The great reason for the failure of the attempt to raise a loan is the fact that Japan will not give foreigners good enough security for their money. She will not part with her railways and will not give intending money-lenders the internal control they desire. This is not good enough for the Americans, especially as they are more than half afraid that Japan wants money for warlike purposes only. Then. again, the method in which American capitalists are approached is not such as commends itself to the taste of those keen financiers. Pierpont Morgan, for instance, received about the same time three distinct and separate offers from Japan, each coming from a different authorised agent. Was this not inevitably bound to make him chary of listening to any one of them? Finally, misunderstandings like that in which the Russo-Chinese Bank was lately concerned do not tend to make foreigners believe much in Japanese business honesty. It is unfair, of coure, to judge its nationals, but these strange misunderstandings are really becoming too frequent of Igte.
Text read from the printed page and cleaned; old type leaves the occasional error.