13
COPY.
Translation.
C.O
REC
22237
311
REGL 30 JUN 13
Extrast from Chung Kwok Yet Po. Canton. 10th. June. 1913.
Extract from the telegram by Governor Wu in reply to the
Senate, giving an account of the particulars as regarda the subsidy in aid of the Central Government.
In reply to your question in respect of the subsidy raised last year in aid of the Central Government, I would state that enquiries show that in June last year when the Central Government in consequence of the financial stress urged by tele- -graph the various provinces to remit to it the necessary tributes for its support, I, Hon Man, seeing that on account of the large number of troops at Canton the revenues fell short of the ex- -penditure, promoted a public loan in aid of Pekin and called in the assistance of the merchants in Canton and Hongkong to carry out the scheme. This public loan was classified under two heads:- (a) for 3 months at 8 per cent per month and (b) for 2 years at the rate of $1.50 for every 1 lent after the expiry of the term. I succeeded in raising from the "Chamber of Commerce" and the "Society for the Promotion of General Peace" at Canton 13,316 in Hongkong notes, $175,190 in sub coins and 8362,509 in Canton notes; and from the merchants in Hongkong 8406,429 in Hongkong notes, 87,260 in sub coins and $428.390 in Canton notes, totalling $421,745 in Hongkong notes, $182,450 in sub coins and $790,899 in Canton notes. All of the loans secured in Hongkong notes and sub coins were for the term of 3 months. The sum of $410,000 odd in Hongkong notes raised in Hongkong together with the loan obtained from the Canton Bank to make the sum up to 360,000 taels ($500,000) was remitted by telegraph in two separate occasions direct to Pekin through the Bank as directed by me, the total amount of money paid out including the expenses for the remittance and the interest for the loan derived from the Bank be ing 8526,352,75 in Hongkong notes. As regards the money raised in Canton, $100,000 in Hong- -kong notes was forwarded to Pekin on the 13th. July, the expenses