The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-28
CHINA HERE TO BUY
100 SUBMARINES
Must First Find Way to Raise
Needed $4,000, OOO-Talk
Of Buying 1000.
PROBLEM TO GET CASH

The Chinese Government. Is the latest
recruit in the movement to arm for de-
fence. That Government Is turning It's
attention to submarines and Is consider
ing the purchase of 100 at "A cost OF
abou SIS, 900, 900 II the plan can De
financed. An Admiral Of the chinese
navy and thirty associates. a number
of whom are technical men. are now AT
New Londcn They have been there TOT
a month inspecting the work OF the EleC,
trio Boat Company. The purchase oil
submarines. If it is concluded, will be
from the Electric Boa Company.
Interests closely connected with the
company said yesterday that the chinese
naval commissioners now at New Lon
don have been given authority by their
o. vernment TO buy 100 submarines II
they can get the financing. This is rec
ogniZed as an obstacle OF almost insut-
mounta Bile difficulty at the present time.
China has no money that II could spend
for this purpose. Its credit Is not such
that bankeis here would be willing 10
arrange for 4 big loan at this time
especially in the face OF the demands
for loans from other Countries.
L. was said yesterday that a serial
note issue had been suggested as a pos
siDility, II the purchase we're made NO
attempt has been made however. u
present the financing FOR serious consid-
Grafton by the banking interests In New
York. whose support would be necessar!
to make II successful.
Though much doubt was expressed
yesterday that China w-uld be able 10
buy the submarines for some time a.
least. the fact tha; the Chinese Govern
nent is studying the problem OF SUB
marine defence at first hand Interested
Wall street greatly. II was said %Hester-
Gay that the Chinese representatives at
New London had received Information
from their Government that the 100 sub
marines were to he only a part of the
number desired and hat there would
he orders for many m re. probably 1000.
This number was regarded as fantastic
under present conditions and as typical
of the large terms in which the Chinese
talk before considering practical diff
culties.
Electric Boat interests denied that
China's real purpose was to deliver
the submarines to Great Britain after
getting them.
III dealings that Charles VI. SChwah
has had IN the past with the Chinese and
the high regard in which he Is held by
certain Chinese Government officials. 1t is
believed. caused the Chinese to turn t.
the Electric Boat Company.
This company works in conjunction
with the Bethlehem Steel Company.
through the ~latter's Fore River ship
building plant. and others, In the manu-
facture Of submarines. The hulls are
built by the Bethlehem steel Company
and the engines and fittings by tn.
Electric Boat Company. which controls
submarine and torpedo patents thai
are the standard for submarine con
struction throughout the world.
The Chinese admiral in charge OF tho
commission has taken "A house AZ New
London. The commissioners have gone
thoroughly over the boats now being
built by the Electric Boat Company
for the United states Government and
also those being built for the British
Government for delivery after the war
The cost of the submarines wanted
by China is said to average aoou
$3.50 600 each. The cost of under sea
boats varies with their size. from about
100000 to sl.3OO.OOO which H. the
cost % the big boat now being bull
for the United States Government.