We know little or nothing of the real inside history of what is going on, but I should not be sneaking either candidly or honestly if I did not say that I see traces of a profound feeling of disgust, and they are accentuated by speeches recently delivered by Mr. Tung Kang, who, with no knowledge whatever of Western conditions, adopted in his speeches aij most dogmatic line as to what Ohina expected of th> West. It is not going too far to say that, unless China does manage to establish some sort of stable Government, the Western Powers will be chary indeed of making any more international concessions 9f any sort. Probably, advice will be thrown away, but one finds sometimes that it filters through into the Chinese papers from the British journals published in the Far East, so accordingly I send what is the impartial resume of a friend.
This was vague enough, but was rather sympathetically treated by the newspapers, which warned holders of the stock that, although they might not hope to obtain their interest at an early date, they stood a_ chance of getting it some time. To-day, it is announced on very good authority that probably there will be a default on the loan due to-morrow. This is a far more serious matter. This is a secured investment, whereas the Vickers and the Marconis are both unsecured, and unless China pulls herself round and meets her financial habilities, her credit, will begin to collapse. It is possible of course, that at the last minute the Hongkong & Shanghai Bank may receive funds to pay the coupons due tomorrow, but there is no sign of it present,, although it is always understood that the Bank is ready to make the advance out of its own funds if sanctioned by the Chinese Government.
Text read from the printed page and cleaned; old type leaves the occasional error.