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(1) a loan for railway works.
52
(a) would not be open to public subscription.
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(b) would have to be confined to Kwangtung Previnas
as otherwise we would be exposed to a charge by signatory Powers of infringment of consortium agreement.
(ii) See Peking teleras No.133.
The rights of Pekin · "overnment to sanction all financial contracts made with local authorities in China have hitherto been recognised by His Hajesty's “overnment.
(111) Any proposal that an endeavour should be made to secure the particination of His Majesty's Government in auen lean (whether by guarantee or othornise) would in view of present financial situation result almost inevitably in delay which would defeat your purpose.
In these circumstances it would not appear that a loan would be practicable unlessfirstly it was devoted to works (preferably other than railway) within Kwangtung Province and secondly the sum required was within the resources of Hongkon~. It is "onsible that arran emente could be made for a portion of the balance of the trade loan to be made available for this purpose.
If you consider that this modified procedure would verrà nurmase in view clease telegraph: estimate of sum likely to be required. I imuzine that in order to ensure good behaviour over maximum period the procedurs would be to dole out advances from the lean as slowly as possible. In the meantime so far as immediate negotiations fre concerned you are authorised at your discretion to take the line that if the Canton Tovernment on their
(1)
side'