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مارة
Enclosure
Translation.
253-
208
Extract from Chung Ngoi San Po, Hongkong, 13th. No vember, 1912.
Telegram from Wu Hon Man in respect of the proposed
loan.
nă: quomi niul, the 21 20 bet
To The Legislature,
Pekin.
Laurotni oten villis; the dodol
TO JOIN Bij no Jug #61JUD
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yunsort and the 18 10t
of biwe ar noic Lonio ii asd01. 92017
ousei vini.10.09 pwaneTÜ OLJ -BilĺBums 10 Wiï on a ni atend (7.78 0. Vol.Bodo
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18 Jivoihin egun otu gaire
IN BIO BA
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anoivİLivo 3.
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-on ei suoi ai.
gd ba 2930
:
CNS atento a Gino1o. Ile saivla yoston ev
DeDLU HİNT SĂ MĂ ME 19TI UN. .JSXIV-
od įdus Tavy Tub Bi di ja weiv ni JSN'T L 5:UL OLM 10 Maruo ni
.JEWIS * von Iinco asufquus be in meda nier pď odmerglooI
qori pe'10 graŸ
And ̧.ndu Teulevol
On the glorious restoration of Canton, the Provincial Treasury had been entirely emptied of its treasure, and the Government chiefly depended upon unredeemable notes to defray its various expenses. Since my return to Canton, as a result of my strenuous efforts exerted in the promotion of the various improvements the revenue of the Governme in the promotion of the various improveme -nt has been step by step increas yet in consequence of the ex- -cessively large number of notes in circulation and the scarcity of hard cash in the market, the value of notes has fallen daily, thus, as I have no need to mention, causing a large measure of injury to the merchants and innsbitants. Again since all payments and receipts by
Secretly
the Government are made in notes, quarrels and disputes often arise between Soldiers and shop keepers, the latter seveday demanding dis- -count when the former tender notes paid to them by the Government, and tumults and riots are often impending; and despite energetic efforts exerted to prevent affaire assuming a worse state imminent danger threatens every day. Indeed no remedy is available, unless a bank is established with a capital of hard cash without delay, that so our finances may be reformed. It so happens that an American merchant has offered to lend us a sum of $5,000,000 in American currency, and ar- -rangements were therefore made with him that the land revenue of the Kwong Tung Province should be given as security and that the loan should be for a term of 20 years at 98 bearing interest at 6 per cent per annum with the option of repaying it after the expiry of 10 years. The Provincial Assembly has again made several regulations which are to be added to the agreement, and of which the most important run as
follows:-
(1)
T