Early in 1911 Tang Shao-yi resigned the presidency of the Board of Communications and Sheng Hsuan-huai, more familiar known as Sheng Kung-pao, was appointed in his stead. With the advent of Sheng there was an activity in the Government affairs rarely known in the latter history of the Manchu dynasty. He inaugurated what was known as the business Government and, at least in theory, his policy was all that could be desired. Within the first four months of his stewardship of the ministry, he created almost a record in the speed with which he concluded one loan after another. Early in April the startling announcement was made that China, through an agency of Sheng Kung-pao, had contracted a loan of 10,000,000 with British, French, German and American capitalists, the major part of this sum to be ear-marked for the reform of the currency. Few believed this report to be correct but it was announced officially that on April 15, 1911, the agreement was signed for a loan for the reform of currency between Prince Tsai Tze, as president of the Board of Finance, and the Four Power group. The signatories of the Four Power group represented the Hongkong and Shanghai Bank on behalf of the British, Deutsche-Asiatische Bank for the Germans, the Bank de l'Indo-Chine for the French and J. P.Morgan & Co., Kuhn, Loeb & Co., the First National Bank of New York, and the National City Bank of New York for the American group. The amount of the loan was 10,000,000, the interest was 5 per cent, and the issue price 95. Although it was known as a currency loan it was arranged that 30 per cent, of the receipts from the loan was to be ear-marked for the development of Manchuria. It was agreed that 1,000,000 was to be paid at once and to be devoted to that purpose immediately. The balance of about 7,000,000 was agreed to be used for currency reform and was to have been paid when the International Syndicate was satisfied with the scheme that the Government of China proposed to institute. About 400,000 was paid to China to be devoted to Manchurian development, immediately after the loan agree-ment was signed. In the meanwhile meetings were held in London, and subsequently in Berlin, between representatives of the Chinese Government and foreign banks, with a view to arriving at an acceptable scheme of currency reform. Things remained at this stage when the Revolution started in China, and it was agreed that all schemes for reform should be postponed until after the close of the Revolution. The Manchu dynasty was overthrown and the loan was not completed.