BIG LOAN FOR CHINA
NEGOTIATIONS WITH AN AMERICAN TRUST OPPOSITION BY YUAN SHIH-KAI. (By Telegraph.— Press Association.— Copyright.) SHANGHAI, 18th May. It is stated that, in pursuance of a, Manchu pledge in 1909, there has been negotiated with the Bethlehem Steel Trust of America a loan of thirty million dollars in gold. The security for the loan will be the existing naval docks at Foochow, and the construction of a naval dock with heavy gun platforms in the vicinity." The loan will be repayable in thirty-five years, with interest at 5 per cent. The floaters of the loan will receive discount at tlte rale of 8 per cent. One-third of the loan will be paid by the Government within three months, without stipulation, while the remainder will be devoted to the construction of the dock. The President, Yuan Shih-Kai, strongly opposes 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 the application of the loan to the building of gunboats, to coast defence, and to the suppression of piracy on the inland waterways.
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Evening Post, Volume LXXXVII, Issue 117, 19 May 1914, Page 7
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199BIG LOAN FOR CHINA Evening Post, Volume LXXXVII, Issue 117, 19 May 1914, Page 7
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