CHINESE LOAN
DIFFERENCE ABOUT APPLICATION. Uj Telegraph—Press Association—Copyrigm (Received May 18, 11.20 p.m.) SHANGHAI, May 18It is stated that in pursuance of a Manchu pledge in 1909, Liu Kuam Hshung has negotiated with the Both-' leim Steel Trust for a loan of thirty million dollars in gold, on the security of the existing naval docks at Foochow, for the construction of a naval dock and heavy gun platforms m the vicinity. The loan is 'to be repayable in thirtyfive years, with interest at the rate of 5 per cent, and a discount of 8 per cent, to the floaters. One-third of the loan will be paid to tho Government within .three months without stipulation, and’ tho remainder is to be devoted to the construction of the dock.
Tho President, Yuan Shih-kai, strongly opposes tho loan on the ground that it would damage China’s credit, also that the dock would be dangerous to China because of the provocation to others.
It is stated that Chinese naval experts recommend the application of the loan 'bo the building of. gunboats for coast. defence, the suppression of piracy, and for inland waterways.
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Bibliographic details
New Zealand Times, Volume XXXVIII, Issue 8736, 19 May 1914, Page 5
Word Count
188CHINESE LOAN New Zealand Times, Volume XXXVIII, Issue 8736, 19 May 1914, Page 5
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