CO129-333 - Governor Nathan - 1906 [1-4] — Page 485

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54845-

2.

understand it, & be in a position to accurately report to the Viceroy.

C

His Excellency's idea was to ask the Corporation to raise a loan

& engage a British Chief Engineer to supervise construction; material

which China herself could not supply would be ordered from the cheap-

-est market through the agency of the Corporation.

Mr ROSS By the terms of the proposed Draft Agreement the corporation

would raise the necessary loan, & the railway would be constructed by

the Viceroy of Canton under the supervision & with the assistance of

la Board, jointly composed of 2 Chinese, 2 representatives of the Cor-

-poration & the Chier Engineer. The Shanghai-Wanking Railway was

managed by a similar Board & if the Deputies made enquiries they

would find that it worked harmoniously & that all matters of import-

-ance were referred to the Director-General for his approval.

Mr WEI enquired in what way the Draft Agreement differed from the

Northern Railways Loan ?

Mr ROSS. The Northern Railways Loan was floated on the security of a

railway already completed, several hundred miles in length, with a

large supply of rolling stock & other property. The loan was part-

-ly to pay off debts due by the Administrators of the Railway to

various foreign Banks & to construct an extension to Newchwang and

Sinmingtung, & the security offered to investors was ample. In the

case of the proposed Canton-Kowloon Railway, there was no security as

the line had yet to be built. The proposed joint Board of Commies-

-ioners however was a guarantee to investors that their money would

be used for the purpose intended & that the railway would be properly

and economically constructed.

Mr WEN, The Viceroy of course recognizes that during construction

foreigners must supervise & control the work, but after completion

the railway must be a Chinese Railway & under Chinese control. In

event of default the corporation could put in an Accountant to cont-

-rol accounts.

Mr ROSS. By the terms of the Northern Railways Loan the Corporation

furnished a qualified foreign Accountant who supervises a/cs and with

not unsatisfactory results to the Chinese Government.