for.
མ་
13
CHINESE RAILWAY CONCESSIONS.
It was announced in the House of Come mons on the 28th March by the Under-Secretary of State for Foreign Affairs that the negotiations which had previously been going on between the Rail-
concessionnaires of the Shanghai-Nasioners
way and the Chinese Board of
with the view to the early Hotation of the loan ang
commercemwat of construction, had been broken off, and a postponement of the issue re- solved on till after peace is restored. In this advantage was
taken of a clause, said to have been in the agreement, to the effent that such night take place in the event of an
an unfavour. able condition of the Money Market resulting from an outbreak of war. During the six yoanz iu which this concession has been in force it should be noted that there was perfect peace for the first two years, followed"
by the Boxer troubles, which lasted about one year, while over the last two or three years a state of peace has again reigned, so much so that advantage was largely taken to raise money in France and Ger- many for investment in Chinese enterprieas. The present state of war, however, it is apparent is not the cause of the non-sue of the intended loan. Before the beginning of February last, when hostilities commenced between Russia, and Japan, the corporation for several months had pus forward as the cause of their inability to raise the required capital the lack of a Brition Government guarantee to the bonds to be issued. To this it was replied that such was not required in Febru ary, 1899, whon is issued the North China Kailway. Newbwang Extension bonds, nor did French and German concessionnaires receive such support from their respective Governments; and yet these had found enormous sums without difficulty (wand To be about £20,000,000) within these six years.
Thus
have been text-in time of peace wo have been given one reason,
and in time of war we are asked to accept another. One thing, however. is patent and ought to be clearly kopā in view--namely, the real cause, whatever it is, has existed continuously over six years, or noarly en Neither of the causes adduard by the corporation conform to this. We must, therfore, look elsewhere for the real rause. There must ba sopiothing the effect of which has been conter- minous, or nearly so, with the existence of the concossion itself. It ought to be found at
at a poin subsequent to the very successful issue of the Newehwang Extension bonds in February, 1899, and prior to December of that year, when these sema bonds of the corporation fell to £81 net, and from which they have never permanently re- covered their stability, When the parties in terested have ascertained the road canso, and ce cognised the same as the essential factor in the situation
tion, some progress may be looked for.
see-saw arguments
As this concesion was obtained only by means of the assistance rendered by His Majesty's fro vernment, it would be interesting to know if it has fully antished itself that all diffioultice are now removed, and nothing further is necessary to secure a successful issue of the bonds but the neasation of hostilities between the presera belli gerents. Should this be the view of the Govern meat, need hardly be said that many well in formed people on Chinese affairs hold a very different opinion: if this is not the Government's conviction, then why not press on the interested parties the urgent necessity of at once sciting their house in order and having everything in readiness for the Rotation under the happiest auspices on the return of poon, should such delay be thought desirable?-
15912 408
3
RES MAY 041
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