July 1.
Tue report of the recent debate in the House of Commons on the loan negotiations with China, which we publish in another column to-day, puts a new light on Sir Edward Grey's statements "exclusive sup-His Majesty's Government to the Hongkong Shanghai Bank. The explanation lies in the precise form of Mr. Ginnell's question, the inference from which is that Mr.
Ginnell spoke, as he very properly might, on behalf of other financial institutions, apprehensive of being crowded out of the prospective loan. On that score no doubts need be entertained. As Sir Edward Grey says, there is no question of any monopoly. Once the period of actual flotation arrives the claims of British houses of established reputation will be fully respected. In the meanwhile there are certain advantages, easily imagined, in leaving the conduct of the negotiations in the hands of one party. It is to be regretted that the original telegram was not more explicit on the exact nature of Mr. Ginnell's question, for the avoidance of misunderstanding as to Sir Edward Grey's answer. At the same time, however, it must also be regretted that the Foreign Secretary was ever forced into the position of having to make such 8 statement. Whatever unpopular-
Text read from the printed page and cleaned; old type leaves the occasional error.