Imperial Chinese Government Loans

The 5% Hukuang Railway Loan of 1911 was, according to author John M. Thomson, secured upon a first charge of salt, rice, and likin taxes of Hunan and Hupeh. This resulted in opposition from provincial governments as well as from a “rich merchant group who were advocates of the ‘Rights Recovery Movement’” who demanded cancellation of the Hukuang Railways Loan “mainly as they wished to promote their own business interests” and gain shares in various “infra-structure development programmes.”

Attempts by the central Imperial Government to “pacify the leaders” of the movement failed and opposition groups actively “mobilised students, workers and peasants to make protest against the Chinese Imperial Government.”

Reference: Historic Foreign Bonds of China: A Collector’s Compendium by John M. Thomson.

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