2
I said that M. de Rijke's scheme commended itself to the shipping interests concerned, and that my information was that it had earned the approval of those best qualified to judge of its usefulness. I represented that the Chinese Government could not now refuse to take action to carry on works for which they had, at their own request, assumed responsibility, and I indicated that the only alternative to the course suggested would be to revert to the arrangement embodied in the protocol of 1901, and allow the foreign interests concerned to share in the control of the under- taking. Finally, the Ministers promised to consult the Board of Finance and to let us know the result of their deliberations as soon as possible.
In the last paragraph of my despatch No. 266 above mentioned, I alluded to a proposal, made by the manager of the Hong Kong and Shanghae Bank in Shanghae, that a loan should be raised on the security of the tonnage dues at that port. I learnt, however, indirectly that the German Minister considered that the object of the proposal was to benefit the Hong Kong and Shanghae Bank, and I therefore thought it wise not to pursue the matter further, as the only important point is that funds should be forthcoming, and the unanimity necessary to obtain them might be imperilled if plans were put forward which did not commend themselves to my colleagues.
I have, &c.
(No. 60.) Sir,
Inclosure in No. 1.
Consul-General Warren to Sir J. Jordan.
J. N. JORDAN.
Shanghae, August 7, 1909. ON receipt of your despatch No. 48, Confidential, of the 18th July, I immediately sought an interview with M. de Rijke, who, at my request, has drawn up a statement, of which I enclose a copy,* based on the figures of his estimate of the 10th April, 1909, showing the sums required for conservancy works for the first three years, as follows:-
First year, to July 1, 1910 Second year, to July 1, 1911
Third year, to July 1, 1912
And for the subsequent two years a sum of 2,558,820 dollars.
Dollars.
2,000,000
1,670,000
1,670,000
To these sums must be added the sum of 294,000 dollars, being annual cost of salaries, &c., according to Mr. Carruthers's estimate of the 15th April, 1909.
In order to arrive at a correct estimate of the actual requirements of the Conservancy Board it is necessary to estimate the present net annual revenue of the board. I have prepared a statement, from which it will be seen that the net annual revenue actually available for conservancy works is as follows:---
1909 (July 1 to December 31)
1910
!?
1911 15
1912 to 1924 (inclusive)
1925, not deficit
Shanghae Taels. 864,288.00
812,398.52
611,815.00
12,440-00
828,159 74
In order to combine these figures with those of M. de Rijke, it will be convenient
to divide the first three years into two periods, thus :---
3
16
Dollars.
Shanghae Taeis.
3. Required by M. de Rijke for subsequent two years, July
1912 to July 1914 Add cost of salaries for two years
2,558,820
Total ..
588,000
3,146,820
2,326,646
From these figures it will be seen that the total sum required by the Con- servancy Board, in order to carry M. de Rijke's scheme to a successful issue, is 5,144,515 Shanghae taels. In these calculations I have taken no account of the small net revenue of the board for the years 1912-1924 and the deficit for the year 1925. Nor have I taken into account the annual revenue which will be required for maintenance after M. de Rijke's scheme is completed, as I think it will be more profitable to wait until the work is finished, or nearly finished, before considering this question.
The final conclusion, therefore, to which I come, and which I have the honour to submit for your consideration, is that the sum of 5,144,515 Shanghae taels might be provided out of a Government grant or loan of, say, 5,250,000 taels, payable in the following instalments :---
January 1, 1910 April 1, 1911 July 1, 1912
October 1, 1918
Taels.
1,500,000
1,500,000
1,125,000
1,125,000
Any part of this loan not spent on M. de Rijke's scheme, as well as any sums realised by the sale of land to riparian owners, might form the nucleus of a fund for providing a conservancy revenue at the end of the five years required for the completion of M. de Rijke's scheme.
I have, &c.
PELHAM R. WARREN.
Dollars.
Shanghae Taels.
1. Required by M. de Rijke (July 1909 to end of 1910)
2,885,000
Total
Add cost of salaries, &c. (one and a-half years)
Deduct net revenue, 1909 and 1910
441,000
3,276,000
2,424,240
1,176,626
Total required, July 1909 to end of 1910
1,247,614
2. Required by M. de Rijke (1911 to July 1912)
Add cost of salaries (one year)
2,505,000
441,000
Total Deduct net revenue for 1911
-
2,946,000
2,180,040
611,775
Total required, 1911 to July 1912
* Not printed.
1,568,255
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