}
copy.
No.367.
Confidential,
sir,
30124
1STP 3 1907
PEC
C. 0.
33911
Pa 23 SEP 07
25 July, 1907.
141
Fr.Hillier
to Dr.Townsend.
13 July.
Ur.1111er
to Er.Fraser.
23 July.
The enclosed report of the loan negotiations at
Hankow which Mr.Hillier has addressed to his principals
in London may be of interest as showing the conclusions
which have been forged upon him by this abortive
attempt to arrange a provincial loan, These are briefly
that no sound progress can be expected in railway
construction if the initiative is left to the provincial
authorities and that the obligations for this purpose
should be undertaken in the name of the Imperial Govern-
ment. Mr.Hillier goes on to outline a scheme, for an
international railway loan of a somewhat ambitious
oharacter with regard to which he sought an expression
of my viene on his return to Peking. Even were such an
international combination desirable, a point on which
The Right Honourable
ato.
Sir Edward Grey Bart., M.P.
etc.
etc.
I