C
$20,000,000, that the interest is fixed at the
peculiarly low rate of
2,TM*
per annum, and that the
service is to be met out of the surplus earnings
of the line.
130
2. I presume that this scheme, which is main-
ly of interest to us as oreating a new lien on a por«
tion of the future Canton Hankow lway, has some
connection with the proposals now on foot for the
completion of the railway and in normal circumstances
the redemption of the private shares of the Yuet Han
Railway Company and the nationalisation of the Sou-
thern section with a view to its incorporation in tă
whole line would be natural and proper
tepe to take,
In existing circumstances however it remains to be
hether or not the proposed bond issue is serious-
ly meant or whether it is merely a scheme for expro-
priating the private shareholders.
I have the honour to be,
With the highest respect,
air,
Your moet obedient humble servant,
(Signed)
i
MILES LAMPSON.