agreement but the price thereof shall be arranged when the time arrives, having due regard to the conditions of the money market.
When the railway is completed, if there is a surplus from the sale of Bonds the said surplus shall be at the disposal of the Chinese Government either to redeem the Bonds in accordance with the terms of this agreement as hereinafter stated, or to be placed on deposit with the Hongkong & Shanghai Banking Corporation for the purpose of paying interest on the Bond, or for other purposes beneficial to the Railway, in regard to which the Viceroy will communicate in due course with the Corporation.
In all matters relating to the construction of the Railway it is expressly agreed that particular heed shall be paid to the opinions habits and ideas of the Chinese people, and that, when practicable, Chinese shall be employed in positions of trust and responsibility in connection with the Railway.
In regard to earthwork, or such work as Chinese are competent to perform, contracts shall be entered into for such work with Chinese under the sanction of the Head Office and the work itself shall be carried out in accordance with plans and specifications of the Engineer-in-Chief and under his supervision.
Detailed plans and estimates of cost whether of the respective sections of the Railway or of any alterations of the same are to be submitted for the approval of the Viceroy by the Engineer-in-Chief.
Article 3.
The Loan shall be secured by mortgage declared to be now entered into in equity by virtue of this agreement and