Directory_and_Chronicle_1919 — Page 574

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CHINA

consequence of the run on the Bank of China for silver payments. The year 1917 was little better than its predecessor. Government was hard pressed for money, its difficulties being increased by Chang Hsun's attempt to restore the Manchu dynasty and the Southern revolt. Several small loans were obtained from Japanese sources.. The year 1918 proved even more discreditable in the matter of national finance than 1917. To finance the futile war against the South the Government borrowed money from Japanese sources with a recklessness that scandalised all people interested in this country, especially as the proceeds were dissipated among the selfish Tuchunate and their followers. National assets were pledged with the prodigality of those who give away what is not their's. During 1918 alone over 150,000,000 yen was borrowed. The following are loans made to China by Japan :-

1909.-From Yokohama Specie Bank to Imperial Railway Administra-

tion, representing part payment of that part of the Hsinmintum Mukden Railway lying east of the Lino River

For eighteen years at 5 percent.,issue price 93, secured by revenue

of road.

1909.-From Yokohama Specie Bank to Imperial Railway Administration

for construction of Kirin-Changchun Railway

For 25 years at 5 per cent., issue price 93, secured by revenue of

road.

1910.-Yokohama Specie Bank to Imperial Railway Administration for

redemption of Peking-Hankow Railway

-Yokohama Specie Bank to Imperial Railway Administration for redemption of Peking Hankow Railway and for running ex-

For ten years at 7 per cent., issue price 97.50.

1

penses pending redemption

For 25 years at 15 per cent., issue price 95.

1912.-Mitsui Bussan Kaisha to Hankow Waterworks & Electric Light

Co., for construction purposes...

.Yen 320,000

2,150,000-

2,200,000

10,000,000

1,000,000

Repayable in 10 annual instalments. Int. 7 per cent. Guaranteed

by Ministry of Communications.

1912.-Loan on Hankow Mint

2,000,000

1913.-Yokohama Specie Bank to Ministry of Communications for con-

struction of Supinkai-Chengchiatun Railway

....

5,000,000

1915, May 1st.-Asiatic Development Co., Loan to Central Government

for general purposes

5,000,000

For three years at 6 per cent., issue price 94, secured by uncer- tain mining Concessions in Hunan and Anhui and by profits of brass cash smelting scheme.

1916, Sept.-To Province of Shantung for military purposes

1,500,000

1916, Dec.-To Kwangtung Provincial Government on security of Salt

Revenues made by Bank of Taiwan

1,500,000

1916, Nov. 10th.-Kuantung Loan made by the Bank of Taiwan .... 1916, Nov. 11th.-Hankow Paper Mill Loan made by the China-Japan

Industrial Development Co.

600,000

2,000,000

1916, Dec. 5th.-Tientsin Spinning Mill Loan made by Okura Gumi 1917, Jan. 15th.-Hankow Hydraulic Electric Co. Loan made by Toa

Kogyo Kwaisha..

1917, Jan.-Japanese Banking Group to Ministry of Communications,

for redemption of notes of Bank of Communications

For three years at 7 1/2 per cent., no discount, secured by 1,500,000 shares of Bank Stock and $4,000,000 Treasury Bonds, Japan obtaining privilege of appointing adviser to bank and option on future loans.

1917, Jan. 30th.—Bank of Chosen to Fengtien Province for relief of Chinese banks in Mukden, half payable in one year, half in three years. Interest 64 per cent., issue price 95.....

1917, Feb.-Japanese Syndicate to Kwantung Provincial Government; 1,300,000 for advances to Provincial Government and 1,700,000 for construction of Canton cement factory; entire loan secured on revenues and property of cement factory and customs land at Tashatou, and guaranteed by Provincial Government

600,000

1,000,000

5,000,000-

2,000,000

3,000,000