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Breaking with the PastThe Maritime Customs Service and the Global Origins of Modernity in China$
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Hans van de Ven

Print publication date: 2014

Print ISBN-13: 9780231137386

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231137386.001.0001

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The Rise of the Bond Markets

The Rise of the Bond Markets

The Customs Service Becomes a Debt Collector, 1895–1914

(p.133) Chapter Four The Rise of the Bond Markets
Breaking with the Past

Hans van de Ven

Columbia University Press

This chapter begins by explaining the emergence of a market for Chinese loans in London. It then analyzes the Qing's failed efforts to issue domestic loan bonds to pay for the indemnity Japan imposed after the first Sino-Japanese War of 1894–1895. This increased the Qing's dependence on the Customs Service, as foreign banking consortia refused to issue loans unless they were formally hypothecated on Customs revenue. The Customs Service played a critical role in ending the 1900 Boxer War, preventing a possible partition of China. It designed the Boxer Indemnity as a single state-to-state loan, rather than a private one, from the Qing to all affected countries collectively. It became a foundation for the collective security arrangements that would hold during the first quarter of the twentieth century. The chapter ends by narrating how the Customs Service first adjusted itself to the rise of Young China.

Keywords:   China loans, London, loan bonds, indemninty, Sino-Japanese War, Boxer War, Chinese Maritime Customs Service, China

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