Following Britain’s recognition of the Nanking government (in 1929) both the Foreign Office and the Treasury were anxious to reach new loan agreements with that government in order to ensure the continuation of British influence in China. Since the Consortium seemed to hinder these efforts — in fact created friction rather than understanding because it provided that all loans must be offered to all four members and Nanking refused to deal with Japan — the British Labour government decided to dissolve the Consortium. Not surprisingly Addis opposed this decision, insisting instead on a continuation of the cooperative policy.
KeywordsEconomic Crisis Europe Income Expense Gall
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- 13.G. E. Hubbard, ‘Financial Reconstruction for China’, RIIA Journal, IX (1930) pp. 636–51.Google Scholar