537
since the Chinese would be at liberty to place their
demands where they wished. In reply Monsieur Call-
laux asked if the French could obtain these advan-
tages, would we stand aside, and to this I replied
in the affirmative.
There could be no question,
therefore, but that the mutual preference applies to
material as well as personnel. It is true that
these indirect industrial advantages have not yet
accrued to the French in the North, but that is not
our fault and it may be that we shall experience a
similar failure in the South. But surely a bargain
is a bargain, which one of the partners cannot go
back upon merely because the results have not an-
swered according to expectations.
With regard to the interpretation of the prefer-
ence, we agree, I think, that this does not imply,
as stated by Monsieur Homberg in his memorandum, the
exclusion of either party, but merely a right of ini-
tiative accorded by each to the other. This ques-
tion, however, has now passed into the region of di-
plomacy and may be left to our respective Governments
to settle. That being the case, I do not think
that we need concern ourselves with it further in the
meantime, nor do I see any reason why we should not
continue to co-operate for the negotiation of the
Hankow-Canton Railway Loan upon the basis of the Kow-
loon-Canton conditions.
I am sure you will believe me when I say that
the foregoing is written in no spirit of controversy
but with the single desire to put myself right with
you.
(Signed)
Believe me &c.,
C. 8. Addis.
that
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