Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-02-27

the employ of the government, which is
another word for the old empress dowager.
and he has teen in her majesty's employ
ever since. He is said TO be closely asSo-
ciated with her majesty, and it is probably
que to her appreciation of him that he has
been at the front in Chinese affairs for the
past twenty years He came here first
as secretary of the legation. returned to
China TO take place in the foreign Of
flee, and became one of the embassy which
made the peace treaty with Japan at the
close of the war.
eince then he has been connected with i'm
portant missions to St. Petersburg Berlin
London and Madrid, and has carried off
honors from all these capitals. Queen Vic
toria made him K. c. NJ. G.. the Milsado
gave him of the most distinguished or
deTs OF his empire, the Car of Russia did
likewise, and so did King Leopold of Bel
GUM. Amherst College has conferred upon
him the title Of doctor of laws, and all this
Notwithstanding lie IS still in his thirty
ninth year What viii he not be when he
reaches tie age when Ii Hung Chang was
greatest?
Money Matters in China.
I opened the interview by asking his ex-
cellency about money matters in China
Il want you to tell me- said 1, something
about your millionaires, ycsr trusts and
your combinations of employers"
Il am sorry 10 say that cannot give you
much along such lines replied his excel
lency, for 1 have little to do with organized
capital in my country"
But you have organizations of capital"
said I.
'.Yes''was the reply but not such as YOU
have in the United States. We have mil
lionaires here and there, but the multi-mil-
lionaires are few. We have combinations of
small capitalists. but no great trusts and
syndicates to monopoliZe our natural
products, such as iron and copper, sugar
and fuel"
What branches of industry are most or
ganized?"
THE bankers" replied the minister 1.-The
bankers of my country come almost alto
gether from one province. that of Shansi,
lying west of Shantung. That is a state of
rich men, and those men make q. business
Of banking. They have natural aptitude
for it. They might be called the Jews of
China. They bring their sons up to be
bankers, putting them into the counting
rooms when they are boys, and gradually
raising them until they graduate as bank
ers. They go from there to all parts of the
empire, and they are really the financiers
of the country"
Banks Seldom Fail
Are they honest menu" I asked
st think so,' replied the Chinese minister,
'They are honest and insist on their
brothers being honest. If one of the bank
ers is about to fall his brother bankers
come IN, ana leHu MIN enough 10 save MIN
from bankruptcy. There are many Shansi
bankers in Picking. They had heavy deposits
at the time of the siege, but when their
banks burned down and a vast amount of
paper money was destroyed they did not al
low their depositors to lose a cent When
the siege was over they called their debtors
together and paid them in FULL
The Chinese Do Not Like Government
Bonds
How about the government loans, your
excellency, can they be floated at homer
mot easily at present." replied Sir Chem
tung LANG Cheng. Our people do not un-
derstand modern methods of national
finance. They are rather afraid of govern
ment securities. For they remember that
the government repudiated its obligations
during the Ming dynasty
when was that your excellency?"
about four hundred years ago?'' replied
the minister as though it were yesterday,
and then went on:
Indeed, think 1t 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 Tor 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: great deal of care was used
IN issuing the bonds, and they were
labeled with q title which meant En-
b1em Of Honesty. Notwithstanding this
only about $1z.O00. 600 worth OF them
ware taken. These wAra dfsfrff1lif Al