614
principal. I pointed out that a similar provision was to
be found in the 1900 and 1905 loan agreements; but he ar-
gued that now all agreements were very closely scrutinized
and that the comparatively excessive aize of the revenue
pledged rendered such a provision in addition to the quart
erly likin bonds quite superfluoue. He also urged us to
promise a net price of £94 for each 100 bond; but this
Mr Hillier could not assent to without a reply from his
principals in Londony who had originally suggested 92.
As the conversation had already lasted a long time we
agreed to leave the points on which we were not quite in
accord for further discussion after the Viceroy had had
time to peruse the draft agreement at leisure and Er Hil-
lier had received from his principale replies to his tel-
egraphic reports.
We were desirous of retiring but the Viceroy detained
us to consider the Yokohama Specie Bank'e request to be
one of the issuing banks and Mr Odagiri's scheme of carry-
ing out railway construction by tenders involving deferred
payment for work done.
I repeated to His Excellency my declaration to Messrs
Midzumo and Odagiri that the issue question pertained en-
tirely to the banks concerned; and Mr Hillier added that
the