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THE HONGKONG DAILY PRESS, SATURDAY, NOVEMBER, 9ɛɛ 1918,
THE CRISP LOAN,
PROPOSED STATE BANK FOR CHINA,
THE FULL STATEMENT BY MR, ERISP.
An extraordinary general meeting of the mombers of the Anglo-Russian Bauk (Ltd.) was held on the 18th. ult. at Winchester House, Old Broad-street, under the previ dency of Mr. Charles Birch Crisp," for the purpose of considering and (if thought fit) passing the following resolution as a special resolution, namely: That the same of the Bask be changed to the British Bank for Foreign Trade (Limited)."
The Secretary (Mr. Victor Parker) having read the notice convening the meeting,
The CHAIRMAN said:-Ladies and gentle- men, the formal business before us to-day will probably occupy but a few moments, bot, with the approval of my colleagues and with your indulgence, after wo hare disposed of the business on the agenda, I propose to Jay before you some facts concerning the Chinese loan, about which, I daresay, most of you have heard something. (Cheers.) This is the first opportunity that presents itself to enable me to make some reply to those people who were fully entitled to. attack me and my associates for the part we have played in that transaction.
THE LOAN AND THE FORÈIGN OFFICE.
After dealing with the special · business indicated in the resolution, Mr. Crisp con- tinued:...
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May I go now to the subject of the Chinese loan? In these clays of great commotion it behoves all of us to observe some reticence, even when we are moved, as I confess I nm, to reflect upon Sir Edward Grey, but I cannot deal property with the question with put touching upon some things which would be quite out of place in the City and at a non-political gathering. The House of Commons, as matters are to-day, is not open for the ventilation of such subjects as this. I have spoken with many influential mera-. hers both of the Opposition and on the Government side. They tell me that without the consent of Mr. Redmond no time for people that they should comply with those discussion can be given in the House of demands. In course of time it came about Commons; and, more than that, there is in that on account of the political pretensions, the minds of most members a feeling that not because of the safeguards which the Sir Edward Grey, while he holds the office banka wished to import into their contracts, of Secretary of State for Foreign Affairs, as the Foreign Office. to-day would have should be regarded as above criticism, and you believe, but on account of those political that we must wait until there is a change pretensions it was decided by the Chinese of Government or until he vacates the office Government, by the Minister of Finance, ho now holds before any effort should be and others, that further negotiation with made to review his conduct of that office. the group were impossible.. You are probably But I feel bound to observe that the Foreign acquainted with something which passed Office in this matter is not dealing properly later, because you may have seen the ́inter- either with the people of Ergland or the view which I gave to Reuter's Agency on the House of Commons. Let me take one or two question whether the Foreign Office did or instances in support of that point. Mr. did not prohibit the transaction. Acland, answering a question one day lastrOINTS CONCERNING THE ISSUE OF THE LOAN. week, stated-let me road you his words) It was clear to me and to my friends in that this lons "was opposed because, while negotiations were proceeding with the Six- Powers Group, we did not consider that China was free to borrow elsewhere. Now, the fact is that the negotiations with the Six-Powers Group were terminated on or about June 30th. If Ching is free to-day she cos that a little to our intervention. It was sought to bind her, it was sought to destroy her integrity, it was sought to close the open door, but she is free to day because on June 30th the told the representatives; ing for itself. Despite the bolated efforts of the banks nominated by the Powers that she would not submit to their terms; and criticism of sorie of the Press, the loan was I say that it is misleading the House of Commons to suggest that negotiations were | proceeding when, in reply to what were stated to be the minimum demands of the Powers, China had definitely stated that she would not comply with those demands and would sark accommodation elsewhere. Then Mr. Adland, in reply to a supplementary question, went on to say that he saw no reason why the conditions that were laid down should not be made public. Last night, as you will have seen from the papers, Dz. Wedgwood Benn, replying in the absence of the Foreign Secretary, stated that "His Majesty's Government would have no objec tion to the publication of the conditions at the proper moment,"
CARPETS MADE AND LAID FREE.
FURNISHING
the City of London with whom I consulted that wo were perfectly free to enter into a transaction with the Chinese Government. but when the transaction was about to be consummated and the issue was about to be unde, the Foreign Office took the extreme step of seeking to influence public opinion against the loan. Some newspapers thought it their duty to support the Government, but in this country the Press for the most- part is independent and is capable of judg-
DEPT.
lamentable crisis which has arison in the last few days in the Near East. The public subscribed very largely in numbers, but the individual amounts were small; but the subscription fully justified the belief which we had entertained-nomely, that the English people would regard this as a good security and would endorse our action in the
matter.
THE HONGKONG AND SHANGHAI BANK. ··· I have searched diligently among all the newspapers-and not EL for have made reference to this transaction-and I have very carefully taken note of all the criticisms in order that I might learn, if you like, for future guidance what is to be learnt in such a matter. Papers like the Saturday Review seems to me to think there may be nothing to be said against the loan on the score of security. the rate of interest, ar the price at which it is issued, but they feel very strongly that it is much to be regretted that this loan was not issued by the Hong- kong and Shanghai Bank and the people identified with former Chinese loops. It is possible that if the Hongkong and Shanghai Bank had issued this loan the list would have only been open for an hour; but if people like that kind of thing I can serve it to them an some future occasion. (Laughter.) I have sought to find justification for the idea that the mere fact that a loan in issued by the Hongkong and Shanghai Bank makes it good for all time and suitable for investors. The last occasion on which a Japanese loan was issued was in the month
it was a 4 per cent. loan at the price of 95, and this loan was, I suppose, thrice blessed. It must have had the support of the Foreign Office“, because we know that they are for giving the Hongkong and Shanghai Bank a monopoly in the case of China, and if it. were not that the Foreign Office regarded them as the proper medium for introducing Eastern investments to the Western public they would not be so anxious to support them today. This loan; then, it would appear,- The was blessed by the Foreign Office.
Bank, and it had the inestimable benefit, in the eyes of some people, of having for brokers the firm usually associated with that group. Today the quotation of that loan is 82-83), so that the investor has suffered a loss of something like 12 points. Now, no man in his senses, and I least of all, would offer any criticism against the Hongkong and Shanghai Bank for the part they then. played. No man in his senses would endeavour to faston upon them any responsibility for the loss to the investor, and that is why I think the aution of Mr. Agland, Mr. Wedgwood Beun, and Sir Edward Grey is not only chiblish, but futile, when they try to prove that if our Chinese loan had been issued by that combination it would be worth su, inuch more than it is to-day. (Hear, hear.)
of the Foreign Office and the adverse
issued. Now something has been said concerning the result. It was about 9 o'clock on the Thursday that we began to receive applications for underwriting that half of the loan which was issued. Atof May, 1911, The loan was for £11,000,000; half-past 3 o'clock the list of underwriting was closed, and as the commission that was paid to the underwriters amounted to 14 per cent,-you-will-see that we had on that day in effect sold that half of the loan to a set of persons at the price of 983). The list of subscriptions for the public opened on Friday morning, I think, and closed on Saturday. The initiated in the City of London and all the principal towns of England know that when a loan of this kind is issued it is customary for the sponsora of 'CHINA AND THE SIX-POWERS GHOU?". the loan to underwrite it, and it generallyinkers were the Hongkong and Shanghai Public opinion in this country will be happens that the persons who asked for unable properly to determine whether my underwriting are in turn invited to state action was justified or whether it was not how much they wish to take firm. We did until it knows what the conditions were that not on this occasion adopt that plau, because the Powers sought to impose on China. In we wanted to give the English public every the absence of an official statement, allow opportunity of subscribing for the loan. I me to tell you what I know of the position. am convinced-and I have a little experience The Eis-Powers nominated certain banks to in these matters-that if we had invited the deal with China. In the case of France underwriters to take firm, suy,-50-per-cont there were some 20 banks in the transaction, or 60 per cant. of what they wanted as. in the case of Germany, there were several underwriters, they would have replied in the banks, in the case of Russia there was one affirmative, and we might have opened the banks, and in the case of England there was list at 10 o'clock on Friday morning and one bank. The Morgaus, I think, represented closed it at 11 o'clock; but if we had adopived America, and I suppose that the Yokohama that course I do not suppose that the lows Specie Bank represented Japan. A meeting would have kept at the price which it has was hold in Paris, and at that meeting some maintained in the face of a certain amount of the delegates put. forward what I win call of adverse criticism, the continued efforts of political pretensions. Japan, if I am rightly the Foreign Office to belittle it, and the informed, stated that, as a condition pro- cedent to China's being allowed to raise money by way of loan, the reorganization of the military forces of China should be made over to Japan. What the requirements of Russin were I do not at this moment know, -but 1 ani prépared to state that the position of Russia pir-d-vis Chinn undoubtedly entitles Russia to a considerable voice in things affecting China. The horders of Russia and China march together, for some centuries Itnssia and China have met about Maneluria, and it was quite understandable and proper that Russia abould advance views. at, such a time. Whether England would have been altogether justified in supporting the whole of her demands is a question I will n seek to answer to-day, because I do not know exactly what those demands were. I do not, for example, know exactly' what. the Morgans asked for, but those who are familiar with Amerkan methods will readily believe that Messrs. Morgan expected to be able to make something of a corner” in China, and to get for American âuanciers that kind of exclusive benefit which it is their ideal in life to obtain. (Laughter.) It is probably true that the English repre sentative-wrote on paper or with suitable emphasis said that the policy of England was to maintain the integrity of Chinn and the open door.
Bat when this discussion becaine known, and it was known in China what the Powers collectively -were
opinion after, public became agitated. I had it from Dr. Morri- son first hand that Yuan Shih-kai--who is regarded by many who know something about China as the regenerator of that country-strong as bo is, backed by public opinion as he is, would have been driven "from office had he sought to persuade the
(Continued on Page, 6)
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