439
that certain other proposals by the Viceroy were inexpedient and would be met by explaining to him the facts in such case.
8.8. T'ANG SHAO-YI objected to the inclusion in the preamble of any reference to the preliminary agreements as calculated to create an erroneous impression on Chinese public opinion - he also desired that instead of making the Viceroy responsible for the railway, the agreement should refer to the representative of the Chinese Government; this because of certain administrative changes impending in the Chinese Government's system.
It was agreed that, in order to submit a complete draft, finally corrected, at next meeting, the Canton Viceroy's delegates would go over the text again with Mr. Bland.
Referring to the question of price, W. BLAND submitted a telegram received from the Directors of the Corporation in which it was stipulated that the loan should be issued within 30 days of receipt of the documents in London and under conditions similar to those of clause 12 of the Northern Railway Loan Agreement. W. BLAND was of opinion that the Board, as the result of further representations, might agree to the order of issue at the fixed commission of points over a longer period than that above-named, and suggested the possibility of compromise on the understanding that no extension of the time-limit be stipulated; he had been given to understand that this latter condition could under no circumstances be included. He took occasion also to point out that the uncertainty (entailing serious risk of a considerable fall in Chinese securities) arising out of the present position of the Shanghai Nanking Railway Bond Issue, must of necessity be removed before the Board could reasonably be expected to incur the further responsibility of issuing the Canton Kowloon Railway Loan; he hoped therefore that the decision in this matter might no longer be postponed.
H.E. T'ang Shao Yi stated that the authority to issue the Bonds would be given in five days, but that the Chinese Government would expect to receive 96, this being the rate mentioned in his Memorial