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Article IX. The amount of the commuted commission (£35,000) was briefly discussed and eventually left in abeyance to be further considered in connection with the price of the Loan.
Article X. This Article was amended by the omission of the last clause referring to Railway Police and other verbal alterations.
Article II. H. B. T'ang Shao-yi observed that the procedure proposed for depositing six months in advance the amount required for payments of interest and principal could only be accepted with the stipulation that the surplus earnings of the lines sufficient to allow of such deposits. He was of opinion that for some time after the opening of the line to traffic this would not be the case and that it would be unreasonable to expect such deposits to be made from other than railway sources. It was therefore agreed to word the Article in this sense, providing for remittances 14 days before due date in the event of there being no surplus funds available for deposit six months in advance.
Article III. The proposal contained in this Article was fully discussed, H. B. T'ang Shao-yi considering the same as justifiable and the amount of remuneration reasonable, while the Canton Viceroy's representatives opposed it as a new feature of the agreement, not to be found in the Shanghai-Nanking Railway contract.
Mr. Bland pointed out that remuneration of the trustees for bondholders was an equitable and usual condition in such cases; that the Corporation's liability and responsibility would continue for an indefinite period under the agreement after its financial interest and benefits thereunder had ceased, and that it would be unreasonable to expect the Corporation to perform these necessary duties without payment - the amount to be paid out of the railway funds under this heading was less than that paid to the foreign members of the Shanghai-Nanking Railway Board of Commissioners: by meeting