021
121
estroy ai
Ji
enco!
***
been do session of other profits.
bonda
Your Excellency then asks: "since the agreement
mortgages the railway as security, why should there be any
issued to the public*? But Your Excellancy must know
that the issue of such bonds is algo the univerɛal practice
If bonds were not issued, how could the money be raised? The
raison d'être of the line is precisely to beget confidence in
the bonds, the one being dependent on the other.
As regards redemption, the term has now been fixed
at #0 years; and as regards the payment of 24 premium on
bonds redeemed before the expiry of 25 years, I would point
out to Your Excellency that the Northen Railway Bonds which
may be redeemed before the term of the loan are subject to a
premium of 20%. The Shanghai Fanking Railway Bonds redeemed
after 12 years and within 25 are subject to 21% premium. In
now stipulating that bonde redeemed in excess of the amount
specified in the amortization table, before the expiry of the
25 years, shall be subject to 21 premium, we have better terms
than either the Northern Railway or the Shanghai Nanking
Railway
▼
། –– ॰ ཏཱ ཏྠཾ ཏཙྪཱ ...
V mort
1224 819
and th
In conclusion, this is a matter in which we were
bound by the original consent of the Taungli Yamen followed
by the Preliminary Agrecment entered into by Shông Ta Ch'ên
which stipulated that the modus operandi of the Shanghai
nanking Railway Whereement should be followed. There was
nothing to be done in face of these understandings but to
Beaure the protection of our sovereign rights. The Agreement
has now been settled, and is being laid before the Throne
in a joint Memorial of the Wai-wu Pu and the "card of Com-
munications.
(signed) Tang Shao-yi.