be of benefit to all concerned and shall lay their proposals before the Finance Department in Tokio for their consideration.
I am, &c.,
To the Secretary,
China Association.
(Signed) KENGO MORI,
Financial Commissioner, Imperial Japanese Government.
Yours faithfully,
D. J. Evans, Esq.,
(Signed) H. C. WILCOX,
Secretary, British Association of Japan, Kobe.
Secretary,
DEAR SIR,
Financial Commissioner to China Association.
The Financial Commission,
Imperial Japanese Government,
Oth June, 1914.
In connection with your letter dated the 2nd April on the above mentioned subject, which I have laid before the Finance Department, Imperial Japanese Government, I beg
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