New-York tribune., 1920-10-14
Chinese Banks
Aid Welcomed
BY Co1lsortiu1ln
Cooperation i'm Gaining
Finances for Nation Is
I Favored by Interna-
tional Banking Group
NO Report ON Revolution
Purposes of Agreement Set
Forth by Leading Bank
crs at Meeting Here

fNNs'A'o StNPS tpWdTO OBTAINING the
cooperation of Chinese capital in the
work OF the international banking con-
soruum for extending financial assist
ance to China were taken yesterday by
the delegates Of the British, French,
japanese and American banking groups
on resuming their conferences at the
Chamber of Commerce Of New York.
Action of the consortium delegates
TO this end was announced after the
afternoon session in a statement issued
on behalf of the delegates by Thomas
W. Lamont, of J. F. Morgan G. Co.,
who is presiding:
The consortium has gone on record
officially in welcoming the cooperation
of local Chinese capital in the work
OF the consortium in the development
of China's public enterprises. the build
ing Of railways, etc. The consortium
has passed a resolution to be commun-
Gated to its representatives in Peking,
IN order that they shall make clear
10 the government and to the Chinese
people that the cooperation of
Chinese group forming a representa-
tive national unit and prepared to
undertake the obligations involved,
shall be encouraged"
No Advices on Revolution
The consortium delegates had no di-
rect official advices yesterday relative
10 the reported uprising in China which
the Shanghai cables said had resulted
IN the overthrow of the Picking govern
4 oFO of
banking groups present at the con-
sortlum conferences speaking unotfi-
cially said that the reported upheaval
would in no way affect the status Of
the consCrtium. The banker pointed
out that the drift of political thought
in China is toward greater liberalism
and expressed the opinion that an over
throw of the Republican regime would
at the worst only be temporary. 1T
is history" said the banker, chat
where monarchy has been success
fully overthrow attempts to restore
that monarchy to power have been
always abortive.'
Getting down to business yesterday
after the holiday, the consortium ap-
pointed several subcomnittees Of del
egates, including committees on railway
. communication and currency reform,
which are expected to submit reports
be no formal session of the financial
envoys to-day. Part of the time yes
oerday was given over to discus
Of currency reform in China, which is
one Of the pressing problems that must
be taken UP in any program for finan
dial upbuilding of the new republic.
Purposes Are Set Forth
The purposes of the international
onsortlum agreement were set forth
yesterday by several of the leading
bankers participating at the confer
ences at a special luncheon gwen In
their honor by the Bond Club of New
York at the Bankers Club. The
speakers were Sir Charles Adds, of the
British group; Rene Thion de Ia
Chaume, of the French group; Reitaro
Ichinomiya, of the Japanese group, and
Mr.. Lamont, of the American group.
GYosvenor Farwell, president OF the
Bond Club, presided.
Sir Charles Adds, speaking for the
British banking group, made some
timely references to Chinese revolu-
QOnary movements.
"There are to-day two, and perhaps
chree, warning factions in China" sand
Sir Charles, who is director of the
Honc Kong and Shanghai Banking Cor
por&tion, and who has spent many years
in the Far East, "strugging for power
and place, and although three success
sve elected assemblies have had their
sessions they have one and all failed
produce working constitution or,
q ced, a constitution of any kind.
ow. | think it better to be quite frank
in these matters and to state the facts
as they are But | should like to make
this reservation-that you viii be max
ing a great mistake if you attach the
importance which is naturally attached
to revolutionary countries in Europe
and in the West and apply them to an
/ Oriental country like China.
Can Be Saved by Exertions
The object of the consortium, Sir
Charles declared is to assist China to
stand upon her own feet. Il believe |
am expressing the opinion of my col
leagues he continued, when | say
that we should lay it down as a fun
damental principle that China poiti-
cally can only be saved by her own
exertions, that external aid can never
promote a permanent internal admin
rative union, that the utmost that this
consortium or any consortium can do
is to assist the efforts and the initiative
which must come in the first place from
China herself. 1t seems platitude
to emphasize this point-that without
the assent and good will of China the
consOrtium is not only powerless to act
but has no desire to act.
"If | emphasize this point it is in
order to remove the pernicous and the
persistent idea which has been promul-
gated by those who are not friends to
the cooperative movement of the past
and who spread abroad the insidious
and entirely erroneous idea that for
some reason best known 10 themselves
the consortiUm is anxious to supply
China with funds, and under the guise
Of forced loan to secure a strangle-
hold upon the territories Of that coun-
try to impair its sovereignty.
Use of Consortium
Nothing is further from our
thoughts, and l suggest to you that
when it is said. Then what is the use
of the consortium p ny reply would be
that it seemed to me that in all prob
ability the consortium will be able te