The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-27
BY HARRY CANNES.

A DRIVE for the Chinese markets which will
the shade, is rapidly maturing Very, soon the
pittman Senate subcommittee will render its
report on what steps the United States should
take to win greater share of the Chinese mar
kets. Preliminary statements on what this re-
port will be have already sent Britain, Canada
and japan scurrying.
Canada has entered the field as a new con-
tender for Chinese markets 1t now develops
that H. H. Stevens Canadian Minister of Trade
and Commerce during the sessions of the last I'm
perial Conference in London, proposed to Mac
Donald and the British bankers that huge
loan be granted to the Marking government to
stimulate trade with Canada and Britain. What
fate this proposal met has not been made clear.
But the fact remainsAhat Stevens came to New
York and took the matter up with Owen D.
Young. Evidently, Macdonald and the British
bankers did not look with favor uson the indie
pendent attitude of the rising imperalists of
Canada.
At the same time the Pittman subcommittee
has been holding extended hearings on China
The conclusions of this committee have been
made public. Pittman is the leading silver mag
nate of Nevada. The price of silver has been
dropping sharply, and silver is the leading mon
ey commodity of China. Pittman proposes that
the United States government grant loan of
$250000,000 in silver to China (that u.s. to Chang
Kai Shek) to aid it in discriminating the reds,
and to bolster up its weakened government. The
plan will be perfected under the leadership of
the House of Morgan. Senator Pittman has
called before him owen D. Young, T. W. La
mont and B. M. Baruch. Undoubtedly Owen D.
Young is called at his own request because H.
II. Stevens OF Canada, after his conversation
with Young, announced that this Wall Street
banker looked very favorably on plan for
substantial loan to China to stabilize that market
for American and Canadian goods The $780, oO-
600 silver loan to the Nationalist government
would, of course be highly profitable to Senator
Pttman; it would rebound to the profit of Nor
gan, Lamont, Baruch and owen D. Young and
it would be tremendous wedge for further
American penetration into China at the ex-
pense of the British and japanese
Testimony before the Pittman committee shows
that the United States imperialsts are not con-
tent alone with strengthening the hand of their
puppet Chang Kai Shek. They are reaching
into British territory in the South, especially
through Wang Chin Wei, and into Japanese
territory in the North.
How the silver loan will work is already fore
cast by an article written by ex-senator Frank
j. Cannon, a close friend of Senator Pittman.
Cannon proposes such borrowed bullion tsl-
ver) to be minted and put into circulation by the
borrowing countries China under conditions
fixed by the United States"
This will undoubtedly be the plan adopted by
the Pittman committee Under it, the new life
which it is intended to inject into the col
lapsing Marking government will be completely
in the hands of Wall Street. The British look
at the proposal suspiciously. They have taken
steps OF their own to get greater share Of the
Chinese narket-at the expense of their chief
rivals, the United States and Japan. The Jap
anese openly express their bitterness over the
menacng threat of a concerted drive of Wall
Street for bigger slice of the Chinese markets
Tokyo dispatch in the New York Times (Jan
I'D says that the Japanese press gives these
plans great deal of prominence but shows
skepticism regarding their practicalness" The
dispatch goes on to say:
Japanese bankers will not entrust their
clients money to China without stringent safe
guards regarding the supervision Of expenditures
and the maintenance of assets, which the Nank-
ing Government is unwilling to accept"
The proposed loan, though Pittman is attempt
ing to put it through under the guise of a con-
sortium between Britain France, Japan and the
United States would. as ex-senator Cannon
says be under conditions fixed by the United
States" Because they know what is behind the
entire move, the wary Japanese bankers insist
on conditions fixed by Japanese imperialism.
Though the British attitude has not been ex-
pressed in the American capitalist press :