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$2,500,000 fixed on by the Imperial Treasury as the amount of the securities to be deposited, and in view of the fact that Your Lordship had in your telegram of the 25th of April approved the acceptance of China Merchant Navigation Company's bonds, I agreed to the proposal of the Bank.
Accordingly the 7540 China Railway loan bonds representing $203,333.00 have been withdrawn and 262 China Merchant Navigation Company's Debenture bonds, equivalent at 3/3½ to $159,189.00 substituted in their place.
The difference amounts to $44,144.00, which being subtracted from the total value originally deposited, leaves a sum $2,455,856.00 at present deposited in the custody of the Government.
The transfers were made on the 4th and 6th.