CHINESE DEFENCES.
HUGE LOAN FOR NAVAL ~
PURPOSES.
(By Cable.—Press Association.—Copyright.)
(Received May 18th, 11.15 p.m.)
SHANGHAI, May 18.
It is stated that in pursuance of a, Manchu pledge given in 1309, Liv Kuan-Hsiung, Minister for tho Navy, has negotiated with tho Bethlehem Steel Trust for a loan of thirty million dollars, partly for the construction of a naval dock and heavy gun platforms, in the vicinity of Foochow.
The loan will bo repayablo in thirtyfivo years, and tho interest will be five per cent. Tho discount to tho floaters will bo eight per cent. One-third of tbo loan will be paid to the Government within three months, without stipulation, and tho remainder devoted to the construction of tho dock.
' Yuan-Shih-Kai strongly opposes the rioani on the ground of damage to China's credit, also that tho dock wilt bo dangerous to China, becanso of provocation to others.
It is stated that Chineso naval experts recommend the application of tho loan to gunboats for coast defence, and the suppression of piracy in inland waterways.
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Press, Volume L, Issue 14971, 19 May 1914, Page 7
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172CHINESE DEFENCES. Press, Volume L, Issue 14971, 19 May 1914, Page 7
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