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Updated: May 1, 2025
But there is a larger phase of the Consortium concerning which I think apprehensions may reasonably be entertained.
The danger under such conditions that our Asiatic relations will be sacrificed to our European is hardly fanciful. To make this abstract statement concrete, the firm of bankers, J. P. Morgan & Co., which is most heavily involved in European indebtedness to the United States, is the firm which is the leading spirit in the Consortium for China.
After her Twenty-one Demands, however, Japan was hated throughout China. During the world war she had given loans to the various governments and rebels, and in this way had secured one privilege after another. Consequently China declined the banking consortium.
The recent "Chinese Consortium," in which Japan joined with great reluctance, suggests that the major capitalist powers have refused to recognize the exclusive right of Japan to the economic advantages of the Far East.
By an ironical coincidence, the Hong Kong-Shanghai Bank, which is the financial power behind the contract and the new company, is the leading British partner in the Consortium. It is difficult to see how the British can henceforth accuse the Japanese of bad faith if any of the banking interests of that country should enter upon independent negotiations with any government in China.
Possibly this fact accounts for the anxiety of the British partners in the Consortium that the completion of this line be the first undertaking financed by the Consortium. The document also includes what is perhaps a novelty in legal documents having such a momentous economic importance, namely, the words "etc." after the districts enumerated by name.
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