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Updated: May 1, 2025
The Four Powers America, Great Britain, France, and Japan have agreed to exploit China in combination, not competitively. There is a consortium as regards loans, which will have the power of the purse and will therefore be the real Government of China. As the Americans are the only people who have much spare capital, they will control the consortium.
This belief is confirmed by the first public utterance of the new American minister to China who in his reference to the Consortium laid emphasis upon its deterrent function and upon the stimulation it has given to Chinese bankers to finance public utilities. And it is the merest justice to Mr.
We are engaged in a continuing dialogue with the Pakistan government concerning its development and security requirements and the economic burden imposed by Afghan refugees who have fled to Pakistan. We are participating with other aid consortium members in debt rescheduling and will continue to cooperate through the UNHCR in providing refugee assistance.
Russia and Japan, who had hitherto not been parties to the official consortium, perceiving that participation had become a political necessity, now demanded a place which was grudgingly accorded them; and it was in this way that the celebrated six-power Group arose.
There would not be much difficulty about this if China had a stable and orderly government; in that case, many foreign capitalists would be willing to lend on good security, without exacting any part in the management. Every possible diplomatic method should be employed to break down such a monopoly as the consortium seeks to acquire in the matter of loans.
I have seen no reason thus far to change my mind on this point, nor in regard to the further belief that probably the interests of China in the end will be best served by the continuation of this deterrent function. But the question is bound to arise: why continue the Consortium if it isn't doing anything?
These considerations not only throw light on some of the difficulties of the functioning of the Consortium, but they give an indispensable background for judging the actual effect of the renewal of the Anglo-Japanese alliance.
Morgan are so purely philanthropic as not to care whether they get any interest on their money or not, although emissaries of the consortium in China have spoken as though this were the case, thereby greatly increasing the suspicions of the Chinese. In the New Republic for November 30, 1921, there is an article by Mr.
It is well remembered that the effect of the "reorganization" loan of the prior Consortium in which the United States was not a partner was to give Yuan Shi Kai the funds which seated him and the militarist faction after him, firmly in the governmental saddle. Viewing the matter from a larger point of view than that of Canton vs.
Two important points had, however, been attained; first, China was kept financially afloat during the year 1912 by the independence of a single member of the London Stock Exchange; secondly, using this coup as a lever the Peking Government secured better terms than otherwise would have been possible from the official consortium. Meanwhile the general internal situation remained deplorable.
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