reorganize Chinese finance that the central battle raged. The Belgian
Syndicate, having been driven out of business by the financial boycott
which the official group was strong enough to organize on the European
bourses, it remained for China to see whether she could not find some
combination or some man who would be bold enough to ignore all
governments.

Her search was not in vain. In September (1912) a London stockbroker,
Mr. Birch Crisp, determined to risk a brilliant coup by negotiating by
himself a Loan of £10,000,000; and the world woke up one morning to
learn that one man was successfully opposing six governments. The
recollection of the storm raised in financial circles by this bold
attempt will be fresh in many minds. Every possible weapon was brought
into play by international finance to secure that the impudence of
financial independence should be properly checked; and so it happened
that although £5,000,000 was secured after an intense struggle it was
soon plain that the large requirements of a derelict government could
not be satisfied in this Quixotic manner. Two important points had,
however, been attained; first, China was kept financially afloat during
the year 1912 by the independence of a single member of the London Stock
Exchange; secondly, using this coup as a lever the Peking Government
secured better terms than otherwise would have been possible from the
official consortium.

Meanwhile the general internal situation remained deplorable. Nothing
was done for the provinces whose paper currency was depreciating from
month to month in an alarming manner; whilst the rivalries between the
various leaders instead of diminishing seemed to be increasing. The
Tutuhs, or Military Governors, acting precisely as they saw fit, derided
the authority of Peking and sought to strengthen their old position by