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conditions remaining unfavourable at the date of signature of the Agreement, would enable the Chinese Government thereafter to exercise its option and discretion for issuing the same within a reasonable period, allowing the Corporation a fixed Commission of six points on the flotation, Article 1 was accordingly redrafted in this sense, it being understood that the Corporation would, if necessary, make Advances under the terms of the agreement to defray cost of survey, etc. pending issue of the Loan.
H.E. CHANG SHAO-FI raised the question as to the date of payment to the Corporation of its computed commission under Article 9, expressing the opinion that it was not reasonable to claim payment until services have been actually rendered; after discussion it was agreed that half the amount is to be paid when half the work, estimated by mileage, has been done and the other half upon completion of the Railway.
The terms of the Agreement, with the one exception above noted, being thus determined, it was decided that the representatives of the Viceroy of Canton would go over the entire agreement with Mr. Bland and check the same carefully prior to revision of the final Official translation.
After arranging for a meeting on Thursday next, the 1st November, at 8.30 p.m., the meeting adjourned.
(Signed)
J.O.P. BLAND,
27.X.06.