CO129-383 - Public Offices - 1911 — Page 227

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[This Document is the Property of His Britannic Majesty's Government.]

AFFAIRS OF CHINA.

CONFIDENTIAL.

(

[12007]

No. 1.

[April 1.]

SECTION 10

14858

Dear Mr. Alston,

Mr. Addis to Foreign Office.(Received April 1.)

2 MY B

Hong Kong and Shanghai Banking Corporation,

31, Lombard Street, London, April 1, 1911.

I SEND you herewith half-a-dozen copies of the official minutes of the Brussels Conference. They are unnecessarily verbose, but that is the American way.

I had a telegram early this morning from Hillier, to say that the American Currency Loan Meeting with the Chinese was to be held at Peking to-day, and that he expected to be able to send me an important wire later on in the day. I am sorry to say, however, that a subsequent telegram from Straight states that the result of the meeting was unsatisfactory, and that they are now not wiring until Monday.

O. S. ADDIS,

Yours, &c.

Enclosure in No. 1.

Minutes of Meeting of American, British, German, and French Groups, held at the Hotel de Flandres, Brussels, on March 18, 1911.

Present:

Mr. C. F. Whighan, Mr. W. Llewellyn, and Dr. Carl Melchior, representing

the American Group.

Mr. C. S. Addis, representing the British Bank,

M. E. Rehders and M. Franz Urbig, representing the German Bank.

M. St. Simon and M. E. Ullmann, representing the French Bank.

Mr. Whigham in the Chair.

THE following telegrams signed by Messrs. Straight, Hillier, Cordes and Casenave were considered :----

Cable by Messrs. Straight, Hillier, Cordes and Casenave to Messrs. J. P. Morgan and Co.--(Received London March 11, 1911.)

144. As result conference with China 9th March we believe Board of Finance prepared accept following terms final agreement,

Imperial Chinese Government 5 per cent. Sinking Fund Gold Loan 10,000,000Z. sterling for currency reform and Manchurian industries. Secured by first charge Manchurian tobacco and spirit taxes, 1,000,000 tacls; Manchurian production tax, 700,000 taels; Manchurian consumption tax, 800,000 taels; additional surtax on salt eighteen provinces, 2,500,000 taels; totalling 5,000,000 taels per annum. Foregoing free from prior charges; if insufficient Chinese Government will supply balance, first from Manchuria, then from other sources. In case default, above revenues to be administered by maritime customs.

Immediately upon signature agreement Board of Finance to hand banks' currency reform programme approved by Imperial ediet, May 1910, together with statement proposed expenditures thereunder and statement proposed expenditures for Manchuria. If found to be satisfac- Banks to be given six months within which examine above.

tory, banks to notify Board of Finance and issue loan to public as soon as possible after such notification.

Price bonds to Chinese Government, 95.

In the event of funds being urgently required for Manchurian expenditure, banks agreed after execution of loan agreement to advance up to 1,000,0001, on receipt of

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