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The advisability of duplicating the Chefoo-Shang-hai Cable has also been under consideration by the Companies, and the administration, and the latter recently advised the Companies that they had contracted with a Japanese firm in Yokohama for the manufacture of a Shanghai Chefoo cable on their behalf.
They also asked for the Companies' assistance
in the testing, transport and laying of the cable.
When the German Govt, cable between Shanghai Kiao chow and Chefoo was able to transmit the traffic during interrup- tions of the existing cable, the need for a duplicate communi- cation was not seriously felt, but now that the German cable is no longer available, a second cable is really required to meet Traffic requirements.
The administration have also proposed that the Companies should grant the Chinese dort, a further loan of at least 31,500,000 at 5% interest repayable by instalments spread over
In consideration of this financial assis- a period of years,
tance,
the Chinese Govt. would be prepared to extend the Administration's agreements with the companies, and the latter's monopoly in China for an additional twenty years beyond 1980, when they would otherwise expire.
The Chinese Govt. appear to have no tangible security to offer to the Companies for the proposed loan, as the whole of their telegraph revenue is already fully mortgaged; first to the Companies in respect of the international cables supplied by them in the Worth of China during the Boxer troubles, and the subsequent loan of £500,000 made to the Chinese Govt, with the approval of the British Govt, in 1911, and secondly to the Japanese who have recently granted to the Chinese Govt. a further loan of 15,000,000 yen and agreed to the period of
repaying/