CHINA
Loans to Hanyehping Colliery Company:
1901, Nov.---Industrial Bank at 6 per cent. 1905, June-Yokohama Specie Bank at 74 per cent.
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$3,000,000 1,500,000
1905, Nov.-
"
+
1907, Sept.-
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at 7 per cent.
1907, Nov.--
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11
1907, Nov.-
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27
1908, Mar.-
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""
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at 6 per cent.
1912, Feb.-
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19
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at 7 per cent.
1912, Feb.--
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at 8 per cent.
1912, Nov.-
11
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at 7 per cent.
1912, Dec.--
"}
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at 8 per cent.
1913 Dec.--
34
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at 7 per cent.
1913, Dec.-Mitsui Bussan Kaisha
1914, June-
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1915, Feb.-
1915, Feb.-
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""
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500,000
830,158
612,730
614,395
6,000,000
3,000,000
Hk. Tls. 120,000 $500,000 Y.2,500,000 $6,000,000 $ 765,707
569
1913, July- Mitsui Bussan Kaisha
1913, Nov.- 1903, Feb.-
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19
17
88,400
150,000
150,000
100,000
500,000
1,000,000
Towards the close of 1918 the Powers agreed that no further advances should be made to China until a settlement between North and South had been completed. The observance of this undertaking has rendered administration since extremely difficult. Innumerable private sources were approached for financial accommodation with unsatisfactory results. National bonds were hawked about until they depre- ciated lower than previous below-par quotations. Redemption of the 4th year Domestic Loan should have been commenced in 1918, but was not commenced till 1919. Likewise the principal of the Premium Bonds should have been returned, but was not. The feature of 1919 was the announcement that America, Britain, France and Japan would form a new Consortium. Associated with this proposition was a plan for the unification of China's railways. Japan, at first, disapproved of both schemes, but in 1920 changed her attitude. It is now the stated policy of the Powers to with- hold "political" loans from China but to help her in any constructive projects she wishes to initiate. As yet, however, China has not recognised the Consortium, and the joint note from the British, American, French, and Japanese Legations at Peking, enclosing the Consortium dossier and dated September 28th, 1920, still remains unanswered.
During later years, when Administrations were short-lived, difficult situations were met more or less adequately by domestic and private loans. The following list taken from published share quotations showed the values of the former on December 4th, 1924:-
3rd Year-Large -Small
...
...
...
...
...$98.00 n. ... 96.00 n. 72.00 11.
-Long (1,000)
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""
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5th -Large
...
...
-Small
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"
...
...
...
...
...
7th
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...
...
...
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""
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(10,000)
...
...
9th 10th
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19
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"
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11th
-Large
6 per cent. Large
"J
Small...
-7 per cent. Largǝ...
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Small...
-8 per cent. Large...
"14th Million
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"The 96 Million"
...
...
...
...
...
...
...
....
...
13th Year 8 per cent. Treasury Notes
I
...
...
...
63.40 n.
83.10 n. 69.00 n.
...
...
72.00 n.
...
...
...
....
Par. plus Int.
24.80 n.
... 94.00.n.
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