LIANG TUN YEN
(under Seal of Wai-wu Pu),
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Art. 20. By the Preliminary Agreement under Imperial sanction a participation of 20 per cent. of the net profits of the railway had been promised to the Syndicate in remuneration for their general responsibility and services. In commutation of this participation in net profits the Syndicate is granted the right to retain £200,000 of the first issue of this loan, in instalments and on dates based on, and in proportion to the terms of subscription to the loan as stated in the prospectus. No further payment in respect to commutation of profits will be allowed on any subsequent series of the loan, or on any supplementary loan.
Art. 21. After payment of interest and repayment of principal of the loan for the year, the Railway Administration will deposit with the Deutsch-Asiatische Bank, and the Hong Kong and Shanghai Banking Corporation in Shanghai or Tien-tsin any surplus of the net revenue of the railway line for the year up to the amount required to pay the following year's instalments of interest on the loan; the rate of interest on the deposit being arranged with the banks from time to time with due regard to the conditions of the market.
Art. 22. The Deutsch-Asiatische Bank and the Chinese Central Railway (Limited) may, subject to all their obligations under this Agreement, transfer or delegate all or any of their rights, powers, and discretions thereunder to any German or British Company, Directors, or agents, with power of further transfer and sub-delegation; such transfer, sub-transfer, delegation, or sub-delegation to be subject to the approval of the Director General.
Art. 23. This Agreement was signed under authority of an Imperial Edict dated this 10th day of the twelfth month of the 33rd year of Kuang Hsü, corresponding to the 13th day of January, 1908, Western calendar, which has been officially communicated to the Ministers of Great Britain and Germany in Peking by the Wai-wu Pu.
Art. 24. Five sets of this Agreement are executed in English and Chinese, three sets to be retained by the Imperial Chinese Government and two by the Syndicate.
In the event of any doubt arising regarding the interpretation of the contract, the English text shall rule.
Signed at Peking by the contracting parties this 10th day of the twelfth month of the thirty-third year of Kuang Hsü, corresponding to the 13th day of January, 1908, Western calendar.
(Signed)
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Tien-tsin-Pukow Railway Loan, £5,000,000, at 5 per cent., 30 years,
SCHEDULE of Payments of Interest and Repayments of Principal.
Years. Total Principal. Interest. Principal. Principal still Outstanding. 1 £5,000,000 £125,000 ... £5,000,000 2 £5,000,000 £125,000 £125,000 £5,000,000 3 £5,000,000 £125,000 £125,000 £5,000,000 4 £5,000,000 £125,000 £125,000 £5,000,000 5 £5,000,000 £125,000 £125,000 £5,000,000 6 £5,000,000 £125,000 £125,000 £5,000,000 7 £5,000,000 £125,000 £125,000 £5,000,000 8 £5,000,000 £125,000 £125,000 £5,000,000 9 £5,000,000 £125,000 £125,000 £5,000,000 10 £5,000,000 £125,000 £125,000 £5,000,000 11 £4,750,000 £118,750 £125,000 £4,750,000 12 £4,500,000 £112,500 £125,000 £4,500,000 13 £4,250,000 £106,250 £125,000 £4,250,000 14 £4,000,000 £100,000 £125,000 £4,000,000 15 £3,750,000 £93,750 £125,000 £3,750,000 16 £3,500,000 £87,500 £125,000 £3,500,000 17 £3,250,000 £81,250 £125,000 £3,250,000 18 £3,000,000 £75,000 £125,000 £3,000,000 19 £2,750,000 £68,750 £125,000 £2,750,000 20 £2,500,000 £62,500 £125,000 £2,500,000 21 £2,250,000 £56,250 £125,000 £2,250,000 22 £2,000,000 £50,000 £125,000 £2,000,000 23 £1,750,000 £43,750 £125,000 £1,750,000 24 £1,500,000 £37,500 £125,000 £1,500,000 25 £1,250,000 £31,250 £125,000 £1,250,000 26 £1,000,000 £25,000 £125,000 £1,000,000 27 £750,000 £18,750 £125,000 £750,000 28 £500,000 £12,500 £125,000 £500,000 29 £250,000 £6,250 £125,000 £250,000 30 ... £6,250 £125,000 ...For the Deutsch-Asiatische Bank,
(Signed) H. CORDES.
For the Chinese Central Railways (Limited),
(Signed) J. O. P. BLAND.
Note.-Pending the issue of the final series of this loan, in terms of Article 13 of the Agreement, the half-yearly interest on the series actually issued shall be calculated pro rata in respect to the amounts of such series on the basis of the present Schedule for the total amount of £5,000,000, but it shall be so arranged that the dates of payment of the second and any subsequent series shall coincide with those of the first series in such way that, when all the series have been issued, the half-yearly service of principal and interest of the loan may be brought into line in respect to dates of payment.
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