CRISIS IN CHINA.
GOVERNMENT WITHOUT MONEY NATIVE BANKS IN DANCER. By Telegraph—Pres? Association—Copyright. “The Times ” Service. (Received October 21, 9.40 a.m.) PEKIN, October 29. Hie Government lias reached a financial bedrock. It is. besieged by foreign and Chines© creditors on all sides. loans, totalling 50.000,000 Mexican dollars, contracted at 20 to 30 per cent interest, are due to th© native banks, and the salaries of Ministers are many months in arrears. No funds are available to pay the expenses of th© delegation to Washington. Government cheques on local banks have been dishonoured. Hie troops fruitlessly continue to demand payment. It is more than hinted that the Government may cease to function, and some Ministers may disappear to escape the storm. The position of the native banks in Pekin, Tien-Tsin and Shanghai is precarious, owing to the Government’s inability to meet its obligations. A crisis seems imminent, and frantic endeavours are being made to raise fresh local and foreign loans at usurious interest. The financial difficulties, combined with the political chaos, are so serious that fundamental collapse is inevitable, unless unexpected aid is forthcoming.
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Star (Christchurch), Issue 16569, 31 October 1921, Page 7
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183CRISIS IN CHINA. Star (Christchurch), Issue 16569, 31 October 1921, Page 7
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