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CHINA'S FINANCIAL CAPACITY.
(Daily Press, November 23rd.) The recent issue of another foreign loau on the London market makes pertinent the inquiry as to how long China will continue to be able to raise loans in the foreign money markets 01
the up- supported credit of the Government? Those who have set themselves to investigate China's financial capacity from the available statistical information of the national revenue and expenditure have produced statements which repre-ent the expenditure to be considerably in excess of the revenue. That, however, is too transparently absurd to be accepted, and what the financial capacity of China is remains largely a matter of speculation. Every fresh loan China places on the market must serve to direct attention to the great need of a national Budget. All the loans China has floated abroad have been raised on the unsupported credit of the Government. Apart from the Customs revenue, and perhaps the profits of the Imperial Chinese Railways, no trust worthy figures have been placed before the investor. A resident in Peking, writing a couple of months ago to a Loudon paper, and referring to this subject, mentioned that in British ci cles it was considered that China could not on her unsupported credit, apart from actual production of figures, manage to borrow, at the most liberal estimate more than another £10,000,000. Since that was
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THE HONGKONG WEEKLY PRESS AND
[November 28, 1906
of officials is changed, and that being so we | Imperial saorifices to his predecessors, the fear that the production of a National rule here being the exact contrary to that Budget is still very remote.
CHINAS NEW RULERS.
(Daily Paess, November 24th. As time passes by there seems all the more reason to look upon the close coincidence of the denths of the Emperor and the Empress Dowager Tse Hi as a fortunate event-so far as China is concerned. Rumour in an Oriental Court is always busy when the death of a reigning monarch, or one suffi- ciently near the throne to be in the possible line of succession, occurs, and the unusual circumstances attending the Imperial deaths were so out of the ordinary current of events that we cannot accuse the origina ors of the rumours of any particularly sinister motives. However that may be, there is no doubt that the late Empress Dowager, TSE HI was not to be daunted by any merely ethical consideration from any course on which she bad set her mind; and there is evidence enough to show that she always had willing tools at her disposal to carry out her most truculent desires. There is but little doubt that when in the Palace revolution in 1898 she practically imprisoned the late Emperor in his own palace; she was only deterred from completing the task by his death through the unmistakeable symptoms of disapproval shown by the foreign Powers, and more especially by Japan. What actually occurred will probably never be known, but it certainly was of such a nature that the young Emperor never recovered from the shock, and remained for the rest of his life a broken wreck both in mind and boy. The strongest evidence for disre- garding the sinister rumours which have been spread abroad is that TSE HI could have had no possible motive in bastening the Emperor's death, as whether he lived or died his mind had become too enfeebled to take up the reins of government, and a regency would have been equally necessary With all the instinct of
in either case.
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prevailing in monarchies under Turkish rule, where, the momentarily most capable is held the most suitable. With regard to Prince CRU himself, almost accidentally we know more of him personally than of any of....... the other princes of the blood, owing to the fact that he was selected to go to Germany to apologise for the events of 1900. The simple fact of his having travelled, and seen the world outside China, would of it- self have had a cert in effect in opening his eyes to the true state of affairs, but beyond this he is credited with having taken an intelligent int rest in what he saw; and certainly at the Court at Berlin be conduct- ed himself with due dignity and discretion. In China, on bis outward and homeward voyages, he made a favourable impression on all who came in contact with him, both natives and foreigners; and since his return he bas had the address to avoid being mixed up with any clique or party; so that the late Regent, in her very last act at al events, seems to have had the best interests of her country at heart. Though feeble in body, and lately broken in mind, the late Emperor, it is to be remembered, at one time gave promise of being capable of great things, his brother, not unlike him in person, and with a stronger constitution, it may reasonably be hoped, will be able to do much to restore the lost prestige of the Imperial family. He, at all events, has nad the advantage of a more wholesome bringing up than fell to the lot of his unfortunate brother, who apparently of set purpose, under the imperious will of the late Dowager, was placed in the bands of the eunuchs about the court, to his ruin mentally and physically.
We have said at the beginning of this article that it was perhaps a fortunate thing for China that the death of the Empress Dowager followed so clusely on that of the Emperor. Although possessed of a power- ful mind, and an indomitable will, the Dowager Empress TSE HI was yet a woman a woman, early fell under the influence of the Eunuchs about the Court, with whom she had been associated intim- ately in her original low position. It was undoubtedly to their influence that the greatest scandals of her life were due, and both her own son, and his successor, were under their rule brought up to a life of indolence and debauchery. It was pos ibly not so much from evil motive as from ignorance of the first principle of education, that this course was adapted, but it was perhaps the greatest crime of a long, and and hy no means, immaculate life. There is little doubt that had she lived but a short time
course would nger the same
written China has raised another loan of £7,000,000 in England, so that on the foregoing estimate she is now deemed to have reched the limit beyond which she cannot hope to induce the investor to lend unless figures are produced to show that the Government's credit is still good. Apparently this is heing recognised by the Chinese Government and some steps have recently been taken towards evolving National Budget. There is already an obligation on the part of Provincial Trea- surers to furnish the Board of Finance with annual statements of the provincial revenue and expenditure, but the Chinese Govern-life, common in those who have led an—and, as ment recognises presumably that such unusually vigorous life, TSE HI refused statements 89 are received cannot be till the last few days of her life to think regarded as "true and correct accounts," even of her possible decease; and unwilling and they are consequently never published to allow such a netter to enter her thoughts except in the most fragmentary form. The she, after the failure of her first attempt in time must come, and the sooner the the person of Prince TUAN's unfortunate better, when Chit a
must obtain at son, refused to permit the subject of a all costa 201 honest financial adminis- successor to KWANG Su to be mentioned in tration and produce a national budget her presence.. Buch as the world can accept with the The subject was surrounded, it was clear, same confidence as it accepts the budgets of with difficulties: the fact was that with the all the leading nations of the world. We usual fate of Oriental dynasties, the Imperial do not know exactly what is the amount of House had become debauched, and so far foreign debt China has incurred to date, but had this gone, that scarcely one of the it must be somewhere in the neighbourhood remaining princes of the blood could be of one hundred and fifty million pounds looked upon as quite compos mentis. She have been adopted in the case of the sterling and the annual interest payable on had tried once, and the result had shown new Euperor, and the attempt would' this is in the neighbourhood of eight million the degeneracy of the stock; she might certainly have been made to bring his pounds sterling. The demand for foreign probably make a second mistake. At all father, Prince CHUN, under the same evil capital is a growing one, and Government events the premature announcement of an
influence. It is posible that his short circles in Peking have apparently been in intended succ-88or would unite against him journey to Europe, and his visit to the fluenced by the voices of caution and all the cunning of the weaklings who would Court at Ber in stren thened the lesson, modera ion to the extent of considering the consider themselves as passed over, go,
which was certainly apparent to him in the possibility of evolving a national budget and from her point of view, it appeared wiser disorders of the Dowager's private Court. it is believed that the somewhat nebulous to postpone the nomination till the last His present advisers, not the least of whom appointment of SIE WALTER HIL IER as moment. It was fortunate for the dynasty is the veteran CHANG CHI TUNG, used all Financial Adviser to the Government is not that the last moment gave her the opport their influence to break the power of the unconnected with this intention. But the unity, for she seems to have maintained her Eunuchs at eurt, which they saw plainly production of a National Budget in China | faculties till the end. There is still little was sapping the foundations of Imperial seems a most formidable undertaking. The doubt that practically she had made up her rule. It is perhaps the most healthy sign idea points directly to what we have before mind for some time, and was gradually of improved conditions that almost the first described as the first step in the direction of taking steps to place Prince CHUN in such act of the new Regent, doubtless under the effective and permane t reform, the entire
a position as would point to his being advice of the two Grand Councillors has remodelling of the principle underlying eventually competent to undertake the been to dismiss two of the Eunuchs who Chinese finance. No National Budget worthy responsible duties of Bezent. According to had attempted to commence a palace the name will be possible in China until the the Chinese rules of succession no member intrigue. But financially the influence of present system of appointment and payment of the same generation can offer up the the Eunuchs has been one of the principal
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