Page 513
Enclosure No. 1 in Mr. Fraser's Semi-Official of October 12th, 1908.
Copy.
Translation.
EXTRACT from "Kung Lun Pao" of October 10th, 1908.
(DEC 12 1909)
PROPOSAL to change the Hunan Section of the Hankow-Canton Railway into a mercantile enterprise under Official superintendence.
A secret telegram from Peking to Hunan says this change is decided upon. The news has filled the gentry with alarm, as they think henceforward everything will have to be at the beck of the Officials, and not a vestige of control will be left to the provincial gentry and merchants. Besides the share collection has just begun to develop, but this news will intensify the difficulty of getting merchants to subscribe, and failing such support the whole dependence for success will be on official shares. The public of late is extremely hard up, and can never find the vast capital needed, which means that recourse will have to be had to a foreign loan and this will render the redemption of the American concession nugatory. These last few days the gentry have been busily conferring and planning together schemes of resistance, and they think of hastily telegraphing to Peking for support in vigorous opposition to this proposal, so as to retrieve their position.
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