KOWLOON CANTON RAILWAY
MINUTES OF MEETING (the 2nd) HELD AT THE WAIWU ON WEDNESDAY, THE 29TH AUGUST AT 3 p.m.
Present -
H.E. T'ang Shao-yi,
Kung Taotai and Mr Hu, representing the Viceroy of Canton.
Messrs. Chu Pao-Fay and En, Secretaries to the Waiwpu, and
Mr. J.O.P. Bland, representing the British and Chinese Corporation, Limited.
Mr. Bland's Minutes of the last meeting having been compared with those recorded in Chinese, H.E. T'ang Shao-yi observed that they were practically identical. Mr En was directed to forward a copy of the Chinese text to Mr. Bland for record.
Proceeding to discuss the clauses of the Viceroy of Canton's draft agreement in their order, and omitting all present reference to the preamble, H.E. T'ang Shao-yi stated the proposals of the Chinese Government, as follows:-
Article 1. An Imperial Chinese Government Loan for £1,500,000 would be issued, of which the Corporation would be asked to raise one million, the remainder of the bonds being taken firm by the Viceroy of Canton. On the bonds thus allotted to China, the Corporation's commission and ordinary flotation expenses would be paid, but no expenses for underwriting, the 2% usually expended under this heading being credited to China.
Mr. Bland enquired whether the intention was to guarantee that the Viceroy would subscribe and pay for £500,000 of the bonds, this amount to be reserved for China? On this point there seemed to be some uncertainty, Kung Taotai being without definite information. He suggested that if the amount reserved was not fully taken up in China, arrangements might be made for disposing of the unsold balance in London. Mr. Bland explained the conditions under which loans are floated in London, observing that...