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rates"
Clause might be to create artificial competition to the Bank's disadvantage. The Article, as drafted, stated that the Bank would settle exchange "at the most favourable
and H.E. would no doubt recognise the fact that its established reputation for fair dealing was sufficient guarantee that such rates would be given in the future as in the past.
His Excellency admitted the justice of this view and thought the Bank would, as a matter of course, transact such business but the Chinese Government was entitled to preserve freedom of action in making these remittances on account of the Bondholders. He declined therefore to accept the Clause as drafted. MR. BLAND agreed to telegraph to the Chief Manager of the Bank and submit the point.
After certain minor verbal alterations in the text of other Articles, and a general review of the whole contract, MR. BLAND submitted a summary of the Consulting Engineer's estimates lately received from the Board, and basing thereon the opinion that a supplementary loan might be required or additional funds provided by the Chinese Government under the terms of Article 2, asked for the amendment of Article 9 so as to provide in such case for a proportionate increase in the Corporation's commuted commission. This, after some discussion, was agreed to in respect of any supplementary loan but H.E. TANG SHAO-YI declined to accept the condition as applicable to any additional expenditure which the Chinese Government might make from its own funds.
In this connection, MR. BLAND raised the question of branch lines as a matter affecting the interests of the Bondholders, and of the Corporation respectively, and asked for the inclusion of a clause, similar to that in the Northern Railway Loan Agreement, to provide for the financing and construction of branch lines, when required by the Viceroy, either from the Chinese Government's funds, or further loans from the Corporation. He pointed out that
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