The Consortium wants a monopoly upon communications in China, which implies in the long run @ commercial monopoly. To this end the Consortium sought exclusive Government support. This was refused. An equally effective means to the same end, however, would be financial control by the Consortium under the patronage of the Powers. The Consortium says that China stands in dire need of communications, which is true. The Consortium says that the Chinese Government requires foreign capital for the improvement of communications on an adequate scale, which is also true. The Consortium says that while China defaults on existing Idans at home and abroad, new bond issues for constructive purposes are out of the question, which is obvious to all who have the most elementary i knowledge of banks and bonds. Having got thus far the Consortim can say that it is immediately essential that China's bad debts be
Text read from the printed page and cleaned; old type leaves the occasional error.