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809

Mr. land enquired whether the intention was to

guarantee that the Viceroy would subscribe and pay for

£500,000 of the bonds, t is amount to be reserved for

China? On this point there seemed to be some uncertainty,

Kung Tautai being without definite isformation.

Te suggTM

ested that if the amount res rved was not fully taken up

in China, arrangements might be made for disposing of the

unsold balance in London. Mr. Bland explained the condi-

tions under which loans are floated in London, observing th

that subscriptions could be simultaneously received in

Shanghai, Kongkong and ingland, and suggested that the

Chinese Government should either state definitely the

amount of bonds to be res rved for China or that the

Viceroy of Canton should take firm and be responsible for

a fixed amount. The matter was left open, the meeting

proceeding to discuss the question of price.

1

II.B. Tang Thao-Yi suggested a 44% loan which,

according to his information, should be obtainable at 95.

This proposal was, however, abandoned as impracticable and

the loan left at 5%. As regards the price 1.5. observed

that whereas on previous occasions (e.g. the Northern

and Fanking Railways) the "orporation had been obliged to

pay large commissions to Chinese officials in order to

conclude the contracts no such necessity would arise in

the present case and it should therefore be possible for

the Corporation to deal at casier rates. He thought China

should receive the benefit of this eco omy. His proposals

after long discussion were either that the Corporation

should undertake to give a fixed price of 964 per £100 or to

float the loan deducting 44 points from the issue price;

he requested Kr. Eland to telegraph submitting these torna

for the Corporation's consideration.

Lebit. bobnegao viizdal 43 Guid

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