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understand it, & be in a position to accurately report to the Viceroy.
C
His Excellency's idea was to ask the Corporation to raise a loan
& engage a British Chief Engineer to supervise construction; material
which China herself could not supply would be ordered from the cheap-
-est market through the agency of the Corporation.
Mr ROSS By the terms of the proposed Draft Agreement the corporation
would raise the necessary loan, & the railway would be constructed by
the Viceroy of Canton under the supervision & with the assistance of
la Board, jointly composed of 2 Chinese, 2 representatives of the Cor-
-poration & the Chier Engineer. The Shanghai-Wanking Railway was
managed by a similar Board & if the Deputies made enquiries they
would find that it worked harmoniously & that all matters of import-
-ance were referred to the Director-General for his approval.
Mr WEI enquired in what way the Draft Agreement differed from the
Northern Railways Loan ?
Mr ROSS. The Northern Railways Loan was floated on the security of a
railway already completed, several hundred miles in length, with a
large supply of rolling stock & other property. The loan was part-
-ly to pay off debts due by the Administrators of the Railway to
various foreign Banks & to construct an extension to Newchwang and
Sinmingtung, & the security offered to investors was ample. In the
case of the proposed Canton-Kowloon Railway, there was no security as
the line had yet to be built. The proposed joint Board of Commies-
-ioners however was a guarantee to investors that their money would
be used for the purpose intended & that the railway would be properly
and economically constructed.
Mr WEN, The Viceroy of course recognizes that during construction
foreigners must supervise & control the work, but after completion
the railway must be a Chinese Railway & under Chinese control. In
event of default the corporation could put in an Accountant to cont-
-rol accounts.
Mr ROSS. By the terms of the Northern Railways Loan the Corporation
furnished a qualified foreign Accountant who supervises a/cs and with
not unsatisfactory results to the Chinese Government.