一战后大生纱厂经营恶化及对日借款交涉

Business Deterioration of Da Sheng Cotton Mill and the Negotiation of a Loan From Japan After the World War Ⅰ

第一次世界大战后大生纱厂的经营迅速恶化,1925年7月,因资不抵债,被债券银行团接管。大生纱厂的经营恶化的原因除了过度投资,形成巨额债务负担外,还在对于东北市场的高度依赖。张謇试图通过对日借款来克服经营恶化的困境。日本政府在张謇借款的问题上表现出积极姿态,意在利用张謇缓解中国的排日情绪。作为排日运动的象征性人物张謇对日借款交涉引起了各方普遍反对。面对舆论压力,张謇否认了借款交涉,借款也随之流产。

The business of Da Sheng cotton mill deteriotated rapidly after the first world war.In July 1925,it was taken over by agroup of bonds banks due to insolvency.In addition to the excessive investment which formed a huge debt burden,Da Sheng cotton mill was highly dependent on the northeast market which also led to the business deteriotation.Zhangjian tried to overcome the business predicament by borrowing money from Japan.The Japanese government showed a positive attitude on the issue of Zhangjian’s borrowing with the intention to use Zhang to relieve China’s sentiment of repelling Japan.As a symbolic character of repelling Japan movement,Zhang’s borrowing negotiation with Japan caused widespread opposition.Facing the pressure of public opinion,Zhang denied the borrowing negotiation and then the loan failed.