§ 33. Mr. KEIR HARDIEasked whether the right hon. Gentleman has any official information showing that the group of bankers negotiating the Chinese loan at Pekin are seeking to force the Government to borrow £60,000,000, although only £10,000,000 is needed; and whether he will instruct the British representative at Pekin to aid the Chinese Government in resisting the efforts of international financiers to place China under such financial obligation to Europe as would seriously threaten her autonomy?
§ Mr. ACLANDThe initiative in this matter lies with the Chinese Government and only that amount which is actually requested by them will be advanced by the financial groups. Far from the autonomy of China being in any way threatened by the conclusion of the loan, its whole object is to enable her to establish a stable administration and so consolidate her position, and no attempt is being made to force China to borrow anything; the position is that if money is borrowed it should be on proper conditions.
§ Mr. KEIR HARDIEDo I understand from the hon. Member's reply that China is asking for £60,000,000, or that the international bankers are compelling China to accept this sum?
§ Mr. ACLANDOh, no. This sum was definitely asked for by China. They asked for £60,000,000, to be spread over five years, and that sum will only be advanced as it is required by the Chinese Government and as security is available.