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co-operation in the Canton-Hankow and ankow-Chengtu
Railway Loans on the basis of equal participation with
this one exception, that the Chief Engineer for the Railway
from Hankow to Canton was to be British.
The result was (that) the Hukuang Railway Agreement of
the 20th May, 1911, to which, for reasons which it is
unnecessary to enter into here, the American Group was also
made a party.
To return to the advance of $ 5 lacs to the Canton
Provincial Railway Company, I understand that the Chinese
insisted upon dealing with the Bank alone, which was not
therefore in a position to offer participation to other
Groups. It would be difficult, however, to maintain that
the advance is a purely banking transaction, seeing that
the Railway is mortgaged as security and that the advance
carries with it a preference for future Railway Loans.
The
It would seem, therefore, that if such a Railway Loan
should eventually be required, the French, German and
American Groups would have a claim to participation.
whole tenor of the Canton-Hankor negotiations, as I have
tried to outline them in this letter, is international in
character, and, in view of Article 19 of the Hukuang
Railway
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