CO129-393 - Governor Sir May - 1912 [11] — Page 277

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(1). No ownership of the land given as security shall be interfer-

-ed with.

269 (2). The creditor shall not interfere with the financial adminis-

-tration of Kwang Tung.

These provisions were duly agreed to by the creditor, and the agreement was signed on the 24th. ultimo, specifying therein

that the amount of the loan shall be delivered within two months.

The reason why the land-aXHEK revenue was offered as

security is because in the future the indirect taxes of the Province,

such as tobacco-tax, mine-tax, salt gabelle and Likin, will assuredly

be included among the national revenues, leaving only the direct

revenue, such as land-revenue to be appropriated to the Province, and

beyond this indeed no other revenue can be appropriated, that is to say,

no other revenue can be given as security. As to the question whether any interference with land-owership by foreigners would be involved to

the prejudice of the administration of the nation an answer can be found

by considering the nature of the scheme devised for the repayment of the proposed loan and seeing if the loan can be repaid in accordance with the agreement. As far as a proper scheme can be devised which can enable us to repay the loan without fail,, however ambitious and covet-

-ous the creditor may be, he can never do us any mischief, even suppos-

-ing we did fail to repay the loan on the expiry of the terms, let me

ask you which of the securities already given by our nation for the re-

-payment of the various loans formerly raised are free of such danger as

mentioned above. Originally the Canton Government had no desire to raise any foreign loan; sometime ago certain wealthy merchants in the

straits Settlements offered to lay out an enormous capital to ins ti tute

a bank, the regulations for the conduct of which the Canton Government,

desiring to maintain the value of notes by means of such an institution,

then wired to the Board of Finance for approval. However when all ar-

-rangements had been properly made, in view of the necessity of buying

up all the notes in circulation, the merchants, being apprehensive that

the value of the notes would fall heavily, refused to take up the

responsibility, and the proposed institution of the bank finally dropped

(1)

Then