This Document is the Property of His Britannic Majesty's Government.
O.
48997
CHINA RAILWAYS.
24 NOV 09
[November 2.]
SECTION 3.
CONFIDENTIAL.
[38020]
(No. 406.) Sir,
No. 1.
Sir J. Jordan to Sir Edward Grey.-(Received November 2.)
Peking, September 8, 1908.
I HAVE the honour to transmit to you herewith a summary of last month's events not recorded in separate despatches, which has been drawn up by Mr. Seeds, Third Secretary in His Majesty's Legation.
I have, &c. (Signed) J. N. JORDAN.
Inclosure in No. 1.
(Extract.)
Monthly Summary of Events.
The Ch'uan Han Railway (see monthly summary inclosed in Sir J. Jordan's despatch No. 249 of the 4th June).-The Company still persist in their policy of never publishing any financial statement of their affairs, but are endeavouring to increase public confidence in the management, and to attract more plentiful subscriptions of capital by rigorous investigation of the malpractices and corruption attendant on the unpopular "rent share" system. The formation of a Shareholders' Association drove the Directors to take some steps with regard to this scandal, which entails, as appears from Company's own report lately issued, "obstruction of all kinds in the payment of interest, manipulation of rewards and fines, misappropriation of funds, falsification of accounts-in fact, an endless tale of corruption."
Amoy-Changchow.-The Japanese have failed in their opposition to the engagement of a British engineer, as reported in Sir J. Jordan's despatch No. 249 of the 4th June, Mr. Sinclair, who was formerly on the Shanghae-Nanking Railway, having now been appointed to superintend the further construction of the line.
Canton-Hankow.--The appointment of Chang Chih-tung seems to have been fairly well received by the native press, which declares that his personal fitness for the post, thanks to his ability and past experience in the provinces concerned, renders his selection unimpeachable. At the same time, the appointment of an official supervisor over a commercial concern would seem to threaten the conversion of the railway into a Government concern, and looks like the thin end of the wedge of Peking officialdom and centralization.
The Hupei Government Bank, in its Report on the financial prospects of that province's section of the railway, declares itself prepared to furnish the promised 4,000,000 dollars of capital, but private enterprise is as yet very backward in raising the other 2,000,000 dollars necessary.
[2030 b-3]
This Document is the Property of His Britannic Majesty's Government. O.
48997
CHINA RAILWAYS.
24 NOV 09
[November 2.]
SECTION 3.
CONFIDENTIAL.
[38020]
(No. 406.) Sir,
No. 1.
Sir J. Jordan to Sir Edward Grey.-(Received November 2.)
Peking, September 8, 1908. I HAVE the honour to transmit to you herewith a summary of last month's events not recorded in separate despatches, which has been drawn up by Mr. Seeds, Third Secretary in His Majesty's Legation.
I have, &c. (Signed) J. N. JORDAN.
Inclosure in No. 1.
(Extract.)
Monthly Summary of Events.
The Ch'uan Han Railway (see monthly summary inclosed in Sir J. Jordan's despatch No. 249 of the 4th June).-The Company still persist in their policy of never publishing any financial statement of their affairs, but are endeavouring to increase public confidence in the management, and to attract more plentiful subscriptions of capital by rigorous investigation of the malpractices and corruption attendant on the unpopular "rent share" system. The formation of a Shareholders' Association drove the Directors to take some steps with regard to this scandal, which entails, as appears from Company's own report lately issued, "obstruction of all kinds in the payment of interest, manipulation of rewards and fines, misappropriation of funds, falsification of accounts-in fact, an endless tale of corruption."
Amoy-Changchow.-The Japanese have failed in their opposition to the engagement of a British engineer, as reported in Sir J. Jordan's despatch No. 249 of the 4th June, Mr. Sinclair, who was formerly on the Shanghae-Nanking Railway, having now been appointed to superintend the further construction of the line.
Canton-Hankow.--The appointment of Chang Chih-tung seems to have been fairly well received by the native press, which declares that his personal fitness for the post, thanks to his ability and past experience in the provinces concerned, renders his selection unimpeachable. At the same time, the appointment of an official supervisor over a commercial concern would seem to threaten the conversion of the railway into a Government concern, and looks like the thin end of the wedge of Peking officialdom and centralization.
The Hupei Government Bank, in its Report on the financial prospects of that province's section of the railway, declares itself prepared to furnish the promised 4,000,000 dollars of capital, but private enterprise is as yet very backward in raising the other 2,000,000 dollars necessary.
[2030 b-3]
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