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Chapter 274 Nishihara Borrowing

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    Now is not the time to discuss this. For Duan Qirui, the first priority is to enrich himself and solve his own governance problems.  In order to pay for joining the war army, he came up with the idea of ????loan from the Japanese.  This was also a common problem among warlords during the civil war in the early Republic of China. Zhang Zuolin, for example, borrowed money from the Japanese several times to purchase arms.

    Japan responded positively to Duan Qirui¡¯s beckoning.  In order to lend money to China, a special banking group was formed by the three banks of Korea, Taiwan, and Industrial Bank. The total amount of the loan was as high as 220 million yen. It was handled by the Japanese Nishihara Kamezo. This later became the famous "Nishihara loan" in official history.  The matter is quite controversial in history.

    The First World War created two nouveau riche, one for the United States and one for Japan.  During World War I, Japan's foreign trade greatly exceeded its expectations and its financial strength was significantly enhanced. Due to excess domestic currency, inflation even occurred. This was a major background for Japan to borrow large amounts of money from China at that time.  But what Nishihara and the Terauchi cabinet really want is not to do short-term small business that repays principal and interest one by one and makes a profit. What they want to do is medium- and long-term big business, and they want to support Duan Qirui and help him succeed.  , in order to completely improve the Sino-Japanese relations that have deteriorated since the "21".  Nishihara personally told Zhang Zongxiang that the temple longed for a strong person in China who could shoulder the important task of unifying China, and this person was Duan Qirui.

    It is indeed the true wish of the temple to be optimistic about and support Duan Qirui's administration.  Since then, despite the ebb and flow of China's political arena, and the constant emergence of new strongmen in the military and political circles of the north and south, some of whom were even more powerful than Duan Qirui, the temple had never criticized anyone other than Duan Qirui until he stepped down.  After looking at and dealing with it, it can be regarded as very thorough and unwavering.

    In response to Duan Qirui¡¯s request for a loan, the temple cabinet almost always refused.  From 1917 to 1918, Nishihara alone handled a total of eight loans to China, which were collectively referred to as "Nishihara loans".  On one occasion, Nishihara made three loans in one day, each worth 20 million yen.  The "Nishihara loan" totaled 145 million yen, but it only accounted for a part of Duan Qirui's loans to Japan. According to some statistics, the total amount reached 500 million yen (some data believe that it is close to 400 million yen).  JPY).  On the surface, these loans were lent by the Bank of Taiwan, the Bank of Korea and the Industrial Bank of Japan, but in fact they were all money allocated by the Japanese government from the national treasury reserves.

    In order to deceive others, most of the loans were signed under the names of transportation, banking, railways, forestry and mining, telecommunications, etc.  Five of the eight loans in the "Nishihara Loan" were in the name of transportation projects, and the amount reached 90 million yuan.  The operation process is generally that the handling Ministry of Communications of China first collects the money, and then "lends" it to the Ministry of Finance to make up for the gaps in various military and political expenditures.

    As the Deputy Minister of Transportation, Ye Gongchuo believed that the money was borrowed in the name of the Ministry of Transportation, and it was the responsibility of the Ministry of Transportation to repay the principal and interest. Therefore, he advocated keeping the borrowed money in the Ministry of Transportation¡¯s special funds for future ¡°business development and increased profits.¡±  , there is still hope of return.¡±  He personally went to see Duan Qirui and asked: "Such a loan has no economic plan. The borrowed money is used casually. How will the principal and interest be repaid in the future?"

    Duan Qirui did not say anything about this, but said: "The Ministry of Finance should have a coordinating approach."

    The Ministry of Finance is the department that uses money, so there is no way to coordinate or make money.  Ye Gongchuo asserted: "Prime Minister, if you do this, the principal and interest of Xiyuan's loan will eventually be lost. What will we use to repay it then?"

    Duan Qirui is not a fool, he is very clear about these things.  In fact, when he first planned to borrow, he had no intention of repaying it. What he often told people around him was: "We are only using Japan for a while. Who is going to repay these loans? When the time comes, it will be over."

    The reason why Duan Qirui dared to "look at it and it's over" is because all Japanese loans, including the "Nishihara loan", have loopholes that can be exploited.  Their borrowing conditions are very low, and they all use wires, forests and other nominal things as collateral, which is equivalent to a blank check. Even if the Chinese government does not repay the loan in the end, Japanese creditors will not be able to dispose of the agreed collateral¡ª¡ª  -Wires, forests and the like cannot be monetized at all!

    In fact, in history, there was only one loan that the Chinese government actually paid off, and that was the first Bank of Communications loan in the "Nishihara loan". The rest became "big overdue debts."  According to the loan contract, the Japanese side paid the full amount without taking any kickbacks or commissions, and later failed to recover even the principal and interest. From this perspective, it is equivalent to the Japanese government using its own treasury money to pay the Chinese government.  |China does take advantage of the government's expenditures.

    Of course, as the Prime Minister, Duan Qirui himself would not sign such an agreement to be used as a target for political opponents. He wanted to remain useful and detached from other matters so that he could have room for flexibility. This harmed Cao Rulin, the person in charge of the Japanese loan.  , Lu Zongyu, Zhang ZongxiangThey requested the announcement of the Phoenix Mountain Mining Contract; the British Minister believed that the Yangtze River Basin was the British sphere of influence and Japan could not be allowed to interfere.

    Jiangsu Governor Li Chun even pointed out that Fenghuang Mountain is under the jurisdiction of Jiangsu and is related to local issues. The opinions of local authorities should be sought before signing a contract.  The tone contained a hint that even if the cabinet signed a mining treaty, he would not allow the Japanese to come to mine iron ore.  It doesn't matter, he is from the direct line and Duan is from the Anhui line. The two families are already incompatible.

    Just as he was worried about being unable to stop Duan Qirui, a major event suddenly halted the use of "Xiyuan Loan" for military purposes.  It was Zhang Hanqing who promoted this matter.  (Remember the website address: www.hlnovel.com
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