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Again, with reference to Your Excellency's remark
that "the loan is for railway construction and the line can
only be used as & security; it cannot be given over to their
control"; I would point out that the present Agreement dis-
tinctly provides for the appointment by the Chinese Government
of a Managing Director to superintend all matters connected
with the construction of the line, and it is stipulated that
the power of engaging and employing engineers and personnel
is vested in the Chinese Government, so there is no question
of parting with the control.
Your Excellency further observes that as the loan is
to be issued at 94 there seems to be no reason for giving the
Corporation £35,000 remuneration. With respect to this point,
Your Excellency is aware that the practica) of discounting
loans is universal. The Northern Railways and the Shankhai-
Nanking Railway Loans were both issued at 90, so that the
present price of 94 seems to me exceptionally favourable.
Under the Shangha Wanking Railway Agreement, the Corporation gets a commission of 5% on the purchase of materials, and it
was out of apprehension that this arrangement is too far-
reaching that we changed the payment to a fixed remuneration
calculated on an expenditure for materials of £700,000 and
giving the total of £35,000. Beyond this the Corporation
only gets a further annual remuneration of £1000. This arises
from the fact that in the Shanghai Nanking Railway the foreign-
era representing the Corporation's Agency on the Directorate
draw in pay, monthly, several thousand taels; and after cone
struction is completed the Corporation still gets a commission
on materials. So by giving them this sum of £1000 we have
merely guarded against possible irregularities, and there has
been