C £500,000
71
to agree to the issue of the loan in sums not exceeding
Five hundred thousand Pounds provided that the first
two instalments shall at their option be not less than
$500,000
Five hundred thousand Pounds each and that the Government of Hongkong will not require the amount which is
to be specially set aside in accordance with Article 10
of the Working Agreement, for rolling stock and working
capital to come out of the first One million Pounds of
bonds.
The Corporation also suggest that, on the conclusion of the negotiations with the Chinese Government,
they should give an undertaking to exercise their
rights under Article I of the Loan Agreement in respect of the issue
of bonds only to the extent agreed upon in the negotiations and
approved by the Governor of Hongkong.
I am,
Sir,
Your most obedient,
humble Servant,
The Bumbeil
ch