The note recently submitted by the Consortium Ministers to the Government, pointing out that domestic loans were Meing given assiduous attention while foreign loans were ignored, was much more a warning than a_ protest. It was not aimed at the consolidated domestic bond issues already provided for, but was des-gued to prevent the inclusion of other subsequent loans in the same consolidation. The particular loan issue which certain groups -in Peking have been trying to boost and which the Diplomats have been watching with keenest attention, is that known as the "96 million loan.' Many determined attempts have been made by big groups of speculators with.official influence to put this Joan issue on a footing which would enable them to get rid of their boldings at a profit, Every time they have focussed their attention upon the existing sccurity for the domestic bonds, the Customs surplus, the Diplomatic Body has emitted a growl very similar to that which elicited the recent letter from the Chinese bankers to the Inspector General. The bankers ought to know this time what it means. They and all other investors in domestic bonds ought' to be much more encouraged than distressed by the diplomatic interest in, the surplus.
"The Diplomatic Body's interest in this security means that if the. Government trifles with it, tries to seize it, divert it or overload it, the Powers will assert the. claim to the surplus, which they hold in abeyance for the service of foreign loans; in which event" the Chinese Government would profit nothing but would bring about its cars a veritable tempest of wrath when the bankers and the big official investors learned who was responsible. The more the Diplomatic Body growls, the better the Peking Government is aware of this, the less likely it is to tamper with the. existing service and the more secure are the bonds.
Text read from the printed page and cleaned; old type leaves the occasional error.