1926

CHINA
537
Loans to Hanyehping Colliery Company
1901,
1905,
1905,
1907,
1907,
1907,
1908,
.1912,
19'2,
.1912,
1912,
.1913,
1913,
1914,
1915,
1915,
1913,
1913,
19u3,
Nov.-
June-
Nov.-
Sept.-
Nov.-
Nov.-
Mar.-
Feb.-
Feb.-
Nov.-
Dec-
Dec.-
Dec. -
June-
Feb.-
Feb.—
July—
Nov.-
Feb.-
Industrial Bank at 6 .per cent
-Yokohama Specie Bank at 7 j per cent. .
at 7 per cent.
Mitsui Bussan Kaisha ..
at 6 per cent,
at 7 per cent,
at 8 per cent,
at 7 per cent,
at 8 per cent,
at 7 per cent.
Mitsui Bussan Kaisha..
.... $ 3,000,000
1,500,000
500,000
830,158
812,730
614,395
6,000,000
3,000,000
Hk. Tls. 120,000
$500,000
.... Y. 2,500,000
$6,000,000
$ 765,707
86,400
150,000
150,000
100,000
500,000
1,000,000
I Towards the close of 1918 the Powers agreed that no further advances should bo
made to China until a settlement between North and South had been completed.
The observance of this undertaking has rendered administration since extremely
difficult. Innumerable private sources were approached for financial accommodation
with unsatisfactory results. National bonds were hawked about until they depre¬
ciated lower than previous below-par quotations. Redemption of the 4th year
Domestic Loan should have been commenced in 1918, but was not commenced till
1919. Likewise the principal of the Premium Bonds should have been returned, but
was not. The feature of 1919 was the announcement that America, Britain, France and
Japan would form a new Consortium. Associated with this proposition was a plan
for the unification of China’s railways. Japan, at first, disapproved of both schemes,
but in 1920 changed her attitude. It is now the stated policy of the Powers to with
hold “ political ” loans from China but to help her in any constructive projects she
wishes to initiate. As yet, however, China has not recognised the Consortium, and the
joint note from the British, American, French, and Japanese Legations^ at Peking,
-enclosing the Consortium dossier and dated September 28th, 1920, still remains
unanswered.
During later years, when Administrations were short-lived, difficult situations
were met more or less adequately by domestic and private loans. The following list
'taken from published share quotations showed the values of the former on December
-4 th, 1924: —
3rd Year—Large
—Small
5th
7th
9th
10th
11th
Large
—Small
—Long
(1,000)
(10,000)
—Large
—6 per cent. Large
— „ Small
—7 per cent. Largs
„ , Small
—8 per cent. Large
“ 14th Million ”...
“ The 96 Million ”
13th Year—8 per cent. Treasury Notes
$98.00 n.
96.00 n.
72.00 n.
63.40 n.
83.10 n.
69 00 n.
72 00 n.
Par. plus Int.
24.80 n.
94.0 J n.