174
section of the Railway 1.e. from Canton city to the border of the leased
territory.
After some general discussion as to the besis and method of negotia-
tions, H.E. P'and suggested that the Canton Viceroy's proposals, handed to
Mr. Bland on the 9th. April last, should be discussed seriatin, which was
agreed to.
His Excellency however, observed that these prooosals would require
modification in several particulars to make them acceptable to the Chinese
Government. The Failney wes a Chinese Government line, the Imperial Govern-
ment would guarantee the interest, and the Imperial sanction was therefore
necessary for any agreement made in respect thereof. Mr. Bland thought
that H. E. the Viceroy's proposals had been authorised by the Government,
end in regard thereto, generally speaking, the Corporation was prepared to
come to an agreement, but if further modifications of the Nanking loen
terms were required, the metter right involve serious difficulties.
Turning to the conditions proposed by 8.E. the Viceroy of Canton it
kas understood and recorded.
Clause 1. That the loan should be an Imperial Chinese Government loan
with bonds issued in London and interest guaranteed by the Chinese Govern-
ment in the usual manner. Under these circumstances the pledging of pro-
vincial revenues, such as the Salt Gabelle, was held by the Government to
be inadvisable and unnecessary.
As to the orice, considerable discussion took place, Mr. Bland
suggesting thet no fixed price be named but that the Corporation agree to
Day to the Chinese Government the actual issue orice less € points.
Kung Tactai wes of opinion that a loan on terms similar to those
ziven by the Hongkong Government to H.k. Chang Chih-tung would be more
satisfactory.
H.. Teng Shao-yi held that the expenses of underwriting flotation, fc. and the Corporation's remuneration would be fully met by a total reduction of 5 points. Mr. Bland drew attention to the fact that the Cor-
ooration had hitherto received little or no financial benefit from its relations with the Chinese Government and therefore boned that if the other conditions of the contract came to be amicably arranged to the lat-
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