COPY.
25
TRANSLATION OF LETTER FROM THE MINISTRY OF RAILWAYS TO THE
BRITISH AND CHINESE COPORATION DATED 16TH MAY 1935.
Dear Sirs,
W
We have for acknoДledgment your favour of 80th
ultimo enclosing statement of the outstanding amounts on the
Canton Kowloon Railway Loan. You called our attention to the
fact that the half-yearly interest payment will be due on the
18th instant. You asked us to verify your figures and wanted
us to inform you of our plans of redemption.
In reply to the above, we beg to state that the
business of the Canton Kowloon Line is very poor, and that
owing to insignificant revenues, the Administration is unable
to meet its obligations on this Loan.
Unfortunately, this Ministry is also in a poor
financial situation and is unable to devise any plan in making
advances.
We are, however, trying to reorganize this
Loan and shall keep you informed as soon as definite arrange-
ments are made.
We are, etc.