CO129-391 - Acting Governor Claud Severn Governor Sir May - 1912 [7-8] — Page 151

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conditions are subject to severe and sudden fluctuations of the kind indicated, it is a practical impossibility for trade to thrive

To get over the present difficulty the Canton Govern- -ment must have money. Since the new regime took over the reins of Government there has apparently been no efficient machinery for collecting taxes and consequently money coming in is not suf- -ficient to meet ordinary expenditure in addition to which there are numerous troops to be paid. The new Government has been endeavouring to raise money in various ways and appears willing to mortgage anything available for that purpose but it is strongly held that nothing but harm can result from lending money to individual Provinces. The object of the foreign Governments is to see Chinese finance centralised and Provincial loans will defeat

this object. At the present moment by agreeing to reasonable conditions of control of security hypothecated and supervision of funds lent, China can probably borrow money sufficient for her needs but it is chiefly due to the action of the Proxinces in refusing to agree to these conditions of control and supervision that the Government in Peking is unable to accede to the terms considered necessary by the Government of the respective Banks who are negotiating to lend money to China.

(sd.) N. J. Stabb.

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Hongkong, b. July, 1912.

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