562
year.
And yet the railway is not pledged, simply the three Provinces' own prepared opium excise stands as security: no right of interference with any rights is granted. This loan, principal and interest is repayable in 10 annual instalments, none of which exceeds $100,000 odd. The three Provinces share it in 7ths, Hunan and Kuangtung taking up 3 sevenths each and Hupei 1 seventh.
The stipulated rice excise for charitable relief of the two lu annually brings in 7 or 8 hundred thousand. The Canton Viceroy I-sen undertakes the provision of actual funds to meet his share and besides in Kuangtung has the profit on running the completed line, some two or three lacs of Taels a year. Thus there are ample funds to meet the general loan charges. The Agreement also provides that at any time after 5 years China may if she chooses pay off the whole balance due; so once there are funds to redeem there can be no obstruction or trouble. As to the prepared opium excise serving as security, in all previous loans there have been security funds. In all finance measures every fund is part of the State's revenue and simply because this is a newly raised fund of late years is it for the time being in a separate category utterly dissimilar in nature and importance from the long established regular Treasurer's and customs' funds and the likin office's funds which affect the whole province.
Further
4