The report that a London bank 4 has been ready. to range a, loan pi for China at My. T. V. Soong's re auest will be accepted here with considerable reserve. Mr. Soong himself has been commendably frank in Jadmitting the Weakness of China's leredit's position. He has referred to the railway defaults and information on that subject is dally. avail. lable in, London. At this time of trade depression the ordinary can ition of financiers may be justifiably relaxed in order to encourage the resumption of movement in production. Conditions which would encourage such expansiveness do not, however, exist and it. is highly unlikely that Mr. Soong would make {the attempt to pretend that they did. The trade returns to which re. ference was made in these columns yesterday would of themselves dis-the notion that stimulation lof China's imports can be counten. lanced without adequate promise of marked improvement In her exports. Moreover the Government has yet to reveal the proposes. to take in deal laminous growth of det (City of London would untrue to its established tra if it contemplated a loa in such cir. leumstances. The reply which will
[will be awaited. with interest. If eiren to Ins-"Remer on Monday na has been able to obtain the nature of financial suggest that the achievement is governed by conditions which have yet to be revealed or that some basic misunderstanding is responsible for the rumour in ques tion, Mr, Soong has, no doubt, had ithe friendliest of receptions in England, but he would be the first to recognise that mere friendliness does not float Loans. And friendliness the City of London, for example, carefully eschews the complacency of the tailor who accepts an order for la fourth suit on credit because his bill, for the preceding three is. still (Telegeam ox Page 42)
Text read from the printed page and cleaned; old type leaves the occasional error.