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Governtments upon the projects, and learn what measure of support
if any, we may expect to receive from them.
Mr. Tsen has always impressed u on us the necessity of
privati as keeping the negotiations as possible until an irrevocable agreem ment has been actually signed, lest local Chinese newspapers and disaffected persons might by distorted versions of the negotiations stir up popular but ignorant and misguided opposition to the
formal completion of the agreement. From the point of view of
our own personal interests we are equally anxious to keep the
matter a private one.
The Hukuang Loan Agreement has been taken as the basis
of the arrangement, but with the following as the chief points
of difference:=
(a) A Sterling Loan squivalent to $20,000,000.- shall be issued
to the Military Gobernment at 95.
(b) The Loan shall bear Interest at the rate of 8 per cent per
annum payable half-yearly, repayment of Principal to commence after
the expiry of 10 years by half-yearly instalments.
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No repayment of Principal shall be allowed for 10 years
after the issue of the Loan but repayment of the whole or any part
of the Loan may be made between the 10th and 18th year after issue
by the payment of a premium of 3 percent.
after 18 years without payment of premium.
Repayment may be made
(d) Security of the Loan shall be the Railway Line and the Revenue
derived from the working of the same, together with the general
security of the Military Government without the further hypothe¬
cation of any special additional rexenues.
(e) The Line shall be contructed by the Ministry of Communicatione in the Military Government but under the supervision of a Chief Engineer and Chief Auditor recommended by W. R. Loxley and Con-
pany.
(f) After completion of Construction, the Line shall be operated by the Ministry of Communications but the Military Government
Agrees/