The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-02-28
gNew Chinese Minister Talks Of
Trades Unions and Capital
Combinations.
|nUlLD Of sHANsI. I 3
Government Loans and Why
Not Likcd-New Railroads
and How Americans Lost.
3By FRANK q. CARPENTER.

4 ~ J..
ICheng, the Chinese minister in the Of
sfaccs OF his legation this afternoon. had
ARRANGED BY telephone for an Interview
with His Exccllency and our talk was
sheld In a room furnished In modern style,
Tho minister sitting IN swivel back Of
sfice chair before a Grand Rapids roller
gtop desk lie was clad In Chinese cos
hume, but he spoke in pure English and
more like ali American than like the re.
representative Of a nation which many
athjnk to be a thousand years behind the
stiMcs. s 81
I.8A An Up-to-Date Diplomat
Sir Chentung Liang-Cheng himself Is
iby no means behind the times He Is
IAN lip to-datc modern diplomat fitted ny
iedncation and experience to carry me
fworld about in \ his big round celestial
Head, and TO fight the diplomatic Dattles
suf his nation. lie wns borni in China, 5Dut
Vat tho age Of eleven was sent 70 the
[TynIted states to be educated. He5studicdf
lat Amherst for three years and then went
TO the Phillips Academy, at Andover,.
fwhere he graduated.
E5upon his return home he was taken
Unto the employ of the government, when
rs another word for the Old empress
EdowDger. and he has been IN Her MAJ
lestyrs employ ever since. He Is sald.
Ito be closely associated with Her MAI
lesty, and 1t is probably due to her u p
sprecation of him that no has been az
Ethe front in Chinese nfrairs for the past
twenty years. He came here first assoc
sretary Of the legation, returned to China
Ito take a place in the foreign office, and
Ibecame one of the embassy which made
4 He peace treaty with Japan at the close
|of the war.
l@ Since then no las been connected With
Important missions to st. Petersburg,
Berlin. London and Madrid, and has car
Tried off honors from all these capitals.
lueen Victoria made him q ~ G.. NJ g.,
the Mfkado gave him one of the most
distinguished orders of his empire, the
Gear OF Russia ,-.L itnewiAe. and SO dld
king Leopold of Belgium Amherst COL
hege has conferred upon him the title OF
doctor OF laws, and all this notwithstand-
ing he Is Still in his thirty-ninth year.
Xhat will he not be when he reaches the
age when LII Hung Chang was greatest?
Money Matters in China.
sTi opened the interview by asking His
Excellency about money matters in
China II want you TO tell me, said |.
E.Something about your milltonaires your
trusts and your combinations OF en-
Eployers.
.'I am sorry that ! cannot give you
sfnuch along such lines" replied His Elk
Fcellency, for L have little to do with
prgarized capital in my country
"But you have organizations Of capt.
Hail." said !.
s...Yes,', was the reply. but not such as
you have in the United States. We have
mathematics here and there. but tho multi
Emillionaires are few. We have combine
ltions OF small capitalists but no great
trusts and syndicateS to monopolize our
natural products such as iron ard cop
per. sugar and fuel 2
Ns"What branches of industry are most
torganized 2"
1.-THE bankers" replied the minister.
i'rThe bankers of my country come almost
altogether from one province, that Of
fShansi, lying west OF Shantung. That
tlsa state Of rich lnoE. and those men
itnake a business OF banking. They have
Ia natural aptitude for it. They might
he called the Jews Of China. They bring
ftheir SONS up to be bankers. putting them
Into the counting rooms when they are
boys, and gradually raising them until
shcy graduate as bas:kers. {: They go
irom there to all f1arss of the empire
land they arc really the finunciers OF the
iSountry."
Banks Seldom Fail.
l3t.Are they honest men?' asked.
E"I think SO. replied the Chinese minis
lter. .tIney are honest and insist on their
brothers being honest. IL one Of the
foaEkers is about 10 fail, his brother
bankers come in and lend him enough
so save him from bankruptcy.
#'.There are many shans! bankers In
sPekin. They had heavy deposits at the
Ayv,1,o ri. b,,t ,l,nr, al, I,,,
burned down and vast amount Of paper
money was destroyed, they did not al
low their depositors to lose 6 cent When
The siege was Overt they called their debt
hrs together and paid them in full"
The Chinese Do Not Like Gov
eminent Bonds.
83"How about the government loans, Your
aG1cellcncy; can they be floated at home?"
a9"Not easily at present" replied Sir
Ahentung LANG Cheng. "Our people do
9lot understand modern methods OF ma
4jonal finance. They are rather afraid of
government securities For they rcmem-
der that the government repudiated It's
obligations during The Ming dynasty
NIL. .. nen was that, Your Excellencyg"
ss"About four hundred years ago." re-
slied the minister as though II were yes
Merday, and then went on:
A%"Indeed, ! think it will be some time
Hiefore the Chinese will invest largely III
l$shiretse government bonds, Just before
The war with Japan broke ont TWO of our
anost patriotic officials presented a plan
&pr domestic loan, There was no limit
No the amount, but the bonds were to
Ajear . per cent, and the government
Guaranteed the payment of principal and
Interest. a great deal Of care was used
Hid Issuing the bonds. and they Were
tiaheled With q title which meant Emblem
Hf Honesty Notwithstanding this, ony
EKtbout &l4,Oo0Ol0 worth Of them Were
taken. These were distributed amonG
Hhe high officials, merchants and Other
Aleh people.
Ma.WeIl. the interest was paid for time
HUT after ihe war WAS over the govern
%lent found itself poor. and great dea
isf money was needed to repair Pekin an'
Mor other purposes. About thai time
f5aeYnorial Was sent in To the throne, say
gag that its sianers and the others wh
Held the bonds felt q great sympathy 70
Their country, and therefore had decide
M give IN their money as Il present u