Re <<Year 2021: Cancel student loan debt Year 2032: Cancel national debt ??? >>VIDEO books.google.com.hk en.wikipedia.org [9] Chen welcomed Sun's alliance with the Soviet Union, and worked harmoniously with Michael Borodin , the chief Soviet and foreign policy adviser to Sun Yat-Sen on the reorganization of the Nationalist Party at Canton in 1923. After Sun's death, Chen was elected to the Central Executive Committee of Kuomintang, Nationalist Minister for Foreign affairs at Canton, and Ruler of Hankow, all being achieved in 1926 he was forced to resign in April 1927. Over the next two years, Chen lodged vigorous and articulate protests over continued imperialist policies with the American and British governments, as well as negotiating with the British authorities over the massive labor strikes in Hong Kong. When Chiang Kai-shek's Northern Expedition appeared on the verge of unifying the country, Chen joined the rival Nationalist government at Wuhan . In January 1927, the Nationalists forcibly took control over the British Concession in Wuhan, and when violent crowds also took the foreign concession at Kiukiang , foreign warships gathered at Shanghai. Chen's negotiations with the British led in February 1927 to the Chen-O'Malley Agreement which provided for a combined British-Chinese administration of the concession. In 1929 the British Concession formally came to an end. From then on it was administered by the Chinese authorities as the Third Special Area. While the event as such was comparatively minor, as was the territory involved, this nevertheless constituted both a humiliation and an ominous precedent for the British Empire. In March 1927, with the rapidly approaching National Revolutionary Army (NRA) about to reach Nanjing there was an outbreak of violence against foreigners, now known as the Nanjing Incident, and Chiang Kai-shek launched White Terror attacks on Communists in Shanghai. [10] Chen sent Borodin, his sons Percy Chen and Jack Chen , and the American leftist journalist Anna Louise Strong in an automotive convoy across Central Asia to Moscow. He, his daughters Si-lan and Yolanda, Mme. Sun Yat-sen, and the American journalist Rayna Prohme traveled from Shanghai to Vladivostok, and once again by Trans-Siberian Railway to Moscow. [11] The loan has been in default since 1939. As an interesting footnote to this loan, Mr. M.E. Weatherall, who was a senior official of the Chinese Maritime customs Service in 1921 was quoted in the publication "Wayfoong" as making the following observation; "I believe that I am correct in saying that the greater part, if not all, of the reorganisation loan of 1913 was accounted for by statements and vouchers, but that in actual fact very little of it was ever applied to the purposes for which it was lent. It disappeared mysteriously and nobody knows where it has gone." glabarre.com glabarre.com bloomberg.com The purpose of the loan was to enable the new government of the Republic of China to meet financial liabilities inherited from the previous organization of government institutions and to meet the administrative costs. The loan was secured upon the entire revenues of the Salt Administration of China. In some ways this was a rather dubious security for such a large-scale loan as the entire Salt Gabelle (Salt Tax) had already been committed for other purposes with any surplus being pledged as a security against the Crisp Loan of 1912. However there was a further provision that foreigners would assist in the reorganisation of the collection of Salt Tax revenues and if the loan was at any time in default, the Salt Tax revenues were to be administered by the Maritime Customs Administration which was primarily under the control of foreigners. Coupons were payable on 1st January and 1st July each year. The loan has been in default since 1939. As an interesting footnote to this loan, Mr. M.E. Weatherall, who was a senior official of the Chinese Maritime customs Service in 1921 was quoted in the publication "Wayfoong" as making the following observation; "I believe that I am correct in saying that the greater part, if not all, of the reorganisation loan of 1913 was accounted for by statements and vouchers, but that in actual fact very little of it was ever applied to the purposes for which it was lent. It disappeared mysteriously and nobody knows where it has gone." 
