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loan held by them in amounts not exceeding 1,200,000l. in any one month for Boxer indemnity service in gold abroad. Chinese to deposit at the same time with banks in Shanghai sycee equivalent to at indemnity rate of exchange for preceding month.
"As compensation for loss of exchange incident to foregoing arrangement, and in lieu of rebate or bonification Chinese are prepared to consider commutation to banks of 100,0001.
"We hope to be able to sign at once on foregoing basis."
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