The truth of history is never as simple as that in textbooks.

Message from the article:

Hey, friends, today I want to share with you a magnificent historical story, a legend that happened at the end of the Qing Dynasty. This is a story about railways, financial difficulties, business decisions and the fate of the country. Perhaps in this story, you can feel the vicissitudes of time, people’s exploration of the future, and the unique social features of that era. Without further ado, let’s travel through time and listen to that stirring history.

Event content:

The story happened in 1911, at the end of the Qing Dynasty, when I was in Xuantong for three years, on the tenth day of the fourth lunar month.

In the face of financial difficulties, the Qing Dynasty carried out an initiative called "Railway State-owned Policy". The core content of this policy is to recover the right to build trunk railways, only allow private companies to build branch railways, and cancel the approved trunk railway construction plan, and make corresponding compensation and redemption.

Behind the implementation of this policy is the urgent need of the Qing government’s own financial pressure. The construction of the railway required huge capital investment, and the Qing government was faced with the problem of foreign debt and had to pay huge compensation. Under such circumstances, the government tried to introduce financial support from foreign banks through the mode of "official supervision and commercial operation", but it encountered unfavorable loan conditions, which made the financial difficulties more and more severe.

However, people’s doubts about the future of the railway have also become the problem. In 1903, the Qing government promulgated the Concise Regulations of Railways, trying to introduce private capital and set up private railway companies. However, these companies are facing enormous challenges, including high construction costs, financing difficulties and slow profit returns.

Take the Beijing-Zhangjia Railway and the Beijing-Hanzhou Railway as examples, their construction cost a huge amount of money, which brought heavy financial pressure to the Qing government. The government tried to solve the financial problem by borrowing from foreign banks, but it encountered unfavorable conditions, which made the financial difficulties more and more serious.

At the same time, despite the promulgation of "Concise Regulations on Railways" to try to introduce private capital, this attempt has not achieved remarkable results due to the uncertainty of the people about the railway prospects.

In the face of difficulties, private railway companies have also fallen into a series of problems. For example, the scale of investment in sunning railway is huge and it is difficult to raise funds. The profit return of railway construction is relatively slow, and some railways even lose money because of insufficient passenger and cargo. At the same time, some companies only consider making money in line planning, ignoring political and strategic factors, which leads to some unscientific planning, such as the loss of Zhangxia Railway.

In Sichuan, the "road protection movement" has become another difficult problem. Because Sichuan is closed and conservative, and its understanding of railways is vague, Chuanhan Railway Company is facing various problems and "stock leasing" arrangements in this area. This series of difficulties makes private railway companies fall into a difficult situation.

The plight of Sichuan-Han Railway Company became more and more serious, and it was finally forced to reform, transform into a business-run model and introduce private capital. The company’s share capital increased to 22 million, however, this did not solve the problem. The imperial court implemented the policy of "state-owned railway" and determined that the share capital of Chuanhan Railway Company could only be calculated according to 8 million taels.

This decision caused dissatisfaction and controversy among major shareholders.

The major shareholders tried to put the blame on the court through public opinion operation, and played up patriotism. The "Railway Protection Movement" and Wuchang Uprising broke out in Sichuan, which became the climax of the whole incident. In the end, the Qing Dynasty perished. However, the policy of "state-owned railways" did not end, but developed into an opportunity for China’s powerful railway network.

The whole summary:

Through this historical story, we have witnessed the rise and fall of an era. At the end of the Qing Dynasty, faced with financial difficulties, the government tried various ways to solve the problem of railway construction funds, including the mode of "official supervision and commercial operation" and the introduction of private capital.

However, these attempts are faced with great difficulties, which leads to the delay of railway construction.

Private railway companies have been established, but they are faced with a series of challenges, such as insufficient funds, difficult profit return and route planning problems. The reform of Chuanhan Railway Company failed to reverse the predicament, which eventually led to the demise of the Qing Dynasty. However, the policy of "state-owned railway" continued to develop after its demise, which became an opportunity for railway construction in China.

The whole incident reflected the complicated social contradictions and the intertwined political and economic relations at that time. Financial difficulties, the introduction of private capital and the challenge of railway construction all affect the fate of the whole country.