1912-05-29 — Page 5

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35

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CONQUEST BY FINANCE.

WHAT IS GOING ON IN CHINA.

THE HONGKONG DAILY PRESS, WEDNESDAY, MAY 29ra, 1912.

(GY "ASIATICUS" IN THE DALLY MAIL.")

Is it realised in England that & move. ment is on foot, started by great financial ayndicates, backed by our own Foreign Office among others, which, if it is not checked, must assuredly bring about the break up of China?

When the Chinese Revolution began and the country lapsed into on rohy, tax- collecting fell into partial abeyance. The need for financial aid from outside soon became apparent. Small loans were talk ed of at first, and a little money was ad- vanced. Then came a project for a lonn of £42,000,000, afterwards increased to £60,000,000. Within the last few days the Joan proposala have zwelled to £200,000,000, but I believe the scheme which will be submitted to the public will be £80,000,000 at once and another £200,000,000 after a very brief interval.

MONEY FROM ENGLAND AND FRANCE. The brains that are formulating these loan proposals are in Berlin and Now York, but the bulk of the money will be obtained in England and France. The six Powers behind the syndicates are Great Britain. France, Germany, the United States, Russia, and Japan. How can Russia and Japan lend money! Very simply. They borrow at comparatively low rate in England and France and lend to China at a higher rate. On the opera- tions as a whole the bankers get the profits and the six Governmenta get the respon- sibility. For be it understood that these are not really private loans, except when it comes to sharing flotation and other profits. The Powers, in effect, undertake to aco that interest and sinking fund are paid. If China comes to grief they will

have to intervene.

It is not my intention to abuse the in- ternational financiers, either in Peking or in the great capitals. They are out for business. There are handsome pick- ings for everybody concerned. The banks gat their 5 per cent. on flotation and the handling of the loan transactions after- .wards. But the business of some of us who are not money-lenders is to point out whither thin oxtraordinary project may lead the Powers, and Great Britain moat of all.

PLEDOKO UP TO. THE HILT.

If China was a stable State with a sound Government the proposed vast loan might not be considered excessive. She has huge untapped resources. Undoubt edly a wise expenditure of great sums might develop her prosperity and enable her to face far more than her present lia

bilities. But the fact is that at the end of 1011 she ewed £138,000,000, with another £10,000,000 to come, and her de pendable securities were pledged up to the hill. Much of the money advanced has been wasted, but a substantial propor- tion of it represents the Boxer indemnity. What is the condition af China to-day

A great part of the Empire is in chaps, no allegiance to anybody. Three rival. generals, Yuan Chang houn in Southern Shantung, Huang Hsing at Nanking, and Li Hung at Hankow, seem disposed to fight for their own hand. President Yuan's most trusted troops were recently in revolt and sacked portions of Peking. The revolutionary army on the Yangtze has repeatedly mutinied in sections. Some of the provinces show a strong in- clination to repudiate the authority of the | central Government." The new Ministry carries little weight and is torn asunder by factions differences. Sun Yat-aan, who was never able to keep even Nanking in order, has gone into retirement to preach the cruder forms of Socialism. The last -six months have witnessed - constant upheavals and frequent massacres. The loan negotiations at Peking have beau conducted almost within sight of hurning villages and a ravaged peasantry.

OUTER PROVINCES DROPPING AWAY.. Is it not madness that at such a time the only remedy the Powers can press upon China is that she should treble her National Debt at a high rate of interest 1 Is it fair to European investors that their Governments should so mislead them? The Chinese Administration is a hollow shell which may collapse at any moment. When the Japanese revolted they fought to establish the authority of their Em- peror, but the whole essence of the Chinese Revolution is really repudiation of any central authority. The outer provinces are already dropping away.

China should not be taught to replace | her vanished revenue by loans. There is! no guarantee that the money will be fruit- fully expended. In the competition to thrust money on China even the pretence of seeking guarantees has been steadily relaxed. Much of certain recent loans I will not name them--has been deliberately squandered. Bome pretence may now be made at devising guarantees of economi- cal expenditure. Men are sitting in Peking now waiting for fat billets as over- It lookers. Their posts will be shams.

may be laid down as inevitable that any large sums lent to China in her present state will mostly vanish into the pockets of her own officials.

And after? I am coming to that, When China sinks under her load of in debtedness, or when the last vestiges of orderly government disappear, there will be a cry for intervention, and interven tion will mean administration. It will be the case of Egypt over again. Europe poured money into the hands of Ismail while he was misgoverning a naturally rich country. When the liabilities became overwhelming someone else had to step in and govern, and Ismail vanished, as the Chinese Ministry will vanish.

BREAK UP OF CHINA.

That is what the most far-seeing minds at the back of this movement are aiming at. They do not want to help China, but

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There is only one national course for the Western world, to pursue regarding China, and that is to lend her only the money she requires to pay her troops, and for other urgent necessities, until she has found some way of political salvation, established a stable Government, and got her tax-collecting machinery at work

again.

What has England to gain from acting as cat's paw in a subtle echeme for the ruin of China Why should we find the money. for China's undoing? We cannot con- trol a large slice of China. We have nei- ther the men nor the strength to spare. Our sole interests lie in the preservation of some form of independent government in China, and to that end we should do

to smash her, up; and the surest way to our utmost to prevent ber from plunging smash up China is to lend her vast sums into hopeless debt. The British and the which she cannot repay. We see at work American peoples do not want to see in the Far East the very newest form of China broken up, and could stop this conquest, that of conquest by finance. thing if they realised whither their There will be a general scramble for tor- Foreign Offices were dragging them. ritory. There will probably also be war). If China passes under foreign control over the spoils. - A Dual Control failed in the chief prizes will fall to her next-door Egypt. How can six Powers control the neighbours. We shall have doar the pay-

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