CO129-332 - Public Offices & Others - 1905 — Page 155

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more parts, as the Corporation may determine. The price agreed upon

for the Loan is 90 per cent. of the nominal value and any loss

or profit in selling these Bonds to the public shall be borne by or go

to the Corporation. The interest on the Bonds shall be at the rate

of five per cent. per annum on their nominal value, and be payable

half-yearly.

Subject to Article 22 the duration of the Loan is fixed at fifty

years commencing from the date of the ratification of this Agreement

but no interest will be paid on any Bonds which may be redeemed or

cancelled under the terms hereinafter mentioned after the redemption

or cancellation thereof.

On the face of each of these Bonds shall be expressed the value

thereof in the sum of £100, or in such different amounts as the

Chinese Minister in London in consultation with the Corporation

may sanction.

ARTICLE 2.

The proceeds of the Loan are to be used in the construction

and equipment of the Railway and in paying interest on the Loan

during the course of construction.

The construction and equipment of the Railway shall be carried

out by and under the directions of the Railway Administration with

the aid of the Corporation who shall give its superintendence and

services as herein provided and to the intent that the same shall be

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