Our latest advices are that the Chinese authorities have responded to these proposals by an intimation that they prefer to proceed by way of a Chinese Government Loan for £7,000,000 for general purposes, including the redemption of the Peking-Hankow Railway.
As soon as the Chinese have furnished us with particulars of security, which are promised in a few days, we shall be in a position to judge of the value of their proposal, upon the merits of which it would at present be premature to pronounce an opinion.
This is, in brief, the exact position in which the two Groups are at present placed.
Monsieur Homberg, who has been good enough to charge himself with the delivery of this note, has discussed the position fully with me, and will supplement it with any further details which you may require.
Believe me, &c.,
(signed)
C. S. Addis.