Directory_and_Chronicle_1922 — Page 655

CHINA

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than 1917. To finance the futile war against the South the Government borrowed money from Japanese sources with a recklessness that scandailsed all people interested in this country, especially as the proceeds were dissipated among the selfish Tuchuns 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, although, as W. W. Willoughby says in his "Foreign Rights and Interests in China,' it is practically impossible to arrive at a correct figure. So many Japanese loans were made to the provinces that even the Chinese Government could not supply absolutely accurate figures. The following are the principal loans made to China by Japan:-

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

tion, representing part payment of that part of the Hsinmintun Mukden Railway lying east of the Liao River

For eighteen years at 5 per cent., issue price 93, secured by re-

venue 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

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

1911.-Yokohama Specie Bank to Imperial Railway Administration for redemption of Peking Hankow Railway and for running ex-

Yen 320,000

2,150,000

2,200,000*

penses pending redemption

10,000,000

For 25 years at 5 per cent., issue price 95.

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

Co., for construction purposes

1,000,000

1912.

Loan on Hankow Mint

2,000,000'

5,000,000

Repayable in 10 annual instalments. Int. 7 per cent. Guaran-

teed by Ministry of Communications.

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

for general purposes

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

Industrial Development Co.

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

Revenues made by Bank of Taiwan

1916, Dec. 5th.-Tientsin Spinning Mill Loan made by Okura Gumi 1916.---Yokohama Specie Bank to Ministry of Communications for con- struction of Ssupinkai-Chengchiatun Railway. Int. 5 per cent., issue price, 94.5

1947, 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.

95.......

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 63 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

1,500,000

600,000

2,000,000

1,500,000

600,000

5,000,

1,000,000

5,000,000

2,000,000

3,000,000