later the unanimous opinion in the Far East was that if Russia fought
Japan, Russia must conquer.

But subsequent events proved Robert Hart right. China, after a brief
struggle, was severely beaten, and peace came as a relief. Then
immediately the question of loans to pay off the indemnity arose.
Two small war loans of Tls. 10,000,000 each were floated, it is true,
during the actual hostilities, but the first big loan of £16,000,000
was not arranged till so late as 1896.

The I.G. had the matter in hand; but unfortunately, just as he was
about to complete it, French and Russian banks offered to lend the sum
at a cheaper rate of interest, and so it was given to them. They also
agreed to float a second loan for £16,000,000. But at the last moment,
either because of some hitch in the minor arrangements, or because the
Chinese suddenly thought it might be unwise to put all their eggs in
one basket, they turned again to Robert Hart.

Late one night a Yamên messenger came clattering down the silent
streets, the sound of his pony's hoof-beats echoing from the compound
walls and arousing the whole quarter, there was a prodigious thumping
on the big outer gate before a sleeping watchman could be made to roll
out of his wadded quilts; but finally, after prolonged consultation,
the despatch was taken in to the I.G., the messenger calmed with tea
and a _pourboire_, and quiet once more restored. Next morning, early,
the I.G.'s cart was at the door--a vehicle, by the way, interesting
in itself, since it was chosen by Hung Ki, the man who liberated Sir
Harry Parkes--and Robert Hart started for the only shop in Peking,
ostensibly to buy toys for his children friends, as it was near
Christmas.