It has been
very generally held that the long delay in foreign recognition of
the Republic contributed greatly to its internal troubles by
making every one doubt the reality of the Nanking transaction.
Most important, however, is the historical fact that a group of
Powers numbering the two great leaders of democracy in Europe--
England and France--did everything they could in Peking to
enthrone Yuan Shih-kai as dictator.]
High finance had at last got hold of everything it required from
China and was in no mood to relax the monopoly of the salt
administration which the Loan Agreement conferred. Nor must be the
fact be lost sight of that of the nominal amount of 25,000,000
pounds which had been borrowed, fully half consisted of repayments
to foreign Banks and never left Europe. According to the schedules
attached to the Agreement, Annex A, comprising the Boxer arrears
and bank advances, absorbed 4,317,778 pounds: Annex B, being so-
called provincial loans, absorbed a further 2,870,000 pounds:
Annex C, being liabilities shortly maturing, amounted to 3,592,263
pounds: Annex D, for disbandment of troops, amounted to 3,000,000
pounds: Annex C, to cover current administrative expenses totalled
5,500,000 pounds: whilst Annex E which covered the reorganization
of the Salt Administration, absorbed the last 2,000,000 pounds.
The bank profits on this loan alone amounted to 1 1/4 million
pounds; whilst Yuan Shih-kai himself was placed in possession by a
system of weekly disbursements of a sum roughly amounting to ten
million sterling, which was amply sufficient to allow him to wreak
his will on his fellow-countrymen.
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