The Chinese Government wants, not for its people, but to
strengthen its own means of action, telegraphs, railroads, and money. In order to get them it needs European help, and has very naturally sought it in America. It is not yet in alliance with Britain, it loathes France, it regards Russia as an enemy, and it is doubtful about German deference to St. Petersburg. It has accordingly asked an American syndicate, with its centre in Philadelphia, to found a State Bank, which will not " collect," as is reported, but will receive all Chinese revenues, will put up telegraphs at once, and will open railroads as fast as the popular fear of breaking the repose of the earth will allow. The Americana have consented, and in return, have lent the Chinese a million sterling, probably to be sent in silver, which will gradually pour from America into China. The transaction is perfectly natural, and rather clever, especially as Chinese directors—who can be decapitated—are to be associated with the American managers ; but the English and Germans in China are quite excited over it. They think themselves outwitted by the Americans in a grand bargain. We doubt it. The Chinese are far too jealous to allow any people with whom they have quarrelled such a hold over their internal affairs, and do not want to see British or German fleets in the Yangtse prepared to protect the stock- holders in the Imperial Chinese Bank. The Marquis Tseng has heard of Egypt.
Previous page
