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promoted by it, will by securing unity in responsibility and direction be sure to secure efficiency in the working of the railway, and he would wish this proposal to be again considered by the Directors, who should understand that inasmuch as the primary object of the Hong Kong Government is to facilitate communication between Hong Kong and Canton in the interests of British trade in Southern China, arrangements may probably be accepted which in ordinary circumstances might be regarded as unduly liberal to the Corporation. The following two alternatives are suggested:
(1) That the line be leased to the Corporation at a fixed rental sufficient to cover interest and sinking fund on the cost of construction throughout the period of the lease and dating from the issue of the railway loan by the Hong Kong Government, the Corporation taking the profits on the working of the whole