In 1904 the American Minister at Peking concluded an agreement with the Chinese Government to the effect that, when loans for the construction of a projected railway into the western province of Sze-chuen, from Hankau, should be negotiated, Americans should have an opportunity to subscribe to it. Nearly five years passed before arrangements for the loan were made, and then, in the spring of 1909, it was found that terms had been concluded with a group of British, German, and French bankers for the whole sum sought, of $27,500,000, while American capitalists had not been given the promised opportunity. On behalf of the latter the Government of the United States intervened, claiming fulfilment of the agreement of 1904. The matter was regarded as being both politically and financially important. "A precedent is what we want to establish," said Mr. Crane, the newly appointed Minister to China, in an interview on the subject at New York. "The task of this Government to maintain its position with the European Powers in the East will be less difficult. We are looking twenty years ahead." As the result of communications in July from Washington to Peking, in which President Taft took part personally, the loan arrangement was readjusted, and American capitalists became participant in it to the extent of one-fourth. According to a despatch from Peking, August 17, the matter was settled definitely that day, on the following terms: "The loan to be increased from $27,500,000 to $30,000,000, and of this latter amount American bankers to get one-quarter, the other three-quarters going to British, French, and German interests. Americans are to have equal opportunity with the other nations to supply material for both the Sze-chuen and the Canton lines and the branches; they will appoint subordinate engineers, and they will have also one-half of all future loans of the Sze-chuen Railroad and its branches with the corresponding advantages." {95}