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A clause which in the event of the Corporation failing to raise the necessary funds to begin the construction of the Chinese section of the railway within one year of the date of the new agreement, or in the event of their failing to complete the section within three years of that date will debar the Corporation from raising any objection to the cancelling of the concession by the Chinese Government.
(c) Before the agreement is finally signed it will be necessary that it shall be accepted by the Legislative Council of Hong Kong, inasmuch as the revenues of that Colony will be largely pledged for the construction of the part of the railway which will fall within Hong Kong territory.
(d) It still appears to the Secretary of State that the proposal made in my previous letter to lease the line when constructed to the Corporation, or to a railway company promoted