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which had been made Mr Townsend expressed much pleasure at hearing of them, and considered that a very excellent piece of business had been effected and he added that it was the only way in which business could be done in China as the Governments of other countries had adopted the practice.
I
4. We then passed to a discussion of the terms on which the repayment of the $400,000 should be effected and r Townsend was at first disposed to make rather much of the expenses which had been and would he incurred in the matter. I pointed out however that presumably the money had been provided from London and not from China and that therefore the natural place of repayment would appear to he London and that as regards expenses and remuneration to the Bank no doubt the branch at Hankow hed smply covered itself in its arrangements with the Viceroy. also sugested that he transection was of a political nature which the Bank was as much interested as we w re in carrying through with as little expense as possible to the Government of Hong Kong which had behaved in avery spirited way in the matter. To these vie s Mr Townsend finally assented and agreed that he would arrange to place the money, which I settled to pay to the Bark on the 6th of October, to the credit of the Shanghai branch without cost to us leaving the Shanghai branch to arrange with the Hankow branch and with the Viceroy any question of exchange or expense.
5.
I beg to suggest that the arrangements which we have made should be communicated to the Governor of
Hong Kong by telegraph, and it might also be well to worn
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him
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