But by lunch time on Sunday, after its members had paid a precautionary visit to church, assurance was restored to the Group. The arguments in their favour were too good to be overlooked. The six Powers interested in China are committed to a policy of supporting only loan transactions with China that entail the supervision of expenditure and the contract of security. Their support is given to the Group which, alone, early in the day, had evolved conditions approved by the Governments interested. None of the Governments concerned could recede from that position without disturbing the concert.
Thus, the British Government could not very well lend its countenance to an outside syndicate that proposed to trench on the ground held jointly by the six banks enjoying the support of their respective Governments. There was left the possibility that the London syndicate might go abroad without offi cial approval. But that was surely impracticable in view of the certainity that investors to so large an extent as £10,000,000 would require the positive sanction of their Government before risking their money in country disorganized by revolution. It could never be overlooked Ithat the ultimate security for an investment in a country in such stage of development as China is the power which the government of the interested nationality can bring to bear.
In view of this consideration it was obvious that the investor would hold aloof, were anybody found with sufficient temerity to attempt such a flotation. And that being argued the party on the wall that Sunday evening, what possible, pro-
Text read from the printed page and cleaned; old type leaves the occasional error.