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Miller to Mr. FrasOT,
30124
(SEP 9 M
23 July, 1907
156
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སཱ ཙཏྭཱ པ
Copy.
My dear Frager,
In conformity with my promise to the Viceroy I went this morning to see Na tung by appoint- ment in order to explain to him the nature and scope of my recent negotiations in Hankow; he received me alone at his private residence. H.E.knew of course that I had been in Hankow and had been in negotiation with Chang Kung pao, but chang had kept his and his colleagues quite in the dark as to the terma proposed. He asked what amount Chang proposed to borrow, and I told him £1,500,000, adding that more than twice that amount would be required for the railway scheme Chang had in view, and I thought it a pity that he did not negotiate for all his requirements at one time. I then went into the various pot ts which Chang Kung pao had asked me to explain, the obstacle to borrowing directly for railway purposes, created by the Ediot of 1305, financial stringency of the revenues of the province, the failure to raise native share capital.
the
and
Na tung said there was no objection in principle to foreign borrowing; the days of such objection were over, and China now recognised that, where domestic resources were not available, it might be necessary to borrow outside for specific objects. A week ago H..said, the Board of Finance (Tu ohih pu) impressed with the dangers that begat such borrowing on irresponsible lines, memorialised the Throne proposing that in future Viceroy
and