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lf to to any opinion on this proposal, it would be necessary for h im to ascertain the views of his Government; and, for my own part, gested that it appeared a good moment for me to return to Peking explaig H.E.'s views to Sir J.Jordan and the Wai Wu Pu. The roy approved of the last suggestion, and proceeded to furnish me
instructions for my mission. I was, he said, to inform the Wai Yup the nature and object of the loan, its amount, term, interest,price security, but I was not to discuss with them the other conditions he agreement,se the Viceroy preferred to retain the settlement hese in his own hands. Asthe Edict of 1905 prohibiting the borrow- of foreign money for railway construction is still in force, the roy could not call this a Railway loan. At the same time I was to t out that no mortgage of any railway line, or other condition Cabery derogatory to shina's rights is proposed. The provinces of
is very hard up, and the experience of the last two years has wixxxhxx clearly shown that it is impossible to raise the large required for railway construction by means of share capital al-
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If, therefore railways are to be constructed, the funds for thefr truction must be largely diverted from the provincial revenues; if from the revenues of one department, why not from those of the ic works department ? Again, Tsen Shum-hsuan, Viceroy designate of jon, is temating with the Government for permission to borrow on tly similar lines.Why should he,Chang,not receive at their hands same consideration as his colleague Teen ? If the objections of Mai Wu Pu are frunddd on the fear of offending other natione, I am uggest that equal participation be given to the great Powers, Engin