C.O.
44601
CANTON KOWLOON RAILWAY. CFC OF
40352
327
MINUTES OF MEETING THE 5th HELD AT THE WAI WU PU ON MONDAY THE 8th OCTOBER AT 3 p.m.
Present:-
H. E. T'ang Shao-yi.
Kung Tautai and Mr. Hu, representing H.B. the Viceroy of Canton
Mr. En, Secretary to the Taiwupu, and
Fr. J.O.P. Bland, representing the British and Chinese Corporation, Limited.
(height)
Mr. BLAND
stated that further instructions from his Board now enabled him to make a final offer for the Loan at 93 provided that the matter be promptly settled and that the other conditions of the agreement proposed, he accepted, as stated by the Corporation. In making the offer he again explained that the Canton Kowloon Railway was regarded by the money market as a security decidedly inferior to that of the Northern Railway (now quoted at 101¼) and that if any further modification affecting the security of investors were introduced, the price must suffer corresponding depreciation. It was impossible for the British Government to expect that the Bonds for a short Railway as yet unbuilt, should be on the same footing as those of a remunerative and extensive system and the price suggested by Kung Tautai, 95, was therefore impossible.
H.E. T'ANG SHAO-YI stated that the Viceroy had noted 95 as the price in his draft agreement and that it would be extremely difficult for his representatives, and for the Waiwupu, to conclude the Loan at a lower rate.
Setting the
question