THE CHINA MAIL, JANUARY 16, 1939
CHINA DEMANDS THAT ALL CUSTOMS FUNDS BE
USED FOR LOAN SERVICE
Chungking, To-day. Aimed at protecting the interests of friendly Pow- ers and foreign and Chinese bondholders from Japanese seizure of customs funds in war zone customs ports, the Ministry of Finance late last night issued an important announcement dis- continuing the practice of advancing funds from the Central Bank of China for the servic- ing of all customs secured loans.
The announcement stated that since the start of the war, the Central Bank of China has advanced a total sum of no less than $175,000,000 for the servicing of the Government's loan obligations originally secured on customs revenues detain- ed at various Japanese occupied places. The announcement revealed, that now become worse. Customs funds the Ministry of Finance has in-which were nominally deposited with structed the Inspectorate-General | the Japanese banks were actually of Customs henceforth to service utilized by the Japanese to purchase all customs-secured loans from cus-China's foreign exchange and
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toms revenue, and rejected its ap-strengthen their aggressive weapon. "Peck's Bad Boy With The Circus" plication for a further advance In detaining these funds and not | from the Central Bank of China. allowing them to be remitted as
For all long-term loans contract-customs receipts, the statement ed before the start of the present pointed out, the Japanese have war and not yet fully amortised, clearly trespassed on the rights of customs receipts outside war-friendly Powers and damaged the zones will be only deposit-interests of Chinese and foreign ed pro rata with the Central Bank bondholders, and to cope with this for the use of servicing the Govern-situation, the Government is forced ment's obligations, the announce-to take proper steps.-Central News. ment stated.
SIR F. MAZE'S REQUEST -
REJECTED
The announcement stressed that the present arrangement is solely aimed at coping with the prevailing extraordinary conditions, precipitat- ed by the illegal detention of cus- toms funds by the Japanese in the various war zones.
When the de- tained funds are returned and fu- ture receipts regularly turned in, the Government will revert to its original practice of authorising pay- ments of all such funds into the Sinking Fund.
The announcement reiterated the fact that it has always been the policy of the Government to meet: its loan obligations, especially those secured on customs funds, regular- ly and on time. For the payment of these obligations, it recalled, the Government had many times ar- ranged large sums of money else- where whenever funds earmarked for the purpose showed a shortage.
Since the outbreak of the present. war, the statement went on to say, the Japanese have seized cus- toms funds at war zones, and forced them to be deposited with Japanese banks.
At the same time, the Japanese have forcibly circulated in war..... zones Japanese and bogus notes and mili- tary notes with the purpose of dis- turbing Chinese finance and lower- ing legitimate customs receipts. In spite of all these provocations, the Government had steadfastly main- tained its determination to uphold the credit of its loan obligations.
The situation in war zones has
"NIKS""
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Chungking, To-day.
The Government has announ- ced that it has decided not to make any further advance for the service of loans secured on the Chinese Maritime Customs but had set aside sums propor- tionate to revenue collected in areas still under their control.
The official spokesman of the Finance Ministry stated that the Chinese Government had been obliged to reject a request by Sir Frederick Maze, the In- 'spector-General of Customs, for a further advance for the ser- vice of loans.
The Japanese were detaining customs revenues collected in Japanese controlled areas.
་
The arrangement was a tem- porary one necessitated by the present abnormal conditions and the spokesman said that he hoped a proportionate sum due from Japanese occupied areas for loan service would be similarly forthcoming-Reu- ter.
MANY KILLED
IN SERIOUS CHUNGKING RAID
Chungking, To-day.
A serious air raid on Chungking took place to day when 21 Japan- ese planes dropped bombs on both banks of the Chialing River and western suburbs of Chungking.
Many civilians were killed while Chinese planes engaged the bombers.
As Chungking is crammed with refugees and possesses no open spaces, it would be a death-trap if bombs were dropped in the centre of the city.-Router.
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