STEEL TRUST DOLLARS FOR CHINA
LOAN OF 30 MILLIONS FOR NAVAL DOCKS AND WORKS By Tolosraph—Press Association—OoDyriehi (Bee. May IS, 11.15 p.m.) Shanghai, Mav ]8. It is stated that in pursuance of a Manchu pledge in 1009, thoro has been negotiated with tho Betlilehem Steel Trust of America a loan of thirty million dollars in cold.
The security for the loan will bo tho existing naval docks at Foochow, and tho construction of a naval dock with heavy gun platforms in tho vicinity. The loan will bo .repayable in 35 years, with interest at 5 per cent. Tho floaters of tho loan will rcccivo discount at the rate of 8 per cent. Onethird of tho loan will bo paid by tho Government within tlneo months, without stipulation, while the remainder will bo devoted to tho construction of the dock.
President Yuan Shih Kai strongly opposos the loan on the ground of the damage to China's credit, and also because the dock would be dangerous to China, from its provocation to others. It is stated that the Chinese naval experts recommend tlio application oi the loan to tho building of gunboats, to coast defence, and to the suppression of piracy on tho inland waterways.
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Dominion, Volume 7, Issue 2152, 19 May 1914, Page 5
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203STEEL TRUST DOLLARS FOR CHINA Dominion, Volume 7, Issue 2152, 19 May 1914, Page 5
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