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THE BRITISH AND CHINESE CORPORATION, LIMITED,
3, Lombard Street , London, R.C.,
December 10th, 1904.
V. Fiddes Esq., C.B.,
Colonial Office,
Downing Street, S..
463
Dear Fr. Fiddes,
Since calling upon You with Mr. Macrae on
Thursday in reply to your letter of the 7th instant I have conferred with my colleagues and informed them that we were unable to convince you of the desirability of altering Proposal I. in the Manner suggested in my letter of the 6th instant.
Such being the case and being anxious to do
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all we can to facilitate the business we have decided,
and I ara requested to intimate it to you, that the Board
acquiesce in the proposal as it stands, expressing onl
the hope that you will consider and we trust allow the
Chinese to take into the cost of the Railway the dis-
count at which they are obliged to allow upon the
placing of their Bonds. Of the necessity of this
discount we have no doubt of being able to convince
you as we have practical experience of the cost of
floating Chinese Loans and we feel sure that the
Chinese will object to the principle of their discount
being regarded as dead Capital.
We are embodying the proposals as shown in
your letter of the 17th November, in a draft of an
Agreemen