CO129-333 - Governor Nathan - 1906 [1-4] — Page 86

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#ext the sum of £250,000, ; this advance will bear interest at the rate of 5 per cent per annum until such time as the first instalment of the loan proceeds shall be available, when it shall be deducted from those proceeds by the Corporation.

17.

In the event of an unfavourable state of the market render- ing the issue of this loan, and the payment of its proceeds to the Railway Administration impossible on the terms named without loss to the Corporation, the Corporation shall be granted such extension of time for the performance of its contract with the Administrator-General as the circumstances demand, any advances or instalments of proceeds already made to the Railway Adminis- tration being in that case treated as regards payment of interest repayment of principal, security, and Imperial Chinese Government guarantee in terms of this present Agreement, and as forming part of the principal amount of this loan. Similar extension of time for the issue of this loan and payment of its proceeds shall also be granted in the event of the Deutsch-Asiatische Bank, Berlin objecting to its issue before the month of April next, in accord- ance with the terms of Clause 9 of the Agreement for the Chinese Imperial Government 4 per cent Sterling Loan of 1898.

18.

Immediately after the signature of this Agreement, and before the issue of the prospectus of the loan to the public, the Administrator-General will memorialize the Throne and obtain an Imperial Edict confirming and sanctioning the provisions of this Agreement, the Imperial Edict so received being then commmunicated officially and without delay by the Tsung-li-Yamen to the British Minister in Peking.

19.

The Corporation may subject to all its obligations, trans- for or delegate all or any of its rights, powers, and discretions to any British Company, Directors, or Agents, in consultation with the Administrator-General, with or without power of further transfer and sub-delegation.

20.

This Agreement is executed in quadruplicate in English and Chinese, one copy to be retained by the Administrator-General, one copy by the Tsung-1i-Yamen, one by the British Minister in