ABSTRACT
The Russian legation in Peking continued its assault upon the projected Anglo-Chinese loan with more vigour and greater boldness. Despite Russia's responsibility for the collapse of the Anglo-Chinese Loan negotiations, the negotiations for the Anglo-Russian understanding were not abandoned. They proposed to give the Chinese Government a guaranteed loan to meet the payment of the third instalment of the Japanese war indemnity. Franco-Russian diplomacy had scored the first success in preventing the loan transaction, which it had conceived and proposed, from being realized by the British Government. It was intent upon obtaining in any case the concessions which it had requested in return for making the loan. As the negotiations preceded the disinclination of the Russian Ministers to depart from their attitude and to embrace the British conception of the understanding became more pronounced. It might preserve the territorial integrity of China, and it might dispose of Anglo-Russian differences in other parts of the world.
