CO129-345 - Public Offices & Foreign Office - 1907 — Page 161

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tain the control of them in their own

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secondly, that it is the intention in future to vest

The control of such matters in the Board of Finance instead

of in the Wai Wu Pu as formerly. It was quite in accor- 158 d noe with the enunciation of this new priniple that Na tung exhibited but little interest in the other terms of the proposed loan, and our conversation was confined almost entirely to a discuss on of the general question of foreign borrowing under the new regulations. The questions of British preference and of French participat- ion were not referred to, and I did not think it politio to raise these pints.

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I have not on the memorial of the Board of Finance.

A short abstract of it apears in yesterday's Gazette, bus

appars

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it merely refers to the dangers of foreign borrowing and

the necessity of precautionary measures for its control in order to avoid future trouble. I am trying to obtain the full text which Ha told me is easily obtainable; and if I procure it I will send you a copy.

From our point of view I think the result of the interview is satisfactory, since it leaves the situation in a clear and intelligible light, though I am afraid the procedure imposed by the now regulations will not harmonise with Chang's fevorish anxiety to raise railway funds. There seems very little doubt in fact that the regulations are a direct outcome of the recent negotia- tions at Hankow, which have been watched up here with anxiety and apparent disapproval. The door seems now closed to any resumption of these on the previous lines. If they are reopened it will have to be with the nogni- sance and approval of the Board, which will give them the Imperial character so strongly advocated from the first by our friends at home.

(sa.) E.Q.Hillier,