Mr. Frederick W. Stevens, representative of the American group of the new Consortium, arrived in Shanghai on December 23 by the N.Y.K.S. Iyo Maru accompanied by Mrs. Stevens, and his private secretary Mr. J. Ross Tilford.
Mr. Stevens was the guest of honour at a dinner given the same night at the Astor House Hotel by the American Chamber of Commerce, the American Association of China, and the Far Eastern American Bar Association, Mr. C. W. Atkinson, Chairman of the Chamber of Commerce, presided.
There were present about 200 guests, of whom about 40 Chinese were representing the Ministry of Finance, the Chinese General Chamber of Commerce, and the Shanghai Chinese Bankers' Association.
Mr. Stevens specially requested that his after dinner speech might not be reported, but has given us the following prepared statement of his aims in China.
"My object in coming to China, as many know, is to act as permanent representative of the American group of bankers in any loan negotiations opened with the newly organized international banking Consortium, and to represent that group also in determining the numerous important preliminary questions involved in a loan programme. Each of the other three groups—British, French and Japanese—will also have a representative in China.
I have laid aside all other business interests and have come to China prepared to stay as long as or as to its conditions or its secur- practicable. ity might be disastrous to the plan.
That is a matter which I shall probably enlarge upon at some more appropriate time. On the contrary, if no serious mistake be made, the ultiniate result to the Chinese people will, I feel sure, be enormously beneficial. I shall endeavour to assist in preventing any serious mistake.
I trust it is not indelicate for me to say that my. business experience has been quite varied, but that the opportunity of taking a part in endeavouring to render China and her people a great service, on safe and sound' financial lines, interests me as nothing else ever did. In all loan -negotiations that may be carried on I shall have a duty to the American bankers, of course, and that duty will not be forgotten. But I am confident that in performing that duty in the fair spirit that I intend shall govern me, I shall be advancing China's ultimate best _interests— which it is my earnest desire to do—while at the same time protecting the interests of the Anierican bankers. It is not practicable to state at this particular time - the reasons for this important fundamental proposition in which I thoroughly believe, but it will be remembered.
If a loan agreement should be made, I am confident that the loan proceeds will be used only in ways that will actually benefit the Chinese peopk, and that the terms and conditions of the agreement will have general approval.
Text read from the printed page and cleaned; old type leaves the occasional error.