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135
11.
upon a Chinese unsecured by the hypothecation ofspecific revenue;
+
but, if any value be atill attached to this firm of security, I can
only say that in my opinion and as applied to internal revenue, it
is altågether sentimental, It is quite obvious and experience has demonstrated that, if called upon to do so,European officials would
be quite IxEyExbincapable of effectively administering either lekin,
Mal for land tax. The security is now, and must be in future the credit
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and good faith of the Chinese Government, and the latent wealth of th
-e country which it needs only financial pressure and improved conditions to bring out. In the persent instance, the compensation for the absense of the threadbare formula of hypothecation, is the
fact that the solemn pronise of China to pay is witnessed by the
three Great Powers who, in case of default, are to call upon China to assign such revenues as may be necessary to secure the debt.
The merits which I venture to claim for the scheme are that,
(1). Ita terms are so liberal that the Chinese would find it diff-
-icult to allege grounds for refusing it.
(2). It offers a strong inducement to the Chinese in the redemption of the Peking Mankow railway,
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(3). It is free from the leest shadow of infringement of China's povereign rights,.
4). It disarme the objections of the patriot who still clings to the boller that suffucient native share capital for railways can be obtained in the country; since it presents to him the opportunity of redeeming the loan whenever he likes, and for any amount which he is in a position to raise by the xxxke iseue of native shares. 1.K.Townsend Esgre London
very
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