CANTON-KOWLOON RAILWAY,
MINUTES OF MEETING (the 3rd) HELD AT THE WAI WO PO ON
THURSDAY 25th, OCTOBER AT 2.30 p.m.
435
7.00
Present:-
T.S. Pang Shao-Yi
Cung Hanil and in Ti
representing the Viceroy
of Canton.
Mr. En, Secretary to the Wai Wu Pu, and
Mr. J.O.P. Bland, representing the British and
Chinese Corporation Limited.
With reference to the question of sterling exchange,
MR. BLAND stated that he had not yet received a reply from the Chief
Manager of the Hongkong and Shanghai Bank to whom he had referred the
matter. He had, however, seen the Manager in Tientsin who had expressed
the opinion that, as the arrangement provided for in the present
contract, and all others now in force, had worked without disadvantage
to the Chinese Government in the case of the Northern Railway, and as
the new condition now proposed would certainly create unfair and
artificial competition by the Bank's rivals, the Bank was justified in
refusing to accede to it.
Later in the course of the meeting the Chief Manager's
reply was received stating that the Bank could not accept the proposed
change in the contract, but was willing to concede an option available
at any time within six months previous to each date of payment. After
considerable discussion T.S. PANG SHAO-YI stated that, if the Bank
would agree that the local currency sufficient to meet payments might
be made to the Bank at the option of the Viceroy, either at Hongkong
or Canton, the Clause would be allowed to stand otherwise unamended.
He explained that as the receipts of the railway had to be paid to
the Bank, it was reasonable and necessary that the latter should have
an agent at the place where the railway's Head Office was situated,
Canton, and that this agent should be in a position to transact
ordinary banking business. The Chinese Government wished to avoid having to
forward...