HANDING OUT MONEY BY THE £100 000.

Wanganui Chronicle, Issue 12856, 29 October 1912, Page 8

HANDING OUT MONEY BY THE £100 000.

ONE LONDON FIRM BEj.VTS SIX

NATIONS.

LONDON, Sept, 26. The fact that the contract for a Chinese loan of £10,000,000 has fallen to a private syndicate in London independently of the six Great Powers who were negotiating for a £60,000,000 loan, has caused as much amusement in the City as surprise.

Tho Power's in question are Great Britain, France, Germany, the United States, Russia, iand Japan. The explanation is really very simple. China was very hard up for money. She wanted money immediately for such purposes as the payment of troops. In her urgent need China was confronted with tho Ted-tape methods of tho six Great Powers. There was infinite bargaining, and every kind of political complication was introduced.

Further, China did not want £60 - 000,000. The Powers urged this amount. China wanted far less to see her through her immediate difficulties and for many years to come.

A private firm in London—Messrs. C Birch Crisp and Co.—realised this, and t unhampered by red tar>e, energetically entered into the business.

Probably what sen Ted the bargain was tho fact that they offered China a £500,----000 advance on the loan of £10.000,000 which they arranged to negotiate. This money has already been forwarded to China, £100,000 on Tuesday, £200,----000 on Thursday. and £200.000 yesterday: and therefoi-e all talk of any repudiation of the contract with the London firm seems ridiculous.

As a matter of fant. the whole business is a triumph of private enterprise, and Messrs. Bimh Cri*=p. and Co. can afford to smile whilo the six Great Powers wrangle- over tho muddle.

Tho price to bo paid for the loan is 89, says Renter. It has been decided to issue half the amount, £5.000.000. at 95. this year, and the remaining half in the course of the next twelve months.