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is hereby authorized to reduce the price of the loan, at its own discretion, to not less than 88 per cent, net to the Railway Administration.
13. The Corporation are hereby authorized to issue to subscrib- ers to the loan bonds for the total amount of the loan in pounds sterling, in such form and for such amounts as shall appear desirable to the Corporation, and the Minister for China in
London will seal all such bonds with his official seal as evid- ence that the Imperial Government of china is bound thereby.
Each bond shall bear the following clause;
* The Imperial Government of China, pursuant to an Imperial * Edict, dated-
unconditionally guarantees and
* declares itself responsible for the payment of the prin- "-cipal moneys and interest hereby secured, and in faith "thereof it has specially authorized the Chinese Minister
* in London to seal this bond with his official seal. #
All bonds and coupons and payments made and received in connection with this loan shall be exempt from Chinese taxes and imposta for ever.
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15.
All details necessary for the prospectus and connected with the service to the bondholders of the interest and repayment of principal of this loan, not herein explicitly provided for, shall be left to the arrangement of the Corporation, who are hereby authorized to issue a prospectus of the loan as soon as possible after the signing of this Agreement.
The Tsung-li-Yamen will instruct the Chinese Minister in London to co-operate with the Corporation in any matters requir ing conjoint action.
16.
The loan shall be issued to the public as soon as possible after the signing of this Agreement, and shall date from the first day of the month of its issue. Payment of the entire
proceeds will be made in London to the order of the Administrator General not later than the 31st day of March 1899; of the above proceeds, the Corporation will advance to the order of the Admin- istrator-General in London, on or before the 31st day of October