005
יו
ว
COLL
agreements upon which the present concession was admittedly based. The market value of the Shanghai Warking Railway profit certificates was at present £6 and the compulsory surrender of such realisable securities must be a matter for arrangement.
He thought that allowing reasonable compensation under this 201
heading, the bat terms which coulċbe possibly offered under axiating market conditions would be 93.
The question was left in abeyance pending receipt of
a further communication from the Board of Hirectors.
H.E. TANG SHAO YI referred to Article VI of the Canton Viceroy's draft agreement and to the status and duties of the Engineer-in-chief and Chief Accountant, desiring that these matters be clearly understood and recorded.
MR. BLANT stated the corporation's views, already expressed
It was essential for
at a previous meeting on this subject.
the purposes of the loan agreement that, az the Shanghai Hanking Railway system of joint control was not to be followed on this occasion, the rights and interests of the bondholders should be stated in the agreement in a manner to inspire confidence. To this end it was essential that hina should
the specifically guarantee during the term of the loan, efficient maintenance of the railway under the Engineer-in- Chief, and the effective supervision of receipts and expendi- ture by the Chief Accountant representing the interests of the Corporation and bondholders. The position of the Engineer- in-hief must be definitely recognised as a dual just and his authority in this joint enterprise us derived from the "hinese Considerable discussion Director General and the Corporation.
occurred on the subject, H.E. T'ung Chao Yi desiring to protect the Chinese Railway Administration from being compelled to employ indefinitely an Engineer or Accountant who might for personal reasons fail to make himself a persona erata with the
It was eventually agreed that responsible Chinese Authorities.
these employés should be appointed, and removable, by the
Corporation