382
2
the official consent of the Russian consul, to conform to the terms of the lease, and to observe the municipal regulations. This undertaking, however, is enforcable not by the British, but by the Russian consul, and thus the principle of exterritoriality is upheld.
4. In submitting these explanations of the attitude of His Majesty's Government in this matter, His Majesty's embassy is instructed to make it quite clear to the Imperial Government that His Majesty's Government are sincerely desirous of arriving at an early settlement of the question, and desire only to lay frankly before them the points over which difficulties might arise.
5. His Majesty's embassy would wish to add that it has not alluded to the circular note of the Wai-wu Pu in regard to the position of the Chinese Government in the matter, although the contentions of that Government carry great weight, and are doubtless receiving the careful consideration of the Imperial Russian Government.
[This Document is the Property of His Britannic Majesty's Goyenec
AFFAIRS OF CHINA,
CONFIDENTIAL.
(5380]
No. 1.
6486
[February 15,]
SECTION 1.
ref 4 MAR 10,
Mr. Meyer to Foreign Office.--(Received February 15.)
4 and 5, King William Street,
February 14, 1910.
Sir,
I HAVE the honour to enclose, for the information of Secretary Sir Edward Grey, copy of a letter which I and my colleagues on the board of the Peking Syndicate, Messrs. George Jamieson, C.M.G., and Robert Miller, have addressed to the newspapers announcing our resignation of the office of directors and giving our reasons for this step. I may add for the information of Sir Edward Grey that, to my knowledge, at least three-quarters of the share capital of the Peking Syndicate is now in the hands of continental holders, principally French and Dutch.
Enclosure in No. 1.
I have, &c.
CARL MEYER.
Sir,
Joint Letter communicated to the Press.
London, February 9, 1910.
WE have the honour to inform you that we have to-day resigned our seats on the board of the Peking Syndicate, Limited. The reason for this decision is that a requisition has been lodged with the company from an influential section of the continental shareholders asking for an extraordinary general meeting to be convened for the purpose of removing the whole of the present board from office. majority of the various classes of shares is now held on the continent, we have no As the desire to act contrary to the wishes of the majority, but in the interest of the continuity of the business of the syndicate we are willing to render any temporary assistance pending the election of fresh directors.
Our decision has been influenced by the knowledge that most of the large share- holders, at whose request we originally took office, have taken advantage of the recent rise in the market value of the shares to sell out their holdings.
Although there are still various matters in controversy with the Chinese authorities, in particular as to the right to smelt iron ore, we take some pride in handing over the syndicate in an excellent working condition as regards output and sales of coal, and we beg to assure our successors in office that our experience, which extends from the inauguration of the enterprise to the present date, will be entirely at their disposal.
[2633 p-1]
We have, &c.
CARL MEYER,
GEORGE JAMIESON, ROBERT MILLER.