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British groups in carrying out the enterprise, there

would appear to be no advantage in the scope of the en-

gagements they took in January 1906 being extended to

the fresh points raised in the two last paragraphs of

the memorandum communicated by Monsieur Cambon;

nor,

more especially, in an intimation being conveyed to the

Viceroy at present that no capital could be furnished

from British sources unless he agreed to take the money

as an Anglo-French loan in view of the agreement which

has been come to between British and French financiers.

The obvious rejoinder of the Viceroy, if such an

intimation were made to him, would be that he had pro-

mised the preference to the British group, that he had

no concern with any arrangements between that group and

the

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