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it as a new feature of the agreement, not to be found in the Shanghai-Nanking Railway contract.
Mr. BLAND pointed out that remuneration of the trustees for bondholders was an equitable and usual condition in such cases; that the Corporation's liability and responsibility would continue for an indefinite period under the agreement after its financial interest and benefits thereunder had ceased, and that it would be unreasonable to expect the Corporation to perform these necessary duties without payment; the amount to be paid out of the railway funds under this heading was less than that paid to the foreign members of the Shanghai-Nanking Railway Board of Commissioners; by meeting the Corporation in this matter the Chinese Government would be properly recognising the amicable and reasonable spirit in which the Corporation had accepted the numerous and important modifications of its rights under the preliminary agreement.
H.E. T'ang Shao-yi eventually proposed that the question be left in abeyance pending discussion of the price of the Loan.
Article XIII. H.E. T'ang Shao-yi stated that the Chinese Government was about to issue new regulations in regard to Government Railways stipulating for payment of Maritime Customs duty on all importations of material; the exemption arrangement heretofore in force could therefore not be applied in the present case; under the conditions of the present contract, however, the matter would not affect the bondholders. With the omission of the reference to Customs duty, the Article was agreed to.
H.E. T'ang Shao-yi in adjourning the meeting stated that owing to pressure of other business he could not appoint