Democracy And the Eastern Question;

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Tsao and Lu are in THE CORRUPTION OF A NATION 183 a position to conclude loans as they are closely connected with the Government, and in the meantime Mr. Liang is not.
And on July 27, 1918, Prof. Powell wrote further in "Mil- lard's Review": Between January 1, 1909, and June 30, 1918, Japanese bankers have advanced to China Yen 178,770,000 and, in addition, three other loans to the amount of Yen 106,000,000 have practically been agreed upon, and probably will be signed before the end of July.
O
...f the Yen 178,770,000 already advanced. Yen 164,100,000 has been advanced since May 1, 1915, showing that Japanese activity in the Chinese field really did not begin until eight months after the opening of hostiHties in Europe. Outside of a comparatively small part of the Yen 164,100,000 which was used for purposes of flood relief and to combat the plague last winter, most of the money has been used in internal warfare in China, About twelve million Yen has been advanced to the Southern Chinese provinces, presumably for military use on the Southern side, and the rest has been used by the Northern or Peking Government for similar purposes.

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