Loan contract with the Pacific Development Corporation, November 26, 1919—Efforts of the Chinese Government to secure an emergency loan from the consortium members; Japanese advance of nine million yen, February 19, 1920—Repudiation of German-issued Hukuang Railway bonds; American efforts to secure a reversal of the Chinese Government’s decision—Arrangement between the American group and the Pacific Development Corporation; protection of the Corporation’s contract by the American Government—Unavailing efforts of the Chinese Government to secure funds—Arrangement for honoring the Hukuang bonds

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