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that with this exception no others might be opened; but the Diplomatic Body never expressed its consent to the Chinese proposal.
The Chinese Government are therefore equitably estopped from objecting to the continuance of such residence and trade of foreigners already in Peking, and cannot justifiably object to other foreigners enjoying the privilege already conceded to their conpatriots and other nationals
Under these circumstances His Majesty's Minister regrets that he is unable to comply with the Wai-chiao Pu's proposal on the subject.
Peking, April 28, 1913.
[24703]
No. 57.
!
(No. 197.) Šir,
Sir J. Jordan to Sir Edward Grey. (Received May 30)
Peking, May 13, 1913. I HAVE the honour to forward herewith translation of a memorandum from the Wai-chiao Pu on the subject of foreign loans.
You will observe that the Chinese Government decline to recognise any loans to public or private bodies in any part of China from foreign merebants, in which railways or mines which are the property of the State are given as security, without the consent of the Central Government having been obtained.
I am circulating a copy of this communication to His Majesty's consular officers for the information of British merchants.
J. N. JORDAN.
I have, &c.
Enclosure in No. 57.
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(Translation.)
Sir,
Wai-chiao Pu to Sir J. Jordan.
Peking, May 6, 1913.
I HAVE the honour to observe that the late Manchu Government, and that of the Republic, have on many occasions informed the Diplomatic Body that in cases where foreign loans are made, whether by provincial officials for public requirements, or by merchants for undertaking railways or mines, the consent of the Central Government must first be obtained, and the latter will officially inform the Diplomatic Body for purposes of record; and further, that the foreign merchant making the loan must first inform his Minister at Peking, who will enquire whether the loan has the consent of the Chinese Government, only after which may the loan actually be paid over.
On the 30th November of last year a presidential order was received stating that it was essential that our financial plans should form a united whole, and that in future all matters concerning loans should come under the direction of the Minister of Finance. On the 2nd December the contents of this order were communicated to all the Ministers at Peking, and they were requested to inform merchants of their respective nationalities.
It is evident that the object of the Chinese Government in making the above repeated declarations as to the method of contracting loans throughout the country was not merely to secure the solidity of our internal finances, but to protect the interests of foreign merchants who might advance money this should be credited by all foreign merchants I have now the honour again to declare that the Government will refuse to recognise any loans by public or private bodies in any part of China from foreign merchants in which railways or mines which are public property are given as security for which the consent of the Central Government has not been obtained, and this whether or no an agreement has been drawn up. Where cases of this sort occur, and foreign merchants as a result suffer financial losses, the Government will not undertake the responsibility of obtaining compensation for them.
I have the honour to communicate this to your Excellency, and to request you to instruct merchants of your nationality accordingly, in order that they may strictly observe the regulations laid down. By doing so you will assist in the maintenance of friendly relatious.
I avail, &c.
(Seal of the Wai-chiao Pu.)
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