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I would, however, remind Your Lordship that in the Pre-
-liminary Agreement entered into between Sheng Director-
-General of the Imperial Chinese Railway Administration
and the Agents of the British and Chinese Corporation,
Limited, on March 28th., 1899, (which formed the basis of
the Joint Railway undertaking) it was provided "that both
parties agree to make reciprocal and satisfactory working
arrangements in connection with the Canton-Hankow Railway".
This clause is therefore merely a re-affirmation as between
the two Goverments of a pledge already existing as bet-
-ween the British and Chinese Corporation and the Chinese
Government. Should there be any difficulty in providing
the funds estimated I am told at about £40,000
for
this connection (since neither Railway has any funds to
spare) it would probably be to the interest of this
Government to provide them on adequate security and thus
obtain an additional claim in respect of the management
of the whole line.
5.
In brief I submit to Your Lordship
that if it should eventuate that in consequence of the
intervention of other Powers, the preferences promised to
Great Britain by China, in return for the Loan by Hongkong
should be found to have undergone diminution, His Majesty's
Minister