The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-28

down and a vast amount of paper money
was destroyed they. did not allow their. de-
positors to lose A cent. When the siege
was over they called their debtors together
! and paid them in full"
DO NOT LIKE BONDS.
How about the Government loans, your
E~xcellency: can they he fioated 1T home?"
tung L~iang-Cheng. Our people do not
understand modern methods of national
finance.
They are rather afraid OF Government
securities. For they remember that the
Government repudisted Its obligations dur
ing the Ming dynasty"
When was that, your E~xceilency?".
About 400 years ago. replied the Min
lister. as though 1t were yesterday, and
then went on:
Indeed. ! think it will be some time be-
fore the Chinese will invest largely in
Chinese Government bonds. Just before
the war with Japan broke out two of our
most patriotic officials presented a plan
for a domestic loan.
There was no limit to the amount. but
the bonds were to bear . per cent. and the
Government guaranteed the payment OF
principal and interest. A great deal of
care was used in issuing the bonds, and
they were labeled with a title which meant
Emblem of Honesty Notwithstanding
this, only about Si4, oC0 900 worth OF them
were aiken. These were distributed among
the high officials. merchants and other rich
pe s:RRs, III. interest WAS Maid for . Tim.
but after the war was over the Govern
ment found itself poor. and a great deal
Of money was needed to repair Pekin and
for other purposes.
About that time. a memorial was sent
to the throne. saying that its signers and
the others who held the bonds felt a
great sympathy for their country, and
therefore,, had decided to give up their
money as n present TO the Government.
and they begged the Emperor to declare
the bonds null and voiL. The matter was
brought before the Board of Revenue. and
fha rrnnnC;ffNn uTaC rNopfa1
"A great number of the bondholders
were not consulted in the sending In of
that petition. Nevertheless they lost their
money. and as a result our people are not
anxious for Government securities"
Il upp the men who made the ap-
plication wanted to acquire merit or Office
for their generosity"
Very likely" said the Minister. who
knows?"
GUILDS AND TRADES UNIONS,
But you nave employers associations
to regulate the relations of capital and
labor. have you nOty'
such associations. but not especially to
regulate labor. Many of the guilds are
associated with the cities. The Canton
merchants OF Shanghai have a club and
the Ningpo merchants have one. There
are also unions in almost every branch of
trade. tea guilds. silk guilds and bank
nave more to do with the prices, dis
counts and the handling Of goods than
witt labor matters"
How about organized labor? Does it
exist in China?"
we are not so advanced as you in
that respect replied the Minister. There
are many local labor organizations, but
they are more like mutual life, sickness
and accident insurance companies than
Your trades unions. Indeed. we have but
few unions devoted 20 regulating hours
and wages. There may be some at the
treaty. ports connected with the large
factories.
AT Shanghai, for instance, the river for
five miles is now lined with silk mills
what organized, Notwithstanding most OF
the employees are girls. They are always
ready to strike, and do so when they think
they are imposed upon.
"As factories increase in China, l sup
pose our labor will become organized and
we shall have our unions and walking dele
gates
How about labor on the railroads."
ut is not the quietest in the world" re-.
piled the Chinese Minister. THE workmen-
there strike every now and then. .Just.
Canton Line which has stopped the CON
AMERICANS LOST GOLD NINE
THAT is on the concession granted to
the. American syndicate. How are the
Americans handling their concession?'
II don't think they are handling It very
WE'LL" replied the Chinese Minister. 1T
would nave been a gold mine If they. had
held on to 1t, but l understand that they
have sold the control of the road for Il
comparatively small sum to Belgian CAPT
talists. That concession was a most valu-
able one. W
TT was given to the American syndi-
cate largely in return for the great friend
ship which YOU country displayed To-
ward China in the settlement of its diff
fculties with Japan. Different conEes-
sions in the way of loans and other things
were made to Russia, Germany, France
and England. The United States was the
only nation which did not ask for n
thing and was at the same time about
the most friendly to hin
As a result our people felt grateful and
We were glad to give your capitalists this,
concession with the authorization of a
large loan to build the road and the
privilege of having the profits of the sale
of tho bonds above 30 cents on the dol
lar. 1 can't conceive why the Americans
did not hold on to it AS It is now the
Belgians rave secured one of. the most
They have a large interest in the line
from Hankow to Picking and this extern
sion gives them a great trunk. line from
Pektn to Canton, tapping what is perhaps,
the richest agricultural and Industrial dis
trict. of the world. inhabitated by several
hundred million people. "a
THE road will pay from the start and l.
1t to slip out of their hands" |
.celiencyTss III
Yes Work is going on at, both ends. |
and on both branches. Indeed whenff go |
back home I hope to be able to travel
from Cantor to Picking by rail"
q. CHINESEAMERIcAN TRADE |
"Rus thsrs -ts. plenty Of money In !
-. -~- 49, A