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wasted would be limited.

The Hunan gentry and

merchants also telegraphed that they had no scheme

Bethinking mo

for providing vast funds at once.

that as the position of the three provinces was identical

there was no help I then decided on borrowing the

money.

At the same time I telegraphed my views to

the Governor of Hunan to take the opinion of his gentry

and his reply was that after thorough inquiry amongst them they agreed to my proposal.

Exhaustive

inquiry proved that the English consul's offer provided

the lowest rate of interest and the full sum in sterling without discount, only he demanded besides privileges

in Kuangtung, a point which I politely put off.

This caused the negociations to be protracted without

settlement, until on 31st August Liang Ch'eng, Your Minister to America, suddenly telegraphed that the

China Development Company's directors had executed the

draft agreement under which the first instalment of

2,900,806 odd gold dollars was payable on 7th September,

1.0. 9th of 8th moon, at New York, and as the date was

at hand he must ask the combined provinces quickly to

provide that the funds be remitted by telegraph to

America before the 7th September to prevent a catastrophe.

His answer was

I replied asking him to get an extension of 10 days

to enable provision to be made.

that he had consulted Foster as to postponement

suggested who replied that he had in accordance with

my telegraphic statement that we were ready to redeem the concession at figure demanded apprised Morgan that

the

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