A Sixty Million Loan.

Wanganui Herald, Volume XXXXVII, Issue 13682, 16 May 1912, Page 7

A Sixty Million Loan.

FINANCING THE NEW CHINA. Japan’s Awkward Position. TOKIO, May 14. Tko Japanese newspapers generally, •ui a great many business men and politicians, are roasting the Government tor laving entered into tho six-Power syndicate that is going to finance tho new Chinese Republic. Japan’s snare of the £60,000,000 loan will be £10,0(10,000. and the Government's clitics want to know where tho money is coming from. The Japanese are already taxed to the extreme limit at endurance, and it is utterly inipossial,.or tne Government to raise even a small fraction of the money in the local market. count Okunia, founder and ox-lea lav if the Progressive Party, and formerly Premier, says that the Government will have to borrow the monev abroad. 'I ms. uowever, fails to satisfy opponents et the loan. Though China wili have to pay a high ate of interest, Japan is so deeply in debt that her credit is not very peon, ;iui she, too, would have to pay big interest lor any loan money. .Manv authorities doubt whether the country will get out even on the tranasetion. (1 it mils to d.< so, it will be a serious matter for the people, who are already carrying i burden almost heavier than they i;.n bear. count Okunia declares that tho loan means that the six Powers inter;-.to-: intend to subjugate the new Republic with money. Japan, he adds, had to join tiie group in order to protect Known interests. HOW THE MONEY WILL BE SPENT Powers’ Right to Know. PEKIN. May 14. The Minister of Finance, at a conference with the foreign bankers yesterday, admitted the right of the Powers to knowhow China proposed to spend the big loan lor which negotiations are now in progress. The bankers explained the conditions on which they were prepared to advance the loan, and the Cabinet will hold a meeting to-dav to discuss the terms.