CHINA'S LOAN.

Dominion, Volume 6, Issue 1557, 28 September 1912, Page 5

CHINA'S LOAN.

PROSPECTUS ISSUED,

By Telciraph-Prcss Association— Copyright London, September 26. The prospectus of the first five millions of the' Chinese J310.000.000 loan has been issued. The loan is quoted at a quarter

•fcmium. The issuo was delayed in consequence of

the action of tho British Minister in Peking in presenting to Yuan Shih-Ivai, a statement of China's liabilities, and conveying a warning that the President must carefully consider the situatioji before adopting a course which .the six Poueis had not approved. Messrs. Birch and Crisp, the firm negotiating tho loan for China, state that they obtained tho support of Dr. Morrison,- Adviser to the President of China, beforo launching the loan. City men believe that the • loan would help to restore. British prestige in the Far East.

Tho Foreign Office has verbally informed Messrs. Birch and Crisp that it is

unable to prevent the issue the loan, and will not recognise the action of tho Six-Powers' Syndicate. Tlie Financial papers favour China's action. The Stock Exchange, at tho outset, opposed it till it was found that tho security to be given was identical to that offered to tho Six-Powers' Syndicate.

The "Daily News" and "Daily Chronicle" denounce tho action of the Powers. The former likens it to that of a bloodsucking. money-lender, and is sorry that Britain is taking a lead in the unedifyiag business. 'A' RUSH FOR CONCESSIONS. (Rec. September 28, 0.10 a.m.) ' London, September 27. A section of city opinion regrets that Messrs. Crisp's group has abandoned the attempt to control China, but has instead opened up the way for tho commencement of a rush to obtain loans and concessions of all sorts" and has also placed the British Government in an awkward position with regard to the other Powers.

DR. MORRISON'S NEW POST. JDr. G. E. Morrison, the new political adviser to China, who was recently in London, has evidently taken an active part in the flotation of the Loudon loan. The Shanghai dorrespondent of the "Sydney Daily Telegraph," writing on August 19, said of Dr. Morrison: . "Australians ivill have been pleased to learn that tile most important foreign advisership in China's gift was offered io and accepted by Dr. G. E. Morrison, the distinguished 'Times| correspondent. Morrison had made up his mind to leave China, and I think I'mm violating, no confidence when I mention now that he intended to return to Australia and enter Commonwealth politics. China's gam is decidedly Australia's loss, but'Morrison has such a unique grasp of politics in the Far East, and has moreover such a profound belief in the future the people of China, that the Republic could ill have spared his services. They liavo been secured cheaply enough. He Vs to receive only .£3OOO a year, which is certainly not too much for the position. "Professor Jenks,-an American expert, who has been, offered the post of financial adviser, is demanding .£IO,OOO, and it is ridiculous to suppose that ho should bo worth so much more than Morrison, who is admittedly better informed pn Far Eastern affairs than any' man living. "Another appointment is that of Dr. Ariga, a Japanese jurist, who will probably help China to reorganise her legal system. . , "The adoption of the policy of appointing foreign advisors is a proof that tlio Government does not agree with the enthusiastic young Republicans, who consider that tlio Chinese have nothing to Icarn from abroad. China is now in exactly tlio same condition as Japan when the latter country determined to-estab-lish her equality with tlio Western nations. As a preliminary, Japan secured the best foreign advisors procurable, and nut them to the best use. The result has been shown not only on the fields of Manchuria and the waters of the Sea of Japan, but in .the arena of international trade." V