561
either more proposals or impracticable suggestions or funds too petty to be serviceable or too remote of realisation. The divergence of general opinion and diversity of the methods of raising funds proved the absence of any scheme for the immediate provision of large sums. The then acting Viceroy at Canton from his halting place at Michou on 17th December 1904 telegraphed that the means of the gentry were quite unreliable and the authorities still less could take up such a great sum; so the three Provinces must jointly borrow foreign money to be repaid in terms of years proportionately. The Hunan gentry Chang Tsu-Tang and Hsi Hui-huang came to Hupeh and on being consulted strongly supported Ts'an Ch'un-hsüan's opinion, holding that as therefrom there was no plan of prompt efficiency, the case was urgent.
Foreign loans for railway construction are frequent all over the globe. Their advantage or harm depends simply on the terms of the agreements.
If these are not clear any country whatever will suffer harm, while if they are clear any country whatever will not suffer harm.
In the case of the Canton-Hankow loan from America the discount was heavy, the period long, and they were to undertake the work and even mining rights were to a great extent lent to them. The result was to give others the control and to put railway rights entirely in the lender's hands - a tremendous detriment. In the case of his English gold loan of £1,100,000 interest is only 4.4%, there is no deduction or discount;
a very great saving compared with the Board of Revenue's sterling loan from the Hongkong and Shanghai Bank last year.
Page 570
Page 571
561
either more proposals or impracticable suggestions or funds too patty to be serviceable or too remote of realisation. The divergence of general opinion and diversity of the methods of raising funds proved the absence of any scheme for the immediate provisions of large sume. The then acting Viceroy at Canton from his halting place at Michou on 17th December 1904 telegraphed that the means of the gentry were quite unreliable and the authorities still less could take up such a great sim; so the three Provinces must jointly borrow foreign money to be repaid in terms of years proportionately. The Hunan gentry Chang Tsu-
Tang and Hsi Hui-holang came to Hupe1 and on being consulted strongly mmported Ts'an Ch'un-hafan's opinion, holding that as art threfrom there was no plan of prompt efficiency, the case was urgent.
Foreign lound for railway construotion are frequent all over the globe. Their advantage or hai
If these
depends simply on the terms of the agreements.
are not clear any country whatever will suffer harm, while if they are clear any country whatever will not suffer harm,
In the case of the Canton-liankow loen from America the discount was heavy, the period long, and they were to undertake the work and even mining rights were to great extent lent to them. The result was to give others the control and to put railway rights entirely in the lander's handa - a tremendous detriment. In the case of his English gold loan of £1,100,000 interest is only 44%, there is no deduction or discount;
a very great saving compared with the Board of Revenue's sterling loan from the Hongkong and Shanghai Bank last
year
Page 570Page 571
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