New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-14
Americans Interested.

Americans Interested.
Mr. Jackson admitted that American
bankers wer. Interested in the indepen-
dent lean. He was asked who they were
"That is for them to say" he replied. /
will say. though, that this whole scheme
OF financing China might have been nan
died from the United States had the
administration AT Washington assumed
q more friendly attitude toward bankers
who were not identified with the SIX
power group. II IL had been tdlt'
omen contest I am sure ! couid nave
handled yhe whole loan from this slue
instead OF going to England. as was
obllred 10 do when II became evident tina,
the administration would not lend It's
moral support to any proposal for chi
nese financing that was not backed UP py
the bankers OF the American end OF the
six-power syndicate.
Asked who the bankers or whom ne
smoke were, Mr.. Jackson said no referred
10 the firms OF j. 2. Morgan Co.. the
National City Bank. the First Nauohai
Rank and Kuhn. Loeb 4 Co, OF Ne"
York. When asked what distractions the
state Department had placed In the way
~ tho other bankers IN America, MT.
Jackson said he went 20 Washington and
got letters from the administration "hlch
he brought back to New York.
when l showed the letters 20 indie
nendent New York bankers they told me
natly that Il would be impossible for them
10 carry on the underwriting OF such
large loan with the general attitude OF
the administration as Il was outlined In
those letters" he said.
Mr. Jackson went into some details TO
show that the Independent loan has not
COLLAPSED. lie said the contract was 10
deliver 10000, COO TO tho Chinese MIN
lister Of Finance before June 30. 1913.
The first monthly payment OF E2'booooo'
he said. was made on September ID last
and some advance was made on the treas
ury notes before that date. The CONTRACT
called for y25Odo.Oo0 by the FIRST OF Febru-
arv and the term Of the bond was for
forty years. The English underwriters,
he said. were
Iloyds Bank. Limited; the Capital and
Counties Bank Limited; the London ana
Southwestern Bank. Limited, and the
Chartered Bank Of India, Australia and
China. These, Mr.. Jackson said. were au-
thorized as bankers by the British ana
International Trust Limited, to receive
applications for the purpose Of the bonds
at Oh per cent.
Mr. Jackson was outspoken In his de-
nunciation Of the terms made TO CHINA ny
the six-power syndicate, whereby the UNI
derwriters demanded detailed supervision
~ N. expenditure and administration OF
the loan.
"No scheme OF financing China which
delivers control OF the nation into the
hands OF foreign bankers can succeed"
he said Had the proposal made by the
six-power syndicate been accepted the peo-
rle OF China would have risen up In seri-
Gus opposition. They will not stand Tor
the 'Egyptizing OF China. That suggests
the chief defect OF the whole proposal or
the other syndicate. Their scheme is all
right for the Chinese who want 10 have
their territory carved UP and the pieces
distributed around among the six powers.
The Chinese are unalterably opposed to
IT,"
Mr.. Jackson returns 10 China next week
by way of San Francisco. He would not
discuss his mission, except 10 say that he
would work at oil times for an extension
O: the independent loan In such amounts
as China would require In the future. The
permanency Of the government was I'M
doubted, he said.
Credited in Wall Street.
In opposition TO Mr.. Jackson's opinion
the report that the Birch Crisp syndicate
had abandoned its plan for financing
China and asked 10 be admitted to the
six-Power syndicate was credited yester-
day by interests In this city familiar with
the Chinese loan situation. Whether or
not the request Of Mr.. Birch Crisp and
his associates for entrance into the Six
Power syndicate would be granted, II
was said, would depend entirely upon the
bankers constituting the English group
in the international syndicate.
The negotiations which have now been
resumed between the Chinese Government
ana the six-Power bankers will be con-
Quoted with the old stipulation OF super
vision by the banking syndicate over the
expenditure OF the funds 10 be loaned by
them.
The experience OF China with the Jack
son-Crisp syndicate is regarded by the
six-Power syndicate, II is understood. as
in the nature of a step In a campaign Of
education, in the course Of which the
Chinese interests originally opposing
strongly the supervisory conditions upon
no gng