1912-10-21 — Page 5

Page

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113-1

THE LOAN NEGOTIATIONS.

OFFICIAL DISPATCHES.

THE HONGKONG DAILY PRESS, MONDAY, OCTOBER 21ør, 1912,

The Chinese-Government sent the following telegrams to the Legation in London on the dates mentioned below with reference to the position of the salt gabello revenue and the amount available for the new loan:-

PEKINO, August 16th, 1912.

Your telegram of the 14th inst, inquir- ing the amount of the salt gabelle pledged for the old and new loans, has boen received. Wo find out that the yearly revenus received from the salt gabelle amounts to 47,510,000 tnels. After pledg- ing 24,000,000 taels for the old and new loans there remains 23,610,000 tools, which can be used as a pledge for this present Joan. But if the repayment of this £10,000,000 were spread over 40 years, you' should calculate the amount of the yearly repayment both interest and principal of this loan and thus pledge a part of the remaining 23,410,000 taals salt revenue sufficient to cover the yearly repayment and keep the surplus as security for fature loans when required.

A further telegram from the Chinese Government sent on August ed read as follows:-

Regarding the statement that the whole salt gabelle had already been given as security for the Boxer Indemuity loan, we beg to inform you that in the Inter- national Protocol, 1901, Article 8, Section 3, the words "revenue de la gabelio' mean only the original salt revenus received prior to 1900 by the Board of Finance, amounting to Tls. 12,000,000. The yearly payment of the Boxer Indemnity load dorived from the salt revenue has, novor heen beyond the amount of Tis. 11,000,000.

From 1908 up to 1911 a part of the salt revenue amounting to 17. 12,000,000 or Tis. 13,000,000 has been given as security for soven other loans. The money advanced by the Six Powers group is also. secured by that revenue. In our former telegram wo stated that there is still a surplus of Tis. 23,000,000 of salt revenue which can be used as security for loans. Our authority for this statement was the Budget published last year, which showed that the salt revenue had increased to the amount of Tis. 47,000,000, which is quite different from the amount received prior to 1900.

The yearly payment of the Boxer Indemnity is Tls. 20,000,000. Besides the security given on the salt gabello, there is, According to the Protocol, Article 5, Sections 1, 2, and 4, also the security derived from the Customs revenue, etc. How, then, can it be said that the sum of Tis. 47,000,000 of salt revenue has been wholly given as security for the Indemnity,

loan?

CONGRATULATIONS FROM THE CHINESE CAUINET.

The following telegram, dated Septem- ber 27th, was addressed to the representa tive of the Chinese Republic in London by the Cabinet in Peking -

With reference to the loan now being issued in London we have received the President's instructions as follows:-

"We have to congratulate ourselves on the successful flotation of the loan which has been undertaken by the financial group out of their desire to improve the friendly relations existing between our two countries, and for having mado is such a complete success... The President, the Cabinet, and the whole Chinese nation aro deeply grateful to its supporters.

The Republic just established regards before all things the keeping of faith, and will look upon the discharge of this loan as ún obligation especially binding upon it..

Please transmit this message."

STATEMENT BY THE BRITISH CROUP.

The following statement as to the situation from the British Group of International Bankers, which The Timer understands, is approved by the allied groups, was published last month:-

In the middle of last February, shortly after the abdication of the Emperor, the four groups (to which, with the consent of the Chinese and of the foreign Govern- menta concerned, the Russian and Japan- eso groupe were subsequently added) were requested to finance the Provisional Gov- ernment of China by means of prelimin ary advances during a period when, owing to the state of disorder in the country, it was impossible to collect re- venues. They were also requested to undertake a reorganization loan, the amount of which the Chiness themselves suggested should be £80,000,000, for the purpose of reorganizing the Chinese ad- ministration and of initiating a compre hensive scheme for the commercial and industrial development of the country. Although £60,000,000 was the amount originally suggested as necessary to pro- vide for the complete reorganization scheme, it was arranged to issue it by means of a series of smaller loans, which, however, were to be considered as instal- ments of the larger advance, so as to avoid any appearance of haphazard or piecemeal finance.

to

t

In spite of the fact that the, service of existing China Ingns and of the Boxer indemnity payments were in arrears, the groups, with the authority of their. Tespectiva Governments,. agreed finance the immediate needs-of-the-Pro | visional Government by a series of month-

ly advances which HOW amount £1,808,614 17s. 31. These advances, it was agreed, were to be redeemed out of the reorganization loan to he suberquent- ly issued for the purpose, as has been stated, of rehabilitating the credit of China, assisting the reform of its adrainis- tration, and developing its industry and

commerce.

By an agreement under scal, dated March 9th, 1912, it was provided --

That, in consideration of the assist anco rendered by the groups to China in the present emergency and of their sor vices in supporting her credit on the foreign markets, the Chinese Government

CHE THAT TRADE MALLED WORD CHERATION IS OR 175 assured to the groups (provided that

BBIT, GOVT STAMP AFFIERD TO ALL, GENUINE PACKETS. INSIST ON HAYIKE THERAPION. .....

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with those otherwise obtainable) the dr option of undertaking the comprehensive load for general reorganization purposes already proposed to them"

It was, however, expressly declared by the Governments concerned that they would not support and the groups for their part would not undertake these operations unless further assured that the proceeds of the loan would be effectively spent and that the security provide would be adequate. It was considered that in the unsettled conditions prevail- ing in China and the fact that she was already in default, such conditions were imperatively required both in the in- terests of China and of the prospective

hondholders,

The conditious proposed by the groups may be comprised under two main head inga, to the principle of which the Chinese were asked to give their assent as a basis of negotiation before proceeding, to dis- cuss their application in detail,

First, for the control of expenditure, by the appointment of a foreign auditor, as in previous loans, responsible for the proper application of loan funds and for the publication of annual statements.

Secondly, by foreign supervision of the collection of revenues pledged for the security of the reorganization loan.

65-6:

LATEST STEAMER MOVEMENTS.

The str. Kiev left Nagasaki on the 18th October, and expected to arrive here on the 23rd October.

for this port on the 19th October, at The P. & Q, str. India Jeit. Singapore a.m., with the outward English mails, and is due here on the 24th October, at about 6 a.m.

Peking Left Singapore on the 20th Octo The Swedish East Asiatic Co.'s str.. ber, and is expected to arrive here on the 25th October,

The I.G.M. str. Prinz Eitel Friedrich, which left here on the 12th October, at October, at 8 pm. 6 a.m., arrived at Singapore on the 18th

The I.M.G. str. Prinz Sigismund left Sydney on the 19th October, at 11 am.. and may be expected here on or about the 11th November.

2.

PASSED THE CANAL..

September 27th-Bayern, Jason, Kleist, Korang Si, Mishima Maru, Polyphemus, October 1st Carmarthenshire, Denbigh shire, Erroll, Himalaya, Hirano Maru, Lothian, Memnon, Stentor, Indradeo, Veleus. 4th-Nile, Nubia, Theseus Egremont Castle, nam, Schuylkill, Telemachus, Estonia, 8th-Alcinous, Mei Vladimir. 11th-Ajax, Antilochus, Aus- tralien, Bohemi, Braemar Cathay, Glenlogan, Kaga Mary, Teenkei, Voronej, Forek, Ocean Mouarch, 16th-Brisgavia, Dardanus, Glenesk, Liberia, Myrmidon, Prinz Ludwig, Sardinia, Annam, Tango

aru, Africa, Alisus. Suevia, Thesus, Teddo, Deike Rickmers, PicassÓW.

20th-Persia,

While no sorious difficulty was appre- hended with regard to the supervision of expenditure, the Chinese Government professed to regard the foreign supervi- sion of the collection of revenue as an in- fringement of its sovereign rights, which it could not accept. On the other hand, the groups and their respective Govern- mens, while perfectly ready to consider any reasonable modifications, were not,

ARRIVALS AT HOME. prepared to abandon the principle of October 20th-Atholl, Bendorau, Glen- foreign supervision, which they believe to logan, Kaya Moru, Meinam, Prinz Lud be essential for safeguarding the in-wig, Telemachis. tereats of bondholders and reconstituting Chinese finance upon a sound basis.

No agreement having been reached on this point of principle, the Chinese Minister of Finance intimated to the. groups on the 3rd September that China would have recourse to other lenders who were prepared to forego these conditions.

NOTICE TO KOWLOON RESIDENTS

IMITRA COPIES of Daily Press are on

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The Royal Commission

in their final report on Tuberculosis. recently issued, clearly showed that the chief danger to child life resulted. from the use of infected cow's milk. To quote one extract: "The Evi- dence we have accumulated goes to demonstrate that a considerable amount of the tuberculosis of child- hood is to be ascribed to infection transmitted to children in meals consisting largely of the milk of

-the-cow-"~mi

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NOTICES TO CONSIGNEES

NORDDEUTSCHER LLOYD, HREMEN IMPERIAL GERMAN MAIL LINE.

NOTICE TO CONSIGNEES,

THE Steamship

T

NORDDEUTSCHER LLOYD, BREMEN IMPERIAL GERMAN MAIL LINE.

NOTICE TO CONSIGNEES, THE Steamship

THE

PRINZ EITEL FRIEDRICH," having arrived, Consignees of Cargo are hereby informed that thoir Goods, with the exception- "COBLENZ,"

of Opiam, Treasure and Valuables, are being landed and stored at their risk into the having arrived, Consignees of Cargo are hereby hazardous and/or extra bazardous Godowns of of Opium, Treasure and Valuables, are being Godown Company, Limited, Kowloon, and West informed that their Goods, with the exception the Hongkong and Kowloon Wharf and landed and stored at their risk into the hazard-Point Godowns, whence delivery may be ous and/or extra hazardous Godowns of the Hongkong and Kowloon Wharf and Godown Company, Ltd., Kowloon, and West Point Godowns, whence delivery may be obtained.

Optional Cargo will be forwarded on unless intimation is received from the Consignees before NOON TO-DAY requesting it to be landed here.

No Claims will be admitted after the Goods have left the Godewas, and all goods remaining andelivered after the 21st Oct. will be subject to rent.

be left in the Godowns, where they will be All broken, chafed, and damaged goods are to examined on the 21st Oot, at 9.30 A.M.

All Claims must reach us before the 28th October, or they will not be recognized. No Fire Insurancs will be affected. Bill of Lading will be countersigned by the Undersigned.

obtained.

intimation is received from the Consignees Optional Cargo will be forwarded on unless

landed here. before Noon TO-DAY requesting it to be

have left the Godowns, and all goods remaining

No Claims will be admitted after the Goods undelivered after the 23rd inst. will be subject.

to rent,

to be left in the Godowns, where they will be All broken, chafed, and dainaged Goods are

inst, or they will not be recognized. examined on the 23rd inst., at 9.30 A.0.

All Claims onst reach us before the 30th No Fire Insurance will be affected. Bille of Leding will be countersigned by the Underaigned.

NORDDEUTSCHER LLOYD,

MELCHERS & Co.,

General Agents. 15

Hongkong, 16th October, 1912.

[5

TOYO

NORDDEUTSCHER LLOYD,

MELCHERS & Co.,

General Agents. Hongkong, 14th October, 1912. "BARBER" LINE OF STEAMERS.

NOTICE TO CONSIGNEES,

The Steamship MUNCASTER CASTLE."

FROM NEW YORK

KISEN KAISHA.

NOTICE TO CONSIGNEES:

88. "NIPPON MARU," FROM BAN FRANCISCO VIA HONOLULU AND JAPAN PORTS,

above-named

HE CONSIGNEES of Cargo are hereby informed

Steamor Ce being landed at their

having arrived, Consignees of Cargo are hereby risk into the Godowns of the Hongkong and notified to send in their Bills of Lading for Kowloon Wharf and Godown Company, Ltd., countersignature, and to take immediate delivery at Kowloon, whence and/or from the wharves of Cargo from alongside. delivery may be obtained.

No Claims will be admitted after the Goods have loft the Godowns, and all Goods remaining undelivered after the 21st inst. will be subject

to rent.

All Claims against the Steamer must be pre- sented to the Undersigned on or before the 15th prox., or they will not be recognized,

All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be examined on the 21st inet, at 2.30 PM. No Fire Insaranes has been effected, Bills of Lading will be countersigued by

"DODWELL & Co., LTD., Agents. Hongkong, 15th October, 1912.. [1220

The “Allanburys' Fuckt," Telu dition to baby's dietary when ten months ck and after bate Bunkercially vinful during the robiome wething. When Lentop ram tay msclanicefly old the

cutting of teeth,

Allenburys Fods

When the mother's milk is not available, the "Allonburys" Foods form the best substitute, as they are practically identical with healthy human milk in composition,nutritive value and digestibility, and are absolutely free from all harmful germs

promote sound sleep, ensure vigorous health and develop- ment, and represent the most successful method of Infent Feeding ever devised.

* Pamphlet on "Infant Freding and Management" sent free.

Allen & Hanburys Ltd., London, England.

Cargo remaining undelivered on TUESDAY, the 22nd Oct., at 5 PM, will be landed at Con- signees' risk and expense and delivery must then be taken from Company's Godown.

No Fire Insurance whatever will be affected. No Claims will be recognised after the Goods have left the Steamer or Godown, and all Goods remaining undelivered on FRIDAY, the 25th Oct., afternoon, will be subject to rent and landing charges,

All chafed and otherwise damaged Cargo to be left on board or Godown, and examination of same to be held on SATURDAY, 26th Oct.

All Clains must be filed on or before FRIDAY, 1st Nov., otherwise they will not be recognised. S, MORIMOTO:

Agent. Hongkong, 18th October, 1912.

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