573
malpractices.
When the representatives of the whole gentry of Hunan, the taotais Chang Tsu-t'ung and Ch'i Hui-hsiang, came to Pei, the memorialist considered this point with them and they both absolutely approved this view. After thorough consideration and careful calculation he was convinced that a foreign loan for building the line provided the powers given were strictly limited was by no means necessarily objectionable.
For it is very probable that the provision of funds would not be easy nor the funds provided abundant, while want of funds means delay in work, and that postponement of profit, and absence of profit means serious embarrassment. So after getting the resumption loan I wrote to the English consul arranging this one move as a reserve in case of need.
Later on as the Wai Wu Pu telegraphed an apprehension of its breeding complications, he on 25th October telegraphed back to the Board saying he would strongly urge the 3 Provinces' gentry and people themselves to provide funds and on 27th in his telegraphic reply to that Board and his telegram to Chang Po-hsi, President of Board of Revenue, said:-"For the Hankow-Canton railway it is decided to provide funds for our own working and not to raise foreign loan".
Thus the question of a construction loan has long ago been dropped. The censor in an utter ignorance of current affairs as deep as of local matters suddenly on 24th November, a month after date, makes the abandoned idea of a construction loan a ground for blame and
72
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573
malpractices.
When the representatives of the whole gentry of Hunan, the taotais Chang Tsu-t'ung and si Hui-hsiang, came to pei, the memorialist considered this point with them and they both absolutely approved this view. After thorough consideration and careful calculation he was convinced that a foreign loan for building the line provided the powers given were strictly limited was by no means necessarily objectionable.
For it is very probable that the provision of funds would not be easy nor the funds provided abundant, while want of funds means delay in work, and that postponement of profit, and absence of profit means serious embarrassment, So after getting the resumption loan I wrote to the
glish consul arranging this one move as a reserve in case of need.
Later on as the Wai Wu Pu telegraphed an apprehension of its breeding complications, he on 25th October telegraphed back to the Board saying he would strongly urge the 3 Provinces' gentry and people themselves to provide funds and on 27th in his telegraphic reply to that Board and his telegram to Chang Po-høi, President of Board of Revenue, naid:-"For the Hankow-Centon railway it is decided to provide funds for our om working and not to raise foreign loan".
Thus the question of a construction loan has long ago been dropped. The censor in an utter ignorance of ourrent affairs as deep as of local matters suddenly on 24th November, a month after date, makes the abandoned idea of a construction in loan a ground for blane and
72
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