China Impressed By Wilson Policy.

New York Times 100 years ago today, March 22, 1913:
Restores American Prestige in the Far East, Asserts English Correspondent.
LOAN PLAN IS DEADLOCKED
While Germans Busily Seek Chinese Business — Another Report Says Five Powers Will Go On.
By Marconi Transatlantic Wireless Telegraph to The New York Times.
    LONDON, Saturday, March 22.— The Peking correspondent of The Daily Telegraph says that a remarkable impression has been produced in Peking by President Wilson's far-reaching and well-considered memorandum regarding American participation in the six-power group. The correspondent adds that America has now vindicated her position in the Far East, which was seriously compromised by President Taft's policy. With reference to Sir Edward Grey's statement in the House of Commons that the loan negotiations were still proceeding, the correspondent asserts that the Chinese Ministry of Finance knows nothing thereof beyond the fact that a complete deadlock exists, the Government being determined to do no business on a 5 1/2 per cent. basis.
    "Indeed," says the correspondent, "the abortive sextuple agreement is now characterized by legal advisers as an impossible document, as it virtually gives a monopoly for fifty years.
    "Meanwhile the Germans are working as busily as beavers to obtain all possible concessions during the embargo placed by Sir Edward Grey on British industry and finance in China. Thus, apart from numbers of small loans by powerful mercantile houses, insuring future remunerative business, the Messrs. Krupp offer to supply all the arms and munitions needed by China on three years' credit, thus cutting the ground from under the feet of the great British armorers, such as the Vickers and Armstrong concerns, who have long been represented here, but are now officially cold-shouldered,
    "While, therefore, with commendable zeal, an efficient department of the British Government advises the placing of Canadian contracts in England, another department renders business in China wellnigh impossible and is stubbornly sacrificing everything for an unworkable formula."

The Times correspondent in Peking telegraphs :
    "The representative of the American group has informed the bankers of the six-power group of the dissolution of his syndicate and has indicated its retirement from the combination. The American retirement gives an opportunity to other members to do likewise and so make an end of the sextuple agreement. It is generally felt here, however, that the American syndicate was the least essential element in the combination, and that its disappearance need not affect the continuity of policy of the other powers or the existence of what henceforward becomes a quintuple banking group.
    "President Wilson's statement of policy with regard to Chinese finance is thought peculiarly unfortunate in view of the false hopes engendered in the Chinese that the United States is prepared to give financial assistance without security."