With regard to the scope of the activities of the new Consortium, it is agreed that it will make loans to China, but only such as are made direct to the Chinese Government or are guaranteed by the Chinese Government and raised by public issue—these being exclusively _reserved to the Consortium. Consequently loans to Chinese capitalists or corporations will be left outside the Consortium's scope.
As the new Consortium has now been called into existence, it is confidently hoped that the peoples
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