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Loan") for the amount of £1,500,000 on the terms and conditions hereinafter contained. Imperial Chinese Government Bonds are to be issued for the entire amount, similar to the Bonds of the Shanghai Nanking Railway, with the Railway as first mortgage security therefor. The Loan shall be in one issue, and the price agreed upon is 94% of the nominal value, subject to the other provisions of this Article as hereinafter stated. The Interest on the Bonds shall be at the rate of 5% per annum on their nominal value, payable half-yearly, on the first day of June and first day of December, and shall be calculated from the date of their sale to the public,
The Loan shall be issued to the public as soon as possible after signing this Agreement, but, if at the date of signature thereof, owing to an unfavourable state of the market rendering the issue of the Loan and the payment of its proceeds to the Viceroy of Canton impossible on the terms above named, then in such case the Corporation shall thereafter at such time as the Chinese Government may decide within a period not exceeding eight (8) months, issue the Loan and pay the proceeds thereof to the Viceroy, deducting and retaining six (6) points from the rate at which the Loan is actually issued to the public, whatever that rate may be, (e.g., if the issue price be 101 the Viceroy will receive 95 and so on).
Subject to the provisions of Article 18, the duration of the Loan is fixed at fifty (50) years commencing from the date of the signature of this Agreement, but no interest shall be paid on any Bonds which may be redeemed or cancelled under the terms hereinafter mentioned after the redemption or cancellation thereof,
On the face of each of these Bonds shall be expressed the value thereof in the sum of £100, or in such different amounts as the Chinese Minister in London in consultation with the Corporation may sanction.
It is understood that the Chinese Government may hereafter, in its discretion, appoint a Director General of the Railway upon whom, in such case will devolve all the powers, functions and responsibility, herein attributed to the Viceroy of Canton (hereinafter called
1 མརདམརྣམསམས, པཏྟབྦཾ