If we had lost our case the agreement would still have held good and compensation would also have been payable to the Company, to what amount it was not possible to surmise.
Memorialist received frequent letters and telegrams from Minister Liang at Washington stating that a rich American gentleman had at a high price recovered the 1,200 Belgian shares and thereon the American Government held the Company had not broken the agreement in any way; if we went to law they would certainly back them up and if we did not win not only would there be vast costs but international relations would also be impaired.
The Wai Wu Pu also frequently telegraphed that the American Minister at Peking, Rockhill, in repeated despatches declared that the American Government would not consent to the cancellation of the Company's concession.
On weighing the position it appeared that direct cancellation would after wasting time and costing much money prove impracticable. So he secretly consulted the Minister Liang and decided to adopt the redemption plan. By a redemption agreement they sell and we buy and the price must be assented to by the seller. The Company originally did not want to sell and only agreed to name a price under pressure of public opinion. They represented that as China was set on getting the concession back the bonds had gone up in price to over gold dollars 300 apiece. Thus the Company's 6,000 bonds made over 2 million gold dollars; their advances on building account were over 4 million, mining and other ...