Mr. Rockhill to Mr. Hay.
Peking, China, April 24, 1901.
Sir: I have the honor to confirm my telegram to you of the 18th instant.
In view of the fact that the amount of the indemnity to be paid by China is under constant discussion by the foreign represenatives here, and that they have apparently decided not to wait for China to suggest acceptable financial measures for its payment, as provided by Article VI, paragraph (b), of the Joint Note, but to inform her of the measures they consider best, I am most desirous of knowing your views on the subject.
[Page 140]The Chinese naturally desire a joint guarantee of any loan or bonds they may have to issue, as it would save them a very large sum, and some of the powers, Russia, I believe, included, would like to see a joint guarantee of all the powers given.
Sir Robert Hart told me recently that the London bankers advise Mm that on the securities mentioned by him in his memorandum (see my dispatch No. 50, of March 28) a loan of from £30,000,000 to £40,000,000 could be placed. He thinks it quite impossible to float it at over 80, possibly much less, in view of the present stringency of the money market.
I am, etc.,