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he feared the negotiations had reached a deadlock. were certain further points to be brought forward, arising out of the Corporation's draft agreement, but he thought it would be better to allow these to stand over until an agreement were come to on the essential conditions.

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H.B. Tang Shao-Yi hoped that the "orporation would Bee its way to accepting the China Goverment's terms a loan at 96% and commission on importations from England. The ETING then adjourned, it being understood that the Board's reply would be communicated when received.

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