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If, in the matter of the reform of the currency, instead of authorizing trade-agencies, i.e. the foreign Exchange Banks, to make a loan to China, which is necessarily hedged round with conditions favourable to such trade-agencies, the Powers took the matter directly in their own hands; and selecting the Bank of China the national fiscal agent as the instrument of reform agreed to advance all the sums necessary, PROVIDED a Banking Law was passed by the Parliament of China of a satisfying nature, and the necessary guarantees were forthcoming, it would soon be possible to have a uniform National Currency which would be everywhere accepted and lead to a phenomenal trade expansion.
If, in the matter of the reform of the currency, instead of authorizing trade-agencies, i.e. the foreign Exchange Banks, to make a loan to China, which is necessarily hedged round with conditions favourable to such trade-agencies, the Powers took the matter directly in their own hands; and selecting the Bank of China the national fiscal agent as the instrument of reform agreed to advance all the sums necessary, provided a Banking Law was passed by the Parliament of China of a satisfying nature, and the necessary guarantees were forthcoming, it would soon be possible to have a uniform National Currency which would be everywhere accepted and lead to a phenomenal trade expansion.
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